Why is there a big mismatch between reported market cap and the value obtained by shares_outstanding*price?


reported market cap = 16.58 B

shares outstanding = 99.44 B 50-day moving avg price = 94.30

calculated market cap = 9373 B (This is not possible!)

This is obviously not correct. The currency is in USD, so there should be no confusion regarding cents like sometimes it's in GBp instead of GBP.

Any thoughts on this discrepancy or the data is just wrong? I'm getting my data from compustat and see the same thing for a number of companies.

  • 1
    Without looking into this, your math is wrong somewhere along the way. 9,373B is bigger than the largest company in the world. No company is currently worth even $1T. Jan 23, 2018 at 15:50
  • Looking further - the page you linked shows the numbers that you calculated, but it seems there is something off about the data somewhere. I am seeing other sources indicating shares outstanding of 163M, which would put the value of shares outstanding at roughly 163M*100=16B. Not sure where Yahoo is pulling the value for shares outstanding, but other data providers have it as well, so I think there's a data error somewhere. Jan 23, 2018 at 15:54
  • 1
    I'm getting the same data values from compustat as well and that's what is confusing me. When I calculate market cap of equities, I get these incorrect values.
    – kyc12
    Jan 23, 2018 at 15:58

2 Answers 2


Yahoo isn't tabulating/updating the data properly and not mentioning the full details. I had a glance at the annual report for 2016. You would need to trawl through the Annual Report on how they achieved the number of shares.

Weighted average number of ordinary shares 97,624,347,430(2016) 97,624,347,430(2015). Weighted average is the important missing point.

Diluted EPS (ttm) 5.40 The EPS is in Chilean Pesos and not in USD.

So quite a lot of data mismatch.

  • 2
    +1 because you bothered to look in the annual report rather than just pick a better data source (like I did).
    – MD-Tech
    Jan 23, 2018 at 17:14
  • @MD-Tech What data source you use?
    – Lightsout
    Oct 9, 2020 at 7:47
  • @bakalolo have a look at my answer below - I used Bloomberg
    – MD-Tech
    Oct 9, 2020 at 14:48

Bloomberg states that they have 162.71M shares outstanding. Multiplying by 94.3 from above I get 15,343,553,000 or 15.344B which is near enough the reported 16.58 B. It looks like the number of shares outstanding is incorrect. This is probably because it is pre-split, includes treasury stock etc. and was modified before calculating.

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