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 Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Enterprise Value to EBITDA (EV/EBITDA)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Operating Profit Margin since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
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Historical Valuation Ratios (Summary)
Walmart Inc., historical price multiples (quarterly data)
Based on: 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).
An analysis of the valuation ratios indicates a significant expansion in market valuation multiples across all measured metrics over the observed period. While the initial years were characterized by relative stability or volatility, a pronounced upward trend emerged starting in 2023 and accelerated through 2026, suggesting a substantial increase in the premium investors are willing to pay for earnings, sales, and book value.
- Price to Earnings (P/E) Ratio
- The P/E ratio exhibited considerable volatility between April 2021 and October 2023, fluctuating between a high of 47.43 and a low of 25.73. Following this period of instability, a sustained higher valuation baseline was established. From July 2024 through April 2026, the ratio remained consistently above 35, ultimately reaching 40.51, reflecting a trend of expanded earnings multiples in the later stages of the period.
- Price to Operating Profit (P/OP) Ratio
- A consistent growth pattern is observed in the P/OP ratio. After maintaining a range between 14.11 and 19.93 from April 2021 to January 2023, the ratio began a steady ascent. This upward trajectory culminated in a peak of 33.82 in January 2026, effectively doubling the valuation relative to operating profit compared to the 2022 lows.
- Price to Sales (P/S) Ratio
- The P/S ratio remained relatively flat and compressed between 0.60 and 0.76 for the first several years of the analysis. A distinct structural shift occurred after January 2024, with the ratio breaking above the 0.80 threshold. The metric peaked at 1.43 in January 2026, indicating a significant increase in the market's valuation of the company's revenue streams.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio demonstrates the most aggressive and steady expansion of all four metrics. Starting from a range of 4.47 to 5.14 in 2021 and 2022, the ratio climbed consistently to reach a peak of 10.13 in January 2026. This represents a near-doubling of the price-to-book multiple, signifying a substantial increase in the market value relative to the company's accounting equity.
Overall, the convergence of rising P/E, P/OP, P/S, and P/BV ratios points to a broad valuation re-rating. The most intense period of expansion occurred between July 2024 and January 2026, where all multiples reached or approached their period highs simultaneously.
Price to Earnings (P/E)
Walmart Inc., historical P/E calculation (quarterly data)
| 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: 2026-04-30), 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 Q1 2027 Calculation
EPS
= (Consolidated net income (loss) attributable to WalmartQ1 2027
+ Consolidated net income (loss) attributable to WalmartQ4 2026
+ Consolidated net income (loss) attributable to WalmartQ3 2026
+ Consolidated net income (loss) attributable to WalmartQ2 2026)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Walmart Inc. Quarterly or Annual Report.
4 Q1 2027 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The financial data exhibits a sustained upward trajectory in both share price and earnings per share over the analyzed period, though the price-to-earnings (P/E) ratio demonstrates significant volatility and cyclical shifts in valuation.
- Share Price Performance
- A substantial increase in share price is observed, rising from 47.28 USD in April 2021 to a peak of 126.52 USD in January 2026. A period of accelerated growth occurred between July 2024 and October 2024, where the price increased from 77.23 USD to 95.70 USD, marking a significant shift in the stock's valuation level.
- Earnings per Share (EPS) Trends
- Earnings per share transitioned from 1.46 USD in April 2021 to 2.86 USD by April 2026. Although the overall trend is positive, the growth was not linear; a notable dip to 0.96 USD occurred in October 2021, followed by a consistent recovery and eventual climb to a peak of 2.87 USD in October 2025.
- Price-to-Earnings (P/E) Ratio Analysis
- The P/E ratio fluctuated across three distinct phases. The first phase was characterized by high volatility, reaching 47.43 in October 2021. The second phase, spanning from April 2022 to April 2023, showed a contraction in the multiple, with values frequently dipping into the 25.00 to 30.00 range. The final phase, from July 2024 through April 2026, reflects a valuation expansion, with the ratio consistently remaining above 35.00 and reaching 46.07 in January 2026.
- Valuation Correlation
- The divergence between share price growth and EPS growth is most evident in the final quarters of the data set. The increase in the P/E ratio during this time indicates that share price appreciation outpaced earnings growth, suggesting an increase in the market premium applied to the stock's earnings.
Price to Operating Profit (P/OP)
Walmart Inc., historical P/OP calculation (quarterly data)
| 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: 2026-04-30), 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 Q1 2027 Calculation
Operating profit per share
= (Operating incomeQ1 2027
+ Operating incomeQ4 2026
+ Operating incomeQ3 2026
+ Operating incomeQ2 2026)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Walmart Inc. Quarterly or Annual Report.
4 Q1 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 exhibited a significant upward trajectory over the analyzed period, evolving from a baseline of 16.40 in April 2021 to a peak of 33.82 in January 2026. This trend reflects a substantial expansion in the market valuation of the company's operating earnings.
- Share Price Trends
- A consistent long-term increase in share price is observed, rising from 47.28 US$ in April 2021 to 115.75 US$ by April 2026. The growth accelerated notably after January 2024, with the price ascending from 60.68 US$ to cross the 100 US$ threshold by October 2025.
- Operating Profit per Share Dynamics
- Operating profit per share demonstrated relative stability with moderate growth. Following a period of slight contraction between January 2022 (3.14 US$) and January 2023 (2.53 US$), a steady recovery phase ensued. By April 2026, operating profit per share reached 3.79 US$, representing a gradual but consistent improvement in operational efficiency per share.
- P/OP Ratio Interpretation
- The expansion of the P/OP ratio is primarily driven by a divergence between share price appreciation and operating profit growth. In the initial period from April 2021 to April 2022, the ratio remained compressed between 14.11 and 16.40. However, from 2024 onwards, the rate of share price increase significantly outpaced the growth of operating profits. This divergence resulted in the ratio climbing from 19.19 in January 2024 to a high of 33.82 in January 2026, indicating that the market began assigning a much higher premium to each dollar of operating profit.
Price to Sales (P/S)
Walmart Inc., historical P/S calculation (quarterly data)
| Apr 30, 2026 | Jan 31, 2026 | Oct 31, 2025 | Jul 31, 2025 | Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 | Jan 31, 2023 | Oct 31, 2022 | Jul 31, 2022 | Apr 30, 2022 | Jan 31, 2022 | Oct 31, 2021 | Jul 31, 2021 | Apr 30, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| 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: 2026-04-30), 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 Q1 2027 Calculation
Sales per share
= (Net salesQ1 2027
+ Net salesQ4 2026
+ Net salesQ3 2026
+ Net salesQ2 2026)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Walmart Inc. Quarterly or Annual Report.
4 Q1 2027 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The financial data indicates a significant expansion in the valuation multiple of the common stock over the observed period, characterized by a transition from a stable valuation range to a period of marked growth.
- Sales per Share Performance
- A consistent and linear upward trend in sales per share is observed, increasing from 66.46 US$ in April 2021 to 90.24 US$ by April 2026. This represents steady revenue growth per outstanding share throughout the entire analyzed timeframe.
- Share Price Trajectory
- The share price exhibited initial volatility between April 2021 and April 2022, reaching a period low of 41.77 US$. Following this trough, a sustained upward trajectory began, with the price rising from 46.47 US$ in January 2023 to a peak of 126.52 US$ in January 2026, before concluding the period at 115.75 US$.
- Price to Sales (P/S) Ratio Analysis
- The P/S ratio remained relatively compressed between April 2021 and January 2023, fluctuating within a range of 0.60 to 0.74. A structural shift in valuation occurred thereafter, as the ratio began a sustained ascent. The P/S ratio surpassed the 1.0 threshold in October 2024 and reached a maximum of 1.43 in January 2026, ending the period at 1.28.
The divergence between the steady, linear growth of sales per share and the accelerated growth of the share price indicates an expansion in the market's valuation of the company's revenue. The increase in the P/S ratio from 0.71 to 1.28 suggests that the stock is trading at a higher premium relative to its sales than was the case in the early part of the period.
Price to Book Value (P/BV)
Walmart Inc., historical P/BV calculation (quarterly data)
| Apr 30, 2026 | Jan 31, 2026 | Oct 31, 2025 | Jul 31, 2025 | Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 | Jan 31, 2023 | Oct 31, 2022 | Jul 31, 2022 | Apr 30, 2022 | Jan 31, 2022 | Oct 31, 2021 | Jul 31, 2021 | Apr 30, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| 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: 2026-04-30), 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 Q1 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 Q1 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 long-term upward trajectory, reflecting an increasing premium that the market is willing to pay relative to the company's accounting book value. The ratio remained relatively range-bound between 4.47 and 5.83 from April 2021 through January 2024, after which it entered a phase of rapid expansion, peaking at 10.13 in January 2026.
- Share Price Influence
- The expansion of the P/BV ratio is primarily driven by a substantial increase in the share price. The price rose from 47.28 US$ in April 2021 to a peak of 126.52 US$ in January 2026. This growth accelerated notably after January 2024, where the price surged from 60.68 US$ to consistently trade above 85.00 US$, directly inflating the valuation multiple.
- Book Value per Share (BVPS) Stability
- In contrast to the share price, the book value per share remained relatively stagnant, showing modest fluctuations within a narrow band. BVPS moved from 9.32 US$ in April 2021 to a high of 12.50 US$ in January 2026. Because the growth in BVPS was marginal compared to the growth in share price, the P/BV ratio scaled aggressively.
- P/BV Ratio Phases
- The data reveals three distinct phases: a period of stability (April 2021 to April 2022) where the ratio hovered around 4.5 to 5.1; a period of gradual ascent (July 2022 to January 2024) where the ratio climbed toward 6.0; and a period of rapid appreciation (April 2024 to January 2026) where the ratio broke historical norms to exceed 10.0.
The widening gap between the market price and the book value suggests a shift in investor perception, moving from a valuation based on tangible asset backing toward a valuation driven by future earnings expectations or intangible growth drivers. The final observation in April 2026 shows a slight contraction to 9.77, though the ratio remains significantly higher than the levels observed at the start of the period.