ADP Automatic Data Processing Inc
Information Technology > Software & Services > Software > Application Software | NASDAQ, LargeCap | Last Price: 195.38 | 2026-04-13 | Atrp: 3.06
Tue 07 Apr 2026 to Mon 13 Apr 2026: Score 9
| Metric | Previous | New | Change | Interpretation | |
|---|---|---|---|---|---|
| â | PEG Ratio | 2.6104 | 2.4156 | ▼ -7.46% | Bullish. Lower is better. Slight decrease, improving the value relative to growth P/E ratio adjusted for growth rate |
| â | Forward PE | 17.0648 | 15.7978 | ▼ -7.42% | Bullish. Lower is better. Slight improvement Stock price divided by expected future earnings |
| â | Price Sales TTM | 3.8818 | 3.7249 | ▼ -4.04% | Bullish. Lower is better. Lower multiple; market willing to pay less per dollar of sales Stock price divided by revenue per share over the trailing twelve months |
| â | Price Book MRQ | 12.849 | 11.8904 | ▼ -7.46% | Bullish. Lower is better. Closer to 1; less overvalued on assets but improved perception Stock price divided by book value per share for the most recent quarter |
| â | Enterprise Value/Revenue | 3.9595 | 3.6706 | ▼ -7.3% | Bullish. Lower is better. Slight improvement Enterprise value divided by revenue |
| â | Enterprise Value/EBITDA | 12.8509 | 11.9133 | ▼ -7.3% | Bullish. Lower is better. Slight improvement Enterprise value to earnings before interest, taxes, depreciation |
| â | Wall Street Target Price | 264.4 | 260.6 | ▼ -1.44% | Bearish. Higher is better. Lower analyst expectations, pointing to decreased optimism for future performance Analysts' consensus target price for the stock |
| â | Enterprise Value | $84B | $77.87B | ▼ -7.3% | Bearish. Higher is better. Decreased, reflecting lower market cap and possibly debt adjustments Market capitalization plus debt minus cash |
Tue 31 Mar 2026 to Tue 07 Apr 2026: Score 14
| Metric | Previous | New | Change | Interpretation | |
|---|---|---|---|---|---|
| â | Forward PE | 26.5252 | 17.0648 | ▼ -35.67% | Bullish. Lower is better. Significant improvement Stock price divided by expected future earnings |
| â | Price Book MRQ | 18.976 | 12.849 | ▼ -32.29% | Bullish. Lower is better. Closer to 1; less overvalued on assets but improved perception Stock price divided by book value per share for the most recent quarter |
| â | Enterprise Value/Revenue | 5.7703 | 3.9595 | ▼ -31.38% | Bullish. Lower is better. Significant improvement Enterprise value divided by revenue |
| â | Enterprise Value/EBITDA | 18.6885 | 12.8509 | ▼ -31.24% | Bullish. Lower is better. Significant improvement Enterprise value to earnings before interest, taxes, depreciation |
| â | PEG Ratio | 3.4474 | 2.6104 | ▼ -24.28% | Bullish. Lower is better. Significant decrease, improving the value relative to growth P/E ratio adjusted for growth rate |
| â | Wall Street Target Price | 267.5333 | 264.4 | ▼ -1.17% | Bearish. Higher is better. Lower analyst expectations, pointing to decreased optimism for future performance Analysts' consensus target price for the stock |
| â | Enterprise Value | $118.64B | $84B | ▼ -29.2% | Bearish. Higher is better. Decreased, reflecting lower market cap and possibly debt adjustments Market capitalization plus debt minus cash |
Mon 16 Mar 2026 to Tue 31 Mar 2026: Score -23
| Metric | Previous | New | Change | Interpretation | |
|---|---|---|---|---|---|
| â | PEG Ratio | 2.6851 | 3.4474 | ▲ 28.39% | Bearish. Lower is better. Significant increase, worsening the value relative to growth P/E ratio adjusted for growth rate |
| â | Forward PE | 17.5747 | 26.5252 | ▲ 50.93% | Bearish. Lower is better. Substantial decline Stock price divided by expected future earnings |
| â | Price Book MRQ | 13.133 | 18.976 | ▲ 44.49% | Bearish. Lower is better. Further to 1; more overvalued on assets but worsened perception Stock price divided by book value per share for the most recent quarter |
| â | Enterprise Value/Revenue | 4.0451 | 5.7703 | ▲ 42.65% | Bearish. Lower is better. Significant decline Enterprise value divided by revenue |
| â | Enterprise Value/EBITDA | 13.1287 | 18.6885 | ▲ 42.35% | Bearish. Lower is better. Significant decline Enterprise value to earnings before interest, taxes, depreciation |
| â | Short Ratio | 2.59 | 3.28 | ▲ 26.64% | Bearish. Lower is better. Significant decline |
| â | Short Percent | 2.92% | 3.44% | ▲ 17.81% | Bearish. Lower is better. Moderate increase; still high, potential for squeeze if positive catalysts emerge Percentage of shares sold short |
| â | Wall Street Target Price | 272 | 267.5333 | ▼ -1.64% | Bearish. Higher is better. Lower analyst expectations, pointing to decreased optimism for future performance Analysts' consensus target price for the stock |
| â | Price Sales TTM | 3.9867 | 3.8736 | ▼ -2.84% | Bullish. Lower is better. Lower multiple; market willing to pay less per dollar of sales Stock price divided by revenue per share over the trailing twelve months |
| â | Enterprise Value | $85.81B | $118.64B | ▲ 38.26% | Bullish. Higher is better. Increased, reflecting higher market cap and possibly debt adjustments Market capitalization plus debt minus cash |
Sun 08 Mar 2026 to Mon 16 Mar 2026: Score 7
| Metric | Previous | New | Change | Interpretation | |
|---|---|---|---|---|---|
| â | Short Ratio | 3.06 | 2.59 | ▼ -15.36% | Bullish. Lower is better. Moderate improvement |
| â | Forward PE | 19.0476 | 17.5747 | ▼ -7.73% | Bullish. Lower is better. Slight improvement Stock price divided by expected future earnings |
| â | Price Sales TTM | 4.3135 | 3.9867 | ▼ -7.58% | Bullish. Lower is better. Lower multiple; market willing to pay less per dollar of sales Stock price divided by revenue per share over the trailing twelve months |
| â | Price Book MRQ | 14.2491 | 13.133 | ▼ -7.83% | Bullish. Lower is better. Closer to 1; less overvalued on assets but improved perception Stock price divided by book value per share for the most recent quarter |
| â | Enterprise Value/Revenue | 4.3814 | 4.0451 | ▼ -7.68% | Bullish. Lower is better. Slight improvement Enterprise value divided by revenue |
| â | Enterprise Value/EBITDA | 14.2203 | 13.1287 | ▼ -7.68% | Bullish. Lower is better. Slight improvement Enterprise value to earnings before interest, taxes, depreciation |
| â | PEG Ratio | 2.5747 | 2.6851 | ▲ 4.29% | Bearish. Lower is better. Slight increase, worsening the value relative to growth P/E ratio adjusted for growth rate |
| â | Enterprise Value | $92.95B | $85.81B | ▼ -7.68% | Bearish. Higher is better. Decreased, reflecting lower market cap and possibly debt adjustments Market capitalization plus debt minus cash |
| â | Short Percent | 2.77% | 2.92% | ▲ 5.42% | Bearish. Lower is better. Slight increase; still high, potential for squeeze if positive catalysts emerge Percentage of shares sold short |
Sun 01 Mar 2026 to Sun 08 Mar 2026: Score -5
| Metric | Previous | New | Change | Interpretation | |
|---|---|---|---|---|---|
| â | Price Sales TTM | 4.0868 | 4.3135 | ▲ 5.55% | Bearish. Lower is better. Higher multiple; market willing to pay more per dollar of sales Stock price divided by revenue per share over the trailing twelve months |
| â | Price Book MRQ | 13.5008 | 14.2491 | ▲ 5.54% | Bearish. Lower is better. Further to 1; more overvalued on assets but worsened perception Stock price divided by book value per share for the most recent quarter |
| â | Enterprise Value/Revenue | 4.1559 | 4.3814 | ▲ 5.43% | Bearish. Lower is better. Slight decline Enterprise value divided by revenue |
| â | Enterprise Value/EBITDA | 13.4884 | 14.2203 | ▲ 5.43% | Bearish. Lower is better. Slight decline Enterprise value to earnings before interest, taxes, depreciation |
| â | Wall Street Target Price | 276.7143 | 272 | ▼ -1.7% | Bearish. Higher is better. Lower analyst expectations, pointing to decreased optimism for future performance Analysts' consensus target price for the stock |
| â | PEG Ratio | 2.6515 | 2.5747 | ▼ -2.9% | Bullish. Lower is better. Slight decrease, improving the value relative to growth P/E ratio adjusted for growth rate |
| â | Forward PE | 19.6078 | 19.0476 | ▼ -2.86% | Bullish. Lower is better. Slight improvement Stock price divided by expected future earnings |
| â | Enterprise Value | $88.16B | $92.95B | ▲ 5.43% | Bullish. Higher is better. Increased, reflecting higher market cap and possibly debt adjustments Market capitalization plus debt minus cash |
Sun 22 Feb 2026 to Sun 01 Mar 2026: Score 15
| Metric | Previous | New | Change | Interpretation | |
|---|---|---|---|---|---|
| â | Forward PE | 26.5252 | 19.6078 | ▼ -26.08% | Bullish. Lower is better. Significant improvement Stock price divided by expected future earnings |
| â | Price Book MRQ | 18.976 | 13.5008 | ▼ -28.85% | Bullish. Lower is better. Closer to 1; less overvalued on assets but improved perception Stock price divided by book value per share for the most recent quarter |
| â | Enterprise Value/Revenue | 5.7703 | 4.1559 | ▼ -27.98% | Bullish. Lower is better. Significant improvement Enterprise value divided by revenue |
| â | Enterprise Value/EBITDA | 18.6885 | 13.4884 | ▼ -27.83% | Bullish. Lower is better. Significant improvement Enterprise value to earnings before interest, taxes, depreciation |
| â | PEG Ratio | 3.4474 | 2.6515 | ▼ -23.09% | Bullish. Lower is better. Significant decrease, improving the value relative to growth P/E ratio adjusted for growth rate |
| â | Short Ratio | 3.93 | 3.06 | ▼ -22.14% | Bullish. Lower is better. Significant improvement |
| â | Short Percent | 2.47% | 2.77% | ▲ 12.15% | Bearish. Lower is better. Moderate increase; still high, potential for squeeze if positive catalysts emerge Percentage of shares sold short |
| â | Enterprise Value | $118.64B | $88.16B | ▼ -25.69% | Bearish. Higher is better. Decreased, reflecting lower market cap and possibly debt adjustments Market capitalization plus debt minus cash |
Sun 15 Feb 2026 to Sun 22 Feb 2026: Score -18
| Metric | Previous | New | Change | Interpretation | |
|---|---|---|---|---|---|
| â | PEG Ratio | 2.6259 | 3.4474 | ▲ 31.28% | Bearish. Lower is better. Significant increase, worsening the value relative to growth P/E ratio adjusted for growth rate |
| â | Forward PE | 19.4175 | 26.5252 | ▲ 36.6% | Bearish. Lower is better. Significant decline Stock price divided by expected future earnings |
| â | Price Book MRQ | 13.3591 | 18.976 | ▲ 42.05% | Bearish. Lower is better. Further to 1; more overvalued on assets but worsened perception Stock price divided by book value per share for the most recent quarter |
| â | Enterprise Value/Revenue | 4.1132 | 5.7703 | ▲ 40.29% | Bearish. Lower is better. Significant decline Enterprise value divided by revenue |
| â | Enterprise Value/EBITDA | 13.3498 | 18.6885 | ▲ 39.99% | Bearish. Lower is better. Significant decline Enterprise value to earnings before interest, taxes, depreciation |
| â | Price Sales TTM | 4.0439 | 4.0889 | ▲ 1.11% | Bearish. Lower is better. Higher multiple; market willing to pay more per dollar of sales Stock price divided by revenue per share over the trailing twelve months |
| â | Institutional Ownership | 87.406% | 86.386% | ▼ -1.17% | Bearish. Higher is better. Slight decline; reduced interest from big investors Percentage held by institutions like mutual funds |
| â | Enterprise Value | $87.26B | $118.64B | ▲ 35.97% | Bullish. Higher is better. Increased, reflecting higher market cap and possibly debt adjustments Market capitalization plus debt minus cash |
Sun 08 Feb 2026 to Sun 15 Feb 2026: Score 4
| Metric | Previous | New | Change | Interpretation | |
|---|---|---|---|---|---|
| â | PEG Ratio | 2.8618 | 2.6259 | ▼ -8.24% | Bullish. Lower is better. Slight decrease, improving the value relative to growth P/E ratio adjusted for growth rate |
| â | Forward PE | 21.1864 | 19.4175 | ▼ -8.35% | Bullish. Lower is better. Slight improvement Stock price divided by expected future earnings |
| â | Price Sales TTM | 4.4109 | 4.0439 | ▼ -8.32% | Bullish. Lower is better. Lower multiple; market willing to pay less per dollar of sales Stock price divided by revenue per share over the trailing twelve months |
| â | Price Book MRQ | 14.5715 | 13.3591 | ▼ -8.32% | Bullish. Lower is better. Closer to 1; less overvalued on assets but improved perception Stock price divided by book value per share for the most recent quarter |
| â | Enterprise Value/Revenue | 4.4786 | 4.1132 | ▼ -8.16% | Bullish. Lower is better. Slight improvement Enterprise value divided by revenue |
| â | Enterprise Value/EBITDA | 14.5357 | 13.3498 | ▼ -8.16% | Bullish. Lower is better. Slight improvement Enterprise value to earnings before interest, taxes, depreciation |
| â | Enterprise Value | $95.01B | $87.26B | ▼ -8.16% | Bearish. Higher is better. Decreased, reflecting lower market cap and possibly debt adjustments Market capitalization plus debt minus cash |
| â | Short Ratio | 3.31 | 3.93 | ▲ 18.73% | Bearish. Lower is better. Moderate decline |
| â | Short Percent | 2.04% | 2.47% | ▲ 21.08% | Bearish. Lower is better. Significant increase; still high, potential for squeeze if positive catalysts emerge Percentage of shares sold short |
Sun 01 Feb 2026 to Sun 08 Feb 2026: Score 10
| Metric | Previous | New | Change | Interpretation | |
|---|---|---|---|---|---|
| â | PEG Ratio | 3.053 | 2.8618 | ▼ -6.26% | Bullish. Lower is better. Slight decrease, improving the value relative to growth P/E ratio adjusted for growth rate |
| â | Forward PE | 22.5734 | 21.1864 | ▼ -6.14% | Bullish. Lower is better. Slight improvement Stock price divided by expected future earnings |
| â | Price Sales TTM | 4.7056 | 4.4109 | ▼ -6.26% | Bullish. Lower is better. Lower multiple; market willing to pay less per dollar of sales Stock price divided by revenue per share over the trailing twelve months |
| â | Price Book MRQ | 15.5452 | 14.5715 | ▼ -6.26% | Bullish. Lower is better. Closer to 1; less overvalued on assets but improved perception Stock price divided by book value per share for the most recent quarter |
| â | Enterprise Value/Revenue | 4.772 | 4.4786 | ▼ -6.15% | Bullish. Lower is better. Slight improvement Enterprise value divided by revenue |
| â | Enterprise Value/EBITDA | 15.488 | 14.5357 | ▼ -6.15% | Bullish. Lower is better. Slight improvement Enterprise value to earnings before interest, taxes, depreciation |
| â | Enterprise Value | $100.89B | $95.01B | ▼ -5.83% | Bearish. Higher is better. Decreased, reflecting lower market cap and possibly debt adjustments Market capitalization plus debt minus cash |
Sun 25 Jan 2026 to Sun 01 Feb 2026: Score 8
| Metric | Previous | New | Change | Interpretation | |
|---|---|---|---|---|---|
| â | Quarterly Earnings Growth YOY | 61% | 121% | ▲ 79.69% | Bullish. Higher is better. Quarterly earnings growth YOY growth accelerating. Year-over-year growth in quarterly earnings |
| â | Return On Equity TTM | 70.57% | 73.84% | ▲ 4.63% | Bullish. Higher is better. Return on equity TTM growth accelerating. Efficiency in generating profits from shareholders' equity |
| â | Forward PE | 23.5849 | 22.5734 | ▼ -4.29% | Bullish. Lower is better. Slight improvement Stock price divided by expected future earnings |
| â | Price Sales TTM | 4.9973 | 4.7056 | ▼ -5.84% | Bullish. Lower is better. Lower multiple; market willing to pay less per dollar of sales Stock price divided by revenue per share over the trailing twelve months |
| â | Price Book MRQ | 16.3631 | 15.5452 | ▼ -5% | Bullish. Lower is better. Closer to 1; less overvalued on assets but improved perception Stock price divided by book value per share for the most recent quarter |
| â | Enterprise Value/Revenue | 5.0769 | 4.772 | ▼ -6.01% | Bullish. Lower is better. Slight improvement Enterprise value divided by revenue |
| â | Enterprise Value/EBITDA | 16.5163 | 15.488 | ▼ -6.23% | Bullish. Lower is better. Slight improvement Enterprise value to earnings before interest, taxes, depreciation |
| â | EBITDA | $6093.1M | $6188.5M | ▲ 1.57% | Bullish. Higher is better. Increase in earnings before interest, taxes, depreciation, and amortization; indicates stronger operational cash flow Earnings before interest, taxes, depreciation, and amortization |
| â | Earnings Per Share | 10.13 | 10.42 | ▲ 2.86% | Bullish. Higher is better. Slight increase in earnings per share Profit allocated to each outstanding share |
| â | Operating Margin TTM | 25.89% | 26.28% | ▲ 1.51% | Bullish. Higher is better. Operating margin TTM growth accelerating. Percentage of revenue left after operating expenses |
| â | Gross Profit TTM | $10097.7M | $10257.4M | ▲ 1.58% | Bullish. Higher is better. Slight increase, but margins may be improving Revenue minus cost of goods sold over the trailing twelve months |
| â | Revenue TTM | $20903.4M | $21214.3M | ▲ 1.49% | Bullish. Higher is better. Slight top-line expansion Total revenue over the trailing twelve months |
| â | Revenue Per Share TTM | 51.436 | 52.323 | ▲ 1.72% | Bullish. Higher is better. Slight improvement Revenue generated per outstanding share over the trailing twelve months |
| â | Wall Street Target Price | 288.5385 | 279.7857 | ▼ -3.03% | Bearish. Higher is better. Lower analyst expectations, pointing to decreased optimism for future performance Analysts' consensus target price for the stock |
| â | Enterprise Value | $106.12B | $100.89B | ▼ -4.93% | Bearish. Higher is better. Decreased, reflecting lower market cap and possibly debt adjustments Market capitalization plus debt minus cash |
| â | Short Percent | 1.92% | 2.03% | ▲ 5.73% | Bearish. Lower is better. Slight increase; still high, potential for squeeze if positive catalysts emerge Percentage of shares sold short |
| â | Quarterly Revenue Growth YOY | 71% | 61% | ▼ -12.68% | Bearish. Higher is better. Quarterly revenue growth YOY growth slowing. Year-over-year growth in quarterly revenue |
| â | Short Ratio | 2.78 | 3.31 | ▲ 19.06% | Bearish. Lower is better. Moderate decline |
| â | Return On Assets TTM | 6.62% | 4.71% | ▼ -28.85% | Bearish. Higher is better. Return on assets TTM growth slowing. Efficiency in generating profits from total assets |
Sun 11 Jan 2026 to Sun 18 Jan 2026: Score 10
| Metric | Previous | New | Change | Interpretation | |
|---|---|---|---|---|---|
| â | Short Ratio | 3.29 | 2.78 | ▼ -15.5% | Bullish. Lower is better. Moderate improvement |
| â | Short Percent | 2.1% | 1.92% | ▼ -8.57% | Bullish. Lower is better. Slight decrease; still high, potential for squeeze if positive catalysts emerge Percentage of shares sold short |
| â | PEG Ratio | 3.1759 | 3.1093 | ▼ -2.1% | Bullish. Lower is better. Slight decrease, improving the value relative to growth P/E ratio adjusted for growth rate |
| â | Forward PE | 24.3309 | 23.8095 | ▼ -2.14% | Bullish. Lower is better. Slight improvement Stock price divided by expected future earnings |
| â | Price Sales TTM | 5.1552 | 5.0471 | ▼ -2.1% | Bullish. Lower is better. Lower multiple; market willing to pay less per dollar of sales Stock price divided by revenue per share over the trailing twelve months |
| â | Price Book MRQ | 16.8803 | 16.5262 | ▼ -2.1% | Bullish. Lower is better. Closer to 1; less overvalued on assets but improved perception Stock price divided by book value per share for the most recent quarter |
| â | Enterprise Value/Revenue | 5.2346 | 5.1266 | ▼ -2.06% | Bullish. Lower is better. Slight improvement Enterprise value divided by revenue |
| â | Enterprise Value/EBITDA | 17.0293 | 16.6781 | ▼ -2.06% | Bullish. Lower is better. Slight improvement Enterprise value to earnings before interest, taxes, depreciation |
| â | Enterprise Value | $109.42B | $107.16B | ▼ -2.06% | Bearish. Higher is better. Decreased, reflecting lower market cap and possibly debt adjustments Market capitalization plus debt minus cash |
Sun 04 Jan 2026 to Sun 11 Jan 2026: Score -10
| Metric | Previous | New | Change | Interpretation | |
|---|---|---|---|---|---|
| â | PEG Ratio | 3.019 | 3.1759 | ▲ 5.2% | Bearish. Lower is better. Slight increase, worsening the value relative to growth P/E ratio adjusted for growth rate |
| â | Forward PE | 23.1481 | 24.3309 | ▲ 5.11% | Bearish. Lower is better. Slight decline Stock price divided by expected future earnings |
| â | Price Sales TTM | 4.9006 | 5.1552 | ▲ 5.2% | Bearish. Lower is better. Higher multiple; market willing to pay more per dollar of sales Stock price divided by revenue per share over the trailing twelve months |
| â | Price Book MRQ | 16.0465 | 16.8803 | ▲ 5.2% | Bearish. Lower is better. Further to 1; more overvalued on assets but worsened perception Stock price divided by book value per share for the most recent quarter |
| â | Enterprise Value/Revenue | 4.9803 | 5.2346 | ▲ 5.11% | Bearish. Lower is better. Slight decline Enterprise value divided by revenue |
| â | Enterprise Value/EBITDA | 16.2022 | 17.0293 | ▲ 5.1% | Bearish. Lower is better. Slight decline Enterprise value to earnings before interest, taxes, depreciation |
| â | Enterprise Value | $104.11B | $109.42B | ▲ 5.1% | Bullish. Higher is better. Increased, reflecting higher market cap and possibly debt adjustments Market capitalization plus debt minus cash |
Sat 20 Dec 2025 to Sun 04 Jan 2026: Score 10
| Metric | Previous | New | Change | Interpretation | |
|---|---|---|---|---|---|
| â | EPS Estimate Current Year | 9.9808 | 10.9143 | ▲ 9.35% | Bullish. Higher is better. Slight increase; improved outlook for current year earnings Expected earnings per share this year |
| â | EPS Estimate Next Year | 10.8801 | 11.9453 | ▲ 9.79% | Bullish. Higher is better. Slight raised expectations for further out Expected earnings per share next year |
| â | PEG Ratio | 3.1216 | 3.019 | ▼ -3.29% | Bullish. Lower is better. Slight decrease, improving the value relative to growth P/E ratio adjusted for growth rate |
| â | Forward PE | 23.5849 | 23.1481 | ▼ -1.85% | Bullish. Lower is better. Slight improvement Stock price divided by expected future earnings |
| â | Price Sales TTM | 4.9987 | 4.9006 | ▼ -1.96% | Bullish. Lower is better. Lower multiple; market willing to pay less per dollar of sales Stock price divided by revenue per share over the trailing twelve months |
| â | Price Book MRQ | 16.3676 | 16.0465 | ▼ -1.96% | Bullish. Lower is better. Closer to 1; less overvalued on assets but improved perception Stock price divided by book value per share for the most recent quarter |
| â | Enterprise Value/Revenue | 5.0782 | 4.9803 | ▼ -1.93% | Bullish. Lower is better. Slight improvement Enterprise value divided by revenue |
| â | Enterprise Value/EBITDA | 16.5207 | 16.2022 | ▼ -1.93% | Bullish. Lower is better. Slight improvement Enterprise value to earnings before interest, taxes, depreciation |
| â | Short Ratio | 3.41 | 3.29 | ▼ -3.52% | Bullish. Lower is better. Slight improvement |
| â | Enterprise Value | $106.15B | $104.11B | ▼ -1.93% | Bearish. Higher is better. Decreased, reflecting lower market cap and possibly debt adjustments Market capitalization plus debt minus cash |