Walmart Inc. (WMT) Valuation Ratios - Annual

Trailing Valuation

Trailing Valuation	LTM	Jan '25	Jan '24	Jan '23	Jan '22	Jan '21	Jan '20	Jan '19	Jan '18	Jan '17	Jan '16
Stock Price	116.8	98.2	55.1	48	46.6	46.8	38.2	31.9	35.5	22.3	22.1
Total Shares Outstanding	7,970.2	8,054	8,054	8,079	8,284	8,463	8,496	8,634	8,856	9,144	9,486
Market Cap	930,835.8	790,580.6	443,614.3	387,468.8	386,034.4	396,322.3	324,207.4	275,770	314,653.7	203,454	209,830.3
Total Enterprise Value (TEV)	995,095.8	848,336.6	501,778.3	445,064.8	437,235.4	448,433.3	394,058.4	333,219	357,337.7	245,262	254,224.3
Dividend Yield	0.8%	0.8%	1.4%	1.6%	1.6%	1.5%	1.9%	2.2%	1.9%	3%	3%
Buyback Yield	0.9%	0.6%	0.6%	2.6%	2.5%	0.7%	1.8%	2.7%	2.6%	4.1%	2%
Debt Paydown Yield	-0.2%	0.2%	-0.3%	-0.6%	1.5%	1.4%	0.3%	-4.4%	0.5%	1.8%	1.5%
Shareholder Yield	0.7%	0.7%	0.4%	2%	4.1%	2.1%	2.1%	-1.6%	3.1%	6%	3.6%
P/S	1.3	1.2	0.7	0.6	0.7	0.7	0.6	0.5	0.6	0.4	0.4
P/Gross Profit	5.3	4.7	2.8	2.6	2.7	2.9	2.5	2.1	2.5	1.6	1.7
P/E	40.8	40.7	28.8	33.8	28.8	29.6	22.1	42.4	32.5	15.2	14.5
Earnings Yield	2.4%	2.5%	3.5%	3%	3.5%	3.4%	4.5%	2.4%	3.1%	6.6%	6.9%
P/OCF	22.7	21.7	12.4	13.4	16	11	12.8	9.9	11.1	6.4	7.6
P/FCF	61	62.4	29.3	32.3	34.9	15.4	22.3	15.8	17.2	9.7	13.1
FCF Yield	1.6%	1.6%	3.4%	3.1%	2.9%	6.5%	4.5%	6.3%	5.8%	10.3%	7.7%
P/B	9.7	8.7	5.3	5.1	4.6	4.9	4.3	3.8	4	2.6	2.6
EV/Sales	1.4	1.2	0.8	0.7	0.8	0.8	0.8	0.6	0.7	0.5	0.5
EV/Gross Profit	5.7	5	3.2	3	3	3.2	3	2.6	2.8	2	2.1
EV/EBITDA	23.2	20	12.9	14.2	11.9	13.3	12.5	10.2	11.5	7.5	7.6
EV/EBIT	34.3	28.9	18.6	21.8	16.9	19.9	19.2	15.2	17.5	10.8	10.5
EV/OCF	24.3	23.3	14	15.4	18.1	12.4	15.6	12	12.6	7.7	9.2
EV/FCF	65.2	67	33.2	37.1	39.5	17.4	27.1	19.1	19.5	11.6	15.8

Dividends

Dividends	LTM	Jan '25	Jan '24	Jan '23	Jan '22	Jan '21	Jan '20	Jan '19	Jan '18	Jan '17	Jan '16
Dividend Yield	0.8%	0.8%	1.4%	1.6%	1.6%	1.5%	1.9%	2.2%	1.9%	3%	3%
DPS	0.9	0.8	0.8	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7
Payout Ratio	31.9%	34.4%	39.6%	52.3%	45%	45.3%	40.6%	91.5%	62.1%	45.6%	42.8%

Margins

Margins	LTM	Jan '25	Jan '24	Jan '23	Jan '22	Jan '21	Jan '20	Jan '19	Jan '18	Jan '17	Jan '16
Gross Profit Margin	24.9%	24.9%	24.4%	24.1%	25.1%	24.8%	24.7%	25.1%	25.4%	25.6%	25.1%
Operating Margin	4.1%	4.3%	4.2%	3.3%	4.5%	4%	3.9%	4.3%	4.1%	4.7%	5%
EBITDA Margin	6.1%	6.2%	6%	5.1%	6.4%	6%	6%	6.3%	6.2%	6.8%	7%
Net Profit Margin	3.3%	3%	2.5%	1.8%	2.4%	2.5%	2.9%	1.4%	2.1%	2.9%	3.1%
Effective Tax Rate	23.5%	23.4%	25.5%	33.6%	25.4%	33.3%	24.4%	37.4%	30.4%	30.3%	30.3%
Pre-Tax Profit Margin	4.3%	3.9%	3.4%	2.8%	3.3%	3.7%	3.8%	2.2%	3%	4.2%	4.5%
Free Cash Flow Margin	2.2%	1.9%	2.3%	2%	1.9%	4.6%	2.8%	3.4%	3.7%	4.3%	3.3%
OCF / Sales	5.8%	5.4%	5.5%	4.7%	4.2%	6.5%	4.8%	5.4%	5.7%	6.5%	5.7%
OCF / Net Income	175.8%	180.8%	219.6%	255.4%	173.5%	263.2%	166.1%	386.6%	269.3%	221.6%	182.7%
FCF / OCF	37.2%	34.7%	42.3%	41.6%	45.8%	71.5%	57.6%	62.7%	64.5%	66.5%	58.3%
FCF / Net Income	65.5%	62.8%	92.9%	106.1%	79.4%	188.3%	95.7%	242.5%	173.8%	147.3%	106.6%
FCF / EBITDA	35.7%	29.9%	38.9%	38.2%	30.3%	76.6%	46.1%	53.3%	59.1%	64.1%	47.9%

Capital Efficiency

Capital Efficiency	LTM	Jan '25	Jan '24	Jan '23	Jan '22	Jan '21	Jan '20	Jan '19	Jan '18	Jan '17	Jan '16
Return on Invested Capital	10.5%	12.1%	11.3%	7.9%	11.5%	8.6%	8.9%	8.6%	9.5%	10.9%	11.5%
Return on Assets	8%	8.8%	8.1%	5.6%	7.8%	6.1%	6.8%	6.5%	7.1%	8%	8.3%
Return on Equity	23.7%	21.4%	18.6%	12.8%	15.5%	16.2%	18.9%	8.9%	13%	17.4%	17.8%
Return on Total Capital	29.3%	33%	29.6%	20.3%	28.4%	20.1%	21.4%	23.9%	28.8%	31%	31%
Return on Capital Employed	16.8%	18.1%	17.4%	13.2%	16.4%	14.2%	13.7%	16.4%	15.8%	17.1%	17.6%
Return on Tangible Assets	9%	8.8%	7.4%	5.2%	6.3%	6.4%	7.7%	3.8%	5.7%	7.8%	8.2%
Receivables Turnover	63.5	72.6	77.5	75.4	77.4	87.4	83.4	86.5	87.4	84.8	77.8
Days Sales Outstanding	5.8	5	4.7	4.8	4.7	4.2	4.4	4.2	4.2	4.3	4.7
Payables Turnover	8.1	8.9	8.9	8.5	8.2	8.7	8.4	8.3	8.5	9	9.4
Days Payables Outstanding	44.9	41.2	41.2	42.9	44.4	41.7	43.5	44.1	42.8	40.4	38.9
Inventory Turnover	8.2	9.2	8.8	8.2	8.5	9.4	8.9	8.8	8.6	8.3	8.1
Days Inventory Outstanding	44.5	39.7	41.5	44.5	43.2	38.8	41	41.7	42.4	44.2	45.3
Cash Conversion Cycle	5.3	3.6	5.1	6.4	3.5	1.3	1.9	1.8	3.8	8.1	11.1
Asset Turnover	2.5	2.7	2.6	2.5	2.3	2.3	2.3	2.4	2.5	2.4	2.4
Fixed Asset Turnover	4.9	5	5.2	5.3	5.1	4.7	4.4	4.5	4.4	4.2	4.1
Operating Cycle	50.2	44.7	46.2	49.3	47.9	43	45.4	45.9	46.6	48.5	50
CapEx to OCF	0.6	0.7	0.6	0.6	0.5	0.3	0.4	0.4	0.4	0.3	0.4
CapEx to Revenue	0	0	0	0	0	0	0	0	0	0	0
CapEx to Depreciation	1.9	1.8	1.7	1.5	1.2	0.9	1	1	1	1.1	1.2

Financial Health

Financial Health	LTM	Jan '25	Jan '24	Jan '23	Jan '22	Jan '21	Jan '20	Jan '19	Jan '18	Jan '17	Jan '16
Total Debt	68,424	60,114	61,321	58,923	57,323	63,246	72,433	58,033	46,487	45,938	50,034
Net Debt	57,842	51,077	51,454	50,298	42,563	45,505	62,968	50,311	39,731	39,071	41,329
Current Ratio	0.8	0.8	0.8	0.8	0.9	1	0.8	0.8	0.8	0.9	0.9
Quick Ratio	0.2	0.2	0.2	0.2	0.3	0.3	0.2	0.2	0.2	0.2	0.2
Cash Ratio	0.1	0.1	0.1	0.1	0.2	0.2	0.1	0.1	0.1	0.1	0.1
Debt Ratio	0.2	0.2	0.2	0.2	0.2	0.3	0.3	0.3	0.2	0.2	0.3
Assets to Equity	2.8	2.7	2.8	2.9	2.7	2.9	2.9	2.8	2.5	2.5	2.4
Cash Flow to Debt Ratio	0.6	0.6	0.6	0.5	0.4	0.6	0.3	0.5	0.6	0.7	0.6
Long-term Debt to Assets	0.2	0.2	0.2	0.2	0.2	0.2	0.3	0.2	0.2	0.2	0.2
Intangibles to Total Assets	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
Net Current Asset Value	-99,641	-90,352	-91,661	-90,849	-80,537	-81,504	-100,020	-84,902	-66,989	-63,338	-58,796
Goodwill / Assets	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
Debt / Equity	0.7	0.6	0.7	0.7	0.6	0.7	0.9	0.7	0.6	0.6	0.6
Total Debt / Capitalization	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9
Long Term Debt / Capitalization	0.7	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.7	0.9	0.8
Long-Term Debt / Equity	0.5	0.5	0.6	0.6	0.6	0.7	0.8	0.6	0.5	0.5	0.5
Net Debt / EBITDA	1.4	1.2	1.3	1.6	1.2	1.4	2	1.5	1.3	1.2	1.2
EBIT / Interest Expense	10.3	10.8	10.1	9.6	13	9.7	7.9	9.4	8.8	9.6	9.5
EBITDA / Interest Expense	15.3	15.5	14.5	14.7	18.4	14.6	12.1	13.9	13.3	13.9	13.2
(EBITDA - Capex) / Interest Expense	6.1	6.8	6.8	6.8	11.8	10.1	8	9.5	9	9.4	8.7

Per Share	LTM	Jan '25	Jan '24	Jan '23	Jan '22	Jan '21	Jan '20	Jan '19	Jan '18	Jan '17	Jan '16
Revenue per Share	87.5	84.3	79.9	74.5	68.1	65.5	60.9	58.2	55.4	52	50
Basic EPS	2.9	2.4	1.9	1.4	1.6	1.6	1.7	0.8	1.1	1.5	1.5
Diluted EPS	2.9	2.4	1.9	1.4	1.6	1.6	1.7	0.8	1.1	1.5	1.5
Book Value per Share	12	11.3	10.3	9.4	9.9	9.5	8.7	8.2	8.6	8.3	8.3
Tangible Book Value per Share	8.4	7.7	6.9	5.9	6.4	6.1	5.1	4.7	6.6	6.5	6.6
Cash per Share	1.3	1.1	1.2	1.1	1.8	2.1	1.1	0.9	0.7	0.7	0.9
Operating Cash Flow per Share	5.1	4.5	4.4	3.5	2.9	4.2	2.9	3.1	3.1	3.4	2.9
Free Cash Flow per Share	1.9	1.6	1.9	1.5	1.3	3	1.7	2	2	2.3	1.7
CapEx per Share	3.2	2.9	2.5	2.1	1.6	1.2	1.2	1.2	1.1	1.1	1.2
Weighted Avg. Shares Outstanding	7,998	8,041	8,077	8,171	8,376	8,493	8,550	8,787	8,985	9,303	9,621
Weighted Avg. Shares Outstanding Diluted	8,039	8,081	8,108	8,202	8,415	8,541	8,604	8,835	9,030	9,336	9,651

Common Size