Walmart Inc. (WMT) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-4.0%

$121.84

vs $126.93 price

Levered DCF

$172.52

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

6.36

Safe zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	43.48×	40.56×	28.69×	33.54×	28.59×	28.48×	21.93×	42.03×
P/B	9.55×	8.67×	5.3×	5.11×	4.69×	4.87×	4.37×	3.87×
P/S	1.33×	1.16×	0.69×	0.64×	0.68×	0.71×	0.62×	0.55×
EV / EBITDA	21.68×	20×	13.64×	14.7×	13.81×	12.92×	11.55×	13.52×
Gross margin	24.9%	24.9%	24.4%	24.1%	25.1%	24.8%	24.7%	25.1%
Operating margin	4.2%	4.3%	4.2%	3.3%	4.5%	4.0%	3.9%	4.3%
Net margin	3.1%	2.9%	2.4%	1.9%	2.4%	2.4%	2.8%	1.3%
Current ratio	0.79×	0.82×	0.83×	0.82×	0.93×	0.97×	0.79×	0.8×
Debt / equity	0.67×	0.66×	0.73×	0.77×	0.69×	0.78×	0.97×	0.8×
Interest coverage	10.66×	10.76×	10.07×	9.6×	13.01×	9.74×	7.91×	9.36×
Dividend yield	0.8%	0.8%	1.4%	1.6%	1.6%	1.6%	1.9%	2.2%
Payout ratio	34.3%	34.4%	39.6%	52.3%	45.0%	45.3%	40.6%	91.5%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	22.0%	21.4%	18.5%	15.2%	16.4%	16.7%	19.9%	9.2%
Return on invested capital	11.9%	13.1%	12.1%	8.6%	11.9%	9.1%	9.3%	9.2%
Return on assets	7.7%	7.5%	6.1%	4.8%	5.6%	5.4%	6.3%	3.0%
Free cash flow yield	1.6%	1.6%	3.4%	3.1%	2.8%	6.5%	4.5%	6.2%
Earnings yield	2.3%	2.5%	3.5%	3.0%	3.5%	3.4%	4.6%	2.4%
Enterprise value	$1T	$840.4B	$496.3B	$442.2B	$432.9B	$439.8B	$389.2B	$331B
Net debt / EBITDA	1.21×	1.22×	1.41×	1.67×	1.36×	1.34×	1.87×	2.05×
Cash conversion cycle (days)	3	4	4	7	6	1	2	2