Stock Analysis on Net

Walmart Inc. (NYSE:WMT)

Price to FCFE (P/FCFE) 

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Free Cash Flow to Equity (FCFE)

Walmart Inc., FCFE calculation

US$ in millions

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12 months ended: Jan 31, 2022 Jan 31, 2021 Jan 31, 2020 Jan 31, 2019 Jan 31, 2018 Jan 31, 2017
Consolidated net income attributable to Walmart 13,673 13,510 14,881 6,670 9,862 13,643
Consolidated net income attributable to noncontrolling interest 267 196 320 509 661 650
Net noncash charges 16,838 14,396 10,381 20,279 14,571 11,047
Changes in certain assets and liabilities, net of effects of acquisitions and dispositions (6,597) 7,972 (327) 295 3,243 6,190
Net cash provided by operating activities 24,181 36,074 25,255 27,753 28,337 31,530
Payments for property and equipment (13,106) (10,264) (10,705) (10,344) (10,051) (10,619)
Proceeds from the disposal of property and equipment 394 215 321 519 378 456
Net change in short-term borrowings 193 (324) (4,656) (53) 4,148 (1,673)
Proceeds from issuance of long-term debt 6,945 5,492 15,872 7,476 137
Repayments of long-term debt (13,010) (5,382) (1,907) (3,784) (13,061) (2,055)
Premiums paid to extinguish debt (2,317) (3,059)
Free cash flow to equity (FCFE) 3,280 20,319 13,800 29,963 14,168 17,776

Based on: 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), 10-K (reporting date: 2017-01-31).

Item Description The company
FCFE Free cash flow to equity is the cash flow available to Walmart Inc. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made. Walmart Inc. FCFE increased from 2020 to 2021 but then decreased significantly from 2021 to 2022.

Price to FCFE Ratio, Current

Walmart Inc., current P/FCFE calculation, comparison to benchmarks

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No. shares of common stock outstanding 2,696,800,054
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions) 3,280
FCFE per share 1.22
Current share price (P) 140.98
Valuation Ratio
P/FCFE 115.91
Benchmarks
P/FCFE, Competitors1
Costco Wholesale Corp. 84.86
P/FCFE, Sector
Food & Staples Retailing 23.81
P/FCFE, Industry
Consumer Staples 26.54

Based on: 10-K (reporting date: 2022-01-31).

1 Click competitor name to see calculations.

If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.


Price to FCFE Ratio, Historical

Walmart Inc., historical P/FCFE calculation, comparison to benchmarks

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Jan 31, 2022 Jan 31, 2021 Jan 31, 2020 Jan 31, 2019 Jan 31, 2018 Jan 31, 2017
No. shares of common stock outstanding1 2,751,779,629 2,817,071,695 2,832,277,220 2,869,684,230 2,950,696,818 3,033,009,079
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)2 3,280 20,319 13,800 29,963 14,168 17,776
FCFE per share3 1.19 7.21 4.87 10.44 4.80 5.86
Share price1, 4 145.44 131.74 113.97 97.13 88.97 72.08
Valuation Ratio
P/FCFE5 122.02 18.26 23.39 9.30 18.53 12.30
Benchmarks
P/FCFE, Competitors6
Costco Wholesale Corp. 78.71 37.63 23.41 36.68 35.16 11.86
P/FCFE, Sector
Food & Staples Retailing 22.26 23.40 12.22 21.21
P/FCFE, Industry
Consumer Staples 26.35 18.38 19.47 29.85

Based on: 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), 10-K (reporting date: 2017-01-31).

1 Data adjusted for splits and stock dividends.

2 See details »

3 2022 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 3,280,000,000 ÷ 2,751,779,629 = 1.19

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

5 2022 Calculation
P/FCFE = Share price ÷ FCFE per share
= 145.44 ÷ 1.19 = 122.02

6 Click competitor name to see calculations.

Valuation ratio Description The company
P/FCFE Price to free cash flow to equity is cash valuation indicator of stockholders’ equity. Walmart Inc. P/FCFE ratio decreased from 2020 to 2021 but then increased from 2021 to 2022 exceeding 2020 level.