Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
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Long-term Activity Ratios (Summary)
Walmart Inc., long-term (investment) activity ratios (quarterly data)
Based on: 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).
An analysis of long-term activity ratios reveals consistent trends over the observed period. Generally, a gradual decline in asset utilization efficiency is apparent, though with some fluctuations. The ratios examined – net fixed asset turnover, net fixed asset turnover including operating leases, total asset turnover, and equity turnover – all demonstrate varying degrees of this downward trajectory.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio exhibits a consistent, albeit slow, decline from 5.88 to 4.97 over the majority of the period. A slight stabilization is observed between October 2023 and January 2025, before resuming the downward trend, ending at 4.97. This suggests a decreasing ability to generate sales from fixed assets.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- A similar downward trend is observed in the net fixed asset turnover ratio that incorporates operating leases and right-of-use assets. Starting at 5.14, the ratio decreases to 4.50 by January 2026. The inclusion of lease obligations appears to accelerate the decline compared to the standard net fixed asset turnover, indicating that leased assets are not contributing to revenue generation at the same rate as owned fixed assets. The rate of decline mirrors that of the standard net fixed asset turnover.
- Total Asset Turnover
- The total asset turnover ratio demonstrates more volatility than the fixed asset ratios, but still shows an overall decreasing trend. The ratio begins at 2.36 and fluctuates, peaking at 2.59 in April 2024, before declining to 2.48 by January 2026. This suggests a diminishing efficiency in utilizing all assets to generate sales, though the fluctuations indicate potential impacts from inventory management or other short-term asset adjustments.
- Equity Turnover
- The equity turnover ratio also displays a general downward trend, starting at 7.13 and ending at 7.09. While less pronounced than the other ratios, the decline suggests a decreasing ability to generate sales from shareholder equity. There is a peak at 8.52 in October 2022, followed by a decline and a slight recovery before ending near the initial value. This ratio is more volatile than the asset turnover ratios.
In summary, the observed trends suggest a gradual decrease in the efficiency with which assets and equity are utilized to generate revenue. While fluctuations exist, the overall direction points towards a need for potential investigation into asset management strategies and operational efficiencies.
Net Fixed Asset Turnover
Walmart Inc., net fixed asset turnover calculation (quarterly data)
| Jan 31, 2026 | Oct 31, 2025 | Jul 31, 2025 | Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 | Jan 31, 2023 | Oct 31, 2022 | Jul 31, 2022 | Apr 30, 2022 | Jan 31, 2022 | Oct 31, 2021 | Jul 31, 2021 | Apr 30, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Net sales | ||||||||||||||||||||||||||
| Property and equipment, including finance lease right-of-use assets, net | ||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||
| Net fixed asset turnover1 | ||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||||||||||||||||||||||
| Costco Wholesale Corp. | ||||||||||||||||||||||||||
| Target Corp. | ||||||||||||||||||||||||||
Based on: 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).
1 Q4 2026 Calculation
Net fixed asset turnover
= (Net salesQ4 2026
+ Net salesQ3 2026
+ Net salesQ2 2026
+ Net salesQ1 2026)
÷ Property and equipment, including finance lease right-of-use assets, net
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The net fixed asset turnover ratio for the analyzed period demonstrates a consistent, albeit gradual, downward trend. Initially, the ratio fluctuated around 5.8, but has decreased over the ten-quarter period to approximately 4.97.
- Overall Trend
- A clear declining trend is evident in the net fixed asset turnover ratio. The ratio decreased from 5.88 in April 2021 to 4.97 in January 2026. This suggests a diminishing efficiency in generating net sales from the company’s fixed assets.
- Initial Period (Apr 30, 2021 – Jan 31, 2022)
- From April 2021 through January 2022, the ratio exhibited relative stability, ranging between 5.74 and 5.88. Minor fluctuations occurred, but the overall value remained consistent, indicating a stable relationship between net sales and fixed assets during this timeframe.
- Transitional Period (Apr 30, 2022 – Oct 31, 2023)
- Beginning in April 2022, a more pronounced downward trend began. The ratio decreased from 5.75 to 5.59 over this period. While still relatively close to the initial values, this marks the start of a consistent decline.
- Accelerated Decline (Jan 31, 2024 – Jan 31, 2026)
- The rate of decline accelerated in the latter part of the analyzed period. From January 2024 to January 2026, the ratio fell from 5.51 to 4.97. This suggests that the company is becoming less efficient at utilizing its fixed assets to generate sales, or that fixed asset investment is growing at a faster rate than sales.
- Relationship to Sales and Fixed Assets
- While net sales generally increased over the period, the growth in property and equipment, including finance lease right-of-use assets, appears to have outpaced sales growth. This disparity is the primary driver of the declining net fixed asset turnover ratio. The increasing investment in fixed assets, without a proportional increase in sales, reduces the efficiency with which those assets are utilized.
The observed trend warrants further investigation to determine the underlying causes. Potential factors include increased capital expenditures, shifts in sales strategy, or changes in the efficiency of asset utilization. Understanding these factors is crucial for informed decision-making regarding future investment and operational strategies.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Walmart Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation (quarterly data)
| Jan 31, 2026 | Oct 31, 2025 | Jul 31, 2025 | Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 | Jan 31, 2023 | Oct 31, 2022 | Jul 31, 2022 | Apr 30, 2022 | Jan 31, 2022 | Oct 31, 2021 | Jul 31, 2021 | Apr 30, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Net sales | ||||||||||||||||||||||||||
| Property and equipment, including finance lease right-of-use assets, net | ||||||||||||||||||||||||||
| Operating lease right-of-use assets | ||||||||||||||||||||||||||
| Property and equipment, including finance lease right-of-use assets, net (including operating lease, right-of-use asset) | ||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | ||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | ||||||||||||||||||||||||||
| Costco Wholesale Corp. | ||||||||||||||||||||||||||
| Target Corp. | ||||||||||||||||||||||||||
Based on: 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).
1 Q4 2026 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (Net salesQ4 2026
+ Net salesQ3 2026
+ Net salesQ2 2026
+ Net salesQ1 2026)
÷ Property and equipment, including finance lease right-of-use assets, net (including operating lease, right-of-use asset)
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The net fixed asset turnover ratio, calculated using property and equipment including finance lease right-of-use assets, demonstrates a generally declining trend over the observed period spanning from April 2021 to January 2026. While fluctuations exist, the overall pattern indicates decreasing efficiency in generating net sales from the company’s fixed asset base.
- Initial Period (Apr 30, 2021 – Jan 31, 2022)
- The ratio begins at 5.14 and remains relatively stable, fluctuating between 5.04 and 5.15. This suggests a consistent level of sales generation relative to fixed assets during this timeframe. There is a slight dip to 5.04 in January 2022, but it remains within a narrow range of the initial value.
- Moderate Decline (Apr 30, 2022 – Oct 31, 2023)
- A gradual downward trend becomes apparent, with the ratio decreasing from 5.04 to 4.99. While the declines are incremental, they signal a subtle reduction in the efficiency of fixed asset utilization. The ratio remains above 4.90 throughout this period.
- Accelerated Decline (Jan 31, 2024 – Jan 31, 2026)
- The rate of decline accelerates, with the ratio falling from 4.93 to 4.50 over the final two years of the observed period. This indicates a more pronounced decrease in sales generated per dollar of fixed assets. The lowest value, 4.50, is recorded in January 2026, representing a significant decrease from the initial ratio of 5.14.
- Overall Trend
- The net fixed asset turnover ratio exhibits a consistent, albeit initially slow, decline over the entire period. The ratio decreased approximately 12.5% from 5.14 in April 2021 to 4.50 in January 2026. This suggests that the company is becoming less efficient in utilizing its fixed assets to generate revenue, potentially due to increased investment in fixed assets without a corresponding increase in sales, or a slowdown in sales growth.
Further investigation would be required to determine the underlying causes of this trend, such as changes in asset composition, operational inefficiencies, or shifts in sales strategy. Analyzing the components of property and equipment, as well as sales trends, would provide additional context.
Total Asset Turnover
Walmart Inc., total asset turnover calculation (quarterly data)
| Jan 31, 2026 | Oct 31, 2025 | Jul 31, 2025 | Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 | Jan 31, 2023 | Oct 31, 2022 | Jul 31, 2022 | Apr 30, 2022 | Jan 31, 2022 | Oct 31, 2021 | Jul 31, 2021 | Apr 30, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Net sales | ||||||||||||||||||||||||||
| Total assets | ||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||
| Total asset turnover1 | ||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | ||||||||||||||||||||||||||
| Costco Wholesale Corp. | ||||||||||||||||||||||||||
| Target Corp. | ||||||||||||||||||||||||||
Based on: 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).
1 Q4 2026 Calculation
Total asset turnover
= (Net salesQ4 2026
+ Net salesQ3 2026
+ Net salesQ2 2026
+ Net salesQ1 2026)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The total asset turnover ratio for the analyzed period demonstrates a generally stable trend with some fluctuations. Initially, the ratio exhibited a slight decline from 2.36 in April 2021 to 2.32 in January 2022. Subsequently, the ratio experienced an upward trajectory, peaking at 2.59 in January 2025, before moderating to 2.48 in January 2026.
- Overall Trend
- The ratio generally remained within a relatively narrow range of 2.32 to 2.59 throughout the observed timeframe. This suggests consistent efficiency in utilizing assets to generate sales. The latter half of the period, from October 2022 onwards, shows a more pronounced tendency towards higher turnover rates.
- Short-Term Fluctuations
- Quarterly variations are present. For example, a noticeable increase occurred between January 2022 (2.32) and October 2022 (2.40). A similar increase is observed between April 2024 (2.56) and January 2025 (2.59). These fluctuations likely correlate with seasonal sales patterns or specific promotional activities.
- Recent Performance
- The most recent quarters show a slight decrease from the peak of 2.59 in January 2025 to 2.48 in January 2026. While this represents a minor decline, it warrants monitoring to determine if it signals a developing trend or is simply a temporary variation. The ratio remains comparatively high, indicating continued effective asset management.
- Peak and Trough Values
- The lowest value recorded was 2.32, occurring in both April 2021 and January 2022. The highest value was 2.59, observed in January 2025. The difference between these values, while not substantial, highlights the range of asset utilization efficiency during the period.
In conclusion, the total asset turnover ratio indicates a consistent ability to generate sales from its asset base. While fluctuations exist, the overall trend suggests effective asset management practices. Continued monitoring of this ratio is recommended to identify any significant shifts in operational efficiency.
Equity Turnover
Walmart Inc., equity turnover calculation (quarterly data)
| Jan 31, 2026 | Oct 31, 2025 | Jul 31, 2025 | Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 | Jan 31, 2023 | Oct 31, 2022 | Jul 31, 2022 | Apr 30, 2022 | Jan 31, 2022 | Oct 31, 2021 | Jul 31, 2021 | Apr 30, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Net sales | ||||||||||||||||||||||||||
| Total Walmart shareholders’ equity | ||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||
| Equity turnover1 | ||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | ||||||||||||||||||||||||||
| Costco Wholesale Corp. | ||||||||||||||||||||||||||
| Target Corp. | ||||||||||||||||||||||||||
Based on: 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).
1 Q4 2026 Calculation
Equity turnover
= (Net salesQ4 2026
+ Net salesQ3 2026
+ Net salesQ2 2026
+ Net salesQ1 2026)
÷ Total Walmart shareholders’ equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The equity turnover ratio for the analyzed period demonstrates a generally stable pattern with moderate fluctuations. Initially, the ratio exhibited a slight downward trend from 7.13 in April 2021 to 6.82 in January 2022. Subsequently, a notable increase occurred, peaking at 8.23 in October 2022, before declining again to 7.66 in January 2023.
- Overall Trend
- Throughout the observed timeframe, the equity turnover ratio remained within a relatively narrow range, fluctuating between approximately 6.82 and 8.52. This suggests a consistent relationship between net sales and shareholders’ equity, indicating a stable utilization of equity to generate sales.
- Short-Term Fluctuations
- A distinct increase in the ratio is observed during the latter half of 2022, potentially reflecting increased sales relative to equity or a decrease in equity levels. The subsequent decline into early 2023 suggests a reversion towards previous levels. A minor peak is seen in April 2023 at 8.52, followed by a decline and stabilization around 7.8-8.0 in the following quarters.
- Recent Performance (2024-2025)
- From 2024 through the projected values in mid-2025, the ratio shows a slight downward trend, moving from 8.02 in January 2024 to 7.09 in January 2026. This suggests a potential slowing in the rate at which sales are generated from each dollar of equity, or a relative increase in equity compared to sales. The ratio remains above the lowest point observed during the analyzed period, however.
The observed fluctuations do not appear to indicate any drastic shifts in the company’s operational efficiency or financial leverage. The ratio’s stability suggests a predictable and consistent business model. Further investigation into the underlying drivers of sales and equity changes would be necessary to provide a more definitive interpretation of these trends.