Walmart Inc., current enterprise value calculation

Current share price (P)	$91.94
No. shares of common stock outstanding	8,033,386,215
US$ in millions
Common equity (market value)¹	738,590)
Add: Noncontrolling interest (per books)	6,488)
Total equity	745,078)
Add: Short-term borrowings (per books)	878)
Add: Long-term debt due within one year (per books)	3,447)
Add: Finance lease obligations due within one year (per books)	725)
Add: Long-term debt, excluding due within one year (per books)	36,132)
Add: Long-term finance lease obligations, excluding due within one year (per books)	5,709)
Total equity and debt	791,969)
Less: Cash and cash equivalents	9,867)
Enterprise value (EV)	782,102)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 91.94 × 8,033,386,215

Walmart Inc., EV calculation

	Jan 31, 2024	Jan 31, 2023	Jan 31, 2022	Jan 31, 2021	Jan 31, 2020	Jan 31, 2019
Share price^1, 2	$60.68	$46.47	$48.48	$43.91	$37.99	$32.38
No. shares of common stock outstanding¹	8,058,048,674	8,086,967,799	8,255,338,887	8,451,215,085	8,496,831,660	8,609,052,690
US$ in millions
Common equity (market value)³	488,962)	375,801)	400,219)	371,093)	322,795)	278,761)
Add: Noncontrolling interest (book value)	6,488)	7,061)	8,638)	6,606)	6,883)	7,138)
Total equity	495,450)	382,862)	408,857)	377,699)	329,678)	285,899)
Add: Short-term borrowings (book value)	878)	372)	410)	224)	575)	5,225)
Add: Long-term debt due within one year (book value)	3,447)	4,191)	2,803)	3,115)	5,362)	1,876)
Add: Finance lease obligations due within one year (book value)	725)	567)	511)	491)	511)	729)
Add: Long-term debt, excluding due within one year (book value)	36,132)	34,649)	34,864)	41,194)	43,714)	43,520)
Add: Long-term finance lease obligations, excluding due within one year (book value)	5,709)	4,843)	4,243)	3,847)	4,307)	6,683)
Total equity and debt	542,341)	427,484)	451,688)	426,570)	384,147)	343,932)
Less: Cash and cash equivalents	9,867)	8,625)	14,760)	17,741)	9,465)	7,722)
Enterprise value (EV)	532,474)	418,859)	436,928)	408,829)	374,682)	336,210)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Walmart Inc. Annual Report.

³ 2024 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 60.68 × 8,058,048,674

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	Walmart Inc. EV decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.

Walmart Inc. (NYSE:WMT)

Enterprise Value (EV)