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, 2023	Jan 31, 2022	Jan 31, 2021	Jan 31, 2020	Jan 31, 2019	Jan 31, 2018
Consolidated net income attributable to Walmart	11,680)	13,673)	13,510)	14,881)	6,670)	9,862)
Add: Net income attributable to noncontrolling interest	(388)	267)	196)	320)	509)	661)
Add: Income tax expense	5,724)	4,756)	6,858)	4,915)	4,281)	4,600)
Earnings before tax (EBT)	17,016)	18,696)	20,564)	20,116)	11,460)	15,123)
Add: Interest expense, debt and finance lease	2,128)	1,994)	2,315)	2,599)	2,346)	2,330)
Earnings before interest and tax (EBIT)	19,144)	20,690)	22,879)	22,715)	13,806)	17,453)
Add: Depreciation and amortization	10,945)	10,658)	11,152)	10,987)	10,678)	10,529)
Earnings before interest, tax, depreciation and amortization (EBITDA)	30,089)	31,348)	34,031)	33,702)	24,484)	27,982)

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

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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 decreased from 2021 to 2022 and from 2022 to 2023.

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

Selected Financial Data (US$ in millions)
Enterprise value (EV)	449,208)
Earnings before interest, tax, depreciation and amortization (EBITDA)	30,089)
Valuation Ratio
EV/EBITDA	14.93
Benchmarks
EV/EBITDA, Competitors¹
Costco Wholesale Corp.	24.53
Target Corp.	11.57
EV/EBITDA, Sector
Consumer Staples Distribution & Retail	14.67
EV/EBITDA, Industry
Consumer Staples	16.76

Based on: 10-K (reporting date: 2023-01-31).

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, 2023	Jan 31, 2022	Jan 31, 2021	Jan 31, 2020	Jan 31, 2019	Jan 31, 2018
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	418,832)	436,928)	408,857)	374,682)	336,181)	305,207)
Earnings before interest, tax, depreciation and amortization (EBITDA)²	30,089)	31,348)	34,031)	33,702)	24,484)	27,982)
Valuation Ratio
EV/EBITDA³	13.92	13.94	12.01	11.12	13.73	10.91
Benchmarks
EV/EBITDA, Competitors⁴
Costco Wholesale Corp.	22.66	21.19	22.64	21.69	20.13	15.84
Target Corp.	13.52	9.00	10.35	8.50	7.49	6.96
EV/EBITDA, Sector
Consumer Staples Distribution & Retail	—	14.18	13.50	12.30	13.72	10.98
EV/EBITDA, Industry
Consumer Staples	—	16.63	15.91	15.18	18.37	13.54

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

¹ See details »

² See details »

³ 2023 Calculation
EV/EBITDA = EV ÷ EBITDA
= 418,832 ÷ 30,089 = 13.92

⁴ Click competitor name to see calculations.

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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 2021 to 2022 but then slightly decreased from 2022 to 2023.

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