Enterprise Value (EV)
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Walmart Inc. pages available for free this week:
- Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Analysis of Geographic Areas
- Dividend Discount Model (DDM)
- Net Profit Margin since 2005
- Debt to Equity since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
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Current Enterprise Value (EV)
Walmart Inc., current enterprise value calculation
| Current share price (P) | |
| No. shares of common stock outstanding | |
| US$ in millions | |
| Common equity (market value)1 | |
| Add: Nonredeemable noncontrolling interest (per books) | |
| Total equity | |
| Add: Short-term borrowings (per books) | |
| Add: Long-term debt due within one year (per books) | |
| Add: Finance lease obligations due within one year (per books) | |
| Add: Long-term debt, excluding due within one year (per books) | |
| Add: Long-term finance lease obligations, excluding due within one year (per books) | |
| Total equity and debt | |
| Less: Cash and cash equivalents | |
| Enterprise value (EV) | |
Based on: 10-K (reporting date: 2026-01-31).
1 Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
Historical Enterprise Value (EV)
Walmart Inc., EV calculation
Based on: 10-K (reporting date: 2026-01-31), 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31).
1 Data adjusted for splits and stock dividends.
2 Closing price as at the filing date of Walmart Inc. Annual Report.
3 2026 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
The enterprise value demonstrates a generally increasing trend over the observed period. While fluctuations occur, the overall trajectory indicates growth in the company’s total value. A closer examination of the components contributing to enterprise value reveals further insights.
- Enterprise Value Trend
- From January 31, 2021, to January 31, 2026, enterprise value increased from US$408,829 million to US$1,055,734 million. The rate of increase was not consistent year-over-year. A slight decrease was observed between 2021 and 2022, followed by another decrease between 2022 and 2023. However, significant growth occurred between 2023 and 2026, suggesting a period of accelerated value creation.
- Relationship between Common Equity and Enterprise Value
- Common equity (market value) generally follows the trend of enterprise value, but with more volatility. While both metrics increased overall, the common equity experienced a decrease between 2021 and 2023 before exhibiting substantial growth in subsequent years. The difference between enterprise value and common equity suggests a significant contribution from debt financing to the company’s overall value.
- Total Equity and Debt Contribution
- Total equity and debt, representing the combined value of equity and debt financing, also increased over the period, mirroring the trend in enterprise value. The values for total equity and debt are consistently lower than the enterprise value, indicating that the enterprise value calculation incorporates other factors beyond equity and debt, such as minority interest and preferred stock (though these are not explicitly shown in the provided information). The increase in total equity and debt from US$426,570 million in 2021 to US$1,066,461 million in 2026 demonstrates a substantial expansion of the company’s capital structure.
- Enterprise Value vs. Total Equity
- The difference between enterprise value and total equity widened over the period. In 2021, the difference was approximately US$31,130 million, while in 2026, it grew to approximately US$41,000 million. This suggests that debt and other non-equity components are becoming increasingly important in determining the company’s overall value.
In summary, the observed trends indicate a growing enterprise value, driven by increases in both equity and debt financing. The increasing gap between enterprise value and total equity highlights the growing importance of debt and other non-equity components in the company’s valuation.