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, 2024 Jan 31, 2023 Jan 31, 2022 Jan 31, 2021 Jan 31, 2020 Jan 31, 2019
Consolidated net income attributable to Walmart 15,511 11,680 13,673 13,510 14,881 6,670
Consolidated net (income) loss attributable to noncontrolling interest 759 (388) 267 196 320 509
Net noncash charges 17,513 14,996 16,838 14,396 10,381 20,279
Changes in certain assets and liabilities, net of effects of acquisitions and dispositions 1,943 2,553 (6,597) 7,972 (327) 295
Net cash provided by operating activities 35,726 28,841 24,181 36,074 25,255 27,753
Payments for property and equipment (20,606) (16,857) (13,106) (10,264) (10,705) (10,344)
Proceeds from the disposal of property and equipment 250 170 394 215 321 519
Net change in short-term borrowings 512 (34) 193 (324) (4,656) (53)
Proceeds from issuance of long-term debt 4,967 5,041 6,945 5,492 15,872
Repayments of long-term debt (4,217) (2,689) (13,010) (5,382) (1,907) (3,784)
Premiums paid to extinguish debt (2,317)
Free cash flow to equity (FCFE) 16,632 14,472 3,280 20,319 13,800 29,963

Based on: 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), 10-K (reporting date: 2019-01-31).

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 2022 to 2023 and from 2023 to 2024.

Price to FCFE Ratio, Current

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

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No. shares of common stock outstanding 8,038,251,174
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions) 16,632
FCFE per share 2.07
Current share price (P) 79.10
Valuation Ratio
P/FCFE 38.23
Benchmarks
P/FCFE, Competitors1
Costco Wholesale Corp. 60.89
Dollar General Corp. 28.01
Target Corp. 18.59
P/FCFE, Sector
Consumer Staples Distribution & Retail 44.35
P/FCFE, Industry
Consumer Staples 26.62

Based on: 10-K (reporting date: 2024-01-31).

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, 2024 Jan 31, 2023 Jan 31, 2022 Jan 31, 2021 Jan 31, 2020 Jan 31, 2019
No. shares of common stock outstanding1 8,058,048,674 8,086,967,799 8,255,338,887 8,451,215,085 8,496,831,660 8,609,052,690
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)2 16,632 14,472 3,280 20,319 13,800 29,963
FCFE per share3 2.06 1.79 0.40 2.40 1.62 3.48
Share price1, 4 60.68 46.47 48.48 43.91 37.99 32.38
Valuation Ratio
P/FCFE5 29.40 25.97 122.02 18.26 23.39 9.30
Benchmarks
P/FCFE, Competitors6
Costco Wholesale Corp. 39.36 82.66 37.82 23.41 36.68
Dollar General Corp. 50.04 13.90 28.47 11.51 23.85 24.07
Target Corp. 20.84 78.41 16.84 11.15 13.90 17.63
P/FCFE, Sector
Consumer Staples Distribution & Retail 29.82 56.14 18.79 22.03 12.95
P/FCFE, Industry
Consumer Staples 21.00 25.12 22.89 17.29 18.06

Based on: 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), 10-K (reporting date: 2019-01-31).

1 Data adjusted for splits and stock dividends.

2 See details »

3 2024 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 16,632,000,000 ÷ 8,058,048,674 = 2.06

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

5 2024 Calculation
P/FCFE = Share price ÷ FCFE per share
= 60.68 ÷ 2.06 = 29.40

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 2022 to 2023 but then slightly increased from 2023 to 2024.