McDonald’s Corp., current enterprise value calculation

Current share price (P)	$290.73
No. shares of common stock outstanding	716,619,686
US$ in thousands
Common equity (market value)¹	208,342,841)
Add: Preferred stock, no par value; issued: none (per books)	—)
Total equity	208,342,841)
Add: Short-term borrowings and current maturities of long-term debt (per books)	2,192,400)
Add: Current finance lease liability (per books)	45,500)
Add: Long-term debt, excluding current maturities (per books)	37,152,900)
Add: Long-term finance lease liability (per books)	1,530,000)
Total equity and debt	249,263,641)
Less: Cash and equivalents	4,579,300)
Enterprise value (EV)	244,684,341)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 290.73 × 716,619,686

McDonald’s Corp., EV calculation

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Share price^1, 2	$295.92	$263.68	$245.03	$211.32	$210.10
No. shares of common stock outstanding¹	722,051,488	731,496,951	743,584,718	745,572,145	745,446,655
US$ in thousands
Common equity (market value)³	213,669,476)	192,881,116)	182,200,563)	157,554,306)	156,618,342)
Add: Preferred stock, no par value; issued: none (book value)	—)	—)	—)	—)	—)
Total equity	213,669,476)	192,881,116)	182,200,563)	157,554,306)	156,618,342)
Add: Short-term borrowings and current maturities of long-term debt (book value)	2,192,400)	—)	—)	2,243,600)	59,100)
Add: Current finance lease liability (book value)	45,500)	21,500)	—)	—)	—)
Add: Long-term debt, excluding current maturities (book value)	37,152,900)	35,903,500)	35,622,700)	35,196,800)	34,118,100)
Add: Long-term finance lease liability (book value)	1,530,000)	1,300,200)	—)	—)	—)
Total equity and debt	254,590,276)	230,106,316)	217,823,263)	194,994,706)	190,795,542)
Less: Cash and equivalents	4,579,300)	2,583,800)	4,709,200)	3,449,100)	898,500)
Enterprise value (EV)	250,010,976)	227,522,516)	213,114,063)	191,545,606)	189,897,042)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of McDonald’s Corp. Annual Report.

³ 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 295.92 × 722,051,488

Download chart

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.	McDonald’s Corp. EV increased from 2021 to 2022 and from 2022 to 2023.

McDonald’s Corp. (NYSE:MCD)

Enterprise Value (EV)