Total value of a company's core operating business, capturing claims of all capital providers net of non-operating cash: EV = Equity Value + Total Debt + Preferred Stock + NCI - Cash & Equivalents. EV is the correct numerator for unlevered multiples (EV/EBITDA, EV/EBIT, EV/Revenue) because it pairs with metrics available to all capital providers. In a PE transaction, the cash-free/debt-free purchase-price formula bridges EV to equity purchase price by subtracting net debt, debt-like items (unfunded pension, environmental reserves), and the working-capital deviation from target.