Stock Analysis on Net

Walmart Inc. (NYSE:WMT)

Enterprise Value to FCFF (EV/FCFF)

Microsoft Excel

Free Cash Flow to The Firm (FCFF)

Walmart Inc., FCFF calculation

US$ in millions

Microsoft Excel
12 months ended: Jan 31, 2024 Jan 31, 2023 Jan 31, 2022 Jan 31, 2021 Jan 31, 2020 Jan 31, 2019
Consolidated net income attributable to Walmart 15,511 11,680 13,673 13,510 14,881 6,670
Consolidated net (income) loss attributable to noncontrolling interest 759 (388) 267 196 320 509
Net noncash charges 17,513 14,996 16,838 14,396 10,381 20,279
Changes in certain assets and liabilities, net of effects of acquisitions and dispositions 1,943 2,553 (6,597) 7,972 (327) 295
Net cash provided by operating activities 35,726 28,841 24,181 36,074 25,255 27,753
Interest paid, net of tax1 1,877 1,362 1,669 1,478 1,863 1,538
Payments for property and equipment (20,606) (16,857) (13,106) (10,264) (10,705) (10,344)
Proceeds from the disposal of property and equipment 250 170 394 215 321 519
Free cash flow to the firm (FCFF) 17,247 13,516 13,138 27,503 16,734 19,466

Based on: 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), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-01-31).

Item Description The company
FCFF Free cash flow to the firm is the cash flow available to the Walmart Inc. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made. Walmart Inc. FCFF increased from 2022 to 2023 and from 2023 to 2024.

Interest Paid, Net of Tax

Walmart Inc., interest paid, net of tax calculation

US$ in millions

Microsoft Excel
12 months ended: Jan 31, 2024 Jan 31, 2023 Jan 31, 2022 Jan 31, 2021 Jan 31, 2020 Jan 31, 2019
Effective Income Tax Rate (EITR)
EITR1 25.50% 33.60% 25.40% 33.30% 24.40% 34.50%
Interest Paid, Net of Tax
Interest paid, before tax 2,519 2,051 2,237 2,216 2,464 2,348
Less: Interest paid, tax2 642 689 568 738 601 810
Interest paid, net of tax 1,877 1,362 1,669 1,478 1,863 1,538

Based on: 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), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-01-31).

1 See details »

2 2024 Calculation
Interest paid, tax = Interest paid × EITR
= 2,519 × 25.50% = 642


Enterprise Value to FCFF Ratio, Current

Walmart Inc., current EV/FCFF calculation, comparison to benchmarks

Microsoft Excel
Selected Financial Data (US$ in millions)
Enterprise value (EV) 532,797
Free cash flow to the firm (FCFF) 17,247
Valuation Ratio
EV/FCFF 30.89
Benchmarks
EV/FCFF, Competitors1
Costco Wholesale Corp. 47.10
Target Corp. 22.07
EV/FCFF, Sector
Consumer Staples Distribution & Retail 49.90
EV/FCFF, Industry
Consumer Staples 35.40

Based on: 10-K (reporting date: 2024-01-31).

1 Click competitor name to see calculations.

If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.


Enterprise Value to FCFF Ratio, Historical

Walmart Inc., historical EV/FCFF calculation, comparison to benchmarks

Microsoft Excel
Jan 31, 2024 Jan 31, 2023 Jan 31, 2022 Jan 31, 2021 Jan 31, 2020 Jan 31, 2019
Selected Financial Data (US$ in millions)
Enterprise value (EV)1 532,474 418,859 436,928 408,829 374,682 336,210
Free cash flow to the firm (FCFF)2 17,247 13,516 13,138 27,503 16,734 19,466
Valuation Ratio
EV/FCFF3 30.87 30.99 33.26 14.86 22.39 17.27
Benchmarks
EV/FCFF, Competitors4
Costco Wholesale Corp. 36.07 74.47 38.43 26.70 37.24
Target Corp. 21.20 20.94 11.33 14.93 17.80
EV/FCFF, Sector
Consumer Staples Distribution & Retail 39.69 35.73 17.09 22.18 19.99
EV/FCFF, Industry
Consumer Staples 31.74 32.43 21.67 24.49 24.78

Based on: 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), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-01-31).

1 See details »

2 See details »

3 2024 Calculation
EV/FCFF = EV ÷ FCFF
= 532,474 ÷ 17,247 = 30.87

4 Click competitor name to see calculations.

Valuation ratio Description The company
EV/FCFF Enterprise value to free cash flow to the firm is whole company valuation indicator. Walmart Inc. EV/FCFF ratio decreased from 2022 to 2023 and from 2023 to 2024.