AT&T Inc., current enterprise value calculation

Current share price (P)	$22.73
No. shares of common stock outstanding	7,175,289,157
US$ in millions
Common equity (market value)¹	163,094)
Add: Preferred stock, $1 par value (per books)	—)
Add: Noncontrolling interest (per books)	14,145)
Total equity	177,239)
Add: Debt maturing within one year (per books)	9,477)
Add: Long-term debt, excluding maturing within one year (per books)	127,854)
Total equity and debt	314,570)
Less: Cash and cash equivalents	6,722)
Enterprise value (EV)	307,848)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 22.73 × 7,175,289,157

AT&T Inc., EV calculation

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Share price^1, 2	$16.80	$19.26	$23.94	$28.63	$38.61
No. shares of common stock outstanding¹	7,152,792,253	7,129,870,323	7,142,892,741	7,131,763,496	7,172,884,070
US$ in millions
Common equity (market value)³	120,167)	137,321)	171,001)	204,182)	276,945)
Add: Preferred stock, $1 par value (book value)	—)	—)	—)	—)	—)
Add: Noncontrolling interest (book value)	14,145)	8,957)	17,523)	17,567)	17,713)
Total equity	134,312)	146,278)	188,524)	221,749)	294,658)
Add: Debt maturing within one year (book value)	9,477)	7,467)	24,630)	3,470)	11,838)
Add: Long-term debt, excluding maturing within one year (book value)	127,854)	128,423)	152,724)	153,775)	151,309)
Total equity and debt	271,643)	282,168)	365,878)	378,994)	457,805)
Less: Cash and cash equivalents	6,722)	3,701)	21,169)	9,740)	12,130)
Enterprise value (EV)	264,921)	278,467)	344,709)	369,254)	445,675)

¹ Data adjusted for splits and stock dividends.

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

³ 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 16.80 × 7,152,792,253

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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 2021 to 2022 and from 2022 to 2023.

AT&T Inc. (NYSE:T)

Enterprise Value (EV)