Bridge from market cap to enterprise value
Why is there such a large gap between enterprise value and shareholder market cap?
Download CSV
Sample JSON
Specification JSON
Sample as of
0700.HK Tencent Holdings | Hang Seng Index | 2025-10-16 – 2026-10-16 | HKD
- Highest item: Interest-bearing debt
- 2,565 million
- Lowest item: Equity market cap
- -1,544 million
- Average
- 500 million
- Number of items
- 5 items
Market cap to EV waterfall
Enterprise value (reporting currency, million) (Waterfall)
Data provider vs self-calculated EV
Net debt (million) (Bar)
Capital item dates
Enterprise value (reporting currency, million) and Net debt (million) (Table)
Sample data rows
| Enterprise value build-up | Enterprise value (reporting currency, million) | Net debt (million) | Data date (sample) |
|---|---|---|---|
| Equity market cap | -1544 | 681 | 2026-10-16 |
| Interest-bearing debt | 2565 | 1418 | 2026-10-16 |
| Minority interests | 787 | 3205 | 2026-10-16 |
| Cash equivalents | -749 | 941 | 2026-10-16 |
| Enterprise value | 1443 | 1259 | 2026-10-16 |
| Total | 2502 | 7504 | 2026-10-16 |