The cash price that a willing buyer will pay to a willing seller for an asset. The fair market value of a company generally assumes the value of the company as an ongoing business. The fair market value of an individual security represents a proportionate interest in the fair market value of the company. Depending on the context and the contractual agreement, the fair market value of a security may or may not be adjusted or discounted to reflect factors such as liquidity, minority interest, voting rights, right to control management, and capital structure.