Walmart Inc. WMT

The business

Walmart sells groceries, general merchandise and now services to roughly 90% of American households, and it sets price by being the largest buyer in most of its categories. Groceries are more than half of US revenue and supply the recurring traffic. Payment is mostly the old way, margin on goods sold, at a 25.2% gross margin and a 4.2% operating margin on $713.2B of revenue.

The interesting part is attached: advertising sold to the brands on Walmart's own shelves, commission on third-party marketplace sellers, a membership program, and fulfilment services sold back to those sellers. Those businesses grow faster and carry margins several times the retail base, which is what changed the multiple. Walmart does not break their revenue out, so the mix shift is asserted rather than shown.