Walmart Inc., FCFE calculation

US$ in millions

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.

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

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.

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

	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 price^1, 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.

Walmart Inc. (NYSE:WMT)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical