Visa Inc., current enterprise value calculation

Current share price (P)	$229.01
No. shares of common stock outstanding	2,049,144,694
US$ in millions
Common equity (market value)¹	469,275)
Add: Series A, Series B and Series C convertible participating preferred stock (preferred stock), $0.0001 par value (per books)	2,324)
Total equity	471,599)
Add: Current maturities of debt (per books)	2,250)
Add: Long-term debt, excluding current maturities (per books)	20,200)
Total equity and debt	494,049)
Less: Cash and cash equivalents	15,689)
Less: Restricted cash equivalents, U.S. litigation escrow	1,449)
Less: Investment securities	2,833)
Less: Customer collateral	2,342)
Enterprise value (EV)	471,736)

Based on: 10-K (reporting date: 2022-09-30).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 229.01 × 2,049,144,694

Visa Inc., EV calculation

	Sep 30, 2022	Sep 30, 2021	Sep 30, 2020	Sep 30, 2019	Sep 30, 2018	Sep 30, 2017
Share price^1, 2	$210.14	$203.33	$207.57	$179.75	$140.18	$109.82
No. shares of common stock outstanding¹	2,061,687,546	2,108,549,451	2,133,541,039	2,155,629,545	2,206,760,802	2,268,806,703
US$ in millions
Common equity (market value)³	433,243)	428,731)	442,859)	387,474)	309,344)	249,160)
Add: Series A, Series B and Series C convertible participating preferred stock (preferred stock), $0.0001 par value (book value)	2,324)	3,080)	5,086)	5,462)	5,470)	5,526)
Total equity	435,567)	431,811)	447,945)	392,936)	314,814)	254,686)
Add: Current maturities of debt (book value)	2,250)	999)	2,999)	—)	—)	1,749)
Add: Long-term debt, excluding current maturities (book value)	20,200)	19,978)	21,071)	16,729)	16,630)	16,618)
Total equity and debt	458,017)	452,788)	472,015)	409,665)	331,444)	273,053)
Less: Cash and cash equivalents	15,689)	16,487)	16,289)	7,838)	8,162)	9,874)
Less: Restricted cash equivalents, U.S. litigation escrow	1,449)	894)	901)	1,205)	1,491)	1,031)
Less: Investment securities	2,833)	2,025)	3,752)	4,236)	3,547)	3,564)
Less: Customer collateral	2,342)	2,260)	1,850)	1,648)	1,324)	1,106)
Enterprise value (EV)	435,704)	431,122)	449,223)	394,738)	316,920)	257,478)

Based on: 10-K (reporting date: 2022-09-30), 10-K (reporting date: 2021-09-30), 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30).

¹ Data adjusted for splits and stock dividends.

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

³ 2022 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 210.14 × 2,061,687,546

The financial data reveals several notable trends regarding equity and enterprise value over the six-year period from 2017 to 2022. Both common equity (market value) and total equity exhibit consistent growth overall, with a slight decline observed in the year ending September 2021, followed by a modest recovery in 2022.

Common equity (market value): This metric shows a clear upward trend from 249,160 million US dollars in 2017 to a peak of 442,859 million in 2020. After reaching this peak, a decline is noted in 2021, dropping to 428,731 million, before slightly improving to 433,243 million in 2022. The growth up to 2020 indicates strong market valuation gains, while the subsequent decrease and partial recovery may reflect market volatility or company-specific factors.
Total equity: Total equity parallels the pattern of common equity, increasing from 254,686 million US dollars in 2017 to a high of 447,945 million in 2020. There is a reduction in 2021 to 431,811 million, followed by a relatively small increase to 435,567 million in 2022. This similarity suggests that changes in total equity are strongly influenced by shifts in market valuation during this period.
Total equity and debt: This combined metric consistently climbs from 273,053 million US dollars in 2017 to 472,015 million in 2020, then experiences a decline to 452,788 million in 2021, and slightly rises to 458,017 million in 2022. The trend follows that of equity, indicating an overall increase in financed capital, but with some contraction in the most recent years.
Enterprise value (EV): Enterprise value grows steadily from 257,478 million US dollars in 2017 to 449,223 million in 2020, marking a significant 74% increase over this span. A decline follows in 2021 to 431,122 million, with a small rebound to 435,704 million in 2022. This pattern illustrates that the market’s valuation of the company’s total capital—including equity and debt—has expanded over time but is subject to recent year fluctuations.

Overall, the data reflects strong growth in equity and enterprise value through 2020, which signals positive market sentiment and potential company growth during this period. The declines observed in 2021 across all key financial figures suggest a period of market correction or external challenges affecting valuation and capital structure. The modest recovery in 2022 appears to stabilize the financial position but does not fully restore the highs seen in 2020. These trends warrant further investigation into underlying causes such as market conditions, operational performance, or changes in capital management.

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Visa Inc. (NYSE:V)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)