Walmart Inc. (WMT) - Stock Research

Revenue by Segment

Segment	2021	2022	2023	2024	2025	% of Total
Grocery	$208.41B	$218.94B	$247.30B	$264.21B	$276.00B	58%
General merchandise	$119.41B	$125.88B	$118.60B	$113.98B	$113.92B	24%
Health and wellness	$38.52B	$42.84B	$46.59B	$54.90B	$62.09B	13%
Fuel and other	—	—	$15.38B	$13.68B	$12.92B	3%
Other	—	—	$8.07B	$8.72B	$10.40B	2%

	1-Yr	4-Yr
Sales	5.7%	6.5%
Cash Flow	2.7%	1.7%
Earnings	26.2%	11.1%
Dividends	9.2%	3.6%
Book Value	9.3%	4.4%

	1-Yr	4-Yr
ROIC	18.9%	16.8%
Gross Margin	24.1%	23.9%
FCF Yield	1.6%	2.8%
Buyback Yield	0.6%	1.6%

	Q1	Q2	Q3	Q4
2022	0.32	0.50	0.37	0.43
2023	0.25	0.62	-0.21	0.77
2024	0.21	0.97	0.06	0.67
2025	0.63	0.56	0.56	0.66
2026	0.56	0.87	0.77	—

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Financial data for WMT from SEC EDGAR
Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023
Earnings Power
Revenue	473.1B	482.2B	478.6B	481.3B	495.8B	510.3B	519.9B	555.2B	567.8B	605.9B	642.6B	674.5B	696.3B
Net Income	16.0B	16.4B	14.7B	13.6B	9.9B	6.7B	14.9B	13.5B	13.7B	11.7B	15.5B	19.4B	22.9B
Owner Earnings	14.4B	19.4B	17.9B	21.6B	17.8B	17.1B	14.3B	24.9B	13.5B	17.9B	23.9B	23.5B	28.0B
Non-Recurring	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0
Gross Margin	24.3%	24.3%	24.6%	24.9%	24.7%	24.5%	24.1%	24.3%	24.4%	23.5%	23.7%	24.1%	0.0%
Op. Margin	5.7%	5.6%	5.0%	4.7%	4.1%	4.3%	4.0%	4.1%	4.6%	3.4%	4.2%	4.4%	4.2%
Net Margin	3.4%	3.4%	3.1%	2.8%	2.0%	1.3%	2.9%	2.4%	2.4%	1.9%	2.4%	2.9%	3.3%
Returns on Capital
ROE	21.0%	20.1%	18.2%	17.5%	12.7%	9.2%	19.9%	16.7%	16.4%	15.2%	18.5%	22.2%	23.8%
ROA	7.8%	8.0%	7.4%	6.9%	4.8%	3.0%	6.3%	5.4%	5.6%	4.8%	6.1%	7.6%	7.9%
ROIC	14.6%	15.3%	14.4%	14.2%	12.7%	11.6%	13.5%	13.9%	18.1%	12.8%	17.4%	18.9%	16.7%
Cash Flow
Free Cash Flow	10.1B	16.4B	15.9B	21.1B	18.3B	17.4B	14.6B	25.8B	11.1B	12.0B	15.1B	12.7B	15.3B
CapEx	13.1B	12.2B	11.5B	10.6B	10.1B	10.3B	10.7B	10.3B	13.1B	16.9B	20.6B	23.8B	25.7B
Maint. CapEx	8.9B	9.2B	9.5B	10.1B	10.5B	10.7B	11.0B	11.2B	10.7B	10.9B	11.9B	13.0B	13.0B
Growth CapEx	4.2B	3.0B	2.0B	539M	0	0	0	0	2.4B	5.9B	8.8B	10.8B	12.7B
CapEx/OCF	56.4%	42.6%	41.9%	33.5%	35.5%	37.3%	42.4%	28.5%	54.2%	58.4%	57.7%	65.3%	62.8%
D&A	8.9B	9.2B	9.5B	10.1B	10.5B	10.7B	11.0B	11.2B	10.7B	10.9B	11.9B	13.0B	13.0B
Capital Allocation
Op. Cash Flow	23.3B	28.6B	27.4B	31.7B	28.3B	27.8B	25.3B	36.1B	24.2B	28.8B	35.7B	36.4B	41.0B
Dividends Paid	6.1B	6.2B	6.3B	6.2B	6.1B	6.1B	6.0B	6.1B	6.2B	6.1B	6.1B	6.7B	7.3B
Share Buybacks	6.7B	1.0B	4.1B	8.3B	8.3B	7.4B	5.7B	2.6B	9.8B	9.9B	2.8B	4.5B	4.5B
Buyback Yield	3.4%	0.4%	2.4%	4.7%	2.9%	2.9%	1.9%	0.7%	2.7%	2.6%	0.6%	0.6%	0.4%
Debt Repayment	5.0B	3.9B	4.4B	2.1B	13.1B	3.8B	1.9B	5.4B	13.0B	2.7B	4.2B	3.5B	3.5B
Stock-Based Comp	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Balance Sheet
Total Assets	204.8B	203.5B	199.6B	198.8B	204.5B	219.3B	236.5B	252.5B	244.9B	243.2B	252.4B	260.8B	288.7B
Intangibles	19.5B	18.1B	16.7B	17.0B	18.2B	31.2B	31.1B	29.0B	29.0B	28.2B	28.1B	28.8B	28.8B
Total Liabilities	128.5B	122.1B	119.0B	121.0B	126.7B	146.8B	161.8B	171.6B	161.6B	166.5B	168.5B	169.8B	31.5B
Equity	76.3B	81.4B	80.5B	77.8B	77.9B	72.5B	74.7B	80.9B	83.3B	76.7B	83.9B	91.0B	96.1B
Net Debt	46.3B	38.1B	35.0B	32.5B	32.3B	42.9B	40.2B	26.8B	23.3B	30.6B	30.6B	30.0B	35.8B
Long-Term Debt	41.8B	40.9B	38.2B	36.0B	30.0B	43.5B	43.7B	41.2B	34.9B	34.6B	36.1B	33.4B	N/A
Debt/Equity	0.70	0.58	0.54	0.51	0.50	0.70	0.66	0.55	0.46	0.51	0.48	0.43	0.48
Interest Coverage	13.0	12.6	11.9	11.1	10.3	11.1	61.0	66.5	81.1	59.9	63.7	61.3	61.3
Working Capital	-8.2B	-2.0B	-4.4B	-9.2B	-18.9B	-15.6B	-16.0B	-2.6B	-6.3B	-16.5B	-15.5B	-17.1B	-17.1B
Current Assets	61.2B	63.3B	60.2B	57.7B	59.7B	61.9B	61.8B	90.1B	81.1B	75.7B	76.9B	79.5B	79.5B
Current Liabilities	69.3B	65.3B	64.6B	66.9B	78.5B	77.5B	77.8B	92.6B	87.4B	92.2B	92.4B	96.6B	96.6B
Retained Earnings	76.6B	85.8B	90.0B	89.4B	85.1B	80.8B	83.9B	88.8B	86.9B	83.1B	89.8B	98.3B	98.3B
Per Share Data
Avg. Price	19.80	20.89	19.40	19.73	23.66	27.31	33.37	40.74	44.42	44.14	50.03	71.98	131.18
EPS	1.63	1.68	1.52	1.46	1.09	0.75	1.73	1.58	1.62	1.42	1.91	2.41	2.86
Owner EPS	1.46	1.99	1.86	2.31	1.97	1.93	1.66	2.92	1.61	2.18	2.94	2.91	3.51
Book Value	7.74	8.37	8.35	8.33	8.63	8.19	8.68	9.48	9.88	9.32	10.33	11.29	12.06
Cash Flow/Share	2.36	2.94	2.84	3.39	3.14	3.13	2.94	4.23	2.87	3.51	4.40	4.52	4.50
Dividends/Share	0.63	0.64	0.65	0.67	0.68	0.69	0.71	0.72	0.73	0.75	0.76	0.83	0.92
Shares Out.	9.8B	9.7B	9.6B	9.3B	9.0B	8.9B	8.6B	8.5B	8.4B	8.2B	8.1B	8.1B	8.0B
Valuation
P/E Ratio	12.1	13.9	11.7	12.9	29.1	38.7	20.6	28.3	26.8	32.4	28.1	40.0	45.9
Price/Book	2.5	2.8	2.1	2.3	3.7	3.6	4.1	4.7	4.4	4.9	5.2	8.5	10.9
Price/Sales	0.4	0.4	0.4	0.4	0.4	0.5	0.6	0.6	0.7	0.6	0.6	0.9	1.5
EV/EBIT	8.9	9.8	8.6	9.1	15.6	13.7	16.9	18.1	15.0	20.0	17.2	27.5	37.3
FCF Yield	5.2%	7.2%	9.2%	12.0%	6.4%	6.7%	4.7%	6.8%	3.0%	3.2%	3.5%	1.6%	1.5%
Market Cap	193.9B	228.1B	172.1B	175.4B	286.7B	258.0B	307.2B	382.0B	366.5B	378.8B	435.2B	777.2B	1.0T
Year-End Price	19.69	23.47	17.84	18.77	31.79	29.14	35.72	44.77	43.51	46.05	53.60	96.37	131.18

Walmart Inc.

Business Description

Revenue by Segment

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