Stock Analysis on Net
Stock Analysis on Net
Microsoft Excel LibreOffice Calc

Walmart Inc. (NYSE:WMT)

Analysis of Income Taxes

Advanced level

Income Tax Expense (Benefit)

Walmart Inc., income tax expense (benefit), continuing operations

US$ in millions

Microsoft Excel LibreOffice Calc
12 months ended: Jan 31, 2020 Jan 31, 2019 Jan 31, 2018 Jan 31, 2017 Jan 31, 2016 Jan 31, 2015
U.S. federal 2,794  2,763  2,998  3,454  5,562  6,165 
U.S. state and local 587  493  405  495  622  810 
International 1,205  1,495  1,377  1,510  1,400  1,529 
Current tax provision 4,586  4,751  4,780  5,459  7,584  8,504 
U.S. federal 663  (361) (22) 1,054  (704) (387)
U.S. state and local 35  (16) (12) 51  (106) (55)
International (369) (93) (146) (360) (216) (77)
Deferred tax expense (benefit) 329  (470) (180) 745  (1,026) (519)
Provision for income taxes 4,915  4,281  4,600  6,204  6,558  7,985 

Based on: 10-K (filing date: 2020-03-20), 10-K (filing date: 2019-03-28), 10-K (filing date: 2018-03-30), 10-K (filing date: 2017-03-31), 10-K (filing date: 2016-03-30), 10-K (filing date: 2015-04-01).

Item Description The company
Current tax provision Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations. Walmart Inc.’s current tax provision decreased from 2018 to 2019 and from 2019 to 2020.
Deferred tax expense (benefit) Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations. Walmart Inc.’s deferred tax expense (benefit) decreased from 2018 to 2019 but then increased from 2019 to 2020 exceeding 2018 level.
Provision for income taxes Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Walmart Inc.’s provision for income taxes decreased from 2018 to 2019 but then increased from 2019 to 2020 exceeding 2018 level.

Effective Income Tax Rate (EITR)

Walmart Inc., effective income tax rate (EITR) reconciliation

Microsoft Excel LibreOffice Calc
Jan 31, 2020 Jan 31, 2019 Jan 31, 2018 Jan 31, 2017 Jan 31, 2016 Jan 31, 2015
U.S. statutory tax rate 21.00% 21.00% 33.80% 35.00% 35.00% 35.00%
U.S. state income taxes, net of federal income tax benefit 2.20% 3.00% 1.70% 1.70% 1.80% 1.80%
Income taxed outside the U.S. -1.00% -3.40% -6.30% -4.50% -4.00% -2.70%
Disposition of Walmart Brazil 0.00% 6.70% 0.00% 0.00% 0.00% 0.00%
Valuation allowance 2.30% 6.30% 2.10% 0.00% 0.00% 0.00%
Net impact of repatriated international earnings 0.40% 0.80% -0.10% -1.00% 0.10% -1.50%
Federal tax credits -0.80% -1.30% -0.90% -0.60% 0.00% 0.00%
Enacted change in tax laws -1.90% 0.00% 0.00% 0.00% 0.00% 0.00%
Change in reserve for tax contingencies 2.50% 0.60% -0.10% 0.00% 0.00% 0.00%
Other, net -0.30% 0.80% 2.00% -0.30% -2.60% -0.40%
Effective income tax rate, before impact of the Tax Act 24.40% 34.50% 32.20% 30.30% 30.30% 32.20%
One-time transition tax 0.00% 3.60% 12.30% 0.00% 0.00% 0.00%
Deferred tax effects 0.00% -0.70% -14.10% 0.00% 0.00% 0.00%
Impact of the Tax Act 0.00% 2.90% -1.80% 0.00% 0.00% 0.00%
Effective income tax rate 24.40% 37.40% 30.40% 30.30% 30.30% 32.20%

Based on: 10-K (filing date: 2020-03-20), 10-K (filing date: 2019-03-28), 10-K (filing date: 2018-03-30), 10-K (filing date: 2017-03-31), 10-K (filing date: 2016-03-30), 10-K (filing date: 2015-04-01).

Item Description The company
Effective income tax rate, before impact of the Tax Act Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Walmart Inc.’s effective income tax rate, before impact of the Tax Act increased from 2018 to 2019 but then decreased significantly from 2019 to 2020.

Components of Deferred Tax Assets and Liabilities

Walmart Inc., components of deferred tax assets and liabilities

US$ in millions

Microsoft Excel LibreOffice Calc
Jan 31, 2020 Jan 31, 2019 Jan 31, 2018 Jan 31, 2017 Jan 31, 2016 Jan 31, 2015
Loss and tax credit carryforwards 9,056  2,964  1,989  3,633  3,313  3,255 
Accrued liabilities 2,483  2,135  2,482  3,437  3,763  3,395 
Share-based compensation 250  245  217  309  192  184 
Lease obligations 4,098  —  —  —  —  — 
Other 1,020  1,131  1,251  1,474  1,390  1,119 
Deferred tax assets 16,907  6,475  5,939  8,853  8,658  7,953 
Valuation allowances (8,588) (2,448) (1,843) (1,494) (1,456) (1,504)
Deferred tax assets, net of valuation allowance 8,319  4,027  4,096  7,359  7,202  6,449 
Property and equipment (4,621) (4,175) (3,954) (6,435) (5,813) (5,972)
Acquired intangibles (1,152) (2,099) (401) —  —  — 
Inventory (1,414) (1,354) (1,153) (1,808) (1,790) (1,825)
Lease right of use assets (3,998) —  —  —  —  — 
Mark-to-market investments (724) (335) —  —  —  — 
Other (700) (564) (540) (1,884) (1,452) (1,618)
Deferred tax liabilities (12,609) (8,527) (6,048) (10,127) (9,055) (9,415)
Net deferred tax assets (liabilities) (4,290) (4,500) (1,952) (2,768) (1,853) (2,966)

Based on: 10-K (filing date: 2020-03-20), 10-K (filing date: 2019-03-28), 10-K (filing date: 2018-03-30), 10-K (filing date: 2017-03-31), 10-K (filing date: 2016-03-30), 10-K (filing date: 2015-04-01).

Item Description The company
Deferred tax assets Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. Walmart Inc.’s deferred tax assets increased from 2018 to 2019 and from 2019 to 2020.
Deferred tax assets, net of valuation allowance Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. Walmart Inc.’s deferred tax assets, net of valuation allowance decreased from 2018 to 2019 but then increased from 2019 to 2020 exceeding 2018 level.
Net deferred tax assets (liabilities) Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting. Walmart Inc.’s net deferred tax assets (liabilities) decreased from 2018 to 2019 but then slightly increased from 2019 to 2020.

Deferred Tax Assets and Liabilities, Classification

Walmart Inc., deferred tax assets and liabilities, classification

US$ in millions

Microsoft Excel LibreOffice Calc
Jan 31, 2020 Jan 31, 2019 Jan 31, 2018 Jan 31, 2017 Jan 31, 2016 Jan 31, 2015
Current deferred tax assets (included in Prepaid expenses and other) —  —  —  —  —  728 
Long-term deferred tax assets (included in Other long-term assets) 1,914  1,796  1,879  1,565  1,504  1,033 
Current deferred tax liabilities (included in Accrued liabilities) —  —  —  —  —  56 
Long-term deferred tax liabilities (included in Deferred income taxes and other) 6,204  6,296  3,831  4,333  3,357  4,671 

Based on: 10-K (filing date: 2020-03-20), 10-K (filing date: 2019-03-28), 10-K (filing date: 2018-03-30), 10-K (filing date: 2017-03-31), 10-K (filing date: 2016-03-30), 10-K (filing date: 2015-04-01).

Item Description The company
Long-term deferred tax assets (included in Other long-term assets) Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting and classified as noncurrent. Walmart Inc.’s long-term deferred tax assets (included in Other long-term assets) decreased from 2018 to 2019 but then increased from 2019 to 2020 exceeding 2018 level.
Long-term deferred tax liabilities (included in Deferred income taxes and other) Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, with jurisdictional netting and classified as noncurrent. Walmart Inc.’s long-term deferred tax liabilities (included in Deferred income taxes and other) increased from 2018 to 2019 but then slightly decreased from 2019 to 2020.

Adjustments to Financial Statements: Removal of Deferred Taxes

Walmart Inc., adjustments to financial statements

US$ in millions

Microsoft Excel LibreOffice Calc
Jan 31, 2020 Jan 31, 2019 Jan 31, 2018 Jan 31, 2017 Jan 31, 2016 Jan 31, 2015
Adjustment to Current Assets
Current assets (as reported) 61,806  61,897  59,664  57,689  60,239  63,278 
Less: Current deferred tax assets, net —  —  —  —  —  728 
Current assets (adjusted) 61,806  61,897  59,664  57,689  60,239  62,550 
Adjustment to Total Assets
Total assets (as reported) 236,495  219,295  204,522  198,825  199,581  203,706 
Less: Current deferred tax assets, net —  —  —  —  —  728 
Less: Noncurrent deferred tax assets, net 1,914  1,796  1,879  1,565  1,504  1,033 
Total assets (adjusted) 234,581  217,499  202,643  197,260  198,077  201,945 
Adjustment to Current Liabilities
Current liabilities (as reported) 77,790  77,477  78,521  66,928  64,619  65,272 
Less: Current deferred tax liabilities, net —  —  —  —  —  56 
Current liabilities (adjusted) 77,790  77,477  78,521  66,928  64,619  65,216 
Adjustment to Total Liabilities
Total liabilities (as reported) 154,943  139,661  123,700  118,290  115,970  117,769 
Less: Current deferred tax liabilities, net —  —  —  —  —  56 
Less: Noncurrent deferred tax liabilities, net 6,204  6,296  3,831  4,333  3,357  4,671 
Total liabilities (adjusted) 148,739  133,365  119,869  113,957  112,613  113,042 
Adjustment to Total Walmart Shareholders’ Equity
Total Walmart shareholders’ equity (as reported) 74,669  72,496  77,869  77,798  80,546  81,394 
Less: Net deferred tax assets (liabilities) (4,290) (4,500) (1,952) (2,768) (1,853) (2,966)
Total Walmart shareholders’ equity (adjusted) 78,959  76,996  79,821  80,566  82,399  84,360 
Adjustment to Consolidated Net Income Attributable To Walmart
Consolidated net income attributable to Walmart (as reported) 14,881  6,670  9,862  13,643  14,694  16,363 
Add: Deferred income tax expense (benefit) 329  (470) (180) 745  (1,026) (519)
Consolidated net income attributable to Walmart (adjusted) 15,210  6,200  9,682  14,388  13,668  15,844 

Based on: 10-K (filing date: 2020-03-20), 10-K (filing date: 2019-03-28), 10-K (filing date: 2018-03-30), 10-K (filing date: 2017-03-31), 10-K (filing date: 2016-03-30), 10-K (filing date: 2015-04-01).

Walmart Inc., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)

Walmart Inc., adjusted financial ratios

Microsoft Excel LibreOffice Calc
Jan 31, 2020 Jan 31, 2019 Jan 31, 2018 Jan 31, 2017 Jan 31, 2016 Jan 31, 2015
Current Ratio
Reported current ratio 0.79 0.80 0.76 0.86 0.93 0.97
Adjusted current ratio 0.79 0.80 0.76 0.86 0.93 0.96
Net Profit Margin
Reported net profit margin 2.86% 1.31% 1.99% 2.83% 3.07% 3.39%
Adjusted net profit margin 2.93% 1.21% 1.95% 2.99% 2.86% 3.29%
Total Asset Turnover
Reported total asset turnover 2.20 2.33 2.42 2.42 2.40 2.37
Adjusted total asset turnover 2.22 2.35 2.45 2.44 2.42 2.39
Financial Leverage
Reported financial leverage 3.17 3.02 2.63 2.56 2.48 2.50
Adjusted financial leverage 2.97 2.82 2.54 2.45 2.40 2.39
Return on Equity (ROE)
Reported ROE 19.93% 9.20% 12.66% 17.54% 18.24% 20.10%
Adjusted ROE 19.26% 8.05% 12.13% 17.86% 16.59% 18.78%
Return on Assets (ROA)
Reported ROA 6.29% 3.04% 4.82% 6.86% 7.36% 8.03%
Adjusted ROA 6.48% 2.85% 4.78% 7.29% 6.90% 7.85%

Based on: 10-K (filing date: 2020-03-20), 10-K (filing date: 2019-03-28), 10-K (filing date: 2018-03-30), 10-K (filing date: 2017-03-31), 10-K (filing date: 2016-03-30), 10-K (filing date: 2015-04-01).

Financial ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Walmart Inc.’s adjusted current ratio improved from 2018 to 2019 but then slightly deteriorated from 2019 to 2020.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Walmart Inc.’s adjusted net profit margin ratio deteriorated from 2018 to 2019 but then improved from 2019 to 2020 exceeding 2018 level.
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Walmart Inc.’s adjusted total asset turnover ratio deteriorated from 2018 to 2019 and from 2019 to 2020.
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.’s adjusted financial leverage ratio increased from 2018 to 2019 and from 2019 to 2020.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. Walmart Inc.’s adjusted ROE deteriorated from 2018 to 2019 but then improved from 2019 to 2020 exceeding 2018 level.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Walmart Inc.’s adjusted ROA deteriorated from 2018 to 2019 but then improved from 2019 to 2020 exceeding 2018 level.

Walmart Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Current Ratio

Microsoft Excel LibreOffice Calc
Jan 31, 2020 Jan 31, 2019 Jan 31, 2018 Jan 31, 2017 Jan 31, 2016 Jan 31, 2015
As Reported
Selected Financial Data (US$ in millions)
Current assets 61,806  61,897  59,664  57,689  60,239  63,278 
Current liabilities 77,790  77,477  78,521  66,928  64,619  65,272 
Liquidity Ratio
Current ratio1 0.79 0.80 0.76 0.86 0.93 0.97
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted current assets 61,806  61,897  59,664  57,689  60,239  62,550 
Adjusted current liabilities 77,790  77,477  78,521  66,928  64,619  65,216 
Liquidity Ratio
Adjusted current ratio2 0.79 0.80 0.76 0.86 0.93 0.96

Based on: 10-K (filing date: 2020-03-20), 10-K (filing date: 2019-03-28), 10-K (filing date: 2018-03-30), 10-K (filing date: 2017-03-31), 10-K (filing date: 2016-03-30), 10-K (filing date: 2015-04-01).

2020 Calculations

1 Current ratio = Current assets ÷ Current liabilities
= 61,806 ÷ 77,790 = 0.79

2 Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= 61,806 ÷ 77,790 = 0.79

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Walmart Inc.’s adjusted current ratio improved from 2018 to 2019 but then slightly deteriorated from 2019 to 2020.

Adjusted Net Profit Margin

Microsoft Excel LibreOffice Calc
Jan 31, 2020 Jan 31, 2019 Jan 31, 2018 Jan 31, 2017 Jan 31, 2016 Jan 31, 2015
As Reported
Selected Financial Data (US$ in millions)
Consolidated net income attributable to Walmart 14,881  6,670  9,862  13,643  14,694  16,363 
Net sales 519,926  510,329  495,761  481,317  478,614  482,229 
Profitability Ratio
Net profit margin1 2.86% 1.31% 1.99% 2.83% 3.07% 3.39%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted consolidated net income attributable to Walmart 15,210  6,200  9,682  14,388  13,668  15,844 
Net sales 519,926  510,329  495,761  481,317  478,614  482,229 
Profitability Ratio
Adjusted net profit margin2 2.93% 1.21% 1.95% 2.99% 2.86% 3.29%

Based on: 10-K (filing date: 2020-03-20), 10-K (filing date: 2019-03-28), 10-K (filing date: 2018-03-30), 10-K (filing date: 2017-03-31), 10-K (filing date: 2016-03-30), 10-K (filing date: 2015-04-01).

2020 Calculations

1 Net profit margin = 100 × Consolidated net income attributable to Walmart ÷ Net sales
= 100 × 14,881 ÷ 519,926 = 2.86%

2 Adjusted net profit margin = 100 × Adjusted consolidated net income attributable to Walmart ÷ Net sales
= 100 × 15,210 ÷ 519,926 = 2.93%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Walmart Inc.’s adjusted net profit margin ratio deteriorated from 2018 to 2019 but then improved from 2019 to 2020 exceeding 2018 level.

Adjusted Total Asset Turnover

Microsoft Excel LibreOffice Calc
Jan 31, 2020 Jan 31, 2019 Jan 31, 2018 Jan 31, 2017 Jan 31, 2016 Jan 31, 2015
As Reported
Selected Financial Data (US$ in millions)
Net sales 519,926  510,329  495,761  481,317  478,614  482,229 
Total assets 236,495  219,295  204,522  198,825  199,581  203,706 
Activity Ratio
Total asset turnover1 2.20 2.33 2.42 2.42 2.40 2.37
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Net sales 519,926  510,329  495,761  481,317  478,614  482,229 
Adjusted total assets 234,581  217,499  202,643  197,260  198,077  201,945 
Activity Ratio
Adjusted total asset turnover2 2.22 2.35 2.45 2.44 2.42 2.39

Based on: 10-K (filing date: 2020-03-20), 10-K (filing date: 2019-03-28), 10-K (filing date: 2018-03-30), 10-K (filing date: 2017-03-31), 10-K (filing date: 2016-03-30), 10-K (filing date: 2015-04-01).

2020 Calculations

1 Total asset turnover = Net sales ÷ Total assets
= 519,926 ÷ 236,495 = 2.20

2 Adjusted total asset turnover = Net sales ÷ Adjusted total assets
= 519,926 ÷ 234,581 = 2.22

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Walmart Inc.’s adjusted total asset turnover ratio deteriorated from 2018 to 2019 and from 2019 to 2020.

Adjusted Financial Leverage

Microsoft Excel LibreOffice Calc
Jan 31, 2020 Jan 31, 2019 Jan 31, 2018 Jan 31, 2017 Jan 31, 2016 Jan 31, 2015
As Reported
Selected Financial Data (US$ in millions)
Total assets 236,495  219,295  204,522  198,825  199,581  203,706 
Total Walmart shareholders’ equity 74,669  72,496  77,869  77,798  80,546  81,394 
Solvency Ratio
Financial leverage1 3.17 3.02 2.63 2.56 2.48 2.50
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted total assets 234,581  217,499  202,643  197,260  198,077  201,945 
Adjusted total Walmart shareholders’ equity 78,959  76,996  79,821  80,566  82,399  84,360 
Solvency Ratio
Adjusted financial leverage2 2.97 2.82 2.54 2.45 2.40 2.39

Based on: 10-K (filing date: 2020-03-20), 10-K (filing date: 2019-03-28), 10-K (filing date: 2018-03-30), 10-K (filing date: 2017-03-31), 10-K (filing date: 2016-03-30), 10-K (filing date: 2015-04-01).

2020 Calculations

1 Financial leverage = Total assets ÷ Total Walmart shareholders’ equity
= 236,495 ÷ 74,669 = 3.17

2 Adjusted financial leverage = Adjusted total assets ÷ Adjusted total Walmart shareholders’ equity
= 234,581 ÷ 78,959 = 2.97

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.’s adjusted financial leverage ratio increased from 2018 to 2019 and from 2019 to 2020.

Adjusted Return on Equity (ROE)

Microsoft Excel LibreOffice Calc
Jan 31, 2020 Jan 31, 2019 Jan 31, 2018 Jan 31, 2017 Jan 31, 2016 Jan 31, 2015
As Reported
Selected Financial Data (US$ in millions)
Consolidated net income attributable to Walmart 14,881  6,670  9,862  13,643  14,694  16,363 
Total Walmart shareholders’ equity 74,669  72,496  77,869  77,798  80,546  81,394 
Profitability Ratio
ROE1 19.93% 9.20% 12.66% 17.54% 18.24% 20.10%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted consolidated net income attributable to Walmart 15,210  6,200  9,682  14,388  13,668  15,844 
Adjusted total Walmart shareholders’ equity 78,959  76,996  79,821  80,566  82,399  84,360 
Profitability Ratio
Adjusted ROE2 19.26% 8.05% 12.13% 17.86% 16.59% 18.78%

Based on: 10-K (filing date: 2020-03-20), 10-K (filing date: 2019-03-28), 10-K (filing date: 2018-03-30), 10-K (filing date: 2017-03-31), 10-K (filing date: 2016-03-30), 10-K (filing date: 2015-04-01).

2020 Calculations

1 ROE = 100 × Consolidated net income attributable to Walmart ÷ Total Walmart shareholders’ equity
= 100 × 14,881 ÷ 74,669 = 19.93%

2 Adjusted ROE = 100 × Adjusted consolidated net income attributable to Walmart ÷ Adjusted total Walmart shareholders’ equity
= 100 × 15,210 ÷ 78,959 = 19.26%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. Walmart Inc.’s adjusted ROE deteriorated from 2018 to 2019 but then improved from 2019 to 2020 exceeding 2018 level.

Adjusted Return on Assets (ROA)

Microsoft Excel LibreOffice Calc
Jan 31, 2020 Jan 31, 2019 Jan 31, 2018 Jan 31, 2017 Jan 31, 2016 Jan 31, 2015
As Reported
Selected Financial Data (US$ in millions)
Consolidated net income attributable to Walmart 14,881  6,670  9,862  13,643  14,694  16,363 
Total assets 236,495  219,295  204,522  198,825  199,581  203,706 
Profitability Ratio
ROA1 6.29% 3.04% 4.82% 6.86% 7.36% 8.03%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted consolidated net income attributable to Walmart 15,210  6,200  9,682  14,388  13,668  15,844 
Adjusted total assets 234,581  217,499  202,643  197,260  198,077  201,945 
Profitability Ratio
Adjusted ROA2 6.48% 2.85% 4.78% 7.29% 6.90% 7.85%

Based on: 10-K (filing date: 2020-03-20), 10-K (filing date: 2019-03-28), 10-K (filing date: 2018-03-30), 10-K (filing date: 2017-03-31), 10-K (filing date: 2016-03-30), 10-K (filing date: 2015-04-01).

2020 Calculations

1 ROA = 100 × Consolidated net income attributable to Walmart ÷ Total assets
= 100 × 14,881 ÷ 236,495 = 6.29%

2 Adjusted ROA = 100 × Adjusted consolidated net income attributable to Walmart ÷ Adjusted total assets
= 100 × 15,210 ÷ 234,581 = 6.48%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Walmart Inc.’s adjusted ROA deteriorated from 2018 to 2019 but then improved from 2019 to 2020 exceeding 2018 level.