WMT Analysis: Walmart's $981 Billion Retail Empire Posts Record Revenue but a 45x Multiple Raises the Bar for the World's Largest Store
Walmart Inc. (NASDAQ: WMT) just reported fiscal year 2026 Q4 results that cap off a remarkable year for the world's largest retailer. Revenue hit $190.7 billion in the quarter alone — a figure that exceeds the entire annual revenue of most S&P 500 companies — pushing full-year sales above $713 billion. The stock trades at $122.99, up over 54% from its 52-week low of $79.81, though still 8.7% below its all-time high of $134.65. The bull case for Walmart has never been louder. E-commerce is scaling, advertising revenue is surging, and the company is investing aggressively in automation and supply chain modernization. But at 45 times earnings and nearly 10 times book value, Walmart is no longer priced like a discount retailer — it is priced like a technology platform. With tariff uncertainty rattling supply chains and a K-shaped economy testing consumer spending, investors need to ask whether Walmart's transformation justifies one of the richest valuations in its 62-year public history.