Walmart Inc.
WMT · Nasdaq · CIK 0000104169
SIC 5331
Retail-Variety Stores
Category
Retail
Entity
operating
Incorp.
DE
Fiscal Y/E
0131
Source: SEC EDGAR · All filings on SEC →
Investment Indicators
$127.59
-2.84 (-2.18%)
Open
$130.11
High
$130.67
Low
$126.38
Prev Close
$130.43
Volume
13,643,568
52W High
$134.16
52W Low
$91.13
50-day MA
$126.12
Quote as of: 2026-05-11
Market Cap
$1.04T
P/E
47.69
P/B
10.47
PEG
4.87
EPS
2.73
BPS
12.50
Dividend Yield
0.72%
Beta
0.65
ROE
21.98%
ROA
7.69%
Current Ratio
0.79
Operating Margin
4.18%
Net Margin
3.07%
Book Value/Share
$29.14
Intrinsic Value Estimates
Multiple valuation methods, each with its own assumptions — outputs can diverge widely
Median consensus (7 methods)
$328.39B
| Method | Implied market cap | vs current |
|---|---|---|
Graham Number √(22.5 × 순이익 × 자본) | $221.52B | +369% |
Graham Formula 순이익 × (8.5 + 2 × 성장률%) | $739.61B | +40% |
Justified P/E 순이익 × 산업 평균 P/E | $328.39B | +216% |
P/B 배수 자본 × 산업 평균 P/B | $149.43B | +595% |
P/S 배수 매출 × 산업 평균 P/S | $1.43T | -27% |
DCF (Gordon) CF × (1+g) / (r − g) | $527.28B | +97% |
DDM (Gordon) D × (1+g) / (r − g) | $213.70B | +386% |
▶ Detailed analysis — formula walk-through & scenarios
Why this conclusion
Of the 7 valuation methods, 7 were applicable. Their median fair-value lands +216.0% below the current market cap → the stock trades above most formulas' estimates (overvalued). 6 methods flag overvalued, 1 flag undervalued, the rest land within fair range. Read each formula's assumptions below before treating any single number as the answer.
Graham Number
Overvalued +368.5%√(22.5 × 순이익 × 자본)
Current
$1.04T
Implied fair
$221.52B
Gap (current − fair)
+$816.30B(+368.5%)
NetIncome = $21.89B Equity = $99.62B √(22.5 × $21.89B × $99.62B) = $221.52B
- 최대 PER 15배
- 최대 PBR 1.5배
- 안정적 흑자 기업 가정 (금융·고성장 부정확)
Graham Formula
Overvalued +40.3%순이익 × (8.5 + 2 × 성장률%)
Current
$1.04T
Implied fair
$739.61B
Gap (current − fair)
+$298.21B(+40.3%)
NetIncome = $21.89B Growth g = 12.6% → cap 12.6% Multiple = 8.5 + 2 × 12.6 = 33.8× $21.89B × 33.8 = $739.61B
- EPS 성장률 12.6%/년 가정 (직전 1년 기준)
- 무성장 기업 P/E = 8.5
- 현재 적용 배수: 33.8x
Justified P/E
Overvalued +216.0%순이익 × 산업 평균 P/E
Current
$1.04T
Implied fair
$328.39B
Gap (current − fair)
+$709.43B(+216.0%)
NetIncome = $21.89B Industry P/E = 15× $21.89B × 15 = $328.39B
- 산업 평균 PER 15x 가정 (사용자 정의 가능)
- 동종 업종 비교가 핵심 — 산업별 평균 P/E 사용 권장
P/B 배수
Overvalued +594.5%자본 × 산업 평균 P/B
Current
$1.04T
Implied fair
$149.43B
Gap (current − fair)
+$888.40B(+594.5%)
Equity = $99.62B Industry P/B = 1.5× $99.62B × 1.5 = $149.43B
- 산업 평균 PBR 1.5x 가정
- 은행·보험·자산집약적 산업에 특히 유효
P/S 배수
Undervalued -27.2%매출 × 산업 평균 P/S
Current
$1.04T
Implied fair
$1.43T
Gap (current − fair)
$-388.50B(-27.2%)
Revenue = $713.16B Industry P/S = 2× $713.16B × 2 = $1.43T
- 산업 평균 PSR 2x 가정
- 매출 기반 — 적자 기업·신생 기업에 적용 가능
- 이익률 차이 무시
DCF (Gordon)
Overvalued +96.8%CF × (1+g) / (r − g)
Current
$1.04T
Implied fair
$527.28B
Gap (current − fair)
+$510.54B(+96.8%)
FCF = $14.92B Discount r = 4.0% + 5.0% = 9.0% Growth g = 6.0% $14.92B × (1 + 6.0%) / (9.0% − 6.0%) = $527.28B
- 현금흐름 입력: FCF (잉여현금흐름)
- 할인율 9.0% (무위험 4.0% + 주식위험프리미엄 5.0%)
- 영구 성장률 6.0% (실질 GDP 수준)
DDM (Gordon)
Overvalued +385.7%D × (1+g) / (r − g)
Current
$1.04T
Implied fair
$213.70B
Gap (current − fair)
+$824.13B(+385.7%)
Dividend D = $6.05B Discount r = 9.0% Growth g = 6.0% $6.05B × (1 + 6.0%) / (9.0% − 6.0%) = $213.70B
- 배당 입력: 실제 지급 배당
- 할인율 9.0%
- 배당 영구 성장률 6.0%
DCF sensitivity: discount rate × terminal growth
Each cell is the (current vs FCF × (1+g) / (r − g)) discount % under the assumed growth g and discount r.
| g \ r | 7% | 8% | 9% | 10% | 11% |
|---|---|---|---|---|---|
| 1% | +313.1% | +382.0% | +450.9% | +519.7% | +588.6% |
| 2% | +240.9% | +309.1% | +377.3% | +445.5% | +513.6% |
| 3% | +170.1% | +237.6% | +305.1% | +372.6% | +440.2% |
| 4% | +100.6% | +167.5% | +234.4% | +301.2% | +368.1% |
| 5% | +32.5% | +98.7% | +164.9% | +231.2% | +297.4% |
DDM sensitivity: discount rate × dividend growth
Each cell is the discount % vs Dividend × (1+g) / (r − g) under the assumed growth g and discount r.
| g \ r | 7% | 8% | 9% | 10% | 11% |
|---|---|---|---|---|---|
| 1% | +919.4% | +1089.3% | +1259.2% | +1429.1% | +1599.0% |
| 2% | +741.2% | +909.4% | +1077.6% | +1245.9% | +1414.1% |
| 3% | +566.4% | +733.0% | +899.6% | +1066.2% | +1232.8% |
| 4% | +395.0% | +560.0% | +725.0% | +890.0% | +1055.0% |
| 5% | +226.9% | +390.3% | +553.7% | +717.1% | +880.6% |
All estimates rest on strong assumptions. Treat the spread, not any single number, as the signal.
Financial Statements
In USD millions (per-share figures shown directly) · Financials as of: 2026-03-13
Income Statement
| FY | 2026 | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Revenue | 713,163 | 680,985 | 648,125 | 611,289 | 572,754 |
| Cost of Revenue | 535,395 | 511,753 | 490,142 | 463,721 | 429,000 |
| Operating Income | 29,825 | 29,348 | 27,012 | 20,428 | 25,942 |
| Net Income | 21,893 | 19,436 | 15,511 | 11,680 | 13,673 |
| EPS (Basic) | 2.74 | 2.42 | 1.92 | 4.29 | 4.90 |
| EPS (Diluted) | 2.73 | 2.41 | 1.91 | 4.27 | 4.87 |
Balance Sheet
| FY | 2026 | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Total Assets | 284,668 | 260,823 | 252,399 | 243,197 | 244,860 |
| Current Assets | 84,874 | 79,458 | 76,877 | 75,655 | 81,070 |
| Cash & Equivalents | 10,727 | 9,037 | 9,867 | 8,625 | 14,760 |
| Current Liabilities | 107,469 | 96,584 | 92,415 | 92,198 | 87,379 |
| Long-term Debt | 38,166 | 35,999 | 39,579 | 38,840 | 37,667 |
| Total Equity | 99,617 | 91,013 | 83,861 | 76,693 | 83,253 |
Cash Flow
| FY | 2026 | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Operating CF | 41,565 | 36,443 | 35,726 | 28,841 | 24,181 |
| Investing CF | -26,350 | -21,379 | -21,287 | -17,722 | -6,015 |
| Financing CF | -13,553 | -14,822 | -13,414 | -17,039 | -22,828 |
| CapEx | 26,642 | 23,783 | 20,606 | 16,857 | 13,106 |
📄 SEC Filings
Institutional Holdings
xslForm13F_X02/primary_doc.xml
2026-05-08
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Current Report
8-K
2026-04-30
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Proxy Statement
DEF 14A
2026-04-23
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2026-03-27
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2026-03-13
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Annual Report
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2026-03-13
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2026-02-19
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Institutional Holdings
xslForm13F_X02/primary_doc.xml
2026-02-06
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Other filings (92)
Insider Transaction
FORM 4
2026-05-07
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2026-05-07
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2026-05-07
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2026-05-07
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424B2
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2026-04-28
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FWP
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2026-04-28
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2026-04-27
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2026-04-24
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2026-04-23
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2026-04-23
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2026-04-17
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FORM 3
2026-04-17
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xsl144X01/primary_doc.xml
2026-04-16
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xsl144X01/primary_doc.xml
2026-04-15
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PRE 14A
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2026-04-13
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2026-04-09
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2026-04-09
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2026-04-09
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2026-04-07
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2026-04-02
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2026-03-27
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SCHEDULE 13G/A
xslSCHEDULE_13G_X02/primary_doc.xml
2026-03-27
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2026-03-26
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144
xsl144X01/primary_doc.xml
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xsl144X01/primary_doc.xml
2026-03-19
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2026-03-17
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2026-03-17
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144
xsl144X01/primary_doc.xml
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xsl144X01/primary_doc.xml
2026-03-16
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IRANNOTICE
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2026-03-13
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2026-03-11
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2026-03-11
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2026-03-11
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2026-03-11
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2026-03-11
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2026-03-11
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2026-03-11
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2026-03-11
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2026-03-11
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2026-03-11
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2026-03-11
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2026-03-06
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144
xsl144X01/primary_doc.xml
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xsl144X01/primary_doc.xml
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SCHEDULE 13D/A
xslSCHEDULE_13D_X01/primary_doc.xml
2026-03-03
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2026-02-23
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2026-02-23
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144
xsl144X01/primary_doc.xml
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xsl144X01/primary_doc.xml
2026-02-20
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xsl144X01/primary_doc.xml
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xsl144X01/primary_doc.xml
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2026-02-19
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xsl144X01/primary_doc.xml
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2026-02-12
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2026-02-12
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2026-02-10
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2026-02-04
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2026-02-03
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2026-02-03
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