# Discount Stores — company-by-company sector analysis

> Discount Stores: Walmart Inc. owns the largest revenue base; Ollie's Bargain Outlet Holdings, Inc. has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice.

## Bottom line

Discount Stores has underperformed S&P 500 by 3.5% over 52 weeks and 2.9% over 13 weeks. 3 of 8 covered companies beat the S&P 500 on Mansfield relative strength, while 3 of 8 beat the sector itself. Walmart Inc. leads with revenue of $725,305 million, based on 8 of 8 comparable companies through Jun 2026.

### Is the Discount Stores sector outperforming S&P 500?

Discount Stores has underperformed S&P 500 by 3.5% over 52 weeks and 2.9% over 13 weeks. 3 of 8 covered companies beat the S&P 500 on Mansfield relative strength, while 3 of 8 beat the sector itself.

### Which Discount Stores company is largest by revenue?

Walmart Inc. leads with revenue of $725,305 million, based on 8 of 8 comparable companies through Jun 2026.

### Which Discount Stores company is growing fastest?

Ollie's Bargain Outlet Holdings, Inc. has the fastest current revenue growth at 16.8%, across 8 of 8 comparable companies.

### Which Discount Stores company has the strongest 4-Factor Sector Score?

Dollar Tree, Inc. ranks first at 63.3/100 with 76.2% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Discount Stores company reports the most CAPEX?

Walmart Inc. reports the largest latest CAPEX at $6,684 million, with 8 of 8 companies comparable.

### Which Discount Stores company has the least gross debt?

PriceSmart, Inc. has the lowest comparable gross debt at $325 million. Walmart Inc. has the highest at $74,179 million.

### Which Discount Stores company has the lowest comparable PEG?

Dollar General Corporation has the lowest comparable Guarded PEG at 0.46, among 7 of 8 companies that pass the metric’s comparability rules.

### How much history does this Discount Stores comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Discount Stores has underperformed S&P 500 by 3.5% over the last 52 weeks. Over 13 weeks the gap is a lead of 2.9%. 3 of 8 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. PriceSmart, Inc. is the strongest against the sector itself at +23.1%.

13-week sector return versus NIFTY 500: 2.9%
52-week sector return versus NIFTY 500: -3.5%
Stocks leading NIFTY: 3/8
Stocks leading sector: 3/8

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 8
Combined market value: ₹14.7 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Dollar Tree, Inc. (DLTR): 63/100 — Mixed-positive evidence; evidence 76%
   - Growth & earnings 24.3/35 | Capital efficiency 10.2/25 | Valuation 11.5/20 | Relative strength 17.3/20
   - Exact sum: 24.3 + 10.2 + 11.5 + 17.3 = 63.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Dollar General Corporation (DG): 57/100 — Mixed-positive evidence; evidence 86%
   - Growth & earnings 22.7/35 | Capital efficiency 6.8/25 | Valuation 16.1/20 | Relative strength 11.1/20
   - Exact sum: 22.7 + 6.8 + 16.1 + 11.1 = 56.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. PriceSmart, Inc. (PSMT): 55/100 — Mixed-positive evidence; evidence 86%
   - Growth & earnings 18.6/35 | Capital efficiency 13.3/25 | Valuation 5.0/20 | Relative strength 18.0/20
   - Exact sum: 18.6 + 13.3 + 5 + 18 = 54.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Ollie's Bargain Outlet Holdings, Inc. (OLLI): 53/100 — Mixed-positive evidence; evidence 86%
   - Growth & earnings 27.2/35 | Capital efficiency 12.0/25 | Valuation 13.5/20 | Relative strength 0.6/20
   - Exact sum: 27.2 + 12 + 13.5 + 0.6 = 53.3
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -40.4% and the one-year return is -50%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
5. Target Corporation (TGT): 45/100 — Mixed-negative evidence; evidence 86%
   - Growth & earnings 4.1/35 | Capital efficiency 9.8/25 | Valuation 14.8/20 | Relative strength 15.8/20
   - Exact sum: 4.1 + 9.8 + 14.8 + 15.8 = 44.5
   - Decision use: Price leads the evidence: RS versus the benchmark is 21.6%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
6. Costco Wholesale Corporation (COST): 38/100 — Mixed-negative evidence; evidence 86%
   - Growth & earnings 14.9/35 | Capital efficiency 15.5/25 | Valuation 3.5/20 | Relative strength 3.7/20
   - Exact sum: 14.9 + 15.5 + 3.5 + 3.7 = 37.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. BJ's Wholesale Club Holdings, Inc. (BJ): 38/100 — Mixed-negative evidence; evidence 86%
   - Growth & earnings 10.6/35 | Capital efficiency 9.6/25 | Valuation 7.8/20 | Relative strength 9.5/20
   - Exact sum: 10.6 + 9.6 + 7.8 + 9.5 = 37.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. Walmart Inc. (WMT): 36/100 — Mixed-negative evidence; evidence 86%
   - Growth & earnings 15.4/35 | Capital efficiency 11.4/25 | Valuation 7.8/20 | Relative strength 1.3/20
   - Exact sum: 15.4 + 11.4 + 7.8 + 1.3 = 35.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Revenue Scale & Growth Durability

What the numbers say: Walmart Inc. is the scale leader at $725,305 million, 147% ahead of Costco Wholesale Corporation. Ollie's Bargain Outlet Holdings, Inc.'s growth is 16.8% from a $2,732 million base, with 20 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Walmart Inc. is the scale benchmark; Ollie's Bargain Outlet Holdings, Inc. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Walmart Inc.'s growth falls below Ollie's Bargain Outlet Holdings, Inc.'s for two consecutive comparable reports while operating margin also compresses.

Evidence: Walmart Inc. · $725,305 million | 147% versus #2 · Costco Wholesale Corporation | 8/8 recent comparable periods | 8/8 companies · 160 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Walmart Inc. (WMT): ₹7.3 L Cr
2. Costco Wholesale Corporation (COST): ₹2.9 L Cr
3. Target Corporation (TGT): ₹1.1 L Cr
4. Dollar General Corporation (DG): ₹43.1K Cr
5. BJ's Wholesale Club Holdings, Inc. (BJ): ₹22.0K Cr

### Revenue growth — fastest growers
1. Ollie's Bargain Outlet Holdings, Inc. (OLLI): 17%
2. PriceSmart, Inc. (PSMT): 10%
3. Dollar Tree, Inc. (DLTR): 9.4%
4. Costco Wholesale Corporation (COST): 9.2%
5. BJ's Wholesale Club Holdings, Inc. (BJ): 5.9%

### 20-quarter Revenue history
- WMT: Sep 2021 ₹1.4 L Cr | Dec 2021 ₹1.4 L Cr | Mar 2022 ₹1.5 L Cr | Jun 2022 ₹1.4 L Cr | Sep 2022 ₹1.5 L Cr | Dec 2022 ₹1.5 L Cr | Mar 2023 ₹1.6 L Cr | Jun 2023 ₹1.5 L Cr | Sep 2023 ₹1.6 L Cr | Dec 2023 ₹1.6 L Cr | Mar 2024 ₹1.7 L Cr | Jun 2024 ₹1.6 L Cr | Sep 2024 ₹1.7 L Cr | Dec 2024 ₹1.7 L Cr | Mar 2025 ₹1.8 L Cr | Jun 2025 ₹1.7 L Cr | Sep 2025 ₹1.8 L Cr | Dec 2025 ₹1.8 L Cr | Mar 2026 ₹1.9 L Cr | Jun 2026 ₹1.8 L Cr
- COST: Sep 2021 ₹62.7K Cr | Dec 2021 ₹50.4K Cr | Mar 2022 ₹51.9K Cr | Jun 2022 ₹52.6K Cr | Sep 2022 ₹72.1K Cr | Dec 2022 ₹54.4K Cr | Mar 2023 ₹55.3K Cr | Jun 2023 ₹53.6K Cr | Sep 2023 ₹78.9K Cr | Dec 2023 ₹57.8K Cr | Mar 2024 ₹58.4K Cr | Jun 2024 ₹58.5K Cr | Sep 2024 ₹79.7K Cr | Dec 2024 ₹62.2K Cr | Mar 2025 ₹63.7K Cr | Jun 2025 ₹63.2K Cr | Sep 2025 ₹86.2K Cr | Dec 2025 ₹67.3K Cr | Mar 2026 ₹69.6K Cr | Jun 2026 ₹70.5K Cr
- TGT: Sep 2021 ₹25.2K Cr | Dec 2021 ₹25.7K Cr | Mar 2022 ₹31.0K Cr | Jun 2022 ₹25.2K Cr | Sep 2022 ₹26.0K Cr | Dec 2022 ₹26.5K Cr | Mar 2023 ₹32.5K Cr | Jun 2023 ₹25.3K Cr | Sep 2023 ₹24.8K Cr | Dec 2023 ₹25.4K Cr | Mar 2024 ₹33.1K Cr | Jun 2024 ₹24.5K Cr | Sep 2024 ₹25.5K Cr | Dec 2024 ₹25.7K Cr | Mar 2025 ₹30.9K Cr | Jun 2025 ₹23.8K Cr | Sep 2025 ₹25.2K Cr | Dec 2025 ₹25.3K Cr | Mar 2026 ₹30.5K Cr | Jun 2026 ₹25.4K Cr
- DG: Sep 2021 ₹8.7K Cr | Dec 2021 ₹8.5K Cr | Mar 2022 ₹8.7K Cr | Jun 2022 ₹8.8K Cr | Sep 2022 ₹9.4K Cr | Dec 2022 ₹9.5K Cr | Mar 2023 ₹10.2K Cr | Jun 2023 ₹9.3K Cr | Sep 2023 ₹9.8K Cr | Dec 2023 ₹9.7K Cr | Mar 2024 ₹9.9K Cr | Jun 2024 ₹9.9K Cr | Sep 2024 ₹10.2K Cr | Dec 2024 ₹10.2K Cr | Mar 2025 ₹10.3K Cr | Jun 2025 ₹10.4K Cr | Sep 2025 ₹10.7K Cr | Dec 2025 ₹10.7K Cr | Mar 2026 ₹10.9K Cr | Jun 2026 ₹10.8K Cr
- DLTR: Sep 2021 ₹6.3K Cr | Dec 2021 ₹6.4K Cr | Mar 2022 ₹7.1K Cr | Jun 2022 ₹6.9K Cr | Sep 2022 ₹6.8K Cr | Dec 2022 ₹6.9K Cr | Mar 2023 ₹7.7K Cr | Jun 2023 ₹7.3K Cr | Sep 2023 ₹7.3K Cr | Dec 2023 ₹7.3K Cr | Mar 2024 ₹8.6K Cr | Jun 2024 ₹4.2K Cr | Sep 2024 ₹4.1K Cr | Dec 2024 ₹4.3K Cr | Mar 2025 ₹5.0K Cr | Jun 2025 ₹4.6K Cr | Sep 2025 ₹4.6K Cr | Dec 2025 ₹4.8K Cr | Mar 2026 ₹5.5K Cr | Jun 2026 ₹5.0K Cr
- BJ: Sep 2021 ₹4.2K Cr | Dec 2021 ₹4.3K Cr | Mar 2022 ₹4.4K Cr | Jun 2022 ₹4.5K Cr | Sep 2022 ₹5.1K Cr | Dec 2022 ₹4.8K Cr | Mar 2023 ₹4.9K Cr | Jun 2023 ₹4.7K Cr | Sep 2023 ₹5.0K Cr | Dec 2023 ₹4.9K Cr | Mar 2024 ₹5.4K Cr | Jun 2024 ₹4.9K Cr | Sep 2024 ₹5.2K Cr | Dec 2024 ₹5.1K Cr | Mar 2025 ₹5.3K Cr | Jun 2025 ₹5.2K Cr | Sep 2025 ₹5.4K Cr | Dec 2025 ₹5.3K Cr | Mar 2026 ₹5.6K Cr | Jun 2026 ₹5.7K Cr
- PSMT: Sep 2021 ₹910 Cr | Dec 2021 ₹975 Cr | Mar 2022 ₹1.0K Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹1.0K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 ₹1.5K Cr
- OLLI: Sep 2021 ₹416 Cr | Dec 2021 ₹383 Cr | Mar 2022 ₹501 Cr | Jun 2022 ₹407 Cr | Sep 2022 ₹452 Cr | Dec 2022 ₹418 Cr | Mar 2023 ₹550 Cr | Jun 2023 ₹459 Cr | Sep 2023 ₹515 Cr | Dec 2023 ₹480 Cr | Mar 2024 ₹649 Cr | Jun 2024 ₹509 Cr | Sep 2024 ₹578 Cr | Dec 2024 ₹517 Cr | Mar 2025 ₹667 Cr | Jun 2025 ₹577 Cr | Sep 2025 ₹680 Cr | Dec 2025 ₹614 Cr | Mar 2026 ₹779 Cr | Jun 2026 ₹659 Cr

### 20-quarter Revenue growth history
- WMT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 8.4% | Dec 2022 8.7% | Mar 2023 7.3% | Jun 2023 7.6% | Sep 2023 5.7% | Dec 2023 5.2% | Mar 2024 5.7% | Jun 2024 6.1% | Sep 2024 4.8% | Dec 2024 5.5% | Mar 2025 4.1% | Jun 2025 2.5% | Sep 2025 4.8% | Dec 2025 5.8% | Mar 2026 5.6% | Jun 2026 7.3%
- COST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 15% | Dec 2022 8.1% | Mar 2023 6.5% | Jun 2023 2.0% | Sep 2023 9.5% | Dec 2023 6.2% | Mar 2024 5.8% | Jun 2024 9.1% | Sep 2024 1.0% | Dec 2024 7.5% | Mar 2025 9.0% | Jun 2025 8.0% | Sep 2025 8.1% | Dec 2025 8.3% | Mar 2026 9.2% | Jun 2026 12%
- TGT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 3.5% | Dec 2022 3.4% | Mar 2023 4.9% | Jun 2023 0.6% | Sep 2023 -4.9% | Dec 2023 -4.2% | Mar 2024 1.7% | Jun 2024 -3.1% | Sep 2024 2.7% | Dec 2024 1.1% | Mar 2025 -6.5% | Jun 2025 -2.8% | Sep 2025 -1.0% | Dec 2025 -1.6% | Mar 2026 -1.5% | Jun 2026 6.7%
- DG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 9.0% | Dec 2022 11% | Mar 2023 18% | Jun 2023 6.8% | Sep 2023 3.9% | Dec 2023 2.4% | Mar 2024 -3.4% | Jun 2024 6.1% | Sep 2024 4.2% | Dec 2024 5.0% | Mar 2025 4.5% | Jun 2025 5.3% | Sep 2025 5.1% | Dec 2025 4.6% | Mar 2026 5.9% | Jun 2026 3.4%
- DLTR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 6.7% | Dec 2022 8.1% | Mar 2023 9.0% | Jun 2023 6.1% | Sep 2023 8.2% | Dec 2023 5.4% | Mar 2024 12% | Jun 2024 -43% | Sep 2024 -44% | Dec 2024 -41% | Mar 2025 -42% | Jun 2025 11% | Sep 2025 12% | Dec 2025 9.4% | Mar 2026 9.0% | Jun 2026 7.2%
- BJ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 22% | Dec 2022 12% | Mar 2023 13% | Jun 2023 5.1% | Sep 2023 -2.7% | Dec 2023 2.9% | Mar 2024 8.7% | Jun 2024 4.2% | Sep 2024 4.9% | Dec 2024 3.5% | Mar 2025 -1.5% | Jun 2025 4.8% | Sep 2025 3.4% | Dec 2025 4.9% | Mar 2026 5.6% | Jun 2026 9.9%
- PSMT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 12% | Dec 2022 8.2% | Mar 2023 9.9% | Jun 2023 6.4% | Sep 2023 9.5% | Dec 2023 11% | Mar 2024 13% | Jun 2024 12% | Sep 2024 9.7% | Dec 2024 7.9% | Mar 2025 5.6% | Jun 2025 7.2% | Sep 2025 8.6% | Dec 2025 9.9% | Mar 2026 9.7% | Jun 2026 13%
- OLLI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 8.7% | Dec 2022 9.1% | Mar 2023 9.8% | Jun 2023 13% | Sep 2023 14% | Dec 2023 15% | Mar 2024 18% | Jun 2024 11% | Sep 2024 12% | Dec 2024 7.7% | Mar 2025 2.8% | Jun 2025 13% | Sep 2025 18% | Dec 2025 19% | Mar 2026 17% | Jun 2026 14%

## Operating Economics & Margin Trend

What the numbers say: Ollie's Bargain Outlet Holdings, Inc. leads opm at 10.6%; Dollar Tree, Inc. leads margin change at +1.2 percentage points.

Investor read: Ollie's Bargain Outlet Holdings, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Ollie's Bargain Outlet Holdings, Inc. · 10.6% | 11.6% versus #2 · Dollar Tree, Inc. | 6/8 recent comparable periods | 8/8 companies · 160 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Ollie's Bargain Outlet Holdings, Inc. (OLLI): 11%
2. Dollar Tree, Inc. (DLTR): 9.5%
3. Dollar General Corporation (DG): 5.9%
4. Target Corporation (TGT): 4.5%
5. PriceSmart, Inc. (PSMT): 4.4%

### Margin change — fastest expanders
1. Dollar Tree, Inc. (DLTR): +1.2 pp
2. Ollie's Bargain Outlet Holdings, Inc. (OLLI): +0.9 pp
3. Dollar General Corporation (DG): +0.4 pp
4. PriceSmart, Inc. (PSMT): +0.1 pp
5. Costco Wholesale Corporation (COST): 0.0 pp

### 20-quarter OPM history
- WMT: Sep 2021 5.2% | Dec 2021 4.1% | Mar 2022 3.9% | Jun 2022 3.8% | Sep 2022 4.5% | Dec 2022 1.8% | Mar 2023 3.4% | Jun 2023 4.1% | Sep 2023 4.5% | Dec 2023 3.9% | Mar 2024 4.2% | Jun 2024 4.2% | Sep 2024 4.7% | Dec 2024 4.0% | Mar 2025 4.4% | Jun 2025 4.3% | Sep 2025 4.1% | Dec 2025 3.7% | Mar 2026 4.6% | Jun 2026 4.2%
- COST: Sep 2021 3.6% | Dec 2021 3.4% | Mar 2022 3.5% | Jun 2022 3.4% | Sep 2022 3.5% | Dec 2022 3.2% | Mar 2023 3.4% | Jun 2023 3.1% | Sep 2023 3.5% | Dec 2023 3.4% | Mar 2024 3.5% | Jun 2024 3.8% | Sep 2024 3.8% | Dec 2024 3.5% | Mar 2025 3.6% | Jun 2025 4.0% | Sep 2025 3.9% | Dec 2025 3.7% | Mar 2026 3.7% | Jun 2026 4.0%
- TGT: Sep 2021 9.8% | Dec 2021 7.8% | Mar 2022 6.8% | Jun 2022 5.3% | Sep 2022 1.2% | Dec 2022 3.9% | Mar 2023 3.6% | Jun 2023 5.2% | Sep 2023 4.8% | Dec 2023 5.2% | Mar 2024 5.6% | Jun 2024 5.3% | Sep 2024 6.4% | Dec 2024 4.6% | Mar 2025 4.7% | Jun 2025 6.2% | Sep 2025 5.2% | Dec 2025 3.8% | Mar 2026 4.5% | Jun 2026 4.5%
- DG: Sep 2021 9.8% | Dec 2021 7.8% | Mar 2022 9.2% | Jun 2022 8.5% | Sep 2022 9.7% | Dec 2022 7.8% | Mar 2023 9.1% | Jun 2023 7.9% | Sep 2023 7.1% | Dec 2023 4.5% | Mar 2024 5.9% | Jun 2024 5.5% | Sep 2024 5.4% | Dec 2024 3.2% | Mar 2025 2.9% | Jun 2025 5.5% | Sep 2025 5.6% | Dec 2025 4.0% | Mar 2026 5.6% | Jun 2026 5.9%
- DLTR: Sep 2021 6.3% | Dec 2021 4.8% | Mar 2022 8.2% | Jun 2022 11% | Sep 2022 7.5% | Dec 2022 5.5% | Mar 2023 8.0% | Jun 2023 5.7% | Sep 2023 3.9% | Dec 2023 4.1% | Mar 2024 -22% | Jun 2024 9.2% | Sep 2024 5.3% | Dec 2024 7.6% | Mar 2025 11% | Jun 2025 8.3% | Sep 2025 5.1% | Dec 2025 7.2% | Mar 2026 13% | Jun 2026 9.5%
- BJ: Sep 2021 3.9% | Dec 2021 4.0% | Mar 2022 3.6% | Jun 2022 3.3% | Sep 2022 4.0% | Dec 2022 4.0% | Mar 2023 3.9% | Jun 2023 4.0% | Sep 2023 4.0% | Dec 2023 4.0% | Mar 2024 4.0% | Jun 2024 3.3% | Sep 2024 3.9% | Dec 2024 4.5% | Mar 2025 3.4% | Jun 2025 4.0% | Sep 2025 4.0% | Dec 2025 4.1% | Mar 2026 3.2% | Jun 2026 3.7%
- PSMT: Sep 2021 3.6% | Dec 2021 4.7% | Mar 2022 4.7% | Jun 2022 3.3% | Sep 2022 3.8% | Dec 2022 5.3% | Mar 2023 4.7% | Jun 2023 3.9% | Sep 2023 2.9% | Dec 2023 5.0% | Mar 2024 4.9% | Jun 2024 4.1% | Sep 2024 4.0% | Dec 2024 4.6% | Mar 2025 4.8% | Jun 2025 4.3% | Sep 2025 4.0% | Dec 2025 4.6% | Mar 2026 5.0% | Jun 2026 4.4%
- OLLI: Sep 2021 11% | Dec 2021 7.9% | Mar 2022 12% | Jun 2022 4.2% | Sep 2022 3.7% | Dec 2022 7.1% | Mar 2023 12% | Jun 2023 8.4% | Sep 2023 10% | Dec 2023 8.1% | Mar 2024 15% | Jun 2024 11% | Sep 2024 11% | Dec 2024 8.6% | Mar 2025 13% | Jun 2025 9.7% | Sep 2025 11% | Dec 2025 9.0% | Mar 2026 14% | Jun 2026 11%

### 20-quarter Margin change history
- WMT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.7 pp | Dec 2022 −2.3 pp | Mar 2023 −0.5 pp | Jun 2023 +0.3 pp | Sep 2023 0.0 pp | Dec 2023 +2.1 pp | Mar 2024 +0.8 pp | Jun 2024 +0.1 pp | Sep 2024 +0.2 pp | Dec 2024 +0.1 pp | Mar 2025 +0.2 pp | Jun 2025 +0.1 pp | Sep 2025 −0.6 pp | Dec 2025 −0.3 pp | Mar 2026 +0.2 pp | Jun 2026 −0.1 pp
- COST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.1 pp | Dec 2022 −0.2 pp | Mar 2023 −0.1 pp | Jun 2023 −0.3 pp | Sep 2023 0.0 pp | Dec 2023 +0.2 pp | Mar 2024 +0.1 pp | Jun 2024 +0.7 pp | Sep 2024 +0.3 pp | Dec 2024 +0.1 pp | Mar 2025 +0.1 pp | Jun 2025 +0.2 pp | Sep 2025 +0.1 pp | Dec 2025 +0.2 pp | Mar 2026 +0.1 pp | Jun 2026 0.0 pp
- TGT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −8.6 pp | Dec 2022 −3.9 pp | Mar 2023 −3.2 pp | Jun 2023 −0.1 pp | Sep 2023 +3.6 pp | Dec 2023 +1.3 pp | Mar 2024 +2.0 pp | Jun 2024 +0.1 pp | Sep 2024 +1.6 pp | Dec 2024 −0.6 pp | Mar 2025 −0.9 pp | Jun 2025 +0.9 pp | Sep 2025 −1.2 pp | Dec 2025 −0.8 pp | Mar 2026 −0.2 pp | Jun 2026 −1.7 pp
- DG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.1 pp | Dec 2022 0.0 pp | Mar 2023 −0.1 pp | Jun 2023 −0.6 pp | Sep 2023 −2.6 pp | Dec 2023 −3.3 pp | Mar 2024 −3.2 pp | Jun 2024 −2.4 pp | Sep 2024 −1.7 pp | Dec 2024 −1.3 pp | Mar 2025 −3.0 pp | Jun 2025 0.0 pp | Sep 2025 +0.2 pp | Dec 2025 +0.8 pp | Mar 2026 +2.7 pp | Jun 2026 +0.4 pp
- DLTR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.2 pp | Dec 2022 +0.7 pp | Mar 2023 −0.2 pp | Jun 2023 −4.9 pp | Sep 2023 −3.6 pp | Dec 2023 −1.4 pp | Mar 2024 −29.9 pp | Jun 2024 +3.5 pp | Sep 2024 +1.4 pp | Dec 2024 +3.5 pp | Mar 2025 +32.6 pp | Jun 2025 −0.9 pp | Sep 2025 −0.2 pp | Dec 2025 −0.4 pp | Mar 2026 +2.0 pp | Jun 2026 +1.2 pp
- BJ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.1 pp | Dec 2022 0.0 pp | Mar 2023 +0.3 pp | Jun 2023 +0.7 pp | Sep 2023 0.0 pp | Dec 2023 0.0 pp | Mar 2024 +0.1 pp | Jun 2024 −0.7 pp | Sep 2024 −0.1 pp | Dec 2024 +0.5 pp | Mar 2025 −0.6 pp | Jun 2025 +0.7 pp | Sep 2025 +0.1 pp | Dec 2025 −0.4 pp | Mar 2026 −0.2 pp | Jun 2026 −0.3 pp
- PSMT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 +0.6 pp | Mar 2023 0.0 pp | Jun 2023 +0.6 pp | Sep 2023 −0.9 pp | Dec 2023 −0.3 pp | Mar 2024 +0.2 pp | Jun 2024 +0.2 pp | Sep 2024 +1.1 pp | Dec 2024 −0.4 pp | Mar 2025 −0.1 pp | Jun 2025 +0.2 pp | Sep 2025 0.0 pp | Dec 2025 0.0 pp | Mar 2026 +0.2 pp | Jun 2026 +0.1 pp
- OLLI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −7.3 pp | Dec 2022 −0.8 pp | Mar 2023 +0.8 pp | Jun 2023 +4.2 pp | Sep 2023 +6.5 pp | Dec 2023 +1.0 pp | Mar 2024 +2.7 pp | Jun 2024 +2.7 pp | Sep 2024 +0.3 pp | Dec 2024 +0.5 pp | Mar 2025 −1.8 pp | Jun 2025 −1.4 pp | Sep 2025 +0.8 pp | Dec 2025 +0.4 pp | Mar 2026 +0.8 pp | Jun 2026 +0.9 pp

## Profit Scale & Acceleration

What the numbers say: Walmart Inc. leads with $23,121 million of TTM profit, 161.6% above Costco Wholesale Corporation. Dollar General Corporation shows 35.5% growth from a $1,564 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Walmart Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Walmart Inc. · $23,121 million | 161.6% versus #2 · Costco Wholesale Corporation | 4/8 recent comparable periods | 8/8 companies · 160 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Walmart Inc. (WMT): ₹23.1K Cr
2. Costco Wholesale Corporation (COST): ₹8.8K Cr
3. Target Corporation (TGT): ₹3.5K Cr
4. Dollar General Corporation (DG): ₹1.6K Cr
5. Dollar Tree, Inc. (DLTR): ₹1.3K Cr

### Profit growth — fastest growers
1. Dollar General Corporation (DG): 36%
2. Ollie's Bargain Outlet Holdings, Inc. (OLLI): 23%
3. Walmart Inc. (WMT): 19%
4. Dollar Tree, Inc. (DLTR): 16%
5. Costco Wholesale Corporation (COST): 13%

### 20-quarter Net profit history
- WMT: Sep 2021 ₹4.4K Cr | Dec 2021 ₹3.1K Cr | Mar 2022 ₹3.6K Cr | Jun 2022 ₹2.1K Cr | Sep 2022 ₹5.1K Cr | Dec 2022 ₹-1.8K Cr | Mar 2023 ₹5.8K Cr | Jun 2023 ₹1.9K Cr | Sep 2023 ₹8.1K Cr | Dec 2023 ₹643 Cr | Mar 2024 ₹5.7K Cr | Jun 2024 ₹5.3K Cr | Sep 2024 ₹4.7K Cr | Dec 2024 ₹4.7K Cr | Mar 2025 ₹5.4K Cr | Jun 2025 ₹4.6K Cr | Sep 2025 ₹7.2K Cr | Dec 2025 ₹6.1K Cr | Mar 2026 ₹4.4K Cr | Jun 2026 ₹5.5K Cr
- COST: Sep 2021 ₹1.7K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.9K Cr | Dec 2022 ₹1.4K Cr | Mar 2023 ₹1.5K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹2.2K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹2.4K Cr | Dec 2024 ₹1.8K Cr | Mar 2025 ₹1.8K Cr | Jun 2025 ₹1.9K Cr | Sep 2025 ₹2.6K Cr | Dec 2025 ₹2.0K Cr | Mar 2026 ₹2.0K Cr | Jun 2026 ₹2.2K Cr
- TGT: Sep 2021 ₹1.8K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹183 Cr | Dec 2022 ₹712 Cr | Mar 2023 ₹876 Cr | Jun 2023 ₹950 Cr | Sep 2023 ₹835 Cr | Dec 2023 ₹971 Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹942 Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹854 Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹935 Cr | Dec 2025 ₹689 Cr | Mar 2026 ₹1.0K Cr | Jun 2026 ₹781 Cr
- DG: Sep 2021 ₹637 Cr | Dec 2021 ₹487 Cr | Mar 2022 ₹597 Cr | Jun 2022 ₹553 Cr | Sep 2022 ₹678 Cr | Dec 2022 ₹526 Cr | Mar 2023 ₹659 Cr | Jun 2023 ₹514 Cr | Sep 2023 ₹469 Cr | Dec 2023 ₹276 Cr | Mar 2024 ₹402 Cr | Jun 2024 ₹363 Cr | Sep 2024 ₹374 Cr | Dec 2024 ₹197 Cr | Mar 2025 ₹191 Cr | Jun 2025 ₹392 Cr | Sep 2025 ₹411 Cr | Dec 2025 ₹283 Cr | Mar 2026 ₹426 Cr | Jun 2026 ₹444 Cr
- DLTR: Sep 2021 ₹282 Cr | Dec 2021 ₹217 Cr | Mar 2022 ₹454 Cr | Jun 2022 ₹536 Cr | Sep 2022 ₹360 Cr | Dec 2022 ₹267 Cr | Mar 2023 ₹450 Cr | Jun 2023 ₹299 Cr | Sep 2023 ₹200 Cr | Dec 2023 ₹212 Cr | Mar 2024 ₹-1.7K Cr | Jun 2024 ₹268 Cr | Sep 2024 ₹142 Cr | Dec 2024 ₹232 Cr | Mar 2025 ₹400 Cr | Jun 2025 ₹314 Cr | Sep 2025 ₹156 Cr | Dec 2025 ₹245 Cr | Mar 2026 ₹512 Cr | Jun 2026 ₹347 Cr
- BJ: Sep 2021 ₹111 Cr | Dec 2021 ₹127 Cr | Mar 2022 ₹108 Cr | Jun 2022 ₹112 Cr | Sep 2022 ₹141 Cr | Dec 2022 ₹131 Cr | Mar 2023 ₹129 Cr | Jun 2023 ₹116 Cr | Sep 2023 ₹131 Cr | Dec 2023 ₹130 Cr | Mar 2024 ₹146 Cr | Jun 2024 ₹111 Cr | Sep 2024 ₹145 Cr | Dec 2024 ₹156 Cr | Mar 2025 ₹123 Cr | Jun 2025 ₹150 Cr | Sep 2025 ₹151 Cr | Dec 2025 ₹152 Cr | Mar 2026 ₹126 Cr | Jun 2026 ₹143 Cr
- PSMT: Sep 2021 ₹19 Cr | Dec 2021 ₹31 Cr | Mar 2022 ₹31 Cr | Jun 2022 ₹19 Cr | Sep 2022 ₹23 Cr | Dec 2022 ₹33 Cr | Mar 2023 ₹31 Cr | Jun 2023 ₹30 Cr | Sep 2023 ₹15 Cr | Dec 2023 ₹38 Cr | Mar 2024 ₹39 Cr | Jun 2024 ₹32 Cr | Sep 2024 ₹29 Cr | Dec 2024 ₹37 Cr | Mar 2025 ₹44 Cr | Jun 2025 ₹35 Cr | Sep 2025 ₹32 Cr | Dec 2025 ₹40 Cr | Mar 2026 ₹49 Cr | Jun 2026 ₹40 Cr
- OLLI: Sep 2021 ₹34 Cr | Dec 2021 ₹23 Cr | Mar 2022 ₹45 Cr | Jun 2022 ₹13 Cr | Sep 2022 ₹14 Cr | Dec 2022 ₹23 Cr | Mar 2023 ₹53 Cr | Jun 2023 ₹31 Cr | Sep 2023 ₹42 Cr | Dec 2023 ₹32 Cr | Mar 2024 ₹76 Cr | Jun 2024 ₹46 Cr | Sep 2024 ₹49 Cr | Dec 2024 ₹36 Cr | Mar 2025 ₹69 Cr | Jun 2025 ₹48 Cr | Sep 2025 ₹61 Cr | Dec 2025 ₹46 Cr | Mar 2026 ₹86 Cr | Jun 2026 ₹56 Cr

### 20-quarter Profit growth history
- WMT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 18% | Dec 2022 -156% | Mar 2023 60% | Jun 2023 -9.8% | Sep 2023 56% | Dec 2023 — | Mar 2024 -2.3% | Jun 2024 180% | Sep 2024 -42% | Dec 2024 633% | Mar 2025 -4.5% | Jun 2025 -13% | Sep 2025 52% | Dec 2025 29% | Mar 2026 -19% | Jun 2026 18%
- COST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 11% | Dec 2022 1.4% | Mar 2023 11% | Jun 2023 -5.1% | Sep 2023 15% | Dec 2023 17% | Mar 2024 19% | Jun 2024 29% | Sep 2024 9.0% | Dec 2024 13% | Mar 2025 2.6% | Jun 2025 13% | Sep 2025 11% | Dec 2025 11% | Mar 2026 14% | Jun 2026 15%
- TGT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -90% | Dec 2022 -52% | Mar 2023 -43% | Jun 2023 -5.9% | Sep 2023 356% | Dec 2023 36% | Mar 2024 58% | Jun 2024 -0.8% | Sep 2024 43% | Dec 2024 -12% | Mar 2025 -20% | Jun 2025 10.0% | Sep 2025 -22% | Dec 2025 -19% | Mar 2026 -5.3% | Jun 2026 -25%
- DG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 6.4% | Dec 2022 8.0% | Mar 2023 10% | Jun 2023 -7.1% | Sep 2023 -31% | Dec 2023 -48% | Mar 2024 -39% | Jun 2024 -29% | Sep 2024 -20% | Dec 2024 -29% | Mar 2025 -52% | Jun 2025 8.0% | Sep 2025 9.9% | Dec 2025 44% | Mar 2026 123% | Jun 2026 13%
- DLTR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 28% | Dec 2022 23% | Mar 2023 -0.9% | Jun 2023 -44% | Sep 2023 -44% | Dec 2023 -21% | Mar 2024 -480% | Jun 2024 -10% | Sep 2024 -29% | Dec 2024 9.4% | Mar 2025 — | Jun 2025 17% | Sep 2025 9.9% | Dec 2025 5.6% | Mar 2026 28% | Jun 2026 11%
- BJ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 27% | Dec 2022 3.2% | Mar 2023 19% | Jun 2023 3.6% | Sep 2023 -7.1% | Dec 2023 -0.8% | Mar 2024 13% | Jun 2024 -4.3% | Sep 2024 11% | Dec 2024 20% | Mar 2025 -16% | Jun 2025 35% | Sep 2025 4.1% | Dec 2025 -2.6% | Mar 2026 2.4% | Jun 2026 -4.7%
- PSMT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 21% | Dec 2022 6.5% | Mar 2023 0.0% | Jun 2023 58% | Sep 2023 -35% | Dec 2023 15% | Mar 2024 26% | Jun 2024 6.7% | Sep 2024 93% | Dec 2024 -2.6% | Mar 2025 13% | Jun 2025 9.4% | Sep 2025 10% | Dec 2025 8.1% | Mar 2026 11% | Jun 2026 14%
- OLLI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -59% | Dec 2022 0.0% | Mar 2023 18% | Jun 2023 138% | Sep 2023 200% | Dec 2023 39% | Mar 2024 43% | Jun 2024 48% | Sep 2024 17% | Dec 2024 13% | Mar 2025 -9.2% | Jun 2025 4.4% | Sep 2025 24% | Dec 2025 28% | Mar 2026 25% | Jun 2026 17%

## Capacity Spending & Returns On It

What the numbers say: Walmart Inc. reports $6,684 million of CAPEX; Dollar Tree, Inc. has the highest covered intensity at 5.1%. Coverage is only 8 of 8 companies and 160 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: Walmart Inc. · $6,684 million | 373% versus #2 · Costco Wholesale Corporation | 8/8 recent comparable periods | 8/8 companies · 160 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. Walmart Inc. (WMT): ₹6.7K Cr
2. Costco Wholesale Corporation (COST): ₹1.4K Cr
3. Target Corporation (TGT): ₹1.0K Cr
4. Dollar General Corporation (DG): ₹352 Cr
5. Dollar Tree, Inc. (DLTR): ₹253 Cr

### CAPEX intensity — highest reinvestment intensity
1. Dollar Tree, Inc. (DLTR): 5.1%
2. Target Corporation (TGT): 4.1%
3. Ollie's Bargain Outlet Holdings, Inc. (OLLI): 3.8%
4. PriceSmart, Inc. (PSMT): 3.8%
5. Walmart Inc. (WMT): 3.8%

### 20-quarter CAPEX history
- WMT: Sep 2021 ₹2.8K Cr | Dec 2021 ₹3.6K Cr | Mar 2022 ₹4.5K Cr | Jun 2022 ₹3.5K Cr | Sep 2022 ₹4.0K Cr | Dec 2022 ₹4.6K Cr | Mar 2023 ₹4.8K Cr | Jun 2023 ₹4.4K Cr | Sep 2023 ₹4.8K Cr | Dec 2023 ₹5.5K Cr | Mar 2024 ₹5.9K Cr | Jun 2024 ₹4.7K Cr | Sep 2024 ₹5.8K Cr | Dec 2024 ₹6.2K Cr | Mar 2025 ₹7.1K Cr | Jun 2025 ₹5.0K Cr | Sep 2025 ₹6.4K Cr | Dec 2025 ₹7.2K Cr | Mar 2026 ₹8.0K Cr | Jun 2026 ₹6.7K Cr
- COST: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹723 Cr | Jun 2022 ₹854 Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹890 Cr | Jun 2023 ₹820 Cr | Sep 2023 ₹1.6K Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹1.0K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹2.0K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 ₹1.4K Cr
- TGT: Sep 2021 ₹798 Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹952 Cr | Sep 2022 ₹1.6K Cr | Dec 2022 ₹1.8K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹854 Cr | Jun 2024 ₹674 Cr | Sep 2024 ₹639 Cr | Dec 2024 ₹655 Cr | Mar 2025 ₹923 Cr | Jun 2025 ₹790 Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹978 Cr | Mar 2026 ₹885 Cr | Jun 2026 ₹1.0K Cr
- DG: Sep 2021 ₹241 Cr | Dec 2021 ₹261 Cr | Mar 2022 ₹291 Cr | Jun 2022 ₹282 Cr | Sep 2022 ₹377 Cr | Dec 2022 ₹419 Cr | Mar 2023 ₹482 Cr | Jun 2023 ₹363 Cr | Sep 2023 ₹405 Cr | Dec 2023 ₹473 Cr | Mar 2024 ₹460 Cr | Jun 2024 ₹342 Cr | Sep 2024 ₹354 Cr | Dec 2024 ₹341 Cr | Mar 2025 ₹273 Cr | Jun 2025 ₹291 Cr | Sep 2025 ₹403 Cr | Dec 2025 ₹314 Cr | Mar 2026 ₹234 Cr | Jun 2026 ₹352 Cr
- DLTR: Sep 2021 ₹229 Cr | Dec 2021 ₹296 Cr | Mar 2022 ₹272 Cr | Jun 2022 ₹253 Cr | Sep 2022 ₹276 Cr | Dec 2022 ₹391 Cr | Mar 2023 ₹328 Cr | Jun 2023 ₹350 Cr | Sep 2023 ₹425 Cr | Dec 2023 ₹541 Cr | Mar 2024 ₹784 Cr | Jun 2024 ₹317 Cr | Sep 2024 ₹348 Cr | Dec 2024 ₹341 Cr | Mar 2025 ₹295 Cr | Jun 2025 ₹249 Cr | Sep 2025 ₹245 Cr | Dec 2025 ₹376 Cr | Mar 2026 ₹264 Cr | Jun 2026 ₹253 Cr
- BJ: Sep 2021 ₹73 Cr | Dec 2021 ₹75 Cr | Mar 2022 ₹101 Cr | Jun 2022 ₹91 Cr | Sep 2022 ₹101 Cr | Dec 2022 ₹103 Cr | Mar 2023 ₹103 Cr | Jun 2023 ₹92 Cr | Sep 2023 ₹122 Cr | Dec 2023 ₹134 Cr | Mar 2024 ₹119 Cr | Jun 2024 ₹106 Cr | Sep 2024 ₹134 Cr | Dec 2024 ₹188 Cr | Mar 2025 ₹160 Cr | Jun 2025 ₹140 Cr | Sep 2025 ₹166 Cr | Dec 2025 ₹195 Cr | Mar 2026 ₹201 Cr | Jun 2026 ₹182 Cr
- PSMT: Sep 2021 ₹40 Cr | Dec 2021 ₹30 Cr | Mar 2022 ₹31 Cr | Jun 2022 ₹38 Cr | Sep 2022 ₹22 Cr | Dec 2022 ₹24 Cr | Mar 2023 ₹29 Cr | Jun 2023 ₹44 Cr | Sep 2023 ₹46 Cr | Dec 2023 ₹33 Cr | Mar 2024 ₹70 Cr | Jun 2024 ₹38 Cr | Sep 2024 ₹27 Cr | Dec 2024 ₹28 Cr | Mar 2025 ₹35 Cr | Jun 2025 ₹39 Cr | Sep 2025 ₹57 Cr | Dec 2025 ₹39 Cr | Mar 2026 ₹50 Cr | Jun 2026 ₹56 Cr
- OLLI: Sep 2021 ₹8 Cr | Dec 2021 ₹12 Cr | Mar 2022 ₹5 Cr | Jun 2022 ₹10 Cr | Sep 2022 ₹14 Cr | Dec 2022 ₹15 Cr | Mar 2023 ₹13 Cr | Jun 2023 ₹19 Cr | Sep 2023 ₹26 Cr | Dec 2023 ₹36 Cr | Mar 2024 ₹43 Cr | Jun 2024 ₹27 Cr | Sep 2024 ₹38 Cr | Dec 2024 ₹31 Cr | Mar 2025 ₹24 Cr | Jun 2025 ₹27 Cr | Sep 2025 ₹26 Cr | Dec 2025 ₹31 Cr | Mar 2026 ₹18 Cr | Jun 2026 ₹25 Cr

### 20-quarter CAPEX intensity history
- WMT: Sep 2021 2.0% | Dec 2021 2.5% | Mar 2022 3.0% | Jun 2022 2.5% | Sep 2022 2.6% | Dec 2022 3.0% | Mar 2023 2.9% | Jun 2023 2.9% | Sep 2023 3.0% | Dec 2023 3.4% | Mar 2024 3.4% | Jun 2024 2.9% | Sep 2024 3.4% | Dec 2024 3.6% | Mar 2025 3.9% | Jun 2025 3.0% | Sep 2025 3.6% | Dec 2025 4.0% | Mar 2026 4.2% | Jun 2026 3.8%
- COST: Sep 2021 1.7% | Dec 2021 2.1% | Mar 2022 1.4% | Jun 2022 1.6% | Sep 2022 1.7% | Dec 2022 1.9% | Mar 2023 1.6% | Jun 2023 1.5% | Sep 2023 2.0% | Dec 2023 1.8% | Mar 2024 1.8% | Jun 2024 1.8% | Sep 2024 2.0% | Dec 2024 2.0% | Mar 2025 1.8% | Jun 2025 1.8% | Sep 2025 2.3% | Dec 2025 2.3% | Mar 2026 1.9% | Jun 2026 2.0%
- TGT: Sep 2021 3.2% | Dec 2021 4.5% | Mar 2022 3.4% | Jun 2022 3.8% | Sep 2022 6.0% | Dec 2022 6.8% | Mar 2023 3.7% | Jun 2023 6.3% | Sep 2023 4.9% | Dec 2023 4.4% | Mar 2024 2.6% | Jun 2024 2.7% | Sep 2024 2.5% | Dec 2024 2.6% | Mar 2025 3.0% | Jun 2025 3.3% | Sep 2025 4.3% | Dec 2025 3.9% | Mar 2026 2.9% | Jun 2026 4.1%
- DG: Sep 2021 2.8% | Dec 2021 3.1% | Mar 2022 3.4% | Jun 2022 3.2% | Sep 2022 4.0% | Dec 2022 4.4% | Mar 2023 4.7% | Jun 2023 3.9% | Sep 2023 4.1% | Dec 2023 4.9% | Mar 2024 4.7% | Jun 2024 3.4% | Sep 2024 3.5% | Dec 2024 3.3% | Mar 2025 2.6% | Jun 2025 2.8% | Sep 2025 3.8% | Dec 2025 2.9% | Mar 2026 2.1% | Jun 2026 3.3%
- DLTR: Sep 2021 3.6% | Dec 2021 4.6% | Mar 2022 3.8% | Jun 2022 3.7% | Sep 2022 4.1% | Dec 2022 5.6% | Mar 2023 4.2% | Jun 2023 4.8% | Sep 2023 5.8% | Dec 2023 7.4% | Mar 2024 9.1% | Jun 2024 7.6% | Sep 2024 8.6% | Dec 2024 7.9% | Mar 2025 5.9% | Jun 2025 5.4% | Sep 2025 5.4% | Dec 2025 7.9% | Mar 2026 4.8% | Jun 2026 5.1%
- BJ: Sep 2021 1.7% | Dec 2021 1.8% | Mar 2022 2.3% | Jun 2022 2.0% | Sep 2022 2.0% | Dec 2022 2.2% | Mar 2023 2.1% | Jun 2023 1.9% | Sep 2023 2.5% | Dec 2023 2.7% | Mar 2024 2.2% | Jun 2024 2.2% | Sep 2024 2.6% | Dec 2024 3.7% | Mar 2025 3.0% | Jun 2025 2.7% | Sep 2025 3.1% | Dec 2025 3.6% | Mar 2026 3.6% | Jun 2026 3.2%
- PSMT: Sep 2021 4.4% | Dec 2021 3.1% | Mar 2022 3.0% | Jun 2022 3.7% | Sep 2022 2.2% | Dec 2022 2.3% | Mar 2023 2.5% | Jun 2023 4.0% | Sep 2023 4.1% | Dec 2023 2.8% | Mar 2024 5.4% | Jun 2024 3.1% | Sep 2024 2.2% | Dec 2024 2.2% | Mar 2025 2.6% | Jun 2025 3.0% | Sep 2025 4.3% | Dec 2025 2.8% | Mar 2026 3.3% | Jun 2026 3.8%
- OLLI: Sep 2021 1.9% | Dec 2021 3.1% | Mar 2022 1.0% | Jun 2022 2.5% | Sep 2022 3.1% | Dec 2022 3.6% | Mar 2023 2.4% | Jun 2023 4.1% | Sep 2023 5.0% | Dec 2023 7.5% | Mar 2024 6.6% | Jun 2024 5.3% | Sep 2024 6.6% | Dec 2024 6.0% | Mar 2025 3.6% | Jun 2025 4.7% | Sep 2025 3.8% | Dec 2025 5.0% | Mar 2026 2.3% | Jun 2026 3.8%

## Debt Load & Balance-Sheet Headroom

What the numbers say: Costco Wholesale Corporation has the clearest covered balance-sheet capacity with $11,860 million net cash and gross debt of $8,136 million. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: PriceSmart, Inc. · $325 million | 54.2% versus #2 · Ollie's Bargain Outlet Holdings, Inc. | 2/8 recent comparable periods | 8/8 companies · 160 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. PriceSmart, Inc. (PSMT): ₹325 Cr
2. Ollie's Bargain Outlet Holdings, Inc. (OLLI): ₹710 Cr
3. BJ's Wholesale Club Holdings, Inc. (BJ): ₹2.9K Cr
4. Dollar Tree, Inc. (DLTR): ₹7.6K Cr
5. Costco Wholesale Corporation (COST): ₹8.1K Cr

### Net debt — lowest net debt
1. Costco Wholesale Corporation (COST): ₹-11.9K Cr
2. PriceSmart, Inc. (PSMT): ₹3 Cr
3. Ollie's Bargain Outlet Holdings, Inc. (OLLI): ₹460 Cr
4. BJ's Wholesale Club Holdings, Inc. (BJ): ₹2.8K Cr
5. Dollar Tree, Inc. (DLTR): ₹6.6K Cr

### 20-quarter Gross debt history
- WMT: Sep 2021 ₹60.9K Cr | Dec 2021 ₹57.6K Cr | Mar 2022 ₹57.3K Cr | Jun 2022 ₹66.8K Cr | Sep 2022 ₹65.3K Cr | Dec 2022 ₹65.4K Cr | Mar 2023 ₹58.9K Cr | Jun 2023 ₹63.9K Cr | Sep 2023 ₹64.8K Cr | Dec 2023 ₹69.7K Cr | Mar 2024 ₹61.3K Cr | Jun 2024 ₹64.5K Cr | Sep 2024 ₹61.3K Cr | Dec 2024 ₹61.7K Cr | Mar 2025 ₹60.1K Cr | Jun 2025 ₹67.2K Cr | Sep 2025 ₹65.0K Cr | Dec 2025 ₹68.4K Cr | Mar 2026 ₹67.1K Cr | Jun 2026 ₹74.2K Cr
- COST: Sep 2021 ₹10.1K Cr | Dec 2021 ₹10.1K Cr | Mar 2022 ₹9.2K Cr | Jun 2022 ₹9.0K Cr | Sep 2022 ₹9.0K Cr | Dec 2022 ₹9.0K Cr | Mar 2023 ₹9.1K Cr | Jun 2023 ₹9.0K Cr | Sep 2023 ₹8.9K Cr | Dec 2023 ₹9.3K Cr | Mar 2024 ₹9.4K Cr | Jun 2024 ₹9.3K Cr | Sep 2024 ₹8.2K Cr | Dec 2024 ₹8.0K Cr | Mar 2025 ₹8.0K Cr | Jun 2025 ₹8.2K Cr | Sep 2025 ₹8.2K Cr | Dec 2025 ₹8.1K Cr | Mar 2026 ₹8.2K Cr | Jun 2026 ₹8.1K Cr
- TGT: Sep 2021 ₹15.2K Cr | Dec 2021 ₹15.3K Cr | Mar 2022 ₹16.2K Cr | Jun 2022 ₹17.0K Cr | Sep 2022 ₹17.6K Cr | Dec 2022 ₹19.0K Cr | Mar 2023 ₹18.8K Cr | Jun 2023 ₹18.8K Cr | Sep 2023 ₹18.8K Cr | Dec 2023 ₹19.0K Cr | Mar 2024 ₹19.3K Cr | Jun 2024 ₹19.5K Cr | Sep 2024 ₹18.7K Cr | Dec 2024 ₹19.4K Cr | Mar 2025 ₹19.5K Cr | Jun 2025 ₹19.0K Cr | Sep 2025 ₹20.0K Cr | Dec 2025 ₹20.0K Cr | Mar 2026 ₹19.9K Cr | Jun 2026 ₹18.8K Cr
- DG: Sep 2021 ₹13.9K Cr | Dec 2021 ₹14.1K Cr | Mar 2022 ₹14.2K Cr | Jun 2022 ₹15.0K Cr | Sep 2022 ₹15.5K Cr | Dec 2022 ₹16.4K Cr | Mar 2023 ₹17.7K Cr | Jun 2023 ₹18.0K Cr | Sep 2023 ₹18.0K Cr | Dec 2023 ₹18.1K Cr | Mar 2024 ₹18.1K Cr | Jun 2024 ₹18.1K Cr | Sep 2024 ₹18.2K Cr | Dec 2024 ₹17.6K Cr | Mar 2025 ₹17.5K Cr | Jun 2025 ₹17.0K Cr | Sep 2025 ₹17.1K Cr | Dec 2025 ₹16.5K Cr | Mar 2026 ₹15.7K Cr | Jun 2026 ₹15.8K Cr
- DLTR: Sep 2021 ₹9.7K Cr | Dec 2021 ₹9.8K Cr | Mar 2022 ₹10.0K Cr | Jun 2022 ₹9.9K Cr | Sep 2022 ₹10.0K Cr | Dec 2022 ₹10.4K Cr | Mar 2023 ₹10.1K Cr | Jun 2023 ₹10.1K Cr | Sep 2023 ₹10.4K Cr | Dec 2023 ₹10.7K Cr | Mar 2024 ₹7.4K Cr | Jun 2024 ₹7.4K Cr | Sep 2024 ₹7.9K Cr | Dec 2024 ₹7.7K Cr | Mar 2025 ₹7.8K Cr | Jun 2025 ₹7.9K Cr | Sep 2025 ₹7.3K Cr | Dec 2025 ₹7.7K Cr | Mar 2026 ₹7.1K Cr | Jun 2026 ₹7.6K Cr
- BJ: Sep 2021 ₹3.0K Cr | Dec 2021 ₹3.0K Cr | Mar 2022 ₹3.0K Cr | Jun 2022 ₹3.1K Cr | Sep 2022 ₹3.3K Cr | Dec 2022 ₹3.2K Cr | Mar 2023 ₹3.1K Cr | Jun 2023 ₹3.1K Cr | Sep 2023 ₹3.1K Cr | Dec 2023 ₹3.1K Cr | Mar 2024 ₹2.9K Cr | Jun 2024 ₹2.9K Cr | Sep 2024 ₹2.8K Cr | Dec 2024 ₹4.5K Cr | Mar 2025 ₹2.8K Cr | Jun 2025 ₹2.7K Cr | Sep 2025 ₹2.6K Cr | Dec 2025 ₹4.7K Cr | Mar 2026 ₹2.6K Cr | Jun 2026 ₹2.9K Cr
- PSMT: Sep 2021 ₹267 Cr | Dec 2021 ₹264 Cr | Mar 2022 ₹294 Cr | Jun 2022 ₹287 Cr | Sep 2022 ₹274 Cr | Dec 2022 ₹286 Cr | Mar 2023 ₹284 Cr | Jun 2023 ₹276 Cr | Sep 2023 ₹278 Cr | Dec 2023 ₹272 Cr | Mar 2024 ₹261 Cr | Jun 2024 ₹261 Cr | Sep 2024 ₹250 Cr | Dec 2024 ₹238 Cr | Mar 2025 ₹236 Cr | Jun 2025 ₹248 Cr | Sep 2025 ₹329 Cr | Dec 2025 ₹325 Cr | Mar 2026 ₹310 Cr | Jun 2026 ₹325 Cr
- OLLI: Sep 2021 ₹404 Cr | Dec 2021 ₹419 Cr | Mar 2022 ₹431 Cr | Jun 2022 ₹442 Cr | Sep 2022 ₹447 Cr | Dec 2022 ₹456 Cr | Mar 2023 ₹441 Cr | Jun 2023 ₹448 Cr | Sep 2023 ₹461 Cr | Dec 2023 ₹489 Cr | Mar 2024 ₹489 Cr | Jun 2024 ₹487 Cr | Sep 2024 ₹501 Cr | Dec 2024 ₹558 Cr | Mar 2025 ₹565 Cr | Jun 2025 ₹649 Cr | Sep 2025 ₹666 Cr | Dec 2025 ₹671 Cr | Mar 2026 ₹686 Cr | Jun 2026 ₹710 Cr

### 20-quarter Net debt history
- WMT: Sep 2021 ₹38.0K Cr | Dec 2021 ₹41.5K Cr | Mar 2022 ₹42.6K Cr | Jun 2022 ₹55.0K Cr | Sep 2022 ₹51.4K Cr | Dec 2022 ₹53.8K Cr | Mar 2023 ₹50.3K Cr | Jun 2023 ₹53.3K Cr | Sep 2023 ₹50.9K Cr | Dec 2023 ₹57.6K Cr | Mar 2024 ₹51.5K Cr | Jun 2024 ₹55.1K Cr | Sep 2024 ₹52.5K Cr | Dec 2024 ₹51.7K Cr | Mar 2025 ₹51.1K Cr | Jun 2025 ₹57.9K Cr | Sep 2025 ₹55.6K Cr | Dec 2025 ₹57.8K Cr | Mar 2026 ₹56.4K Cr | Jun 2026 ₹63.5K Cr
- COST: Sep 2021 ₹-2.0K Cr | Dec 2021 ₹-3.4K Cr | Mar 2022 ₹-3.1K Cr | Jun 2022 ₹-2.8K Cr | Sep 2022 ₹-2.0K Cr | Dec 2022 ₹-2.6K Cr | Mar 2023 ₹-4.6K Cr | Jun 2023 ₹-4.7K Cr | Sep 2023 ₹-6.4K Cr | Dec 2023 ₹-8.5K Cr | Mar 2024 ₹-888 Cr | Jun 2024 ₹-2.2K Cr | Sep 2024 ₹-3.0K Cr | Dec 2024 ₹-3.8K Cr | Mar 2025 ₹-5.1K Cr | Jun 2025 ₹-6.7K Cr | Sep 2025 ₹-7.1K Cr | Dec 2025 ₹-9.1K Cr | Mar 2026 ₹-10.1K Cr | Jun 2026 ₹-11.9K Cr
- TGT: Sep 2021 ₹7.9K Cr | Dec 2021 ₹9.5K Cr | Mar 2022 ₹10.3K Cr | Jun 2022 ₹15.9K Cr | Sep 2022 ₹16.5K Cr | Dec 2022 ₹18.1K Cr | Mar 2023 ₹16.5K Cr | Jun 2023 ₹17.5K Cr | Sep 2023 ₹17.2K Cr | Dec 2023 ₹17.1K Cr | Mar 2024 ₹15.5K Cr | Jun 2024 ₹15.9K Cr | Sep 2024 ₹15.2K Cr | Dec 2024 ₹16.0K Cr | Mar 2025 ₹14.8K Cr | Jun 2025 ₹16.2K Cr | Sep 2025 ₹15.6K Cr | Dec 2025 ₹16.2K Cr | Mar 2026 ₹14.4K Cr | Jun 2026 ₹15.3K Cr
- DG: Sep 2021 ₹13.6K Cr | Dec 2021 ₹13.6K Cr | Mar 2022 ₹13.9K Cr | Jun 2022 ₹14.7K Cr | Sep 2022 ₹15.2K Cr | Dec 2022 ₹16.1K Cr | Mar 2023 ₹17.3K Cr | Jun 2023 ₹17.7K Cr | Sep 2023 ₹17.7K Cr | Dec 2023 ₹17.7K Cr | Mar 2024 ₹17.6K Cr | Jun 2024 ₹17.4K Cr | Sep 2024 ₹17.0K Cr | Dec 2024 ₹17.0K Cr | Mar 2025 ₹16.5K Cr | Jun 2025 ₹16.2K Cr | Sep 2025 ₹15.8K Cr | Dec 2025 ₹15.3K Cr | Mar 2026 ₹14.6K Cr | Jun 2026 ₹14.4K Cr
- DLTR: Sep 2021 ₹9.0K Cr | Dec 2021 ₹9.1K Cr | Mar 2022 ₹9.0K Cr | Jun 2022 ₹8.7K Cr | Sep 2022 ₹9.3K Cr | Dec 2022 ₹9.9K Cr | Mar 2023 ₹9.5K Cr | Jun 2023 ₹9.3K Cr | Sep 2023 ₹9.8K Cr | Dec 2023 ₹10.2K Cr | Mar 2024 ₹6.9K Cr | Jun 2024 ₹7.0K Cr | Sep 2024 ₹7.5K Cr | Dec 2024 ₹7.3K Cr | Mar 2025 ₹6.6K Cr | Jun 2025 ₹6.9K Cr | Sep 2025 ₹6.7K Cr | Dec 2025 ₹7.1K Cr | Mar 2026 ₹6.3K Cr | Jun 2026 ₹6.6K Cr
- BJ: Sep 2021 ₹2.9K Cr | Dec 2021 ₹2.9K Cr | Mar 2022 ₹2.9K Cr | Jun 2022 ₹3.1K Cr | Sep 2022 ₹3.2K Cr | Dec 2022 ₹3.1K Cr | Mar 2023 ₹3.1K Cr | Jun 2023 ₹3.0K Cr | Sep 2023 ₹3.1K Cr | Dec 2023 ₹3.1K Cr | Mar 2024 ₹2.9K Cr | Jun 2024 ₹2.9K Cr | Sep 2024 ₹2.8K Cr | Dec 2024 ₹4.5K Cr | Mar 2025 ₹2.8K Cr | Jun 2025 ₹2.7K Cr | Sep 2025 ₹2.6K Cr | Dec 2025 ₹4.7K Cr | Mar 2026 ₹2.6K Cr | Jun 2026 ₹2.8K Cr
- PSMT: Sep 2021 ₹15 Cr | Dec 2021 ₹49 Cr | Mar 2022 ₹88 Cr | Jun 2022 ₹60 Cr | Sep 2022 ₹25 Cr | Dec 2022 ₹9 Cr | Mar 2023 ₹-31 Cr | Jun 2023 ₹-59 Cr | Sep 2023 ₹-53 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹-3 Cr | Jun 2024 ₹33 Cr | Sep 2024 ₹24 Cr | Dec 2024 ₹16 Cr | Mar 2025 ₹-11 Cr | Jun 2025 ₹-14 Cr | Sep 2025 ₹15 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹4 Cr | Jun 2026 ₹3 Cr
- OLLI: Sep 2021 ₹-40 Cr | Dec 2021 ₹189 Cr | Mar 2022 ₹184 Cr | Jun 2022 ₹237 Cr | Sep 2022 ₹229 Cr | Dec 2022 ₹274 Cr | Mar 2023 ₹170 Cr | Jun 2023 ₹173 Cr | Sep 2023 ₹151 Cr | Dec 2023 ₹225 Cr | Mar 2024 ₹136 Cr | Jun 2024 ₹145 Cr | Sep 2024 ₹148 Cr | Dec 2024 ₹254 Cr | Mar 2025 ₹136 Cr | Jun 2025 ₹279 Cr | Sep 2025 ₹349 Cr | Dec 2025 ₹485 Cr | Mar 2026 ₹390 Cr | Jun 2026 ₹460 Cr

## Return On Capital Employed

What the numbers say: Costco Wholesale Corporation leads ROCE at 6.8%, 2.2 percentage points above Dollar Tree, Inc.. Dollar Tree, Inc. has the strongest latest improvement at +1.8 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Costco Wholesale Corporation sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Costco Wholesale Corporation · 6.8% | 47.8% versus #2 · Dollar Tree, Inc. | 6/8 recent comparable periods | 8/8 companies · 152 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Costco Wholesale Corporation (COST): 6.8%
2. Dollar Tree, Inc. (DLTR): 4.6%
3. Walmart Inc. (WMT): 4.5%
4. BJ's Wholesale Club Holdings, Inc. (BJ): 4.4%
5. PriceSmart, Inc. (PSMT): 4.2%

### ROCE change — fastest improvers
1. Dollar Tree, Inc. (DLTR): +1.8 pp
2. Dollar General Corporation (DG): +0.2 pp
3. Ollie's Bargain Outlet Holdings, Inc. (OLLI): +0.2 pp
4. PriceSmart, Inc. (PSMT): +0.1 pp
5. Walmart Inc. (WMT): 0.0 pp

### 20-quarter ROCE history
- WMT: Sep 2021 — | Dec 2021 3.6% | Mar 2022 3.7% | Jun 2022 3.5% | Sep 2022 4.5% | Dec 2022 1.8% | Mar 2023 3.6% | Jun 2023 4.2% | Sep 2023 4.8% | Dec 2023 4.1% | Mar 2024 4.7% | Jun 2024 4.4% | Sep 2024 5.0% | Dec 2024 4.2% | Mar 2025 4.8% | Jun 2025 4.5% | Sep 2025 4.5% | Dec 2025 4.0% | Mar 2026 5.1% | Jun 2026 4.5%
- COST: Sep 2021 — | Dec 2021 5.8% | Mar 2022 6.1% | Jun 2022 5.8% | Sep 2022 8.1% | Dec 2022 5.5% | Mar 2023 5.8% | Jun 2023 5.0% | Sep 2023 8.2% | Dec 2023 5.7% | Mar 2024 6.3% | Jun 2024 6.5% | Sep 2024 8.7% | Dec 2024 6.1% | Mar 2025 6.8% | Jun 2025 7.2% | Sep 2025 9.0% | Dec 2025 6.5% | Mar 2026 6.6% | Jun 2026 6.8%
- TGT: Sep 2021 — | Dec 2021 6.4% | Mar 2022 6.6% | Jun 2022 4.3% | Sep 2022 1.0% | Dec 2022 3.3% | Mar 2023 3.5% | Jun 2023 4.1% | Sep 2023 3.7% | Dec 2023 4.0% | Mar 2024 5.3% | Jun 2024 3.7% | Sep 2024 4.7% | Dec 2024 3.3% | Mar 2025 4.0% | Jun 2025 4.1% | Sep 2025 3.5% | Dec 2025 2.5% | Mar 2026 3.7% | Jun 2026 3.0%
- DG: Sep 2021 — | Dec 2021 3.3% | Mar 2022 3.9% | Jun 2022 3.7% | Sep 2022 4.5% | Dec 2022 3.4% | Mar 2023 4.3% | Jun 2023 3.4% | Sep 2023 3.1% | Dec 2023 1.9% | Mar 2024 2.5% | Jun 2024 2.3% | Sep 2024 2.2% | Dec 2024 1.3% | Mar 2025 1.2% | Jun 2025 2.4% | Sep 2025 2.4% | Dec 2025 1.7% | Mar 2026 2.5% | Jun 2026 2.6%
- DLTR: Sep 2021 — | Dec 2021 1.8% | Mar 2022 3.4% | Jun 2022 4.2% | Sep 2022 2.9% | Dec 2022 2.2% | Mar 2023 3.4% | Jun 2023 2.3% | Sep 2023 1.5% | Dec 2023 1.6% | Mar 2024 -11% | Jun 2024 2.1% | Sep 2024 1.2% | Dec 2024 1.8% | Mar 2025 3.9% | Jun 2025 2.8% | Sep 2025 1.7% | Dec 2025 2.6% | Mar 2026 6.8% | Jun 2026 4.6%
- BJ: Sep 2021 — | Dec 2021 4.9% | Mar 2022 4.5% | Jun 2022 4.2% | Sep 2022 5.5% | Dec 2022 5.1% | Mar 2023 5.2% | Jun 2023 4.9% | Sep 2023 5.1% | Dec 2023 5.0% | Mar 2024 5.3% | Jun 2024 3.9% | Sep 2024 4.8% | Dec 2024 5.4% | Mar 2025 4.1% | Jun 2025 4.6% | Sep 2025 4.7% | Dec 2025 4.7% | Mar 2026 3.8% | Jun 2026 4.4%
- PSMT: Sep 2021 — | Dec 2021 4.0% | Mar 2022 4.1% | Jun 2022 2.9% | Sep 2022 3.2% | Dec 2022 4.5% | Mar 2023 4.3% | Jun 2023 3.4% | Sep 2023 2.5% | Dec 2023 4.5% | Mar 2024 4.8% | Jun 2024 3.7% | Sep 2024 3.6% | Dec 2024 4.3% | Mar 2025 4.8% | Jun 2025 4.1% | Sep 2025 3.7% | Dec 2025 4.2% | Mar 2026 5.0% | Jun 2026 4.2%
- OLLI: Sep 2021 — | Dec 2021 1.8% | Mar 2022 3.3% | Jun 2022 1.0% | Sep 2022 0.9% | Dec 2022 1.7% | Mar 2023 3.9% | Jun 2023 2.2% | Sep 2023 2.9% | Dec 2023 2.1% | Mar 2024 5.2% | Jun 2024 3.0% | Sep 2024 3.1% | Dec 2024 2.2% | Mar 2025 4.1% | Jun 2025 2.6% | Sep 2025 3.4% | Dec 2025 2.4% | Mar 2026 4.5% | Jun 2026 2.8%

### 20-quarter ROCE change history
- WMT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −1.8 pp | Mar 2023 −0.1 pp | Jun 2023 +0.7 pp | Sep 2023 +0.3 pp | Dec 2023 +2.3 pp | Mar 2024 +1.1 pp | Jun 2024 +0.2 pp | Sep 2024 +0.2 pp | Dec 2024 +0.1 pp | Mar 2025 +0.1 pp | Jun 2025 +0.1 pp | Sep 2025 −0.5 pp | Dec 2025 −0.2 pp | Mar 2026 +0.3 pp | Jun 2026 0.0 pp
- COST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −0.3 pp | Mar 2023 −0.3 pp | Jun 2023 −0.8 pp | Sep 2023 +0.1 pp | Dec 2023 +0.2 pp | Mar 2024 +0.5 pp | Jun 2024 +1.5 pp | Sep 2024 +0.5 pp | Dec 2024 +0.4 pp | Mar 2025 +0.5 pp | Jun 2025 +0.7 pp | Sep 2025 +0.3 pp | Dec 2025 +0.4 pp | Mar 2026 −0.2 pp | Jun 2026 −0.4 pp
- TGT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −3.1 pp | Mar 2023 −3.1 pp | Jun 2023 −0.2 pp | Sep 2023 +2.7 pp | Dec 2023 +0.7 pp | Mar 2024 +1.8 pp | Jun 2024 −0.4 pp | Sep 2024 +1.0 pp | Dec 2024 −0.7 pp | Mar 2025 −1.3 pp | Jun 2025 +0.4 pp | Sep 2025 −1.2 pp | Dec 2025 −0.8 pp | Mar 2026 −0.3 pp | Jun 2026 −1.1 pp
- DG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.1 pp | Mar 2023 +0.4 pp | Jun 2023 −0.3 pp | Sep 2023 −1.4 pp | Dec 2023 −1.5 pp | Mar 2024 −1.8 pp | Jun 2024 −1.1 pp | Sep 2024 −0.9 pp | Dec 2024 −0.6 pp | Mar 2025 −1.3 pp | Jun 2025 +0.1 pp | Sep 2025 +0.2 pp | Dec 2025 +0.4 pp | Mar 2026 +1.3 pp | Jun 2026 +0.2 pp
- DLTR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.4 pp | Mar 2023 0.0 pp | Jun 2023 −1.9 pp | Sep 2023 −1.4 pp | Dec 2023 −0.6 pp | Mar 2024 −13.9 pp | Jun 2024 −0.2 pp | Sep 2024 −0.3 pp | Dec 2024 +0.2 pp | Mar 2025 +14.4 pp | Jun 2025 +0.7 pp | Sep 2025 +0.5 pp | Dec 2025 +0.8 pp | Mar 2026 +2.9 pp | Jun 2026 +1.8 pp
- BJ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.2 pp | Mar 2023 +0.7 pp | Jun 2023 +0.7 pp | Sep 2023 −0.4 pp | Dec 2023 −0.1 pp | Mar 2024 +0.1 pp | Jun 2024 −1.0 pp | Sep 2024 −0.3 pp | Dec 2024 +0.4 pp | Mar 2025 −1.2 pp | Jun 2025 +0.7 pp | Sep 2025 −0.1 pp | Dec 2025 −0.7 pp | Mar 2026 −0.3 pp | Jun 2026 −0.2 pp
- PSMT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.5 pp | Mar 2023 +0.2 pp | Jun 2023 +0.5 pp | Sep 2023 −0.7 pp | Dec 2023 0.0 pp | Mar 2024 +0.5 pp | Jun 2024 +0.3 pp | Sep 2024 +1.1 pp | Dec 2024 −0.2 pp | Mar 2025 0.0 pp | Jun 2025 +0.4 pp | Sep 2025 +0.1 pp | Dec 2025 −0.1 pp | Mar 2026 +0.2 pp | Jun 2026 +0.1 pp
- OLLI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −0.1 pp | Mar 2023 +0.6 pp | Jun 2023 +1.2 pp | Sep 2023 +2.0 pp | Dec 2023 +0.4 pp | Mar 2024 +1.3 pp | Jun 2024 +0.8 pp | Sep 2024 +0.2 pp | Dec 2024 +0.1 pp | Mar 2025 −1.1 pp | Jun 2025 −0.4 pp | Sep 2025 +0.3 pp | Dec 2025 +0.2 pp | Mar 2026 +0.4 pp | Jun 2026 +0.2 pp

## Valuation Against Growth & Quality

What the numbers say: Dollar General Corporation has the lowest comparable Guarded PEG at 0.46×, 42.5% below Target Corporation. Only 7 of 8 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Dollar General Corporation · 0.46× | 42.5% versus #2 · Target Corporation | 0/8 recent comparable periods | 7/8 companies · 55 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Dollar General Corporation (DG): 0.5
2. Target Corporation (TGT): 0.8
3. Ollie's Bargain Outlet Holdings, Inc. (OLLI): 0.9
4. Walmart Inc. (WMT): 2.1
5. BJ's Wholesale Club Holdings, Inc. (BJ): 2.2

### P/E — lowest P/E
1. Dollar Tree, Inc. (DLTR): 14.8
2. Dollar General Corporation (DG): 16.2
3. Target Corporation (TGT): 17.0
4. Ollie's Bargain Outlet Holdings, Inc. (OLLI): 21.1
5. BJ's Wholesale Club Holdings, Inc. (BJ): 21.5

### 20-quarter Guarded PEG history
- WMT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.8 | Jun 2024 — | Sep 2024 3.1 | Dec 2024 1.6 | Mar 2025 1.6 | Jun 2025 — | Sep 2025 1.0 | Dec 2025 2.1 | Mar 2026 3.2 | Jun 2026 2.1
- COST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 5.9 | Sep 2023 5.0 | Dec 2023 3.7 | Mar 2024 3.8 | Jun 2024 2.5 | Sep 2024 3.2 | Dec 2024 3.5 | Mar 2025 5.2 | Jun 2025 6.2 | Sep 2025 5.2 | Dec 2025 5.0 | Mar 2026 4.3 | Jun 2026 4.0
- TGT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 1.8 | Mar 2024 0.3 | Jun 2024 0.3 | Sep 2024 0.4 | Dec 2024 0.8 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- DG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 2.3 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 0.6 | Jun 2026 0.5
- BJ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 1.5 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 3.4 | Dec 2024 1.8 | Mar 2025 — | Jun 2025 2.3 | Sep 2025 2.5 | Dec 2025 — | Mar 2026 2.2 | Jun 2026 —
- PSMT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 1.3 | Sep 2023 — | Dec 2023 2.6 | Mar 2024 1.4 | Jun 2024 2.1 | Sep 2024 0.6 | Dec 2024 0.9 | Mar 2025 1.1 | Jun 2025 1.5 | Sep 2025 4.1 | Dec 2025 3.2 | Mar 2026 3.7 | Jun 2026 3.3
- OLLI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 4.0 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.8 | Dec 2024 0.9 | Mar 2025 3.3 | Jun 2025 — | Sep 2025 7.7 | Dec 2025 4.1 | Mar 2026 1.4 | Jun 2026 0.9

### 20-quarter P/E history
- WMT: Sep 2021 — | Dec 2021 52.3 | Mar 2022 28.8 | Jun 2022 32.9 | Sep 2022 26.4 | Dec 2022 43.9 | Mar 2023 33.8 | Jun 2023 36.2 | Sep 2023 30.7 | Dec 2023 27.1 | Mar 2024 28.8 | Jun 2024 25.4 | Sep 2024 35.6 | Dec 2024 33.6 | Mar 2025 40.7 | Jun 2025 41.6 | Sep 2025 36.8 | Dec 2025 35.4 | Mar 2026 43.6 | Jun 2026 46.3
- COST: Sep 2021 — | Dec 2021 45.9 | Mar 2022 41.1 | Jun 2022 39.6 | Sep 2022 40.5 | Dec 2022 39.6 | Mar 2023 36.7 | Jun 2023 37.0 | Sep 2023 38.4 | Dec 2023 40.3 | Mar 2024 47.4 | Jun 2024 48.8 | Sep 2024 53.9 | Dec 2024 56.6 | Mar 2025 62.6 | Jun 2025 57.2 | Sep 2025 51.8 | Dec 2025 48.2 | Mar 2026 53.0 | Jun 2026 50.7
- TGT: Sep 2021 — | Dec 2021 19.1 | Mar 2022 15.4 | Jun 2022 19.0 | Sep 2022 18.6 | Dec 2022 23.0 | Mar 2023 29.5 | Jun 2023 26.8 | Sep 2023 18.5 | Dec 2023 13.6 | Mar 2024 16.3 | Jun 2024 17.7 | Sep 2024 14.4 | Dec 2024 16.0 | Mar 2025 15.6 | Jun 2025 10.7 | Sep 2025 11.6 | Dec 2025 11.3 | Mar 2026 13.0 | Jun 2026 17.0
- DG: Sep 2021 — | Dec 2021 21.7 | Mar 2022 20.1 | Jun 2022 24.4 | Sep 2022 24.7 | Dec 2022 25.3 | Mar 2023 21.4 | Jun 2023 20.6 | Sep 2023 17.2 | Dec 2023 13.7 | Mar 2024 18.0 | Jun 2024 20.0 | Sep 2024 18.9 | Dec 2024 13.5 | Mar 2025 13.9 | Jun 2025 17.2 | Sep 2025 20.1 | Dec 2025 17.0 | Mar 2026 20.9 | Jun 2026 16.2
- DLTR: Sep 2021 — | Dec 2021 18.2 | Mar 2022 22.2 | Jun 2022 24.7 | Sep 2022 23.8 | Dec 2022 22.1 | Mar 2023 22.4 | Jun 2023 24.8 | Sep 2023 27.7 | Dec 2023 20.5 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 18.9 | Jun 2026 14.8
- BJ: Sep 2021 — | Dec 2021 19.5 | Mar 2022 18.8 | Jun 2022 19.4 | Sep 2022 19.1 | Dec 2022 21.7 | Mar 2023 18.5 | Jun 2023 20.2 | Sep 2023 17.8 | Dec 2023 18.5 | Mar 2024 16.6 | Jun 2024 19.2 | Sep 2024 21.9 | Dec 2024 20.6 | Mar 2025 24.8 | Jun 2025 27.3 | Sep 2025 25.2 | Dec 2025 20.3 | Mar 2026 21.1 | Jun 2026 21.5
- PSMT: Sep 2021 — | Dec 2021 22.0 | Mar 2022 21.6 | Jun 2022 24.1 | Sep 2022 18.7 | Dec 2022 20.6 | Mar 2023 20.3 | Jun 2023 19.3 | Sep 2023 22.7 | Dec 2023 18.3 | Mar 2024 21.1 | Jun 2024 20.4 | Sep 2024 19.6 | Dec 2024 19.8 | Mar 2025 19.1 | Jun 2025 22.8 | Sep 2025 22.3 | Dec 2025 25.1 | Mar 2026 30.5 | Jun 2026 32.6
- OLLI: Sep 2021 — | Dec 2021 25.1 | Mar 2022 18.5 | Jun 2022 26.8 | Sep 2022 39.6 | Dec 2022 38.8 | Mar 2023 32.9 | Jun 2023 33.6 | Sep 2023 29.9 | Dec 2023 29.7 | Mar 2024 25.7 | Jun 2024 24.2 | Sep 2024 29.4 | Dec 2024 27.8 | Mar 2025 34.5 | Jun 2025 34.1 | Sep 2025 40.0 | Dec 2025 33.4 | Mar 2026 28.4 | Jun 2026 21.1

## Enterprise Value & Book Value

What the numbers say: Target Corporation leads ev/ebitda at 9.3×; Ollie's Bargain Outlet Holdings, Inc. leads p/bv at 2.75×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Target Corporation · 9.3× | 9.7% versus #2 · Dollar Tree, Inc. | 0/8 recent comparable periods | 8/8 companies · 149 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Target Corporation (TGT): 9.3
2. Dollar Tree, Inc. (DLTR): 10.3
3. Dollar General Corporation (DG): 11.9
4. BJ's Wholesale Club Holdings, Inc. (BJ): 13.2
5. PriceSmart, Inc. (PSMT): 14.9

### P/BV — lowest P/BV
1. Ollie's Bargain Outlet Holdings, Inc. (OLLI): 2.8
2. Dollar General Corporation (DG): 2.9
3. Target Corporation (TGT): 3.6
4. PriceSmart, Inc. (PSMT): 3.8
5. Dollar Tree, Inc. (DLTR): 5.2

### 20-quarter EV/EBITDA history
- WMT: Sep 2021 — | Dec 2021 12.8 | Mar 2022 12.0 | Jun 2022 13.8 | Sep 2022 12.1 | Dec 2022 14.1 | Mar 2023 14.2 | Jun 2023 14.4 | Sep 2023 14.7 | Dec 2023 13.7 | Mar 2024 12.9 | Jun 2024 13.6 | Sep 2024 15.0 | Dec 2024 17.3 | Mar 2025 20.1 | Jun 2025 19.8 | Sep 2025 19.9 | Dec 2025 20.3 | Mar 2026 23.0 | Jun 2026 25.0
- COST: Sep 2021 — | Dec 2021 26.6 | Mar 2022 24.1 | Jun 2022 23.4 | Sep 2022 24.1 | Dec 2022 23.5 | Mar 2023 22.0 | Jun 2023 22.1 | Sep 2023 23.0 | Dec 2023 24.2 | Mar 2024 30.0 | Jun 2024 30.9 | Sep 2024 34.1 | Dec 2024 36.0 | Mar 2025 39.0 | Jun 2025 35.4 | Sep 2025 32.1 | Dec 2025 29.7 | Mar 2026 32.8 | Jun 2026 31.6
- TGT: Sep 2021 — | Dec 2021 11.9 | Mar 2022 9.7 | Jun 2022 11.5 | Sep 2022 10.9 | Dec 2022 12.7 | Mar 2023 15.0 | Jun 2023 13.9 | Sep 2023 10.7 | Dec 2023 8.6 | Mar 2024 9.7 | Jun 2024 10.4 | Sep 2024 8.8 | Dec 2024 9.6 | Mar 2025 9.1 | Jun 2025 6.9 | Sep 2025 7.2 | Dec 2025 7.0 | Mar 2026 7.5 | Jun 2026 9.3
- DG: Sep 2021 — | Dec 2021 16.6 | Mar 2022 15.8 | Jun 2022 18.5 | Sep 2022 18.7 | Dec 2022 19.1 | Mar 2023 16.6 | Jun 2023 16.1 | Sep 2023 14.0 | Dec 2023 12.1 | Mar 2024 14.4 | Jun 2024 15.2 | Sep 2024 14.5 | Dec 2024 11.9 | Mar 2025 12.0 | Jun 2025 13.2 | Sep 2025 14.2 | Dec 2025 12.7 | Mar 2026 14.2 | Jun 2026 11.9
- DLTR: Sep 2021 — | Dec 2021 12.7 | Mar 2022 15.0 | Jun 2022 16.5 | Sep 2022 16.1 | Dec 2022 15.2 | Mar 2023 17.4 | Jun 2023 16.0 | Sep 2023 17.4 | Dec 2023 13.9 | Mar 2024 17.1 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 11.2 | Jun 2025 12.2 | Sep 2025 14.5 | Dec 2025 12.7 | Mar 2026 12.9 | Jun 2026 10.3
- BJ: Sep 2021 — | Dec 2021 13.8 | Mar 2022 13.4 | Jun 2022 14.2 | Sep 2022 14.1 | Dec 2022 15.1 | Mar 2023 13.2 | Jun 2023 13.5 | Sep 2023 12.1 | Dec 2023 12.3 | Mar 2024 11.1 | Jun 2024 12.5 | Sep 2024 14.0 | Dec 2024 14.8 | Mar 2025 15.3 | Jun 2025 16.7 | Sep 2025 15.5 | Dec 2025 14.8 | Mar 2026 13.2 | Jun 2026 13.2
- PSMT: Sep 2021 — | Dec 2021 10.1 | Mar 2022 10.2 | Jun 2022 11.0 | Sep 2022 8.4 | Dec 2022 9.0 | Mar 2023 8.4 | Jun 2023 8.4 | Sep 2023 9.4 | Dec 2023 7.9 | Mar 2024 9.4 | Jun 2024 9.2 | Sep 2024 9.1 | Dec 2024 9.1 | Mar 2025 8.9 | Jun 2025 10.5 | Sep 2025 10.3 | Dec 2025 11.6 | Mar 2026 14.0 | Jun 2026 14.9
- OLLI: Sep 2021 — | Dec 2021 17.4 | Mar 2022 13.1 | Jun 2022 18.5 | Sep 2022 26.5 | Dec 2022 26.3 | Mar 2023 22.0 | Jun 2023 23.1 | Sep 2023 20.8 | Dec 2023 21.1 | Mar 2024 18.1 | Jun 2024 17.2 | Sep 2024 20.8 | Dec 2024 19.8 | Mar 2025 23.8 | Jun 2025 23.9 | Sep 2025 27.9 | Dec 2025 24.0 | Mar 2026 20.2 | Jun 2026 15.3

### 20-quarter P/BV history
- WMT: Sep 2021 — | Dec 2021 5.1 | Mar 2022 4.6 | Jun 2022 5.5 | Sep 2022 4.6 | Dec 2022 5.3 | Mar 2023 5.1 | Jun 2023 5.6 | Sep 2023 5.4 | Dec 2023 5.5 | Mar 2024 5.3 | Jun 2024 5.9 | Sep 2024 6.5 | Dec 2024 7.5 | Mar 2025 8.7 | Jun 2025 9.3 | Sep 2025 8.7 | Dec 2025 8.4 | Mar 2026 9.5 | Jun 2026 11.2
- COST: Sep 2021 — | Dec 2021 12.8 | Mar 2022 11.6 | Jun 2022 11.2 | Sep 2022 11.4 | Dec 2022 10.8 | Mar 2023 9.7 | Jun 2023 9.4 | Sep 2023 9.6 | Dec 2023 10.0 | Mar 2024 15.5 | Jun 2024 16.0 | Sep 2024 16.7 | Dec 2024 17.5 | Mar 2025 18.6 | Jun 2025 16.5 | Sep 2025 14.3 | Dec 2025 13.2 | Mar 2026 14.1 | Jun 2026 13.4
- TGT: Sep 2021 — | Dec 2021 9.1 | Mar 2022 8.0 | Jun 2022 9.8 | Sep 2022 7.1 | Dec 2022 7.0 | Mar 2023 7.3 | Jun 2023 6.3 | Sep 2023 5.2 | Dec 2023 4.0 | Mar 2024 5.0 | Jun 2024 5.3 | Sep 2024 4.5 | Dec 2024 4.8 | Mar 2025 4.3 | Jun 2025 3.0 | Sep 2025 2.9 | Dec 2025 2.7 | Mar 2026 3.0 | Jun 2026 3.6
- DG: Sep 2021 — | Dec 2021 8.3 | Mar 2022 7.5 | Jun 2022 9.0 | Sep 2022 9.1 | Dec 2022 9.6 | Mar 2023 9.0 | Jun 2023 8.1 | Sep 2023 5.9 | Dec 2023 4.1 | Mar 2024 4.4 | Jun 2024 4.3 | Sep 2024 3.7 | Dec 2024 2.5 | Mar 2025 2.1 | Jun 2025 2.6 | Sep 2025 3.0 | Dec 2025 2.7 | Mar 2026 3.7 | Jun 2026 2.9
- DLTR: Sep 2021 — | Dec 2021 — | Mar 2022 3.8 | Jun 2022 4.5 | Sep 2022 4.4 | Dec 2022 4.2 | Mar 2023 3.8 | Jun 2023 3.8 | Sep 2023 3.7 | Dec 2023 2.6 | Mar 2024 4.1 | Jun 2024 3.6 | Sep 2024 2.9 | Dec 2024 1.9 | Mar 2025 4.0 | Jun 2025 4.5 | Sep 2025 6.5 | Dec 2025 5.7 | Mar 2026 6.2 | Jun 2026 5.2
- BJ: Sep 2021 — | Dec 2021 14.0 | Mar 2022 12.1 | Jun 2022 12.1 | Sep 2022 10.7 | Dec 2022 11.1 | Mar 2023 8.9 | Jun 2023 9.1 | Sep 2023 7.2 | Dec 2023 6.8 | Mar 2024 5.9 | Jun 2024 6.4 | Sep 2024 7.0 | Dec 2024 6.4 | Mar 2025 7.1 | Jun 2025 7.9 | Sep 2025 6.9 | Dec 2025 5.3 | Mar 2026 5.5 | Jun 2026 5.6
- PSMT: Sep 2021 — | Dec 2021 2.4 | Mar 2022 2.4 | Jun 2022 2.5 | Sep 2022 2.0 | Dec 2022 2.2 | Mar 2023 2.1 | Jun 2023 2.1 | Sep 2023 2.2 | Dec 2023 1.9 | Mar 2024 2.4 | Jun 2024 2.4 | Sep 2024 2.4 | Dec 2024 2.4 | Mar 2025 2.3 | Jun 2025 2.7 | Sep 2025 2.6 | Dec 2025 2.9 | Mar 2026 3.6 | Jun 2026 3.8
- OLLI: Sep 2021 — | Dec 2021 3.4 | Mar 2022 2.2 | Jun 2022 2.3 | Sep 2022 2.8 | Dec 2022 2.8 | Mar 2023 2.5 | Jun 2023 2.9 | Sep 2023 3.1 | Dec 2023 3.2 | Mar 2024 3.1 | Jun 2024 3.1 | Sep 2024 3.7 | Dec 2024 3.5 | Mar 2025 4.0 | Jun 2025 3.9 | Sep 2025 4.7 | Dec 2025 4.1 | Mar 2026 3.6 | Jun 2026 2.8

## Market action

PriceSmart, Inc. has the strongest one-year price move in Discount Stores at +75.2%. It also leads on Mansfield relative strength against the S&P 500 at +24.3%. 3 of 8 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

### Strongest one-year price performers
1. PriceSmart, Inc. (PSMT): 75%
2. Target Corporation (TGT): 45%
3. Dollar General Corporation (DG): 16%
4. Walmart Inc. (WMT): 15%
5. Dollar Tree, Inc. (DLTR): 11%

### Strongest relative strength versus NIFTY 500
1. PriceSmart, Inc. (PSMT): 24%
2. Target Corporation (TGT): 22%
3. Dollar Tree, Inc. (DLTR): 5.4%
4. Dollar General Corporation (DG): -2.7%
5. BJ's Wholesale Club Holdings, Inc. (BJ): -4.0%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.

## Every company
- Walmart Inc. (WMT) — market value ₹9.0 L Cr; latest fundamentals Jun 2026
- Costco Wholesale Corporation (COST) — market value ₹4.3 L Cr; latest fundamentals Jun 2026
- Target Corporation (TGT) — market value ₹65.5K Cr; latest fundamentals Jun 2026
- Dollar General Corporation (DG) — market value ₹27.8K Cr; latest fundamentals Jun 2026
- Dollar Tree, Inc. (DLTR) — market value ₹24.4K Cr; latest fundamentals Jun 2026
- BJ's Wholesale Club Holdings, Inc. (BJ) — market value ₹12.4K Cr; latest fundamentals Jun 2026
- PriceSmart, Inc. (PSMT) — market value ₹5.8K Cr; latest fundamentals Jun 2026
- Ollie's Bargain Outlet Holdings, Inc. (OLLI) — market value ₹4.2K Cr; latest fundamentals Jun 2026

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-28.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### Which Discount Stores company is the biggest?

Walmart Inc. is the largest, with trailing-twelve-month revenue of $725,305 million, ahead of Costco Wholesale Corporation at $293,587 million. That covers 8 of 8 companies with comparable reporting through Jun 2026.

### Which Discount Stores company is growing fastest?

Ollie's Bargain Outlet Holdings, Inc. has the fastest revenue growth at 16.8% year on year, across 8 of 8 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Discount Stores company has the best profit margins?

Ollie's Bargain Outlet Holdings, Inc. has the highest operating margin at 10.6%, from 8 of 8 comparable companies. Dollar Tree, Inc. shows the biggest recent improvement, at +1.2 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Discount Stores company makes the most profit?

Walmart Inc. earns the most, at $23,121 million of trailing-twelve-month net profit, from 8 of 8 comparable companies. Dollar General Corporation has the fastest profit growth at 35.5%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Discount Stores company earns the highest return on capital?

Costco Wholesale Corporation leads on return on capital employed at 6.8%, across 8 of 8 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Discount Stores stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Dollar General Corporation screens cheapest at 0.46×. Only 7 of 8 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Discount Stores company has the strongest balance sheet?

PriceSmart, Inc. carries the lowest comparable gross debt at $325 million, from 8 of 8 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Discount Stores company is investing most in new capacity?

Walmart Inc. reports the largest capital spending at $6,684 million, across 8 of 8 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation.

### Is the Discount Stores sector beating the market?

Discount Stores has underperformed S&P 500 by 3.5% over the last 52 weeks and 2.9% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 3 of 8 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Discount Stores stock has the strongest price momentum?

PriceSmart, Inc. has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Discount Stores company scores highest for research priority?

Dollar Tree, Inc. scores 63.3 out of 100 with 76.2% evidence confidence, from 24.3 points on growth and earnings, 10.2 on capital efficiency, 11.5 on valuation and 17.3 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Discount Stores companies does this comparison cover, and over what period?

It compares 8 listed companies over up to 20 reported quarters of fundamentals and 5 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Discount Stores sector?

The 8 Discount Stores companies on this page carry $1,468,693 million of combined market value. Walmart Inc. is the largest at $900,059 million, about 61% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28.

### What is the Discount Stores sector's P/E ratio?

The median price-to-earnings ratio across the 8 Discount Stores companies on this page is 21.5×, measured on the 8 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-28.

### How is the Discount Stores sector performing?

3 of the 8 covered Discount Stores companies are beating S&P 500 on Mansfield relative strength. The sector itself is 3.5% behind S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28.

### How many Discount Stores stocks are listed in the US?

This comparison covers 8 listed Discount Stores companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/discount-stores