XStocksXray

Research report · 16 October 2026

Walmart Inc. (WMT)

Consumer Staples · Consumer Staples Merchandise Retail · US stock · price as of 16 Oct 2026

Key indicators

Price	$118.81
52-week range	$98.05 – $134.84
Market cap	$947.9B
P/E (trailing)	43.1×
EV / EBITDA	20.8×
Free-cash-flow yield	1.4%
Dividend yield	0.8%
Revenue (last 12 months)	$735.8B
Revenue growth (3y a year)	5.3%
Operating margin	4.4%
Return on invested capital	18.1%
Net debt / EBITDA	0.8×

Fair value

Blended fair value$80.08 range $75 – $86

Versus priceOvervalued−33% to fair value

Peer multiples	$66.57
Fundamentals-adjusted multiple	$95.67
10-year DCF (market-scaled)	$78.00
Earnings power value (floor, not blended)	$29.29
Model uncertainty	Medium

X-Ray Score

52/ 100 · High confidence · ahead of 52% of sector peers

Valuation12

Growth76

Profitability70

Financial health54

Dividends52

Five-year price chart navy: price · brown: 200-day average · blue band: fair value range

Executive summary

Walmart is the world's largest retailer by sales, operating supercenters, discount stores, warehouse clubs and e-commerce platforms in the United States and other countries. It sells groceries, general merchandise, electronics and household goods at low prices. Most revenue comes from retail sales, with smaller contributions from membership fees at Sam's Club, advertising, marketplace services and financial services.

The company pays a dividend with a yield of 0.8%. Looking at the numbers, trailing revenue is $735.8 billion, and it grew 5.3% a year over the past three years. Operating margin is 4.4%, while return on invested capital is 18%. Net debt to EBITDA is 0.8 times.

StocksXray gives Walmart Inc. an X-Ray Score of 52 out of 100 (high confidence), ahead of 52% of the S&P 500 stocks in its sector. Its strongest lens is growth (76) and its weakest is valuation (12).

Our fair value blend is $80.08 (range $75.46 to $86.24). At $118.81 the stock trades 48% above that blend, so the label is "Overvalued" with medium model uncertainty. Fair value is a range, not a price target.

XStocksXray

Walmart Inc. (WMT)

Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months

	FY2022	FY2023	FY2024	FY2025	FY2026	Now
Price	$43.95	$45.94	$53.57	$96.61	$118.39	$118.81
Market cap	$369.8B	$376.8B	$434.3B	$780.7B	$949.7B	$947.9B
P/E	27.1×	32.4×	28.0×	40.1×	43.4×	43.1×
EV / revenue	0.7×	0.7×	0.7×	1.2×	1.4×	1.3×
EV / EBITDA	11.0×	13.2×	12.1×	19.3×	22.5×	21.0×
Price / free cash flow	33.4×	31.4×	28.7×	61.7×	63.6×	70.2×
Free-cash-flow yield	3.0%	3.2%	3.5%	1.6%	1.6%	1.4%
Price / book	4.4×	4.9×	5.2×	8.6×	9.5×	9.6×
Dividend yield	1.67%	1.63%	1.42%	0.86%	0.79%	0.82%

Fundamentals checklist ● 6 Good · ● 4 Average · ● 6 Bad · each check graded against the sector

Cash quality

Earnings backed by cash−7.1%Good

Free-cash-flow yield1.4%Bad

Risk models

Altman Z score1.8×Bad

Piotroski F-Score6 of 9Average

Growth

EPS growth (3y)24.3%Good

Free-cash-flow growth (3y)7.6%Average

Revenue growth (3y)5.3%Good

Growth consistency100%Good

Balance sheet

Current ratio0.8×Bad

Net debt / EBITDA0.8×Good

Interest cover17.4×Average

Valuation

Fair value vs price0.7×Bad

EBIT / EV yield3.3%Bad

Profitability

Return on invested capital18.1%Average

Operating margin4.4%Bad

Gross profitability63.2%Good

XStocksXray

Walmart Inc. (WMT)

Financials US$ millions, from SEC filings; last column is the last twelve months

Income statement	FY22	FY23	FY24	FY25	FY26	LTM
Revenue	572,754	611,289	648,125	680,985	713,163	735,840
Gross profit	143,754	147,568	157,983	169,232	177,768	185,657
Operating income	25,942	20,428	27,012	29,348	29,825	32,280
Net income	13,673	11,680	15,511	19,436	21,893	22,076
Diluted EPS ($)	1.62	1.42	1.91	2.41	2.73	2.76
Free cash flow	11,075	11,984	15,120	12,660	14,923	13,509
Gross margin	25.1%	24.1%	24.4%	24.9%	24.9%	25.2%
Operating margin	4.5%	3.3%	4.2%	4.3%	4.2%	4.4%
Net margin	2.4%	1.9%	2.4%	2.9%	3.1%	3.0%
Balance sheet	FY22	FY23	FY24	FY25	FY26	LTM
Total assets	244,860	243,197	252,399	260,823	284,668	293,914
Cash	14,760	8,625	9,867	9,037	10,727	11,529
Total debt	38,077	39,212	40,457	39,067	44,762	50,411
Equity	83,253	76,693	83,861	91,013	99,617	98,238
Dividend per share ($)	0.73	0.75	0.76	0.83	0.94	0.99

Revenue and net income US$ billions: navy revenue, teal net income

Margins blue gross, teal operating, brown net

Latest quarters

	Apr 2025	Jul 2025	Oct 2025	Jan 2026	Apr 2026	Jul 2026
Revenue ($M)	165,609	177,402	179,496	190,656	177,751	187,937
Growth vs a year earlier	+2.5%	+4.8%	+5.8%	+5.6%	+7.3%	+5.9%
Net income ($M)	4,487	7,026	6,143	4,237	5,330	6,366
Diluted EPS ($)	0.56	0.88	0.77	–	0.67	0.80

XStocksXray

Walmart Inc. (WMT)

Peers in Consumer Staples Merchandise Retail

Company	X-Ray
WMT · Walmart Inc.	52
DLTR · Dollar Tree, Inc.	77
DG · Dollar General Corp	66
TGT · Target Corp	58
COST · Costco Wholesale Corp	57

Market Compass outlook for Consumer Staples: Neutral (41/100). It blends regime history, macro sensitivity, momentum and valuation.

Returns

1 week	+6.7%
1 month	+11.3%
3 months	+6.1%
6 months	−6.4%
1 year	+9.9%
3 years	+132.5%
5 years	+171.7%

Technical summary

DailyBullish12 bullish · 0 neutral · 4 bearish

WeeklyStrongly bullish10 bullish · 1 neutral · 1 bearish

MonthlyStrongly bullish7 bullish · 1 neutral · 0 bearish

50-day / 200-day average	$108.86 / $117.86
52-week low / high	$98.05 / $134.84
Classic pivot, support and resistance	S2 117.38 · S1 118.09 · P – · R1 119.50 · R2 120.20

Recent dividends

Ex-dividend date	Amount per share
11 Dec 2026	$0.2475
21 Aug 2026	$0.2480
8 May 2026	$0.2480
20 Mar 2026	$0.2480
12 Dec 2025	$0.2350
15 Aug 2025	$0.2350

XStocksXray

Walmart Inc. (WMT)

Strengths

Revenue growth of 5.3% a year over three years is ahead of 80% of its sector peers.
Net debt is only 0.8× EBITDA, ahead of 90% of its sector peers.
Piotroski F-Score of 6 out of 9: most of the nine accounting health tests pass.
Has raised its dividend for 7 years in a row.

Risks and weak spots

Free-cash-flow yield is weak against Consumer Staples peers (1.4%).
Altman Z score is weak against Consumer Staples peers (1.8×).
Current ratio is weak against Consumer Staples peers (0.8×).
Fair value vs price is weak against Consumer Staples peers (0.7×).
EBIT / EV yield is weak against Consumer Staples peers (3.3%).
Operating margin is weak against Consumer Staples peers (4.4%).
The price is above our fair value range, so good news may already be in the price.

Latest SEC filings

Date	Form	Items
28 Aug 2026	10-Q
20 Aug 2026	8-K	2.02,9.01
5 Jun 2026	8-K	5.03,5.07,9.01
29 May 2026	10-Q
21 May 2026	8-K	2.02,9.01
30 Apr 2026	8-K	8.01,9.01
23 Apr 2026	DEF 14A
27 Mar 2026	8-K	8.01

How to read this report

Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.