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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- Analysis of Liquidity Ratios
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- Analysis of Reportable Segments
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- Dividend Discount Model (DDM)
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Long-term Activity Ratios (Summary)
Walmart Inc., long-term (investment) activity ratios (quarterly data)
Based on: 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).
An analysis of the long-term activity ratios reveals a divergent trend between the efficiency of fixed asset utilization and the efficiency of overall asset management over the observed period from April 2021 to April 2026.
- Net Fixed Asset Turnover
- A consistent downward trend is observed in the net fixed asset turnover ratio, which decreased from 5.88 in April 2021 to 4.99 by April 2026. This decline is mirrored in the ratio that includes operating lease right-of-use assets, which fell from 5.14 to 4.52 over the same period. The steady reduction suggests that the growth in the company's fixed asset base, including leased properties, has outpaced the growth in corresponding revenue generation, leading to a decline in the productivity of these specific long-term investments.
- Total Asset Turnover
- In contrast to fixed assets, the total asset turnover ratio demonstrates relative stability with a slight overall increase, moving from 2.36 in April 2021 to 2.48 in April 2026. The ratio experienced a period of growth starting in January 2023, reaching a peak of 2.59 in July 2024 before stabilizing. This indicates that while fixed asset efficiency has diminished, the management of current assets and other resources has remained effective, offsetting the decline in fixed asset turnover to maintain overall organizational asset productivity.
- Equity Turnover
- The equity turnover ratio exhibits significant volatility but maintains a generally higher level of activity compared to the start of the period, ending at 7.61 in April 2026 relative to 7.13 in April 2021. Notable peaks were observed in October 2022 (8.23) and April 2023 (8.52). The fluctuations suggest periodic shifts in the relationship between the equity base and generated sales, though the overall trend indicates a high capacity to generate revenue from shareholders' equity.
The synthesis of these metrics indicates a strategic shift or an expansion phase where capital is being deployed into fixed assets and leasehold improvements. While this has temporarily lowered the turnover efficiency of long-term assets, the stability of the total asset turnover suggests that the broader operational asset base continues to support revenue growth effectively.
Net Fixed Asset Turnover
Walmart Inc., net fixed asset turnover calculation (quarterly data)
| Apr 30, 2026 | 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-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).
1 Q1 2027 Calculation
Net fixed asset turnover
= (Net salesQ1 2027
+ Net salesQ4 2026
+ Net salesQ3 2026
+ Net salesQ2 2026)
÷ Property and equipment, including finance lease right-of-use assets, net
= ( + + + )
÷ =
2 Click competitor name to see calculations.
A comprehensive analysis of the long-term activity ratios reveals a consistent decline in the efficiency of fixed asset utilization over the period from April 2021 to April 2026. While both net sales and net fixed assets increased in absolute terms, the rate of investment in property and equipment outpaced the growth in revenue, leading to a steady contraction of the net fixed asset turnover ratio.
- Net Sales Trajectory
- Net sales exhibited a general upward trend, increasing from 137,159 million USD in April 2021 to 175,684 million USD by April 2026. This growth was characterized by significant quarterly fluctuations, likely reflecting seasonal demand patterns, with a notable peak of 188,913 million USD observed in October 2025.
- Fixed Asset Investment Expansion
- There was a sustained and linear increase in net property and equipment, including finance lease right-of-use assets. The asset base grew from 94,975 million USD in April 2021 to 143,822 million USD in April 2026. This represents a steady commitment to capital expenditure throughout the five-year period, with no significant contractions in the asset base.
- Net Fixed Asset Turnover Analysis
- The net fixed asset turnover ratio experienced a prolonged decline, falling from a high of 5.88 in early 2021 to 4.99 by April 2026. The erosion of this ratio occurred in three distinct phases: a period of relative stability between April and October 2021 (averaging 5.88), a moderate decline and fluctuation between January 2022 and April 2023 (ranging from 5.73 to 5.79), and a more pronounced, consistent downward trend from July 2023 onward.
- Operational Efficiency Insights
- The transition of the turnover ratio from 5.88 to 4.99 indicates that the company is generating progressively less revenue for every dollar invested in net fixed assets. This pattern suggests that recent capital investments have not yet translated into proportional sales growth, or that the marginal productivity of new fixed assets is lower than that of the legacy asset base.
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)
| Apr 30, 2026 | 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-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).
1 Q1 2027 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (Net salesQ1 2027
+ Net salesQ4 2026
+ Net salesQ3 2026
+ Net salesQ2 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 financial performance between April 2021 and April 2026 is characterized by a consistent increase in both net sales and the fixed asset base, although the efficiency of asset utilization has experienced a gradual decline over the latter half of the period.
- Net Sales Performance
- Net sales exhibited a general upward trajectory, rising from 137,159 million USD in April 2021 to 175,684 million USD by April 2026. While the overall trend is positive, the growth pattern is marked by quarterly fluctuations, indicating a degree of seasonality in revenue generation.
- Fixed Asset Expansion
- A steady and linear increase is observed in property and equipment, including finance and operating lease right-of-use assets. The asset base grew from 108,625 million USD in April 2021 to 159,042 million USD in April 2026. This continuous growth reflects sustained capital investment in physical infrastructure and lease acquisitions over the five-year period.
- Net Fixed Asset Turnover Analysis
- The net fixed asset turnover ratio remained relatively stable during the initial phase, oscillating between 5.04 and 5.15 from April 2021 through October 2022. However, a clear downward trend began in January 2023, with the ratio steadily decreasing to 4.52 by April 2026. This decline indicates that the expansion of the fixed asset base has outpaced the growth in net sales, resulting in a lower rate of revenue generation per dollar of invested long-term assets.
Total Asset Turnover
Walmart Inc., total asset turnover calculation (quarterly data)
| Apr 30, 2026 | 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-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).
1 Q1 2027 Calculation
Total asset turnover
= (Net salesQ1 2027
+ Net salesQ4 2026
+ Net salesQ3 2026
+ Net salesQ2 2026)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The analysis of investment activity ratios reveals a general improvement in asset utilization efficiency over the observed period. While the total asset turnover ratio experienced initial stability, it subsequently entered a phase of growth before moderating in the final quarters.
- Net Sales Performance
- Net sales demonstrated a sustained upward trajectory, increasing from 137,159 million USD in April 2021 to a peak of 188,913 million USD in January 2026. The growth pattern is characterized by notable seasonal volatility, with consistent peaks occurring during the January and July quarters, indicating strong cyclical revenue drivers.
- Asset Base Evolution
- Total assets grew from 236,581 million USD in April 2021 to 289,607 million USD by April 2026. The expansion of the asset base was relatively gradual until 2024, after which a more pronounced increase in total assets was observed, coinciding with the period where the turnover ratio began to stabilize or decline.
- Total Asset Turnover Trends
- The total asset turnover ratio began at 2.36 in April 2021 and remained relatively flat, dipping to a low of 2.32 through April 2022. A significant improvement in efficiency followed, with the ratio ascending to a peak of 2.59 in July 2024 and January 2025. This indicates a period where revenue growth significantly outpaced the growth of the asset base. In the final year of the period, the ratio moderated to 2.48 by April 2026, reflecting a recalibration as asset investments increased relative to sales growth.
Overall, the data indicates that the organization successfully enhanced its ability to generate sales from its asset base between 2022 and 2024. The subsequent slight decline in the turnover ratio suggests a period of increased capital investment that has not yet fully translated into proportional sales growth.
Equity Turnover
Walmart Inc., equity turnover calculation (quarterly data)
| Apr 30, 2026 | 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-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).
1 Q1 2027 Calculation
Equity turnover
= (Net salesQ1 2027
+ Net salesQ4 2026
+ Net salesQ3 2026
+ Net salesQ2 2026)
÷ Total Walmart shareholders’ equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The analysis of long-term investment activity reveals a complex relationship between revenue growth and the expansion of the equity base. While net sales demonstrate a consistent long-term upward trajectory, the efficiency of equity utilization has experienced significant volatility, characterized by a mid-period spike followed by a gradual normalization.
- Net Sales Performance
- A sustained growth trend is observed in net sales, which rose from 137,159 million in April 2021 to 175,684 million by April 2026. The trajectory is marked by recurring seasonal peaks, most notably in the January quarters, where values frequently reached their highest levels, such as the 188,913 million recorded in January 2026.
- Shareholders' Equity Dynamics
- Total shareholders' equity exhibited fluctuations throughout the period. An initial period of stability was followed by a contraction reaching a low of 72,253 million in October 2022. Subsequently, a strong recovery phase occurred, with equity expanding to a peak of 99,617 million in October 2025, suggesting an increase in retained earnings or capital infusions.
- Equity Turnover Trends
- The equity turnover ratio, which measures the efficiency of generating sales from shareholders' investments, fluctuated between 6.82 and 8.52. A notable increase in efficiency occurred between April 2022 and April 2023, peaking at 8.52. This peak was driven by the convergence of rising sales and a temporary reduction in the equity base. Following this peak, a gradual downward trend is observed, with the ratio settling between 7.09 and 7.61 in the final year of the analysis. This decline indicates that the growth of the equity base has begun to outpace the growth rate of net sales, leading to a lower turnover rate per unit of equity.
In summary, the data indicates that while the scale of operations has expanded significantly, the efficiency of equity utilization reached a maximum in early 2023 and has since moderated as the company's equity position strengthened.