Analysis of Property, Plant and Equipment
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- Balance Sheet: Assets
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Debt
- Aggregate Accruals
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Property, Plant and Equipment Disclosure
Walmart Inc., balance sheet: property, plant and equipment
US$ in millions
Based on: 10-K (reporting date: 2025-01-31), 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).
- Land
- The value of land decreased notably from 24,619 million USD in 2020 to 19,308 million USD in 2021 and remained relatively stable thereafter, fluctuating slightly but generally maintaining a level around 19,300 million USD through 2025. This indicates a significant reduction in land holdings or revaluation early in the period, followed by consistent valuation subsequently.
- Buildings and improvements
- There is a consistent upward trend in the value of buildings and improvements from 105,674 million USD in 2020 to 117,973 million USD in 2025. After a dip in 2021, the value increased steadily each year, reflecting ongoing investments or capital improvements in this category over the six-year span.
- Fixtures and equipment
- This category shows a clear growth pattern, increasing from 58,607 million USD in 2020 to 76,226 million USD in 2025. The growth accelerates in the later years, indicating intensified investment or acquisition of fixtures and equipment assets.
- Transportation equipment
- Transportation equipment values display relative stability with minor fluctuations. The value declined slightly from 2,377 million USD in 2020 to 2,263 million USD in 2022, rose again to 2,979 million USD in 2024, and somewhat decreased to 2,673 million USD in 2025. Overall, the category remains a smaller portion of total assets without a strong upward or downward trend.
- Construction in process
- Construction in process demonstrates a strong upward trajectory, rising from 3,751 million USD in 2020 to 15,403 million USD in 2025. This significant increase suggests expanding ongoing projects and a growing pipeline of capital expenditures underway.
- Property and equipment, gross
- The gross property and equipment value reflects the combined effect of the components, decreasing from 195,028 million USD in 2020 to 180,571 million USD in 2021, and then recovering with steady growth through to 231,617 million USD in 2025. This indicates initial reduction followed by consistent investment and asset accumulation.
- Accumulated depreciation
- Accumulated depreciation increases steadily in magnitude from -89,820 million USD in 2020 to -111,624 million USD in 2025, reflecting ongoing asset aging and usage. The increase is consistent year over year, aligning with rising asset levels and normal depreciation expense accumulation.
- Property and equipment, net
- Net property and equipment shows a decreasing trend from 105,208 million USD in 2020 to 92,201 million USD in 2021, followed by consistent growth up to 119,993 million USD in 2025. This pattern mirrors the gross asset and depreciation trends, indicating recovery and growth in net fixed assets after an initial decline.
Asset Age Ratios (Summary)
Walmart Inc., asset age ratios
Based on: 10-K (reporting date: 2025-01-31), 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).
The analysis of the average age ratio of property, plant, and equipment over the period from January 31, 2020, to January 31, 2025, reveals a generally stable yet slightly declining trend after an initial increase.
- Trend overview
- The average age ratio started at 52.71% in 2020 and increased to reach a peak at 55.73% in 2022. This indicates that the asset base was aging over these initial years, suggesting that newer assets were added at a slower rate or that assets were being retained longer without significant replacement.
- Subsequent developments
- After 2022, the average age ratio started to decrease gradually to 55.51% in 2023, 54.44% in 2024, and further down to 52.58% projected for 2025. This decline suggests an increased investment in newer assets or accelerated disposal of older assets, leading to rejuvenation of the property, plant, and equipment portfolio.
- Implications
- The observed pattern reflects a cycle where asset aging was allowed to build until 2022, followed by actions to refresh the asset base. A decreasing average age ratio generally points to improved technological capacity and potentially lower maintenance costs, which may positively affect operational efficiency.
- Overall assessment
- The data shows a cautious but deliberate approach to asset management with an initial accumulation of asset age followed by renewed investment activities. This balance could be indicative of strategic capital expenditure planning aligned with business needs and market conditions.
Average Age
Based on: 10-K (reporting date: 2025-01-31), 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).
2025 Calculations
1 Average age = 100 × Accumulated depreciation ÷ (Property and equipment, gross – Land)
= 100 × ÷ ( – ) =
The analysis of the annual property, plant, and equipment data over the six-year period reveals several noteworthy trends and patterns related to asset value, depreciation, and asset aging.
- Gross Property and Equipment
- There is a consistent upward trend in the gross value of property and equipment, increasing from approximately 195 billion US dollars in 2020 to over 231 billion US dollars in 2025. This indicates ongoing investments and acquisitions of assets, pointing to expansion or upgrades in physical facilities and equipment over time.
- Accumulated Depreciation
- Accumulated depreciation figures show a general increase across the years, starting at nearly 90 billion US dollars in 2020 and reaching above 111 billion US dollars by 2025. Although there is a slight dip in 2021, the overall rising trend suggests consistent depreciation charges, reflecting the aging and usage of the property and equipment portfolio.
- Land Value
- Land values remain relatively stable with minor fluctuations, beginning at about 24.6 billion US dollars in 2020, dipping notably in 2021 to approximately 19.3 billion US dollars, and staying close to that level through 2025. The stability in land values, despite slight decreases, indicates limited changes in land holdings or market valuation adjustments.
- Average Age Ratio
- The average age ratio of assets shows a minor rise from about 52.7% in 2020 to a peak near 55.7% in 2022, followed by a gradual decline back to around 52.6% in 2025. This pattern suggests that while the asset base aged slightly through 2022, subsequent investments or retirements of older assets may have led to a modest rejuvenation of the property and equipment portfolio in more recent years.
In summary, the data illustrates a trend of asset growth accompanied by increasing depreciation, stable land value holdings, and a dynamic asset age profile indicating periodic renewal and investment in property and equipment.