I am trying to calculate market cap based on outstanding shares and stock price for AAPL. I go to Yahoo Finance,


Quarterly view for 2019 Q4 says "Common Stock" is 45,972,000 (in thousands). AAPL stock price that day was 247.74 per share. Then I do

45972000*1000*247.74 / 1e12

I get 11.38 trillion. But Yahoo's key statistics page


is showing 1.13 trillion. ??. What have I missed? The literature talks about Shares Outstanding, which is shown on the key statistics, but I want to calculate it based on the balance sheet only.


2 Answers 2


If i’m not mistaken, common stock under the balance sheet under shareholder equity is the cumulative amount of “the value” of the shares issued!!

45,972,000 * 1000 is the total value of shares issued throughout the history

The previous quarter was: 45,174,000 * 1000

The difference is $798,000,000. No clue what is is though. I’m assuming its the amount of equity issued to employees as part of their employee stock ownership plan.

The shares outstanding is 4.38 Billion shares outstanding. (on statistics page)

maybe someone can verify! All I know is that that number on the balance sheet is not the total shares outstanding

I’m really weak on financial statements- You’re going to have to read a lot of material to understand all the numbers.

  • 1
    “The value” of the shares issued? I wonder what that means..
    – BBSysDyn
    Mar 29, 2020 at 17:34
  • I’m not sure if I am right though. If Apple issues 100,000 shares at a $200 price, then “the value of the shares issued” is $200 * 100,000 = $20,000,000. Mar 29, 2020 at 18:56
  • @BBDynSys It's the book value of the common shares - it's how much money was received when AAPL sold shares to the public (less what it's bought back). It has nothing to do with current market value.
    – D Stanley
    Mar 30, 2020 at 2:42
  • @DStanley are you sure ? Seems like the value is going up significantly even though the total outstanding shares are going down significantly. Seems like the number should be going down if shares are bought back
    – xyious
    Mar 31, 2020 at 18:39
  • @xyious Good point. Looking at the detailed balance sheet from their investor site, the increase is due to "Share-based compensation" (stock options and stock bonuses) - which is recorded at the value of the shares at the time of grant. So it is somewhat affected by recent market prices. But only the additional expenses - previously issued equity would remain at the price at the time of issuance.
    – D Stanley
    Mar 31, 2020 at 19:46

The reporting of financial data in round thousands is applicable only on the tabbed page headed "Financials". The tabbed page headed "Statistics", where you are reading the total shares outstanding, does not report figures in round thousands. Nor does the statistics page say that it is reporting in round thousands.

For example, the reported earnings per share of $58.99 on the statistics page is not reporting earnings of $58,990 per share, and the same principle applies to the total shares outstanding and other data on the statistics page.

  • Yes - I dont think I said in thousands applies to the key statistics page. Even that was the mistake the discrepency is 10-off, not 1000-off.
    – BBSysDyn
    Mar 29, 2020 at 17:45
  • @BBDynSys I believe that you are using a figure for shares outstanding that is 10-times the figure given on yahoo. Your calculation is using about 46 billions shares (45972000*1000) outstanding when the correct figure should be about 4.6 billion. (The Yahoo stats page actually report 4.38 billion shares outstanding.)
    – not-nick
    Mar 29, 2020 at 19:18
  • I am trying to get shares outstanding figure by just looking at the balance sheet. The key stats page gets that right number from somewhere, I am trying to duplicate their result.
    – BBSysDyn
    Mar 30, 2020 at 9:27
  • @BBDynSys My apologies for not reading your OP more closely. You appear to be reading the entry "Common Stock" as the total number of shares outstanding. This is not correct. The Common Stock entry is the dollar value of the common stock component of the shareholder equity. Note that under the heading of "Shareholders' Equity" the financial page lists three dollar amounts (in 1000s) which together add up to the total shareholder equity - they are: Common Stock, Retained Earnings, and Accumulated Other Comprehensive Income. I don't think you will find shares outstanding on the financial pg
    – not-nick
    Mar 31, 2020 at 1:16

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