Enterprise Value (EV)

Current EV
Historical EV

Current Enterprise Value (EV)

RH, current enterprise value calculation

Current share price (P)	$246.82
No. shares of common stock outstanding	22,052,211
US$ in thousands
Common equity (market value)¹	5,442,927)
Add: Preferred stock, $0.0001 par value per share, no shares issued or outstanding (per books)	—)
Total equity	5,442,927)
Add: Convertible senior notes due 2024, net (per books)	—)
Add: Convertible senior notes due 2023, net (per books)	1,696)
Add: Convertible senior notes due 2020, net (per books)	—)
Add: Convertible senior notes due 2019, net (per books)	—)
Add: Current portion of term loans (per books)	25,000)
Add: Current finance lease liabilities (per books)	17,007)
Add: Current portion of equipment promissory notes (per books)	1,160)
Add: Asset based credit facility (per books)	—)
Add: Term loan B, net (per books)	1,936,529)
Add: Term loan B-2, net (per books)	469,245)
Add: Term loan, net (per books)	—)
Add: Real estate loans (per books)	17,909)
Add: Convertible senior notes due 2024, net (per books)	41,724)
Add: Convertible senior notes due 2023, net (per books)	—)
Add: Convertible senior notes due 2020, net (per books)	—)
Add: Convertible senior notes due 2019, net (per books)	—)
Add: Non-current finance lease liabilities (per books)	653,050)
Add: Non-current portion of equipment promissory notes, net (per books)	—)
Total equity and debt	8,606,247)
Less: Cash and cash equivalents	1,508,101)
Less: Restricted cash	3,662)
Enterprise value (EV)	7,094,484)

Based on: 10-K (reporting date: 2023-01-28).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 246.82 × 22,052,211

Historical Enterprise Value (EV)

RH, EV calculation

	Jan 28, 2023	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020	Feb 2, 2019	Feb 3, 2018
Share price^1, 2	$245.71	$334.28	$600.00	$118.00	$102.95	$95.28
No. shares of common stock outstanding¹	22,045,437	21,708,771	20,996,817	19,238,681	20,478,213	21,518,618
US$ in thousands
Common equity (market value)³	5,416,784)	7,256,808)	12,598,090)	2,270,164)	2,108,232)	2,050,294)
Add: Preferred stock, $0.0001 par value per share, no shares issued or outstanding (book value)	—)	—)	—)	—)	—)	—)
Total equity	5,416,784)	7,256,808)	12,598,090)	2,270,164)	2,108,232)	2,050,294)
Add: Convertible senior notes due 2024, net (book value)	—)	3,600)	—)	—)	—)	—)
Add: Convertible senior notes due 2023, net (book value)	1,696)	9,389)	2,354)	—)	—)	—)
Add: Convertible senior notes due 2020, net (book value)	—)	—)	—)	290,532)	—)	—)
Add: Convertible senior notes due 2019, net (book value)	—)	—)	—)	—)	343,789)	—)
Add: Current portion of term loans (book value)	25,000)	20,000)	—)	—)	—)	—)
Add: Current finance lease liabilities (book value)	17,007)	15,511)	14,671)	9,188)	1,074)	471)
Add: Current portion of equipment promissory notes (book value)	1,160)	13,625)	22,747)	22,009)	892)	6,033)
Add: Asset based credit facility (book value)	—)	—)	—)	—)	57,500)	199,970)
Add: Term loan B, net (book value)	1,936,529)	1,953,203)	—)	—)	—)	—)
Add: Term loan B-2, net (book value)	469,245)	—)	—)	—)	—)	—)
Add: Term loan, net (book value)	—)	—)	—)	—)	—)	79,499)
Add: Real estate loans (book value)	17,909)	—)	—)	—)	—)	—)
Add: Convertible senior notes due 2024, net (book value)	41,724)	184,461)	281,454)	264,982)	—)	—)
Add: Convertible senior notes due 2023, net (book value)	—)	59,002)	282,956)	266,658)	249,151)	—)
Add: Convertible senior notes due 2020, net (book value)	—)	—)	—)	—)	271,157)	252,994)
Add: Convertible senior notes due 2019, net (book value)	—)	—)	—)	—)	—)	327,731)
Add: Non-current finance lease liabilities (book value)	653,050)	560,550)	485,481)	442,988)	7,720)	7,509)
Add: Non-current portion of equipment promissory notes, net (book value)	—)	1,129)	14,614)	31,053)	—)	—)
Total equity and debt	8,580,104)	10,077,278)	13,702,367)	3,597,574)	3,039,515)	2,924,501)
Less: Cash and cash equivalents	1,508,101)	2,177,889)	100,446)	47,658)	5,803)	17,907)
Less: Restricted cash	3,662)	—)	—)	—)	—)	—)
Enterprise value (EV)	7,068,341)	7,899,389)	13,601,921)	3,549,916)	3,033,712)	2,906,594)

Based on: 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03).

¹ Data adjusted for splits and stock dividends.

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

³ 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 245.71 × 22,045,437

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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.	RH EV decreased from 2021 to 2022 and from 2022 to 2023.

RH (NYSE:RH)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)