Stock Analysis on Net

Walmart Inc. (NYSE:WMT)

Common Stock Valuation Ratios (Price Multiples)
Quarterly Data

Microsoft Excel

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).


Historical Valuation Ratios (Summary)

Walmart Inc., historical price multiples (quarterly data)

Microsoft Excel
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 Jan 31, 2021 Oct 31, 2020 Jul 31, 2020 Apr 30, 2020 Jan 31, 2020 Oct 31, 2019 Jul 31, 2019 Apr 30, 2019 Jan 31, 2019 Oct 31, 2018 Jul 31, 2018 Apr 30, 2018
Price to earnings (P/E) 27.98 31.52 25.73 30.97 35.47 32.17 46.12 26.02 26.43 29.27 47.43 41.22 32.45 27.47 21.57 23.39 23.27 21.69 23.34 25.39 36.14 41.79
Price to operating profit (P/OP) 19.19 18.10 16.56 19.94 18.77 18.40 19.93 15.13 14.11 15.43 14.89 16.23 16.40 16.46 19.02 19.63 16.77 15.69 15.80 15.12 13.92 12.70
Price to sales (P/S) 0.81 0.76 0.66 0.70 0.65 0.62 0.70 0.62 0.60 0.70 0.67 0.74 0.71 0.67 0.78 0.78 0.66 0.62 0.65 0.63 0.59 0.55
Price to book value (P/BV) 6.52 5.83 5.28 5.47 5.54 4.90 5.72 4.65 4.47 4.81 4.62 5.14 5.07 4.59 5.23 5.56 5.12 4.32 4.70 4.64 4.44 3.85 3.94 3.97 3.34

Based on: 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), 10-K (reporting date: 2021-01-31), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-04-30), 10-K (reporting date: 2020-01-31), 10-Q (reporting date: 2019-10-31), 10-Q (reporting date: 2019-07-31), 10-Q (reporting date: 2019-04-30), 10-K (reporting date: 2019-01-31), 10-Q (reporting date: 2018-10-31), 10-Q (reporting date: 2018-07-31), 10-Q (reporting date: 2018-04-30).

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. P/E ratio increased from Q3 2024 to Q4 2024 but then slightly decreased from Q4 2024 to Q1 2025 not reaching Q3 2024 level.
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. P/OP ratio increased from Q3 2024 to Q4 2024 and from Q4 2024 to Q1 2025.
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. P/S ratio increased from Q3 2024 to Q4 2024 and from Q4 2024 to Q1 2025.
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company required rate of return and its actual rate of return. Walmart Inc. P/BV ratio increased from Q3 2024 to Q4 2024 and from Q4 2024 to Q1 2025.

Price to Earnings (P/E)

Walmart Inc., historical P/E calculation (quarterly data)

Microsoft Excel
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 Jan 31, 2021 Oct 31, 2020 Jul 31, 2020 Apr 30, 2020 Jan 31, 2020 Oct 31, 2019 Jul 31, 2019 Apr 30, 2019 Jan 31, 2019 Oct 31, 2018 Jul 31, 2018 Apr 30, 2018
No. shares of common stock outstanding1 8,043,543,330 8,058,048,674 8,076,701,109 8,074,691,550 8,078,505,336 8,086,967,799 8,090,400,162 8,142,713,811 8,223,450,150 8,255,338,887 8,321,635,374 8,365,493,448 8,406,437,781 8,451,215,085 8,487,857,778 8,501,258,814 8,495,860,350 8,496,831,660 8,511,524,808 8,532,852,240 8,564,166,411 8,609,052,690 8,715,780,177 8,786,203,728 8,852,533,179
Selected Financial Data (US$)
Consolidated net income (loss) attributable to Walmart (in millions) 5,104 5,494 453 7,891 1,673 6,275 (1,798) 5,149 2,054 3,562 3,105 4,276 2,730 (2,091) 5,135 6,476 3,990 4,141 3,288 3,610 3,842 3,687 1,710 (861) 2,134
Earnings per share (EPS)2 2.35 1.92 2.02 1.74 1.40 1.44 1.11 1.70 1.58 1.66 0.96 1.20 1.46 1.60 2.33 2.10 1.77 1.75 1.69 1.51 0.98 0.77 0.00 0.00 0.00
Share price1, 3 65.88 60.68 51.90 53.86 49.61 46.47 51.12 44.33 41.77 48.48 45.71 49.52 47.28 43.91 50.17 49.23 41.16 37.99 39.56 38.24 35.35 32.38 32.55 32.15 28.47
Valuation Ratio
P/E ratio4 27.98 31.52 25.73 30.97 35.47 32.17 46.12 26.02 26.43 29.27 47.43 41.22 32.45 27.47 21.57 23.39 23.27 21.69 23.34 25.39 36.14 41.79
Benchmarks
P/E Ratio, Competitors5
Costco Wholesale Corp. 52.08 47.93 45.01 39.79 37.86 35.14 34.43 36.38 38.26 42.83 47.19 39.65 35.91 32.99 37.85 40.02 36.98 32.71 34.68 35.76 30.65 30.15 26.63
Target Corp. 17.49 18.60 16.59 16.67 23.57 27.08 21.82 17.50 13.23 14.38 17.57 19.28 18.16 20.39 23.56 21.44 22.08 16.12 19.66 17.35 13.68 13.56

Based on: 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), 10-K (reporting date: 2021-01-31), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-04-30), 10-K (reporting date: 2020-01-31), 10-Q (reporting date: 2019-10-31), 10-Q (reporting date: 2019-07-31), 10-Q (reporting date: 2019-04-30), 10-K (reporting date: 2019-01-31), 10-Q (reporting date: 2018-10-31), 10-Q (reporting date: 2018-07-31), 10-Q (reporting date: 2018-04-30).

1 Data adjusted for splits and stock dividends.

2 Q1 2025 Calculation
EPS = (Consolidated net income (loss) attributable to WalmartQ1 2025 + Consolidated net income (loss) attributable to WalmartQ4 2024 + Consolidated net income (loss) attributable to WalmartQ3 2024 + Consolidated net income (loss) attributable to WalmartQ2 2024) ÷ No. shares of common stock outstanding
= (5,104,000,000 + 5,494,000,000 + 453,000,000 + 7,891,000,000) ÷ 8,043,543,330 = 2.35

3 Closing price as at the filing date of Walmart Inc. Quarterly or Annual Report.

4 Q1 2025 Calculation
P/E ratio = Share price ÷ EPS
= 65.88 ÷ 2.35 = 27.98

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. P/E ratio increased from Q3 2024 to Q4 2024 but then slightly decreased from Q4 2024 to Q1 2025 not reaching Q3 2024 level.

Price to Operating Profit (P/OP)

Walmart Inc., historical P/OP calculation (quarterly data)

Microsoft Excel
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 Jan 31, 2021 Oct 31, 2020 Jul 31, 2020 Apr 30, 2020 Jan 31, 2020 Oct 31, 2019 Jul 31, 2019 Apr 30, 2019 Jan 31, 2019 Oct 31, 2018 Jul 31, 2018 Apr 30, 2018
No. shares of common stock outstanding1 8,043,543,330 8,058,048,674 8,076,701,109 8,074,691,550 8,078,505,336 8,086,967,799 8,090,400,162 8,142,713,811 8,223,450,150 8,255,338,887 8,321,635,374 8,365,493,448 8,406,437,781 8,451,215,085 8,487,857,778 8,501,258,814 8,495,860,350 8,496,831,660 8,511,524,808 8,532,852,240 8,564,166,411 8,609,052,690 8,715,780,177 8,786,203,728 8,852,533,179
Selected Financial Data (US$)
Operating income (in millions) 6,841 7,254 6,202 7,316 6,240 5,561 2,695 6,854 5,318 5,887 5,792 7,354 6,909 5,487 5,778 6,059 5,224 5,322 4,718 5,583 4,945 6,067 4,986 5,750 5,154
Operating profit per share2 3.43 3.35 3.13 2.70 2.64 2.53 2.57 2.93 2.96 3.14 3.07 3.05 2.88 2.67 2.64 2.51 2.45 2.42 2.50 2.53 2.54 2.55 0.00 0.00 0.00
Share price1, 3 65.88 60.68 51.90 53.86 49.61 46.47 51.12 44.33 41.77 48.48 45.71 49.52 47.28 43.91 50.17 49.23 41.16 37.99 39.56 38.24 35.35 32.38 32.55 32.15 28.47
Valuation Ratio
P/OP ratio4 19.19 18.10 16.56 19.94 18.77 18.40 19.93 15.13 14.11 15.43 14.89 16.23 16.40 16.46 19.02 19.63 16.77 15.69 15.80 15.12 13.92 12.70
Benchmarks
P/OP Ratio, Competitors5
Costco Wholesale Corp. 41.40 38.28 35.14 30.86 29.01 26.78 25.80 27.28 28.53 31.72 34.97 29.60 26.67 24.38 28.20 29.47 27.61 25.16 26.72 27.62 23.41 22.29 19.39
Target Corp. 12.73 13.48 12.05 11.95 16.74 19.56 15.72 12.81 9.79 11.17 13.72 14.12 13.29 13.62 15.26 15.20 15.33 11.35 13.94 12.44 9.80 9.69

Based on: 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), 10-K (reporting date: 2021-01-31), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-04-30), 10-K (reporting date: 2020-01-31), 10-Q (reporting date: 2019-10-31), 10-Q (reporting date: 2019-07-31), 10-Q (reporting date: 2019-04-30), 10-K (reporting date: 2019-01-31), 10-Q (reporting date: 2018-10-31), 10-Q (reporting date: 2018-07-31), 10-Q (reporting date: 2018-04-30).

1 Data adjusted for splits and stock dividends.

2 Q1 2025 Calculation
Operating profit per share = (Operating incomeQ1 2025 + Operating incomeQ4 2024 + Operating incomeQ3 2024 + Operating incomeQ2 2024) ÷ No. shares of common stock outstanding
= (6,841,000,000 + 7,254,000,000 + 6,202,000,000 + 7,316,000,000) ÷ 8,043,543,330 = 3.43

3 Closing price as at the filing date of Walmart Inc. Quarterly or Annual Report.

4 Q1 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 65.88 ÷ 3.43 = 19.19

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. P/OP ratio increased from Q3 2024 to Q4 2024 and from Q4 2024 to Q1 2025.

Price to Sales (P/S)

Walmart Inc., historical P/S calculation (quarterly data)

Microsoft Excel
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 Jan 31, 2021 Oct 31, 2020 Jul 31, 2020 Apr 30, 2020 Jan 31, 2020 Oct 31, 2019 Jul 31, 2019 Apr 30, 2019 Jan 31, 2019 Oct 31, 2018 Jul 31, 2018 Apr 30, 2018
No. shares of common stock outstanding1 8,043,543,330 8,058,048,674 8,076,701,109 8,074,691,550 8,078,505,336 8,086,967,799 8,090,400,162 8,142,713,811 8,223,450,150 8,255,338,887 8,321,635,374 8,365,493,448 8,406,437,781 8,451,215,085 8,487,857,778 8,501,258,814 8,495,860,350 8,496,831,660 8,511,524,808 8,532,852,240 8,564,166,411 8,609,052,690 8,715,780,177 8,786,203,728 8,852,533,179
Selected Financial Data (US$)
Net sales (in millions) 159,938 171,914 159,439 160,280 151,004 162,743 151,469 151,381 140,288 151,525 139,207 139,871 137,159 150,985 133,752 136,824 133,672 140,608 126,981 129,388 122,949 137,743 123,897 127,059 121,630
Sales per share2 81.01 79.75 78.43 77.46 76.33 74.92 73.50 71.52 69.42 68.78 68.16 67.15 66.46 65.70 64.19 63.29 62.46 61.19 60.75 60.24 59.74 59.28 0.00 0.00 0.00
Share price1, 3 65.88 60.68 51.90 53.86 49.61 46.47 51.12 44.33 41.77 48.48 45.71 49.52 47.28 43.91 50.17 49.23 41.16 37.99 39.56 38.24 35.35 32.38 32.55 32.15 28.47
Valuation Ratio
P/S ratio4 0.81 0.76 0.66 0.70 0.65 0.62 0.70 0.62 0.60 0.70 0.67 0.74 0.71 0.67 0.78 0.78 0.66 0.62 0.65 0.63 0.59 0.55
Benchmarks
P/S Ratio, Competitors5
Costco Wholesale Corp. 1.50 1.33 1.22 1.05 0.98 0.92 0.89 0.95 1.01 1.15 1.22 1.03 0.93 0.82 0.97 0.98 0.87 0.80 0.86 0.88 0.76 0.72 0.61
Target Corp. 0.69 0.73 0.57 0.53 0.60 0.70 0.70 0.69 0.73 0.95 1.17 1.23 1.16 0.96 1.03 0.90 0.77 0.69 0.83 0.72 0.55 0.53

Based on: 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), 10-K (reporting date: 2021-01-31), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-04-30), 10-K (reporting date: 2020-01-31), 10-Q (reporting date: 2019-10-31), 10-Q (reporting date: 2019-07-31), 10-Q (reporting date: 2019-04-30), 10-K (reporting date: 2019-01-31), 10-Q (reporting date: 2018-10-31), 10-Q (reporting date: 2018-07-31), 10-Q (reporting date: 2018-04-30).

1 Data adjusted for splits and stock dividends.

2 Q1 2025 Calculation
Sales per share = (Net salesQ1 2025 + Net salesQ4 2024 + Net salesQ3 2024 + Net salesQ2 2024) ÷ No. shares of common stock outstanding
= (159,938,000,000 + 171,914,000,000 + 159,439,000,000 + 160,280,000,000) ÷ 8,043,543,330 = 81.01

3 Closing price as at the filing date of Walmart Inc. Quarterly or Annual Report.

4 Q1 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= 65.88 ÷ 81.01 = 0.81

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. P/S ratio increased from Q3 2024 to Q4 2024 and from Q4 2024 to Q1 2025.

Price to Book Value (P/BV)

Walmart Inc., historical P/BV calculation (quarterly data)

Microsoft Excel
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 Jan 31, 2021 Oct 31, 2020 Jul 31, 2020 Apr 30, 2020 Jan 31, 2020 Oct 31, 2019 Jul 31, 2019 Apr 30, 2019 Jan 31, 2019 Oct 31, 2018 Jul 31, 2018 Apr 30, 2018
No. shares of common stock outstanding1 8,043,543,330 8,058,048,674 8,076,701,109 8,074,691,550 8,078,505,336 8,086,967,799 8,090,400,162 8,142,713,811 8,223,450,150 8,255,338,887 8,321,635,374 8,365,493,448 8,406,437,781 8,451,215,085 8,487,857,778 8,501,258,814 8,495,860,350 8,496,831,660 8,511,524,808 8,532,852,240 8,564,166,411 8,609,052,690 8,715,780,177 8,786,203,728 8,852,533,179
Selected Financial Data (US$)
Total Walmart shareholders’ equity (in millions) 81,293 83,861 79,456 79,556 72,405 76,693 72,253 77,569 76,896 83,253 82,274 80,529 78,335 80,925 81,431 75,310 68,240 74,669 71,649 70,327 68,205 72,496 71,996 71,185 75,552
Book value per share (BVPS)2 10.11 10.41 9.84 9.85 8.96 9.48 8.93 9.53 9.35 10.08 9.89 9.63 9.32 9.58 9.59 8.86 8.03 8.79 8.42 8.24 7.96 8.42 8.26 8.10 8.53
Share price1, 3 65.88 60.68 51.90 53.86 49.61 46.47 51.12 44.33 41.77 48.48 45.71 49.52 47.28 43.91 50.17 49.23 41.16 37.99 39.56 38.24 35.35 32.38 32.55 32.15 28.47
Valuation Ratio
P/BV ratio4 6.52 5.83 5.28 5.47 5.54 4.90 5.72 4.65 4.47 4.81 4.62 5.14 5.07 4.59 5.23 5.56 5.12 4.32 4.70 4.64 4.44 3.85 3.94 3.97 3.34
Benchmarks
P/BV Ratio, Competitors5
Costco Wholesale Corp. 17.16 15.69 11.22 9.99 9.64 9.33 9.43 10.30 10.82 12.16 13.20 11.30 10.30 9.16 11.01 8.76 8.17 7.44 8.17 8.58 7.63 7.50 6.59
Target Corp. 5.22 5.73 4.81 4.69 5.53 6.70 6.83 6.98 7.19 7.79 8.63 8.18 7.50 6.17 6.76 6.00 5.48 4.47 5.53 4.62 3.71 3.52 3.36 4.08 3.43

Based on: 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), 10-K (reporting date: 2021-01-31), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-04-30), 10-K (reporting date: 2020-01-31), 10-Q (reporting date: 2019-10-31), 10-Q (reporting date: 2019-07-31), 10-Q (reporting date: 2019-04-30), 10-K (reporting date: 2019-01-31), 10-Q (reporting date: 2018-10-31), 10-Q (reporting date: 2018-07-31), 10-Q (reporting date: 2018-04-30).

1 Data adjusted for splits and stock dividends.

2 Q1 2025 Calculation
BVPS = Total Walmart shareholders’ equity ÷ No. shares of common stock outstanding
= 81,293,000,000 ÷ 8,043,543,330 = 10.11

3 Closing price as at the filing date of Walmart Inc. Quarterly or Annual Report.

4 Q1 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= 65.88 ÷ 10.11 = 6.52

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 required rate of return and its actual rate of return. Walmart Inc. P/BV ratio increased from Q3 2024 to Q4 2024 and from Q4 2024 to Q1 2025.