WMTWalmart Inc.
Retail-Variety Stores
- Revenue
- $706.4B
- 4.7% YoY
- Operating margin
- 4.2%
- 3.0% YoY
- EBITDA
- $29.8B
- 1.6% YoY
- Market cap
- $422.2B
- Employees
- —
- Net debt / EBITDA
- 1.0×
- $28.4B net debt
- AI in 10-K
- 5.0
- mentions per 10K words
Takeover score 1 of 13
Fixable underperformance 0 of 7
- TSR below peersNo1 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$27M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo190% of net incomeCash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowNo38% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo10% of assetsOver 40% of assets
- Shareholder dissentNo100% lowest supportAny vote under 80% support
Buyer economics 0 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AINo5.0 per 10K words · 83rd pctBottom quartile of AI mentions in 10-Ks
- Net cashNo1.0× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedNo$422.2B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$2.9B netNet sales over $10M in 12 months
Financials
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $567.8B | $605.9B | $642.6B | $674.5B | $706.4B | 4.7% |
| Operating income | $25.9B | $20.4B | $27.0B | $29.3B | $29.8B | 1.6% |
| Net income | $13.7B | $11.7B | $15.5B | $19.4B | $21.9B | 13% |
| Operating cash flow | $24.2B | $28.8B | $35.7B | $36.4B | $41.6B | 14% |
| Capex | $13.1B | $16.9B | $20.6B | $23.8B | $26.6B | 12% |
| Stock-based comp | $1.2B | $1.6B | $2.1B | $2.8B | $3.6B | 30% |
| Buybacks | $9.8B | $9.9B | $2.8B | $4.5B | $8.1B | 80% |
| Dividends | $6.2B | $6.1B | $6.1B | $6.7B | $7.5B | 12% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Mar 3, 2026 | Walton Enterprises, LLC | SCHEDULE 13D/A | 44.2% | Passive |
| Dec 19, 2024 | Walton Enterprises, LLC | SCHEDULE 13D | 44.9% | Passive |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $2.9B · 109
- Net
- −$2.9B
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2026 | $29M | $36M | 272 | 164 |
| FY2025 | $27M | $102M | 222 | 161 |
| FY2024 | $27M | $47M | 123 | 115 |
| FY2023 | $25M | $31M | 106 | 89 |
| FY2022 | $26M | $32M | 101 | 109 |