Walmart Inc. (WMT)
適正価値ファンダメンタル
49
株価
$103.92
時価総額
$853.59B
パート1 · 企業の価値
概要
Walmart operates supercentres, discount stores and neighbourhood grocery stores under its own name in the United States, plus Sam's Club membership warehouses, and runs a large e-commerce business alongside them. Outside the US it owns retail chains in Mexico, Central America, Canada and China. It sells groceries, general merchandise, apparel and household goods, and has added a growing advertising business that sells shelf space and digital ads to the brands stocked on its shelves.
収益の仕組み
Revenue is recognized transaction by transaction, every time a customer checks out in a store or online, so sales volume rather than price per item is the main driver of the top line. Sam's Club adds recurring membership fees paid to shop there. Because Walmart buys in enormous volume, it negotiates low wholesale prices from suppliers and keeps a thin margin on each item, relying on scale and inventory turnover — plus the fast-growing, higher-margin advertising business — to generate profit.
セグメント別売上高
Supercentres, discount stores and neighbourhood markets across the United States, plus Walmart's US e-commerce and advertising businesses.
Retail operations outside the US, mainly in Mexico, Central America, Canada and China.
Membership warehouse clubs in the US selling groceries and general merchandise in bulk to fee-paying members.
競争優位性(moat)
コスト優位性 · 広いWalmart's purchase volumes are so large that it can negotiate wholesale prices few competitors can match, and it spreads the fixed costs of its supply chain and distribution network over more sales than almost anyone else. That combination lets it sustain everyday low prices while still turning a profit, which smaller or regional retailers struggle to match without losing money.
需要を左右する要因
ディフェンシブA large share of Walmart's sales is groceries and everyday household essentials, categories people keep buying in a recession and where Walmart's low prices can even attract more customers trading down from pricier retailers. General merchandise, apparel and electronics are more discretionary and do soften in a downturn, but the grocery-heavy mix keeps overall demand more stable than at a typical discretionary retailer.
主なリスク
- Execution risk at massive scale — The company operates at such scale that small operational mistakes in pricing, inventory or logistics can become expensive very quickly once repeated across thousands of stores and clubs.
- Low-price strategy limits margin — Walmart's everyday-low-price positioning constrains how much it can raise prices when its own costs rise, so cost inflation it cannot pass on to customers falls straight onto margin.
- E-commerce investment burden — Growing online and delivery sales requires continuous, heavy investment in fulfilment and logistics, and this channel remains less profitable than in-store sales even as it grows.
- Labor cost inflation and unionization — As one of the largest private employers, Walmart is exposed to wage inflation, benefit costs and unionization efforts that can raise operating costs or disrupt store operations.
強気材料
Buyers argue that Walmart's scale and low-price positioning make it a natural destination when shoppers are cautious, that its advertising and membership businesses add higher-margin profit on top of thin retail margins, and that record digital sales show it competing effectively online as well as in stores.
弱気材料
Sellers worry that Walmart's everyday-low-price model leaves little room to raise prices when its own costs rise, that continued heavy investment is needed to keep e-commerce and delivery competitive with rivals, and that a change in leadership introduces execution uncertainty at a company already operating at enormous scale.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
貸借対照表と流動性
売上高
$728.47B
直近12か月(2026/7/31まで)
純利益
$22.08B
直近12か月(2026/7/31まで)
フリーキャッシュフロー
$14.92B
自己資本合計
$99.62B
負債合計
$178.78B
流動比率
0.77
利払い倍率
17.36
負債/EBITDA
1.68
一株当たり利益(EPS)
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$102.25
現在株価
$103.92
安全マージン
-1.6%
適正価値レンジ
$77.92 - $126.57
使用した評価手法間のばらつきであり、統計的に較正された信頼区間ではありません。
推定方法
バリュエーション指標
P/E レシオ
37.65
ROE
22.0%
P/B レシオ
8.39
P/FCF
61.03
粗利益率
24.5%
ROIC
14.3%
収益性レーダー
価値創造(経済的モート)
ROIC
14.3%
WACC
7.6%
ROIC − WACC
+6.7 pp
ROICが資本コストを上回っています。企業は株主のために価値を創出しています。
ファンダメンタル分析基準
合格(15)
- Price CAGR 16.98%
- ROIC 14.3%
- Debt/Equity ratio
- Positive Free Cash Flow
- Current Ratio
- Interest Coverage
- Debt/EBITDA
- Return on Tangible Assets
- Low reliance on intangibles
- ROE 22.7%
- Analyst Consensus 88% Buy
- Earnings Surprise avg 2.7%
- Earnings Quality (OCF/NI) 1.94
- Share Dilution -0.6%
- Piotroski F-Score 6/9
不合格(12)
- EPS shows upward trend
- EPS CAGR -0.76%
- Gross Margin 24.5%
- P/FCF 61.03
- P/B Ratio 8.39
- Operating Margin 4.4%
- CapEx intensity
- Price below Graham Number
- DCF valuation (Overvalued)
- Revenue Growth 5Y 5.0%
- PEG Ratio 3.34
- Net Margin Trend 3.0% vs 3.1%
データなし(1)
- Dividend Payout NaN%
Piotroski F-スコア
まちまちのシグナル:一部の領域に注意が必要
利益の質
高品質:利益はキャッシュに裏付けられている
株式希薄化
株式を買い戻している。株主に友好的
機関投資家の保有
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| Mr. John R. Furner | President, CEO & Director | 50 |
| Mr. John David Rainey Jr. | Executive VP & CFO | 55 |
| Mr. Suresh Kumar Ph.D. | Executive VP, Global CTO & Chief Development Officer | 60 |
| Mr. C. Douglas McMillon | Executive Officer | 59 |
| Mr. Daniel Danker | Executive Vice President of AI Acceleration, Product & Design | 44 |
| Mr. Dwayne M. Milum | Senior VP, Controller & Principal Accounting Officer | 49 |
| Ms. Stephanie Wissink | Senior Vice President of Investor Relations | - |
| Ms. Erin Nealy Cox J.D. | Executive VP of Global Governance, Chief Legal Officer & Corporate Secretary | 55 |
| Ms. Allyson Park | Senior VP & Chief Communications Officer | - |
| Mr. Jason Wooten | Head of Corporate Development | - |
監査リスク
5
取締役会リスク
8
報酬リスク
7
株主権利リスク
1
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容:テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
業績推移
via SEC EDGAR
Latest News
Recent headlines for WMT, sourced from Markets Gazette.
- 4d agoNEUTRALWalmart CEO says that the retail giant and its AI shopping assistant aren’t using personal information to set prices amid rollout of digital labels
Walmart's CEO has stated that the company and its AI shopping assistant are not utilizing personal information to adjust pricing, particularly with the ongoing rollout of digital labels. The executive emphasized that factors like time of day or urgency of purchase will not influence the prices displayed for groceries or electronics. This clarification aims to address potential consumer concerns about algorithmic pricing and data privacy, assuring customers that dynamic pricing based on individual behavior is not being implemented. For investors, this stance reinforces Walmart's commitment to transparency and customer trust, potentially mitigating reputational risks.
- 15d agoNEUTRALStrong Retail Sales Hide Consumer Divide: Analyst Kodali
Forrester analyst Sucharita Kodali highlights a significant divergence in US consumer spending. While higher-income consumers continue to spend robustly, rising costs, particularly for gasoline, are pressuring lower-income households. This economic split is expected to benefit discount retailers like Walmart, Costco, and Amazon, as they are better positioned to capture market share from struggling mid-tier retailers during the upcoming holiday season. Investors should monitor the performance of these large-cap retailers as indicators of consumer resilience and market consolidation.
- 15d agoNEGATIVEUnloved Consumer Names Like Walmart Face Pressure as Rate Hike Draws Near
Consumer-focused stocks, including retail giants like Walmart, have underperformed the broader market in 2026. This trend is exacerbated by the anticipation of a potential Federal Reserve interest rate hike this Wednesday. Higher rates typically increase borrowing costs for consumers and businesses, potentially dampening consumer spending and impacting the profitability of companies heavily reliant on it. Investors are advised to monitor consumer sentiment and retail sales data closely as these factors will be crucial in determining the near-term outlook for the sector.
- 27d agoNEGATIVEDOJ expands beef price probe to eight retailers, including Walmart and Amazon, with inflation a key issue ahead of midterm elections
The US Department of Justice has expanded its antitrust probe into beef prices to include eight major retailers, notably Walmart and Amazon. This investigation, which also targets meatpackers, comes amid concerns about rising inflation and its impact on consumer goods. The DOJ's focus on potential anti-competitive practices in the food supply chain could lead to increased scrutiny, compliance costs, and potential legal challenges for the involved retailers. Investors will monitor developments closely, as any findings of misconduct could negatively affect earnings and stock performance.
- 8/22/2026NEGATIVECosa dicono i risultati di Walmart e Target sul consumatore statunitense?
Walmart's stock experienced a significant decline of 9.2% following its latest earnings report, despite beating profit expectations. This drop signals growing consumer caution, attributed to elevated prices, high gasoline costs, and economic uncertainty. While customer traffic remains robust, the purchasing behavior indicates smaller, more deliberate transactions across major retailers like Walmart, Target, and Home Depot. This trend suggests a potential slowdown in consumer spending power, making investors wary of future revenue growth.
- 8/21/2026NEGATIVEWalmart Shares Extend Decline After Rare US Sales Miss
Walmart Inc. reported a rare miss on US comparable-store sales, with growth of 2.6% excluding fuel in the second quarter falling short of the lowest analyst estimates. This marks the slowest growth rate in over six years, primarily impacted by pricing pressures in its pharmacy segment. The company's shares experienced a significant decline, dropping as much as 10% intraday, wiping out its year-to-date gains. Investors are concerned about the retailer's deceleration, potentially reflecting broader economic slowdowns in the US.
- 8/20/2026NEGATIVEWalmart Slides 9% as Sales Slow and Stocks Retreat | Closing Bell
Walmart Inc. experienced a significant downturn, with its stock sliding 9% during the trading session. This decline was attributed to a noticeable slowdown in sales growth, which failed to meet market expectations. The broader market also saw a retreat, contributing to the negative sentiment surrounding the retail giant. Investors are closely watching these developments for signs of potential shifts in consumer spending patterns and the company's ability to maintain its market dominance amidst evolving economic conditions.
- 8/20/2026POSITIVEFacing weary customers, Walmart will use its nearly $3 billion in tariff refunds to lower prices
Walmart plans to leverage nearly $3 billion in tariff refunds to reduce prices for consumers, a strategic move following a nearly 9% stock decline attributed to a six-year low in U.S. sales growth. This initiative aims to regain customer loyalty and market share by offering more competitive pricing. While the company absorbed tariff costs last year, this refund allocation signals a renewed focus on value proposition. Investors will monitor the impact on sales volume and profit margins, as lower prices could boost demand but potentially compress short-term profitability.
via Markets Gazette