Wal-Mart Stores, Inc. (NYSE: WMT ), the largest retailer in the world, has done very well over the past decade and so have the company's shareholders. With an excellent buyback program, growing dividend, and ever-increasing revenues (see below), the stock should be worth even more than it is. What I mean by that last line is that while revenues have doubled since 2003, the share price has only increased by 31% in that time period. During the same time period, the dividend payout has grown from 30 cents per share to $1.59, and the number of outstanding shares has decreased from 4.43 billion to 3.35 billion. The market seems to be pricing in a dramatic slowdown in revenue growth, as evidenced by the P/E multiples of the stock throughout the years. I think that this is wrong, and I believe Wal-Mart still has a lot of growth ahead of it, particularly internationally, and deserves a higher valuation. Wal-Mart operates in three divisions: Wal-Mart U.S., Sam's Club, and Wal-Mart International.