Walmart Inc., current enterprise value calculation

Current share price (P)	$96.04
No. shares of common stock outstanding	8,016,849,444
US$ in millions
Common equity (market value)¹	769,938)
Add: Nonredeemable noncontrolling interest (per books)	6,408)
Total equity	776,346)
Add: Short-term borrowings (per books)	3,068)
Add: Long-term debt due within one year (per books)	2,598)
Add: Finance lease obligations due within one year (per books)	800)
Add: Long-term debt, excluding due within one year (per books)	33,401)
Add: Long-term finance lease obligations, excluding due within one year (per books)	5,923)
Total equity and debt	822,136)
Less: Cash and cash equivalents	9,037)
Enterprise value (EV)	813,099)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 96.04 × 8,016,849,444

Walmart Inc., EV calculation

	Jan 31, 2025	Jan 31, 2024	Jan 31, 2023	Jan 31, 2022	Jan 31, 2021	Jan 31, 2020
Share price^1, 2	$85.35	$60.68	$46.47	$48.48	$43.91	$37.99
No. shares of common stock outstanding¹	8,016,849,444	8,058,048,674	8,086,967,799	8,255,338,887	8,451,215,085	8,496,831,660
US$ in millions
Common equity (market value)³	684,238)	488,962)	375,801)	400,219)	371,093)	322,795)
Add: Nonredeemable noncontrolling interest (book value)	6,408)	6,488)	7,061)	8,638)	6,606)	6,883)
Total equity	690,646)	495,450)	382,862)	408,857)	377,699)	329,678)
Add: Short-term borrowings (book value)	3,068)	878)	372)	410)	224)	575)
Add: Long-term debt due within one year (book value)	2,598)	3,447)	4,191)	2,803)	3,115)	5,362)
Add: Finance lease obligations due within one year (book value)	800)	725)	567)	511)	491)	511)
Add: Long-term debt, excluding due within one year (book value)	33,401)	36,132)	34,649)	34,864)	41,194)	43,714)
Add: Long-term finance lease obligations, excluding due within one year (book value)	5,923)	5,709)	4,843)	4,243)	3,847)	4,307)
Total equity and debt	736,436)	542,341)	427,484)	451,688)	426,570)	384,147)
Less: Cash and cash equivalents	9,037)	9,867)	8,625)	14,760)	17,741)	9,465)
Enterprise value (EV)	727,399)	532,474)	418,859)	436,928)	408,829)	374,682)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Walmart Inc. Annual Report.

³ 2025 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 85.35 × 8,016,849,444

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	Walmart Inc. EV increased from 2023 to 2024 and from 2024 to 2025.

Walmart Inc. (NYSE:WMT)

Enterprise Value (EV)