Latest Ratios: P/E Ratio 40.9x · EV/EBITDA 21.5x · ROE 21.5%. (1997–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $889.1B | $955.7B | $793.2B | $446.6B | $393.4B | $392.1B | $400.0B | $328.3B | $282.2B | $320.8B | $207.7B |
| Enterprise Value | $945.5B | $1.01T | $844.3B | $498.1B | $443.7B | $434.7B | $445.5B | $391.3B | $332.5B | $360.6B | $246.8B |
| P/E Ratio → | 40.86 | 43.64 | 40.73 | 28.84 | 33.77 | 28.77 | 28.91 | 22.06 | 42.59 | 32.60 | 15.24 |
| P/S Ratio | 1.25 | 1.34 | 1.16 | 0.69 | 0.64 | 0.68 | 0.72 | 0.63 | 0.55 | 0.64 | 0.43 |
| P/B Ratio | 8.43 | 9.00 | 8.12 | 4.93 | 4.68 | 4.27 | 4.57 | 4.03 | 3.54 | 3.97 | 2.58 |
| P/FCF | 59.58 | 64.04 | 62.66 | 29.54 | 32.82 | 35.41 | 15.50 | 22.57 | 16.21 | 17.55 | 9.93 |
| P/OCF | 21.39 | 22.99 | 21.77 | 12.50 | 13.64 | 16.22 | 11.09 | 13.00 | 10.17 | 11.32 | 6.59 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.42 | 1.24 | 0.77 | 0.73 | 0.76 | 0.80 | 0.75 | 0.65 | 0.72 | 0.51 |
| EV / EBITDA | 21.47 | 22.99 | 19.95 | 12.82 | 14.14 | 11.88 | 13.22 | 12.40 | 10.19 | 11.64 | 7.51 |
| EV / EBIT | 31.70 | 31.37 | 29.08 | 20.30 | 23.18 | 21.01 | 19.47 | 17.23 | 24.00 | 20.66 | 10.79 |
| EV / FCF | — | 67.82 | 66.69 | 32.94 | 37.02 | 39.25 | 17.26 | 26.89 | 19.10 | 19.72 | 11.80 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 24.9% | 24.9% | 24.9% | 24.4% | 24.1% | 25.1% | 24.8% | 24.7% | 25.1% | 25.4% | 25.6% |
| Operating Margin | 4.2% | 4.2% | 4.3% | 4.2% | 3.3% | 4.5% | 4.0% | 3.9% | 4.3% | 4.1% | 4.7% |
| Net Profit Margin | 3.1% | 3.1% | 2.9% | 2.4% | 1.9% | 2.4% | 2.4% | 2.8% | 1.3% | 2.0% | 2.8% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 21.5% | 21.5% | 20.6% | 17.8% | 13.3% | 15.2% | 16.0% | 18.5% | 8.3% | 12.2% | 16.6% |
| ROA | 8.0% | 8.0% | 7.6% | 6.3% | 4.8% | 5.5% | 5.5% | 6.5% | 3.1% | 4.9% | 6.8% |
| ROIC | 14.4% | 14.4% | 15.1% | 14.7% | 11.4% | 14.5% | 12.2% | 11.2% | 13.1% | 12.8% | 14.0% |
| ROCE | 17.5% | 17.5% | 18.1% | 17.4% | 13.2% | 16.4% | 14.2% | 13.7% | 16.4% | 15.8% | 17.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.63 | 0.63 | 0.62 | 0.68 | 0.70 | 0.62 | 0.72 | 0.89 | 0.73 | 0.58 | 0.57 |
| Debt / EBITDA | 1.52 | 1.52 | 1.42 | 1.58 | 1.88 | 1.57 | 1.88 | 2.30 | 1.78 | 1.50 | 1.40 |
| Net Debt / Equity | — | 0.53 | 0.52 | 0.57 | 0.60 | 0.46 | 0.52 | 0.77 | 0.63 | 0.49 | 0.49 |
| Net Debt / EBITDA | 1.28 | 1.28 | 1.21 | 1.32 | 1.60 | 1.16 | 1.35 | 2.00 | 1.54 | 1.28 | 1.19 |
| Debt / FCF | — | 3.78 | 4.03 | 3.40 | 4.20 | 3.84 | 1.76 | 4.33 | 2.89 | 2.17 | 1.87 |
| Interest Coverage | 11.53 | 11.53 | 10.64 | 9.14 | 9.00 | 10.38 | 9.88 | 8.74 | 5.91 | 7.49 | 9.66 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.79 | 0.79 | 0.82 | 0.83 | 0.82 | 0.93 | 0.97 | 0.79 | 0.80 | 0.76 | 0.86 |
| Quick Ratio | 0.24 | 0.24 | 0.24 | 0.24 | 0.21 | 0.28 | 0.49 | 0.22 | 0.23 | 0.20 | 0.22 |
| Cash Ratio | 0.10 | 0.10 | 0.09 | 0.11 | 0.09 | 0.17 | 0.19 | 0.12 | 0.10 | 0.09 | 0.10 |
| Asset Turnover | — | 2.51 | 2.61 | 2.57 | 2.51 | 2.34 | 2.21 | 2.22 | 2.35 | 2.45 | 2.44 |
| Inventory Turnover | 9.10 | 9.10 | 9.07 | 8.93 | 8.20 | 7.59 | 9.35 | 8.88 | 8.70 | 8.53 | 8.39 |
| Days Sales Outstanding | — | 5.72 | 5.35 | 4.95 | 4.74 | 5.28 | 4.25 | 4.38 | 4.46 | 4.10 | 4.38 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.8% | 0.8% | 0.8% | 1.4% | 1.6% | 1.6% | 1.5% | 1.8% | 2.2% | 1.9% | 3.0% |
| Payout Ratio | 34.3% | 34.3% | 34.4% | 39.6% | 52.3% | 45.0% | 45.3% | 40.6% | 91.5% | 62.1% | 45.6% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.4% | 2.3% | 2.5% | 3.5% | 3.0% | 3.5% | 3.5% | 4.5% | 2.3% | 3.1% | 6.6% |
| FCF Yield | 1.7% | 1.6% | 1.6% | 3.4% | 3.0% | 2.8% | 6.5% | 4.4% | 6.2% | 5.7% | 10.1% |
| Buyback Yield | 0.9% | 0.8% | 0.6% | 0.6% | 2.5% | 2.5% | 0.7% | 1.7% | 2.6% | 2.6% | 4.0% |
| Total Shareholder Yield | 1.7% | 1.6% | 1.4% | 2.0% | 4.1% | 4.1% | 2.2% | 3.6% | 4.8% | 4.5% | 7.0% |
| Shares Outstanding | — | $8.0B | $8.1B | $8.1B | $8.2B | $8.4B | $8.5B | $8.6B | $8.8B | $9.0B | $9.3B |
Thin Operating Margin Sensitivity
According to recent market data, WMT trades at a 42.38x TTM P/E, a significant premium to traditional retail peers, suggesting investors are pricing in a transition toward higher-margin digital services and retail media revenue rather than relying solely on the company's legacy physical store growth trajectory.
The current forward P/E of 39.83 implies that the market expects sustained earnings growth driven by the successful integration of Walmart Connect and automated fulfillment. This valuation multiple appears to decouple the company from the lower-multiple grocery sector, positioning it closer to a technology-enabled logistics platform.
Based on reported financial figures, WMT's ROIC has remained in a narrow 3.2% to 4.2% range over the last ten quarters, indicating that the massive capital intensity required to maintain its omni-channel infrastructure continues to exert downward pressure on the company's overall return on invested capital.
The persistent gap between WMT's ROIC and that of more specialized peers like Costco suggests that the company's vast physical footprint acts as a drag on capital efficiency. Investors should monitor whether future investments in automated fulfillment centers can meaningfully improve these returns by reducing labor-related capital requirements.
As evidenced by the quarterly data, WMT maintains a highly efficient cash conversion cycle, with days inventory outstanding around 41 days and days payable outstanding at 42 days, effectively utilizing supplier credit to finance its massive inventory requirements without relying on significant external short-term debt financing.
This negative or near-zero CCC is a structural advantage that allows the company to operate with a current ratio below 1.0 without compromising operational stability. The ability to dictate payment terms to suppliers remains a critical, albeit underappreciated, component of the company's overall liquidity management strategy.
According to the latest balance sheet filings, WMT's debt-to-equity ratio of 0.74 reflects a disciplined approach to capital structure, providing the company with sufficient financial flexibility to fund its ongoing digital transformation while maintaining a stable interest coverage ratio of 11.23 in the most recent quarter.
While the debt load has increased to support infrastructure investment, the interest coverage remains comfortable, suggesting that the company is not over-leveraged relative to its cash-generating capacity. The current leverage profile appears appropriate for a mature, capital-intensive business navigating a significant shift in its operational model.
Investors frequently misapply the P/S ratio to WMT, which obscures the company's evolving margin profile as it shifts from low-margin physical retail to higher-margin advertising and data services, potentially leading to an undervaluation of the company's long-term earnings power and its potential for margin expansion.
Relying on P/S ignores the qualitative shift in revenue mix, where high-margin digital services are becoming a larger contributor to the bottom line. Analysts should instead focus on the growth of non-retail revenue streams and their impact on consolidated operating margins to better assess the company's true valuation.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying WMT stock.
Walmart Inc.'s current P/E ratio is 40.9x. The historical average is 25.7x. This places it at the 87th percentile of its historical range.
Walmart Inc.'s current EV/EBITDA is 21.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.6x.
Walmart Inc.'s return on equity (ROE) is 21.5%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 19.2%.
Based on historical data, Walmart Inc. is trading at a P/E of 40.9x. This is at the 87th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Walmart Inc.'s current dividend yield is 0.84% with a payout ratio of 34.3%.
Walmart Inc. has 24.9% gross margin and 4.2% operating margin.
Walmart Inc.'s Debt/EBITDA ratio is 1.5x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.