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)
No. shares of common stock outstanding
Growth rate (g)

Earnings per share (EPS)
Next year expected EPS
Operating profit per share
Sales per share
Book value per share (BVPS)
Valuation Ratios (Price Multiples)
Price to earnings (P/E)
Price to next year expected earnings
Price-earnings-growth (PEG)
Price to operating profit (P/OP)
Price to sales (P/S)
Price to book value (P/BV)

Based on: 10-K (filing date: 2020-03-20).

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, 2020	Jan 31, 2019	Jan 31, 2018	Jan 31, 2017	Jan 31, 2016	Jan 31, 2015
	Price to earnings (P/E)
	Price to operating profit (P/OP)
	Price to sales (P/S)
	Price to book value (P/BV)

Based on: 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), 10-K (filing date: 2015-04-01).

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 increased from 2018 to 2019 but then decreased significantly from 2019 to 2020.
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 decreased from 2018 to 2019 but then increased from 2019 to 2020 exceeding 2018 level.
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 2018 to 2019 and from 2019 to 2020.
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 2018 to 2019 and from 2019 to 2020.

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

		Jan 31, 2020	Jan 31, 2019	Jan 31, 2018	Jan 31, 2017	Jan 31, 2016	Jan 31, 2015
	No. shares of common stock outstanding¹
	Selected Financial Data (US$)
	Consolidated net income attributable to Walmart (in millions)
	Earnings per share (EPS)²
	Share price^1, 3
	Valuation Ratio
	P/E ratio⁴
	Benchmarks
	P/E Ratio, Competitors⁵
	Amazon.com Inc.
	Costco Wholesale Corp.
	Dollar General Corp.
	Home Depot Inc.
	Lowe’s Cos. Inc.
	Target Corp.
	TJX Cos. Inc.
	P/E Ratio, Sector
	General Retailers
	P/E Ratio, Industry
	Consumer Services

Based on: 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), 10-K (filing date: 2015-04-01).

¹ Data adjusted for splits and stock dividends.

² 2020 Calculation
EPS = Consolidated net income attributable to Walmart ÷ No. shares of common stock outstanding
= ÷ =

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

⁴ 2020 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =

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 increased from 2018 to 2019 but then decreased significantly from 2019 to 2020.

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

		Jan 31, 2020	Jan 31, 2019	Jan 31, 2018	Jan 31, 2017	Jan 31, 2016	Jan 31, 2015
	No. shares of common stock outstanding¹
	Selected Financial Data (US$)
	Operating income (in millions)
	Operating profit per share²
	Share price^1, 3
	Valuation Ratio
	P/OP ratio⁴
	Benchmarks
	P/OP Ratio, Competitors⁵
	Amazon.com Inc.
	Costco Wholesale Corp.
	Dollar General Corp.
	Home Depot Inc.
	Lowe’s Cos. Inc.
	Target Corp.
	TJX Cos. Inc.
	P/OP Ratio, Sector
	General Retailers
	P/OP Ratio, Industry
	Consumer Services

Based on: 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), 10-K (filing date: 2015-04-01).

¹ Data adjusted for splits and stock dividends.

² 2020 Calculation
Operating profit per share = Operating income ÷ No. shares of common stock outstanding
= ÷ =

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

⁴ 2020 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =

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 decreased from 2018 to 2019 but then increased from 2019 to 2020 exceeding 2018 level.

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

		Jan 31, 2020	Jan 31, 2019	Jan 31, 2018	Jan 31, 2017	Jan 31, 2016	Jan 31, 2015
	No. shares of common stock outstanding¹
	Selected Financial Data (US$)
	Net sales (in millions)
	Sales per share²
	Share price^1, 3
	Valuation Ratio
	P/S ratio⁴
	Benchmarks
	P/S Ratio, Competitors⁵
	Amazon.com Inc.
	Costco Wholesale Corp.
	Dollar General Corp.
	Home Depot Inc.
	Lowe’s Cos. Inc.
	Target Corp.
	TJX Cos. Inc.
	P/S Ratio, Sector
	General Retailers
	P/S Ratio, Industry
	Consumer Services

Based on: 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), 10-K (filing date: 2015-04-01).

¹ Data adjusted for splits and stock dividends.

² 2020 Calculation
Sales per share = Net sales ÷ No. shares of common stock outstanding
= ÷ =

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

⁴ 2020 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =

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 2018 to 2019 and from 2019 to 2020.

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

		Jan 31, 2020	Jan 31, 2019	Jan 31, 2018	Jan 31, 2017	Jan 31, 2016	Jan 31, 2015
	No. shares of common stock outstanding¹
	Selected Financial Data (US$)
	Total Walmart shareholders’ equity (in millions)
	Book value per share (BVPS)²
	Share price^1, 3
	Valuation Ratio
	P/BV ratio⁴
	Benchmarks
	P/BV Ratio, Competitors⁵
	Amazon.com Inc.
	Costco Wholesale Corp.
	Dollar General Corp.
	Home Depot Inc.
	Lowe’s Cos. Inc.
	Target Corp.
	TJX Cos. Inc.
	P/BV Ratio, Sector
	General Retailers
	P/BV Ratio, Industry
	Consumer Services

Based on: 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), 10-K (filing date: 2015-04-01).

¹ Data adjusted for splits and stock dividends.

² 2020 Calculation
BVPS = Total Walmart shareholders’ equity ÷ No. shares of common stock outstanding
= ÷ =

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

⁴ 2020 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =

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 2018 to 2019 and from 2019 to 2020.

	Walmart Inc.	Other companies (not purchased previously)
Financial Statements
Common-Size Financial Statements
Analysis of Financial Ratios
Relative Valuation
Discounted Cash Flow (DCF) Valuation
Economic Value Added (EVA)
Long-term Trends
Analysis of Components of Financial Statements
Financial Reporting Quality

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Financial Statements
Common-Size Financial Statements
Analysis of Financial Ratios
Relative Valuation
Discounted Cash Flow (DCF) Valuation
Economic Value Added (EVA)
Long-term Trends
Analysis of Components of Financial Statements
Financial Reporting Quality

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)