Walmart Inc., current enterprise value calculation

Current share price (P)	$150.86
No. shares of common stock outstanding	2,692,233,703
US$ in millions
Common equity (market value)¹	406,150)
Add: Noncontrolling interest (per books)	7,061)
Total equity	413,211)
Add: Short-term borrowings (per books)	372)
Add: Long-term debt due within one year (per books)	4,191)
Add: Finance lease obligations due within one year (per books)	567)
Add: Long-term debt, excluding due within one year (per books)	34,649)
Add: Long-term finance lease obligations, excluding due within one year (per books)	4,843)
Total equity and debt	457,833)
Less: Cash and cash equivalents	8,625)
Enterprise value (EV)	449,208)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 150.86 × 2,692,233,703

Walmart Inc., EV calculation

	Jan 31, 2023	Jan 31, 2022	Jan 31, 2021	Jan 31, 2020	Jan 31, 2019	Jan 31, 2018
Share price^1, 2	$139.40	$145.44	$131.74	$113.97	$97.13	$88.97
No. shares of common stock outstanding¹	2,695,655,933	2,751,779,629	2,817,071,695	2,832,277,220	2,869,684,230	2,950,696,818
US$ in millions
Common equity (market value)³	375,774)	400,219)	371,121)	322,795)	278,732)	262,523)
Add: Noncontrolling interest (book value)	7,061)	8,638)	6,606)	6,883)	7,138)	2,953)
Total equity	382,835)	408,857)	377,727)	329,678)	285,870)	265,476)
Add: Short-term borrowings (book value)	372)	410)	224)	575)	5,225)	5,257)
Add: Long-term debt due within one year (book value)	4,191)	2,803)	3,115)	5,362)	1,876)	3,738)
Add: Finance lease obligations due within one year (book value)	567)	511)	491)	511)	729)	667)
Add: Long-term debt, excluding due within one year (book value)	34,649)	34,864)	41,194)	43,714)	43,520)	30,045)
Add: Long-term finance lease obligations, excluding due within one year (book value)	4,843)	4,243)	3,847)	4,307)	6,683)	6,780)
Total equity and debt	427,457)	451,688)	426,598)	384,147)	343,903)	311,963)
Less: Cash and cash equivalents	8,625)	14,760)	17,741)	9,465)	7,722)	6,756)
Enterprise value (EV)	418,832)	436,928)	408,857)	374,682)	336,181)	305,207)

¹ Data adjusted for splits and stock dividends.

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

³ 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 139.40 × 2,695,655,933

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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 2021 to 2022 but then slightly decreased from 2022 to 2023 not reaching 2021 level.

Walmart Inc. (NYSE:WMT)

Enterprise Value (EV)