Walmart market value tops $1 trillion
by February 3, 2026 6:41 pm 1,173 views
How do you convert $5 million into $1 trillion? It’s easy. Just innovate faster than competitors, don’t be afraid to try and fail a few times, keep investors and customers happy for 56 years, and have some luck on your side. Or something like that.
The market value of Walmart shares (NASDAQ: WMT) crossed the historic $1 trillion level, putting it in the company of technology giants such as Alphabet and Apple. There are only about a dozen publicly-held companies worldwide that make up the $1 trillion club.
The Walmart share price is up more than 27% in the past 12 months, and is up 169% in the past five years.
When Sam Walton took the company public on Oct. 1, 1970, the market cap was about $5 million. The company sold 300,000 shares at $16.50 on the initial offering. Today, the company’s outstanding shares total just under 8 billion, with an average of around 29 million trading each day.
Walmart moved its listing from the New York Stock Exchange (NYSE) to the NASDAQ on Dec. 9 in hopes that the company would be valued like the tech giant that it has become. On Jan. 20, Walmart joined the NASDAQ 100, replacing pharmaceutical firm AstraZeneca.
Most stock market analysts applauded Walmart’s move to the NASDAQ, saying it would be more likely to be traded by index and exchange funds as part of the tech-heavy NASDAQ exchange.
The Walmart price gain follows a 3-for-1 stock split on Feb. 26, 2024. Then CEO Doug McMillon said he wanted to give employees who participate in the company’s stock purchase plan the ability to acquire more shares at a lower price. When the stock split in early 2024, it was selling at $58.52. Since that time, the share value has risen by 117.73%.
While some analysts at J.P. Morgan see more price growth for Walmart shares, others are not so sure. Goldman Sachs recently removed Walmart from its top 20 target stock pick list, citing a valuation at more than 42 times earnings. Over the past five years, Walmart has traded around 27 times its annual earnings.
Evercore ISI removed Walmart shares from its “Fab Five” portfolio, ending a 32-month run. Greg Melich, a retail analyst at Evercore, said Walmart’s stock is up 140% since it joined the “Fab Five” in May 2023. Goldman and Evercore still rate Walmart shares a “buy,” but they see easier ways to turn a profit, given that Walmart is still a retailer at its core.
Alan Ellstrand, a dean emeritus at the Sam M. Walton College of Business at the University of Arkansas, said Walmart’s investments and partnerships in technology are huge given the retail giant’s massive scale. He said while Walmart execs want to be seen as more of a tech company, it is retail that still pays the bills for the company. Walmart’s online business did achieve profitability in the past year, according to the company, which is a milestone many other retailers have not yet mastered at scale.
Walmart is a closely-held company with the Walton family owning around 45% of the outstanding shares. The company will report its fiscal 2026 fourth quarter and full-year results on Feb. 19.
While the major markets traded lower on Tuesday (Feb. 3), Walmart shares rose 2.9% to close at $127.71. Over the past 52 weeks, the shares have traded between $79.81 and $128.16, with the high being reached during Tuesday’s intraday trading.