Stock Analysis on Net
Stock Analysis on Net
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Walmart Inc. (NYSE:WMT)

Price to FCFE (P/FCFE)

Intermediate level

Free Cash Flow to Equity (FCFE)

Walmart Inc., FCFE calculation

US$ in millions

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12 months ended: Jan 31, 2021 Jan 31, 2020 Jan 31, 2019 Jan 31, 2018 Jan 31, 2017 Jan 31, 2016
Consolidated net income attributable to Walmart 13,510  14,881  6,670  9,862  13,643  14,694 
Consolidated net income attributable to noncontrolling interest 196  320  509  661  650  386 
Net noncash charges 14,396  10,381  20,279  14,571  11,047  10,192 
Changes in certain assets and liabilities, net of effects of acquisitions and dispositions 7,972  (327) 295  3,243  6,190  2,117 
Net cash provided by operating activities 36,074  25,255  27,753  28,337  31,530  27,389 
Payments for property and equipment (10,264) (10,705) (10,344) (10,051) (10,619) (11,477)
Proceeds from the disposal of property and equipment 215  321  519  378  456  635 
Net change in short-term borrowings (324) (4,656) (53) 4,148  (1,673) 1,235 
Proceeds from issuance of long-term debt —  5,492  15,872  7,476  137  39 
Repayments of long-term debt (5,382) (1,907) (3,784) (13,061) (2,055) (4,432)
Premiums paid to extinguish debt —  —  —  (3,059) —  — 
Free cash flow to equity (FCFE) 20,319  13,800  29,963  14,168  17,776  13,389 

Based on: 10-K (filing date: 2021-03-19), 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).

Item Description The company
FCFE Free cash flow to equity is the cash flow available to Walmart Inc.’s 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.’s FCFE decreased from 2019 to 2020 but then slightly increased from 2020 to 2021.

Price to FCFE Ratio, Current

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

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No. shares of common stock outstanding 2,817,071,695
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions) 20,319 
FCFE per share 7.21
Current share price (P) 140.61
Valuation Ratio
P/FCFE 19.49
Benchmarks
P/FCFE, Competitors1
Amazon.com Inc. 57.12
Costco Wholesale Corp. 23.97
Dollar General Corp. 13.29
Home Depot Inc. 17.27
Lowe’s Cos. Inc. 14.05
Target Corp. 13.03
TJX Cos. Inc. 11.22
P/FCFE, Sector
General Retailers 38.81
P/FCFE, Industry
Consumer Services 32.23

Based on: 10-K (filing date: 2021-03-19).

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, 2021 Jan 31, 2020 Jan 31, 2019 Jan 31, 2018 Jan 31, 2017 Jan 31, 2016
No. shares of common stock outstanding1 2,817,071,695 2,832,277,220 2,869,684,230 2,950,696,818 3,033,009,079 3,144,335,104
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)2 20,319  13,800  29,963  14,168  17,776  13,389 
FCFE per share3 7.21 4.87 10.44 4.80 5.86 4.26
Share price1, 4 131.74 113.97 97.13 88.97 72.08 68.80
Valuation Ratio
P/FCFE5 18.26 23.39 9.30 18.53 12.30 16.16
Benchmarks
P/FCFE, Competitors6
Amazon.com Inc. — 55.66 63.34 66.29 37.55 64.59
Costco Wholesale Corp. — 23.41 36.68 35.16 11.86 —
Dollar General Corp. 11.51 23.85 24.07 25.91 14.81 21.55
Home Depot Inc. 15.41 14.99 16.61 15.10 17.06 13.76
Lowe’s Cos. Inc. 12.28 8.69 20.45 14.91 9.98 14.16
Target Corp. 11.15 13.90 17.63 13.10 9.61 13.48
TJX Cos. Inc. 10.61 19.71 21.79 26.76 16.22 25.44
P/FCFE, Sector
General Retailers — 32.73 25.33 29.22 19.81 24.30
P/FCFE, Industry
Consumer Services — 27.75 25.96 13.36 18.01 19.19

Based on: 10-K (filing date: 2021-03-19), 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).

1 Data adjusted for splits and stock dividends.

2 See details »

3 2021 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 20,319,000,000 ÷ 2,817,071,695 = 7.21

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

5 2021 Calculation
P/FCFE = Share price ÷ FCFE per share
= 131.74 ÷ 7.21 = 18.26

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.’s P/FCFE ratio increased from 2019 to 2020 but then slightly decreased from 2020 to 2021.