Walmart - Public Comps and Valuation Multiples

Walmart Overview

About Walmart

Walmart serves as the preeminent retailer in the United States, with its strategy predicated on superior operating efficiency and offering the lowest priced goods to consumers to drive robust store traffic and product turnover. Walmart augmented its low-price business strategy by offering a convenient one-stop shopping destination with the opening of its first supercenter in 1988.Today, Walmart operates over 4,600 stores in the United States (5,200 including Sam’s Club) and over 10,000 locations globally. Walmart generated over $440 billion in domestic namesake sales in fiscal 2024, with Sam’s Club contributing another $86 billion to the company's top line. Internationally, Walmart generated $115 billion in sales. The retailer serves around 240 million customers globally each week.

Founded

1969

HQ

Employees

2100K+

Website

stock.walmart.com

Sectors

Department Stores
Supermarkets

Financials

LTM Revenue $684B

LTM EBITDA $42.8B

EV

$735B

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Walmart Financials

Walmart has a last 12-month revenue of $684B and a last 12-month EBITDA of $42.8B.

In the most recent fiscal year, Walmart achieved revenue of $681B and an EBITDA of $42.0B.

Walmart expects next 12-month revenue of XXX and NTM EBITDA of XXX

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Walmart P&L

	FY 2023	FY 2024	FY 2025	LTM	NTM
Revenue	$611B	$648B	XXX	XXX	XXX
Gross Profit	$148B	$158B	XXX	XXX	XXX
Gross Margin	24%	24%	XXX	XXX	XXX
EBITDA	$30.1B	$36.4B	XXX	XXX	XXX
EBITDA Margin	5%	6%	XXX	XXX	XXX
Net Profit	$11.7B	$15.5B	XXX	XXX	XXX
Net Margin	2%	2%	XXX	XXX	XXX
Net Debt	$30.6B	$30.6B	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

Walmart Stock Performance

As of March 17, 2025, Walmart's stock price is $85.

Walmart has current market cap of $684B, and EV of $735B.

See Walmart trading valuation data

Walmart Stock Data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$735B	$684B	XXX	XXX	XXX	XXX	$2.53

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Walmart Valuation Multiples

As of March 17, 2025, Walmart has market cap of $684B and EV of $735B.

Walmart's trades at 1.1x LTM EV/Revenue multiple, and 17.2x LTM EBITDA.

Analysts estimate Walmart's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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Walmart Financial Valuation Multiples

	FY 2024	FY 2025E	FY 2026E	FY 2027E
EV	$735B	XXX	XXX	XXX
EV/Revenue	1.1x	XXX	XXX	XXX
EV/EBITDA	17.7x	XXX	XXX	XXX
P/E	35.8x	XXX	XXX	XXX
P/E/Growth	3.3x	XXX	XXX	XXX
EV/FCF	57.2x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Walmart Valuation Multiples

Walmart's NTM/LTM revenue growth is 4%

Walmart's revenue per employee for the last fiscal year averaged $0.3M, while opex per employee averaged $0.1M for the same period.

Over next 12 months, Walmart's ratio of sales and marketing spend to revenue is estimated to be XXX , while its R&D spend to revenue to be XXX .

Analysts estimate Walmart's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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Walmart Operational Valuation Multiples

	FY 2024	NTM	FY 2025E	FY 2026E	FY 2027E
Revenue Growth	6%	XXX	XXX	XXX	XXX
EBITDA Margin	6%	XXX	XXX	XXX	XXX
EBITDA Growth	21%	XXX	XXX	XXX	XXX
Rule of 40 (SaaS-only)	10%	XXX	XXX	XXX	XXX
Revenue per Employee	$0.3M	XXX	XXX	XXX	XXX
Opex per Employee	$0.1M	XXX	XXX	XXX	XXX
S&M Expenses to Revenue	n/a	XXX	XXX	XXX	XXX
G&A Expenses to Revenue	n/a	XXX	XXX	XXX	XXX
R&D Expenses to Revenue	n/a	XXX	XXX	XXX	XXX
Opex to Revenue	21%	XXX	XXX	XXX	XXX

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