For years, stock splits have been one of the most exciting trends on Wall Street.

A stock split is a tool public companies have available that allows them to adjust their share price and outstanding share count by the same factor. These changes are surface-scratching in that they don't impact a company's market cap or operating performance.

Businesses completing forward stock splits (designed to reduce a company's share price to make it more nominally affordable for everyday investors) have a knack for outperforming -- which is something the shareholders of retail goliath Walmart (WMT +0.80%) know all too well.

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Walmart's stock-split history is a marvel

Walmart's initial public offering (IPO) occurred on Oct. 1, 1970, with the company pricing its shares at $16.50. In the nearly 55 years since its IPO, this retail colossus has completed 12 forward splits:

• May 1971: 2-for-1 stock split
• March 1972: 2-for-1
• August 1975: 2-for-1
• November 1980: 2-for-1
• June 1982: 2-for-1
• June 1983: 2-for-1
• September 1985: 2-for-1
• June 1987: 2-for-1
• June 1990: 2-for-1
• February 1993: 2-for-1
• March 1999: 2-for-1
• February 2024: 3-for-1

If you had spent $16.50 to purchase one share of Walmart at its IPO, you'd now have 6,144 shares worth $586,076, not including dividends. Not too shabby!

Walmart's competitive edge is on full display

One of the reasons Walmart is so dominant is its size. Being able to buy products in bulk reduces its per-unit cost and allows it to undercut local retailers and even some national grocery chains on price. It offers a value proposition that few retailers can match.

In addition to its sheer size, Walmart is leaning on innovation and digitization to drive gains. Relying on automation and artificial intelligence-optimized supply chains, along with building out its high-margin Walmart+ subscription service, have the needle pointing higher.

With a 52-year streak (and counting) of dividend increases in its sails, Walmart shows no signs of slowing down.