Discounted Cash Flow

Walmart Inc.

WMT · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2017 $481.3b $13.6b $20.9b 2.8% $4.40
2018 $495.8b (3.0%) $9.9b (-27.7%) $18.3b (-12.6%) 2.0% (-29.8%) $3.29 (-25.2%)
2019 $510.3b (2.9%) $6.7b (-32.4%) $17.4b (-4.8%) 1.3% (-34.3%) $2.28 (-30.7%)
2020 $519.9b (1.9%) $14.9b (123.1%) $14.6b (-16.4%) 2.9% (119.0%) $5.22 (128.9%)
2021 $555.2b (6.8%) $13.5b (-9.2%) $25.8b (77.4%) 2.4% (-15.0%) $4.77 (-8.6%)
2022 $567.8b (2.3%) $13.7b (1.2%) $11.1b (-57.1%) 2.4% (-1.0%) $4.90 (2.7%)
2023 $605.9b (6.7%) $11.7b (-14.6%) $12.0b (8.2%) 1.9% (-20.0%) $4.29 (-12.4%)
2024 $642.6b (6.1%) $15.5b (32.8%) $15.1b (26.2%) 2.4% (25.2%) $1.92 (-55.2%)
2025 $674.5b (5.0%) $19.4b (25.3%) $12.7b (-16.3%) 2.9% (19.4%) $2.42 (26.0%)
2026 $706.4b (4.7%) $21.9b (12.6%) $14.9b (17.9%) 3.1% (7.6%) $2.74 (13.2%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Values abbreviated: b = billions, m = millions, k = thousands.

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model