Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
EV to EBITDA Ratio, Current
EV to EBITDA Ratio, Historical

Walmart Inc., EBITDA calculation

US$ in millions

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.

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

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.

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

	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.

Walmart Inc. (NYSE:WMT)

Enterprise Value to EBITDA (EV/EBITDA)

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

Enterprise Value to EBITDA Ratio, Current

Enterprise Value to EBITDA Ratio, Historical