Enterprise Value (EV)
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Raytheon Co. pages available for free this week:
- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Reportable Segments
- Selected Financial Data since 2005
- Operating Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Price to Earnings (P/E) since 2005
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Current Enterprise Value (EV)
Raytheon Co., current enterprise value calculation
| Current share price (P) | |
| No. shares of common stock outstanding | |
| US$ in millions | |
| Common equity (market value)1 | |
| Add: Noncontrolling interests in subsidiaries (per books) | |
| Total equity | |
| Add: Commercial paper and current portion of long-term debt (per books) | |
| Add: Long-term debt, excluding current portion (per books) | |
| Total equity and debt | |
| Less: Cash and cash equivalents | |
| Less: Short-term investments | |
| Enterprise value (EV) | |
Based on: 10-K (reporting date: 2019-12-31).
1 Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
Historical Enterprise Value (EV)
Raytheon Co., EV calculation
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).
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
= ×
- Equity Trends
- Over the five-year period, both common equity (market value) and total equity demonstrated a general upward trajectory. Starting at approximately $37.8 billion in 2015, these figures increased to about $44.5 billion in 2016 and experienced a notable surge to $61.3 billion by the end of 2017. Subsequently, there was a decrease to approximately $51.1 billion in 2018, followed by a rebound to nearly $64.0 billion in 2019. This pattern reflects some volatility, especially between 2017 and 2018, but with strong overall growth in equity levels.
- Total Equity and Debt
- Total equity and debt showed an increasing trend with fluctuations similar to those observed in equity values. From approximately $43.4 billion in 2015, the figure rose to roughly $49.8 billion in 2016 and peaked at $66.4 billion in 2017. There was a decline in 2018 to about $56.1 billion, then a recovery to $68.7 billion in 2019. The trend suggests that the company’s capital structure expanded notably through 2017, contracted somewhat in 2018, and then expanded again in the following year.
- Enterprise Value
- Enterprise value mirrored the movements seen in total equity and debt but at consistently lower absolute values. Beginning at around $40.2 billion in 2015, the enterprise value increased steadily to about $46.4 billion in 2016 and $63.0 billion in 2017. It then decreased to roughly $52.5 billion in 2018, before ascending again to nearly $64.4 billion in 2019. This pattern aligns with fluctuations in equity and debt levels, indicating changes in the company's market valuation and capital structure over time.
- General Insights
- The data indicate a company experiencing significant capital growth overall, punctuated by a contraction phase in 2018. The increase in both equity and debt components suggests active financing and investment activity influencing the company’s capitalization. The enterprise value trends imply that market perceptions and valuation have broadly tracked these changes. The dip observed in 2018 across most metrics may indicate a period of adjustment or response to external or internal factors, followed by recovery in the subsequent year.