Walmart

WMT on Nasdaq. Walmart sells groceries, clothing, and household goods to people through stores and online. Market value $833.6bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to July 2026. Quality checks use five annual reports, the latest for the year to January 2026.

Should I look at this?

Good business, but not cheap right now

Why it could be worth it

Scores 85 of 100 on quality, a sign of a strong business.
Earns 18 cents a year on each dollar kept in the business.
Owned by Gotham Asset Management, Letko Brosseau and 13 more long-term investors we follow.

What to watch out for

We could not check its warning signs this time.
Expensive right now: it scores 28 of 100 on price, and our list needs 60.

See cheaper Everyday goods stocks on the list

This is not advice. Check the numbers below.

Compare with another stock

Cash yield

past 12 months to July 2026

1.6%low

For every $100 of what the whole company costs, it produced $1.62 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit

past 12 months to July 2026

27.2×full

You pay 27.2 years of operating profit for the business. The average large US company costs around 18.

Return on capital

five annual reports to January 2026

17.7%five-year median

Each dollar kept in the business earns 18 cents a year. Above 10 is good.

Quality score: 85 of 100. Price score: 28 of 100. Our list needs 70 on quality and 60 on price.

$105.07 a share, 6% above its 1-year low

Dividend: 0.9% a year

Paid every year for at least 5 years

Prices from Monday’s close (5 October).

Five years of cash, in billions

11.1

12.0

15.1

12.7

14.9

13.5

2022202320242025202612 monthsto Jul '26

Revenue
Revenue	$572.8bn	$611.3bn	$648.1bn	$681.0bn	$713.2bn
Operating margin
Operating margin	4.5%	3.3%	4.2%	4.3%	4.2%
Debt to equity
Debt to equity	0.51	0.58	0.56	0.50	0.52
Shares outstanding
Shares outstanding	2.70bn	2.69bn	8.03bn	7.97bn	7.93bn

Health checks

Free cash flow positive5 of 5 years
Accounting looks honest (Beneish)Nothing unusual
Financial strength (Piotroski)5 of 8 checks we could run
Profit backed by cash (accruals)Yes
Debt0.52× equity
Revenue growth, five yearsSlow, 5.0% a year
Buying back its own sharesNo, 194% more shares since 2022

The quarter to July 2026

How the business did, compared with the same quarter a year earlier.

Sales: $187.9 billion last quarter, up 6% on a year ago.
Profit: $6.4 billion, down 9% on a year ago.
It keeps 4 cents of each $1 of sales as operating profit, about the same as a year earlier.
Spare cash over the past 12 months: $13.5 billion, down from $13.8 billion.
About the same number of shares as a year ago.
Debt is $45.7 billion more than cash, up from $40.8 billion a year ago.
Sales grew on a year ago in each of the last 4 quarters.

Sales by quarter

$177.4bn

$187.9bn

Sales by quarter
Quarter to	Amount
October 2024	$169.6bn
January 2025	$180.6bn
April 2025	$165.6bn
July 2025	$177.4bn
October 2025	$179.5bn
January 2026	$190.7bn
April 2026	$177.8bn
July 2026	$187.9bn

Profit by quarter

$7.0bn

$6.4bn

Profit by quarter
Quarter to	Amount
October 2024	$4.6bn
January 2025	$5.3bn
April 2025	$4.5bn
July 2025	$7.0bn
October 2025	$6.1bn
January 2026	$4.2bn
April 2026	$5.3bn
July 2026	$6.4bn

From the company's quarterly reports to the SEC.

Dates

Next results (estimated): 19 November 2026
Last annual report (10-K): 13 March 2026
Next quarterly (estimated, 10-Q): 27 November 2026

Who owns it

15 long-term investors we follow own it, down from 16 last quarter. 4,397 funds in all.

Jun '25

Dec '25

Jun '26

Gotham Asset ManagementJoel Greenblatt
Value
$33m
Share of fund
<0.1%
Cut
Letko BrosseauLetko Brosseau team
Value
$22m
Share of fund
0.3%
Cut
Dodge & CoxDodge & Cox investment committee
Value
$20m
Share of fund
<0.1%
Auxier Asset ManagementJeff Auxier
Value
$15m
Share of fund
2.0%
First Manhattan Co.First Manhattan partners
Value
$14m
Share of fund
<0.1%
Cut
GAMCO InvestorsMario Gabelli
Value
$8m
Share of fund
<0.1%
Boston PartnersBoston Partners team
Value
$5m
Share of fund
<0.1%
Cut
Cullen Capital ManagementJames Cullen
Value
$4m
Share of fund
<0.1%
Cut
Mairs & PowerAndy Adams
Value
$2m
Share of fund
<0.1%
Beutel GoodmanBeutel Goodman team
Value
$2m
Share of fund
<0.1%
Cut
LSV Asset ManagementJosef Lakonishok
Value
$1m
Share of fund
<0.1%
Gardner Russo & QuinnTom Russo
Value
$958,746
Share of fund
<0.1%
Cut
Matrix Asset AdvisorsDavid Katz
Value
$361,419
Share of fund
<0.1%
Harris Associates (Oakmark)Bill Nygren
Value
$335,476
Share of fund
<0.1%
Added
Aristotle Capital ManagementHoward Gleicher
Value
$273,523
Share of fund
<0.1%

Fund	Value	Share of that fund	Change
Gotham Asset ManagementJoel Greenblatt	$33m	<0.1%	Cut
Letko BrosseauLetko Brosseau team	$22m	0.3%	Cut
Dodge & CoxDodge & Cox investment committee	$20m	<0.1%
Auxier Asset ManagementJeff Auxier	$15m	2.0%
First Manhattan Co.First Manhattan partners	$14m	<0.1%	Cut
GAMCO InvestorsMario Gabelli	$8m	<0.1%
Boston PartnersBoston Partners team	$5m	<0.1%	Cut
Cullen Capital ManagementJames Cullen	$4m	<0.1%	Cut
Mairs & PowerAndy Adams	$2m	<0.1%
Beutel GoodmanBeutel Goodman team	$2m	<0.1%	Cut
LSV Asset ManagementJosef Lakonishok	$1m	<0.1%
Gardner Russo & QuinnTom Russo	$958,746	<0.1%	Cut
Matrix Asset AdvisorsDavid Katz	$361,419	<0.1%
Harris Associates (Oakmark)Bill Nygren	$335,476	<0.1%	Added
Aristotle Capital ManagementHoward Gleicher	$273,523	<0.1%

Sold out this quarter

GMOJeremy GranthamSold out

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

1 investor owns more than 5%.

Walton Enterprises, LLC
Insider or founder
at least 44.2%−0.7 pts
(filed with 1 related holder)
Since 27 February 2026
What they said
Item 4 of the Original Schedule 13D is hereby amended and supplemented as follows: The Reporting Entities are filing this Amendment to report dispositions of Common Stock of the Issuer that have decreased the amount of shares of Common Stock that WFHT and the Reporting Entities…
Read the filing
Jim C. Walton
Passive investor
Sold down below 5%
Since 31 December 2024
The Vanguard Group
Passive investor
Sold down below 5%
Since 13 March 2026

Holder	Stake	Since
Walton Enterprises, LLC Insider or founder	at least 44.2%−0.7 pts (filed with 1 related holder)	27 February 2026	What they said Item 4 of the Original Schedule 13D is hereby amended and supplemented as follows: The Reporting Entities are filing this Amendment to report dispositions of Common Stock of the Issuer that have decreased the amount of shares of Common Stock that WFHT and the Reporting Entities… Read the filing
Jim C. Walton Passive investor	Sold down below 5%	31 December 2024
The Vanguard Group Passive investor	Sold down below 5%	13 March 2026

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 11 sold $69m, $62m of it under preset trading plans.

Bartlett Daniel J
Executive Vice President
Sold
under a preset trading plan
Date
1 October 2026
Shares
3,990
Price
$104.41
Value
$416,596
Nicholas Christopher James
Executive Vice President
Sold
under a preset trading plan
Date
17 September 2026
Shares
2,900
Price
$106.65
Value
$309,286
Furner John R.
President & CEO, Director
Sold
under a preset trading plan
Date
17 September 2026
Shares
13,125
Price
$106.66
Value
$1m
Bartlett Daniel J
Executive Vice President
Sold
under a preset trading plan
Date
1 September 2026
Shares
3,950
Price
$105.14
Value
$415,298
Danker Daniel
Executive Vice President
Sold
under a preset trading plan
Date
26 August 2026
Shares
50,644
Price
$105.35
Value
$5m
Nicholas Christopher James
Executive Vice President
Sold
under a preset trading plan
Date
20 August 2026
Shares
2,900
Price
$106.34
Value
$308,383
Bartlett Daniel J
Executive Vice President
Sold
under a preset trading plan
Date
3 August 2026
Shares
3,710
Price
$113.10
Value
$419,601
Nicholas Christopher James
Executive Vice President
Sold
under a preset trading plan
Date
16 July 2026
Shares
2,900
Price
$114.14
Value
$330,998
Bartlett Daniel J
Executive Vice President
Sold
under a preset trading plan
Date
1 July 2026
Shares
3,775
Price
$109.64
Value
$413,891
Nicholas Christopher James
Executive Vice President
Sold
under a preset trading plan
Date
18 June 2026
Shares
2,900
Price
$118.19
Value
$342,751

Date	Who	Did	Shares	Price	Value
1 October 2026	Bartlett Daniel J Executive Vice President	Sold under a preset trading plan	3,990	$104.41	$416,596
17 September 2026	Nicholas Christopher James Executive Vice President	Sold under a preset trading plan	2,900	$106.65	$309,286
17 September 2026	Furner John R. President & CEO, Director	Sold under a preset trading plan	13,125	$106.66	$1m
1 September 2026	Bartlett Daniel J Executive Vice President	Sold under a preset trading plan	3,950	$105.14	$415,298
26 August 2026	Danker Daniel Executive Vice President	Sold under a preset trading plan	50,644	$105.35	$5m
20 August 2026	Nicholas Christopher James Executive Vice President	Sold under a preset trading plan	2,900	$106.34	$308,383
3 August 2026	Bartlett Daniel J Executive Vice President	Sold under a preset trading plan	3,710	$113.10	$419,601
16 July 2026	Nicholas Christopher James Executive Vice President	Sold under a preset trading plan	2,900	$114.14	$330,998
1 July 2026	Bartlett Daniel J Executive Vice President	Sold under a preset trading plan	3,775	$109.64	$413,891
18 June 2026	Nicholas Christopher James Executive Vice President	Sold under a preset trading plan	2,900	$118.19	$342,751

From Form 4 filings: insiders must report trades in their own company's shares within two days.

What could go wrong

It isn't cheap on profits: 27.2× operating profit.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

What the business is worth, as a range, and the margin of safety at today’s price
Prices to start buying, buy, and buy hard
The three things that would make this a mistake
Every number footnoted to the filing it came from

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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.