Humana Inc., current enterprise value calculation

Current share price (P)	$247.10
No. shares of common stock outstanding	120,411,343
US$ in millions
Common equity (market value)¹	29,754)
Add: Preferred stock, $1 par; none issued (per books)	—)
Add: Noncontrolling interests (per books)	56)
Total equity	29,810)
Add: Book overdraft (per books)	353)
Add: Short-term debt (per books)	1,443)
Add: Long-term debt (per books)	10,213)
Total equity and debt	41,819)
Less: Cash and cash equivalents	4,694)
Less: Investment securities	16,626)
Enterprise value (EV)	20,499)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 247.10 × 120,411,343

Humana Inc., EV calculation

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Share price^1, 2	$363.98	$505.69	$424.71	$378.33	$370.99
No. shares of common stock outstanding¹	120,653,315	124,974,862	126,633,599	128,861,929	132,106,497
US$ in millions
Common equity (market value)³	43,915)	63,199)	53,783)	48,752)	49,010)
Add: Preferred stock, $1 par; none issued (book value)	—)	—)	—)	—)	—)
Add: Noncontrolling interests (book value)	56)	59)	23)	—)	—)
Total equity	43,971)	63,258)	53,806)	48,752)	49,010)
Add: Book overdraft (book value)	353)	298)	326)	320)	225)
Add: Short-term debt (book value)	1,443)	2,092)	1,953)	600)	699)
Add: Long-term debt (book value)	10,213)	9,034)	10,541)	6,060)	4,967)
Total equity and debt	55,980)	74,682)	66,626)	55,732)	54,901)
Less: Cash and cash equivalents	4,694)	5,061)	3,394)	4,673)	4,054)
Less: Investment securities	16,626)	13,881)	13,192)	12,554)	10,972)
Enterprise value (EV)	34,660)	55,740)	50,040)	38,505)	39,875)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Humana Inc. Annual Report.

³ 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 363.98 × 120,653,315

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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.	Humana Inc. EV increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.

Humana Inc. (NYSE:HUM)

Enterprise Value (EV)