WMT
Walmart
Dividend / Cash flow
★ Quality 49/100Price today
$107.14
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See what it is worthcharlieapp.co
What this business is made of
The business
Walmart sells cheap to millions and has scale to spare to squeeze every supplier.
Walmart moves $713.2B a year selling food and general merchandise at low prices in physical stores and online. It wins on colossal volume and a thin 25% gross margin, and it's now adding new revenue: eCommerce (23% of sales) and advertising via Walmart Connect.
Its edge is pure scale: the densest distribution network in the U.S. lets it negotiate prices no one can match. Replicating thousands of stores within 10 minutes of nearly every American would take decades and a fortune. It's a wide moat, but not a monopoly.
Revenue history
From $572.8B to $713.2B in 4 years. The business grows steadily.
Where each $100 of sales goes
Revenue $713.2B · FY2026
Of every $100 in sales, $97 goes to costs and operations; $3 is left as net profit (3% margin).
Catalysts and risks
eCommerce growing 24% year over year, already 23% of sales.
Walmart Connect (advertising) rising ~30%, far higher margin than selling food.
End of the heavy omnichannel investment cycle ($26.7B capex) frees up cash flow.
25% gross margin leaves zero room: any cost misstep hurts.
Amazon presses in online and advertising at the same time.
Current FCF ($14.9B) is depressed by investment; if capex doesn't drop, the promise doesn't arrive.
Charlie's note
“Excellent business, fantasy price: the market pays close to 67x reported cash flow for a machine growing 7% a year at a 25% margin. Paying like that for so much quality is like buying a good umbrella at triple price after the rain already stopped.”
Analysis · July 2026
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