Walmart
Through the investors’ lenses
Each of these investors has said in public what they look at before buying. Click a name to see how this company measures up — a tick where it passes one of their tests, a cross where it does not.
Warren Buffett 3/4
| Measure | WMT | Checked against | |
|---|---|---|---|
| Owner earnings | $9.45bn | positive | ✓ |
| Return on equity | 22.0% | median 11.7% | ✓ |
| Debt to equity | 0.38x | median 0.79x | ✓ |
| Operating margin | 4.2% | median 15.0% | ✗ |
Passes 3 of 4. To be clear: Warren Buffett has never said anything about Walmart. These are the company’s own figures put through the tests he described. What he looks at, and why →
Terry Smith 3/4
| Measure | WMT | Checked against | |
|---|---|---|---|
| Return on capital employed | 21.6% | median 10.1% | ✓ |
| Cash conversion | 1.90x | median 1.78x | ✓ |
| Operating margin | 4.2% | median 15.0% | ✗ |
| Debt to equity | 0.38x | median 0.79x | ✓ |
Passes 3 of 4. To be clear: Terry Smith has never said anything about Walmart. These are the company’s own figures put through the tests he described. What he looks at, and why →
Charlie Munger 2/3
| Measure | WMT | Checked against | |
|---|---|---|---|
| Return on capital employed | 21.6% | median 10.1% | ✓ |
| Return on equity | 22.0% | median 11.7% | ✓ |
| Operating margin | 4.2% | median 15.0% | ✗ |
Passes 2 of 3. To be clear: Charlie Munger has never said anything about Walmart. These are the company’s own figures put through the tests he described. What he looks at, and why →
Chuck Akre 4/4
| Measure | WMT | Checked against | |
|---|---|---|---|
| Return on equity | 22.0% | median 11.7% | ✓ |
| Debt to equity | 0.38x | median 0.79x | ✓ |
| Cash conversion | 1.90x | median 1.78x | ✓ |
| Return on equity, sustained | 9 of 10 | 8 of 10 above median | ✓ |
Passes 4 of 4. To be clear: Chuck Akre has never said anything about Walmart. These are the company’s own figures put through the tests he described. What he looks at, and why →
Philip Fisher 2/4
| Measure | WMT | Checked against | |
|---|---|---|---|
| Operating margin | 4.2% | median 15.0% | ✗ |
| Net margin | 3.1% | median 10.2% | ✗ |
| Return on capital employed | 21.6% | median 10.1% | ✓ |
| Operating margin, held or improving | 4.2% | 10-yr median 4.2% | ✓ |
Passes 2 of 4. To be clear: Philip Fisher has never said anything about Walmart. These are the company’s own figures put through the tests he described. What he looks at, and why →
Walter Schloss 1/2
| Measure | WMT | Checked against | |
|---|---|---|---|
| Current ratio | 0.79x | median 1.25x | ✗ |
| Debt to equity | 0.38x | median 0.79x | ✓ |
Passes 1 of 2. To be clear: Walter Schloss has never said anything about Walmart. These are the company’s own figures put through the tests he described. What he looks at, and why →
Benjamin Graham 1/2
| Measure | WMT | Checked against | |
|---|---|---|---|
| Current ratio | 0.79x | 2.00x published | ✗ |
| Long-term debt to working capital | — | 1.00x published | — |
| Positive earnings, ten years running | 10 yrs | 10 published | ✓ |
Passes 1 of 2. To be clear: Benjamin Graham has never said anything about Walmart. These are the company’s own figures put through the tests he described. What he looks at, and why →
Joel Greenblatt 1/1
| Measure | WMT | Checked against | |
|---|---|---|---|
| Return on capital employed | 21.6% | median 10.1% | ✓ |
Passes 1 of 1. To be clear: Joel Greenblatt has never said anything about Walmart. These are the company’s own figures put through the tests he described. What he looks at, and why →
Peter Lynch 1/2
| Measure | WMT | Checked against | |
|---|---|---|---|
| Debt to equity | 0.38x | median 0.79x | ✓ |
| Net margin | 3.1% | median 10.2% | ✗ |
Passes 1 of 2. To be clear: Peter Lynch has never said anything about Walmart. These are the company’s own figures put through the tests he described. What he looks at, and why →
| Basis | Payout | Why |
|---|---|---|
| GAAP earnings | 34.4% | whyThe figure most screeners publish. |
| Operating cash flow | 18.1% | whyBefore capital spending. |
| Free cash flow | 50.3% | whyAfter maintaining the business. |
Spread between highest and lowest: 32.2 percentage points. Same filings, different denominators.
Coverage rating 48 / 100 — Tight. ? Peer standing 17/50Direction 18/30Stability 12/20
Free cash flow payout, last 6 years
| Fiscal year | Payout |
|---|---|
| 2026-01-31 | 50.3% |
| 2025-01-31 | 52.8% |
| 2024-01-31 | 40.6% |
| 2023-01-31 | 51.0% |
| 2022-01-31 | 55.5% |
| 2021-01-31 | 23.7% |
34% of the 44 consumer discretionary here pay out more.
The arithmetic
- GAAP earnings — dividends declared per share $0.940 ÷ diluted EPS $2.73
- Operating cash flow — dividends paid $7,507m ÷ operating cash flow $41,565m
- Free cash flow — dividends paid $7,507m ÷ (operating cash flow $41,565m − capex $26,642m)
Where the figures came from
- 10-K filed 2026-03-13 · accession 0000104169-26-000055
All public at sec.gov — you should not have to take our word for it.
Computed straight from SEC XBRL. A number that looks wrong to you is more useful to us than agreement — tell us.
What the free cash flow payout ratio measures, and where every company here sits on it.
Also on: rated tight · when it files.
When this changes
Every figure above is recomputed whenever Walmart files. The monthly letter carries what filed, what moved, and one finding computed across every company here.