Enterprise Value Financing Scope Across 9 Reviewed Companies
Complete net-debt evidence was still not enough for enterprise value in 3 of 9 reviewed companies
All nine companies in the reviewed cohort had complete current borrowings and liquid-financial-asset evidence. Six could use the bounded common-equity-plus-net-debt enterprise-value formula. Three were deliberately withheld because another reviewed financing layer remained outside that simplified scope.
Bounded EV eligibility
Reviewed companies by bounded EV state
The nine-company reviewed cohort
The public table intentionally publishes classification and SEC source details rather than debt, cash, net-debt, market-cap, or enterprise-value amounts.
| Company | Balance sheet | EV state | Financing-scope note | Borrowings review | Primary source |
|---|---|---|---|---|---|
| Meta Platforms | June 30, 2026 | Compatible | No additional reviewed financing layer identified | Reviewed borrowing scope | 10-Q filed July 29, 2026 ↗ |
| NVIDIA | July 26, 2026 | Compatible | No additional reviewed financing layer identified | Reviewed borrowing scope | 10-Q filed August 26, 2026 ↗ |
| Oracle | May 31, 2026 | Withheld | Preferred equity outside bounded EV scope | Reviewed borrowing scope | 10-K filed June 22, 2026 ↗ |
| Tesla | June 30, 2026 | Withheld | Noncontrolling interests outside bounded EV scope | Reviewed borrowing scope | 10-Q filed July 23, 2026 ↗ |
| Cisco | July 25, 2026 | Withheld | Noncontrolling interests outside bounded EV scope | Reviewed borrowing scope | 10-K filed September 2, 2026 ↗ |
| eBay | June 30, 2026 | Compatible | No additional reviewed financing layer identified | Reviewed borrowing scope | 10-Q filed August 6, 2026 ↗ |
| Fortinet | June 30, 2026 | Compatible | No additional reviewed financing layer identified | Reviewed borrowing scope | 10-Q filed July 30, 2026 ↗ |
| Medpace | June 30, 2026 | Compatible | No additional reviewed financing layer identified | Explicit reviewed zero borrowings | 10-Q filed July 23, 2026 ↗ |
| Monster Beverage | June 30, 2026 | Compatible | No additional reviewed financing layer identified | Explicit reviewed zero borrowings | 10-Q filed August 7, 2026 ↗ |
Methodology
- Use the nine companies for which Grizzly Bulls had complete reviewed current borrowings and liquid-financial-asset evidence at one balance-sheet date.
- Require complete reviewed borrowings and liquid-financial-asset scope. Do not substitute total liabilities for debt.
- Classify the simplified EV formula as compatible only when the reviewed financing scope supports common equity plus net debt without a known omitted financing layer.
- Keep preferred equity and noncontrolling interests as separate reasons for withholding rather than forcing an incomplete enterprise value.
- Publish classification, dates and SEC source details only. Do not redistribute the underlying debt/cash amounts or calculate market cap, enterprise value, or valuation multiples in this study.
Data cutoff: latest included SEC filing September 2, 2026.
Primary SEC sources
The issuer filings establish the reviewed balance-sheet and financing-scope evidence. The compatible/withheld counts summarize that nine-company sample.
Download the financing-scope dataset
CSV and JSON contain the nine classification/source rows and summary counts. They intentionally omit debt, cash-like-asset, net-debt, market-cap, enterprise-value and valuation-multiple amounts.
Citation and reuse
When citing the 3-of-9 result, preserve that this is a selected reviewed cohort and that withholding describes a bounded EV methodology rather than the broader public-company population.