Interest in the stock of Walmart (NYSE:WMT) has risen in recent months. As the firm continues to buy e-commerce companies such as Jet.com and Flipkart, it has leveraged a combined physical and online presence to compete with the likes of Amazon (NASDAQ:AMZN). As a result, many have shown a renewed interest in owning Walmart stock.

However, for all of the focus on online sales, e-commerce remains a small percentage of Walmart’s overall revenue. Moreover, despite increased attention, the WMT stock price has fallen year to date. Given the performance of WMT, investors should judge the company’s performance en todo, rather than focusing only on e-commerce.

For the past few years, e-commerce has driven Walmart stock. WMT stock traded barely above its financial-crisis lows when fears of Amazon led to panic selling in retail stocks. As Walmart began to leverage its stores to enhance e-commerce, the WMT stock price recovered. In August, WMT surged by more than 9% after announcing its best sales numbers in 10 years, along with a 40% increase in online sales.

Without question, combining e-commerce with physical locations helps the company compete. Moreover, the alliance with Chinese e-retailer JD.com (NASDAQ:JD) offers hope that the company could bolster the struggling Walmart China division.

Judge Walmart Stock Based on the Entire Company

However, this focus calls for both negative and positive perspective. For all of the notoriety surrounding its e-commerce unit, online sales make up just above $15 billion of Walmart’s estimated $514.34 for fiscal 2019. Even with 40%-plus growth from last year’s numbers, this remains a small portion of Walmart’s revenue.

Despite the bullish sentiment surrounding Walmart stock, the optimism has not translated into permanent stock gains. WMT stock trades below year-ago levels and only slightly higher than its peak price in 2014.

That said, this is not a call to place WMT in the same company as beleaguered peers such as Sears Holdings (OTCMKTS:SHLDQ) or JCPenney (NYSE:JCP). Walmart has adapted to the times and will retain its presence on the retail landscape for decades to come.

Walmart Stock Remains Boring

Instead, Walmart stock has become the Dow 30 equity that fits the profile of the stereotypical, boring Dow stock. Many metrics reflect its steady, muted performance. The WMT stock price has approximately doubled from 2009 lows. The S&P 500 has risen by over fourfold in the same period. The forward price-to-earnings (PE) ratio of about 19.5 comes in slightly below S&P averages. Also, for all of the talk of 40% online sales growth, analysts forecast revenue growth of 2.8% in the current fiscal year for the overall company.

The dividend reflects better on Walmart stock. The yield of around 2.25% comes in slightly higher than the S&P average of 2%. However, the company has increased the dividend for 43 straight years. While that stands as an admirable feat, it also reinforces the boring Dow stock reputation.

Further, its core strengths still lie in its near brick-and-mortar monopoly in rural America and its large market share in the U.S. grocery business. While both should remain steady, they will likely not drive investors into WMT stock.

Final Thoughts on Walmart Stock

Investors should evaluate Walmart stock based on its existing business as well as its e-commerce operations.

WMT stock has drawn increasing interest as its online sales grow at a rapid pace. However, for all of this enthusiasm, the WMT stock price has fallen this year. Moreover, online sales make up such a small portion of the company that analysts predict only 2.8% revenue growth for the retail giant.

For all of the headlines, Walmart remains what it has always been — a brick-and-mortar retailer whose most notable accomplishment remains its retail dominance in rural America. While online sales growth looks promising, e-commerce will remain only a small part of the company for years to come.

All in all, Walmart stock remains a boring, low-growth Dow 30 equity. Investors should treat it as such.

As of this writing, Will Healy did not hold a position in any of the aforementioned stocks. You can follow Will on Twitter at @HealyWriting.