Price to FCFE (P/FCFE)
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- 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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Free Cash Flow to Equity (FCFE)
Walmart Inc., FCFE calculation
US$ in millions
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).
The financial information reveals fluctuating performance in net cash provided by operating activities and free cash flow to equity (FCFE) over the observed period. Operating cash flow demonstrates an overall positive trend, while FCFE exhibits more volatility.
- Net Cash from Operations
- Net cash provided by operating activities decreased significantly from US$36,074 million in 2021 to US$24,181 million in 2022. A subsequent recovery was noted in 2023, reaching US$28,841 million, followed by further increases to US$35,726 million in 2024. This upward trajectory continued into 2025 with US$36,443 million, and culminated in US$41,565 million in 2026, representing the highest value within the analyzed timeframe. This indicates improving operational cash generation in the later years.
- Free Cash Flow to Equity (FCFE)
- FCFE experienced a substantial decline from US$20,319 million in 2021 to US$3,280 million in 2022. A considerable rebound occurred in 2023, with FCFE reaching US$14,472 million. The value increased further to US$16,632 million in 2024, but then decreased to US$11,836 million in 2025. Finally, FCFE rose again to US$19,910 million in 2026, approaching the level observed in 2021. This pattern suggests FCFE is sensitive to factors beyond operational cash flow, potentially including financing activities or investment strategies.
- Relationship between Operating Cash Flow and FCFE
- While both metrics generally trended upwards from 2022 to 2026, the FCFE values consistently remained below the corresponding net cash from operating activities figures. This difference suggests significant capital expenditures, debt repayments, or dividend distributions impacting the cash available to equity holders. The disparity between the two metrics widened in 2025 before narrowing again in 2026, indicating a shift in the allocation of operating cash flow.
The observed fluctuations in FCFE warrant further investigation to understand the underlying drivers and their implications for shareholder value. The increasing trend in operating cash flow is a positive sign, but the volatility in FCFE suggests a need for careful monitoring of capital allocation decisions.
Price to FCFE Ratio, Current
Walmart Inc., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in millions) | |
| FCFE per share | |
| Current share price (P) | |
| Valuation Ratio | |
| P/FCFE | |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| Costco Wholesale Corp. | |
| Target Corp. | |
| P/FCFE, Sector | |
| Consumer Staples Distribution & Retail | |
| P/FCFE, Industry | |
| Consumer Staples | |
Based on: 10-K (reporting date: 2026-01-31).
1 Click competitor name to see calculations.
If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.
Price to FCFE Ratio, Historical
Walmart Inc., historical P/FCFE calculation, comparison to benchmarks
| Jan 31, 2026 | Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | ||
|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||
| Selected Financial Data (US$) | |||||||
| Free cash flow to equity (FCFE) (in millions)2 | |||||||
| FCFE per share3 | |||||||
| Share price1, 4 | |||||||
| Valuation Ratio | |||||||
| P/FCFE5 | |||||||
| Benchmarks | |||||||
| P/FCFE, Competitors6 | |||||||
| Costco Wholesale Corp. | |||||||
| Target Corp. | |||||||
| P/FCFE, Sector | |||||||
| Consumer Staples Distribution & Retail | |||||||
| P/FCFE, Industry | |||||||
| Consumer Staples | |||||||
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.
3 2026 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =
4 Closing price as at the filing date of Walmart Inc. Annual Report.
5 2026 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
The Price to Free Cash Flow to Equity (P/FCFE) ratio exhibits considerable fluctuation over the observed period. Initial values indicate a relatively moderate valuation, followed by a period of significant increase, and then stabilization with some continued variability. The share price demonstrates an overall upward trajectory, while the FCFE per share experiences more pronounced annual variations.
- Share Price
- The share price increased from US$43.91 in 2021 to US$126.52 in 2026. Growth was not linear, with a slight decrease observed between 2021 and 2022, followed by substantial increases in 2024 and 2025. This suggests periods of positive market sentiment and investor confidence.
- FCFE per Share
- FCFE per share experienced significant volatility. A substantial decline occurred between 2021 and 2022, from US$2.40 to US$0.40. It partially recovered in 2023 to US$1.79, followed by a further increase to US$2.06 in 2024. Subsequent years show a decrease to US$1.48 in 2025 and a recovery to US$2.50 in 2026. This variability could be attributed to changes in operational cash flow, financing activities, or capital expenditure policies.
- P/FCFE Ratio
- The P/FCFE ratio began at 18.26 in 2021. A dramatic increase to 122.02 was observed in 2022, primarily driven by the sharp decrease in FCFE per share. The ratio subsequently decreased to 25.97 in 2023, then moderately increased to 29.40 in 2024. Further increases were seen in 2025 (57.81) and 2026 (50.66). The high value in 2022 suggests the market was pricing in significant future growth or perceived the low FCFE as a temporary anomaly. The subsequent fluctuations indicate a re-evaluation of the company’s valuation relative to its FCFE generation.
The relationship between the share price and FCFE per share is not consistently reflected in the P/FCFE ratio. While the share price generally increased, the P/FCFE ratio’s movements were more heavily influenced by the fluctuations in FCFE per share. The observed trends suggest that investor expectations regarding future FCFE generation play a significant role in the company’s valuation.