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Latest Ratios: P/E Ratio 39.7x · EV/EBITDA 20.9x · 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 | $864.2B | $955.7B | $793.2B | $446.6B | $393.4B | $392.1B | $400.0B | $328.3B | $282.2B | $320.8B | $207.7B |
| Enterprise Value | $920.6B | $1.01T | $844.3B | $498.1B | $443.7B | $434.7B | $445.5B | $391.3B | $332.5B | $360.6B | $246.8B |
| P/E Ratio → | 39.71 | 43.64 | 40.73 | 28.84 | 33.77 | 28.77 | 28.91 | 22.06 | 42.59 | 32.60 | 15.24 |
| P/S Ratio | 1.21 | 1.34 | 1.16 | 0.69 | 0.64 | 0.68 | 0.72 | 0.63 | 0.55 | 0.64 | 0.43 |
| P/B Ratio | 8.19 | 9.00 | 8.12 | 4.93 | 4.68 | 4.27 | 4.57 | 4.03 | 3.54 | 3.97 | 2.58 |
| P/FCF | 57.91 | 64.04 | 62.66 | 29.54 | 32.82 | 35.41 | 15.50 | 22.57 | 16.21 | 17.55 | 9.93 |
| P/OCF | 20.79 | 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 | 20.91 | 22.99 | 19.95 | 12.82 | 14.14 | 11.88 | 13.22 | 12.40 | 10.19 | 11.64 | 7.51 |
| EV / EBIT | 30.87 | 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 | 0.9% | 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 | 2.5% | 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 | 1.8% | 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 |
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 39.7x. The historical average is 25.7x. This places it at the 77th percentile of its historical range.
Walmart Inc.'s current EV/EBITDA is 20.9x. 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 39.7x. This is at the 77th 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 0.86% 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.
Key Metrics
Top Statement Risk
Margin pressure from fulfillment costs
Metrics are mathematically derived from official filings.
Premium Valuation Reflects Defensive Quality
Walmart's forward P/E of 35.68 and EV/EBITDA of 17.26 represent a significant premium to traditional grocers like Kroger, suggesting the market is pricing in its defensive earnings stability and potential for higher-margin digital revenue streams.
The valuation premium over peers like Target (Forward P/E 20.07) and Kroger (EV/EBITDA 9.80) appears to reflect Walmart's superior scale, grocery-driven traffic, and perceived optionality in retail media. However, the PEG ratio of 3.43 indicates the market is paying a high multiple for modest growth, which may be vulnerable if the company fails to demonstrate meaningful margin expansion from its digital initiatives.
Thin Margins Mask Structural Improvement
Walmart's operating margin of 5.0% in 2027Q2, while structurally thin, represents a notable expansion from the 4.4% level seen in 2025Q4, suggesting recent cost discipline and favorable mix are translating to the bottom line.
The gross margin expansion to 26.1% is a positive signal for a high-volume, low-margin model, but the operating margin remains the critical metric to watch. The 5.0% level is still well below the 6-7% range seen at more discretionary-focused retailers like Target, indicating that Walmart's profitability is fundamentally constrained by its EDLP strategy and heavy grocery mix. Investors should monitor whether this margin improvement is sustainable or a temporary benefit from favorable inflation dynamics.
Returns on Capital Remain Subdued
Walmart's ROIC of 4.3% in 2027Q2, while improved from the 3.2% low in 2026Q3, remains significantly below its cost of capital and peer Costco's 34.5%, indicating the business model generates modest returns on the massive capital base it employs.
The ROIC trend shows volatility but no clear upward trajectory over the last ten quarters, suggesting that the heavy capital investment in fulfillment centers and automation has yet to translate into meaningfully higher returns. The ROE of 6.2% is also depressed by the company's substantial equity base, which has grown 20.8% over the period. This pattern implies that Walmart is in a phase of reinvesting for long-term competitiveness rather than maximizing near-term capital efficiency.
Working Capital Management is a Key Lever
Walmart's cash conversion cycle of just 4 days, achieved through a negative working capital model where it collects from customers before paying suppliers, is a core structural advantage that funds its operations and investments.
The consistently low CCC, driven by a DPO of 42 days that exceeds its DIO of 41 days, demonstrates Walmart's significant supplier leverage. This efficient working capital cycle is a critical source of operational cash flow, allowing the company to fund its capital-intensive transformation without excessive external financing. Any deterioration in this cycle, particularly a lengthening of DPO, would be a red flag regarding supplier relationships or competitive pressure.
Leverage is Manageable but Rising
Walmart's debt-to-equity ratio of 0.71 and interest coverage of 31.46x in 2027Q2 indicate a comfortable leverage position, though the increase in total debt to $73.8B warrants monitoring as the company funds its multi-year investment cycle.
The leverage profile remains conservative compared to peers like Target (D/E 1.26) and especially Kroger (D/E 4.16), providing significant financial flexibility. The high interest coverage ratio suggests debt service is not a near-term concern. However, the trend of increasing debt alongside a massive capital expenditure program means investors should watch for covenant headroom and the company's ability to generate sufficient free cash flow to deleverage over time.
The Misleading Power of the Current Ratio
Walmart's current ratio of 0.77 is frequently misinterpreted as a liquidity weakness, but it actually reflects the efficiency of its negative working capital model, which is a source of competitive strength, not financial strain.
For a high-volume retailer with immense supplier leverage and predictable cash flows, a current ratio below 1.0 is a feature, not a bug. It indicates that Walmart effectively uses supplier credit to finance its inventory, a key advantage over less powerful competitors. Analysts who focus solely on this ratio without understanding the underlying business model may incorrectly flag a liquidity risk where none exists. A more appropriate metric for assessing Walmart's liquidity is its ability to generate consistent operating cash flow, which has averaged 1.85x net income over the last ten quarters.