Enterprise Value (EV)
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Walmart Inc. pages available for free this week:
- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Selected Financial Data since 2005
- Return on Equity (ROE) since 2005
- Price to Sales (P/S) since 2005
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Current Enterprise Value (EV)
Walmart Inc., current enterprise value calculation
| Current share price (P) | |
| No. shares of common stock outstanding | |
| US$ in millions | |
| Common equity (market value)1 | |
| Add: Nonredeemable noncontrolling interest (per books) | |
| Total equity | |
| Add: Short-term borrowings (per books) | |
| Add: Long-term debt due within one year (per books) | |
| Add: Finance lease obligations due within one year (per books) | |
| Add: Long-term debt, excluding due within one year (per books) | |
| Add: Long-term finance lease obligations, excluding due within one year (per books) | |
| Total equity and debt | |
| Less: Cash and cash equivalents | |
| Enterprise value (EV) | |
Based on: 10-K (reporting date: 2025-01-31).
1 Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
Historical Enterprise Value (EV)
Walmart Inc., EV calculation
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 Closing price as at the filing date of Walmart Inc. Annual Report.
3 2025 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
The financial data reveals notable trends across the periods from January 31, 2020, to January 31, 2025.
- Common equity (market value)
- Starting from 322,795 million US dollars in early 2020, there is a consistent upward trajectory reaching 400,219 million by January 2022. Although a slight decline appears in 2023 with 375,801 million, this is followed by a significant rebound in subsequent years, peaking at 684,238 million in 2025. This indicates growing market valuation of the equity over the period, despite minor fluctuations.
- Total equity
- Total equity mirrors the pattern of common equity, beginning at 329,678 million in 2020 and rising steadily to 408,857 million by 2022. A dip is evident in 2023, decreasing to 382,862 million, but this is reversed in the following years, achieving a high of 690,646 million by 2025. This trend suggests improving book value of equity with a temporary setback in the middle period.
- Total equity and debt
- The combined total of equity and debt shows an overall increasing trend, starting at 384,147 million and peaking at 451,688 million in 2022. However, a decline occurs in 2023 to 427,484 million, similar to the equity trends, before rising again significantly to 736,436 million by 2025. This pattern reflects fluctuations in the capital structure, with an overall expansion in combined financing sources toward the end of the observed timeline.
- Enterprise value (EV)
- Enterprise value follows a closely related trajectory, beginning at 374,682 million in 2020 and reaching 436,928 million in 2022. A reduction to 418,859 million is observed in 2023, after which EV increases markedly to 727,399 million in 2025. This indicates growth in the firm's total valuation accounting for both equity and debt, with a notable recovery and acceleration in the last two years.
Overall, the data shows growth in equity-related measures and total valuation, despite a moderate dip around 2023. The recovery and subsequent growth post-2023 suggest strengthening financial position and market perception, with increasing reliance on both equity and debt financing contributing to enterprise value expansion.