Walmart Inc., FCFF 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)
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)
Interest paid, net of tax¹	1,877)	1,362)	1,669)	1,478)	1,863)	1,538)
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)
Free cash flow to the firm (FCFF)	17,247)	13,516)	13,138)	27,503)	16,734)	19,466)

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
FCFF	Free cash flow to the firm is the cash flow available to the Walmart Inc. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	Walmart Inc. FCFF increased from 2022 to 2023 and from 2023 to 2024.

Walmart Inc., interest paid, net of tax 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
Effective Income Tax Rate (EITR)
EITR¹	25.50%	33.60%	25.40%	33.30%	24.40%	34.50%
Interest Paid, Net of Tax
Interest paid, before tax	2,519)	2,051)	2,237)	2,216)	2,464)	2,348)
Less: Interest paid, tax²	642)	689)	568)	738)	601)	810)
Interest paid, net of tax	1,877)	1,362)	1,669)	1,478)	1,863)	1,538)

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 2024 Calculation
Interest paid, tax = Interest paid × EITR
= 2,519 × 25.50% = 642

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

Selected Financial Data (US$ in millions)
Enterprise value (EV)	784,512)
Free cash flow to the firm (FCFF)	17,247)
Valuation Ratio
EV/FCFF	45.49
Benchmarks
EV/FCFF, Competitors¹
Costco Wholesale Corp.	64.32
Target Corp.	17.23
EV/FCFF, Sector
Consumer Staples Distribution & Retail	67.35
EV/FCFF, Industry
Consumer Staples	35.85

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

¹ Click competitor name to see calculations.

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

Walmart Inc., historical EV/FCFF 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)
Free cash flow to the firm (FCFF)²	17,247)	13,516)	13,138)	27,503)	16,734)	19,466)
Valuation Ratio
EV/FCFF³	30.87	30.99	33.26	14.86	22.39	17.27
Benchmarks
EV/FCFF, Competitors⁴
Costco Wholesale Corp.	61.14	36.07	74.47	38.43	26.70	37.24
Target Corp.	21.20	—	20.94	11.33	14.93	17.80
EV/FCFF, Sector
Consumer Staples Distribution & Retail	—	39.69	35.73	17.09	22.18	19.99
EV/FCFF, Industry
Consumer Staples	—	27.36	27.93	19.85	21.73	22.08

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/FCFF = EV ÷ FCFF
= 532,474 ÷ 17,247 = 30.87

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/FCFF	Enterprise value to free cash flow to the firm is whole company valuation indicator.	Walmart Inc. EV/FCFF ratio decreased from 2022 to 2023 and from 2023 to 2024.

Walmart Inc. (NYSE:WMT)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical