For an industry multiple like EV/Subscribers or EV/Scientists, why use enterprise value rather than equity value?

• Because equity value already nets out debt, which makes the per-subscriber figure cleaner to interpret
• The operating metric serves all capital providers, so pair it with EV
• Because subscriber counts move with the share price, so an equity-based numerator tracks them closely
• Because EV strips out cash, and a subscriber base is a cash-like operating asset best matched to EV
• Because subscribers are the assets shareholders own after all creditors have been paid off in full