AT&T Inc., current enterprise value calculation

Current share price (P)	$28.48
No. shares of common stock outstanding	7,178,183,000
US$ in millions
Common equity (market value)¹	204,435)
Add: Preferred stock, $1 par value (per books)	—)
Add: Noncontrolling interest (per books)	13,873)
Total equity	218,308)
Add: Debt maturing within one year (per books)	5,089)
Add: Long-term debt, excluding maturing within one year (per books)	118,443)
Total equity and debt	341,840)
Less: Cash and cash equivalents	3,298)
Enterprise value (EV)	338,542)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 28.48 × 7,178,183,000

AT&T Inc., EV calculation

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Share price^1, 2	$25.36	$16.80	$19.26	$23.94	$28.63
No. shares of common stock outstanding¹	7,178,183,000	7,152,792,253	7,129,870,323	7,142,892,741	7,131,763,496
US$ in millions
Common equity (market value)³	182,039)	120,167)	137,321)	171,001)	204,182)
Add: Preferred stock, $1 par value (book value)	—)	—)	—)	—)	—)
Add: Noncontrolling interest (book value)	13,873)	14,145)	8,957)	17,523)	17,567)
Total equity	195,912)	134,312)	146,278)	188,524)	221,749)
Add: Debt maturing within one year (book value)	5,089)	9,477)	7,467)	24,630)	3,470)
Add: Long-term debt, excluding maturing within one year (book value)	118,443)	127,854)	128,423)	152,724)	153,775)
Total equity and debt	319,444)	271,643)	282,168)	365,878)	378,994)
Less: Cash and cash equivalents	3,298)	6,722)	3,701)	21,169)	9,740)
Enterprise value (EV)	316,146)	264,921)	278,467)	344,709)	369,254)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of AT&T Inc. Annual Report.

³ 2024 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 25.36 × 7,178,183,000

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	AT&T Inc. EV decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.

AT&T Inc. (NYSE:T)

Enterprise Value (EV)