At the October 7 close, Walmart traded at roughly 39 times trailing earnings while Costco fetched approximately 45 times, making Walmart appear cheaper on that single measure. When the lens shifts to trailing free cash flow, the rankings reverse sharply, with Walmart costing investors around 64 times and Costco coming in at roughly 44 times. That reversal places Walmart’s heavy capital investment program at the center of any serious comparison between the two retail giants. Those headline figures reflect an ambitious omnichannel strategy that combines physical stores, delivery infrastructure, digital marketplaces, and an expanding advertising business. The cash cost of building that proposition is already evident in the financials, with first-half capital equipment spending rising to $14.