WMT
Walmart Inc.
Consumer Discretionary • CIK: 0000104169
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Market Cap
$951.13B
P/E (TTM)
43.5x
Rev Growth (TTM)
+4.7%
Net Margin (TTM)
3.1%
FCF Yield (TTM)
1.6%
FCF Margin (TTM)
2.1%
What Changed
10-K FY 2026 vs 10-K FY 2025
Filing Intelligence Positives Count5 positives→2 positives
Filing Intelligence Concerns Count4 concerns→5 concerns
DOJ Civil Litigation — Trial Datecivil litigation pending, no trial date→trial scheduled November 2027
Hidden Liability Risk Levelhigh (Q3 FY2026 10-Q, cross-form proxy)→elevated
Accounting Quality Stanceneutral (Q3 FY2026 10-Q, cross-form proxy)→conservative
DOJ controlled substance trial (November 2027): monitor for pre-trial settlement...·Top positives count (5 → 2): verify in next 10-K whether identified strengths...·Opioid litigation: no current loss estimate disclosed — watch for settlement...
Filing Intelligence
5.0/10
10-K filed Mar 13, 2026 • FY 2026
Executive Summary
Operating cash flow generation is robust, with free cash flow increasing due to operational performance and tax efficiencies, supporting significant capital expenditures in technology and supply...
Key Concerns
- ●Walmart demonstrates strong revenue growth across segments, driven by comparable sales increases and omnichannel engagement, though...
- ●Management expresses confidence in liquidity and ability to fund operations and investments, while acknowledging ongoing macroeconomic...
- ●Significant ongoing litigation, particularly opioid-related matters and Asda equal value claims, presents material uncertainty and...
Key Strengths
- ●Margin performance shows improvement driven by disciplined inventory management and higher-margin businesses, despite increased operating...
- ●Capital allocation priorities focus on automation and growth initiatives, with a continued commitment to returning capital to shareholders...
Cash Flow Health
Free Cash Flow7/8 positive
TTM$14.9B
Q4 '26
$6.1B+224%
Q3 '26
$1.9B-71%
FCF Margin
TTM2.1%
Q4 '263.2%+205%
Sector: 2.7%Below Avg
OCF Margin5.8%
OCF/NI1.90x
CapEx Coverage1.6x
FCF Yield1.6%
FCF Growth (2Y)+8%
Cash Conversion Cycle
3 days
DSO: 5+DIO: 41−DPO: 42
Capital Allocation & Returns
Growth Focused
Total Shareholder YieldTTM
TTM1.6%
Div Yield0.8%
+Buyback (TTM)0.9%
Prioritizing reinvestment over distributions
Dividend & Payout Metrics
Dividend Yield (TTM)0.8%
FCF Payout Ratio50.3%
Free Cash Flow (TTM)$14.9B
Stock Repurchases (TTM)$8.1B
Capital Return / FCF104.5%
Est. Dividends Paid (TTM)$7.5B
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
15.3%
Stable
-0.0% YoY-1.0%
P25MedianP75
75th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
3.2%
8Q: 3.3%
Asset Turnover
2.61x
8Q: 2.64x
Leverage (1+D/E)
1.45x
D/E: 0.45x
DuPont: 11.9% ≈ 15.3% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
5.65x
8Q:5.78x
-29.9%
Invested Cap Turn
4.84x
8Q:4.89x
+2.3%
CapEx Intensity
18.1%
8Q:17.8%
CapEx/Depreciation
1.88x
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q4 2026 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q3 2025 | Q1 2025 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $713.2B | $190.7B↑6.2% | $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 |
Operating Income | $29.8B | $8.7B↑30.0% | $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 |
Net Income | $21.9B | $4.2B↓31.0% | $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 |
Operating Cash Flow | $41.6B | $14.1B↑55.1% | $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 |
Free Cash Flow | $14.9B | $6.1B↑224.0% | $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 |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
43.5x
Volatile
8Q: 137.6x+7382%
Multiple expansion without fundamental improvement
High PEG ratio (3.3x) suggests expensive for growth
Valuation Lenses
Earnings
43.5x
vs – sector
Cash Flow
66.0x
EV/FCF vs –
Growth-Adj
3.3xPEG
Expensive for growth
Quality-Adj
2.8P/E per %ROIC
ROIC: 15.3%
Shareholder Returns
Dividend
0.8%
Buyback
0.9%
Total Yield
1.6%
Market Cap$951.13B
EV$985.29B
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
97/100
Exceptional
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Above Avg
24.0%
8Q:–
Return on Invested Capital (ROIC)Top 25%
15.3%
8Q:–
Flat
vs Sector:0.1%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 3.2%
Asset Turnover: 2.61x
Earnings Quality
Cash Conversion
1.90x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin24.9%
Capital Efficiency
Invested Capital Turnover4.84x
Working Capital
Cash Conversion Cycle3 days
Growth Quality & Momentum
Moderate Growth
Growth Quality Score
59/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
4.7%
OpInc Growth YoY
10.8%
EPS Growth YoY
13.2%
FCF 3Y CAGR
7.6%
Margin Quality & Sustainability
Low Quality
Profitability Cascade
Gross
24.9%
Operating
4.2%
Below Avg in sector
Net
3.1%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
-1.0 pts
FCF: 2.1% | Net: 3.1%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Adequate
Net Debt / EBITDA
–Net Debt: $33.45B
Interest Coverage
–
Balance sheet risk & solvency analysis