Definition

Market capitalization

The market's price for all of a company's equity: the share price times the shares outstanding. It is the equity leg of enterprise value and the denominator convention for index weightings — a market quantity that moves every trading day, not a filed figure that moves every quarter.

Formula

Market cap = Share price × Shares outstanding

Drivers — what actually moves it

Price: the market's input — repriced continuously while filings hold still.
Share count: buybacks shrink it and issuance grows it, independent of the price move.

Where it comes from

Not a filing concept — a market quantity built from the share price, which no financial statement carries. Computed as price × shares. The share count is filed; the price requires licensed market data — Echelon shows the filed leg and names the missing one rather than faking a figure.

Sector caveats — where this breaks

Public float (shares actually tradable) is smaller than shares outstanding — index rules typically weight by float.
Cover-page 'aggregate market value held by non-affiliates' is a once-a-year regulatory figure, not today's market cap.

Enterprise value Weighted-average shares P/E ratio

Educational use only — not investment advice. Figures come from public SEC filings; Echelon teaches you to analyze data, it never recommends buying or selling any security.