"Total Enterprise Value" or "TEV" is a way to measure the complete value of companies with varying levels of debt. It is often used as an alternative to determining value based on market capitalization alone. TEV is calculated on the basis of market capitalization, plus net debt, minority interest and preferred shares, and any other relevant transaction considerations affecting value, and minus total cash and cash equivalents that can readily be converted into cash, such as bank accounts, marketable securities and Treasury bills.