NASDAQ · Consumer Defensive

Walmart Inc.

WMT · Discount Stores

$129.83

▼ -1.77 (-1.34%)

Data cached · refreshes every 10 min

Mr. Market is currently offering Walmart Inc. at $129.83.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

Overall Grade

Defensive

Enterprising

Profitability F

Gross Profit Margin 24.9%

Operating Margin 4.2%

Net Income Margin 3.1%

Fin. Health F

Years to Pay Off Debt 3.1 yrs

Working Capital vs Long-Term Debt -$57.2B

Working Capital -$22.6B

Valuation F

Margin of Safety 0.0%

Price-to-Book 10.39x

Cash Flow C

Free Cash Flow $14.9B

CapEx % of Net Income 121.7%

Owner Earnings $62.7B

4/7

Graham Score

Enterprising

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $1,034.9B

Enterprise Value $1,113.4B

P/E (TTM) 47.73

Dividend Yield 0.71%

Exchange NASDAQ

Key Margins

Gross Profit 24.9%

Operating Margin 4.2%

Net Margin 3.1%

Company Info

Sector Consumer Defensive

Industry Discount Stores

Employees 2100000

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Walmart Inc. at $129.83.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

At $129.83, the stock trades at a 369% premium to its Graham Number of $27.71. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: This stock is better suited for Graham's Enterprising investor — one willing to devote time and skill to security selection.

About Walmart Inc.

Walmart Inc. engages in the operation of retail and wholesale stores and clubs, ecommerce websites, and mobile applications worldwide. The company operates through three segments: Walmart U.S., Walmart International, and Sam's Club U.S. It operates supercenters, supermarkets, warehouse clubs, cash and carry stores, and discount stores under Walmart and Walmart Neighborhood Market brands; membership-only warehouse clubs; and ecommerce websites, such as walmart.com.mx, walmart.ca, flipkart.com, PhonePe and other sites. It offers grocery items, including dry grocery, snacks, dairy, meat, produce, deli and bakery, frozen foods, alcoholic and nonalcoholic beverages, as well as consumables, such as health and beauty aids, pet supplies, household chemicals, paper goods, and baby products; and fuel and other categories. In addition, it is involved in the provision of health and wellness products covering pharmacy, optical and hearing services, over-the-counter drugs, and protein and nutrition products; and home, hardlines, and seasonal items, including home improvement, outdoor living, gardening, furniture, apparel, jewelry, tools and power equipment, housewares, toys, and mattresses. Further, the company offers consumer electronics and accessories, software, video games, office supplies, appliances, and third-party gift cards. Additionally, it operates digital payment platforms; offers financial services and related products, including money transfers, bill payments, money orders, check cashing, prepaid access, co-branded credit cards, installment lending, and earned wage access; and markets lines of merchandise under private and licensed brands. The company was formerly known as Wal-Mart Stores, Inc. and changed its name to Walmart Inc. in February 2018. Walmart Inc. was founded in 1945 and is based in Bentonville, Arkansas.

Showing Key Metrics

Income Highlights

Metric	2026	2025	2024	2023	2022
Gross Profit %	24.9% ▲	24.9%	24.4%	24.1%	N/A
Operating Margin %	4.2% ▼	4.3%	4.2%	3.3%	N/A
Net Income %	3.1% ▲	2.9%	2.4%	1.9%	N/A
Diluted EPS	2.73 ▲	2.41	1.91	1.42	N/A

Balance Sheet Highlights

Metric	2026	2025	2024	2023	2022
Total Assets	$284.7B	$260.8B	$252.4B	$243.2B	N/A
Total Debt	$67.1B ↑	$60.1B	$61.3B	$58.9B	N/A
Working Capital	-$22.6B ▼	-$17.1B	-$15.5B	-$16.5B	N/A
Years to Pay Debt	3.06	3.09	3.95	5.04	N/A

Cash Flow Highlights

Metric	2026	2025	2024	2023	2022
Free Cash Flow	$14.9B ▲	$12.7B	$15.1B	$12.0B	N/A
Owner Earnings	$62.7B	$56.2B	$48.0B	$39.5B	N/A
CapEx % of Net Income	121.7%	122.4%	132.8%	144.3%	N/A

Income Statement

	2026	2025	2024	2023	2022
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	46,471,000	42,010,000	36,384,000	30,089,000
Total Unusual Items			0	0	-2,410,000
Total Unusual Items Excluding Goodwill			0	0	-2,410,000
Net Income From Continuing Operation Net Minority Interest	21,893,000	19,436,000	15,511,000	11,680,000
Reconciled Depreciation	14,203,000	12,973,000	11,853,000	10,945,000
Reconciled Cost Of Revenue	535,395,000	511,753,000	490,142,000	463,721,000
EBITDA	46,471,000	42,010,000	36,384,000	30,089,000
EBIT	32,268,000	29,037,000	24,531,000	19,144,000
Net Interest Income	-2,431,000	-2,245,000	-2,137,000	-1,874,000
Interest Expense	2,799,000	2,728,000	2,683,000	2,128,000
Interest Income	368,000	483,000	546,000	254,000
Normalized Income	21,893,000	19,436,000	15,511,000	11,680,000
Net Income From Continuing And Discontinued Operation	21,893,000	19,436,000	15,511,000	11,680,000
Total Expenses	683,338,000	651,637,000	621,113,000	590,861,000
Total Operating Income As Reported	29,825,000	29,348,000	27,012,000	20,428,000
Diluted Average Shares	8,022,000	8,081,000	8,109,000	8,202,000
Basic Average Shares	7,983,000	8,041,000	8,076,000	8,172,000
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	21,893,000	19,436,000	15,511,000	11,680,000
Net Income Common Stockholders	21,893,000	19,436,000	15,511,000	11,680,000
Net Income	21,893,000	19,436,000	15,511,000	11,680,000
Minority Interests	-377,000	-721,000	-759,000	388,000
Net Income Including Noncontrolling Interests	22,270,000	20,157,000	16,270,000	11,292,000
Net Income Continuous Operations	22,270,000	20,157,000	16,270,000	11,292,000
Tax Provision	7,199,000	6,152,000	5,578,000	5,724,000
Pretax Income	29,469,000	26,309,000	21,848,000	17,016,000
Other Income Expense	2,075,000	-794,000	-3,027,000	-1,538,000
Other Non Operating Income Expenses	2,075,000	-794,000	-3,027,000	-1,538,000
Special Income Charges			0	0	-2,410,000
Other Special Charges					2,410,000
Net Non Operating Interest Income Expense	-2,431,000	-2,245,000	-2,137,000	-1,874,000
Interest Expense Non Operating	2,799,000	2,728,000	2,683,000	2,128,000
Interest Income Non Operating	368,000	483,000	546,000	254,000
Operating Income	29,825,000	29,348,000	27,012,000	20,428,000
Operating Expense	147,943,000	139,884,000	130,971,000	127,140,000
Other Operating Expenses	147,943,000	139,884,000	130,971,000	127,140,000
Selling General And Administration		139,884,000	130,971,000	127,140,000	117,812,000
Gross Profit	177,768,000	169,232,000	157,983,000	147,568,000
Cost Of Revenue	535,395,000	511,753,000	490,142,000	463,721,000
Total Revenue	713,163,000	680,985,000	648,125,000	611,289,000
Operating Revenue	713,163,000	680,985,000	648,125,000	611,289,000

Balance Sheet

	2026	2025	2024	2023	2022
Ordinary Shares Number	7,969,000	8,024,000	8,054,000	8,100,000
Share Issued	7,969,000	8,024,000	8,054,000	8,100,000
Net Debt	34,035,000	30,030,000	30,590,000	30,587,000
Total Debt	67,095,000	60,114,000	61,321,000	58,923,000
Tangible Book Value	70,882,000	62,221,000	55,748,000	48,519,000
Invested Capital	144,379,000	130,080,000	124,318,000	115,905,000
Working Capital	-22,595,000	-17,126,000	-15,538,000	-16,543,000
Net Tangible Assets	70,882,000	62,221,000	55,748,000	48,519,000
Capital Lease Obligations	22,333,000	21,047,000	20,864,000	19,711,000
Common Stock Equity	99,617,000	91,013,000	83,861,000	76,693,000
Total Capitalization	134,241,000	124,414,000	119,993,000	111,342,000
Total Equity Gross Minority Interest	106,180,000	97,692,000	90,571,000	83,991,000
Minority Interest	6,563,000	6,679,000	6,710,000	7,298,000
Stockholders Equity	99,617,000	91,013,000	83,861,000	76,693,000
Gains Losses Not Affecting Retained Earnings	-12,770,000	-13,605,000	-11,302,000	-11,680,000
Other Equity Adjustments	-12,770,000	-13,605,000	-895,000	-857,000
Foreign Currency Translation Adjustments		-12,661,000	-10,407,000	-10,816,000	-8,100,000
Minimum Pension Liabilities			-18,000	-7,000	-12,000
Retained Earnings	104,774,000	98,313,000	89,814,000	83,135,000
Additional Paid In Capital	6,816,000	5,503,000	4,544,000	4,430,000
Capital Stock	797,000	802,000	805,000	808,000
Common Stock	797,000	802,000	805,000	808,000
Total Liabilities Net Minority Interest	178,488,000	163,131,000	161,828,000	159,206,000
Total Non Current Liabilities Net Minority Interest	71,019,000	66,547,000	69,413,000	67,008,000
Other Non Current Liabilities	16,549,000	14,398,000	14,629,000	14,688,000
Non Current Deferred Liabilities				14,688,000	13,474,000
Non Current Deferred Taxes Liabilities				14,688,000	13,474,000
Long Term Debt And Capital Lease Obligation	54,470,000	52,149,000	54,784,000	52,320,000
Long Term Capital Lease Obligation	19,846,000	18,748,000	18,652,000	17,671,000
Long Term Debt	34,624,000	33,401,000	36,132,000	34,649,000
Current Liabilities	107,469,000	96,584,000	92,415,000	92,198,000
Other Current Liabilities					21,000
Current Deferred Liabilities	2,941,000	2,755,000	2,664,000	2,488,000
Current Deferred Revenue	2,941,000	2,755,000	2,664,000	2,488,000
Current Debt And Capital Lease Obligation	12,625,000	7,965,000	6,537,000	6,603,000
Current Capital Lease Obligation	2,487,000	2,299,000	2,212,000	2,040,000
Current Debt	10,138,000	5,666,000	4,325,000	4,563,000
Other Current Borrowings	10,138,000	5,666,000	4,325,000	4,563,000
Payables And Accrued Expenses	91,903,000	85,864,000	83,214,000	83,107,000
Current Accrued Expenses	24,136,000	23,087,000	22,636,000	25,213,000
Payables	67,767,000	62,777,000	60,578,000	57,894,000
Total Tax Payable	4,706,000	4,111,000	3,766,000	4,152,000
Income Tax Payable	596,000	608,000	307,000	727,000
Accounts Payable	63,061,000	58,666,000	56,812,000	53,742,000
Total Assets	284,668,000	260,823,000	252,399,000	243,197,000
Total Non Current Assets	199,794,000	181,365,000	175,522,000	167,542,000
Other Non Current Assets	14,103,000	12,869,000	17,071,000	20,134,000
Goodwill And Other Intangible Assets	28,735,000	28,792,000	28,113,000	28,174,000
Goodwill	28,735,000	28,792,000	28,113,000	28,174,000
Net PPE	156,956,000	139,704,000	130,338,000	119,234,000
Accumulated Depreciation	-120,338,000	-111,624,000	-109,049,000	-101,610,000
Gross PPE	277,294,000	251,328,000	239,387,000	220,844,000
Construction In Progress	18,728,000	15,403,000	13,390,000	10,802,000
Other Properties	20,873,000	19,711,000	19,528,000	18,474,000
Machinery Furniture Equipment	88,467,000	78,899,000	75,140,000	67,697,000
Buildings And Improvements	128,472,000	117,973,000	111,767,000	104,554,000
Land And Improvements	20,754,000	19,342,000	19,562,000	19,317,000
Current Assets	84,874,000	79,458,000	76,877,000	75,655,000
Other Current Assets	4,124,000	4,011,000	3,322,000	2,521,000
Prepaid Assets					1,519,000
Inventory	58,851,000	56,435,000	54,892,000	56,576,000
Receivables	11,172,000	9,975,000	8,796,000	7,933,000
Accounts Receivable	11,172,000	9,975,000	8,796,000	7,933,000
Cash Cash Equivalents And Short Term Investments	10,727,000	9,037,000	9,867,000	8,625,000
Cash And Cash Equivalents	10,727,000	9,037,000	9,867,000	8,625,000

Cash Flow

	2026	2025	2024	2023	2022
Free Cash Flow	14,923,000	12,660,000	15,120,000	11,984,000
Repurchase Of Capital Stock	-8,088,000	-4,494,000	-2,779,000	-9,920,000
Repayment Of Debt	-2,625,000	-3,468,000	-4,217,000	-2,689,000
Issuance Of Debt	3,983,000	0	4,967,000	5,041,000
Capital Expenditure	-26,642,000	-23,783,000	-20,606,000	-16,857,000
Interest Paid Supplemental Data	2,793,000	2,739,000	2,519,000	2,051,000
Income Tax Paid Supplemental Data	5,364,000	5,884,000	5,879,000	3,310,000
End Cash Position	11,321,000	9,536,000	9,935,000	8,841,000
Other Cash Adjustment Outside Changein Cash			0	0	1,848,000
Beginning Cash Position	9,536,000	9,935,000	8,841,000	14,834,000
Effect Of Exchange Rate Changes	123,000	-641,000	69,000	-73,000
Changes In Cash	1,662,000	242,000	1,025,000	-5,920,000
Financing Cash Flow	-13,553,000	-14,822,000	-13,414,000	-17,039,000
Cash Flow From Continuing Financing Activities	-13,553,000	-14,822,000	-13,414,000	-17,039,000
Net Other Financing Charges	-2,839,000	-2,384,000	-5,757,000	-3,323,000
Cash Dividends Paid	-7,507,000	-6,688,000	-6,140,000	-6,114,000
Common Stock Dividend Paid	-7,507,000	-6,688,000	-6,140,000	-6,114,000
Net Common Stock Issuance	-8,088,000	-4,494,000	-2,779,000	-9,920,000
Common Stock Payments	-8,088,000	-4,494,000	-2,779,000	-9,920,000
Net Issuance Payments Of Debt	4,881,000	-1,256,000	1,262,000	2,318,000
Net Short Term Debt Issuance	3,523,000	2,212,000	512,000	-34,000
Net Long Term Debt Issuance	1,358,000	-3,468,000	750,000	2,352,000
Long Term Debt Payments	-2,625,000	-3,468,000	-4,217,000	-2,689,000
Long Term Debt Issuance	3,983,000	0	4,967,000	5,041,000
Investing Cash Flow	-26,350,000	-21,379,000	-21,287,000	-17,722,000
Cash Flow From Continuing Investing Activities	-26,350,000	-21,379,000	-21,287,000	-17,722,000
Net Other Investing Changes	-688,000	-212,000	-922,000	-295,000
Net Investment Purchase And Sale	927,000	4,080,000	0	0
Sale Of Investment	927,000	4,080,000	0	0
Net Business Purchase And Sale	-53,000	-1,896,000	-9,000	-740,000
Sale Of Business			135,000	0	7,935,000
Purchase Of Business	-53,000	-1,896,000	-9,000	-740,000
Net PPE Purchase And Sale	-26,536,000	-23,351,000	-20,356,000	-16,687,000
Sale Of PPE	106,000	432,000	250,000	170,000
Purchase Of PPE	-26,642,000	-23,783,000	-20,606,000	-16,857,000
Operating Cash Flow	41,565,000	36,443,000	35,726,000	28,841,000
Cash Flow From Continuing Operating Activities	41,565,000	36,443,000	35,726,000	28,841,000
Change In Working Capital	752,000	181,000	1,943,000	2,553,000
Change In Payables And Accrued Expense	3,331,000	4,042,000	723,000	2,841,000
Change In Accrued Expense	1,607,000	379,000	-1,324,000	4,393,000
Change In Payable	1,724,000	3,663,000	2,047,000	-1,552,000
Change In Account Payable	1,611,000	3,228,000	2,515,000	-1,425,000
Change In Tax Payable	113,000	435,000	-468,000	-127,000
Change In Income Tax Payable	113,000	435,000	-468,000	-127,000
Change In Inventory	-1,443,000	-2,755,000	2,017,000	-528,000
Change In Receivables	-1,136,000	-1,106,000	-797,000	240,000
Other Non Cash Items	4,079,000	2,889,000	2,642,000	1,919,000
Deferred Tax	2,277,000	-635,000	-175,000	449,000
Deferred Income Tax	2,277,000	-635,000	-175,000	449,000
Depreciation Amortization Depletion	14,203,000	12,973,000	11,853,000	10,945,000
Depreciation And Amortization	14,203,000	12,973,000	11,853,000	10,945,000
Operating Gains Losses	-2,016,000	878,000	3,193,000	1,683,000
Gain Loss On Investment Securities	-2,016,000	878,000	3,193,000	1,683,000
Gain Loss On Sale Of PPE					2,440,000
Gain Loss On Sale Of Business			0	0	433,000
Net Income From Continuing Operations	22,270,000	20,157,000	16,270,000	11,292,000

These metrics estimate what Walmart Inc. is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$27.71

Margin of Safety

Market Cap ÷ Company Value

1.26

P/B Ratio

10.39

Warren's Owner Earnings

$62.7B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

4/7 — Enterprising Investor

✅ Adequate Size

$713.2B

vs > $1.5B revenue

❌ Strong Financial Condition

0.79x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

0.71%

vs Uninterrupted dividends

✅ Earnings Growth

+91.8% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

47.7x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

10.39x P/B (P/E×P/B: 495.9)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-11.74

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$41.57

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2026	2025	2024	2023	2022
Capital Expenditure % of Net Income	121.7%	122.4%	132.8%	144.3%	N/A
Repurchase of Capital Stock	-$8.1B	-$4.5B	-$2.8B	-$9.9B	N/A
Free Cash Flow	$14.9B ▲	$12.7B ▼	$15.1B ▲	$12.0B •	N/A •
Warren's Owner Earnings	$62.7B	$56.2B	$48.0B	$39.5B	N/A

Peers & Industry

No auto-detected peers for Discount Stores. You can manually compare WMT against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

44.94%

High — management has strong skin in the game

Return on Equity (ROE)

22.0%

Excellent — management generates strong returns on equity

Return on Assets (ROA)

7.7%

Strong — management uses assets efficiently

Share Buybacks (Latest Year)

$8.1B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+11.6% YoY

Debt is growing — management is leveraging up

Leadership Team

John Furner

President, CEO & Director

Age 50

Pay: $4,563,578

0.021% of net income

John David Rainey Jr.

Executive VP & CFO

Age 55

Pay: $3,389,258

0.015% of net income

Daniel Danker

Executive Vice President of AI Acceleration, Product & Design

Age 44

Pay: $6,391,483

0.029% of net income

Stephanie Wissink

Senior Vice President of Investor Relations

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	5.52%	439,957,146
Blackrock Inc.	4.39%	349,563,222
State Street Corporation	2.32%	184,703,850
JPMORGAN CHASE & CO	1.45%	115,433,639
Geode Capital Management, LLC	1.29%	103,010,709
Morgan Stanley	1.06%	84,273,016
Bank of America Corporation	0.87%	69,200,231
NORGES BANK	0.73%	57,970,822

⚠️ Current ratio below 1 — liquidity risk

Risk Analysis

Beta (Market Risk)

0.65

Low volatility — more stable than the market

Short Interest

1.6% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

0.64x

Conservative balance sheet — low financial risk

Current Ratio