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.
Long-term Activity Ratios (Summary)
Walmart Inc., long-term (investment) activity ratios (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).
The investment activity ratios exhibit a divergent trend between the utilization of fixed assets and the overall efficiency of the total asset base over the analyzed period.
- Fixed Asset Efficiency
- A consistent downward trajectory is observed in both the Net Fixed Asset Turnover and the Net Fixed Asset Turnover including operating leases. The standard Net Fixed Asset Turnover decreased from 5.88 in April 2021 to 4.90 by July 2026. Similarly, the ratio incorporating right-of-use assets declined from 5.14 to 4.43. This sustained decline indicates a reduction in the revenue-generating capacity per unit of fixed investment, suggesting that expansions in fixed asset holdings have outpaced the growth in corresponding sales.
- Total Asset Utilization
- In contrast to the deterioration in fixed asset efficiency, Total Asset Turnover remained resilient and demonstrated slight overall growth. Starting at 2.36 in April 2021, the ratio experienced an upward trend, peaking at 2.59 in July 2024 before stabilizing at 2.48 in July 2026. This stability suggests that overall operational efficiency is being maintained, implying that current assets or other non-fixed asset categories are performing with increasing efficiency to offset the decline in fixed asset productivity.
- Equity Productivity
- Equity turnover displays notable volatility while maintaining a high baseline of efficiency. The ratio shifted from 7.13 in April 2021 to a peak of 8.52 in April 2023, eventually settling at 7.42 in July 2026. While subject to periodic fluctuations, the general ability to generate significant sales relative to shareholder equity remains strong, although the downward movement in the latter part of the period aligns with the broader trend of reduced asset-based productivity.
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Net Fixed Asset Turnover
Walmart Inc., net fixed asset turnover calculation (quarterly data)
| Jul 31, 2026 | 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 | 186,100) | 175,684) | 188,913) | 177,769) | 175,750) | 163,981) | 178,830) | 168,003) | 167,767) | 159,938) | 171,914) | 159,439) | 160,280) | 151,004) | 162,743) | 151,469) | 151,381) | 140,288) | 151,525) | 139,207) | 139,871) | 137,159) | |||||||
| Property and equipment, including finance lease right-of-use assets, net | 148,660) | 143,822) | 142,206) | 136,339) | 131,604) | 127,317) | 126,105) | 122,825) | 120,159) | 117,783) | 116,665) | 113,277) | 110,285) | 107,459) | 105,679) | 102,150) | 100,520) | 99,246) | 98,866) | 96,468) | 95,730) | 94,975) | |||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||
| Net fixed asset turnover1 | 4.90 | 4.99 | 4.97 | 5.11 | 5.22 | 5.33 | 5.35 | 5.44 | 5.48 | 5.53 | 5.51 | 5.59 | 5.67 | 5.74 | 5.73 | 5.82 | 5.79 | 5.75 | 5.74 | 5.88 | 5.87 | 5.88 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||||||||||
| Costco Wholesale Corp. | — | — | — | 8.39 | 8.34 | 8.43 | 8.46 | 8.62 | 8.69 | 8.65 | 8.60 | 8.87 | 8.84 | 8.87 | 8.91 | 8.91 | 8.94 | 9.02 | 9.04 | 8.84 | 8.57 | 8.34 | |||||||
| Target Corp. | 3.10 | 3.11 | 3.10 | 3.12 | 3.15 | 3.19 | 3.23 | 3.27 | 3.24 | 3.22 | 3.25 | 3.22 | 3.28 | 3.37 | 3.46 | 3.52 | 3.62 | 3.73 | 3.76 | 3.70 | 3.68 | 3.66 | |||||||
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).
1 Q2 2027 Calculation
Net fixed asset turnover
= (Net salesQ2 2027
+ Net salesQ1 2027
+ Net salesQ4 2026
+ Net salesQ3 2026)
÷ Property and equipment, including finance lease right-of-use assets, net
= (186,100 + 175,684 + 188,913 + 177,769)
÷ 148,660 = 4.90
2 Click competitor name to see calculations.
An analysis of the long-term activity ratios reveals a consistent decline in the net fixed asset turnover from April 2021 through July 2026. While both net sales and the net value of property and equipment have increased over the period, the growth in the asset base has outpaced the growth in revenue generation, leading to a reduction in asset utilization efficiency.
- Net Sales Trajectory
- Net sales exhibited a general upward trend, rising from 137,159 million USD in April 2021 to 186,100 million USD by July 2026. This growth is characterized by recurring quarterly fluctuations, typically peaking in the January periods, which suggests a consistent seasonal revenue pattern over the five-year span.
- Fixed Asset Expansion
- The net value of property and equipment, including finance lease right-of-use assets, showed a steady and uninterrupted increase. The asset base grew from 94,975 million USD in April 2021 to 148,660 million USD in July 2026. This continuous growth indicates a sustained period of capital investment in infrastructure and long-term assets.
- Net Fixed Asset Turnover Analysis
- The net fixed asset turnover ratio experienced a gradual but persistent decline, starting at 5.88 in April 2021 and ending at 4.90 in July 2026. The ratio remained relatively stable around the 5.8 level through 2021, but entered a steady downward trend starting in early 2023. This decline signifies that for every dollar invested in net fixed assets, the amount of sales generated has decreased. The transition from a ratio of 5.88 to 4.90 suggests that the expansion of the asset base has not been matched by a proportional increase in net sales, resulting in lower operational efficiency regarding long-term asset deployment.
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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)
| Jul 31, 2026 | 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 | 186,100) | 175,684) | 188,913) | 177,769) | 175,750) | 163,981) | 178,830) | 168,003) | 167,767) | 159,938) | 171,914) | 159,439) | 160,280) | 151,004) | 162,743) | 151,469) | 151,381) | 140,288) | 151,525) | 139,207) | 139,871) | 137,159) | |||||||
| Property and equipment, including finance lease right-of-use assets, net | 148,660) | 143,822) | 142,206) | 136,339) | 131,604) | 127,317) | 126,105) | 122,825) | 120,159) | 117,783) | 116,665) | 113,277) | 110,285) | 107,459) | 105,679) | 102,150) | 100,520) | 99,246) | 98,866) | 96,468) | 95,730) | 94,975) | |||||||
| Operating lease right-of-use assets | 15,650) | 15,220) | 14,750) | 14,501) | 13,953) | 13,567) | 13,599) | 13,701) | 13,579) | 13,562) | 13,673) | 13,547) | 13,710) | 13,679) | 13,555) | 13,394) | 13,872) | 13,971) | 13,758) | 13,863) | 13,868) | 13,650) | |||||||
| Property and equipment, including finance lease right-of-use assets, net (including operating lease, right-of-use asset) | 164,310) | 159,042) | 156,956) | 150,840) | 145,557) | 140,884) | 139,704) | 136,526) | 133,738) | 131,345) | 130,338) | 126,824) | 123,995) | 121,138) | 119,234) | 115,544) | 114,392) | 113,217) | 112,624) | 110,331) | 109,598) | 108,625) | |||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 4.43 | 4.52 | 4.50 | 4.62 | 4.72 | 4.82 | 4.83 | 4.89 | 4.93 | 4.96 | 4.93 | 4.99 | 5.04 | 5.09 | 5.08 | 5.15 | 5.09 | 5.04 | 5.04 | 5.14 | 5.13 | 5.14 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | |||||||||||||||||||||||||||||
| Costco Wholesale Corp. | — | — | — | 7.77 | 7.71 | 7.78 | 7.79 | 7.92 | 8.01 | 7.97 | 7.89 | 8.11 | 8.04 | 8.08 | 8.09 | 8.04 | 8.05 | 8.12 | 8.12 | 7.94 | 7.67 | 7.43 | |||||||
| Target Corp. | 2.81 | 2.81 | 2.80 | 2.81 | 2.84 | 2.87 | 2.90 | 2.95 | 2.93 | 2.91 | 2.95 | 2.95 | 3.02 | 3.12 | 3.19 | 3.24 | 3.33 | 3.42 | 3.45 | 3.39 | 3.37 | 3.36 | |||||||
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).
1 Q2 2027 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (Net salesQ2 2027
+ Net salesQ1 2027
+ Net salesQ4 2026
+ Net salesQ3 2026)
÷ Property and equipment, including finance lease right-of-use assets, net (including operating lease, right-of-use asset)
= (186,100 + 175,684 + 188,913 + 177,769)
÷ 164,310 = 4.43
2 Click competitor name to see calculations.
An analysis of long-term investment activity reveals a period of consistent expansion in both revenue and fixed asset holdings, accompanied by a gradual decline in the efficiency of asset utilization over the observed timeframe.
- Revenue Growth and Seasonality
- Net sales exhibit a sustained upward trajectory, increasing from 137,159 million USD in April 2021 to 186,100 million USD by July 2026. While the overall trend is positive, quarterly fluctuations indicate a recurring seasonal pattern, with peak revenues typically occurring in the January and July reporting periods.
- Fixed Asset Expansion
- There is a steady and continuous increase 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 164,310 million USD by July 2026. This consistent growth suggests a long-term strategic commitment to increasing physical infrastructure and capacity.
- Net Fixed Asset Turnover Trend
- The net fixed asset turnover ratio shows a distinct downward trend over the long term. The ratio remained relatively stable between 5.04 and 5.15 from April 2021 through October 2022. However, starting in early 2023, a consistent decline is observed, with the ratio falling to 4.43 by July 2026.
- Asset Utilization Efficiency
- The decline in the turnover ratio indicates that the growth in the fixed asset base has outpaced the growth in net sales. While the company successfully scaled its revenue, the rate of investment in property, equipment, and lease assets exceeded the proportional increase in sales generation. This suggests a diminishing marginal return on new fixed asset investments or a period of capacity build-up that has not yet been fully optimized for revenue generation.
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Total Asset Turnover
Walmart Inc., total asset turnover calculation (quarterly data)
| Jul 31, 2026 | 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 | 186,100) | 175,684) | 188,913) | 177,769) | 175,750) | 163,981) | 178,830) | 168,003) | 167,767) | 159,938) | 171,914) | 159,439) | 160,280) | 151,004) | 162,743) | 151,469) | 151,381) | 140,288) | 151,525) | 139,207) | 139,871) | 137,159) | |||||||
| Total assets | 293,914) | 289,607) | 284,668) | 288,655) | 270,837) | 262,372) | 260,823) | 263,399) | 254,440) | 254,054) | 252,399) | 259,174) | 255,121) | 245,053) | 243,197) | 247,656) | 247,199) | 246,142) | 244,860) | 244,851) | 238,552) | 236,581) | |||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||
| Total asset turnover1 | 2.48 | 2.48 | 2.48 | 2.41 | 2.53 | 2.59 | 2.59 | 2.53 | 2.59 | 2.56 | 2.55 | 2.44 | 2.45 | 2.52 | 2.49 | 2.40 | 2.36 | 2.32 | 2.32 | 2.32 | 2.35 | 2.36 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||||||||
| Costco Wholesale Corp. | — | — | — | 3.33 | 3.36 | 3.32 | 3.50 | 3.49 | 3.54 | 3.46 | 3.57 | 3.66 | 3.68 | 3.27 | 3.45 | 3.46 | 3.44 | 3.43 | 3.47 | 3.34 | 3.27 | 3.10 | |||||||
| Target Corp. | 1.76 | 1.83 | 1.76 | 1.75 | 1.83 | 1.88 | 1.84 | 1.84 | 1.92 | 1.93 | 1.94 | 1.90 | 2.03 | 2.10 | 2.05 | 1.95 | 2.06 | 2.10 | 1.97 | 1.90 | 1.95 | 1.94 | |||||||
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).
1 Q2 2027 Calculation
Total asset turnover
= (Net salesQ2 2027
+ Net salesQ1 2027
+ Net salesQ4 2026
+ Net salesQ3 2026)
÷ Total assets
= (186,100 + 175,684 + 188,913 + 177,769)
÷ 293,914 = 2.48
2 Click competitor name to see calculations.
The total asset turnover ratio demonstrates a period of gradual improvement followed by a stabilization phase, reflecting an overall increase in the efficiency of asset utilization to drive net sales. The ratio transitioned from a baseline of 2.36 in April 2021 to a low of 2.32 between January and April 2022, before climbing to a peak of 2.59 in April 2024 and eventually settling at 2.48 by July 2026.
- Revenue Generation Efficiency
- A sustained upward trend in the total asset turnover ratio is observed from July 2022 through April 2024, where the ratio rose from 2.36 to 2.59. This progression indicates that net sales growth outpaced the expansion of the asset base during this interval, resulting in higher productivity per unit of asset.
- Asset Base and Sales Correlation
- Net sales grew from 137,159 million US dollars in April 2021 to 186,100 million US dollars by July 2026. During the same period, total assets increased from 236,581 million US dollars to 293,914 million US dollars. The consistent maintenance of the turnover ratio above 2.30 suggests a robust ability to generate substantial revenue relative to the total investment in assets.
- Performance Stabilization
- Following the peak efficiency recorded in April 2024, the ratio experienced moderate volatility, reaching a periodic low of 2.41 in October 2025. However, the ratio stabilized at 2.48 during the final three quarters of the analyzed period, indicating a stabilized equilibrium between asset growth and sales generation.
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Equity Turnover
Walmart Inc., equity turnover calculation (quarterly data)
| Jul 31, 2026 | 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 | 186,100) | 175,684) | 188,913) | 177,769) | 175,750) | 163,981) | 178,830) | 168,003) | 167,767) | 159,938) | 171,914) | 159,439) | 160,280) | 151,004) | 162,743) | 151,469) | 151,381) | 140,288) | 151,525) | 139,207) | 139,871) | 137,159) | |||||||
| Total Walmart shareholders’ equity | 98,238) | 94,330) | 99,617) | 96,094) | 90,110) | 83,793) | 91,013) | 88,108) | 84,423) | 81,293) | 83,861) | 79,456) | 79,556) | 72,405) | 76,693) | 72,253) | 77,569) | 76,896) | 83,253) | 82,274) | 80,529) | 78,335) | |||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||
| Equity turnover1 | 7.42 | 7.61 | 7.09 | 7.25 | 7.62 | 8.10 | 7.41 | 7.58 | 7.81 | 8.02 | 7.66 | 7.97 | 7.86 | 8.52 | 7.90 | 8.23 | 7.51 | 7.42 | 6.82 | 6.89 | 6.98 | 7.13 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||||||||||
| Costco Wholesale Corp. | — | — | — | 8.59 | 8.75 | 9.07 | 9.25 | 9.72 | 10.13 | 10.38 | 10.57 | 11.43 | 11.76 | 9.22 | 9.49 | 9.80 | 10.09 | 10.56 | 10.79 | 10.69 | 10.62 | 10.78 | |||||||
| Target Corp. | 6.04 | 6.49 | 6.48 | 6.79 | 6.85 | 7.08 | 7.27 | 7.42 | 7.44 | 7.70 | 8.00 | 8.54 | 9.01 | 9.42 | 9.72 | 9.87 | 10.18 | 9.93 | 8.26 | 7.49 | 6.75 | 6.56 | |||||||
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).
1 Q2 2027 Calculation
Equity turnover
= (Net salesQ2 2027
+ Net salesQ1 2027
+ Net salesQ4 2026
+ Net salesQ3 2026)
÷ Total Walmart shareholders’ equity
= (186,100 + 175,684 + 188,913 + 177,769)
÷ 98,238 = 7.42
2 Click competitor name to see calculations.
The financial data indicates a sustained growth trajectory in net sales coupled with a fluctuating but generally upward trend in shareholders' equity, resulting in a dynamic equity turnover ratio. The overall performance reflects an aggressive expansion of revenue that has periodically outpaced the growth of the equity base, enhancing the efficiency of capital utilization.
- Net Sales Trends
- A consistent long-term increase in net sales is observed, rising from 137,159 million USD in April 2021 to a peak of 188,913 million USD by January 2026. The revenue pattern exhibits clear seasonality, with recurring spikes every January, suggesting strong quarterly performance tied to year-end cycles. Despite these fluctuations, the baseline revenue level shifted upward significantly over the analyzed period.
- Shareholders' Equity Dynamics
- Total shareholders' equity demonstrated a non-linear growth pattern. After an initial rise to 83,253 million USD in January 2022, a period of contraction occurred, reaching a low of 72,253 million USD in October 2022. From 2023 onward, a steady recovery and growth phase began, with equity eventually reaching 98,238 million USD by July 2026. This suggests a period of equity reduction or buybacks followed by a phase of capital accumulation.
- Equity Turnover Analysis
- The equity turnover ratio experienced a notable increase between 2022 and 2023, peaking at 8.52 in April 2023. This peak coincided with the period where shareholders' equity was at its lowest relative to sales, indicating maximum efficiency in generating revenue per unit of equity. Following this peak, the ratio stabilized and gradually trended downward, fluctuating between 7.09 and 8.10 in the final years. This stabilization suggests that the growth in the equity base began to align more closely with the growth in net sales, normalizing the asset utilization rate.
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