Three related analyses of $phi^4$ theory with $O(N)$ symmetry are presented. In the first, we review the $O(N)$ model over the $p$-adic numbers and the discrete renormalization group transformations which can be understood as spin blocking in an ultrametric context. We demonstrate the existence of a Wilson-Fisher fixed point using an $epsilon$ expansion, and we show how to obtain leading order results for the anomalous dimensions of low dimension operators near the fixed point. Along the way, we note an important aspect of ultrametric field theories, which is a non-renormalization theorem for kinetic terms. In the second analysis, we employ large $N$ methods to establish formulas for anomalous dimensions which are valid equally for field theories over the $p$-adic numbers and field theories on $mathbb{R}^n$. Results for anomalous dimensions agree between the first and second analyses when they can be meaningfully compared. In the third analysis, we consider higher derivativ