Used as a noun, valuation is what a business is worth, as in, “this company’s valuation is $10 million.”
This would mean that a company is valued at $10 million, or worth $10 million. The term is used most often for discussions of sale or purchase of a company; it’s valuation is the price of a share times the number of shares outstanding, and the price of a share is the total valuation divided by the number of shares outstanding.
For more on the subject, check out: Valuation: Is Your Small Business as Priceless as You Think?