<p>在 2026 年 2 月，亚马逊公司（Amazon.com Inc.）取代沃尔玛公司（Walmart Inc.），成为全球收入最大的公司。这对行业观察者来说并不意外，但当《财富》确认这一结果时，亚马逊被列为《财富 500 强》榜首，这一事实得到了进一步的印证。</p>
<p>这一消息对两只股票的价格影响不大。截至 6 月 8 日，两只股票今年的涨幅都略超过 6%。</p>
<p>但从更长的时间来看，沃尔玛为股东带来的总回报更大。</p>
<p>这个故事可能会继续下去，原因可能会让一些投资者感到意外。实体零售的死亡被大大夸大，而这是一个亚马逊根本无法与沃尔玛竞争的领域。</p>
<p>然而，即使是这种优势也并未完全捕捉到真实的故事：沃尔玛可能是科技股的更强代表，而亚马逊则不一定是零售股的代表。如果这一点是正确的，沃尔玛不仅值得获得溢价估值——它可能需要完全重新评级。</p>
<h2>沃尔玛的实体护城河是数字优势</h2>
<p>亚马逊基本上创造了电子商务这一类别。因此，该公司在在线购物者中几乎拥有不可逾越的领先地位是有道理的。但沃尔玛在缩小这一差距方面取得了进展，并在此过程中展示了其商业模式的一些优势。</p>
<p>首先，该公司的零售网络超过 4600 家门店，双重作为履行节点，而无需增加建设新设施的费用。这使得路边取货成为购物者的习惯工具。此外，该公司可以利用这些门店进行当日送达，而这是亚马逊在单位经济上无法匹敌的。</p>
<h2>沃尔玛连接（广告）是利润故事</h2>
<p>沃尔玛财务报表中最被低估的项目可能来自沃尔玛连接（Walmart Connect），该公司在美国的零售媒体平台。在 2026 财年，沃尔玛连接创造了 64 亿美元的全球广告收入，同比增长 46%。在最近一个季度，沃尔玛连接在国内增长了 44%，这一增速远远超过了公司低个位数的营收增长。</p>
<p>这对底线产生了重大影响。首席财务官约翰·大卫·雷尼（John David Rainey）指出，广告和会员收入现在大约占沃尔玛运营利润的三分之一。高利润的广告收入有效地补贴了低利润的零售业务，这一动态在华尔街多年前就被认识到，当时它因广告部门的强劲表现而上调了亚马逊的估值倍数。</p>
<p>更值得注意的是，沃尔玛仍处于早期阶段。其广告收入大约占总商品价值的 1%，而亚马逊约为 8%。这一差距为公司和沃尔玛提供了长远的发展空间——那些等待沃尔玛广告业务成熟后再重新定价股票的投资者可能会发现自己错过了机会。</p>
<h2>山姆会员店作为概念验证</h2>
<p>如果你想看看沃尔玛旗舰店的未来走向，可以看看山姆会员店（Sam's Club）。这个 900 亿美元的仓储部门已成为数字参与与实体零售并不冲突的最清晰示范。</p>
<p>会员收入在 2025 财年第四季度连续五个季度实现了两位数的增长，数字渗透率达到了历史新高。扫码购物（Scan &amp; Go）这一基于应用的结账功能让会员完全跳过收银台，在一个季度内激增了 500 个基点，约 40% 的山姆交易现在是数字化的。</p>
<p>德克萨斯州格雷普韦恩的原型俱乐部实现了 100% 的扫码购物参与率。数字购物的会员访问频率是传统购物的三倍，购买的品类是后者的两倍，续费率显著提高。</p>
<p>山姆会员店已宣布计划对现有的 600 个门店进行改造，同时每年开设约 15 个新俱乐部，目标是在未来十年内将会员数量翻倍。</p>
<h2>图表指向拐点</h2>
<p>在 2027 财年第一季度的财报发布当天，沃尔玛股价下跌了约 7%。该报告显示出稳健的双重超预期，年同比增长高达个位数。争议的焦点在于指导意见，正如许多零售商一样。</p>
<p>具体而言，沃尔玛面临着更高关税相关成本的不确定性，以及这可能对其核心客户意味着什么。尽管如此，抛售在 200 日简单移动平均线附近找到了支撑。</p>
<p><img src="https://imageproxy.pbkrs.com/https://www.marketbeat.com/logos/articles/med_20260608104522_wmt2.png?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://www.marketbeat.com/logos/articles/med_20260608104522_wmt2.png"/></p>
<p>分析师对沃尔玛的看法总体乐观，普遍目标价为 138.85 美元。这比本文撰写时的价格高出约 15%。这也将重新确认该股在今年 2 月和 5 月创下的高点。</p>
<h2>两只优秀股票——完全不同的目的</h2>
<p>亚马逊一直是长期投资者的优秀股票，未来仍将如此。然而，这个案例在于了解收入增长的来源。对于亚马逊来说，这越来越意味着亚马逊网络服务（AWS），在 2025 年贡献了 1287 亿美元的收入。</p>
<p>亚马逊仍然从其零售相关销售中交付了 5882 亿美元，但这一数字远低于沃尔玛，后者的收入来自其实体店和不断增长的数字业务的结合。</p>
<p>对零售的依赖是沃尔玛支付股息而亚马逊不支付股息的原因。但尽管这一股息相对较小，但它是一个安全的支付，已经连续 53 年增加。今年将是第 54 年。在 2024 年 1 月进行股票拆分后，沃尔玛的股价对投资者来说具有吸引力，可以开始积累并让复利的影响为自己带来优势。</p>
<h2>你现在应该投资 1000 美元在沃尔玛吗？</h2>
<p>在考虑沃尔玛之前，你需要听听这个。</p>
<p>MarketBeat 每天跟踪华尔街顶级评级和表现最佳的研究分析师及其推荐给客户的股票。MarketBeat 已识别出五只顶级分析师正在悄悄向客户推荐的股票，建议在更广泛的市场注意到之前买入……而沃尔玛并不在名单上。</p>
<p>尽管沃尔玛目前在分析师中被评为适度买入，但顶级分析师认为这五只股票更值得购买。</p>
<p>在这里查看这五只股票</p>

沃尔玛

亚马逊

WMTI

<p>沃尔玛正在经历重大的数字化转型，利用其实体店网络进行电子商务履约，并通过沃尔玛连接（Walmart Connect）扩大高利润的广告收入。尽管亚马逊在收入上超过了沃尔玛，但沃尔玛通过在山姆会员店（Sam's Club）和零售媒体方面的数字创新，提供了强劲的股东回报。分析师们对沃尔玛持乐观态度，普遍认为其目标股价为 138.85 美元，暗示市场可能低估了沃尔玛相较于传统零售指标的科技型增长潜力</p>

<p>In February 2026, Amazon.com Inc. NASDAQ: AMZN supplanted Walmart Inc. NASDAQ: WMT as the world’s largest company in terms of revenue. This wasn’t a surprise to industry observers, but it was reinforced when Fortune confirmed the results, placing Amazon at the top of its Fortune 500 list.</p>
<div class="lb-trans"><p>在 2026 年 2 月，亚马逊公司（Amazon.com Inc.）取代沃尔玛公司（Walmart Inc.），成为全球收入最大的公司。这对行业观察者来说并不意外，但当《财富》确认这一结果时，亚马逊被列为《财富 500 强》榜首，这一事实得到了进一步的印证。</p>
</div><p>The news isn’t having much impact on either stock’s price. As of June 8, both stocks are up a little more than 6% for the year.</p>
<div class="lb-trans"><p>这一消息对两只股票的价格影响不大。截至 6 月 8 日，两只股票今年的涨幅都略超过 6%。</p>
</div><p>But over a longer horizon, it’s Walmart that has rewarded shareholders with a larger total return.</p>
<div class="lb-trans"><p>但从更长的时间来看，沃尔玛为股东带来的总回报更大。</p>
</div><p>That’s a story that’s likely to continue for a reason that may surprise some investors. The death of physical retail has been greatly exaggerated, and it's an arena where Amazon simply doesn't compete with Walmart.</p>
<div class="lb-trans"><p>这个故事可能会继续下去，原因可能会让一些投资者感到意外。实体零售的死亡被大大夸大，而这是一个亚马逊根本无法与沃尔玛竞争的领域。</p>
</div><p>Yet even that edge doesn't fully capture the real story: Walmart may be a stronger proxy for technology stocks than Amazon is a proxy for retail stocks. If that's right, Walmart doesn't just merit a premium valuation—it may need to be rerated entirely.</p>
<div class="lb-trans"><p>然而，即使是这种优势也并未完全捕捉到真实的故事：沃尔玛可能是科技股的更强代表，而亚马逊则不一定是零售股的代表。如果这一点是正确的，沃尔玛不仅值得获得溢价估值——它可能需要完全重新评级。</p>
</div><h2>Walmart’s Physical Moat Is a Digital Advantage</h2>
<div class="lb-trans"><h2>沃尔玛的实体护城河是数字优势</h2>
</div><p>Amazon essentially created the category of e-commerce. So it makes sense that the company has an almost impenetrable lead among online shoppers. But Walmart has made strides in closing that gap, and in doing so, it’s showing why its business model has some advantages.</p>
<div class="lb-trans"><p>亚马逊基本上创造了电子商务这一类别。因此，该公司在在线购物者中几乎拥有不可逾越的领先地位是有道理的。但沃尔玛在缩小这一差距方面取得了进展，并在此过程中展示了其商业模式的一些优势。</p>
</div><p>First, the company’s retail footprint of over 4,600 stores doubles as fulfillment nodes, without the added expense of building new facilities. This enables curbside pickup, which has become a habit-forming tool for shoppers. Plus, the company can use those stores for same-day delivery, which Amazon can’t match on unit economics.</p>
<div class="lb-trans"><p>首先，该公司的零售网络超过 4600 家门店，双重作为履行节点，而无需增加建设新设施的费用。这使得路边取货成为购物者的习惯工具。此外，该公司可以利用这些门店进行当日送达，而这是亚马逊在单位经济上无法匹敌的。</p>
</div><h2>Walmart Connect (Advertising) Is the Margin Story</h2>
<div class="lb-trans"><h2>沃尔玛连接（广告）是利润故事</h2>
</div><p>The most underappreciated line item in Walmart's financials may come from Walmart Connect, the company's U.S. retail media platform. In fiscal year 2026 (FY2026), Walmart Connect generated $6.4 billion in global ad revenue, a 46% YOY increase. In the most recent quarter, Walmart Connect grew 44% domestically, a rate that dwarfs the company's low-single-digit top-line growth.</p>
<div class="lb-trans"><p>沃尔玛财务报表中最被低估的项目可能来自沃尔玛连接（Walmart Connect），该公司在美国的零售媒体平台。在 2026 财年，沃尔玛连接创造了 64 亿美元的全球广告收入，同比增长 46%。在最近一个季度，沃尔玛连接在国内增长了 44%，这一增速远远超过了公司低个位数的营收增长。</p>
</div><p>This has a significant impact on the bottom line. CFO John David Rainey has noted that advertising and membership income now account for roughly one-third of Walmart's operating profit. High-margin ad dollars are effectively subsidizing the lower-margin retail operation, a dynamic Wall Street recognized years ago when it rerated Amazon's multiple upward on the strength of its ad segment.</p>
<div class="lb-trans"><p>这对底线产生了重大影响。首席财务官约翰·大卫·雷尼（John David Rainey）指出，广告和会员收入现在大约占沃尔玛运营利润的三分之一。高利润的广告收入有效地补贴了低利润的零售业务，这一动态在华尔街多年前就被认识到，当时它因广告部门的强劲表现而上调了亚马逊的估值倍数。</p>
</div><p>Even more noteworthy, Walmart is still in the early innings. Its advertising revenue represents roughly 1% of gross merchandise value, compared to approximately 8% for Amazon. That gap gives the company, and WMT, a long runway—and investors who wait for Walmart's ad business to mature before repricing the stock may find themselves late to the trade.</p>
<div class="lb-trans"><p>更值得注意的是，沃尔玛仍处于早期阶段。其广告收入大约占总商品价值的 1%，而亚马逊约为 8%。这一差距为公司和沃尔玛提供了长远的发展空间——那些等待沃尔玛广告业务成熟后再重新定价股票的投资者可能会发现自己错过了机会。</p>
</div><h2>Sam's Club as the Proof of Concept</h2>
<div class="lb-trans"><h2>山姆会员店作为概念验证</h2>
</div><p>If you want to see where the Walmart flagship is heading, look at Sam's Club. The $90 billion warehouse division has become the clearest demonstration that digital engagement and physical retail aren't in conflict.</p>
<div class="lb-trans"><p>如果你想看看沃尔玛旗舰店的未来走向，可以看看山姆会员店（Sam's Club）。这个 900 亿美元的仓储部门已成为数字参与与实体零售并不冲突的最清晰示范。</p>
</div><p>Membership income posted double-digit growth for five consecutive quarters through Q4 2025, with digital penetration hitting an all-time high. Scan &amp; Go adoption—the app-based checkout feature that lets members skip the register entirely—surged 500 basis points in a single quarter, and roughly 40% of Sam's transactions are now digital.</p>
<div class="lb-trans"><p>会员收入在 2025 财年第四季度连续五个季度实现了两位数的增长，数字渗透率达到了历史新高。扫码购物（Scan &amp; Go）这一基于应用的结账功能让会员完全跳过收银台，在一个季度内激增了 500 个基点，约 40% 的山姆交易现在是数字化的。</p>
</div><p>The Grapevine, Texas, prototype club runs at 100% Scan &amp; Go participation. Members who shop digitally visit three times more often, buy across twice as many categories, and renew their memberships at meaningfully higher rates.</p>
<div class="lb-trans"><p>德克萨斯州格雷普韦恩的原型俱乐部实现了 100% 的扫码购物参与率。数字购物的会员访问频率是传统购物的三倍，购买的品类是后者的两倍，续费率显著提高。</p>
</div><p>Sam's Club has announced plans to remodel all 600 of its existing locations while opening approximately 15 new clubs per year, with a stated goal of doubling membership over the next decade.</p>
<div class="lb-trans"><p>山姆会员店已宣布计划对现有的 600 个门店进行改造，同时每年开设约 15 个新俱乐部，目标是在未来十年内将会员数量翻倍。</p>
</div><h2>The Chart Points to an Inflection Point</h2>
<div class="lb-trans"><h2>图表指向拐点</h2>
</div><p>WMT dropped approximately 7% the day of its Q1 earnings report for FY2027. The report showed a solid double beat with high single-digit year-over-year (YOY) gains. The point of contention was the guidance, as it was with many retailers.</p>
<div class="lb-trans"><p>在 2027 财年第一季度的财报发布当天，沃尔玛股价下跌了约 7%。该报告显示出稳健的双重超预期，年同比增长高达个位数。争议的焦点在于指导意见，正如许多零售商一样。</p>
</div><p>Specifically, Walmart is facing the unknown of higher tariff-related costs and what that could mean for its core customer. That said, the sell-off found a floor right around the 200-day simple moving average (SMA).</p>
<div class="lb-trans"><p>具体而言，沃尔玛面临着更高关税相关成本的不确定性，以及这可能对其核心客户意味着什么。尽管如此，抛售在 200 日简单移动平均线附近找到了支撑。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://www.marketbeat.com/logos/articles/med_20260608104522_wmt2.png" alt="" original-src="https://www.marketbeat.com/logos/articles/med_20260608104522_wmt2.png"/></p>
<p>Analysts remain generally bullish on WMT with a consensus price target of $138.85. That’s about 15% above the price as of this writing. It would also reconfirm the highs the stock made in February and May of this year.</p>
<div class="lb-trans"><p>分析师对沃尔玛的看法总体乐观，普遍目标价为 138.85 美元。这比本文撰写时的价格高出约 15%。这也将重新确认该股在今年 2 月和 5 月创下的高点。</p>
</div><h2>2 Great Stocks—Totally Different Purposes</h2>
<div class="lb-trans"><h2>两只优秀股票——完全不同的目的</h2>
</div><p>AMZN has been a wonderful stock for long-term investors, and it will continue to be in the future. However, this is a case of knowing where revenue growth is coming from. For Amazon, that increasingly means Amazon Web Services (AWS), which accounted for $128.7 billion in revenue in 2025.</p>
<div class="lb-trans"><p>亚马逊一直是长期投资者的优秀股票，未来仍将如此。然而，这个案例在于了解收入增长的来源。对于亚马逊来说，这越来越意味着亚马逊网络服务（AWS），在 2025 年贡献了 1287 亿美元的收入。</p>
</div><p>Amazon still delivered $588.2 billion from its retail-related sales, but that number is well below Walmart, which comes from its blend of physical locations and growing digital efforts.</p>
<div class="lb-trans"><p>亚马逊仍然从其零售相关销售中交付了 5882 亿美元，但这一数字远低于沃尔玛，后者的收入来自其实体店和不断增长的数字业务的结合。</p>
</div><p>The reliance on retail is a reason that Walmart pays a dividend and Amazon does not. But even though that dividend is modest, it’s a safe payout that has increased for 53 consecutive years. And this year will make 54. After its stock split in January 2024, WMT is attractively priced for investors to start accumulating and letting the impact of compounding work to their advantage.</p>
<div class="lb-trans"><p>对零售的依赖是沃尔玛支付股息而亚马逊不支付股息的原因。但尽管这一股息相对较小，但它是一个安全的支付，已经连续 53 年增加。今年将是第 54 年。在 2024 年 1 月进行股票拆分后，沃尔玛的股价对投资者来说具有吸引力，可以开始积累并让复利的影响为自己带来优势。</p>
</div><h2>Should You Invest $1,000 in Walmart Right Now?</h2>
<div class="lb-trans"><h2>你现在应该投资 1000 美元在沃尔玛吗？</h2>
</div><p>Before you consider Walmart, you'll want to hear this.</p>
<div class="lb-trans"><p>在考虑沃尔玛之前，你需要听听这个。</p>
</div><p>MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Walmart wasn't on the list.</p>
<div class="lb-trans"><p>MarketBeat 每天跟踪华尔街顶级评级和表现最佳的研究分析师及其推荐给客户的股票。MarketBeat 已识别出五只顶级分析师正在悄悄向客户推荐的股票，建议在更广泛的市场注意到之前买入……而沃尔玛并不在名单上。</p>
</div><p>While Walmart currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.</p>
<div class="lb-trans"><p>尽管沃尔玛目前在分析师中被评为适度买入，但顶级分析师认为这五只股票更值得购买。</p>
</div><p>View The Five Stocks Here</p>
<div class="lb-trans"><p>在这里查看这五只股票</p>
</div>

Walmart's No. 2 Ranking Hides a Digital Transformation Story

- 亚马逊在 2026 年 2 月超越沃尔玛，成为全球最大营收公司。  
- 沃尔玛的广告业务和零售优势尚未被充分认识。  
- 分析师对沃尔玛持乐观态度，目标价为 138.85 美元。

沃尔玛排名第二的背后隐藏着一个数字化转型的故事