Mastercard Inc., current enterprise value calculation

Current share price (P)	$373.67
No. shares of common stock outstanding	947,852,601
US$ in millions
Common equity (market value)¹	354,184)
Add: Non-controlling interests (per books)	58)
Total equity	354,242)
Add: Short-term debt (per books)	274)
Add: Long-term debt, excluding current portion (per books)	13,749)
Total equity and debt	368,265)
Less: Cash and cash equivalents	7,008)
Less: Restricted cash for litigation settlement	589)
Less: Investments	400)
Less: Restricted security deposits held for customers	1,568)
Enterprise value (EV)	358,700)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 373.67 × 947,852,601

Mastercard Inc., EV calculation

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Share price^1, 2	$369.96	$369.77	$341.00	$340.95	$220.54
No. shares of common stock outstanding¹	953,242,534	977,476,439	993,362,338	1,005,108,964	1,025,909,048
US$ in millions
Common equity (market value)³	352,662)	361,441)	338,737)	342,692)	226,254)
Add: Non-controlling interests (book value)	58)	71)	97)	24)	23)
Total equity	352,720)	361,512)	338,834)	342,716)	226,277)
Add: Short-term debt (book value)	274)	792)	649)	—)	500)
Add: Long-term debt, excluding current portion (book value)	13,749)	13,109)	12,023)	8,527)	5,834)
Total equity and debt	366,743)	375,413)	351,506)	351,243)	232,611)
Less: Cash and cash equivalents	7,008)	7,421)	10,113)	6,988)	6,682)
Less: Restricted cash for litigation settlement	589)	586)	586)	584)	553)
Less: Investments	400)	473)	483)	688)	1,696)
Less: Restricted security deposits held for customers	1,568)	1,873)	1,696)	1,370)	1,080)
Enterprise value (EV)	357,178)	365,060)	338,628)	341,613)	222,600)

¹ Data adjusted for splits and stock dividends.

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

³ 2022 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 369.96 × 953,242,534

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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.	Mastercard Inc. EV increased from 2020 to 2021 but then slightly decreased from 2021 to 2022.

Mastercard Inc. (NYSE:MA)

Enterprise Value (EV)