Stock Analysis on Net

Walmart Inc. (NYSE:WMT)

Enterprise Value (EV) 

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Current Enterprise Value (EV)

Walmart Inc., current enterprise value calculation

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Current share price (P) $96.81
No. shares of common stock outstanding 7,980,418,164
US$ in millions
Common equity (market value)1 772,584
Add: Nonredeemable noncontrolling interest (per books) 6,408
Total equity 778,992
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 824,782
Less: Cash and cash equivalents 9,037
Enterprise value (EV) 815,745

Based on: 10-K (reporting date: 2025-01-31).

1 Common equity (market value) = Share price × No. shares of common stock outstanding
= 96.81 × 7,980,418,164


Historical Enterprise Value (EV)

Walmart Inc., EV calculation

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Jan 31, 2025 Jan 31, 2024 Jan 31, 2023 Jan 31, 2022 Jan 31, 2021 Jan 31, 2020
Share price1, 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

Based on: 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 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).

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


The financial data reveals notable trends across the periods from January 31, 2020, to January 31, 2025.

Common equity (market value)
Starting from 322,795 million US dollars in early 2020, there is a consistent upward trajectory reaching 400,219 million by January 2022. Although a slight decline appears in 2023 with 375,801 million, this is followed by a significant rebound in subsequent years, peaking at 684,238 million in 2025. This indicates growing market valuation of the equity over the period, despite minor fluctuations.
Total equity
Total equity mirrors the pattern of common equity, beginning at 329,678 million in 2020 and rising steadily to 408,857 million by 2022. A dip is evident in 2023, decreasing to 382,862 million, but this is reversed in the following years, achieving a high of 690,646 million by 2025. This trend suggests improving book value of equity with a temporary setback in the middle period.
Total equity and debt
The combined total of equity and debt shows an overall increasing trend, starting at 384,147 million and peaking at 451,688 million in 2022. However, a decline occurs in 2023 to 427,484 million, similar to the equity trends, before rising again significantly to 736,436 million by 2025. This pattern reflects fluctuations in the capital structure, with an overall expansion in combined financing sources toward the end of the observed timeline.
Enterprise value (EV)
Enterprise value follows a closely related trajectory, beginning at 374,682 million in 2020 and reaching 436,928 million in 2022. A reduction to 418,859 million is observed in 2023, after which EV increases markedly to 727,399 million in 2025. This indicates growth in the firm's total valuation accounting for both equity and debt, with a notable recovery and acceleration in the last two years.

Overall, the data shows growth in equity-related measures and total valuation, despite a moderate dip around 2023. The recovery and subsequent growth post-2023 suggest strengthening financial position and market perception, with increasing reliance on both equity and debt financing contributing to enterprise value expansion.