In practically every case when talking about a publicly listed company, such a number is referring to a fully diluted market capitalization based on the net pre

In practically every case when talking about a publicly listed company, such a number is referring to a fully diluted market capitalization based on the net present value of the cashflows which would be received by the common stock holders. The cash could be dividends, it could be buybacks, they could be a result of regular cash coming out of the business, or a sale of assets - it doesn't matter. There really is no confusion amongst people in the industry.If they are talking about something different, they will explicitly say so (the easy example is Enterprise Value, or EV).