Stockopedia explains EV...
If EV < Market Cap, the company has net cash.
If EV > Market Cap, the company has net debt.
If EV < 0, there is more cash in the company than the value of the Mkt Cap and Debt combined! This signal is often appreciated by deep value investors.
Because EV is a capital structure-neutral metric, it is useful when comparing companies with diverse capital structures. In contrast, the PE Ratio will be significantly more volatile in companies that are highly leveraged.