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Is Apple Bigger Than Microsoft?

Attracting more government scrutiny than Microsoft is bad. Attracting more money than Microsoft is good. Perhaps achieving both, Business Insider suggests that Apple has closed in within $1 billion of Microsoft's market capitalization.

"Apple's stock market capitalization has not yet quite surpassed Microsoft's, but the value of its actual business is now higher," writes BI. "Specifically, Apple's business is now worth $200 billion, while Microsoft's is only worth $197 billion -- at least by one simple calculation of enterprise value." What's the difference between a company's stock market capitalization and the value of its actual business, i.e., its enterprise value? A company's market cap includes the net value of the cash and debt on the company's books. To figure out the imputed value of the company's actual business, one has to adjust for the value of those other things.

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