WMT posted a 3.1% net margin last quarter with 16.8% ROIC, but that's hiding structural headwinds. The Medicare GLP-1 access narrative is being sold as a pharma story. It's actually a consumer discretionary bear case. When older Americans—the demographic most price-sensitive to discount retail—start suppressing appetite and shrinking shopping baskets, Walmart's highest-margin categories (apparel, home goods, discretionary SKUs) face simultaneous demand destruction.

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