Company Valuation: Walmart Inc.

Data adjusted to current consolidation scope
Fiscal Period: January 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 387,816 387,989 444,892 788,557 949,566 850,101 - -
Change - 0.04% 14.67% 77.25% 20.42% -10.47% - -
Enterprise Value (EV) 1 415,887 423,986 481,916 825,310 990,362 902,547 901,341 902,687
Change - 1.95% 13.66% 71.26% 20% -8.87% -0.13% 0.15%
P/E 28.7x 33.7x 28.8x 40.7x 43.6x 37.2x 33.7x 30.1x
PBR 4.69x 5.11x 5.31x 8.67x 9.59x 7.86x 7.13x 6.65x
PEG - -2.7x 0.8x 1.6x 3.3x 6.76x 3.2x 2.6x
Capitalization / Revenue 0.68x 0.64x 0.69x 1.17x 1.34x 1.13x 1.08x 1.03x
EV / Revenue 0.73x 0.7x 0.75x 1.22x 1.4x 1.2x 1.15x 1.1x
EV / EBITDA 11.3x 11.9x 12.4x 19.4x 21.9x 18.4x 16.9x 15.6x
EV / EBIT 16x 17.2x 17.8x 28x 31.8x 26.8x 24.5x 22.1x
EV / FCF 37.6x 35.4x 31.9x 65.2x 66.4x 77.1x 55.7x 48.7x
FCF Yield 2.66% 2.83% 3.14% 1.53% 1.51% 1.3% 1.8% 2.05%
Dividend per Share 2 0.7333 0.7467 0.76 0.83 0.94 0.997 1.044 1.1
Rate of return 1.57% 1.56% 1.38% 0.85% 0.79% 0.93% 0.97% 1.03%
EPS 2 1.623 1.423 1.913 2.41 2.73 2.88 3.184 3.555
Distribution rate 45.2% 52.5% 39.7% 34.4% 34.4% 34.6% 32.8% 30.9%
Net sales 1 567,762 605,881 642,637 674,538 706,413 752,965 786,126 823,335
EBITDA 1 36,708 35,547 38,865 42,477 45,185 49,167 53,350 57,975
EBIT 1 26,050 24,602 27,012 29,504 31,096 33,662 36,864 40,825
Net income 1 13,673 11,680 15,511 19,436 21,893 22,990 25,386 28,090
Net Debt 1 28,071 35,997 37,024 36,753 40,796 52,446 51,240 52,586
Reference price 2 46.60 47.96 55.08 98.16 119.14 107.15 107.15 107.15
Nbr of stocks (in thousands) 8,321,635 8,090,400 8,076,701 8,033,386 7,970,167 7,933,746 - -
Announcement Date 2/17/22 A 2/21/23 A 2/20/24 A 2/20/25 A 2/19/26 A - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
37.2x1.2x18.36x0.93% 850B
23.66x1.14x9.89x1% 50.86B
16.53x0.64x11.93x2.67% 39.87B
15.27x0.53x7.75x3.37% 39.22B
11.55x0.33x6.17x2.54% 34.86B
26.29x0.82x9.5x2.8% 33.67B
11.47x0.45x5.66x4.1% 31.22B
20.33x0.76x6.31x1.28% 26.64B
51.19x0.55x9.32x1.1% 24.01B
Average 23.72x 0.71x 9.43x 2.2% 125.61B
Weighted average by Cap. 33.18x 1.07x 15.91x 1.28%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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