Raytheon Co., current enterprise value calculation

Current share price (P)	$229.76
No. shares of common stock outstanding	278,441,000
US$ in millions
Common equity (market value)¹	63,975)
Add: Noncontrolling interests in subsidiaries (per books)	—)
Total equity	63,975)
Add: Commercial paper and current portion of long-term debt (per books)	1,499)
Add: Long-term debt, excluding current portion (per books)	3,261)
Total equity and debt	68,735)
Less: Cash and cash equivalents	4,292)
Less: Short-term investments	—)
Enterprise value (EV)	64,443)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 229.76 × 278,441,000

Raytheon Co., EV calculation

	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
Share price^1, 2	$229.76	$180.94	$212.58	$151.96	$126.57
No. shares of common stock outstanding¹	278,441,000	282,239,000	288,506,000	292,880,000	298,998,000
US$ in millions
Common equity (market value)³	63,975)	51,068)	61,331)	44,506)	37,844)
Add: Noncontrolling interests in subsidiaries (book value)	—)	—)	—)	—)	202)
Total equity	63,975)	51,068)	61,331)	44,506)	38,046)
Add: Commercial paper and current portion of long-term debt (book value)	1,499)	300)	300)	—)	—)
Add: Long-term debt, excluding current portion (book value)	3,261)	4,755)	4,750)	5,335)	5,330)
Total equity and debt	68,735)	56,123)	66,381)	49,841)	43,376)
Less: Cash and cash equivalents	4,292)	3,608)	3,103)	3,303)	2,328)
Less: Short-term investments	—)	—)	297)	100)	872)
Enterprise value (EV)	64,443)	52,515)	62,981)	46,438)	40,176)

¹ Data adjusted for splits and stock dividends.

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

³ 2019 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 229.76 × 278,441,000

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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.	Raytheon Co. EV decreased from 2017 to 2018 but then increased from 2018 to 2019 exceeding 2017 level.

Raytheon Co. (NYSE:RTN)

Enterprise Value (EV)