AI Infrastructure Stocks by Enterprise Value

Q: Can Enterprise Value Help Identify Undervalued AI Infrastructure Stocks?

Analyzing Enterprise Value can provide insights into the valuation of AI infrastructure stocks. A low EV relative to a company's earnings or revenues might suggest potential undervaluation, but it is important to also consider growth prospects, industry conditions, and the company's financial health.

Q: What is the EV/EH/s Metric?

Enterprise Value per Exahash per second (EV/EH/s) is a valuation metric for Bitcoin mining companies. It is calculated by dividing a company's Enterprise Value by its latest installed hash rate (measured in EH/s). This metric allows investors to compare how efficiently different miners are valued relative to their mining capacity.

The total AI infrastructure stock enterprise value is $28.79T

#	Company	Enterprise Value	Market Cap	Crypto Holdings
1	NVIDIA Corporation NVDA	$4,942,747,000,000 $4.94T	$4,931,824,000,000 $4.93T
2	Microsoft Corporation MSFT	$3,961,975,822,900 $3.96T	$3,875,802,822,900 $3.88T
3	Alphabet Inc. GOOGL	$3,513,841,960,000 $3.51T	$3,440,352,959,999 $3.44T
4	Amazon.com, Inc. AMZN	$2,731,531,205,000 $2.73T	$2,592,487,205,000 $2.59T
5	Space Exploration Technologies Corp. SPCX	$1,890,648,468,030 $1.89T	$1,903,098,468,029 $1.9T	$1,451,261,639 $1.45B
6	Meta Platforms, Inc. META	$1,644,509,808,182 $1.64T	$1,572,062,808,182 $1.57T
7	Broadcom Inc. AVGO	$1,592,029,226,379 $1.59T	$1,556,585,226,379 $1.56T
8	Micron Technology, Inc. MU	$967,827,530,800 $967.83B	$1,001,012,530,800 $1T
9	Advanced Micro Devices, Inc. AMD	$822,213,401,202 $822.21B	$824,073,401,201 $824.07B
10	Intel Corp. INTC	$392,544,593,600 $392.54B	$347,614,593,600 $347.61B

Learn more about Enterprise Value and our calculations.

What is Enterprise Value (EV)?

Enterprise Value (EV) is a financial metric that measures a company's total value by considering not only its market capitalization but also its debt and cash levels. EV can be thought of as the effective cost of buying a company or the theoretical price of a target company before factoring in a takeover premium. This offers a more comprehensive reflection of a company's true worth than market capitalization alone.

How is Enterprise Value Calculated?

EV = Market Cap + Total Debt + Finance Leases + Minority Interest + Preferred Stock - Cash & Cash Equivalents. Minority interest includes redeemable minority interest where the filing reports it, and preferred stock is counted at its liquidation preference where stated, otherwise at its carrying value. Operating leases and restricted cash are left out. Crypto holdings are not subtracted, which matches how Yahoo Finance and TradingView define EV.

What does Net of crypto show?

Net of crypto subtracts the current value of each company's crypto holdings from its Enterprise Value, and EV/EBITDA, EV/Revenue and the other per-unit ratios change with it. It treats crypto like cash. For a company that consolidates a listed subsidiary, such as Hut 8 with American Bitcoin, the subsidiary's crypto is included.

Why is EV blank for some companies?

We leave EV and every ratio built on it blank when we have no balance sheet from the last 200 days, or when we could not recompute it in the last day. This mostly affects non-US companies without a recent filing we can read.

Where Do We Source the Data for Enterprise Value Calculations?

Cash, debt, finance leases, minority interest and preferred stock come from the latest balance sheet each company files, usually every quarter, though some only report annually. The value of crypto holdings is the last reported holdings multiplied by the current price. Market cap uses the current share price multiplied by shares outstanding.

Why is Enterprise Value Important When Analyzing AI Infrastructure Companies?

Enterprise Value is critical for evaluating AI infrastructure companies because it accounts for the full scope of a company's financial obligations. These companies often take on significant debt to finance equipment and infrastructure, making EV a more accurate measure of their overall value. Additionally, EV serves as the basis for many financial ratios used to measure a company's performance, providing deeper insights into its operational efficiency and profitability.

Can Enterprise Value Help Identify Undervalued AI Infrastructure Stocks?

Analyzing Enterprise Value can provide investors with insights into the valuation of AI infrastructure stocks. While a low EV relative to a company's earnings or revenues might suggest potential undervaluation, it is important to consider other factors such as growth prospects, industry conditions, and the company's financial health. EV is just one tool among many that can help investors assess whether a stock is priced appropriately.

What is the EV/EH/s Metric?

Enterprise Value per Exahash per second (EV/EH/s) is a key indicator used to assess the efficiency and valuation of Bitcoin mining companies. It is calculated by dividing a company's Enterprise Value by its latest Installed Hash Rate (measured in Exahash per second, EH/s), which reflects the company's Bitcoin mining capacity. The higher the EH/s, the more mining power a company possesses.

The Installed Hash Rate is typically reported in a company's monthly operational update. However, if a company does not disclose its Installed Hash Rate, we use its Operating Hash Rate as an alternative. The EV/EH/s metric allows investors to compare how effectively different companies are utilizing their mining resources relative to their overall valuation, offering insight into which mining stocks may be undervalued or overvalued based on their hashing power.

What is the EV/MW Metric?

Enterprise Value per Megawatt (EV/MW) is a valuation metric used to assess companies operating data-center infrastructure. It is calculated by dividing a company's Enterprise Value by the sum of its total Energized and total Under Development data-center capacity (measured in megawatts).

By normalizing valuation against deployed and near-term power capacity, EV/MW lets investors compare how efficiently different AI infrastructure companies are valued relative to their data-center footprint, offering insight into which stocks may be undervalued or overvalued based on the scale of their infrastructure.