Walmart Inc. (WMT) intrinsic value & 10-year financials
Walmart Inc. (WMT) has a Graham intrinsic value of $53.94 per share. At $118.70 on Oct 20, 2026, the stock trades 120% above that value. Over the last 10 fiscal years revenue grew 4.4% a year to $706.4B, with an average return on invested capital of 13.8%.
- Graham intrinsic value
- $53.94
- Share price (Oct 20, 2026)
- $118.70
- Price vs Graham value
- 120% above
- Market cap
- $952.2B
- Revenue (FY2026)
- $706.4B
- Revenue growth (10-yr CAGR)
- 4.4%
- ROIC (10-yr avg)
- 13.8%
- Free cash flow (FY2026)
- $14.9B
WMT 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2026 | $706.4B | $21.9B | $2.73 | $14.9B | 4.2% | 15.8% |
| FY2025 | $674.5B | $19.4B | $2.41 | $12.7B | 4.4% | 16.6% |
| FY2024 | $642.6B | $15.5B | $1.91 | $15.1B | 4.2% | 15.5% |
| FY2023 | $605.9B | $11.7B | $1.42 | $12.0B | 3.4% | 11.1% |
| FY2022 | $567.8B | $13.7B | $1.62 | $11.1B | 4.6% | 15.5% |
| FY2021 | $555.2B | $13.5B | $1.58 | $25.8B | 4.1% | 11.5% |
| FY2020 | $519.9B | $14.9B | $1.73 | $14.6B | 4.0% | 12.6% |
| FY2019 | $510.3B | $6.7B | $0.75 | $17.4B | 4.3% | 12.4% |
| FY2018 | $495.8B | $9.9B | $1.09 | $18.3B | 4.1% | 13.0% |
| FY2017 | $481.3B | $13.6B | $1.46 | $20.9B | 4.7% | 14.3% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Walmart has demonstrated mature, steady growth, with revenue compounding at 4.4% annually over the past decade.
Walmart returns on capital have been average, hovering around 13.8% ROIC over the decade.
Over the decade, Walmart shows that management has aggressively returned capital to shareholders by retiring 14.1% of outstanding shares, and that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Walmart is modeled at 7.2% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $53.94 per share.