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Enterprise value (EV): what it is and how to read it

Enterprise value adds net debt to market cap. It is what buying the whole company would really cost: the buyer pays for the shares and takes on the debt, but also keeps the cash.

How it is calculated

EV = market cap + financial debt − cash (that is, market cap + net debt).

How to read it

If EV is above market cap, the company has net debt; if below, it has more cash than debt. It is the basis of ratios like EV/EBITDA, which compare companies with different debt fairly.

Enterprise value in the MeridIAn ranking

For example: NVIDIA, $5.53T; Apple, $4.99T; Alphabet, $4.16T; Inditex, €163.7B.

What to watch out for

It is not used for banks or insurers: their debt is not funding for the business, it is the business itself.

Related metrics

Market capitalizationNet debtEV / EBITDA

All metrics in the glossary → · Stocks by sector and country → · Ready-made screeners →

General information for educational purposes, not investment advice. Figures from the latest weekly analysis (Oct 8, 2026) with the latest available price.