WMT

Walmart Inc.

Consumer Discretionary • CIK: 0000104169

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Market Cap
$951.13B
P/E (TTM)
43.4x
Rev Growth (TTM)
+4.7%
Net Margin (TTM)
3.1%
FCF Yield (TTM)
1.6%
FCF Margin (TTM)
2.1%

What Changed

View Full Filings
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...

LATEST EARNINGS

•
Q4 FY2026
•
3 months ago
•View source
Revenue
$190.66B
+5.6%
Net Income
$4.24B
-19.4%
EPS
$0.53
-18.5%
Gross
24.0%↑ +0.1%
Operating
4.6%↑ +0.2%
Net
2.2%↓ -0.7%
  • •Total revenues increased 5.6% to $190.7 billion, with constant currency growth of 4.9%.
  • •Operating income grew 10.8% to $8.7 billion, or 10.5% adjusted in constant currency, outpacing sales growth.
  • •Global eCommerce sales grew 24%, with significant strength in store-fulfilled pickup & delivery, marketplace, and advertising.
  • •Walmart U.S. comparable sales grew 4.6%, driven by increased customer transactions and broad-based share gains.
View Full Earnings →

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: 2.2%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
View Latest Filing →View Full Cash Flow Statement →

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
Full Analysis

QUARTERLY TRENDS

Last 8 quarters + TTM

MetricTTMQ4 2026Q3 2026Q2 2026Q1 2026Q4 2025Q3 2025Q3 2025Q1 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
Income StatementCash Flow StatementBalance Sheet

Valuation Analysis

Fair Value
Price-to-EarningsTTM
43.4x
Volatile
8Q: 137.6x+7333%
Multiple expansion without fundamental improvement
High PEG ratio (3.2x) suggests expensive for growth
Valuation Lenses
Earnings
43.4x
vs – sector
Cash Flow
66.0x
EV/FCF vs –
Growth-Adj
3.2xPEG
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
13.5%
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
–
Leverage Metrics
Debt-to-Equity
0.45x
Balance sheet risk & solvency analysis

Research

All research