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).

Current Valuation Ratios
Historical Valuation Ratios (Summary)
Price to Earnings (P/E)
Price to Operating Profit (P/OP)
Price to Sales (P/S)
Price to Book Value (P/BV)

Walmart Inc., current price multiples

	Walmart Inc.	Amazon.com Inc.	Costco Wholesale Corp.	Dollar General Corp.	Home Depot Inc.	Lowe’s Cos. Inc.	Target Corp.	TJX Cos. Inc.	General Retailers	Consumer Services
Selected Financial Data
Current share price (P)	$140.20
No. shares of common stock outstanding	2,817,071,695
Growth rate (g)	7.22%

Earnings per share (EPS)	$4.80
Next year expected EPS	$5.14
Operating profit per share	$8.00
Sales per share	$197.10
Book value per share (BVPS)	$28.73
Valuation Ratios (Price Multiples)
Price to earnings (P/E)	29.23	77.82	42.50	19.84	28.40	25.62	24.51	983.49	46.70	49.29
Price to next year expected earnings	27.27	65.39	39.25	16.39	10.05	14.48	21.25	705.70	40.07	43.31
Price-earnings-growth (PEG)	4.05	4.09	5.13	0.94	0.16	0.33	1.60	24.99	2.82	3.57
Price to operating profit (P/OP)	17.52	72.49	31.29	14.82	19.99	15.49	16.37	152.82	36.25	33.52
Price to sales (P/S)	0.71	4.30	1.04	1.56	2.77	1.67	1.16	2.77	2.14	2.28
Price to book value (P/BV)	4.88	17.77	9.30	7.91	110.76	104.02	7.41	15.25	14.25	9.35

Based on: 10-K (filing date: 2021-03-19).

If the company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.
Otherwise, if the company price multiple is higher then the price multiple of benchmark then company stock is relatively overvalued.

Walmart Inc., historical price multiples

	Jan 31, 2021	Jan 31, 2020	Jan 31, 2019	Jan 31, 2018	Jan 31, 2017	Jan 31, 2016
Price to earnings (P/E)	27.47	21.69	41.79	26.62	16.02	14.72
Price to operating profit (P/OP)	16.46	15.69	12.69	12.85	9.60	8.97
Price to sales (P/S)	0.67	0.62	0.55	0.53	0.45	0.45
Price to book value (P/BV)	4.59	4.32	3.84	3.37	2.81	2.69

Based on: 10-K (filing date: 2021-03-19), 10-K (filing date: 2020-03-20), 10-K (filing date: 2019-03-28), 10-K (filing date: 2018-03-30), 10-K (filing date: 2017-03-31), 10-K (filing date: 2016-03-30).

Valuation ratio	Description	The company
P/E ratio	The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings.	Walmart Inc.’s P/E ratio decreased from 2019 to 2020 but then slightly increased from 2020 to 2021.
P/OP ratio	Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit.	Walmart Inc.’s P/OP ratio increased from 2019 to 2020 and from 2020 to 2021.
P/S ratio	An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative.	Walmart Inc.’s P/S ratio increased from 2019 to 2020 and from 2020 to 2021.
P/BV ratio	The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company’s required rate of return and its actual rate of return.	Walmart Inc.’s P/BV ratio increased from 2019 to 2020 and from 2020 to 2021.

Walmart Inc., historical P/E calculation, comparison to benchmarks

	Jan 31, 2021	Jan 31, 2020	Jan 31, 2019	Jan 31, 2018	Jan 31, 2017	Jan 31, 2016
No. shares of common stock outstanding¹	2,817,071,695	2,832,277,220	2,869,684,230	2,950,696,818	3,033,009,079	3,144,335,104
Selected Financial Data (US$)
Consolidated net income attributable to Walmart (in millions)	13,510	14,881	6,670	9,862	13,643	14,694
Earnings per share (EPS)²	4.80	5.25	2.32	3.34	4.50	4.67
Share price^1, 3	131.74	113.97	97.13	88.97	72.08	68.80
Valuation Ratio
P/E ratio⁴	27.47	21.69	41.79	26.62	16.02	14.72
Benchmarks
P/E Ratio, Competitors⁵
Amazon.com Inc.	—	78.20	86.29	79.30	228.24	166.53
Costco Wholesale Corp.	—	40.02	35.76	30.51	25.70	27.99
Dollar General Corp.	16.92	21.04	19.18	15.73	15.28	20.63
Home Depot Inc.	24.51	17.38	18.87	23.51	22.37	23.32
Lowe’s Cos. Inc.	22.36	11.96	37.80	20.26	22.62	26.67
Target Corp.	20.39	16.12	13.56	12.97	11.11	14.61
TJX Cos. Inc.	881.78	17.13	21.11	20.19	22.11	22.87
P/E Ratio, Sector
General Retailers	—	39.73	42.89	36.58	36.19	28.89
P/E Ratio, Industry
Consumer Services	—	42.67	32.56	29.96	23.68	25.70

Based on: 10-K (filing date: 2021-03-19), 10-K (filing date: 2020-03-20), 10-K (filing date: 2019-03-28), 10-K (filing date: 2018-03-30), 10-K (filing date: 2017-03-31), 10-K (filing date: 2016-03-30).

¹ Data adjusted for splits and stock dividends.

² 2021 Calculation
EPS = Consolidated net income attributable to Walmart ÷ No. shares of common stock outstanding
= 13,510,000,000 ÷ 2,817,071,695 = 4.80

³ Closing price as at the filing date of Walmart Inc.’s Annual Report.

⁴ 2021 Calculation
P/E ratio = Share price ÷ EPS
= 131.74 ÷ 4.80 = 27.47

⁵ Click competitor name to see calculations.

Valuation ratio	Description	The company
P/E ratio	The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings.	Walmart Inc.’s P/E ratio decreased from 2019 to 2020 but then slightly increased from 2020 to 2021.

Walmart Inc., historical P/OP calculation, comparison to benchmarks

	Jan 31, 2021	Jan 31, 2020	Jan 31, 2019	Jan 31, 2018	Jan 31, 2017	Jan 31, 2016
No. shares of common stock outstanding¹	2,817,071,695	2,832,277,220	2,869,684,230	2,950,696,818	3,033,009,079	3,144,335,104
Selected Financial Data (US$)
Operating income (in millions)	22,548	20,568	21,957	20,437	22,764	24,105
Operating profit per share²	8.00	7.26	7.65	6.93	7.51	7.67
Share price^1, 3	131.74	113.97	97.13	88.97	72.08	68.80
Valuation Ratio
P/OP ratio⁴	16.46	15.69	12.69	12.85	9.60	8.97
Benchmarks
P/OP Ratio, Competitors⁵
Amazon.com Inc.	—	72.84	68.77	64.31	168.59	94.32
Costco Wholesale Corp.	—	29.47	27.62	21.34	16.75	17.91
Dollar General Corp.	12.64	15.65	14.41	12.05	9.26	12.39
Home Depot Inc.	17.25	12.33	13.51	13.82	13.26	13.88
Lowe’s Cos. Inc.	13.52	8.11	21.77	10.61	11.97	13.66
Target Corp.	13.62	11.35	9.69	8.83	6.12	8.88
TJX Cos. Inc.	137.02	12.69	15.31	13.54	13.20	14.06
P/OP Ratio, Sector
General Retailers	—	30.84	25.86	22.45	21.72	17.26
P/OP Ratio, Industry
Consumer Services	—	29.02	20.93	18.87	18.08	15.67

Based on: 10-K (filing date: 2021-03-19), 10-K (filing date: 2020-03-20), 10-K (filing date: 2019-03-28), 10-K (filing date: 2018-03-30), 10-K (filing date: 2017-03-31), 10-K (filing date: 2016-03-30).

¹ Data adjusted for splits and stock dividends.

² 2021 Calculation
Operating profit per share = Operating income ÷ No. shares of common stock outstanding
= 22,548,000,000 ÷ 2,817,071,695 = 8.00

³ Closing price as at the filing date of Walmart Inc.’s Annual Report.

⁴ 2021 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 131.74 ÷ 8.00 = 16.46

⁵ Click competitor name to see calculations.

Valuation ratio	Description	The company
P/OP ratio	Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit.	Walmart Inc.’s P/OP ratio increased from 2019 to 2020 and from 2020 to 2021.

Walmart Inc., historical P/S calculation, comparison to benchmarks

	Jan 31, 2021	Jan 31, 2020	Jan 31, 2019	Jan 31, 2018	Jan 31, 2017	Jan 31, 2016
No. shares of common stock outstanding¹	2,817,071,695	2,832,277,220	2,869,684,230	2,950,696,818	3,033,009,079	3,144,335,104
Selected Financial Data (US$)
Net sales (in millions)	555,233	519,926	510,329	495,761	481,317	478,614
Sales per share²	197.10	183.57	177.83	168.01	158.69	152.21
Share price^1, 3	131.74	113.97	97.13	88.97	72.08	68.80
Valuation Ratio
P/S ratio⁴	0.67	0.62	0.55	0.53	0.45	0.45
Benchmarks
P/S Ratio, Competitors⁵
Amazon.com Inc.	—	4.32	3.56	3.43	3.89	2.90
Costco Wholesale Corp.	—	0.98	0.88	0.69	0.55	0.57
Dollar General Corp.	1.33	1.30	1.19	1.03	0.87	1.18
Home Depot Inc.	2.39	1.77	1.94	2.01	1.88	1.85
Lowe’s Cos. Inc.	1.46	0.71	1.23	1.02	1.08	1.15
Target Corp.	0.96	0.69	0.53	0.53	0.44	0.67
TJX Cos. Inc.	2.48	1.34	1.66	1.47	1.53	1.68
P/S Ratio, Sector
General Retailers	—	1.82	1.46	1.32	1.24	1.03
P/S Ratio, Industry
Consumer Services	—	1.97	1.64	1.52	1.51	1.32

Based on: 10-K (filing date: 2021-03-19), 10-K (filing date: 2020-03-20), 10-K (filing date: 2019-03-28), 10-K (filing date: 2018-03-30), 10-K (filing date: 2017-03-31), 10-K (filing date: 2016-03-30).

¹ Data adjusted for splits and stock dividends.

² 2021 Calculation
Sales per share = Net sales ÷ No. shares of common stock outstanding
= 555,233,000,000 ÷ 2,817,071,695 = 197.10

³ Closing price as at the filing date of Walmart Inc.’s Annual Report.

⁴ 2021 Calculation
P/S ratio = Share price ÷ Sales per share
= 131.74 ÷ 197.10 = 0.67

⁵ Click competitor name to see calculations.

Valuation ratio	Description	The company
P/S ratio	An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative.	Walmart Inc.’s P/S ratio increased from 2019 to 2020 and from 2020 to 2021.

Walmart Inc., historical P/BV calculation, comparison to benchmarks

	Jan 31, 2021	Jan 31, 2020	Jan 31, 2019	Jan 31, 2018	Jan 31, 2017	Jan 31, 2016
No. shares of common stock outstanding¹	2,817,071,695	2,832,277,220	2,869,684,230	2,950,696,818	3,033,009,079	3,144,335,104
Selected Financial Data (US$)
Total Walmart shareholders’ equity (in millions)	80,925	74,669	72,496	77,869	77,798	80,546
Book value per share (BVPS)²	28.73	26.36	25.26	26.39	25.65	25.62
Share price^1, 3	131.74	113.97	97.13	88.97	72.08	68.80
Valuation Ratio
P/BV ratio⁴	4.59	4.32	3.84	3.37	2.81	2.69
Benchmarks
P/BV Ratio, Competitors⁵
Amazon.com Inc.	—	17.86	16.11	18.34	24.98	20.47
Costco Wholesale Corp.	—	8.76	8.58	7.47	6.39	5.44
Dollar General Corp.	6.74	5.38	4.75	3.95	3.54	4.47
Home Depot Inc.	95.58	—	—	139.52	41.08	25.88
Lowe’s Cos. Inc.	90.79	25.96	24.01	11.89	10.87	8.87
Target Corp.	6.17	4.47	3.52	3.25	2.78	3.79
TJX Cos. Inc.	13.68	9.42	12.79	10.23	11.27	12.09
P/BV Ratio, Sector
General Retailers	—	12.12	10.56	9.39	8.98	6.96
P/BV Ratio, Industry
Consumer Services	—	8.10	6.78	6.39	6.46	5.50

Based on: 10-K (filing date: 2021-03-19), 10-K (filing date: 2020-03-20), 10-K (filing date: 2019-03-28), 10-K (filing date: 2018-03-30), 10-K (filing date: 2017-03-31), 10-K (filing date: 2016-03-30).

¹ Data adjusted for splits and stock dividends.

² 2021 Calculation
BVPS = Total Walmart shareholders’ equity ÷ No. shares of common stock outstanding
= 80,925,000,000 ÷ 2,817,071,695 = 28.73

³ Closing price as at the filing date of Walmart Inc.’s Annual Report.

⁴ 2021 Calculation
P/BV ratio = Share price ÷ BVPS
= 131.74 ÷ 28.73 = 4.59

⁵ Click competitor name to see calculations.

Valuation ratio	Description	The company
P/BV ratio	The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company’s required rate of return and its actual rate of return.	Walmart Inc.’s P/BV ratio increased from 2019 to 2020 and from 2020 to 2021.

Walmart Inc. (NYSE:WMT)

Common Stock Valuation Ratios (Price Multiples)

Current Valuation Ratios

Historical Valuation Ratios (Summary)

Price to Earnings (P/E)

Price to Operating Profit (P/OP)

Price to Sales (P/S)

Price to Book Value (P/BV)