Yesterday marked the 20th anniversary of Amazon’s IPO. It’s market cap stands today at $459.5 billion. Walmart, meanwhile stands at $229.5 billion. So Amazon is apparently twice as valuable as Walmart.

And yet according to Recode…

Walmart has well more than three times Amazon’s annual revenue, and five times its net income. But Jeff Bezos and Amazon have sold a vision of revenue growth over huge net income figures — and Wall Street has largely bought in.

Also: Amazon employs 341,500 people. Walmart provides jobs for 2.3 million.

Go figure.