Amazon, the perpetual retail boogeyman, is now worth more than two and half times its biggest brick-and-mortar counterpart, Walmart.
Thanks to slowing e-commerce growth this past holiday season, Walmart saw its biggest one-day drop in stock price in two years — it has lost nearly $35 billion in market cap since Monday. Amazon, fresh from earlier this month reporting its record $1.9 billion in last-quarter profit, has seen its stock and market value rise about 7 percent since then.
Last year, Recode reported that Amazon, on its 20th IPO anniversary, was worth two times the market value of Walmart. That ratio had stayed nearly the same until Walmart reported earnings yesterday.
The difference in valuation comes despite Walmart having approximately three times Amazon’s annual revenue and net income last year. However, Wall Street has bought into Jeff Bezos’s vision of revenue growth over huge net income figures. It should be noted that Amazon Web Services, a non-retail business, represents a sizable portion of Amazon’s value, making up 10 percent of revenue and the majority of the company’s operating income.
Here’s how the two companies’ market caps compare over the last 10 years:
This article originally appeared on Recode.net.