Enterprise Value to EBITDA (EV/EBITDA)
Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
Walmart Inc., EBITDA calculation
US$ in millions
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).
- Consolidated Net Income Attributable to Walmart
- The net income showed a decrease from 14,881 million US$ in 2020 to 11,680 million US$ in 2023. However, it rebounded strongly in the subsequent years, reaching 19,436 million US$ by 2025. This indicates a period of initial decline followed by significant recovery and growth.
- Earnings before Tax (EBT)
- EBT remained relatively stable from 2020 (20,116 million US$) through 2021 (20,564 million US$), then declined over the next two years to 17,016 million US$ in 2023. Similar to net income, EBT increased substantially after 2023, peaking at 26,309 million US$ in 2025. This trend suggests fluctuations in pre-tax profitability with a notable upward trend toward the end of the period.
- Earnings before Interest and Tax (EBIT)
- EBIT mirrored the EBT pattern, starting at 22,715 million US$ in 2020, slightly increasing in 2021, then decreasing to 19,144 million US$ in 2023. Subsequently, EBIT showed robust growth to 29,037 million US$ in 2025, indicating improved operational performance after a phase of contraction.
- Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
- EBITDA followed a similar trend to EBIT and EBT, with values starting at 33,702 million US$ in 2020, slightly increasing in 2021, dipping to 30,089 million US$ in 2023, and recovering strongly to 42,010 million US$ in 2025. This suggests that core earnings capacity experienced a decline mid-period but a considerable recovery thereafter.
- Summary of Trends
- Overall, the financial metrics show a consistent pattern of initial decline from 2020 to 2023, possibly due to external economic pressures or internal challenges, followed by a strong recovery and growth phase from 2023 to 2025. Profitability and earnings capacity improved sharply in the latter period, reflecting enhanced operational efficiency and potentially favorable market conditions.
Enterprise Value to EBITDA Ratio, Current
Walmart Inc., current EV/EBITDA calculation, comparison to benchmarks
| Selected Financial Data (US$ in millions) | |
| Enterprise value (EV) | 800,183) |
| Earnings before interest, tax, depreciation and amortization (EBITDA) | 42,010) |
| Valuation Ratio | |
| EV/EBITDA | 19.05 |
| Benchmarks | |
| EV/EBITDA, Competitors1 | |
| Costco Wholesale Corp. | 35.11 |
| Target Corp. | 6.79 |
| EV/EBITDA, Sector | |
| Consumer Staples Distribution & Retail | 22.53 |
| EV/EBITDA, Industry | |
| Consumer Staples | 19.85 |
Based on: 10-K (reporting date: 2025-01-31).
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.
Enterprise Value to EBITDA Ratio, Historical
Walmart Inc., historical EV/EBITDA calculation, comparison to benchmarks
| Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Enterprise value (EV)1 | 727,399) | 532,474) | 418,859) | 436,928) | 408,829) | 374,682) | |
| Earnings before interest, tax, depreciation and amortization (EBITDA)2 | 42,010) | 36,384) | 30,089) | 31,348) | 34,031) | 33,702) | |
| Valuation Ratio | |||||||
| EV/EBITDA3 | 17.31 | 14.63 | 13.92 | 13.94 | 12.01 | 11.12 | |
| Benchmarks | |||||||
| EV/EBITDA, Competitors4 | |||||||
| Costco Wholesale Corp. | — | 32.85 | 22.66 | 21.19 | 22.64 | 21.69 | |
| Target Corp. | 6.94 | 10.37 | 13.52 | 9.00 | 10.35 | 8.50 | |
| EV/EBITDA, Sector | |||||||
| Consumer Staples Distribution & Retail | — | 17.87 | 15.84 | 14.18 | 13.50 | 12.30 | |
| EV/EBITDA, Industry | |||||||
| Consumer Staples | — | 17.62 | 16.39 | 16.42 | 15.65 | 14.89 | |
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).
3 2025 Calculation
EV/EBITDA = EV ÷ EBITDA
= 727,399 ÷ 42,010 = 17.31
4 Click competitor name to see calculations.
- Enterprise Value (EV)
- The enterprise value demonstrates a consistent upward trajectory from 2020 to 2025, increasing from US$374,682 million to US$727,399 million. Despite a slight decrease in 2023 compared to 2022, the general trend reflects significant growth, particularly notable in the jump from 2023 to 2025.
- Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA)
- EBITDA values exhibit volatility over the analyzed period. Starting at US$33,702 million in 2020, EBITDA remained relatively stable until 2021 but then declined through 2023, reaching a low of US$30,089 million. This downward trend was reversed in 2024 and 2025, with EBITDA recovering strongly to US$42,010 million by 2025, marking the highest value in the period.
- EV/EBITDA Ratio
- The EV/EBITDA ratio increased steadily throughout the period, rising from 11.12 in 2020 to 17.31 in 2025. Notably, the ratio increased even during years when EBITDA dropped (2022 and 2023), indicating that enterprise value grew at a faster pace than EBITDA. The rising ratio toward the end of the period suggests a higher valuation multiple being applied to EBITDA, potentially reflecting market expectations of future growth or other factors increasing the company's valuation relative to earnings.