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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- Income Statement
- Statement of Comprehensive Income
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Price to Sales (P/S) since 2005
- Analysis of Revenues
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Historical Valuation Ratios (Summary)
Walmart Inc., historical price multiples (quarterly data)
Based on: 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), 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).
- Price to Earnings (P/E) Ratio
- Over the observed periods, the Price to Earnings ratio demonstrates notable volatility. Initially, it remains in the low to mid-20s range, with a peak in late 2020 and early 2021 reaching above 40. This suggests periods of elevated investor optimism or expectations of higher future earnings. Following the peak, the ratio declines substantially, fluctuating mostly between the mid-20s and low-30s range in subsequent quarters. Toward the later periods, the P/E ratio again approaches higher values near 40, indicating renewed market enthusiasm or changes in earnings expectations.
- Price to Operating Profit (P/OP) Ratio
- The Price to Operating Profit ratio shows a moderately increasing trend over time, with some fluctuations. Starting around 17, it dips somewhat in mid-2021 but rises sharply in late 2023 and continues upwards into 2024 and early 2025. The largest increases occur in the last several quarters, where the ratio climbs beyond 20 and approaches nearly 27. This could indicate a rising market valuation relative to operating profitability or a potential compression in operating profit margins.
- Price to Sales (P/S) Ratio
- The Price to Sales ratio exhibits a consistent upward trajectory throughout the entire timeframe. Beginning near 0.66, it experiences small oscillations before accelerating after early 2022. By the most recent periods, the ratio has increased significantly, surpassing 1.0 and reaching as high as approximately 1.15. This continuous rise suggests growing market valuation relative to sales, which may reflect investor confidence in revenue growth or improved market positioning.
- Price to Book Value (P/BV) Ratio
- The Price to Book Value ratio reflects an overall increasing trend with some variability. It starts around 5.1 and dips moderately after early 2021, followed by a recovery and rising trend through subsequent years. From mid-2023 onwards, the ratio climbs steadily, surpassing 7.0 and reaching above 9.0 at points in early 2025. This indicates increasing market valuation relative to the company's book value, potentially reflecting stronger asset valuations or elevated investor expectations for future growth.
Price to Earnings (P/E)
Walmart Inc., historical P/E calculation (quarterly data)
| 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 | Jan 31, 2021 | Oct 31, 2020 | Jul 31, 2020 | Apr 30, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
EPS
= (Consolidated net income (loss) attributable to WalmartQ2 2026
+ Consolidated net income (loss) attributable to WalmartQ1 2026
+ Consolidated net income (loss) attributable to WalmartQ4 2025
+ Consolidated net income (loss) attributable to WalmartQ3 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Walmart Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
An analysis of the provided quarterly financial metrics reveals multiple trends and fluctuations over the observed periods.
- Share Price
- The share price exhibits an overall upward trend with notable volatility. Beginning around the low 40s in early 2020, the price moved upwards to the mid-50s by late 2023, peaking significantly in early to mid-2024 with values reaching as high as approximately 97 USD. Despite some fluctuations, including declines in certain quarters, the price generally appreciated over time, indicating growing market confidence or favorable underlying business conditions.
- Earnings Per Share (EPS)
- EPS values display variability with some quarters showing declines and others recovering or improving. Initially, EPS rose from 1.77 USD to a peak above 2.30 USD by late 2020, followed by a period of lower earnings that reached a trough below 1.00 USD in late 2021. Subsequent quarters show a recovery and stabilization above 1.4 USD, with a general upward movement towards values exceeding 2.5 USD in recent quarters. This pattern suggests cyclical earnings performance with eventual strengthening.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio demonstrates substantial fluctuation, reflecting variations in share price relative to earnings. Early periods show moderate P/E ratios in the low to mid-20s, increasing sharply to values exceeding 40 in some quarters around 2021, indicating potential market optimism or temporarily diminished earnings. The ratio subsequently oscillates but remains elevated compared to initial values, often ranging between 30 and 40. This elevated P/E ratio suggests investor expectation of future growth or above-average valuation relative to earnings.
In summary, the data indicates a company experiencing cyclical earnings with periods of recovery and growth. Share price appreciation aligns generally with improved EPS performance, though market valuation as indicated by the P/E ratio suggests episodes of heightened investor expectations or speculative valuation. Fluctuations in these financial metrics reflect the dynamic nature of the market and company performance across the quarters observed.
Price to Operating Profit (P/OP)
Walmart Inc., historical P/OP calculation (quarterly data)
| 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 | Jan 31, 2021 | Oct 31, 2020 | Jul 31, 2020 | Apr 30, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
Operating profit per share
= (Operating incomeQ2 2026
+ Operating incomeQ1 2026
+ Operating incomeQ4 2025
+ Operating incomeQ3 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Walmart Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited appreciable growth over the observed periods. Beginning at $41.16 in April 2020, it experienced moderate fluctuations initially, ranging between $41.77 and $51.12 through 2022. From January 2023 onward, the share price showed a pronounced upward trajectory, reaching a peak of $97.47 in April 2025. Despite minor declines in some quarters, the overall pattern reflects a substantial increase in market valuation.
- Operating Profit Per Share Trend
- Operating profit per share demonstrated steady improvement across the timeframe. Starting at $2.45 in April 2020, it reached $3.64 by July 2025. Although some minor decreases occurred—such as a decline from $3.14 in January 2022 to $2.53 in January 2023—the general direction was upward. The consistent growth after early 2023 suggests improving operational efficiency or profitability on a per-share basis.
- Price-to-Operating Profit Ratio (P/OP)
- This valuation metric showed variability, generally increasing over the period. Initially, the ratio fluctuated between approximately 14 and 20, indicating varying market assessments of operating profit value relative to share price. Notably, the ratio rose significantly from around 16 in early 2020 to above 26 by 2025, peaking at 26.75 in October 2024. This increase suggests that the market valuation was growing at a faster rate than the operating profit per share, potentially reflecting heightened investor optimism or expectations for future growth.
- Summary of Insights
- The company's share price grew substantially, outpacing the relatively steady rise in operating profit per share. This divergence is captured in the increasing P/OP ratio, which may indicate growing investor confidence or speculation. While operating profitability improved moderately, market valuation accelerated more rapidly, highlighting a possible shift in market sentiment towards higher growth prospects or lower perceived risk. Occasional dips in operating profit per share were short-lived and did not significantly alter the overall positive trend.
Price to Sales (P/S)
Walmart Inc., historical P/S calculation (quarterly data)
| 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 | Jan 31, 2021 | Oct 31, 2020 | Jul 31, 2020 | Apr 30, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
Sales per share
= (Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Walmart Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited fluctuations over the observed periods. Initially, it rose from 41.16 US$ to a peak of 50.17 US$ within the first three quarters. Following this, there was a temporary decline and volatility, with values oscillating between approximately 41.77 US$ and 53.86 US$ over the next several quarters. Starting from early 2024, a strong upward trend became evident, with prices sharply increasing and reaching a high of 97.47 US$ by mid-2025, indicating significant investor confidence or positive market sentiment during this later period.
- Sales per Share Development
- Sales per share demonstrated a consistent and steady growth trajectory throughout all periods. Beginning at 62.46 US$, sales per share increased incrementally each quarter, culminating at 86.11 US$ by mid-2025. This steady increase suggests ongoing growth in the company’s revenue generation capability relative to shares outstanding, reflecting a stable operational expansion or improved efficiency.
- Price-to-Sales (P/S) Ratio Dynamics
- The P/S ratio showed considerable variation over time. Early in the timeline, it ranged roughly between 0.60 and 0.78, indicating moderate market valuation relative to sales. There was a dip during mid-2022, reaching a low of about 0.60, which may reflect market undervaluation or concerns during that phase. However, from early 2024 onwards, the P/S ratio exhibited a marked increase, rising from approximately 0.76 to 1.15 by mid-2025, thereby signifying increased market valuation multiples. This rise might be attributed to improved investor expectations, perceived growth potential, or market trends favoring the equity.
- Overall Insights
- Over the course of the data, the company’s sales per share grew steadily, indicating a healthy underlying revenue performance. The share price exhibited more volatility but showed strong appreciation in the final quarters. The rising P/S ratio towards the end suggests the market increasingly valued the company relative to its sales, potentially reflecting optimism about future profitability or strategic positioning. The interplay of these trends points to a strengthening financial outlook and enhanced market confidence in the later periods observed.
Price to Book Value (P/BV)
Walmart Inc., historical P/BV calculation (quarterly data)
| 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 | Jan 31, 2021 | Oct 31, 2020 | Jul 31, 2020 | Apr 30, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 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 Q2 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The company's share price demonstrates an overall upward trajectory across the analyzed periods. Starting at $41.16, the price experienced fluctuations in the earlier quarters but showed marked acceleration after early 2023. Notably, peaks were seen in October 2024 at $95.70 and July 2025 at $97.47, indicating strong market valuation gains over the medium term. Despite some intermittent declines, the share price maintained a general growth trend, reflecting positive investor sentiment or business performance improvements.
The book value per share (BVPS) exhibits relative stability compared to the share price, with modest incremental increases throughout the periods. Starting from $8.03, BVPS growth was gradual and somewhat cyclical but remained within a narrow range of about $8.93 to $11.35 in later periods. This steadiness suggests consistent equity growth but at a slower rate than share price appreciation.
The price-to-book value ratio (P/BV) follows a pattern aligned with both the share price and BVPS movements. Initially fluctuating between approximately 4.5 and 5.5, the P/BV ratio experienced an increasing trend starting around 2023, rising sharply to a notable high of 9.28 in April 2025 before slightly correcting to 8.58 subsequently. This expanding P/BV ratio implies that the market values the equity at a premium relative to book value, potentially signaling expectations of future earnings growth or strategic advantages.
- Share Price Trend
- General upward trend with volatility; strong growth particularly after early 2023.
- Reached above $90 in late 2024 and mid-2025, indicating heightened investor confidence.
- Book Value Per Share (BVPS) Trend
- Relatively stable growth with some oscillations; modest increase over the years.
- Range maintained between approximately $8.0 and $11.5, suggesting steady equity base expansion.
- Price-to-Book Value Ratio (P/BV) Trend
- Fluctuated moderately early on but increased significantly from 2023 onwards.
- Peaked above 9.0 in mid-2025, reflecting premium valuation relative to book value.
In summary, the data reflects a company whose market valuation has outpaced its book value growth in recent years, as evidenced by rising share prices and expanding price-to-book ratios. This pattern may indicate market optimism regarding future profitability or strategic positioning, while book value growth shows ongoing, though moderate, strengthening of equity value on the balance sheet.