# 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 2026-08-04. Not investment advice.

## Bottom line

Discount Stores has underperformed S&P 500 by 5.2% over 52 weeks and 4.1% 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.

## Sector relative strength

Discount Stores has underperformed S&P 500 by 5.2% over the last 52 weeks. Over 13 weeks the gap is a lead of 4.1%. 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 +20.7%.

13-week sector return versus NIFTY 500: 4.1%
52-week sector return versus NIFTY 500: -5.2%
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: ₹14.5 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): 66/100 — Favorable setup; evidence 75%
   - Growth & earnings 24.3/35 | Capital efficiency 13.3/25 | Valuation 11.5/20 | Relative strength 17.3/20
   - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 5 of the last 12 weeks
   - Exact sum: 24.3 + 13.3 + 11.5 + 17.3 = 66.4
   - 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 85%
   - Growth & earnings 22.7/35 | Capital efficiency 7.8/25 | Valuation 16.1/20 | Relative strength 10.2/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 2 of the last 12 weeks
   - Exact sum: 22.7 + 7.8 + 16.1 + 10.2 = 56.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Ollie's Bargain Outlet Holdings, Inc. (OLLI): 53/100 — Mixed-positive evidence; evidence 85%
   - Growth & earnings 27.2/35 | Capital efficiency 9.9/25 | Valuation 13.5/20 | Relative strength 2.1/20
   - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 27.2 + 9.9 + 13.5 + 2.1 = 52.7
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -34.1% and the one-year return is -42.9%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
4. PriceSmart, Inc. (PSMT): 51/100 — Mixed-positive evidence; evidence 85%
   - Growth & earnings 18.6/35 | Capital efficiency 10.2/25 | Valuation 5.0/20 | Relative strength 16.9/20
   - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 10 of the last 12 weeks
   - Exact sum: 18.6 + 10.2 + 5 + 16.9 = 50.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Target Corporation (TGT): 46/100 — Mixed-negative evidence; evidence 85%
   - Growth & earnings 4.1/35 | Capital efficiency 9.4/25 | Valuation 14.8/20 | Relative strength 18.0/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 2 of the last 12 weeks
   - Exact sum: 4.1 + 9.4 + 14.8 + 18 = 46.3
   - Decision use: Price leads the evidence: RS versus the benchmark is 19.6%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
6. BJ's Wholesale Club Holdings, Inc. (BJ): 37/100 — Mixed-negative evidence; evidence 85%
   - Growth & earnings 10.6/35 | Capital efficiency 10.2/25 | Valuation 7.8/20 | Relative strength 7.9/20
   - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 10.6 + 10.2 + 7.8 + 7.9 = 36.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. Costco Wholesale Corporation (COST): 35/100 — Mixed-negative evidence; evidence 85%
   - Growth & earnings 14.9/35 | Capital efficiency 13.7/25 | Valuation 3.5/20 | Relative strength 3.2/20
   - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 14.9 + 13.7 + 3.5 + 3.2 = 35.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. Walmart Inc. (WMT): 35/100 — Adverse evidence; evidence 85%
   - Growth & earnings 15.4/35 | Capital efficiency 10.4/25 | Valuation 7.8/20 | Relative strength 1.3/20
   - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 15.4 + 10.4 + 7.8 + 1.3 = 34.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Market action

PriceSmart, Inc. has the strongest one-year price move in Discount Stores at +72.8%. It also leads on Mansfield relative strength against the S&P 500 at +19.8%. 3 of 8 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-08-04.

### Strongest one-year price performers
1. PriceSmart, Inc. (PSMT): 73%
2. Target Corporation (TGT): 41%
3. Dollar Tree, Inc. (DLTR): 13%
4. Dollar General Corporation (DG): 9.4%
5. Walmart Inc. (WMT): 7.5%

### Strongest relative strength versus NIFTY 500
1. PriceSmart, Inc. (PSMT): 20%
2. Target Corporation (TGT): 20%
3. Dollar Tree, Inc. (DLTR): 4.6%
4. Dollar General Corporation (DG): -5.4%
5. BJ's Wholesale Club Holdings, Inc. (BJ): -7.7%

## 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%

## 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 PEG at 0.46×, 42.5% below Target Corporation. Only 7 of 8 companies have earnings and growth steady enough for the ratio to mean anything, 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 feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing.

### 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 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


## 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 ₹8.9 L Cr; latest fundamentals Jun 2026
- Costco Wholesale Corporation (COST) — market value ₹4.2 L Cr; latest fundamentals Jun 2026
- Target Corporation (TGT) — market value ₹67.3K Cr; latest fundamentals Jun 2026
- Dollar General Corporation (DG) — market value ₹28.1K Cr; latest fundamentals Jun 2026
- Dollar Tree, Inc. (DLTR) — market value ₹25.1K Cr; latest fundamentals Jun 2026
- BJ's Wholesale Club Holdings, Inc. (BJ) — market value ₹12.3K 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 ₹4.7K Cr; latest fundamentals Jun 2026

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-08-04.
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

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

Discount Stores has underperformed S&P 500 by 5.2% over 52 weeks and 4.1% 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 66.4/100 with 75.3% evidence confidence. The score prioritizes research; it is not a buy recommendation.

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

Dollar General Corporation has the lowest comparable PEG at 0.46, among 7 of 8 companies whose earnings and growth are steady enough for the ratio to mean anything.

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

The page compares up to 20 reported quarters per company for fundamentals, returns 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.

### 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 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 PEG — where a LOWER number is cheaper — Dollar General Corporation screens cheapest at 0.46×. Only 7 of 8 companies have earnings and growth steady enough for the ratio to mean anything, 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.

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

Discount Stores has underperformed S&P 500 by 5.2% over the last 52 weeks and 4.1% 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 66.4 out of 100 with 75.3% evidence confidence, from 24.3 points on growth and earnings, 13.3 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, 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 $1,451,359 million of combined market value. Walmart Inc. is the largest at $887,724 million, about 61% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-04.

### 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 2026-08-04.

### 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 5.2% behind S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-04.

### 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.