WMT
Walmart Inc.
Consumer Discretionary • CIK: 0000104169
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Market Cap
$809.31B
P/E (TTM)
35.3x
Rev Growth (TTM)
+4.3%
Net Margin (TTM)
3.3%
FCF Yield (TTM)
1.9%
FCF Margin (TTM)
2.2%
Cash Flow Health
Free Cash Flow7/8 positive
TTM$15.3B
Q3 '26
$1.9B-71%
Q2 '26
$6.5B+1434%
FCF Margin
TTM2.2%
Q3 '261.0%-71%
Sector: 4.9%Below Avg
OCF Margin5.8%
OCF/NI1.79x
CapEx Coverage1.6x
FCF Yield1.9%
FCF Growth (2Y)+30%
Cash Conversion Cycle
4 days
DSO: 5+DIO: 41−DPO: 42
Capital Allocation & Returns
Growth Focused
Total Shareholder YieldTTM
TTM2.0%
Div Yield0.9%
+Buyback (TTM)1.0%
Prioritizing reinvestment over distributions
Dividend & Payout Metrics
Dividend Yield (TTM)0.9%
FCF Payout Ratio49.3%
Free Cash Flow (TTM)$15.3B
Stock Repurchases (TTM)$8.5B
Capital Return / FCF103.3%
Est. Dividends Paid (TTM)$7.5B
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
18.1%
Stable
-0.0% YoY-2.8%
P25MedianP75
75th pctl (med: 0.2%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
3.2%
8Q: 3.2%
Asset Turnover
2.63x
8Q: 2.64x
Leverage (1+D/E)
1.48x
D/E: 0.48x
DuPont: 12.3% ≈ 18.1% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
5.74x
8Q:5.85x
-73.8%
Invested Cap Turn
5.75x
8Q:5.81x
-38.5%
CapEx Intensity
21.0%
8Q:20.8%
CapEx/Depreciation
1.85x
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $703.1B | $179.5B↑1.2% | $177.4B↑7.1% | $165.6B↓8.3% | $180.6B↑6.5% | $169.6B↑0.1% | $169.3B↑4.8% | $161.5B↓6.9% | $173.4B |
Operating Income | $29.0B | $6.7B↓8.1% | $7.3B↑2.1% | $7.1B↓9.2% | $7.9B↑17.2% | $6.7B↓15.5% | $7.9B↑16.1% | $6.8B↓5.7% | $7.3B |
Net Income | $22.9B | $6.1B↓12.6% | $7.0B↑56.6% | $4.5B↓14.6% | $5.3B↑14.8% | $4.6B↑1.7% | $4.5B↓11.8% | $5.1B↓7.1% | $5.5B |
Operating Cash Flow | $41.0B | $9.1B↓29.7% | $12.9B↑139.2% | $5.4B↓60.0% | $13.5B↑106.1% | $6.6B↓45.8% | $12.1B↑185.0% | $4.2B↓74.6% | $16.7B |
Free Cash Flow | $15.3B | $1.9B↓71.1% | $6.5B↑1433.6% | $425.0M↓93.4% | $6.4B↑1630.6% | $372.0M↓94.1% | $6.3B↑1570.0% | $-427.0M↓104.0% | $10.8B |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
35.3x
Valuation Lenses
Earnings
35.3x
vs – sector
Cash Flow
2.2x
EV/FCF vs –
Growth-Adj
1.9xPEG
Fair for growth
Quality-Adj
1.9P/E per %ROIC
ROIC: 18.1%
Shareholder Returns
Dividend
0.9%
Buyback
1.0%
Total Yield
2.0%
Market Cap$809.31B
EV–
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
98/100
Exceptional
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Above Avg
25.7%
8Q:–
Return on Invested Capital (ROIC)Top 25%
18.1%
8Q:–
-2.8%
vs Sector:0.2%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 3.2%
Asset Turnover: 2.63x
Earnings Quality
Cash Conversion
1.79x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin24.9%
Capital Efficiency
Invested Capital Turnover5.75x
Working Capital
Cash Conversion Cycle4 days
Growth Quality & Momentum
Moderate Growth
Growth Quality Score
64/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
4.3%
OpInc Growth YoY
-0.2%
EPS Growth YoY
18.1%
FCF 3Y CAGR
29.6%
Growth Quality Analysis
✓Efficient Growth: Free cash flow growing faster than revenue
Margin Quality & Sustainability
Low Quality
Profitability Cascade
Gross
24.9%
Operating
4.1%
Below Avg in sector
Net
3.3%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
-1.1 pts
FCF: 2.2% | Net: 3.3%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Adequate
Net Debt / EBITDA
–Net Debt: $35.27B
Interest Coverage
–
Leverage Metrics
Debt-to-Equity
0.48x
Balance sheet risk & solvency analysis