Sam’s Club Credit Rating & NNN Cap Rate

Sam’s Club: Membership Warehouse Clubs Owned by Walmart Inc.

Sam’s Club is a membership-only warehouse club owned by Walmart Inc. Sam’s Club U.S. had 602 clubs at July 31, 2026 (Walmart Form 10-Q) and net sales of $93.0 billion in the fiscal year ended January 31, 2026 (Walmart Form 10-K). For a property buyer, the lease, the tenant entity and any guarantor, and the real estate matter as much as the size of the chain.

Business Overview

Sam’s Club, owned by Walmart Inc., is a membership-only warehouse club. Walmart reports it as the Sam’s Club U.S. segment, which includes the U.S. clubs and eCommerce (Walmart Form 10-Q), and says membership income is a significant component of the segment’s operating income (Walmart Form 10-K).

Credit Rating Analysis

Sam’s Club does not carry its own ratings in our ratings database; the ratings shown are its parent Walmart Inc.’s investment-grade ratings from S&P (AA) and Moody’s (Aa2). Sources and dates: S&P Global Ratings AA, as of July 31, 2026; Moody’s Aa2, as of July 31, 2026; Fitch Ratings AA, as of July 31, 2026. Ratings checked October 8, 2026. Those ratings support a Sam’s Club lease only where Walmart Inc. is the tenant or guarantor, so confirm the tenant entity and any guarantor in the lease.

NNN Lease Structure

A triple net lease transfers property taxes, insurance and maintenance costs to the tenant; Sam’s Club clubs are operated by Walmart’s Sam’s Club U.S. segment, not by franchisees. Walmart owned 464 of the 601 Sam’s Club U.S. units and leased 137 as of January 31, 2026 (Form 10-K, which counts owned buildings on leased land as leased). Lease terms and renewal options vary, so confirm them in the lease. Walmart Inc.’s AA/Aa2 ratings support a Sam’s Club lease only where Walmart Inc. signs or guarantees it, so confirm the tenant and any guarantor in the lease.

Cap Rate & Pricing Analysis

Pricing for a Sam’s Club property depends on the remaining lease term, rent, location, and the tenant entity and any guarantor. The listings we track have too few active listings for this tenant with a published cap rate to report a median. The table below shows Sam’s Club and Walmart asking cap rates when at least three active listings with a published cap rate are observed; asking cap rates are not closed-sale cap rates.

Active listings InvestmentGrade.com tracks with an asking cap rate (stated in the listing, or computed from its stated income and price when no rate is stated), listings last observed October 19, 2026. Asking cap rates are not closed-sale cap rates. The middle half is the range from the 25th to the 75th percentile of listings. The 10-year Treasury yield is 5.24% as of October 1, 2026 (FRED series DGS10). Ratings are the agency ratings in our ratings database for the entity shown, which may be a parent company; the rating type (for example issuer, senior unsecured debt, long-term debt or revenue bond ratings) varies by company and is shown on each tenant page. A rating applies to a lease only if the rated entity signs or guarantees it, so confirm the tenant and any guarantor in the lease. n/a means no verified rating is on file. Not shown because fewer than 3 active listings with a published cap rate were observed: Sam's Club.

Real Estate Footprint

Sam’s Club U.S. operated 601 clubs in 44 states and Puerto Rico as of January 31, 2026 (Walmart Form 10-K). Club selling areas range from about 94,000 to 168,000 square feet and average about 134,000 square feet (Walmart Form 10-K, January 31, 2026).

Growth & Expansion

Sam’s Club U.S. had 602 clubs at July 31, 2026, against 600 a year earlier (Walmart Form 10-Q).

Investment Pros

• Parent credit: Walmart Inc. is rated AA/Aa2 (S&P/Moody’s); that credit supports a lease only where Walmart Inc. signs or guarantees it
• Membership model: Walmart says membership income is a significant component of Sam’s Club U.S. operating income (Form 10-K)
• Footprint: 601 clubs in 44 states and Puerto Rico at January 31, 2026 (Walmart Form 10-K); a single-property buyer still owns one location and one lease

Investment Cons

• Competition: Walmart says each of its segments competes with physical, eCommerce and omnichannel retailers and wholesale club operators (Form 10-K)
• Labor costs: wage increases can affect operating margins
• Real Estate Sensitivity: Property performance tied to local market conditions
• Unit growth: 602 clubs at July 31, 2026, against 600 a year earlier (Walmart Form 10-Q)
• Economic cycle risk: membership and sales can be sensitive to consumer spending

Comparable Tenants

Other big-box retail tenants include Costco (Costco Wholesale Corporation, rated S&P: AA) and Target (Target Corporation, rated S&P: A / Moody’s: A2), per our ratings database; each tenant page lists rating sources and dates, and our investment grade guide explains the scale. Sam’s Club’s ratings are its parent Walmart Inc.’s. A brand is not automatically the rated party on a lease, so compare the tenant entity, any guarantor, lease terms and pricing property by property.

Frequently Asked Questions