Walmart Inc., FCFE calculation

US$ in millions

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).

The financial data shows fluctuations in the company's cash flow performance over the six-year period from January 31, 2020, to January 31, 2025. Two key metrics are analyzed: net cash provided by operating activities and free cash flow to equity (FCFE), both measured in millions of US dollars.

Net Cash Provided by Operating Activities: This metric experienced an overall upward trend, starting at $25,255 million in 2020 and peaking at $36,074 million in 2021. Following this peak, there was a decline to $24,181 million in 2022, after which the figure recovered steadily to $28,841 million in 2023. The upward trajectory continued with $35,726 million in 2024 and a small increase to $36,443 million in 2025. The data suggests a strong operating cash generation capacity with some volatility but a general trend toward higher operating cash inflows.
Free Cash Flow to Equity (FCFE): FCFE showed considerable variability over the same period. In 2020, FCFE was $13,800 million, rising significantly to $20,319 million in 2021. However, there was a sharp decline to $3,280 million in 2022, marking the lowest point in the observed timeframe. This was followed by a recovery phase, with FCFE increasing to $14,472 million in 2023 and further to $16,632 million in 2024. Despite the recovery, the FCFE dropped again to $11,836 million in 2025. This volatility indicates fluctuating free cash available to equity holders, which may reflect changes in capital expenditures, financing activities, or other factors impacting equity cash flow after operating cash inflows.

In summary, while the net cash provided by operating activities showed an increasing trend with some fluctuations, the free cash flow to equity exhibited significant volatility with sharp declines and partial recoveries. This contrast suggests differential impacts on cash flows retained after operational activities, potentially pointing to variations in investment or financing strategies during these years.

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

No. shares of common stock outstanding	7,980,418,164
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	11,836)
FCFE per share	1.48
Current share price (P)	96.12
Valuation Ratio
P/FCFE	64.81
Benchmarks
P/FCFE, Competitors¹
Costco Wholesale Corp.	73.42
Target Corp.	10.64
P/FCFE, Sector
Consumer Staples Distribution & Retail	47.45
P/FCFE, Industry
Consumer Staples	36.63

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.

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

	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 price^1, 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.

The financial data reveals several noteworthy trends over the observed periods.

Share Price (US$): The share price demonstrates an overall upward trend from 37.99 in early 2020 to 85.35 in early 2025. A steady increase is observed until 2022, where the price rises from 37.99 to 48.48. In 2023, the share price experiences a slight decline to 46.47 but subsequently recovers strongly in the following years, reaching 60.68 in 2024 and significantly jumping to 85.35 in 2025. This pattern indicates growing investor confidence and market valuation over the longer term despite a modest setback in 2023.
Free Cash Flow to Equity Per Share (FCFE per Share, US$): The FCFE per share shows more volatility compared to the share price. It rose considerably from 1.62 in 2020 to a peak of 2.4 in 2021, followed by a sharp decline to 0.4 in 2022. The subsequent years see a recovery trend, with values increasing to 1.79 in 2023 and 2.06 in 2024, but dropping again to 1.48 in 2025. This fluctuation suggests variable free cash flow generation relative to equity, possibly reflecting operational or capital expenditure changes impacting available cash flow for shareholders.
Price to FCFE Ratio (P/FCFE): The P/FCFE ratio illustrates significant variability and an overall increasing trend, indicating changes in market valuation relative to free cash flow generation. The ratio declined from 23.39 in 2020 to 18.26 in 2021, reflecting a more attractive valuation at that point. However, a dramatic spike to 122.02 in 2022 signals a period when the share price remained relatively high despite a steep drop in FCFE per share, leading to an expensive valuation metric. The ratio subsequently decreased to 25.97 in 2023 and rose gradually to 29.4 in 2024. In 2025, the ratio climbs substantially again to 57.81, which may imply the market continues to price the stock ahead of current free cash flow performance or anticipates future growth.

Overall, the data displays a growing share price trend coupled with volatile free cash flow per share and fluctuating valuation multiples. The elevated P/FCFE ratios in certain years suggest market expectations for future cash flow improvements or growth prospects despite short-term cash flow volatility. This combination of increasing market valuation with uneven cash flow metrics warrants ongoing monitoring of operational performance and market sentiment drivers.

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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