Walmart shares have quietly built a powerful track record over the past few years, which puts a sharper spotlight on what investors are really paying for its earnings today. With the stock last closing at US$110.53, the key issue is whether that price still lines up with what the retailer is generating in profit. Over the past 5 years, Walmart has returned 151.3%, which raises the question of how much of that gain is backed by its earnings power versus higher expectations being baked into the multiple.
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