Walmart (WMT) — Visual Investors Club

Loading…

Market Capi

$820B

Growth-adj P/E (3-yr hist)i

1.9x

Growth-adj P/E (3-yr proj)i

3.1x

P/S 27Ei

1.1x

P/S 29Ei

1.0x

EV/EBIT 27Ei

26x

EV/EBIT 29Ei

21x

P/E 27Ei

36x

P/E 29Ei

29x

P/S 27Ei

1.1x

EV/EBIT 27Ei

26x

P/E 27Ei

36x

P/S 29Ei

1.0x

EV/EBIT 29Ei

21x

P/E 29Ei

29x

Revenue

2027E

$752B

Gross Margini

25%

Hist. CAGRi

5.3%

Proj. CAGRi

5.0%

EBIT

2027E

$34B

Op. Margini

4.2%

Hist. CAGRi

6.7%

Proj. CAGRi

12%

Net profit

2027E

$23B

Net Margini

3.1%

Hist. CAGRi

23%

Proj. CAGRi

9.2%

Business Model

World's largest retailer; ~$713B revenue FY2026
Core: discount supercenters + Sam's Club warehouse clubs
U.S. ~80% of sales; international in Mexico, China, India
Fast-growing: retail media and Walmart+ membership
Moat: supply chain scale funds Everyday Low Prices
eCommerce now >20% of U.S. net sales

Recent Developments

Q2 revenue $187.9B (+5.9% YoY); EPS $0.81 beat estimates
eCommerce +23%, advertising +38% globally
FY27 EPS guidance raised to $2.80–$2.87
Acquired Vibe.co for connected-TV advertising
Added AI-focused design & partnerships execs
Debate: tariff refunds vs margin durability

Average Targeti

$137.98+24%

Consensusi

Buy

43 analysts covering

Net debti

$52B

Div. Yieldi

1.0%

Buyback Yldi

0.8%

Market Capi

$820B

P/E 27Ei

36x

Adj. P/E (fwd.)i

3.1x

Revenue 27E

$752B

Proj. CAGRi

5.0%

Gross Margini

25%

EBIT 27E

$34B

Proj. CAGRi

12%

Op. Margini

4.2%

Net Profit 27E

$23B

Proj. CAGRi

9.2%

Net Margini

3.1%

Average Targeti

$137.98+24%

Consensusi

Buy

43 analysts covering

Company

BETA

Profile

Walmart is the world's largest retailer by revenue, operating a network of discount supercenters, warehouse clubs, and e-commerce platforms across the U.S. and internationally. Revenue breaks down across three reported segments:

Walmart U.S. (~67% of net sales): Full-assortment supercenters, Neighborhood Markets, and Walmart.com. The core domestic retail engine, selling groceries, general merchandise, and health products to everyday consumers. Includes the fast-growing advertising (Walmart Connect) and Walmart+ membership businesses.
Sam's Club (~13% of net sales): Membership-only warehouse clubs in the U.S. and Puerto Rico with ~600 locations. Members pay annual fees for access to bulk merchandise at thin margins — membership income is high-quality recurring revenue.
Walmart International (~18% of net sales): Approximately 5,566 stores across Mexico, Central America, China, Chile, Canada, and India, with Walmex (Mexico) as the largest international market.

Industry

Walmart sells primarily to mass-market consumers across income levels, with particular strength among value-conscious shoppers. Geographically, the U.S. accounts for roughly 80% of net sales. The retail market is intensely competitive — Amazon, Costco, Target, and Kroger are primary rivals — but Walmart's scale creates a structural pricing advantage most cannot match. Grocery, which drives high-frequency traffic, represents the largest single product category and anchors customer retention across both digital and physical channels.

Key metrics

Walmart U.S. comparable store sales: +4.1% in Q1 FY2027, a key indicator of organic traffic and basket growth
Global eCommerce growth: +26% year-over-year in Q1 FY2027; eCommerce now exceeds 20% of U.S. net sales
Sam's Club membership income: high-margin recurring revenue stream growing in the mid-teens annually
Walmart Connect (advertising): growing 30%+ annually; now a material operating income contributor
Store count: ~4,600 U.S. locations (including ~3,559 supercenters) and ~5,566 international points of sale

Economic moat

Walmart's primary moat is unmatched supply chain scale — the ability to source, distribute, and replenish at a cost that no regional or mid-size competitor can replicate. This scale advantage directly funds the Everyday Low Price strategy, which in turn drives the traffic volumes needed to sustain scale. A secondary and growing moat is first-party data and retail media: over 100 million weekly U.S. shoppers generate purchase data that is uniquely valuable to consumer brand advertisers, and the Vizio acquisition deepens this through connected-TV viewership data.

Countryi

United States

Employeesi

2100000

Leadership

Sam Walton (Founder)

Sam Walton founded Walmart in 1962 in Rogers, Arkansas, after years running variety stores under the Ben Franklin franchise. His operating philosophy — relentless cost discipline, supplier transparency, and passing savings to customers — became the company's cultural DNA and remains the basis of the Everyday Low Prices strategy today. The Walton family retains a majority economic stake through Walton Enterprises, making Walmart one of the largest family-controlled companies in the world by market cap.

CEO

John Furner

John Furner became CEO of Walmart Inc. on January 31, 2026, having previously served as President and CEO of Walmart U.S. since 2019. He is a Walmart lifer, having joined the company in 1993 and worked through roles in store operations, merchandising, and international before leading Sam's Club and then the U.S. business. His appointment signals continuity with the existing strategy rather than a directional pivot.

CFO

John Rainey

John Rainey joined as CFO in May 2022, coming from PayPal where he served as CFO for six years. His background in technology-sector finance is seen as a deliberate choice to support Walmart's transition into advertising, fintech, and higher-margin digital services.

Chairman

Greg Penner

Greg Penner has chaired the Walmart board since June 2015 and is Sam Walton's grandson-in-law, providing both family continuity and active governance oversight. He is also a co-founder of Madrone Capital Partners and brings a technology investor's lens to strategic decisions around eCommerce and data businesses.

Valuation

Current market capi

$820B

Current EVi

$873B

Growth-adj P/E (3-yr hist)i

1.9x

Growth-adj P/E (3-yr proj)i

3.1x

P/S Ratioi

EV/EBITi

P/E Ratioi

Metric	2022	2023	2024	2025	2026	2027E	2028E	2029E
P/Si	0.7x	0.6x	0.7x	1.2x	1.3x	1.1x	1.0x	1.0x
EV/EBITi	16x	17x	18x	28x	32x	26x	24x	21x
P/Ei	29x	34x	29x	41x	44x	36x	32x	29x
PEGi	n/a	-2.7x	0.8x	1.6x	3.3x	6.5x	2.9x	2.5x
FCF Yieldi	2.7%	2.8%	3.1%	1.5%	1.5%	1.3%	1.9%	2.1%

Income Statement

Revenue

CAGR (hist. 3-yr)i

CAGR (proj. 3-yr)i

EBIT

CAGR (hist. 3-yr)i

CAGR (proj. 3-yr)i

Net profit

CAGR (hist. 3-yr)i

CAGR (proj. 3-yr)i

Metric	2022	2023	2024	2025	2026	2027E	2028E	2029E
Revenuei	573	611	648	681	713	752	787	826
Gross profiti	144	148	158	169	178	n/a	n/a	n/a
EBITDAi	36.6	35.5	38.9	42.2	44.0	49.2	53.8	58.8
EBITi	25.9	24.5	27.0	29.3	29.8	33.8	37.5	41.6
Net profiti	13.7	11.7	15.5	19.4	21.9	23.2	25.9	28.5

Values in billions of USD.

Cashflow & CAPEX

Operating cashflow · Levered Free Cash Flow

Free Cash Flow

CAPEX

Metric	2022	2023	2024	2025	2026	2027E	2028E	2029E
Operating CFi	24.2	28.8	35.7	36.4	41.6	n/a	n/a	n/a
Levered FCFi	14.5	12.4	8.8	7.9	10.6	n/a	n/a	n/a
FCFi	11.1	12.0	15.1	12.7	14.9	11.7	16.6	18.7
CAPEXi	-13.1	-16.9	-20.6	-23.8	-26.6	-26.6	-26.1	-27.1

Values in billions of USD.

Profitability

Margins

Metric	2022	2023	2024	2025	2026
Gross margini	25%	24%	24%	25%	25%
Operating margini	4.5%	4.0%	4.2%	4.3%	4.2%
Net margini	2.4%	1.9%	2.4%	2.9%	3.1%

Rentability

Metric	2023	2024	2025	2026
ROEi	13%	18%	21%	21%
ROCEi	16%	17%	18%	17%
ROAi	4.8%	6.3%	7.6%	8.0%

Balance Sheet

Balance sheet

Metric	2022	2023	2024	2025	2026
Total assetsi	245	243	252	261	285
Cash & ST inv.i	14.8	8.6	9.9	9.0	10.7
Total liabilitiesi	153	159	162	163	178
Total equityi	91.9	84.0	90.6	97.7	106
Total debti	58.4	61.0	63.3	62.1	68.4

Values in billions of USD.

Liquidity ratios

Debt-to-Equity-Ratio

Sentiment

BETA

Last earnings

Revenue reached $187.9 billion for the quarter ended July 31, 2026, up 5.9% year-over-year (5.1% in constant currency), continuing a run of accelerating top-line growth.

Adjusted EPS came in at $0.81, ahead of Wall Street expectations, aided by roughly $2.9 billion in tariff refunds that lifted gross margins during the quarter.

Global eCommerce grew 23%, with Walmart U.S. online sales up 24% and Sam's Club U.S. online sales up 26%, while global advertising revenue climbed 38% and membership fee income rose 17%.

Management raised full-year adjusted EPS guidance to $2.80–$2.87 and lifted constant-currency net sales growth guidance to 4%–5%, while guiding third-quarter adjusted EPS to $0.62–$0.64.

Recent developments

Walmart acquired Vibe.co, a Chicago-based connected-TV and streaming advertising platform, folding its team into Walmart Connect to deepen the retailer's advertising business.

The company added two senior AI-focused executives, naming Amy Lokey senior vice president of design and Sonia Wadhawan vice president of partnerships, as it builds out AI-powered shopping and associate tools.

Walmart's drone-delivery footprint is approaching 70 U.S. stores, with roughly 2 million deliveries completed to date and plans to scale to more than 270 stores by the end of 2027.

New Maximum Fair Pricing pharmacy legislation weighed on the Health & Wellness segment, contributing a modest drag to Walmart U.S. comparable sales during the quarter.

Debate & sentiment

Bulls point to Walmart's high-margin flywheel — advertising, membership, and marketplace revenue now approaching a third of total operating income — as evidence the business mix is structurally improving beyond core retail.

Skeptics note that much of the quarter's operating income growth was tied to one-time tariff refunds rather than underlying retail execution, raising questions about how durable the margin expansion is.

Walmart U.S. comparable sales growth trailed consensus estimates, which some attribute to continued spending pressure among lower-income households rather than competitive share loss, though the cause remains debated.

Valuation is a recurring flashpoint: bulls argue the premium is earned given market-share gains and margin mix shift, while bears view multiples as stretched relative to Walmart's retail-sector peers.

Short ratioi

3.2

Short % of floati

1.7%

Analyst Reports

Consensusi

Buy

Average targeti

$137.98+24%

Highest targeti

$155.00+39%

Lowest targeti

$81.00-27%

43 analysts covering

Buy27

Outperform9

Hold6

Underperform0

Sell1

Shareholder Value

Share counti · dilutioni / buyback yieldi

Dividend per sharei · yieldi

Stock-based compensationi · % of revenuei

Nice, you made it all the way through!

Imagine this for every stock you own.

Free for 14 days, then $9/month for every report, every metric, and every feature. Straightforward, as it should be. Future additions included. Cancel anytime.