Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
EV to EBITDA Ratio, Current
EV to EBITDA Ratio, Historical

Walmart Inc., EBITDA calculation

US$ in millions

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)
Add: Net income attributable to noncontrolling interest	759)	(388)	267)	196)	320)	509)
Add: Income tax expense	5,578)	5,724)	4,756)	6,858)	4,915)	4,281)
Earnings before tax (EBT)	21,848)	17,016)	18,696)	20,564)	20,116)	11,460)
Add: Interest expense, debt and finance lease	2,683)	2,128)	1,994)	2,315)	2,599)	2,346)
Earnings before interest and tax (EBIT)	24,531)	19,144)	20,690)	22,879)	22,715)	13,806)
Add: Depreciation and amortization	11,853)	10,945)	10,658)	11,152)	10,987)	10,678)
Earnings before interest, tax, depreciation and amortization (EBITDA)	36,384)	30,089)	31,348)	34,031)	33,702)	24,484)

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).

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Item	Description	The company
EBITDA	To calculate EBITDA analysts start with net earnings. To that earnings number, interest, taxes, depreciation, and amortization are added. EBITDA as a pre-interest number is a flow to all providers of capital.	Walmart Inc. EBITDA decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.

Walmart Inc., current EV/EBITDA calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	719,368)
Earnings before interest, tax, depreciation and amortization (EBITDA)	36,384)
Valuation Ratio
EV/EBITDA	19.77
Benchmarks
EV/EBITDA, Competitors¹
Costco Wholesale Corp.	33.23
Dollar General Corp.	7.11
Target Corp.	9.81
EV/EBITDA, Sector
Consumer Staples Distribution & Retail	23.87
EV/EBITDA, Industry
Consumer Staples	19.73

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

¹ Click competitor name to see calculations.

If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.

Walmart Inc., historical EV/EBITDA calculation, comparison to benchmarks

	Jan 31, 2024	Jan 31, 2023	Jan 31, 2022	Jan 31, 2021	Jan 31, 2020	Jan 31, 2019
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	532,474)	418,859)	436,928)	408,829)	374,682)	336,210)
Earnings before interest, tax, depreciation and amortization (EBITDA)²	36,384)	30,089)	31,348)	34,031)	33,702)	24,484)
Valuation Ratio
EV/EBITDA³	14.63	13.92	13.94	12.01	11.12	13.73
Benchmarks
EV/EBITDA, Competitors⁴
Costco Wholesale Corp.	32.85	22.66	21.19	22.64	21.69	20.13
Dollar General Corp.	12.01	12.76	14.60	11.55	13.79	12.89
Target Corp.	10.37	13.52	9.00	10.35	8.50	7.49
EV/EBITDA, Sector
Consumer Staples Distribution & Retail	—	15.60	14.20	13.35	12.38	13.67
EV/EBITDA, Industry
Consumer Staples	—	15.56	15.87	15.79	14.68	18.29

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 See details »

² See details »

³ 2024 Calculation
EV/EBITDA = EV ÷ EBITDA
= 532,474 ÷ 36,384 = 14.63

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/EBITDA	Enterprise value to earnings before interest, tax, depreciation and amortization is a valuation indicator for the overall company rather than common stock.	Walmart Inc. EV/EBITDA ratio decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.

Walmart Inc. (NYSE:WMT)

Enterprise Value to EBITDA (EV/EBITDA)

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Enterprise Value to EBITDA Ratio, Current

Enterprise Value to EBITDA Ratio, Historical