Walmart Inc., FCFE 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)
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)
Net change in short-term borrowings	512)	(34)	193)	(324)	(4,656)	(53)
Proceeds from issuance of long-term debt	4,967)	5,041)	6,945)	—)	5,492)	15,872)
Repayments of long-term debt	(4,217)	(2,689)	(13,010)	(5,382)	(1,907)	(3,784)
Premiums paid to extinguish debt	—)	—)	(2,317)	—)	—)	—)
Free cash flow to equity (FCFE)	16,632)	14,472)	3,280)	20,319)	13,800)	29,963)

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).

Download chart

Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to Walmart Inc. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	Walmart Inc. FCFE increased from 2022 to 2023 and from 2023 to 2024.

Walmart Inc., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	8,038,251,174
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	16,632)
FCFE per share	2.07
Current share price (P)	86.60
Valuation Ratio
P/FCFE	41.85
Benchmarks
P/FCFE, Competitors¹
Costco Wholesale Corp.	69.60
Dollar General Corp.	25.41
Target Corp.	19.47
P/FCFE, Sector
Consumer Staples Distribution & Retail	47.81
P/FCFE, Industry
Consumer Staples	27.53

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

¹ Click competitor name to see calculations.

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

Walmart Inc., historical P/FCFE calculation, comparison to benchmarks

	Jan 31, 2024	Jan 31, 2023	Jan 31, 2022	Jan 31, 2021	Jan 31, 2020	Jan 31, 2019
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
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	16,632)	14,472)	3,280)	20,319)	13,800)	29,963)
FCFE per share³	2.06	1.79	0.40	2.40	1.62	3.48
Share price^1, 4	60.68	46.47	48.48	43.91	37.99	32.38
Valuation Ratio
P/FCFE⁵	29.40	25.97	122.02	18.26	23.39	9.30
Benchmarks
P/FCFE, Competitors⁶
Costco Wholesale Corp.	68.03	39.36	82.66	37.82	23.41	36.68
Dollar General Corp.	50.04	13.90	28.47	11.51	23.85	24.07
Target Corp.	20.84	78.41	16.84	11.15	13.90	17.63
P/FCFE, Sector
Consumer Staples Distribution & Retail	—	29.82	56.14	18.79	22.03	12.95
P/FCFE, Industry
Consumer Staples	—	21.00	25.12	22.89	17.29	18.06

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 Data adjusted for splits and stock dividends.

² See details »

³ 2024 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 16,632,000,000 ÷ 8,058,048,674 = 2.06

⁴ Closing price as at the filing date of Walmart Inc. Annual Report.

⁵ 2024 Calculation
P/FCFE = Share price ÷ FCFE per share
= 60.68 ÷ 2.06 = 29.40

⁶ Click competitor name to see calculations.

Download chart

Valuation ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders’ equity.	Walmart Inc. P/FCFE ratio decreased from 2022 to 2023 but then slightly increased from 2023 to 2024.

Walmart Inc. (NYSE:WMT)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical