Market cap is the market value of a company's equity.

market_cap = total_shares_outstanding * share_price

I passed all three CFA exams a few years back and studied this extensively. I might be remembering incorrectly, but think you're making factually incorrect statements. Appreciate your comment and the motivation to think about this more.

I recommend reading up on these terms: * market value of equity * book value of equity * intrinsic value of equity