Amazon vs Walmart
Add, change or remove companies; up to four.
The short version
- Amazon is the larger business, with $716.9B of revenue in fiscal 2025 against $713.2B for Walmart.
- Amazon grew revenue faster (12.4%, against 4.7%).
- Amazon kept more of each dollar of sales as operating profit (11.2% operating margin, against 4.2%).
- Walmart turned more of its sales into free cash flow (2.1% FCF margin, against 1.1%).
- Amazon earned a higher return on the capital invested in it (20.6%, against 16.1%).
- Investors pay more for each dollar of Walmart’s earnings: a P/E of 43.3x against 20.0x for Amazon.
| Latest fiscal year | AMZN · FY25 | WMT · FY26 |
|---|---|---|
| Size | ||
| Market cap | $2.70T | $956.5B |
| Revenue | $716.9B | $713.2B |
| Free cash flow | $7.7B | $14.9B |
| Net income | $77.7B | $21.9B |
| Growth | ||
| Revenue growth | 12.4% | 4.7% |
| 5-year growth | 13.2% | 5.0% |
| Share count change | 1.0% | −0.7% |
| Profitability | ||
| Gross margin | 50.3% | 24.9% |
| Operating margin | 11.2% | 4.2% |
| Net margin | 10.8% | 3.1% |
| FCF margin | 1.1% | 2.1% |
| Return on capital | 20.6% | 16.1% |
| Return on equity | 22.3% | 23.0% |
| Balance sheet | ||
| Net debt | −$41.5B | $40.8B |
| Net debt / EBITDA | −0.3x | 0.9x |
| Dividends and buybacks | $0.0M | $15.6B |
| Valuation & quality | ||
| P/E | 20.0x | 43.3x |
| Piotroski F-score | 6 | 7 |
Revenue
FY17
AMZN $177.9B
WMT $485.9B
FY18
AMZN $232.9B
WMT $500.3B
FY19
AMZN $280.5B
WMT $514.4B
FY20
AMZN $386.1B
WMT $524.0B
FY21
AMZN $469.8B
WMT $559.2B
FY22
AMZN $514.0B
WMT $572.8B
FY23
AMZN $574.8B
WMT $611.3B
FY24
AMZN $638.0B
WMT $648.1B
FY25
AMZN $716.9B
WMT $681.0B
FY26
AMZN —
WMT $713.2B
AMZN
WMT
Operating margin
FY17
AMZN 2.3%
WMT 4.7%
FY18
AMZN 5.3%
WMT 4.1%
FY19
AMZN 5.2%
WMT 4.3%
FY20
AMZN 5.9%
WMT 3.9%
FY21
AMZN 5.3%
WMT 4.0%
FY22
AMZN 2.4%
WMT 4.5%
FY23
AMZN 6.4%
WMT 3.3%
FY24
AMZN 10.8%
WMT 4.2%
FY25
AMZN 11.2%
WMT 4.3%
FY26
AMZN —
WMT 4.2%
AMZN
WMT
Free cash flow
FY17
AMZN $6.4B
WMT $21.1B
FY18
AMZN $17.3B
WMT $18.3B
FY19
AMZN $21.7B
WMT $17.4B
FY20
AMZN $25.9B
WMT $14.6B
FY21
AMZN −$14.7B
WMT $25.8B
FY22
AMZN −$16.9B
WMT $11.1B
FY23
AMZN $32.2B
WMT $12.0B
FY24
AMZN $32.9B
WMT $15.1B
FY25
AMZN $7.7B
WMT $12.7B
FY26
AMZN —
WMT $14.9B
AMZN
WMT
Return on capital
FY17
AMZN 27.5%
WMT 13.7%
FY18
AMZN 45.4%
WMT 12.6%
FY19
AMZN 28.0%
WMT 11.7%
FY20
AMZN 31.2%
WMT 12.5%
FY21
AMZN 23.3%
WMT 12.3%
FY22
AMZN 6.9%
WMT 16.2%
FY23
AMZN 16.7%
WMT 11.3%
FY24
AMZN 26.5%
WMT 16.3%
FY25
AMZN 20.6%
WMT 17.2%
FY26
AMZN —
WMT 16.1%
AMZN
WMT
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.