Walmart Inc. WMT

Consumer StaplesFood & Drug RetailingUnited States of America

Last close 123.51 USD on Nov 1, 2026, +11.6% year to date

Quant rating

Quant rating B Rank 24 of 124 in Consumer Staples

Growth B 21 of 124
Valuation D 110 of 124
Quality A 15 of 124
Revisions B 39 of 124
Momentum A 18 of 124

Wall Street consensus Buy (1.84)Average target 127.52 USD +3.2%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 979.9B
Enterprise value: 1.03T
52-week range: 98.90 – 135.15
3-year range: 50.29 – 135.15
Dividend yield: 0.80%
Beta (5 years): 0.54
Shares outstanding: 7,934M
Next earnings: Nov 19, 2026

About the company

Walmart Inc. is a technology-powered omnichannel retailer. The Company is engaged in the operation of retail and wholesale stores and clubs, as well as eCommerce websites and mobile applications, located throughout the United States (U.S.), Africa, Canada, Central America, Chile, China, India and Mexico. It operates in three reportable segments: Walmart U.S., Walmart International and Sam's Club U.S. The Walmart U.S. segment includes the Company's mass merchandising concept in the U.S., as well as eCommerce, which includes omnichannel initiatives and certain other business offerings such as advertising services. The Walmart International segment consists of the Company's operations outside of the U.S., as well as eCommerce, which includes omnichannel initiatives. The Sam's Club U.S. segment includes the warehouse membership clubs in the U.S., as well as eCommerce, which includes omnichannel initiatives.

Growth and profitability fiscal year ends January 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	713,163	680,985	648,125	611,289	572,754	–
Revenue growth	4.7%	5.1%	6.0%	6.7%	2.4%	5.0%
EPS (basic, normalized)	2.64	2.51	2.22	2.10	2.15	–
EPS growth	5.2%	13.2%	5.7%	−2.6%	–	–
Gross margin	24.9%	24.9%	24.4%	24.1%	25.1%	24.7%
Net margin	3.1%	2.9%	2.4%	1.9%	2.4%	2.5%
ROE	23.0%	22.2%	19.3%	14.6%	16.7%	19.2%

Balance sheet, last quarter
Cash & short-term investments (mil)	11,529
Current ratio	0.77x
Long-term debt (mil)	42,414
Net debt (mil)	52,275
Total equity (mil)	98,238
Net debt / equity	0.53x
Net debt / EBITDA	1.16x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	713,163	+4.7%	1.4x	45,185	+6.5%	22.8x	2.64	+5.2%	46.8x
2027	752,893	+5.6%	1.4x	49,361	+9.2%	20.9x	2.88	+9.2%	42.9x
2028	785,571	+4.3%	1.3x	53,513	+8.4%	19.3x	3.22	+11.9%	38.3x
2029	822,646	+4.7%	1.3x	58,180	+8.7%	17.7x	3.62	+12.3%	34.1x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	752,893	0.0%	+0.1%	+0.6%	2.88	0.0%	−0.7%	−1.0%
2028	785,571	0.0%	−0.2%	+0.4%	3.22	0.0%	−1.6%	−1.4%
2029	822,646	0.0%	−0.1%	+0.5%	3.62	+0.2%	−1.4%	−2.6%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Apr 2024	Jul 2024	Oct 2024	Jan 2025	Apr 2025	Jul 2025	Oct 2025	Jan 2026	Apr 2026	Jul 2026
Sales reported (mil)	161,508	169,335	169,588	180,554	165,609	177,402	179,496	190,656	177,751	187,937
Sales mean (mil)	159,502	168,533	167,718	180,010	165,929	176,163	177,429	190,425	174,982	186,769
Surprise	+1.3%	+0.5%	+1.1%	+0.3%	−0.2%	+0.7%	+1.2%	+0.1%	+1.6%	+0.6%
EPS reported	0.60	0.67	0.58	0.66	0.61	0.68	0.62	0.74	0.66	0.81
EPS mean	0.52	0.65	0.53	0.64	0.58	0.74	0.60	0.73	0.66	0.74
Surprise	+14.6%	+3.8%	+8.9%	+2.6%	+5.9%	−8.3%	+3.2%	+1.9%	+0.4%	+9.3%

Peer comparison Food & Drug Retailing

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
WMT Walmart Inc.	979.9B	1.16x	3.1%	9.99x	42.9x	38.3x	20.9x	19.3x
SYY Sysco Corporation	40.8B	2.67x	2.1%	14.88x	16.4x	15.4x	10.9x	10.4x
KR Kroger Co	39.4B	1.86x	0.7%	6.81x	12.9x	12.2x	6.7x	6.6x
CASY Caseys General Stores Inc	25.1B	1.29x	4.1%	6.14x	31.8x	29.0x	16.6x	15.3x
USFD US Foods Holding Corp.	22.4B	2.77x	1.7%	5.24x	21.7x	18.7x	13.2x	12.0x
PFGC Performance Food Group Company	15.6B	3.48x	0.5%	3.16x	17.5x	14.9x	10.1x	9.2x
Mean		2.20x	2.0%	7.70x	23.9x	21.4x	13.1x	12.2x
Median		2.27x	1.9%	6.48x	19.6x	17.0x	12.0x	11.2x

Technical analysis

1M+13.6%
3M+9.5%
1Y+20.7%
3Y+137.2%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Walmart Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	713,163	680,985	648,125	611,289	572,754	559,151
Cost of revenue	535,395	511,753	490,142	463,721	429,000	420,315
Gross profit	177,768	169,232	157,983	147,568	143,754	138,836
Selling, general & administrative expenses	147,943	139,884	130,971	123,040	115,312	111,888
Research & development	–	–	–	–	–	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	–	0	4,100	5,710	12,800
Other operating expenses	0	0	0	0	0	0
Operating income	29,825	29,348	27,012	20,428	22,732	14,148
Net interest income (expense)	−331	−1,845	−4,737	−2,974	−4,236	6,506
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−25.0	−1,194	−427	−438	200	−90.0
Net income before taxes	29,469	26,309	21,848	17,016	18,696	20,564
Provision for taxes	7,199	6,152	5,578	5,724	4,756	6,858
Minority interest	−377	−721	−759	388	−267	−196
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	21,893	19,436	15,511	11,680	13,673	13,510
Extraordinary items	–	–	–	–	–	–
Net income	21,893	19,436	15,511	11,680	13,673	13,510
EBIT, normalized	29,825	29,348	27,012	24,528	28,442	26,948
EBITDA, normalized	44,028	42,321	38,865	35,473	39,142	38,148
Basic EPS, normalized	2.64	2.51	2.22	2.10	2.15	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Walmart Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	10,727	9,037	9,867	8,625	14,760	17,741
Receivables	11,172	9,975	8,796	7,933	8,280	6,516
Total inventory	58,851	56,435	54,892	56,576	56,511	44,949
Prepaid expenses	4,124	4,011	3,322	2,521	1,519	20,861
Other current assets	0	0	0	0	0	0
Total current assets	84,874	79,458	76,877	75,655	81,070	90,067
Property, plant & equipment	156,956	139,704	130,338	119,234	112,624	109,848
Goodwill	28,735	28,792	28,113	28,174	29,014	28,983
Intangibles	4,300	4,500	–	–	–	–
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	9,803	8,369	17,071	20,134	22,152	23,598
Total assets	284,668	260,823	252,399	243,197	244,860	252,496
Liabilities
Accounts payable	63,061	58,666	56,812	53,742	55,261	49,141
Payable/accrued	–	–	–	–	–	–
Accrued expenses	29,877	28,089	30,246	32,599	27,522	26,698
Short-term debt	6,596	3,068	878	372	410	224
Current portion of long-term debt	4,398	3,398	4,172	4,758	3,314	3,606
Other current liabilities	3,537	3,363	307	727	872	12,976
Total current liabilities	107,469	96,584	92,415	92,198	87,379	92,645
Long-term debt	40,529	39,324	41,841	39,492	39,107	45,041
Minority interest	6,563	6,679	6,710	7,298	8,638	6,606
Other liabilities	30,490	27,223	27,572	27,516	26,483	27,279
Total liabilities	185,051	169,810	168,538	166,504	161,607	171,571
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	797	802	805	269	276	282
Additional paid-in capital	6,816	5,503	4,544	4,969	4,839	3,646
Retained earnings (accumulated deficit)	104,774	98,313	89,814	83,135	86,904	88,763
Treasury stock	–	–	–	–	–	–
Other equity	−12,770	−13,605	−11,302	−11,680	−8,766	−11,766
Total equity	99,617	91,013	83,861	76,693	83,253	80,925
Total liabilities & shareholders' equity	284,668	260,823	252,399	243,197	244,860	252,496

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Walmart Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	22,270	20,157	16,270	11,292	13,940	13,706
Depreciation, depletion & amortization	14,203	12,973	11,853	10,945	10,658	11,152
Deferred taxes	2,277	−635	−175	449	−755	1,911
Non-cash items	2,063	3,767	5,835	3,602	6,935	1,333
Changes in working capital	752	181	1,943	2,553	−4,749	7,972
Cash from operations	41,565	36,443	35,726	28,841	26,029	36,074
Investing activities
Capital expenditures	−26,642	−23,783	−20,606	−16,857	−13,106	−10,264
Other investing cash flows	292	2,404	−681	−865	7,091	193
Cash from investing	−26,350	−21,379	−21,287	−17,722	−6,015	−10,071
Financing activities
Financing cash flow items	−2,839	−2,384	−5,757	−3,323	−1,017	−1,670
Cash dividends paid	−7,507	−6,688	−6,140	−6,114	−6,152	−6,116
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−3,207	−5,750	−1,517	−7,602	−15,659	−8,331
Cash from financing	−13,553	−14,822	−13,414	−17,039	−22,828	−16,117
Foreign exchange effects	123	−641	69.0	−73.0	−140	235
Net change in cash	1,785	−399	1,094	−5,993	−2,954	10,121
Free cash flow	14,923	12,660	15,120	11,984	12,923	25,810

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.