Common-Size Balance Sheet: Assets
Quarterly Data
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- Analysis of Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Reportable Segments
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Price to Operating Profit (P/OP) since 2005
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Walmart Inc., common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-Q (reporting date: 2026-07-31), 10-Q (reporting date: 2026-04-30), 10-K (reporting date: 2026-01-31), 10-Q (reporting date: 2025-10-31), 10-Q (reporting date: 2025-07-31), 10-Q (reporting date: 2025-04-30), 10-K (reporting date: 2025-01-31), 10-Q (reporting date: 2024-10-31), 10-Q (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 10-K (reporting date: 2024-01-31), 10-Q (reporting date: 2023-10-31), 10-Q (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-31), 10-Q (reporting date: 2022-10-31), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-31), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30), 10-K (reporting date: 2021-01-31), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-04-30).
The asset composition reflects a strategic transition from high liquidity levels toward a greater concentration in fixed infrastructure. While current assets showed significant volatility between 2020 and 2022, the long-term asset base has expanded its relative weight, particularly within tangible property and equipment.
- Liquidity and Short-Term Asset Trends
- Cash and cash equivalents experienced a period of expansion, peaking at 9.66% of total assets in April 2021, before entering a prolonged decline. By the end of the observed period, cash levels stabilized between 3.4% and 3.9%, indicating a reduction in idle liquidity. Conversely, net receivables exhibited a gradual upward trajectory, increasing from 2.16% in April 2020 to 3.77% by July 2026, suggesting a slight increase in the proportion of credit-based sales or a slower collection cycle relative to total asset growth.
- Inventory Dynamics
- Inventories demonstrated significant fluctuations, characterized by a substantial peak of 26.13% in October 2022. This surge suggests a period of aggressive stockpiling or supply chain disruptions. Following this peak, inventory levels normalized and settled into a range between 20% and 22% of total assets, indicating a return to more stabilized inventory management practices.
- Fixed Asset Expansion
- A consistent upward trend is observed in net property and equipment, which rose from 43.74% in April 2020 to 48.48% by July 2026. This growth represents a significant shift in the capital structure, emphasizing heavy investment in physical infrastructure. When combined with finance lease right-of-use assets, the total net property and equipment weighting increased from 45.72% to 50.58%, meaning over half of the total asset base is now comprised of fixed tangible assets.
- Lease and Intangible Asset Analysis
- Operating lease right-of-use assets showed a steady decline from 7.25% to 5.32%, suggesting a transition away from operating leases toward owned assets or finance leases. Similarly, goodwill experienced a gradual contraction from 12.63% to 9.62% of total assets. This decline in the relative weight of goodwill and other long-term assets, which fell from 7.20% to 4.30%, further underscores the increasing dominance of tangible fixed assets in the overall balance sheet composition.
In summary, the common-size analysis reveals a move toward a more asset-heavy operational model. The reduction in cash and intangible asset weightings, coupled with the expansion of property and equipment, points to a long-term strategy focused on internal infrastructure investment over liquidity retention.