Stock Analysis on Net
Stock Analysis on Net
Microsoft Excel LibreOffice Calc

Walmart Inc. (NYSE:WMT)

Enterprise Value to FCFF (EV/FCFF)

Intermediate level

Free Cash Flow to The Firm (FCFF)

Walmart Inc., FCFF calculation

US$ in millions

Microsoft Excel LibreOffice Calc
12 months ended: Jan 31, 2020 Jan 31, 2019 Jan 31, 2018 Jan 31, 2017 Jan 31, 2016 Jan 31, 2015
Consolidated net income attributable to Walmart 14,881  6,670  9,862  13,643  14,694  16,363 
Consolidated net income attributable to noncontrolling interest 320  509  661  650  386  736 
Net noncash charges 10,381  20,279  14,571  11,047  10,192  9,170 
Changes in certain assets and liabilities, net of effects of acquisitions (327) 295  3,243  6,190  2,117  2,295 
Net cash provided by operating activities 25,255  27,753  28,337  31,530  27,389  28,564 
Interest paid, net of tax1 1,863  1,538  1,661  1,639  1,770  1,650 
Payments for property and equipment (10,705) (10,344) (10,051) (10,619) (11,477) (12,174)
Proceeds from the disposal of property and equipment 321  519  378  456  635  570 
Free cash flow to the firm (FCFF) 16,734  19,466  20,325  23,006  18,317  18,610 

Based on: 10-K (filing date: 2020-03-20), 10-K (filing date: 2019-03-28), 10-K (filing date: 2018-03-30), 10-K (filing date: 2017-03-31), 10-K (filing date: 2016-03-30), 10-K (filing date: 2015-04-01).

Item Description The company
FCFF Free cash flow to the firm is the cash flow available to the Walmart Inc.’s suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made. Walmart Inc.’s FCFF decreased from 2018 to 2019 and from 2019 to 2020.

Interest Paid, Net of Tax

Walmart Inc., interest paid, net of tax calculation

US$ in millions

Microsoft Excel LibreOffice Calc
12 months ended: Jan 31, 2020 Jan 31, 2019 Jan 31, 2018 Jan 31, 2017 Jan 31, 2016 Jan 31, 2015
Effective Income Tax Rate (EITR)
EITR1 24.40% 34.50% 32.20% 30.30% 30.30% 32.20%
Interest Paid, Net of Tax
Interest paid, before tax 2,464  2,348  2,450  2,351  2,540  2,433 
Less: Interest paid, tax2 601  810  789  712  770  783 
Interest paid, net of tax 1,863  1,538  1,661  1,639  1,770  1,650 

Based on: 10-K (filing date: 2020-03-20), 10-K (filing date: 2019-03-28), 10-K (filing date: 2018-03-30), 10-K (filing date: 2017-03-31), 10-K (filing date: 2016-03-30), 10-K (filing date: 2015-04-01).

1 See details »

2 2020 Calculation
Interest paid, tax = Interest paid × EITR
= 2,464 × 24.40% = 601


Enterprise Value to FCFF Ratio, Current

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

Microsoft Excel LibreOffice Calc
Selected Financial Data (US$ in millions)
Enterprise value (EV) 465,896 
Free cash flow to the firm (FCFF) 16,734 
Valuation Ratio
EV/FCFF 27.84
Benchmarks
EV/FCFF, Competitors1
Amazon.com Inc. 123.35
Costco Wholesale Corp. 25.26
Dollar General Corp. 34.64
Home Depot Inc. 28.41
Lowe’s Cos. Inc. 50.22
Target Corp. 25.37
TJX Cos. Inc. 27.49
EV/FCFF, Sector
General Retailers 49.64
EV/FCFF, Industry
Consumer Services 42.31

Based on: 10-K (filing date: 2020-03-20).

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 LibreOffice Calc
Jan 31, 2020 Jan 31, 2019 Jan 31, 2018 Jan 31, 2017 Jan 31, 2016 Jan 31, 2015
Selected Financial Data (US$ in millions)
Enterprise value (EV)1 374,682  336,181  305,207  260,427  260,724  306,165 
Free cash flow to the firm (FCFF)2 16,734  19,466  20,325  23,006  18,317  18,610 
Valuation Ratio
EV/FCFF3 22.39 17.27 15.02 11.32 14.23 16.45
Benchmarks
EV/FCFF, Competitors4
Amazon.com Inc. 74.57 80.88 89.58 97.16
Costco Wholesale Corp. 25.21 37.11 32.75 16.24 91.81 33.24
Dollar General Corp. 25.20 22.20 22.16 19.87 29.07 25.27
Home Depot Inc. 19.05 21.24 21.24 23.12 21.98 22.78
Lowe’s Cos. Inc. 24.15 19.03 20.23 17.95 21.04 18.86
Target Corp. 14.93 17.80 10.10 9.54 14.42 15.60
TJX Cos. Inc. 19.08 21.16 25.64 18.87 24.50 21.80
EV/FCFF, Sector
General Retailers 32.32 29.26 29.87 26.20 24.33
EV/FCFF, Industry
Consumer Services 30.84 25.52 27.62 25.24 25.10

Based on: 10-K (filing date: 2020-03-20), 10-K (filing date: 2019-03-28), 10-K (filing date: 2018-03-30), 10-K (filing date: 2017-03-31), 10-K (filing date: 2016-03-30), 10-K (filing date: 2015-04-01).

1 See details »

2 See details »

3 2020 Calculation
EV/FCFF = EV ÷ FCFF
= 374,682 ÷ 16,734 = 22.39

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.’s EV/FCFF ratio increased from 2018 to 2019 and from 2019 to 2020.