Walmart Commands Higher Enterprise Multiple Than Amazon

Walmart Inc. crossed a market capitalization of $1 trillion last week and trades at an enterprise value-to-EBITDA multiple of 23.6-times, versus Amazon's 14.2-times. Analysts and a Moody's Investors Service report attribute Walmart's premium multiple to expansions into online advertising, a third-party marketplace, fast delivery and AI investments, which strengthen its competitive position against retail peers.