---
title: "Walmart"
author: "DeepValues Research"
publisher: "DeepValues Research (DeepValues / LuLu Ventures LLC)"
type: "Research article"
ticker: "WMT"
company: "Walmart"
wikidata: "https://www.wikidata.org/wiki/Q483551"
wikipedia: "https://en.wikipedia.org/wiki/Walmart"
date: "2026-02-19"
language: "en"
section: "Company Research"
answer: "DeepValues Research published “Walmart” on Walmart (WMT) on Feb 19, 2026. Below is a structured research dossier on Walmart Inc."
canonical_url: "https://research.deepvalues.ai/company/wmt/walmart/"
markdown_url: "https://research.deepvalues.ai/company/wmt/walmart/index.md"
license: "CC BY 4.0"
license_url: "https://creativecommons.org/licenses/by/4.0/"
cite_as: "DeepValues Research, Walmart, https://research.deepvalues.ai/company/wmt/walmart/"
publisher_url: "https://deepvalues.ai"
app: "https://deepvalues.ai"
api: "https://app.deepvalues.ai/developers"
data_note: "Reports are dated snapshots. Current data via the DeepValues API: https://app.deepvalues.ai/developers"
disclaimer: "Educational research, not investment advice."
---
Below is a structured research dossier on **Walmart Inc. (NYSE: WMT)**, followed by key financial tables, graphs, and a downloadable presentation.

## **Financial Disclaimer  (please read)**

This content reflects publicly available data and the author's interpretation **as of May 21 2025**. Numbers may be restated or revised. Nothing here constitutes investment advice; always perform independent due‑diligence with a licensed professional before acting.

# **1  Background Research**

### **1.1 Business model**

| **Segment (FY 2024)**             | **Net sales (B USD)** | **Mix**  |
|-----------------------------------|-----------------------|----------|
| Walmart U.S.                      |  ≈ $441.8 B           |  \~ 69 % |
| Walmart International             |  ≈ $111.4 B           |  \~ 17 % |
| Sam's Club (membership warehouse) |  ≈ $94.9 B            |  \~ 14 % |

A pie chart illustrating this mix is in the PowerPoint (Slide 3).

-   **Income streams:** in‑store retail, e‑commerce (\~$100 B in FY 2024), membership fees (Walmart+ ≈ 27-32 M members)

-   **Customer reach:** \~270 M shoppers each week across 10,750 stores in 19 countries.

-   **Units / subscriptions sold:**

    -   Stores & clubs: 10,750 (FY‑2025)

    -   Walmart +: \~26-32 M paid members (2024‑25 third‑party estimates).

### **1.2 Headwinds & risks**

-   **Short‑term (0‑2 yrs):** U.S. tariffs driving price pressure, near‑term wage inflation, FX volatility on int'l segment, discretionary‑goods softness.

-   **Long‑term (3 yrs +):**

    -   E‑commerce competition & margin dilution vs. Amazon and Temu

    -   Supply‑chain resiliency (climate events; Project Gigaton targets)

    -   Regulatory scrutiny (antitrust, labor practices).

### **1.3 Cost structure**

| **Major cost line (FY 2024)**                                                                        | **Trend**                       | **Notes**                                 |
|------------------------------------------------------------------------------------------------------|---------------------------------|-------------------------------------------|
| Cost of sales (\~75 % rev.)                                                                          | Up 6 % YoY with grocery mix     | Low gross‐margin model.                   |
| Labor (2.1 M associates)                                                                             | Wage step‑ups to retain talent  | Mgmt guided mid‑single‑digit % hike.      |
| SG&A incl. marketing                                                                                 | \~20 % rev.; digital ads rising | Shift to data‑monetization offsets spend. |
| Walmart's EDLC (Everyday‑Low‑Cost) culture keeps cap‑ex/opex under strict ROIC targets (\~22 % TTM). |                                 |                                           |

### **1.4 Management**

-   **Executive team (selected):** Doug McMillon (CEO since 2014); John David Rainey (CFO); Judith McKenna (International); Kathryn McLay (Sam's Club)

-   **Board:** Greg Penner (chair), Brian Niccol (Chipotle) added 2024, plus independent directors with tech/ESG depth.

-   **Track record:** Met/beat EPS guidance 7 of last 10 yrs; transparent on inventory & wage headwinds (2022-23). No major governance controversies in last decade.

-   **Alignment:** Walton family retains \~46 % voting power via Walton Enterprises; insiders collectively own >$300 B-strong skin‑in‑the‑game.

### **1.5 Top shareholders & recent voting**

| **Holder**                                       | **Stake** | **2024 AGM stance\***                                       |
|--------------------------------------------------|-----------|-------------------------------------------------------------|
| Walton Enterprises & trusts                      | ≈ 46 %    |  For all board nominees; Against most shareholder proposals |
| Vanguard Group                                   |  \~ 5 %   |  Supported pay‑link climate proposal                        |
| BlackRock                                        |  \~ 4 %   |  Abstained sustainability report vote                       |
| \*Detailed tallies in proxy statement, p. 71 ff. |           |                                                             |

### **1.6 Capital returns**

-   **Buybacks:** new $20 B authorization (Nov 2024) after retiring \~6 % of shares since 2015. Current pace ≈ $9 B/yr vs. $8 B 10‑yr avg.

-   **Dividend:** 51st consecutive annual increase; FY 2025 payout $0.94 (0.96 % yield).

### **1.7 Value‑investor activity**

Long‑only funds (Dodge & Cox, Sequoia) trimmed in 2023 when P/E >35; average cost basis low‑$60s. Most remain holders at <3 % position size. (13‑F filings cross‑checked.)

### **1.8 Intrinsic value - Buffett‑style DCF**

-   **FCF 2024:** $15.37 B (post‑capex).

-   **Conservative scenario:** 0 % FCF growth 10 yrs, 3 % terminal, 10 % discount → IV ≈ $22.5 per share.

-   **30 % M.o.S.:** \~$15.7.

-   **Implied return @ today's $97 price:** discount rate solving PV = Price ≈ 4.5 % (low).
    > See calculation narrative in text; assumptions use shares‑outstanding 8.1 B and CompaniesMarketCap market‑cap series.

### **1.9 Latest quarter (Q1 FY 26, released May 15 2025)**

-   Net sales $165.6 B (+2.5 % YoY).

-   Operating income $7.1 B (+4 %).

-   EPS $0.56 (-11 %).

-   E‑commerce +22 %, grocery share gains.

\# 2  Financial Research

### **2.1 Ten‑year history (2015‑2024)**

A full interactive table is available above ("Walmart 10‑Year Metrics"). Key excerpts:

| **Year** | **Revenue B** | **Net Income B** | **FCF B** | **Market Cap B** | **Net Margin %** |
|----------|---------------|------------------|-----------|------------------|------------------|
|  2015    |  485.7        |  16.36           |  16.96    |  196.3           |  3.4             |
|  2019    |  514.4        |  6.67            |  17.93    |  337.2           |  1.3             |
|  2024    |  648.1        |  15.51           |  15.37    |  736.3           |  2.4             |

(Citations: revenue, income, FCF - Macrotrends; market cap - CompaniesMarketCap.)

### **2.2 Observations**

-   Revenue CAGR ≈ 3.1 %; however gross‑to‑net conversion compresses margins.

-   Net income dip 2018‑2019 driven by Flipkart write‑downs; recovery post‑2020 on mix & automation.

-   FCF volatile; 2021 spike reflects inventory unwinding, then normalized.

-   ROIC trending upward to >20 % by 2025 - impressive for big‑box retail.

-   Leverage moderate (D/E \~0.51) and falling.

### **2.3 Charts**

Slides 4‑6 in the accompanying PowerPoint graph:

1.  **Revenue vs Net Income**

2.  **Free Cash Flow**

3.  **Market Capitalization**

Margins (%) annotated on each line plot for clarity.

## **Downloadables**

-   **PowerPoint (16:9, 1920×1080)** with all charts & slide notes: Download the PowerPoint

-   The interactive data table appears in‑line above for further filtering.

### **Bottom‑line view**

Walmart pairs fortress‑like scale with mid‑single‑digit top‑line growth and rising ROIC. Yet, at **\~39× trailing EPS and >30× normalised FCF, today's market price bakes‐in low‑mid‑single‑digit required returns (≈4.5 %)**. On a strict Buffett‑style discipline (10 % hurdle, 30 % M.o.S.), Walmart screens *over‑valued*. That said, for defensive investors seeking inflation‑resilient cash flows, its strong balance sheet, durable grocery share, and omnichannel edge remain attractive.

**Final Disclaimer (important)
**This report is for educational purposes only; it is **not** investment advice. Financial figures derive from Macrotrends, CompaniesMarketCap, SEC filings, and Walmart corporate releases. Always verify with original filings and consult a qualified advisor before trading securities. Past performance does not guarantee future results, and investing entails risk of loss.