Return on Assets (ROA)
since 2005
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- Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Analysis of Geographic Areas
- Dividend Discount Model (DDM)
- Net Profit Margin since 2005
- Debt to Equity since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
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Calculation
Walmart Inc., ROA, long-term trends, calculation
| ROA | = | 100 | × | Consolidated net income attributable to Walmart1 | ÷ | Total assets1 | |
|---|---|---|---|---|---|---|---|
| Jan 31, 2026 | = | 100 | × | ÷ | |||
| Jan 31, 2025 | = | 100 | × | ÷ | |||
| Jan 31, 2024 | = | 100 | × | ÷ | |||
| Jan 31, 2023 | = | 100 | × | ÷ | |||
| Jan 31, 2022 | = | 100 | × | ÷ | |||
| Jan 31, 2021 | = | 100 | × | ÷ | |||
| Jan 31, 2020 | = | 100 | × | ÷ | |||
| Jan 31, 2019 | = | 100 | × | ÷ | |||
| Jan 31, 2018 | = | 100 | × | ÷ | |||
| Jan 31, 2017 | = | 100 | × | ÷ | |||
| Jan 31, 2016 | = | 100 | × | ÷ | |||
| Jan 31, 2015 | = | 100 | × | ÷ | |||
| Jan 31, 2014 | = | 100 | × | ÷ | |||
| Jan 31, 2013 | = | 100 | × | ÷ | |||
| Jan 31, 2012 | = | 100 | × | ÷ | |||
| Jan 31, 2011 | = | 100 | × | ÷ | |||
| Jan 31, 2010 | = | 100 | × | ÷ | |||
| Jan 31, 2009 | = | 100 | × | ÷ | |||
| Jan 31, 2008 | = | 100 | × | ÷ | |||
| Jan 31, 2007 | = | 100 | × | ÷ | |||
| Jan 31, 2006 | = | 100 | × | ÷ | |||
| Jan 31, 2005 | = | 100 | × | ÷ |
Based on: 10-K (reporting date: 2026-01-31), 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-01-31), 10-K (reporting date: 2018-01-31), 10-K (reporting date: 2017-01-31), 10-K (reporting date: 2016-01-31), 10-K (reporting date: 2015-01-31), 10-K (reporting date: 2014-01-31), 10-K (reporting date: 2013-01-31), 10-K (reporting date: 2012-01-31), 10-K (reporting date: 2011-01-31), 10-K (reporting date: 2010-01-31), 10-K (reporting date: 2009-01-31), 10-K (reporting date: 2008-01-31), 10-K (reporting date: 2007-01-31), 10-K (reporting date: 2006-01-31), 10-K (reporting date: 2005-01-31).
1 US$ in millions
The Return on Assets (ROA) exhibited fluctuating performance over the period from 2005 to 2026. Initially, the ROA demonstrated a period of relative stability, followed by a period of decline, and then a resurgence in later years. A detailed examination reveals specific trends and patterns in the company’s asset utilization efficiency.
- Initial Period (2005-2009)
- From 2005 to 2009, the ROA generally remained within a range of 7.46% to 8.54%. It began at 8.54% in 2005, experienced a slight decrease to 8.13% in 2006, then declined to 7.46% in 2007. A modest recovery occurred in 2008, reaching 7.79%, followed by a further increase to 8.20% in 2009. This period suggests a reasonably consistent ability to generate earnings from its asset base.
- Period of Fluctuations (2010-2015)
- The years 2010 through 2015 witnessed more pronounced fluctuations. The ROA peaked at 9.07% in 2011, before decreasing to 8.12% in 2012 and 8.37% in 2013. A slight decline to 7.83% was observed in 2014, followed by a rise to 8.03%. However, the ROA then decreased to 7.36% in 2015, indicating a potential weakening in asset efficiency during this timeframe.
- Decline and Recovery (2016-2026)
- A significant downward trend was observed from 2016 to 2018, with the ROA falling from 6.86% to a low of 3.04% in 2019. This represents a substantial decrease in profitability relative to the asset base. However, beginning in 2020, the ROA began to recover, increasing to 6.29% and then to 5.35% in 2021 and 5.58% in 2022. The ROA continued its upward trajectory, reaching 6.15% in 2023, 7.45% in 2024, and 7.69% in 2025, and finally 7.69% in 2026. This recovery suggests improved asset management and profitability in recent years.
The observed fluctuations in ROA likely correlate with changes in net income and total asset levels. The period of decline from 2016 to 2019 coincided with lower net income figures, while the subsequent recovery aligns with increased net income and strategic asset management initiatives. Overall, the trend indicates a cyclical pattern of performance, with a recent return to levels comparable to those seen in the earlier part of the analyzed period.
Comparison to Competitors
Walmart Inc., ROA, long-term trends, comparison to competitors
| Walmart Inc. | Costco Wholesale Corp. | Target Corp. | |
|---|---|---|---|
| Jan 31, 2026 | |||
| Jan 31, 2025 | |||
| Jan 31, 2024 | |||
| Jan 31, 2023 | |||
| Jan 31, 2022 | |||
| Jan 31, 2021 | |||
| Jan 31, 2020 | |||
| Jan 31, 2019 | |||
| Jan 31, 2018 | |||
| Jan 31, 2017 | |||
| Jan 31, 2016 | |||
| Jan 31, 2015 | |||
| Jan 31, 2014 | |||
| Jan 31, 2013 | |||
| Jan 31, 2012 | |||
| Jan 31, 2011 | |||
| Jan 31, 2010 | |||
| Jan 31, 2009 | |||
| Jan 31, 2008 | |||
| Jan 31, 2007 | |||
| Jan 31, 2006 | |||
| Jan 31, 2005 |
Based on: 10-K (reporting date: 2026-01-31), 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-01-31), 10-K (reporting date: 2018-01-31), 10-K (reporting date: 2017-01-31), 10-K (reporting date: 2016-01-31), 10-K (reporting date: 2015-01-31), 10-K (reporting date: 2014-01-31), 10-K (reporting date: 2013-01-31), 10-K (reporting date: 2012-01-31), 10-K (reporting date: 2011-01-31), 10-K (reporting date: 2010-01-31), 10-K (reporting date: 2009-01-31), 10-K (reporting date: 2008-01-31), 10-K (reporting date: 2007-01-31), 10-K (reporting date: 2006-01-31), 10-K (reporting date: 2005-01-31).
Comparison to Sector (Consumer Staples Distribution & Retail)
Walmart Inc., ROA, long-term trends, comparison to sector (consumer staples distribution & retail)
| Walmart Inc. | Consumer Staples Distribution & Retail | |
|---|---|---|
| Jan 31, 2026 | ||
| Jan 31, 2025 | ||
| Jan 31, 2024 | ||
| Jan 31, 2023 | ||
| Jan 31, 2022 | ||
| Jan 31, 2021 | ||
| Jan 31, 2020 | ||
| Jan 31, 2019 | ||
| Jan 31, 2018 | ||
| Jan 31, 2017 | ||
| Jan 31, 2016 | ||
| Jan 31, 2015 | ||
| Jan 31, 2014 | ||
| Jan 31, 2013 | ||
| Jan 31, 2012 | ||
| Jan 31, 2011 | ||
| Jan 31, 2010 | ||
| Jan 31, 2009 | ||
| Jan 31, 2008 | ||
| Jan 31, 2007 | ||
| Jan 31, 2006 | ||
| Jan 31, 2005 |
Based on: 10-K (reporting date: 2026-01-31), 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-01-31), 10-K (reporting date: 2018-01-31), 10-K (reporting date: 2017-01-31), 10-K (reporting date: 2016-01-31), 10-K (reporting date: 2015-01-31), 10-K (reporting date: 2014-01-31), 10-K (reporting date: 2013-01-31), 10-K (reporting date: 2012-01-31), 10-K (reporting date: 2011-01-31), 10-K (reporting date: 2010-01-31), 10-K (reporting date: 2009-01-31), 10-K (reporting date: 2008-01-31), 10-K (reporting date: 2007-01-31), 10-K (reporting date: 2006-01-31), 10-K (reporting date: 2005-01-31).
Comparison to Industry (Consumer Staples)
Walmart Inc., ROA, long-term trends, comparison to industry (consumer staples)
| Walmart Inc. | Consumer Staples | |
|---|---|---|
| Jan 31, 2026 | ||
| Jan 31, 2025 | ||
| Jan 31, 2024 | ||
| Jan 31, 2023 | ||
| Jan 31, 2022 | ||
| Jan 31, 2021 | ||
| Jan 31, 2020 | ||
| Jan 31, 2019 | ||
| Jan 31, 2018 | ||
| Jan 31, 2017 | ||
| Jan 31, 2016 | ||
| Jan 31, 2015 | ||
| Jan 31, 2014 | ||
| Jan 31, 2013 | ||
| Jan 31, 2012 | ||
| Jan 31, 2011 | ||
| Jan 31, 2010 | ||
| Jan 31, 2009 | ||
| Jan 31, 2008 | ||
| Jan 31, 2007 | ||
| Jan 31, 2006 | ||
| Jan 31, 2005 |
Based on: 10-K (reporting date: 2026-01-31), 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-01-31), 10-K (reporting date: 2018-01-31), 10-K (reporting date: 2017-01-31), 10-K (reporting date: 2016-01-31), 10-K (reporting date: 2015-01-31), 10-K (reporting date: 2014-01-31), 10-K (reporting date: 2013-01-31), 10-K (reporting date: 2012-01-31), 10-K (reporting date: 2011-01-31), 10-K (reporting date: 2010-01-31), 10-K (reporting date: 2009-01-31), 10-K (reporting date: 2008-01-31), 10-K (reporting date: 2007-01-31), 10-K (reporting date: 2006-01-31), 10-K (reporting date: 2005-01-31).