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What Are Walmart Investors Betting On?

Walmart stock trades at 42.8 times trailing net income, and consensus forecasts expect net income to rise 11.7% in fiscal 2028 on 4.4% sales growth, with the net margin widening from 3.1% to 3.3%. On forward earnings the multiple falls to 40.7 times fiscal 2027 and 36.4 times fiscal 2028, though fiscal 2028 EPS estimates range from $3.10 to $3.56. Net income more than doubled over five years to $22.1 billion, but in the latest year it grew more slowly than sales, and the fiscal 2028 forecast builds on a base that included nearly $2.9 billion in tariff refunds, which management is redirecting into lower prices. The article considers the wider margin the weaker part of the forecast, and notes that the consensus adjusted EPS of $2.89 sits slightly above the company's $2.80 to $2.87 guidance.

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