Retail media is the story underneath the retail story. The scale is already there. The margin profile is not priced into a consumer staples multiple.
TickerXray Report
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Walmart's e-commerce business turned profitable in 2025 for the first time in a decade. With $713 billion of revenue, $14.9 billion of free cash flow, and operating margin expanding 50 basis points, the case for a 50x multiple is no longer absurd.
Costco trades at 50x forward earnings. Walmart trades at 45x. Both are among the most premium-multiple discount retailers in market history. The capital allocation discipline behind each multiple is different and the investor implications run in opposite directions.
Operating margin expanded another 40 basis points in Q4 2024, driven by Walmart Connect advertising and marketplace fulfilment. Our prior thesis is validated and upgraded.