Walmart Inc. (NYSE:WMT)

The data reflects financial trends over a 21-year period, focusing on share price, operating profit per share, and the price-to-operating-profit (P/OP) ratio. These metrics provide insights into market valuation in relation to profitability.

Share Price

The share price exhibited moderate fluctuations in the early years, maintaining a range between approximately $15 and $20 from 2005 through 2012. From 2013 onward, there was a notable upward trend marked by gradual increments, accelerating significantly in the most recent years. By 2025, the share price surpassed $85, representing more than a fivefold increase compared to the initial value in 2005. This illustrates strong market appreciation over the longer term.

Operating Profit per Share

Operating profit per share generally trended upward from $1.35 in 2005 to peak levels above $3.50 by 2025. Although the growth trajectory was somewhat uneven, with minor declines or stagnations in certain years (for example, around 2014 to 2018, where values hovered near $2.5 to $2.8), the overall pattern is one of steady improvement in core operating earnings on a per-share basis. This suggests enhanced operational efficiency or profitability over time.

Price-to-Operating-Profit (P/OP) Ratio

The P/OP ratio steadily declined from 12.41 in 2005 to a low point near 7.16 in 2011, indicating the share price was relatively cheaper compared to operating profits during that period. Afterward, the ratio started rising, particularly sharply from around 2017 onward, reaching 23.31 in 2025. The rising P/OP ratio in recent years suggests an increasing market premium placed on the company’s operating earnings, potentially reflecting positive expectations for future growth or perceived lower risk.

In summary, the data shows a sustained increase in both share price and operating profit per share, underpinned by a significant shift in market valuation multiples starting in the mid-2010s. The early period was characterized by modest growth and declining valuation multiples, while recent years have seen accelerated share price growth and a higher P/OP ratio, indicating increased investor confidence and willingness to pay higher prices relative to current operating profits.