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, 2025 Jan 31, 2024 Jan 31, 2023 Jan 31, 2022 Jan 31, 2021 Jan 31, 2020
Consolidated net income attributable to Walmart 19,436 15,511 11,680 13,673 13,510 14,881
Consolidated net (income) loss attributable to noncontrolling interest 721 759 (388) 267 196 320
Net noncash charges 16,105 17,513 14,996 16,838 14,396 10,381
Changes in certain assets and liabilities, net of effects of acquisitions and dispositions 181 1,943 2,553 (6,597) 7,972 (327)
Net cash provided by operating activities 36,443 35,726 28,841 24,181 36,074 25,255
Payments for property and equipment (23,783) (20,606) (16,857) (13,106) (10,264) (10,705)
Proceeds from the disposal of property and equipment 432 250 170 394 215 321
Net change in short-term borrowings 2,212 512 (34) 193 (324) (4,656)
Proceeds from issuance of long-term debt 4,967 5,041 6,945 5,492
Repayments of long-term debt (3,468) (4,217) (2,689) (13,010) (5,382) (1,907)
Premiums paid to extinguish debt (2,317)
Free cash flow to equity (FCFE) 11,836 16,632 14,472 3,280 20,319 13,800

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).

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 2023 to 2024 but then decreased significantly from 2024 to 2025.

Price to FCFE Ratio, Current

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

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No. shares of common stock outstanding 8,016,849,444
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions) 11,836
FCFE per share 1.48
Current share price (P) 96.04
Valuation Ratio
P/FCFE 65.05
Benchmarks
P/FCFE, Competitors1
Costco Wholesale Corp. 74.31
Target Corp. 10.82
P/FCFE, Sector
Consumer Staples Distribution & Retail 47.78
P/FCFE, Industry
Consumer Staples 36.84

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

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

Microsoft Excel
Jan 31, 2025 Jan 31, 2024 Jan 31, 2023 Jan 31, 2022 Jan 31, 2021 Jan 31, 2020
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
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)2 11,836 16,632 14,472 3,280 20,319 13,800
FCFE per share3 1.48 2.06 1.79 0.40 2.40 1.62
Share price1, 4 85.35 60.68 46.47 48.48 43.91 37.99
Valuation Ratio
P/FCFE5 57.81 29.40 25.97 122.02 18.26 23.39
Benchmarks
P/FCFE, Competitors6
Costco Wholesale Corp. 68.03 39.36 82.66 37.82 23.41
Target Corp. 11.98 20.84 78.41 16.84 11.15 13.90
P/FCFE, Sector
Consumer Staples Distribution & Retail 36.91 32.19 60.47 19.63 21.92
P/FCFE, Industry
Consumer Staples 32.13 24.26 25.33 24.84 18.28

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 See details »

3 2025 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 11,836,000,000 ÷ 8,016,849,444 = 1.48

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

5 2025 Calculation
P/FCFE = Share price ÷ FCFE per share
= 85.35 ÷ 1.48 = 57.81

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 increased from 2023 to 2024 and from 2024 to 2025.