Glossary
Market cap
Share price times shares outstanding.
Market capitalization, or market cap, is the share price times the number of shares outstanding. It is what all of a company’s shares are worth at that price.
Market cap = share price × shares outstanding
JPMorgan Chase’s 10-K for 2025 reports 2.70B shares outstanding as of Jan 31, 2026. At that count, every $1 of share price adds about $2.7B to its market cap. The price moves daily, so a market cap is only correct for the moment it was calculated.
Market cap measures the shares only. Enterprise value adds debt and subtracts cash to describe the whole business.
Longer explainer: Market cap and enterprise value
Related terms: Shares outstanding, P/E ratio
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Disclosures
- Editor holdings
- The editor holds no position in any company named on this page. As of Nov 11, 2026.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The SEC filings linked next to each figure.
- Last updated
- Nov 11, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold any security, and it doesn’t consider your situation.