Stock Analysis on Net
Stock Analysis on Net

Walmart Inc. (NYSE:WMT)

Adjusted Financial Ratios

Microsoft Excel

Adjusted Financial Ratios (Summary)

Walmart Inc., adjusted financial ratios

Microsoft Excel
Jan 31, 2024 Jan 31, 2023 Jan 31, 2022 Jan 31, 2021 Jan 31, 2020 Jan 31, 2019
Activity Ratio
Total Asset Turnover
Reported 2.55 2.49 2.32 2.20 2.20 2.33
Adjusted 2.56 2.51 2.33 2.22 2.22 2.26
Solvency Ratios
Debt to Equity
Reported 0.56 0.58 0.51 0.60 0.73 0.80
Adjusted 0.64 0.66 0.59 0.67 0.84 0.79
Debt to Capital
Reported 0.36 0.37 0.34 0.38 0.42 0.44
Adjusted 0.39 0.40 0.37 0.40 0.46 0.44
Financial Leverage
Reported 3.01 3.17 2.94 3.12 3.17 3.02
Adjusted 2.61 2.69 2.50 2.66 2.73 2.69
Profitability Ratios
Net Profit Margin
Reported 2.41% 1.93% 2.41% 2.43% 2.86% 1.31%
Adjusted 2.74% 1.53% 2.77% 2.94% 2.75% 1.26%
Return on Equity (ROE)
Reported 18.50% 15.23% 16.42% 16.69% 19.93% 9.20%
Adjusted 18.31% 10.32% 16.15% 17.33% 16.69% 7.62%
Return on Assets (ROA)
Reported 6.15% 4.80% 5.58% 5.35% 6.29% 3.04%
Adjusted 7.02% 3.83% 6.46% 6.51% 6.11% 2.83%

Based on: 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).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Walmart Inc. adjusted total asset turnover ratio improved from 2022 to 2023 and from 2023 to 2024.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Walmart Inc. adjusted debt-to-equity ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Walmart Inc. adjusted debt-to-capital ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Walmart Inc. adjusted financial leverage ratio increased from 2022 to 2023 but then slightly decreased from 2023 to 2024.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Walmart Inc. adjusted net profit margin ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 not reaching 2022 level.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Walmart Inc. adjusted ROE deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Walmart Inc. adjusted ROA deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.

Walmart Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Microsoft Excel
Jan 31, 2024 Jan 31, 2023 Jan 31, 2022 Jan 31, 2021 Jan 31, 2020 Jan 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net sales 642,637 605,881 567,762 555,233 519,926 510,329
Total assets 252,399 243,197 244,860 252,496 236,495 219,295
Activity Ratio
Total asset turnover1 2.55 2.49 2.32 2.20 2.20 2.33
Adjusted
Selected Financial Data (US$ in millions)
Net sales 642,637 605,881 567,762 555,233 519,926 510,329
Adjusted total assets2 250,736 241,694 243,387 250,660 234,581 226,032
Activity Ratio
Adjusted total asset turnover3 2.56 2.51 2.33 2.22 2.22 2.26

Based on: 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).

1 2024 Calculation
Total asset turnover = Net sales ÷ Total assets
= 642,637 ÷ 252,399 = 2.55

2 Adjusted total assets. See details »

3 2024 Calculation
Adjusted total asset turnover = Net sales ÷ Adjusted total assets
= 642,637 ÷ 250,736 = 2.56

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Walmart Inc. adjusted total asset turnover ratio improved from 2022 to 2023 and from 2023 to 2024.

Adjusted Debt to Equity

Microsoft Excel
Jan 31, 2024 Jan 31, 2023 Jan 31, 2022 Jan 31, 2021 Jan 31, 2020 Jan 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total debt 46,891 44,622 42,831 48,871 54,469 58,033
Total Walmart shareholders’ equity 83,861 76,693 83,253 80,925 74,669 72,496
Solvency Ratio
Debt to equity1 0.56 0.58 0.51 0.60 0.73 0.80
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 61,321 58,923 57,323 63,246 72,433 66,566
Adjusted total equity3 96,156 89,757 97,335 94,140 85,842 84,134
Solvency Ratio
Adjusted debt to equity4 0.64 0.66 0.59 0.67 0.84 0.79

Based on: 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).

1 2024 Calculation
Debt to equity = Total debt ÷ Total Walmart shareholders’ equity
= 46,891 ÷ 83,861 = 0.56

2 Adjusted total debt. See details »

3 Adjusted total equity. See details »

4 2024 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted total equity
= 61,321 ÷ 96,156 = 0.64

Solvency ratio Description The company
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Walmart Inc. adjusted debt-to-equity ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.

Adjusted Debt to Capital

Microsoft Excel
Jan 31, 2024 Jan 31, 2023 Jan 31, 2022 Jan 31, 2021 Jan 31, 2020 Jan 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total debt 46,891 44,622 42,831 48,871 54,469 58,033
Total capital 130,752 121,315 126,084 129,796 129,138 130,529
Solvency Ratio
Debt to capital1 0.36 0.37 0.34 0.38 0.42 0.44
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 61,321 58,923 57,323 63,246 72,433 66,566
Adjusted total capital3 157,477 148,680 154,658 157,386 158,275 150,700
Solvency Ratio
Adjusted debt to capital4 0.39 0.40 0.37 0.40 0.46 0.44

Based on: 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).

1 2024 Calculation
Debt to capital = Total debt ÷ Total capital
= 46,891 ÷ 130,752 = 0.36

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2024 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 61,321 ÷ 157,477 = 0.39

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Walmart Inc. adjusted debt-to-capital ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.

Adjusted Financial Leverage

Microsoft Excel
Jan 31, 2024 Jan 31, 2023 Jan 31, 2022 Jan 31, 2021 Jan 31, 2020 Jan 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total assets 252,399 243,197 244,860 252,496 236,495 219,295
Total Walmart shareholders’ equity 83,861 76,693 83,253 80,925 74,669 72,496
Solvency Ratio
Financial leverage1 3.01 3.17 2.94 3.12 3.17 3.02
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 250,736 241,694 243,387 250,660 234,581 226,032
Adjusted total equity3 96,156 89,757 97,335 94,140 85,842 84,134
Solvency Ratio
Adjusted financial leverage4 2.61 2.69 2.50 2.66 2.73 2.69

Based on: 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).

1 2024 Calculation
Financial leverage = Total assets ÷ Total Walmart shareholders’ equity
= 252,399 ÷ 83,861 = 3.01

2 Adjusted total assets. See details »

3 Adjusted total equity. See details »

4 2024 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted total equity
= 250,736 ÷ 96,156 = 2.61

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Walmart Inc. adjusted financial leverage ratio increased from 2022 to 2023 but then slightly decreased from 2023 to 2024.

Adjusted Net Profit Margin

Microsoft Excel
Jan 31, 2024 Jan 31, 2023 Jan 31, 2022 Jan 31, 2021 Jan 31, 2020 Jan 31, 2019
Reported
Selected Financial Data (US$ in millions)
Consolidated net income attributable to Walmart 15,511 11,680 13,673 13,510 14,881 6,670
Net sales 642,637 605,881 567,762 555,233 519,926 510,329
Profitability Ratio
Net profit margin1 2.41% 1.93% 2.41% 2.43% 2.86% 1.31%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted consolidated net income2 17,609 9,262 15,721 16,317 14,323 6,408
Net sales 642,637 605,881 567,762 555,233 519,926 510,329
Profitability Ratio
Adjusted net profit margin3 2.74% 1.53% 2.77% 2.94% 2.75% 1.26%

Based on: 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).

1 2024 Calculation
Net profit margin = 100 × Consolidated net income attributable to Walmart ÷ Net sales
= 100 × 15,511 ÷ 642,637 = 2.41%

2 Adjusted consolidated net income. See details »

3 2024 Calculation
Adjusted net profit margin = 100 × Adjusted consolidated net income ÷ Net sales
= 100 × 17,609 ÷ 642,637 = 2.74%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Walmart Inc. adjusted net profit margin ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 not reaching 2022 level.

Adjusted Return on Equity (ROE)

Microsoft Excel
Jan 31, 2024 Jan 31, 2023 Jan 31, 2022 Jan 31, 2021 Jan 31, 2020 Jan 31, 2019
Reported
Selected Financial Data (US$ in millions)
Consolidated net income attributable to Walmart 15,511 11,680 13,673 13,510 14,881 6,670
Total Walmart shareholders’ equity 83,861 76,693 83,253 80,925 74,669 72,496
Profitability Ratio
ROE1 18.50% 15.23% 16.42% 16.69% 19.93% 9.20%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted consolidated net income2 17,609 9,262 15,721 16,317 14,323 6,408
Adjusted total equity3 96,156 89,757 97,335 94,140 85,842 84,134
Profitability Ratio
Adjusted ROE4 18.31% 10.32% 16.15% 17.33% 16.69% 7.62%

Based on: 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).

1 2024 Calculation
ROE = 100 × Consolidated net income attributable to Walmart ÷ Total Walmart shareholders’ equity
= 100 × 15,511 ÷ 83,861 = 18.50%

2 Adjusted consolidated net income. See details »

3 Adjusted total equity. See details »

4 2024 Calculation
Adjusted ROE = 100 × Adjusted consolidated net income ÷ Adjusted total equity
= 100 × 17,609 ÷ 96,156 = 18.31%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Walmart Inc. adjusted ROE deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.

Adjusted Return on Assets (ROA)

Microsoft Excel
Jan 31, 2024 Jan 31, 2023 Jan 31, 2022 Jan 31, 2021 Jan 31, 2020 Jan 31, 2019
Reported
Selected Financial Data (US$ in millions)
Consolidated net income attributable to Walmart 15,511 11,680 13,673 13,510 14,881 6,670
Total assets 252,399 243,197 244,860 252,496 236,495 219,295
Profitability Ratio
ROA1 6.15% 4.80% 5.58% 5.35% 6.29% 3.04%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted consolidated net income2 17,609 9,262 15,721 16,317 14,323 6,408
Adjusted total assets3 250,736 241,694 243,387 250,660 234,581 226,032
Profitability Ratio
Adjusted ROA4 7.02% 3.83% 6.46% 6.51% 6.11% 2.83%

Based on: 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).

1 2024 Calculation
ROA = 100 × Consolidated net income attributable to Walmart ÷ Total assets
= 100 × 15,511 ÷ 252,399 = 6.15%

2 Adjusted consolidated net income. See details »

3 Adjusted total assets. See details »

4 2024 Calculation
Adjusted ROA = 100 × Adjusted consolidated net income ÷ Adjusted total assets
= 100 × 17,609 ÷ 250,736 = 7.02%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Walmart Inc. adjusted ROA deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.