Tools · Calculator
Enterprise value and EV/EBITDA calculator
Build a simple enterprise value from a share price you enter plus debt and cash from a 10-K, and divide it by operating income plus D&A.
An illustration, not a valuation. This calculator adds debt to a market cap you work out from a price you enter, subtracts cash, and divides by a simple EBITDA. It doesn't say whether any result is high, low or fair, and it doesn't predict anything.
The formulas
Market cap = share price × shares outstanding
Enterprise value ≈ market cap + long-term debt − cash
EBITDA ≈ operating income + depreciation and amortization
EV/EBITDA = enterprise value ÷ EBITDA
A worked example: Apple
Apple's 10-K cover page reports 14.53B shares outstanding as of Oct 23, 2026. At a share price of $100, a round figure used only to show the arithmetic, not a quoted price, that would be a market cap of about $1.45T. Long-term debt of $68.2B minus cash and equivalents of $36.3B is about $31.9B, so enterprise value would be about $1.49T.
Operating income of $158.1B plus depreciation and amortization of $13.4B is a simple EBITDA of about $171.5B. That enterprise value divided by that EBITDA is 8.7.
Source: Apple 10-K for fiscal 2026, filed Nov 3, 2026
Reading the result
Market cap and enterprise value explains the two measures, and depreciation, amortization and EBITDA covers what EBITDA adds back and what it leaves out.
Common questions
How do you calculate enterprise value?
Add debt to market cap and subtract cash. Market cap is the share price times shares outstanding. The version here uses long-term debt and cash and cash equivalents from the balance sheet, the same simplified version as the explainer.
How do you calculate EV/EBITDA?
Divide enterprise value by EBITDA. The EBITDA here is operating income plus depreciation and amortization, a simple version used so every company is treated the same. Apple's fiscal 2026 operating income of $158.1B plus D&A of $13.4B is about $171.5B. Source: Apple 10-K for fiscal 2026.
Why is this a simplified enterprise value?
Fuller calculations also add debt due within a year, leases and preferred stock, and many subtract short-term and long-term investments along with cash. Different sources can quote different enterprise values for the same company on the same day.
Why does it show n/m for EV/EBITDA?
When EBITDA is zero or negative, dividing enterprise value by it isn't meaningful, so the calculator shows n/m instead of a ratio.
Does a low EV/EBITDA mean a company is cheap?
Not on its own. The ratio describes enterprise value against one year of a simple earnings figure. It leaves out capital spending, taxes and working capital, and it says nothing about whether any price is high, low or fair.
Disclosures
- Editor holdings
- The editor holds shares of Tesla (TSLA) and SpaceX in a long-term retirement account. The editor holds no position in any other company named on this page. As of Nov 11, 2026.
- Compensation
- Nobody paid for this calculator. No affiliate links on this calculator.
- Sources
- Each company's own SEC filings, linked next to each number.
- Last updated
- Nov 10, 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.
More in Learn and Tools · Methodology & Disclosures explains where every number comes from.