Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).

Current Valuation Ratios
Historical Valuation Ratios (Summary)
Price to Earnings (P/E)
Price to Operating Profit (P/OP)
Price to Sales (P/S)
Price to Book Value (P/BV)

Walmart Inc., current price multiples

	Walmart Inc.	Costco Wholesale Corp.	Target Corp.	Consumer Staples Distribution & Retail	Consumer Staples
Selected Financial Data
Current share price (P)	$92.24
No. shares of common stock outstanding	8,033,386,215
Growth rate (g)	8.89%

Earnings per share (EPS)	$1.93
Next year expected EPS	$2.10
Operating profit per share	$3.36
Sales per share	$80.00
Book value per share (BVPS)	$10.44
Valuation Ratios (Price Multiples)
Price to earnings (P/E)	47.77	57.49	14.56	59.02	33.65
Price to next year expected earnings	43.87	51.76	12.50	53.71	31.08
Price-earnings-growth (PEG)	5.37	5.20	0.89	5.97	4.08
Price to operating profit (P/OP)	27.43	45.61	10.56	37.81	24.60
Price to sales (P/S)	1.15	1.70	0.57	1.29	1.94
Price to book value (P/BV)	8.84	17.93	4.49	10.84	12.58

Based on: 10-K (reporting date: 2024-01-31).

If the company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.
Otherwise, if the company price multiple is higher then the price multiple of benchmark then company stock is relatively overvalued.

Walmart Inc., historical price multiples

	Jan 31, 2024	Jan 31, 2023	Jan 31, 2022	Jan 31, 2021	Jan 31, 2020	Jan 31, 2019
Price to earnings (P/E)	31.52	32.17	29.27	27.47	21.69	41.79
Price to operating profit (P/OP)	18.10	18.40	15.43	16.46	15.69	12.70
Price to sales (P/S)	0.76	0.62	0.70	0.67	0.62	0.55
Price to book value (P/BV)	5.83	4.90	4.81	4.59	4.32	3.85

Based on: 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-01-31).

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Valuation ratio	Description	The company
P/E ratio	The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings.	Walmart Inc. P/E ratio increased from 2022 to 2023 but then slightly decreased from 2023 to 2024.
P/OP ratio	Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit.	Walmart Inc. P/OP ratio increased from 2022 to 2023 but then slightly decreased from 2023 to 2024.
P/S ratio	An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative.	Walmart Inc. P/S ratio decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.
P/BV ratio	The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company required rate of return and its actual rate of return.	Walmart Inc. P/BV ratio increased from 2022 to 2023 and from 2023 to 2024.

Walmart Inc., historical P/E calculation, comparison to benchmarks

	Jan 31, 2024	Jan 31, 2023	Jan 31, 2022	Jan 31, 2021	Jan 31, 2020	Jan 31, 2019
No. shares of common stock outstanding¹	8,058,048,674	8,086,967,799	8,255,338,887	8,451,215,085	8,496,831,660	8,609,052,690
Selected Financial Data (US$)
Consolidated net income attributable to Walmart (in millions)	15,511)	11,680)	13,673)	13,510)	14,881)	6,670)
Earnings per share (EPS)²	1.92	1.44	1.66	1.60	1.75	0.77
Share price^1, 3	60.68	46.47	48.48	43.91	37.99	32.38
Valuation Ratio
P/E ratio⁴	31.52	32.17	29.27	27.47	21.69	41.79
Benchmarks
P/E Ratio, Competitors⁵
Costco Wholesale Corp.	54.68	39.79	36.38	39.65	40.02	35.76
Target Corp.	18.60	27.08	14.38	20.39	16.12	13.56
P/E Ratio, Sector
Consumer Staples Distribution & Retail	—	33.80	26.93	28.78	24.18	33.88
P/E Ratio, Industry
Consumer Staples	—	24.98	24.22	26.80	23.79	36.02

Based on: 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-01-31).

¹ Data adjusted for splits and stock dividends.

² 2024 Calculation
EPS = Consolidated net income attributable to Walmart ÷ No. shares of common stock outstanding
= 15,511,000,000 ÷ 8,058,048,674 = 1.92

³ Closing price as at the filing date of Walmart Inc. Annual Report.

⁴ 2024 Calculation
P/E ratio = Share price ÷ EPS
= 60.68 ÷ 1.92 = 31.52

⁵ Click competitor name to see calculations.

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Valuation ratio	Description	The company
P/E ratio	The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings.	Walmart Inc. P/E ratio increased from 2022 to 2023 but then slightly decreased from 2023 to 2024.

Walmart Inc., historical P/OP calculation, comparison to benchmarks

	Jan 31, 2024	Jan 31, 2023	Jan 31, 2022	Jan 31, 2021	Jan 31, 2020	Jan 31, 2019
No. shares of common stock outstanding¹	8,058,048,674	8,086,967,799	8,255,338,887	8,451,215,085	8,496,831,660	8,609,052,690
Selected Financial Data (US$)
Operating income (in millions)	27,012)	20,428)	25,942)	22,548)	20,568)	21,957)
Operating profit per share²	3.35	2.53	3.14	2.67	2.42	2.55
Share price^1, 3	60.68	46.47	48.48	43.91	37.99	32.38
Valuation Ratio
P/OP ratio⁴	18.10	18.40	15.43	16.46	15.69	12.70
Benchmarks
P/OP Ratio, Competitors⁵
Costco Wholesale Corp.	43.38	30.86	27.28	29.60	29.47	27.62
Target Corp.	13.48	19.56	11.17	13.62	11.35	9.69
P/OP Ratio, Sector
Consumer Staples Distribution & Retail	—	21.66	16.70	18.40	17.48	14.59
P/OP Ratio, Industry
Consumer Staples	—	18.26	16.78	17.70	16.85	18.13

Based on: 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-01-31).

¹ Data adjusted for splits and stock dividends.

² 2024 Calculation
Operating profit per share = Operating income ÷ No. shares of common stock outstanding
= 27,012,000,000 ÷ 8,058,048,674 = 3.35

³ Closing price as at the filing date of Walmart Inc. Annual Report.

⁴ 2024 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 60.68 ÷ 3.35 = 18.10

⁵ Click competitor name to see calculations.

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Valuation ratio	Description	The company
P/OP ratio	Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit.	Walmart Inc. P/OP ratio increased from 2022 to 2023 but then slightly decreased from 2023 to 2024.

Walmart Inc., historical P/S calculation, comparison to benchmarks

	Jan 31, 2024	Jan 31, 2023	Jan 31, 2022	Jan 31, 2021	Jan 31, 2020	Jan 31, 2019
No. shares of common stock outstanding¹	8,058,048,674	8,086,967,799	8,255,338,887	8,451,215,085	8,496,831,660	8,609,052,690
Selected Financial Data (US$)
Net sales (in millions)	642,637)	605,881)	567,762)	555,233)	519,926)	510,329)
Sales per share²	79.75	74.92	68.78	65.70	61.19	59.28
Share price^1, 3	60.68	46.47	48.48	43.91	37.99	32.38
Valuation Ratio
P/S ratio⁴	0.76	0.62	0.70	0.67	0.62	0.55
Benchmarks
P/S Ratio, Competitors⁵
Costco Wholesale Corp.	1.61	1.05	0.95	1.03	0.98	0.88
Target Corp.	0.73	0.70	0.95	0.96	0.69	0.53
P/S Ratio, Sector
Consumer Staples Distribution & Retail	—	0.74	0.80	0.78	0.70	0.61
P/S Ratio, Industry
Consumer Staples	—	1.44	1.55	1.62	1.50	1.46

Based on: 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-01-31).

¹ Data adjusted for splits and stock dividends.

² 2024 Calculation
Sales per share = Net sales ÷ No. shares of common stock outstanding
= 642,637,000,000 ÷ 8,058,048,674 = 79.75

³ Closing price as at the filing date of Walmart Inc. Annual Report.

⁴ 2024 Calculation
P/S ratio = Share price ÷ Sales per share
= 60.68 ÷ 79.75 = 0.76

⁵ Click competitor name to see calculations.

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Valuation ratio	Description	The company
P/S ratio	An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative.	Walmart Inc. P/S ratio decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.

Walmart Inc., historical P/BV calculation, comparison to benchmarks

	Jan 31, 2024	Jan 31, 2023	Jan 31, 2022	Jan 31, 2021	Jan 31, 2020	Jan 31, 2019
No. shares of common stock outstanding¹	8,058,048,674	8,086,967,799	8,255,338,887	8,451,215,085	8,496,831,660	8,609,052,690
Selected Financial Data (US$)
Total Walmart shareholders’ equity (in millions)	83,861)	76,693)	83,253)	80,925)	74,669)	72,496)
Book value per share (BVPS)²	10.41	9.48	10.08	9.58	8.79	8.42
Share price^1, 3	60.68	46.47	48.48	43.91	37.99	32.38
Valuation Ratio
P/BV ratio⁴	5.83	4.90	4.81	4.59	4.32	3.85
Benchmarks
P/BV Ratio, Competitors⁵
Costco Wholesale Corp.	17.05	9.99	10.30	11.30	8.76	8.58
Target Corp.	5.73	6.70	7.79	6.17	4.47	3.52
P/BV Ratio, Sector
Consumer Staples Distribution & Retail	—	6.21	6.11	5.83	5.11	4.54
P/BV Ratio, Industry
Consumer Staples	—	9.34	9.38	9.46	8.50	8.05

Based on: 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-01-31).

¹ Data adjusted for splits and stock dividends.

² 2024 Calculation
BVPS = Total Walmart shareholders’ equity ÷ No. shares of common stock outstanding
= 83,861,000,000 ÷ 8,058,048,674 = 10.41

³ Closing price as at the filing date of Walmart Inc. Annual Report.

⁴ 2024 Calculation
P/BV ratio = Share price ÷ BVPS
= 60.68 ÷ 10.41 = 5.83

⁵ Click competitor name to see calculations.

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Valuation ratio	Description	The company
P/BV ratio	The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company required rate of return and its actual rate of return.	Walmart Inc. P/BV ratio increased from 2022 to 2023 and from 2023 to 2024.

Walmart Inc. (NYSE:WMT)

Common Stock Valuation Ratios (Price Multiples)

Current Valuation Ratios

Historical Valuation Ratios (Summary)

Price to Earnings (P/E)

Price to Operating Profit (P/OP)

Price to Sales (P/S)

Price to Book Value (P/BV)