Stock Analysis on Net

Walmart Inc. (NYSE:WMT)

Enterprise Value to EBITDA (EV/EBITDA) 

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Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Walmart Inc., EBITDA calculation

US$ in millions

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12 months ended: Jan 31, 2022 Jan 31, 2021 Jan 31, 2020 Jan 31, 2019 Jan 31, 2018 Jan 31, 2017
Consolidated net income attributable to Walmart 13,673  13,510  14,881  6,670  9,862  13,643 
Add: Net income attributable to noncontrolling interest 267  196  320  509  661  650 
Add: Income tax expense 4,756  6,858  4,915  4,281  4,600  6,204 
Earnings before tax (EBT) 18,696  20,564  20,116  11,460  15,123  20,497 
Add: Interest expense, debt and finance lease 1,994  2,315  2,599  2,346  2,330  2,367 
Earnings before interest and tax (EBIT) 20,690  22,879  22,715  13,806  17,453  22,864 
Add: Depreciation and amortization 10,658  11,152  10,987  10,678  10,529  10,080 
Earnings before interest, tax, depreciation and amortization (EBITDA) 31,348  34,031  33,702  24,484  27,982  32,944 

Based on: 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), 10-K (reporting date: 2018-01-31), 10-K (reporting date: 2017-01-31).

Item Description The company
EBITDA To calculate EBITDA analysts start with net earnings. To that earnings number, interest, taxes, depreciation, and amortization are added. EBITDA as a pre-interest number is a flow to all providers of capital. Walmart Inc. EBITDA increased from 2020 to 2021 but then decreased significantly from 2021 to 2022.

Enterprise Value to EBITDA Ratio, Current

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

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Selected Financial Data (US$ in millions)
Enterprise value (EV) 372,144 
Earnings before interest, tax, depreciation and amortization (EBITDA) 31,348 
Valuation Ratio
EV/EBITDA 11.87
Benchmarks
EV/EBITDA, Competitors1
Costco Wholesale Corp. 23.69
EV/EBITDA, Sector
Food & Staples Retailing 13.54
EV/EBITDA, Industry
Consumer Staples 15.76

Based on: 10-K (reporting date: 2022-01-31).

1 Click competitor name to see calculations.

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


Enterprise Value to EBITDA Ratio, Historical

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

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Jan 31, 2022 Jan 31, 2021 Jan 31, 2020 Jan 31, 2019 Jan 31, 2018 Jan 31, 2017
Selected Financial Data (US$ in millions)
Enterprise value (EV)1 436,928  408,857  374,682  336,181  305,207  260,427 
Earnings before interest, tax, depreciation and amortization (EBITDA)2 31,348  34,031  33,702  24,484  27,982  32,944 
Valuation Ratio
EV/EBITDA3 13.94 12.01 11.12 13.73 10.91 7.91
Benchmarks
EV/EBITDA, Competitors4
Costco Wholesale Corp. 22.64 21.69 20.13 15.84 12.70
EV/EBITDA, Sector
Food & Staples Retailing 14.16 12.97 15.06 11.78 8.60
EV/EBITDA, Industry
Consumer Staples 16.34 15.13 19.30 13.58 13.11

Based on: 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), 10-K (reporting date: 2018-01-31), 10-K (reporting date: 2017-01-31).

1 See details »

2 See details »

3 2022 Calculation
EV/EBITDA = EV ÷ EBITDA
= 436,928 ÷ 31,348 = 13.94

4 Click competitor name to see calculations.

Valuation ratio Description The company
EV/EBITDA Enterprise value to earnings before interest, tax, depreciation and amortization is a valuation indicator for the overall company rather than common stock. Walmart Inc. EV/EBITDA ratio increased from 2020 to 2021 and from 2021 to 2022.