<p><strong>沃尔玛</strong>(WMT -3.08%) 和 <strong>亚马逊</strong>(AMZN -0.72%) 长期以来一直是零售行业的巨头，其股东也获得了丰厚的回报。沃尔玛的市值约为 7500 亿美元，而亚马逊的市值超过 2 万亿美元。这两家公司都在不断发展并为未来进行投资。这是积极的，因为企业需要向前发展，否则就有可能停滞不前，变得过时。</p>
<p>但哪一家公司提供更好的长期回报潜力呢？这需要对其基本业务和估值进行分析。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDk3NjEvZ2V0dHlpbWFnZXMtMTMyNDE2NDI5MC0xMjAxeDgwMC01YjJkZjc5My5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDk3NjEvZ2V0dHlpbWFnZXMtMTMyNDE2NDI5MC0xMjAxeDgwMC01YjJkZjc5My5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>沃尔玛</h2>
<p>沃尔玛的零售运营有一个简单的公式。那就是降低成本，将这些节省转嫁给顾客，以更低的价格出售商品。这听起来很基础，但自从六十多年前开始经营折扣店以来，沃尔玛一直非常有效。</p>
<p>低价格的基本概念在管理层投资于技术的过程中得以保持，包括建立以提升顾客便利性和体验为重点的全渠道能力。例如，许多门店提供当日送达服务。</p>
<p>从销售增长来看，其投资已经开始见效。在沃尔玛美国业务的核心，同店销售（同比）在财年的第四季度增长了 4.6%。重要的是，顾客仍然热衷于前往沃尔玛门店，交通流量的增加贡献了 2.8 个百分点。更高的消费支出则占据了其余部分。该季度于 1 月 31 日结束。</p>
<p>一些投资者可能对管理层认为的今年温和的指导感到不安。管理层预计销售增长为 3% 至 4%，营业收入增长为 3.5% 至 5.5%。然而，过去它的预期一直较为保守，去年给出的销售和利润增长预期也类似，但沃尔玛超出了这一预期。</p>
<p>公司的成功自然不是秘密。过去 12 个月，沃尔玛的股票上涨了 58%。在此期间，<strong>标准普尔 500 指数</strong> 仅上涨了不到 13%。股价的上涨导致了更高的估值。沃尔玛的股票市盈率（P/E）为 39，而一年前约为 30。标准普尔 500 的市盈率为 29。</p>
<h2>亚马逊</h2>
<p>亚马逊在 30 多年前开始在其网站上销售书籍时成为了早期的在线零售商。它迅速扩展了产品种类，现在几乎销售所有可以想象的商品；它因竞争价格和快速交付而闻名。</p>
<p>当然，它现在不仅仅是一个在线卖家。它拥有 Alexa 等设备、亚马逊 Prime 订阅服务，并提供广告服务等多种产品。去年，该公司实现了 6380 亿美元的销售，其中 83% 来自北美和国际业务。</p>
<p>然而，亚马逊网络服务（AWS）虽然占据了销售的其余部分，却产生了公司大部分（58%）的利润。AWS 提供云计算服务。随着组织对数据的需求不断增加，该业务迅速增长，随着人工智能（AI）的不断发展，销售和利润可能会加速增长。</p>
<p>根据 Synergy Research Group 的数据，云基础设施支出在第四季度同比增长了 22%。AWS 在这一快速增长的细分市场中仍然是市场领导者，市场份额为 30%。<strong>微软</strong> 的 Azure 和 <strong>谷歌母公司</strong> 的 Google Cloud 分别以 21% 和 12% 的市场份额紧随其后。</p>
<p>AWS 的第四季度销售额增长了 18.5%，达到 1076 亿美元，利润跃升 61.7%，达到 398 亿美元。过去一年，亚马逊的股价上涨了 15.3%。该股票的市盈率从 60 多降至 36。然而，目前的市盈率仍高于标准普尔 500。</p>
<h2>选择</h2>
<p>这是一个艰难的决定。我喜欢这两家公司，并会投资于每一家公司。然而，如果我只能选择一家公司，我会选择亚马逊，因为其股票的估值稍微合理一些，并且 AWS 在快速增长的市场中占据了强势地位。</p>

亚马逊

沃尔玛

<p>沃尔玛和亚马逊是市场资本化显著的领先零售巨头。沃尔玛专注于低价格，过去一年股价上涨了 58%，尽管其市盈率较高，达到 39。亚马逊则拥有多样化的产品线和强大的 AWS 业务，其市盈率为 36，股价上涨了 15.3%。虽然这两家公司都是强劲的投资选择，但由于亚马逊的估值和 AWS 的增长潜力，推荐更倾向于亚马逊</p>

<p><strong>Walmart</strong>(WMT -3.08%) and <strong>Amazon</strong>(AMZN -0.72%) have long been the biggest names in retail, and their shareholders have been handsomely rewarded. Walmart has a market capitalization of around $750 billion, and Amazon's exceeds $2 trillion. Both companies continue evolving and investing for the future. That's positive, since businesses need to move forward or risk becoming stagnant and outdated.</p>
<div class="lb-trans"><p><strong>沃尔玛</strong>(WMT -3.08%) 和 <strong>亚马逊</strong>(AMZN -0.72%) 长期以来一直是零售行业的巨头，其股东也获得了丰厚的回报。沃尔玛的市值约为 7500 亿美元，而亚马逊的市值超过 2 万亿美元。这两家公司都在不断发展并为未来进行投资。这是积极的，因为企业需要向前发展，否则就有可能停滞不前，变得过时。</p>
</div><p>But which one offers the better long-term return potential? That requires a look at the underlying businesses and valuations.</p>
<div class="lb-trans"><p>但哪一家公司提供更好的长期回报潜力呢？这需要对其基本业务和估值进行分析。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDk3NjEvZ2V0dHlpbWFnZXMtMTMyNDE2NDI5MC0xMjAxeDgwMC01YjJkZjc5My5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F809761%2Fgettyimages-1324164290-1201x800-5b2df793.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Walmart</h2>
<div class="lb-trans"><h2>沃尔玛</h2>
</div><p>Walmart's retail operations have a simple formula. That's to keep costs down to pass those savings on to customers in the form of lower prices. It sounds basic, but Walmart has been devastatingly effective since it first began running discount stores more than six decades ago.</p>
<div class="lb-trans"><p>沃尔玛的零售运营有一个简单的公式。那就是降低成本，将这些节省转嫁给顾客，以更低的价格出售商品。这听起来很基础，但自从六十多年前开始经营折扣店以来，沃尔玛一直非常有效。</p>
</div><p>The basic concept of low prices has remained as management has invested in technology, including building omnichannel capabilities focused on enhancing the customer's convenience and experience. Many of its stores offer same-day delivery, for instance.</p>
<div class="lb-trans"><p>低价格的基本概念在管理层投资于技术的过程中得以保持，包括建立以提升顾客便利性和体验为重点的全渠道能力。例如，许多门店提供当日送达服务。</p>
</div><p>Looking at sales growth, its investments have been paying off. At its core Walmart U.S. business, same-store sales (comps) increased 4.6% in the fiscal fourth quarter. Importantly, people still clamored to go to Walmart stores, as evidenced by higher traffic that contributed 2.8 percentage points. Higher spending comprised the balance. The period ended on Jan. 31.</p>
<div class="lb-trans"><p>从销售增长来看，其投资已经开始见效。在沃尔玛美国业务的核心，同店销售（同比）在财年的第四季度增长了 4.6%。重要的是，顾客仍然热衷于前往沃尔玛门店，交通流量的增加贡献了 2.8 个百分点。更高的消费支出则占据了其余部分。该季度于 1 月 31 日结束。</p>
</div><p>Some investors might have been unnerved by what they deem as lukewarm guidance for this year. Management expects sales to grow 3% to 4%, and operating income to increase 3.5% to 5.5%. However, it's been conservative in the past, giving a similar sales and profit growth outlook last year that Walmart exceeded.</p>
<div class="lb-trans"><p>一些投资者可能对管理层认为的今年温和的指导感到不安。管理层预计销售增长为 3% 至 4%，营业收入增长为 3.5% 至 5.5%。然而，过去它的预期一直较为保守，去年给出的销售和利润增长预期也类似，但沃尔玛超出了这一预期。</p>
</div><p>The company's success isn't a secret, naturally. The stock appreciated by 58% over the past 12 months. During this time, the <strong>S&amp;P 500</strong> index has gained just under 13%. The share price increase has resulted in a more expensive valuation. Walmart's stock has a price-to-earnings (P/E) ratio of 39 compared to about 30 a year ago. The S&amp;P 500 has a P/E multiple of 29.</p>
<div class="lb-trans"><p>公司的成功自然不是秘密。过去 12 个月，沃尔玛的股票上涨了 58%。在此期间，<strong>标准普尔 500 指数</strong> 仅上涨了不到 13%。股价的上涨导致了更高的估值。沃尔玛的股票市盈率（P/E）为 39，而一年前约为 30。标准普尔 500 的市盈率为 29。</p>
</div><h2>Amazon</h2>
<div class="lb-trans"><h2>亚马逊</h2>
</div><p>Amazon became an early online retailer when it started selling books on its site more than 30 years ago. It rapidly expanded its offerings and now sells virtually everything imaginable; it's become known for competitive prices and fast delivery.</p>
<div class="lb-trans"><p>亚马逊在 30 多年前开始在其网站上销售书籍时成为了早期的在线零售商。它迅速扩展了产品种类，现在几乎销售所有可以想象的商品；它因竞争价格和快速交付而闻名。</p>
</div><p>It's much more than an online seller now, of course. It has devices such as Alexa, the Amazon Prime subscription service, and provides advertising services, to name a few offerings. Last year, the company generated $638 billion in sales, 83% of which came from the North America and international operations that encompass the aforementioned.</p>
<div class="lb-trans"><p>当然，它现在不仅仅是一个在线卖家。它拥有 Alexa 等设备、亚马逊 Prime 订阅服务，并提供广告服务等多种产品。去年，该公司实现了 6380 亿美元的销售，其中 83% 来自北美和国际业务。</p>
</div><p>However, Amazon Web Services (AWS), while representing the balance of sales, produces the majority (58%) of the company's profit. AWS offers cloud computing services. With organizations clamoring for data, the business has grown rapidly, and sales and profits could accelerate as artificial intelligence (AI) continues evolving.</p>
<div class="lb-trans"><p>然而，亚马逊网络服务（AWS）虽然占据了销售的其余部分，却产生了公司大部分（58%）的利润。AWS 提供云计算服务。随着组织对数据的需求不断增加，该业务迅速增长，随着人工智能（AI）的不断发展，销售和利润可能会加速增长。</p>
</div><p>Cloud infrastructure spending grew 22% year over year in the fourth quarter, according to Synergy Research Group. AWS remains the market leader in this fast-growing segment with a 30% share. <strong>Microsoft</strong>'s Azure and <strong>Alphabet</strong>'s Google Cloud have the next biggest shares at 21% and 12%, respectively.</p>
<div class="lb-trans"><p>根据 Synergy Research Group 的数据，云基础设施支出在第四季度同比增长了 22%。AWS 在这一快速增长的细分市场中仍然是市场领导者，市场份额为 30%。<strong>微软</strong> 的 Azure 和 <strong>谷歌母公司</strong> 的 Google Cloud 分别以 21% 和 12% 的市场份额紧随其后。</p>
</div><p>AWS' fourth-quarter sales increased 18.5% to $107.6 billion, and its profit jumped 61.7% to $39.8 billion. Amazon's shares rose 15.3% over the last year. The stock's P/E multiple has contracted from over 60 to 36. The current P/E ratio is higher than that of the S&amp;P 500, however.</p>
<div class="lb-trans"><p>AWS 的第四季度销售额增长了 18.5%，达到 1076 亿美元，利润跃升 61.7%，达到 398 亿美元。过去一年，亚马逊的股价上涨了 15.3%。该股票的市盈率从 60 多降至 36。然而，目前的市盈率仍高于标准普尔 500。</p>
</div><h2>The choice</h2>
<div class="lb-trans"><h2>选择</h2>
</div><p>It's a difficult decision. I like both companies and would invest in each one. However, if I could only choose one, I'd buy Amazon based on the stock's slightly more reasonable valuation and the strong position of AWS in a fast-growing market.</p>
<div class="lb-trans"><p>这是一个艰难的决定。我喜欢这两家公司，并会投资于每一家公司。然而，如果我只能选择一家公司，我会选择亚马逊，因为其股票的估值稍微合理一些，并且 AWS 在快速增长的市场中占据了强势地位。</p>
</div>

Best Stock to Buy Right Now: Walmart vs. Amazon

- 沃尔玛和亚马逊是零售领域的巨头，市值分别约为 7500 亿美元和 2 万亿美元。  
- 沃尔玛通过低价策略和技术投资实现销售增长，去年同店销售增长 4.6%。  
- 亚马逊的云计算服务 AWS 贡献了 58% 的利润，销售增长迅速，去年销售额达 6380 亿美元。  

目前最值得购买的股票：沃尔玛与亚马逊对比