United Parcel Service Inc., current enterprise value calculation

Current share price (P)	$133.20
No. shares of common stock outstanding	853,369,558
US$ in millions
Common equity (market value)¹	113,669)
Add: Noncontrolling interests (per books)	8)
Total equity	113,677)
Add: Current maturities of long-term debt, commercial paper and finance leases (per books)	3,348)
Add: Long-term debt and finance leases, excluding current maturities (per books)	18,916)
Total equity and debt	135,941)
Less: Cash and cash equivalents	3,206)
Less: Marketable securities	2,866)
Enterprise value (EV)	129,869)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 133.20 × 853,369,558

United Parcel Service Inc., EV calculation

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Share price^1, 2	$148.64	$178.46	$208.97	$161.60	$106.48
No. shares of common stock outstanding¹	852,653,061	858,740,988	870,391,403	867,038,529	858,487,676
US$ in millions
Common equity (market value)³	126,738)	153,251)	181,886)	140,113)	91,412)
Add: Noncontrolling interests (book value)	8)	17)	16)	12)	16)
Total equity	126,746)	153,268)	181,902)	140,125)	91,428)
Add: Current maturities of long-term debt, commercial paper and finance leases (book value)	3,348)	2,341)	2,131)	2,623)	3,420)
Add: Long-term debt and finance leases, excluding current maturities (book value)	18,916)	17,321)	19,784)	22,031)	21,818)
Total equity and debt	149,010)	172,930)	203,817)	164,779)	116,666)
Less: Cash and cash equivalents	3,206)	5,602)	10,255)	5,910)	5,238)
Less: Marketable securities	2,866)	1,993)	338)	406)	503)
Enterprise value (EV)	142,938)	165,335)	193,224)	158,463)	110,925)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of United Parcel Service Inc. Annual Report.

³ 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 148.64 × 852,653,061

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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.	United Parcel Service Inc. EV decreased from 2021 to 2022 and from 2022 to 2023.

United Parcel Service Inc. (NYSE:UPS)

Enterprise Value (EV)