Walmart Inc. (NYSE:WMT)

Price to Earnings (P/E) Ratio

The P/E ratio exhibits a general upward trend from early 2020 to late 2021, peaking at 47.43 in January 2022. This indicates increasing market valuation relative to earnings during that period. Subsequently, the ratio fluctuates with several peaks and troughs, showing periods of valuation contraction and recovery. Notably, it reached elevated levels again in late 2024 and early 2025, with values exceeding 35. This volatility may reflect changing investor sentiment or earnings volatility.

Price to Operating Profit (P/OP) Ratio

This ratio shows moderate fluctuation over the analyzed timeframe. Starting around 15.69 in early 2020, it increased to nearly 20 by late 2020 and early 2021, then declined somewhat during 2021 before rising again to peak values above 26 towards early 2025. The trajectory suggests periods where the stock price increased more rapidly than operating profit, indicating varying market expectations of profitability or operational efficiency.

Price to Sales (P/S) Ratio

The P/S ratio remained relatively stable between 0.6 and 0.8 through 2019 to 2021, with minor fluctuations. However, from mid-2023 onward, the ratio increased steadily, surpassing 1.0 by late 2024, reaching as high as 1.15. This shift reflects a growing premium for sales relative to price, potentially implying improved sales performance or increased investor confidence in revenue growth prospects.

Price to Book Value (P/BV) Ratio

The P/BV ratio starts at around 4.44 in 2019 and climbs gradually with some volatility, peaking above 9 in early 2025. This increase indicates that the stock price grew at a faster pace than the book value, suggesting enhanced market valuation of the company’s net assets. The consistent upward movement points to strengthened investor perception of the company’s underlying equity value or assets over the observed period.

The share price demonstrates a general upward trend throughout the periods observed, starting from $35.35 at the end of April 2019 and rising notably to $97.47 by the end of April 2025. There are intermittent periods of volatility with fluctuations visible around certain dates, for instance, a dip from $50.17 in October 2020 to $43.91 in January 2021, and another slight decrease from $95.7 in October 2024 to $85.35 in January 2025. Despite these fluctuations, the overall progression illustrates strong growth in share price over the time frame.

Earnings per share (EPS) data is available starting January 2020, beginning at $1.75 and showing moderate fluctuations over time. EPS peaked at $2.45 in October 2024, followed by a marginal decline to $2.36 in April 2025. Noteworthy is a drop in EPS around early 2021, where values decrease to as low as $0.96 in January 2021. Subsequently, the EPS recovers and trends upward towards the latter periods, indicating periods of variable profitability with a general improvement trend overall.

The price-to-earnings (P/E) ratio exhibits considerable variability throughout the timeline. Initial ratios from January 2020 begin at 21.69 and increase substantially to a peak of 47.43 in January 2022. Following this peak, the P/E ratio declines to a lower range around the mid-20s to low 30s until mid-2024, after which it again moves upward, reaching 41.33 by April 2025. This oscillation suggests varying market expectations and investor perceptions concerning the company’s earnings relative to its share price. Elevated P/E ratios observed during certain periods may indicate expectations of future growth or possibly overvaluation, while lower ratios could imply a more cautious market assessment of earnings potential.

Overall, the financial metrics display signs of growth and recovery in earnings and share price, alongside significant fluctuations in market valuation as reflected in the P/E ratio. This indicates a dynamic financial environment with fluctuations in both profitability and investor sentiment over the assessed quarters.

Share Price Trend

The share price demonstrated a general upward trend starting approximately in early 2020. Initially, it showed moderate fluctuations around the mid-30 to low-40 dollar range until early 2020. From that point onward, the price increased steadily with some short-term volatility. Notable rises occurred in the periods from July 2023 to October 2024, where the share price climbed from about 53.86 US$ to a peak close to 95.7 US$. The last values recorded indicate minor corrections and fluctuations around 85 to 97 US$. Overall, the share price appreciated significantly over the observed timeframe.

Operating Profit Per Share (OPPS) Trend

Data for operating profit per share became available starting January 31, 2020. From that point forward, OPPS rose gradually from approximately 2.42 US$ to 3.71 US$ by April 30, 2025. There was a consistent, steady growth in profitability at the per-share level with only minor declines or periods of stability. The progression reflects an underlying improvement in operational efficiency and profitability over the quarters.

Price to Operating Profit Ratio (P/OP) Trend

The P/OP ratio shows variability throughout the period. Initially, after data appeared in early 2020, the ratio fluctuated between roughly 14.89 and 19.94 in most periods, revealing some valuation instability relative to operational earnings. A notable upward trend in P/OP emerged from 2023 onwards, reaching a high of approximately 26.75 by January 31, 2025, implying increasing investor willingness to pay a premium on operating profit. The ratio's increase outpaced the growth of the operating profit per share, consistent with the accelerated rise in share price during the latter stages.

Summary of Relationships

The growth in share price outstripped the growth in operating profit per share, as evidenced by the rising P/OP ratio, particularly in the last two years. This indicates market optimism and greater valuation multiples assigned relative to operating profits. Periodic volatility in share price and P/OP suggests sensitivity to market conditions or company-specific news but persists on an upward trajectory overall. The continuous increase in operating profit per share points to improving operational performance, supporting higher valuations.

The analysis of the quarterly data reveals several key trends across the financial metrics provided over the examined periods.

Share Price (US$)

The share price demonstrates a general upward trend from April 2019 through April 2025, albeit with notable fluctuations. Initially, the price rose from 35.35 to a peak around 50.17 by October 2020, followed by some volatility with intermittent declines and recoveries. Beginning in late 2023, a significant acceleration in share price growth is observable, culminating in a high of 97.47 by April 2025. This indicates considerable investor confidence or positive market sentiment in the latter years.

Sales per Share (US$)

Available only from January 2020 onward, sales per share exhibit steady and consistent growth throughout the periods. Values increase from 61.19 to 85.03 over five years, reflecting an ongoing expansion in sales revenue on a per-share basis. This positive trajectory suggests effective revenue growth mechanisms and possibly increasing operational scale or efficiency.

Price-to-Sales Ratio (P/S Ratio)

The price-to-sales ratio presents some volatility, moving generally between 0.6 and 0.94 in the early periods, then increasing more sharply from 0.94 to a peak of 1.15 by late 2024 and early 2025. This rising P/S ratio indicates that the market valuation per unit of sales is increasing, possibly due to growing investor optimism or expectations of future profitability improvements.

Integrating these observations, the data reflect a company experiencing steady sales growth and increasing market valuation, particularly pronounced in the latter years. The rising share price and P/S ratio, alongside growing sales per share, imply enhanced market confidence and potentially improved financial performance expectations. The volatility in the share price and P/S ratio during mid-periods may represent market adjustments or external influences, but the long-term trend is positive.

The analysis of the quarterly financial metrics reveals several notable trends and fluctuations over the period presented.

Share Price (US$)

The share price exhibited an initial upward movement from approximately $35.35 to a peak near $50.17 by the end of 2020. This was followed by some variability, oscillating mostly between $41.77 and $53.86 through early 2023. Starting mid-2023, a marked acceleration in share price appreciation occurred, culminating in a peak of $97.47 in April 2025. This represents a strong positive trend in market valuation over the longer term.

Book Value per Share (BVPS) (US$)

Book value per share showed gradual growth across the timeframe, increasing from $7.96 in April 2019 to a peak of $11.35 by January 2025. Despite some fluctuations, the overall trajectory was gently upward, indicating consistent accumulation of net assets per share over time. Notably, the BVPS slightly declined or plateaued during certain quarters but rebounded subsequently, maintaining a steady growth trend.

Price-to-Book Value Ratio (P/BV, ratio)

This ratio showed significant volatility and an overall upward trend. Starting at 4.44 in April 2019, it climbed to a high near 5.72 by October 2022, followed by some oscillation around 5.0 to 6.5. From mid-2023 onwards, the ratio surged sharply, reaching 9.28 by April 2025. This indicates that the market price increasingly exceeded the book value per share, reflecting heightened investor optimism or expectations regarding future growth or profitability relative to the underlying net asset value.

In summary, the share price and price-to-book ratios have generally exhibited strong upward momentum, especially in the latter periods, signifying increased investor confidence and possibly improved market conditions or company performance outlooks. Meanwhile, the book value per share's steady but moderate increase points to consistent growth in the company's net equity base. The disparity between the faster-growing market price and the more gradual book value expansion is evidenced by the rising P/BV ratio, suggesting that market valuations have become increasingly detached from the book value, a pattern often observed in growth phases or market exuberance periods.