General Dynamics Corp., current enterprise value calculation

Current share price (P)	$132.43
No. shares of common stock outstanding	286,972,150
US$ in millions
Common equity (market value)¹	38,004)
Total equity	38,004)
Add: Short-term debt and current portion of long-term debt (per books)	2,920)
Add: Long-term debt, excluding current portion (per books)	9,010)
Total equity and debt	49,934)
Less: Cash and equivalents	902)
Enterprise value (EV)	49,032)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 132.43 × 286,972,150

General Dynamics Corp., EV calculation

	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
Share price^1, 2	$186.25	$173.48	$209.53	$183.04	$132.26
No. shares of common stock outstanding¹	289,627,333	288,235,928	296,933,621	302,742,234	311,161,810
US$ in millions
Common equity (market value)³	53,943)	50,003)	62,217)	55,414)	41,154)
Total equity	53,943)	50,003)	62,217)	55,414)	41,154)
Add: Short-term debt and current portion of long-term debt (book value)	2,920)	973)	2)	900)	501)
Add: Long-term debt, excluding current portion (book value)	9,010)	11,444)	3,980)	2,988)	2,898)
Total equity and debt	65,873)	62,420)	66,199)	59,302)	44,553)
Less: Cash and equivalents	902)	963)	2,983)	2,334)	2,785)
Enterprise value (EV)	64,971)	61,457)	63,216)	56,968)	41,768)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of General Dynamics Corp. Annual Report.

³ 2019 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 186.25 × 289,627,333

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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.	General Dynamics Corp. EV decreased from 2017 to 2018 but then increased from 2018 to 2019 exceeding 2017 level.

General Dynamics Corp. (NYSE:GD)

Enterprise Value (EV)