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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- Balance Sheet: Assets
- Common-Size Income Statement
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Enterprise Value (EV)
- Price to FCFE (P/FCFE)
- Net Profit Margin since 2005
- Current Ratio since 2005
- Price to Earnings (P/E) since 2005
- Price to Sales (P/S) since 2005
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Historical Valuation Ratios (Summary)
Walmart Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2025-10-31), 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).
The analysis of the financial ratios over the examined periods reveals several important trends in valuation and market perception.
- Price to Earnings (P/E) Ratio
- The P/E ratio shows considerable volatility throughout the timeline. Initially, it remains relatively stable around the low 20s, then rises significantly to peak near 47 in late 2021. This sharp increase indicates elevated investor expectations or temporarily higher earnings multiples. Subsequently, the ratio declines to the mid-20s in early 2022 before climbing again, fluctuating mostly between 30 and 40, with a notable peak of over 41 in mid-2025. This pattern suggests varied market confidence and earnings performance impacts over time.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio exhibits a more gradual upward trend compared to P/E. It begins in the mid-teens, experiences mild fluctuation with a dip below 15 at various points, and escalates steadily from 2023 onwards, reaching a high above 31 by late 2025. This rising trend potentially reflects increasing market valuation relative to operating profitability, which may be influenced by anticipated improvements in operating efficiency or profit margins.
- Price to Sales (P/S) Ratio
- The P/S ratio remains comparatively low in the early periods, mostly ranging between 0.6 and 0.8, pointing to modest valuation relative to revenue. However, from 2023 onwards, there is a clear upward trajectory with the ratio climbing progressively to levels exceeding 1.3 by late 2025. This increase indicates a strengthening market valuation on sales, possibly driven by expectations of revenue growth or improved sales quality.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio demonstrates a consistent escalation over time. Starting around 5, it oscillates slightly but ultimately trends sharply upward, reaching near 9.5 by the end of the observation period. This persistent rise implies growing investor willingness to pay premiums over book value, which may reflect increased intangible asset value, strong equity performance, or improved future growth prospects.
Overall, these valuation ratios collectively indicate increasing market optimism and elevated valuation metrics in recent years. The progressive rise in price multiples relative to operating profit, sales, and book value suggests enhanced confidence in profitability and growth potential, despite periodic fluctuations in the P/E ratio that imply some earnings variability or shifting market sentiment. The data underscores a trend toward higher valuation levels as the periods advance, which could be indicative of positive operational developments or favorable macroeconomic conditions affecting the company’s perceived worth.
Price to Earnings (P/E)
Walmart Inc., historical P/E calculation (quarterly data)
| Oct 31, 2025 | 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: 2025-10-31), 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 Q3 2026 Calculation
EPS
= (Consolidated net income (loss) attributable to WalmartQ3 2026
+ Consolidated net income (loss) attributable to WalmartQ2 2026
+ Consolidated net income (loss) attributable to WalmartQ1 2026
+ Consolidated net income (loss) attributable to WalmartQ4 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Walmart Inc. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The share price of the company has exhibited a generally increasing trend over the analyzed periods, with some fluctuations. Starting at $41.16, it reached a peak of $50.17 within the first year, then experienced some volatility and a moderate decline to $41.77 by April 2022. Subsequent quarters show a strong upward momentum, culminating in a significant rise to $114.41 by October 2025, indicating robust investor confidence and market valuation growth over time.
Earnings per share (EPS) have shown a fluctuating but positive trajectory. Initial values of 1.77 to 2.33 suggested healthy profitability, followed by a dip to a low of 0.96 during late 2020 and early 2021. EPS recovered post this decline, with gradual increases reaching 2.87 by the latest period, which reflects improved earnings performance and operational efficiency in more recent quarters. Despite short-term volatility, the overall EPS trend signals sustained profitability growth.
The price-to-earnings (P/E) ratio has demonstrated considerable variability indicating changing market perceptions of value relative to earnings. Initially stable in the low to mid-20s, the P/E ratio escalated sharply to levels above 40 in 2021, suggesting elevated investor expectations or possibly earnings challenges during that period. Subsequently, the ratio fluctuated between the high 20s and nearly 40, with peaks corresponding to periods of rising share prices and earnings recovery. The persistent high P/E near 40 towards the latest quarters may reflect a growth-oriented valuation stance despite growing earnings.
- Share Price
- Exhibited general upward movement from $41.16 to $114.41 over five years, with periods of volatility and notable acceleration in valuation from 2023 onward.
- Earnings Per Share (EPS)
- Displayed fluctuations with a low point in late 2020 to early 2021, followed by a steady increase reaching 2.87, indicating improving profitability.
- Price-to-Earnings (P/E) Ratio
- Showed sharp increases and volatility, rising above 40 in multiple quarters, reflecting variations in market expectations and earning dynamics over time.
Price to Operating Profit (P/OP)
Walmart Inc., historical P/OP calculation (quarterly data)
| Oct 31, 2025 | Jul 31, 2025 | Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 | Jan 31, 2023 | Oct 31, 2022 | Jul 31, 2022 | Apr 30, 2022 | Jan 31, 2022 | Oct 31, 2021 | Jul 31, 2021 | Apr 30, 2021 | Jan 31, 2021 | Oct 31, 2020 | Jul 31, 2020 | Apr 30, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| 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: 2025-10-31), 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 Q3 2026 Calculation
Operating profit per share
= (Operating incomeQ3 2026
+ Operating incomeQ2 2026
+ Operating incomeQ1 2026
+ Operating incomeQ4 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Walmart Inc. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share price trend
- The share price demonstrated notable volatility with an overall upward trajectory across the periods. Initially, the price increased from $41.16 to approximately $50 between April and October 2020, followed by a minor decline and fluctuations through early 2023. Starting in early 2024, the share price exhibited a strong upward momentum, rising sharply from $60.68 in January 2024 to a peak of $114.41 by October 2025, indicating growing investor confidence or market valuation over time.
- Operating profit per share (OPPS) trend
- Operating profit per share showed a consistent gradual increase over the observed quarters. Beginning at $2.45 in April 2020, the OPPS rose steadily, reaching about $3.64 by October 2025. Some slight decreases were observed around late 2022, but the overall trend was upward, reflecting improving profitability on a per-share basis through the quarters.
- Price to Operating Profit (P/OP) ratio trend
- The P/OP ratio experienced fluctuations that aligned inversely with operating profit per share and share price changes. The ratio started at 16.77 in April 2020, rose to a peak close to 19.63 in mid-2020, then decreased to lower levels around 14 to 16 in mid-2021 through early 2022. An upward trend was noted from late 2022 onwards, escalating significantly to 31.47 by October 2025, suggesting that share price appreciation outpaced the growth in operating profit per share during later periods, indicating increased market valuation relative to earnings.
- Overall insights
- The data reveals a business experiencing steady improvements in operating profitability per share, accompanied by significant growth in market valuation as reflected in the share price, especially from 2024 onwards. However, the rising P/OP ratio in the latter periods suggests the market price increased at a faster rate than operating profit, which may signal elevated investor expectations or premium valuation multiples. The temporary dips and fluctuations in share price and profitability ratios in intermediate periods imply some uncertainty or cyclical variations in performance between 2020 and early 2023.
Price to Sales (P/S)
Walmart Inc., historical P/S calculation (quarterly data)
| Oct 31, 2025 | 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: 2025-10-31), 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 Q3 2026 Calculation
Sales per share
= (Net salesQ3 2026
+ Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Walmart Inc. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The share price exhibited a generally upward trajectory over the examined periods, starting at $41.16 and experiencing fluctuations but maintaining growth momentum. Notably, after early volatility, the share price increased sharply from the beginning of 2023, reaching a peak of $114.41 in the last reported period. This increase suggests growing investor confidence or positive market sentiment toward the company during the latter part of the timeline.
Sales per share showed a steady, incremental rise across all periods with no apparent declines. Beginning at $62.46, sales per share grew consistently to $87.37 in the final period. This continuous growth indicates stable operational performance and an expanding revenue base on a per-share basis, reflecting effective sales strategies or market expansion.
The price-to-sales (P/S) ratio demonstrated variability but an overall increasing trend, particularly from 2023 onward. Initially fluctuating around the 0.6 to 0.78 range, the ratio climbed substantially to 1.31 in the last period. This rising ratio implies that the market is valuing the company's sales more highly relative to previous periods, which may indicate expectations of higher profitability, improved margins, or growth prospects.
- Share Price Trends
- The share price experienced periods of growth and short-term declines early on but showed pronounced growth from early 2023, culminating in a significant rise. This pattern suggests increased investor interest and positive market outlook.
- Sales Per Share Trends
- Sales per share increased steadily and without interruption, reflecting consistent revenue growth and operational stability on a per-share basis through all periods.
- Price-to-Sales Ratio Trends
- The P/S ratio rose notably in the later periods, indicating growing market valuation relative to sales. This trend may point to improved market perceptions of profitability potential or enhanced business fundamentals.
Price to Book Value (P/BV)
Walmart Inc., historical P/BV calculation (quarterly data)
| Oct 31, 2025 | 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: 2025-10-31), 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 Q3 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 Q3 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The financial data reveals several notable patterns and trends in the analyzed periods related to the share price, book value per share (BVPS), and price-to-book value ratio (P/BV).
- Share Price (US$)
- The share price exhibits overall growth over the timeline, beginning at $41.16 and culminating at $114.41 by the last period. There is notable volatility, with values fluctuating within short durations; however, the trajectory is predominantly upward from around early 2023 onwards, showing accelerated appreciation. Significant price increments are evident particularly from January 2024, where the share price rises from $60.68 to $114.41 by April 2025. This represents a substantial increase in market valuation over a relatively short period.
- Book Value per Share (BVPS, US$)
- The BVPS reflects moderate but steady growth with minor fluctuations. Starting at $8.03, it generally increases to $12.06 in the final period. The progression is less volatile compared to the share price, indicating gradual improvement in the company’s net asset value per share. Although some minor dips occur—for example, between April 2021 and April 2022—the overall trend remains positive, with consistent increments observed especially from early 2023.
- Price-to-Book Value Ratio (P/BV, ratio)
- The P/BV ratio moves in a pattern somewhat aligned to the share price, with upward trends indicating increasing market valuation relative to book value. Initially around 5.12, the ratio fluctuates moderately before escalating sharply after early 2024, reaching a high of 9.49 by April 2025. This suggests that the market price of shares is valued at a substantially higher multiple of the book value. The rising P/BV ratio may signal enhanced investor confidence or anticipated growth prospects, but it also reflects a premium valuation in contrast to the relatively steadier growth in BVPS.
In summary, the data illustrates robust appreciation in share price driven by market dynamics, while the company's underlying book value per share shows steady but more moderate improvement. The significant increase in the P/BV ratio towards the latter periods indicates the share price is growing faster than book value, implying potentially heightened market expectations or valuation premiums. The trends suggest a constructive investment outlook with attention warranted to valuation multiples as the price escalates.