[Walmart's Q2 comps just hit the slowest growth in five years](https://www.marketwatch.com/story/walmart-shares-slide-as-u-s-sales-hit-by-falling-drug-prices-1e308c61?mod=mw_rss_topstories) at 2.6%, and the narrative is all about PBM deflation crushing the pharmacy. But the structural story is different than the margin thesis suggests. Walmart's net margin sits at 3.0%—already compressed—yet revenue growth is only 5.8% YoY while net income contracted 58.3% YoY.

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