Target vs Walmart
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The short version
- Walmart is the larger business, with $713.2B of revenue in fiscal 2026 against $104.8B for Target, about 6.8 times as much.
- Walmart grew revenue faster (4.7%, against −1.7%).
- Target kept more of each dollar of sales as operating profit (4.9% operating margin, against 4.2%).
- Target turned more of its sales into free cash flow (2.7% FCF margin, against 2.1%).
- Walmart earned a higher return on the capital invested in it (16.1%, against 15.0%).
- Investors pay more for each dollar of Walmart’s earnings: a P/E of 43.3x against 15.9x for Target.
| Latest fiscal year | TGT · FY25 | WMT · FY26 |
|---|---|---|
| Size | ||
| Market cap | $69.8B | $956.5B |
| Revenue | $104.8B | $713.2B |
| Free cash flow | $2.8B | $14.9B |
| Net income | $3.7B | $21.9B |
| Growth | ||
| Revenue growth | −1.7% | 4.7% |
| 5-year growth | 2.3% | 5.0% |
| Share count change | −1.3% | −0.7% |
| Profitability | ||
| Gross margin | 27.9% | 24.9% |
| Operating margin | 4.9% | 4.2% |
| Net margin | 3.5% | 3.1% |
| FCF margin | 2.7% | 2.1% |
| Return on capital | 15.0% | 16.1% |
| Return on equity | 24.0% | 23.0% |
| Balance sheet | ||
| Net debt | $11.0B | $40.8B |
| Net debt / EBITDA | 1.3x | 0.9x |
| Dividends and buybacks | $2.5B | $15.6B |
| Valuation & quality | ||
| P/E | 15.9x | 43.3x |
| Piotroski F-score | 6 | 7 |
FY17
TGT $72.7B
WMT $485.9B
FY18
TGT $75.4B
WMT $500.3B
FY19
TGT $78.1B
WMT $514.4B
FY20
TGT $93.6B
WMT $524.0B
FY21
TGT $106.0B
WMT $559.2B
FY22
TGT $109.1B
WMT $572.8B
FY23
TGT $107.4B
WMT $611.3B
FY24
TGT $106.6B
WMT $648.1B
FY25
TGT $104.8B
WMT $681.0B
FY26
TGT —
WMT $713.2B
TGT
WMT
FY17
TGT 5.8%
WMT 4.7%
FY18
TGT 5.5%
WMT 4.1%
FY19
TGT 6.0%
WMT 4.3%
FY20
TGT 7.0%
WMT 3.9%
FY21
TGT 8.4%
WMT 4.0%
FY22
TGT 3.5%
WMT 4.5%
FY23
TGT 5.3%
WMT 3.3%
FY24
TGT 5.2%
WMT 4.2%
FY25
TGT 4.9%
WMT 4.3%
FY26
TGT —
WMT 4.2%
TGT
WMT
FY17
TGT $4.4B
WMT $21.1B
FY18
TGT $2.5B
WMT $18.3B
FY19
TGT $4.1B
WMT $17.4B
FY20
TGT $7.9B
WMT $14.6B
FY21
TGT $5.1B
WMT $25.8B
FY22
TGT −$1.5B
WMT $11.1B
FY23
TGT $3.8B
WMT $12.0B
FY24
TGT $4.5B
WMT $15.1B
FY25
TGT $2.8B
WMT $12.7B
FY26
TGT —
WMT $14.9B
TGT
WMT
FY17
TGT 16.3%
WMT 13.7%
FY18
TGT 15.8%
WMT 12.6%
FY19
TGT 17.4%
WMT 11.7%
FY20
TGT 26.2%
WMT 12.5%
FY21
TGT 35.6%
WMT 12.3%
FY22
TGT 13.7%
WMT 16.2%
FY23
TGT 17.6%
WMT 11.3%
FY24
TGT 16.8%
WMT 16.3%
FY25
TGT 15.0%
WMT 17.2%
FY26
TGT —
WMT 16.1%
TGT
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.