I suspect you do understand this, and we're only hung up on semantics? Can't imagine anyone being around for long without understanding there's a difference.
Assuming almost no company has an identical number of shares on issue, the point we are trying to explain is thus:
Like-for-like SP will give you a different market cap. The SP is the same but it would be incorrect to think these companies are worth the same amount of money.
Share Price
Shares on issue
Market Cap
1
Company A
$10
100
$1000
2
Company B
$10
1000
$10,000
Like-for-like market cap will give you a different SP. The SP is very different but it would be incorrect to think one company is worth more than the other.
