Walmart - Dolphin Research

Walmart

D

Dolphin ResearchAug 21 at 05:28 AM

WMT: Solid results; stretched valuation is the problem.

Underlying operating metrics softened slightly.

This has heightened market concerns.

Walmart Business Overview Business Segment Business Composition Notes ~68% of re

Walmart us net sales growth US Net sales y/y 1，400 8% xC 9% [ 8% 8% 1，200 7% inR

+15

Walmart

USWMT

WalmartFinancial Analysis

D

Dolphin ResearchAug 20 at 01:51 PM

WMT (Trans): 2.9bn tax rebate to slash prices; Q3 profit to take a back seat

$2.9bn in tariff rebates has essentially been received and was largely passed through to price cuts, lifting FY revenue growth guidance to 4–5% and OP growth to 7–8.5%.

However, as the spend was concentrated at end-Q2, Q3 OP growth guidance is only 2–4%. Meanwhile, membership, ads, and Marketplace contributed nearly half of the profit growth.

Walmart

USWMT

WalmartConference Minutes

D

Dolphin ResearchJun 10 at 11:44 AM

WMT: Still Going Strong; How Much Longer Can the Rerating Run?

This is the final installment in our WMT series. We focus on assessing the stock's investment value.

Walmart(WMT) V WMT.O 1 119.83+0.80% PE/PB Band Smoothed Stepped 150.00 125.00 Do

EV/EBIT comparables EV/EBIT 18 16 DolphinResearch DolphinResearch inResearch K 1

Key Assumptions by Scenario DolphinResearch DolphinRes GMV CAGR (FY26→31) 3P Pen

+3

Walmart

USWMT

WalmartDeep Research

D

Dolphin ResearchJun 9 at 11:08 AM

The 'Costco' inside WMT: Sam's Club playbook and countermoves

This is the third installment of our Walmart deep dive, focusing on Sam's Club — long ignored by investors yet effectively Walmart's third growth engine — and a hard comparison against Costco, the global benchmark for warehouse clubs.

Let's get straight to it: WMT.

Scale Gap Between Sam' s Club and Walmart DolphinResearch DolphinResear ISa Sam

Efficiency Gap Between Sam’ 1’s Club and Walmart Sam h‘s Club 3，500 3300 3，000 2

Costco Carries the Fewest SKUs Among the Big 3 U.S. Warehouse Clubs 8000 5，500-7

+9

TME-SW

HK01698

WalmartDeep Research

D

Dolphin ResearchJun 8 at 01:03 PM

WMT: Veteran's surprise e-comm offensive — why a re-rate?

In the prior piece, we unpacked Walmart's low-cost engine: township-level, differentiated site selection; an end-to-end, self-run supply chain; reverse pricing with EDLP; and a broad private-label portfolio, showing how 'extreme efficiency + extreme cost discipline' made it the king of offline retail.

This piece turns to Walmart's e-comm, the bigger swing factor for its growth trajectory and whether its market cap can leg higher. Dolphin Research will run a hard-nosed, full-stack compare with Amazon to lay out the logic behind Walmart's differentiated breakout.

Walmart ecommerce reveue growth Walmart U.S. Ecommerce Sales y/y change as a % o

E-commerce Market share change for Amazon&Walmart nResearch hinResearc Amazon Wa

Amazon Business Segment Operating Margins 北美利润率 ---国际利润率 AWS利润率 40% uinResearch

+15

Walmart

USWMT

WalmartDeep Research

D

Dolphin ResearchMay 22 at 02:33 AM

WMT (Trans): High oil costs weigh on quarterly profit; cautious guide

Below is Dolphin Research's Trans of Walmart's FY2027 Q1 earnings call. For our take on the results, please see 'Walmart: Rising oil prices — can the retail king still hold up?'