Stock Analysis on Net
Stock Analysis on Net
Microsoft Excel LibreOffice Calc

Walmart Inc. (NYSE:WMT)

Common Stock Valuation Ratios (Price Multiples)

Beginner level

Current Valuation Ratios

Walmart Inc., current price multiples

Microsoft Excel LibreOffice Calc
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.


Historical Valuation Ratios (Summary)

Walmart Inc., historical price multiples

Microsoft Excel LibreOffice Calc
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.

Price to Earnings (P/E)

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

Microsoft Excel LibreOffice Calc
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 price1, 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.

Price to Operating Profit (P/OP)

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

Microsoft Excel LibreOffice Calc
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 price1, 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.

Price to Sales (P/S)

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

Microsoft Excel LibreOffice Calc
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 price1, 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.

Price to Book Value (P/BV)

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

Microsoft Excel LibreOffice Calc
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 price1, 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.