Verizon Communications Inc., current enterprise value calculation

Current share price (P)	$42.22
No. shares of common stock outstanding	4,209,626,270
US$ in millions
Common equity (market value)¹	177,730)
Add: Series preferred stock, $0.10 par value; none issued (per books)	—)
Add: Noncontrolling interests (per books)	1,369)
Total equity	179,099)
Add: Debt maturing within one year (per books)	12,973)
Add: Long-term debt, excluding maturing within one year (per books)	137,701)
Total equity and debt	329,773)
Less: Cash and cash equivalents	2,065)
Enterprise value (EV)	327,708)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 42.22 × 4,209,626,270

Verizon Communications Inc., EV calculation

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Share price^1, 2	$39.72	$40.01	$53.32	$56.50	$58.20
No. shares of common stock outstanding¹	4,204,272,443	4,199,882,937	4,197,823,662	4,138,148,588	4,135,863,778
US$ in millions
Common equity (market value)³	166,994)	168,037)	223,828)	233,805)	240,707)
Add: Series preferred stock, $0.10 par value; none issued (book value)	—)	—)	—)	—)	—)
Add: Noncontrolling interests (book value)	1,369)	1,319)	1,410)	1,430)	1,440)
Total equity	168,363)	169,356)	225,238)	235,235)	242,147)
Add: Debt maturing within one year (book value)	12,973)	9,963)	7,443)	5,889)	10,777)
Add: Long-term debt, excluding maturing within one year (book value)	137,701)	140,676)	143,425)	123,173)	100,712)
Total equity and debt	319,037)	319,995)	376,106)	364,297)	353,636)
Less: Cash and cash equivalents	2,065)	2,605)	2,921)	22,171)	2,594)
Enterprise value (EV)	316,972)	317,390)	373,185)	342,126)	351,042)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Verizon Communications Inc. Annual Report.

³ 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 39.72 × 4,204,272,443

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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.	Verizon Communications Inc. EV decreased from 2021 to 2022 and from 2022 to 2023.

Verizon Communications Inc. (NYSE:VZ)

Enterprise Value (EV)