Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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- Analysis of Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Reportable Segments
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Price to Operating Profit (P/OP) since 2005
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Historical Valuation Ratios (Summary)
Walmart Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2026-07-31), 10-Q (reporting date: 2026-04-30), 10-K (reporting date: 2026-01-31), 10-Q (reporting date: 2025-10-31), 10-Q (reporting date: 2025-07-31), 10-Q (reporting date: 2025-04-30), 10-K (reporting date: 2025-01-31), 10-Q (reporting date: 2024-10-31), 10-Q (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 10-K (reporting date: 2024-01-31), 10-Q (reporting date: 2023-10-31), 10-Q (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-31), 10-Q (reporting date: 2022-10-31), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-31), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30).
The valuation metrics for the period between April 2021 and July 2026 exhibit a general expansion in multiples, indicating an increase in the market premium attributed to the company. While there were periods of volatility and cyclical contraction, the later stages of the timeframe show a marked upward shift in how the market values the company's earnings, sales, operating profit, and book value.
- Price to Earnings (P/E) Ratio
- The P/E ratio demonstrates significant volatility, characterized by two distinct peaks in October 2021 (47.43) and October 2022 (46.12). Following a period of compression where the ratio fell to a low of 25.73 in October 2023, a recovery trend emerged. This culminated in a secondary growth phase reaching 46.07 in January 2026, before moderating to 37.05 by July 2026.
- Price to Operating Profit (P/OP) Ratio
- A steady upward trajectory is observed in the P/OP ratio. After maintaining a range between 14.11 and 16.40 during the first two years, the ratio began a sustained climb starting in late 2022. The multiple expanded significantly, peaking at 33.82 in January 2026, which represents a substantial increase in the valuation of core operational profitability compared to the baseline period.
- Price to Sales (P/S) Ratio
- The P/S ratio remained relatively stagnant between 0.60 and 0.76 from April 2021 through January 2024. However, a clear breakout occurred starting in April 2024, with the ratio crossing the 1.0 threshold for the first time in July 2024. The metric reached a maximum of 1.43 in January 2026, suggesting a fundamental shift in the market's valuation of the company's revenue generation capabilities.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio shows the most consistent growth trend among the valuation metrics. After fluctuating between 4.47 and 5.72 from 2021 to 2022, the ratio entered a period of aggressive expansion. This trend peaked at 10.13 in January 2026, indicating that the stock price increased at a rate significantly faster than the growth of the company's equity base, before retreating to 8.33 in July 2026.
Overall, the convergence of rising P/S and P/BV ratios suggests that the valuation growth was driven not only by earnings expectations but also by a broader re-rating of the company's asset base and revenue streams. The simultaneous peak across all four metrics in January 2026 indicates a period of maximum valuation optimism followed by a moderate correction in the final two quarters of the analyzed period.
Price to Earnings (P/E)
Walmart Inc., historical P/E calculation (quarterly data)
| Jul 31, 2026 | Apr 30, 2026 | Jan 31, 2026 | Oct 31, 2025 | Jul 31, 2025 | Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 | Jan 31, 2023 | Oct 31, 2022 | Jul 31, 2022 | Apr 30, 2022 | Jan 31, 2022 | Oct 31, 2021 | Jul 31, 2021 | Apr 30, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Consolidated net income (loss) attributable to Walmart (in millions) | |||||||||||||||||||||||||||||
| Earnings per share (EPS)2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/E ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Costco Wholesale Corp. | |||||||||||||||||||||||||||||
| Target Corp. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-07-31), 10-Q (reporting date: 2026-04-30), 10-K (reporting date: 2026-01-31), 10-Q (reporting date: 2025-10-31), 10-Q (reporting date: 2025-07-31), 10-Q (reporting date: 2025-04-30), 10-K (reporting date: 2025-01-31), 10-Q (reporting date: 2024-10-31), 10-Q (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 10-K (reporting date: 2024-01-31), 10-Q (reporting date: 2023-10-31), 10-Q (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-31), 10-Q (reporting date: 2022-10-31), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-31), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30).
1 Data adjusted for splits and stock dividends.
2 Q2 2027 Calculation
EPS
= (Consolidated net income (loss) attributable to WalmartQ2 2027
+ Consolidated net income (loss) attributable to WalmartQ1 2027
+ Consolidated net income (loss) attributable to WalmartQ4 2026
+ Consolidated net income (loss) attributable to WalmartQ3 2026)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Walmart Inc. Quarterly or Annual Report.
4 Q2 2027 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The financial trajectory from April 2021 through July 2026 is characterized by a significant expansion in share price and a steady improvement in earnings capacity, although the valuation multiple exhibited notable volatility throughout the period.
- Share Price Evolution
- The share price underwent an initial phase of volatility between April 2021 and April 2022, fluctuating between 41.77 US$ and 49.52 US$. A sustained bullish trend emerged in early 2024, with the price ascending from 60.68 US$ in January 2024 to a peak of 126.52 US$ in January 2026. A subsequent correction is observed in the final two quarters, ending at 103.09 US$ in July 2026.
- Earnings Per Share (EPS) Performance
- Earnings demonstrated consistent growth after hitting a period low of 0.96 US$ in October 2021. There was a steady upward trend in profitability through 2023 and 2024, with EPS increasing from 1.11 US$ in October 2022 to a high of 2.87 US$ in October 2025. The final year shows a stabilization of earnings, maintaining a range between 2.75 US$ and 2.86 US$.
- Price-to-Earnings (P/E) Ratio Analysis
- The P/E ratio fluctuated significantly, reflecting shifting market sentiment rather than a linear trend. High valuation peaks were recorded in October 2021 (47.43) and January 2026 (46.07). Conversely, a period of valuation compression occurred throughout mid-2022, with the ratio dropping to a low of 25.73 in October 2023. The divergence between the steady rise in EPS and the volatile P/E ratio suggests that the share price increases were driven by a combination of fundamental earnings growth and periodic expansions in the market's valuation premium.
Price to Operating Profit (P/OP)
Walmart Inc., historical P/OP calculation (quarterly data)
| Jul 31, 2026 | Apr 30, 2026 | Jan 31, 2026 | Oct 31, 2025 | Jul 31, 2025 | Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 | Jan 31, 2023 | Oct 31, 2022 | Jul 31, 2022 | Apr 30, 2022 | Jan 31, 2022 | Oct 31, 2021 | Jul 31, 2021 | Apr 30, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Operating income (in millions) | |||||||||||||||||||||||||||||
| Operating profit per share2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/OP ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Costco Wholesale Corp. | |||||||||||||||||||||||||||||
| Target Corp. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-07-31), 10-Q (reporting date: 2026-04-30), 10-K (reporting date: 2026-01-31), 10-Q (reporting date: 2025-10-31), 10-Q (reporting date: 2025-07-31), 10-Q (reporting date: 2025-04-30), 10-K (reporting date: 2025-01-31), 10-Q (reporting date: 2024-10-31), 10-Q (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 10-K (reporting date: 2024-01-31), 10-Q (reporting date: 2023-10-31), 10-Q (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-31), 10-Q (reporting date: 2022-10-31), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-31), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30).
1 Data adjusted for splits and stock dividends.
2 Q2 2027 Calculation
Operating profit per share
= (Operating incomeQ2 2027
+ Operating incomeQ1 2027
+ Operating incomeQ4 2026
+ Operating incomeQ3 2026)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Walmart Inc. Quarterly or Annual Report.
4 Q2 2027 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The Price to Operating Profit (P/OP) ratio demonstrates a significant expansionary trend between April 2021 and July 2026, reflecting a substantial increase in market valuation relative to the company's operational earnings.
- Valuation Trajectory
- The P/OP ratio remained relatively stable between 14.11 and 16.40 during the initial period through early 2022. A sustained ascent began in late 2022, with the ratio climbing from 19.93 in October 2022 to a peak of 33.82 in January 2026. This progression indicates a period of aggressive valuation expansion where the share price growth significantly outpaced the growth of operating profit per share.
- Operating Profit Performance
- Operating profit per share experienced a period of contraction, reaching a low of 2.53 in January 2023. Following this trough, a consistent upward trend is observed from April 2023 onward, with values rising from 2.64 to a period high of 4.07 by July 2026. This steady improvement in operational earnings occurred concurrently with the valuation expansion, though the magnitude of the profit growth was smaller than the increase in share price.
- Share Price Influence
- The share price exhibited the most pronounced volatility and growth, rising from 47.28 in April 2021 to a peak of 126.52 in January 2026. The divergence between the share price and the operating profit per share served as the primary driver for the P/OP ratio's increase, suggesting that market sentiment and growth expectations became increasingly optimistic regardless of the immediate operational profit figures.
- Recent Valuation Contraction
- A correction phase is evident in the final quarters of the analyzed period. The P/OP ratio declined from its peak of 33.82 in January 2026 to 25.34 by July 2026. This contraction was driven by a decrease in the share price to 103.09, occurring even as operating profit per share continued to increase to 4.07, indicating a normalization of the valuation multiple.
Price to Sales (P/S)
Walmart Inc., historical P/S calculation (quarterly data)
| Jul 31, 2026 | Apr 30, 2026 | Jan 31, 2026 | Oct 31, 2025 | Jul 31, 2025 | Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 | Jan 31, 2023 | Oct 31, 2022 | Jul 31, 2022 | Apr 30, 2022 | Jan 31, 2022 | Oct 31, 2021 | Jul 31, 2021 | Apr 30, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Net sales (in millions) | |||||||||||||||||||||||||||||
| Sales per share2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/S ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Costco Wholesale Corp. | |||||||||||||||||||||||||||||
| Target Corp. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-07-31), 10-Q (reporting date: 2026-04-30), 10-K (reporting date: 2026-01-31), 10-Q (reporting date: 2025-10-31), 10-Q (reporting date: 2025-07-31), 10-Q (reporting date: 2025-04-30), 10-K (reporting date: 2025-01-31), 10-Q (reporting date: 2024-10-31), 10-Q (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 10-K (reporting date: 2024-01-31), 10-Q (reporting date: 2023-10-31), 10-Q (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-31), 10-Q (reporting date: 2022-10-31), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-31), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30).
1 Data adjusted for splits and stock dividends.
2 Q2 2027 Calculation
Sales per share
= (Net salesQ2 2027
+ Net salesQ1 2027
+ Net salesQ4 2026
+ Net salesQ3 2026)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Walmart Inc. Quarterly or Annual Report.
4 Q2 2027 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The valuation of common stock exhibits a distinct shift in market sentiment over the analyzed period, transitioning from a phase of relative stability to a significant expansion in the price-to-sales multiple. While revenue per share grew consistently across all quarters, the market valuation accelerated at a disproportionate rate beginning in early 2024, leading to a peak in the valuation multiple before a subsequent correction.
- Sales per Share Performance
- A consistent and uninterrupted upward trend is observed in sales per share, increasing from 66.46 US$ in April 2021 to 91.82 US$ by July 2026. This trajectory indicates steady growth in top-line generation on a per-share basis throughout the entire duration of the analysis.
- Share Price Movement
- Share prices showed moderate volatility between April 2021 and January 2023, fluctuating within a range of 41.77 US$ to 53.86 US$. A period of rapid appreciation began in 2024, with the price climbing from 60.68 US$ in January to a maximum of 126.52 US$ in January 2026. A downward adjustment followed in the final two quarters, ending at 103.09 US$ in July 2026.
- Price to Sales (P/S) Ratio Analysis
- The P/S ratio remained compressed and stable between 0.60 and 0.74 from April 2021 through January 2023. A valuation expansion occurred starting in January 2024 (0.76), with the ratio surpassing the 1.00 threshold in October 2024 (1.15) and reaching a peak of 1.43 in January 2026. This trend indicates that the share price grew significantly faster than the sales per share during this window. The ratio eventually contracted to 1.12 by July 2026, as the decline in share price outweighed the continued growth in sales per share.
Price to Book Value (P/BV)
Walmart Inc., historical P/BV calculation (quarterly data)
| Jul 31, 2026 | Apr 30, 2026 | Jan 31, 2026 | Oct 31, 2025 | Jul 31, 2025 | Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 | Jan 31, 2023 | Oct 31, 2022 | Jul 31, 2022 | Apr 30, 2022 | Jan 31, 2022 | Oct 31, 2021 | Jul 31, 2021 | Apr 30, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Total Walmart shareholders’ equity (in millions) | |||||||||||||||||||||||||||||
| Book value per share (BVPS)2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/BV ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Costco Wholesale Corp. | |||||||||||||||||||||||||||||
| Target Corp. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-07-31), 10-Q (reporting date: 2026-04-30), 10-K (reporting date: 2026-01-31), 10-Q (reporting date: 2025-10-31), 10-Q (reporting date: 2025-07-31), 10-Q (reporting date: 2025-04-30), 10-K (reporting date: 2025-01-31), 10-Q (reporting date: 2024-10-31), 10-Q (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 10-K (reporting date: 2024-01-31), 10-Q (reporting date: 2023-10-31), 10-Q (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-31), 10-Q (reporting date: 2022-10-31), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-31), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30).
1 Data adjusted for splits and stock dividends.
2 Q2 2027 Calculation
BVPS = Total Walmart shareholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Walmart Inc. Quarterly or Annual Report.
4 Q2 2027 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The Price to Book Value (P/BV) ratio exhibits a significant overall expansion over the analyzed period, transitioning from a range of approximately 4.5 to 5.2 in 2021 and 2022 to a peak above 10.0 by early 2026. This upward trajectory indicates a substantial increase in the market premium attributed to the company's assets relative to their accounting value.
- Price to Book Value Trend Analysis
- The P/BV ratio remained relatively stable between April 2021 and January 2022, fluctuating within a narrow band of 4.62 to 5.14. A period of volatility followed, reaching a cycle low of 4.47 in April 2022 before entering a sustained growth phase. From October 2022 through January 2026, the ratio climbed steadily, surpassing the 6.0 threshold in January 2024 and peaking at 10.13 in January 2026. A moderate contraction is observed in the final two quarters, with the ratio receding to 8.33 by July 2026.
- Book Value per Share (BVPS) Stability
- The BVPS demonstrated low volatility and gradual growth, starting at 9.32 in April 2021 and ending at 12.38 in July 2026. While there were minor fluctuations—such as a dip to 8.93 in October 2022—the asset base per share remained relatively constant compared to the movements in market price. This stability suggests that the expansion in the P/BV ratio was not driven by a sudden increase in net asset value, but rather by market sentiment and pricing.
- Share Price Influence on Valuation
- The primary driver of the valuation expansion was the significant increase in the share price. From a low of 41.77 in April 2022, the price ascended to a peak of 126.52 in January 2026. Because the share price grew at a much faster rate than the BVPS, the P/BV ratio effectively doubled during this window. The subsequent decline in the ratio during 2026 aligns directly with a downward correction in the share price from its peak, despite the BVPS remaining historically high.
- Correlation between Metrics
- A strong positive correlation is observed between the share price and the P/BV ratio, while the correlation between BVPS and the P/BV ratio is weak. The valuation multiple reflects a shift in investor perception, where the market began assigning a much higher premium to the company's intrinsic book value starting in late 2022, peaking in early 2026 before stabilizing at a higher baseline than the 2021-2022 period.