Stock Analysis on Net
Stock Analysis on Net

Walmart Inc. (NYSE:WMT)

Common-Size Balance Sheet: Assets 
Quarterly Data

Walmart Inc., common-size consolidated balance sheet: assets (quarterly data)

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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 Jan 31, 2021 Oct 31, 2020 Jul 31, 2020 Apr 30, 2020 Jan 31, 2020 Oct 31, 2019 Jul 31, 2019 Apr 30, 2019
Cash and cash equivalents 3.48 3.55 3.46 3.82 3.46 3.70 3.91 4.69 5.44 4.32 3.55 4.68 5.63 4.80 6.03 6.58 9.57 9.66 7.03 5.71 7.12 6.41 4.00 3.59 3.95 3.95
Receivables, net 3.88 3.69 3.82 3.81 3.40 3.57 3.48 3.33 3.09 3.12 3.26 3.32 3.04 3.12 3.38 3.00 2.56 2.45 2.58 2.30 2.15 2.16 2.66 2.34 2.29 2.28
Inventories 21.32 21.90 21.64 24.03 21.86 21.80 21.75 24.67 22.23 23.23 23.26 26.13 24.24 24.88 23.08 23.48 20.02 19.61 17.80 20.67 17.31 17.70 18.79 21.49 18.79 19.08
Prepaid expenses and other 1.61 1.44 1.54 1.35 1.35 1.30 1.32 1.41 1.38 1.37 1.04 1.28 1.13 1.02 0.62 0.82 0.65 0.66 8.26 0.66 0.80 0.92 0.69 0.90 1.10 1.02
Current assets 30.29% 30.59% 30.46% 33.01% 30.07% 30.37% 30.46% 34.10% 32.15% 32.04% 31.11% 35.40% 34.05% 33.81% 33.11% 33.88% 32.80% 32.37% 35.67% 29.34% 27.38% 27.19% 26.13% 28.32% 26.13% 26.32%
Property and equipment, net 46.33 46.22 46.01 44.27 44.73 43.89 43.90 41.47 41.05 41.76 41.43 39.39 38.84 38.49 38.60 37.67 38.41 38.46 36.52 40.75 42.62 43.74 44.49 43.50 44.57 44.60
Finance lease right-of-use assets, net 2.26 2.31 2.34 2.36 2.49 2.47 2.32 2.24 2.18 2.09 2.02 1.86 1.83 1.83 1.78 1.73 1.72 1.68 1.59 1.96 2.04 1.98 1.87 1.73 1.68 1.62
Property and equipment, including finance lease right-of-use assets, net 48.59% 48.53% 48.35% 46.63% 47.22% 46.36% 46.22% 43.71% 43.23% 43.85% 43.45% 41.25% 40.66% 40.32% 40.38% 39.40% 40.13% 40.14% 38.10% 42.72% 44.66% 45.72% 46.35% 45.23% 46.25% 46.22%
Operating lease right-of-use assets 5.15 5.17 5.21 5.20 5.34 5.34 5.42 5.23 5.37 5.58 5.57 5.41 5.61 5.68 5.62 5.66 5.81 5.77 5.40 6.83 7.11 7.25 7.37 7.07 7.34 7.18
Goodwill 10.73 11.00 11.04 10.61 10.98 11.02 11.14 10.81 11.08 11.55 11.58 11.36 11.60 11.96 11.85 11.81 12.22 12.20 11.48 12.05 12.44 12.63 13.14 12.81 13.39 13.39
Other long-term assets 5.24 4.71 4.93 4.55 6.39 6.91 6.76 6.15 8.16 6.98 8.28 6.58 8.08 8.23 9.05 9.24 9.03 9.51 9.35 9.06 8.40 7.20 7.01 6.58 6.89 6.88
Long-term assets 69.71% 69.41% 69.54% 66.99% 69.93% 69.63% 69.54% 65.90% 67.85% 67.96% 68.89% 64.60% 65.95% 66.19% 66.89% 66.12% 67.20% 67.63% 64.33% 70.66% 72.62% 72.81% 73.87% 71.68% 73.87% 73.68%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 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), 10-K (reporting date: 2021-01-31), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-04-30), 10-K (reporting date: 2020-01-31), 10-Q (reporting date: 2019-10-31), 10-Q (reporting date: 2019-07-31), 10-Q (reporting date: 2019-04-30).

The analysis of the quarterly financial data reveals several key trends and shifts in the composition of assets over the periods examined.

Cash and Cash Equivalents
This category as a percentage of total assets experienced significant fluctuations, peaking around early 2021 at approximately 9.66%. Subsequently, it declined steadily towards the end of the dataset, stabilizing around 3.5%. This indicates a shift from a relatively higher liquidity position in early 2021 to a more moderate level of cash holdings in recent periods.
Receivables, Net
Receivables showed a gradual increase over time, starting near 2.28% and trending upwards to nearly 3.88% by mid-2025. The steady growth suggests an increasing proportion of assets tied in receivables, which might reflect higher credit sales or changes in collection policies.
Inventories
The proportion of inventories to total assets fluctuated considerably, generally ranging between 17% and 26%. Notable peaks occurred around late 2021 and late 2022, reaching above 24%, followed by declines and another rise towards mid-2024. This volatility could indicate adjustments in inventory management or supply chain dynamics.
Prepaid Expenses and Other Current Assets
Except for an unusual spike to 8.26% in early 2021, prepaid expenses and other current assets remained relatively steady, fluctuating between approximately 0.6% and 1.6%. The spike may represent a one-time event or reclassification during that period but normalized afterwards.
Current Assets Overall
Current assets exhibited variability, with an initial increase peaking around early 2021 at 35.67%, followed by decreases and subsequent moderate fluctuations near the 30% mark. These changes mirror the movements seen in individual current asset components.
Property and Equipment, Net
The net property and equipment proportion generally declined from above 44% in 2019 to near 36.5% in early 2021, indicating a reduction in fixed assets relative to total assets during that interval. Afterward, this ratio reversed direction, trending upward to exceed 46% by early 2025, suggesting reinvestment or revaluation of fixed assets.
Finance Lease Right-of-Use Assets, Net
This component showed a gradual increase across the timeline, from 1.62% to a peak of about 2.49% in mid-2024 before a slight decline towards early 2025. This trend points to increasing lease commitments accounted for as assets.
Combined Property and Equipment Including Finance Lease Right-of-Use Assets
Combining these asset categories demonstrates an overall decreasing trend until early 2021, followed by consistent growth reaching nearly 49% by early 2025. This implies an expanded investment in long-lived assets or capitalized leases in recent years.
Operating Lease Right-of-Use Assets
Operating lease assets as a proportion of total assets declined gradually from over 7% in 2019 to around 5.15% by early 2025, indicating a possible reduction in operating lease obligations or changes in lease accounting.
Goodwill
Goodwill as a percentage of total assets decreased slowly from approximately 13.4% to about 10.7%. The steady decline may result from amortization, impairment, or shifts in acquisition activity.
Other Long-Term Assets
Other long-term assets showed some volatility, peaking near 9.35% in late 2020 and declining to lower levels around 4.5%-5% in later periods. These fluctuations suggest changing compositions or reclassifications within this category.
Long-Term Assets Overall
Long-term assets maintained a dominant share of total assets, oscillating around 70% to nearly 74%. The trend displays a dip around 2020-2021 followed by recovery and stabilization above 69% in later periods. This indicates a consistent emphasis on long-term capital investments.

In summary, the asset structure reveals a strategic shift over time, marked by decreasing liquid assets from their peak in 2021, increasing receivables, variable inventory levels, and significant growth in property and equipment including capitalized leases. The sustained dominance of long-term assets underscores the focus on maintaining substantial fixed asset investment, while declines in goodwill suggest controlled acquisition activity or asset impairments. Fluctuations in prepaid expenses and other long-term assets appear to be isolated or transitional events. Overall, the data points to active asset management adapting to operational and market conditions across the periods.