In order to find the number of shares outstanding, there is a bit of a process The first thing we need to look for is the basic shares outstanding And a good place to find that might be on the balance sheet or in a footnote However, that's only going to give you the number at the balance sheet date If you're in the U.S. as the note says on screen here, you can take from the front page of the latest 10-K or 10-Q As this is the filing date and that is one month after the balance sheet date So that will be more up to the date than the number on the balance sheet date If it's a publicly owned company, then we want to check if there have been any issuances or repurchases since the balance sheet date To get you an even more up to date number A stock split is another thing that we also need to check hasn't happened since since the balance sheet date Lastly if there are multiple share classes, such as class A, class B Then we should be adding them together But we would not include ADRs (American Depository Receipts) or similar alternatives such as GDRs Why is this the case? Well ADRs or GDRs are just copies of real shares If I'm a British company, I want to raise money in another jurisdiction but I don't want to have to sell maybe dollar denominated shares Then instead I can sell my shares to e.g. a bank and that bank could issue ADRs They act in place of the shares and they can be sold in different currencies That means if I were to add the ADRs on as well, I would be double counting those shares