Enterprise value

What it would cost to take over the whole business: market cap plus net debt. The logic is that of a real acquisition — buying the company means inheriting its debts, but also its cash, so cash is subtracted.

It's the figure that makes two companies with the same market cap comparable when one is net cash and the other is loaded with debt: by share price they're equal, by enterprise value they're nothing alike. Every multiple starting with EV uses this base for that reason.