Walmart (WMT)
Consumer Staples · $865B market cap · SEC CIK 0000104169
fundamentals score out of 100
Next reports on Nov 19, 2026, with analysts expecting $0.64 in earnings per share.
The case for WMT
- Return on equity of 23%.
- Moves less than the market (beta 0.56).
The case against
- Pricey at 39.2× earnings, against a long-run market average nearer 20×.
- Net margin of 3.0% leaves very little room for error.
- Current liabilities exceed current assets (ratio 0.77).
- The price trend is weak (39/100): +5.0% over a year, -8.3% over three months, 31% of the way up its 52-week range.
- Free-cash-flow yield of 1.7% is lower than 94% of Consumer Staples companies.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Consumer Staples companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 29 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 53 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 43 |
| Momentumhow the price has behaved lately | 39 |
| Stabilityhow violently it moves, what it owes and what it pays you | 72 |
- Each factor except momentum is half fixed thresholds, half rank among the 36 Consumer Staples companies.
Key numbers
| Price / earnings | 39.2× |
|---|---|
| Price / book | 9.01× |
| Price / sales | 1.2× |
| Revenue growth (YoY) | +6.2% |
| EPS growth (YoY) | +4.1% |
| Gross margin | 25% |
| Operating margin | 4% |
| Net margin | 3% |
| Return on equity | 23% |
| Debt / equity | 0.58× |
| Current ratio | 0.77 |
| Dividend yield | 0.76% |
| Beta | 0.56 |
| 52-week range | $98.88 – $135.16 |
| Position in that range | 31% of the way up |
| 3-month return | -8.3% |
| 1-year return | +5.0% |
Five years of financials, as filed
Pulled from Walmart's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $706B | $675B | $643B | $606B | $568B |
| Operating income | $29.8B | $29.3B | $27.0B | $20.4B | $25.9B |
| Net income | $21.9B | $19.4B | $15.5B | $11.7B | $13.7B |
| Operating cash flow | $41.6B | $36.4B | $35.7B | $28.8B | $24.2B |
| Capital expenditure | $26.6B | $23.8B | $20.6B | $16.9B | $13.1B |
| Total assets | $285B | $261B | $252B | $243B | $245B |
| Shareholder equity | $99.6B | $91.0B | $83.9B | $76.7B | $83.3B |
| Cash | $10.7B | $9.0B | $9.9B | $8.6B | $14.8B |
| Long-term debt | $34.6B | $33.4B | $36.1B | $34.6B | $34.9B |
| Free cash flow | $14.9B | $12.7B | $15.1B | $12.0B | $11.1B |
| Operating margin | 4.2% | 4.4% | 4.2% | 3.4% | 4.6% |
| Net margin | 3.1% | 2.9% | 2.4% | 1.9% | 2.4% |
| Diluted shares | 8.0B | 8.1B | 8.1B | 8.2B | 8.4B |
Share count is down 4.7% over 4 years. Buybacks have been shrinking the pie.
What Walmart says it does
" herein under the caption "Information About Our Executive Officers," which is included in accordance with the Instruction to Item 401 of the SEC's Regulation S-K. Information required by this Item 10 with respect to the Company's directors and certain family relationships is incorporated by reference to such information under the caption "Proposal No. 1 – Election of Directors" included in our Proxy Statement relating to our 2026 Annual Meeting of Shareholders (our "Proxy Statement"). No material changes have been made to the procedures by which shareholders of the Company may recommend nominees to our Board of Directors since those procedures were disclosed in our proxy statement relating to our 2025 Annual Shareholders' Meeting as previously filed with the SEC. The information regarding our Audit Committee, including our audit committee financial experts, our Reporting Protocols for Senior Financial Officers and our Code of Conduct…
Risk factors WMT lists in its 10-K
- (Amounts in millions, except unit counts)
- Return on Assets and Return on Investment
- (Dollar amounts and retail square feet in millions)
- Net Cash Provided by Operating Activities
- Cash Equivalents and Working Capital Deficit
- Net Cash Used in Investing Activities
- Net Cash Used in Financing Activities
- Purchase and Sale of Subsidiary Stoc
- (Amounts in millions, except per share data)
- Settlement of Certain Opioid-Related Matters,
- Money Transfer Agent Services Matter,"
- Summary of Critical Accounting Estimates
- Consolidated Financial Statements of Walmart Inc
- For the Fiscal Year Ended January 31, 2026