Common-Size Balance Sheet: Assets
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- Statement of Comprehensive Income
- Common-Size Income Statement
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Dividend Discount Model (DDM)
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
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Walmart Inc., common-size consolidated balance sheet: assets
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 financial data reveals several key trends and patterns concerning asset composition over the examined periods.
- Cash and Cash Equivalents
- The proportion of cash and cash equivalents relative to total assets initially increased significantly from 4% to 7.03% between 2020 and 2021. However, this was followed by a decline to 3.46% by 2025, indicating a reduced emphasis on liquidity over the subsequent years.
- Receivables, Net
- Receivables as a percentage of total assets showed a gradual increase from 2.66% in 2020 to 3.82% in 2025, suggesting a consistent rise in credit extended to customers or slower collections.
- Inventories
- Inventories experienced a notable increase from 18.79% in 2020 to a peak of 23.26% in 2023, followed by a slight decrease to 21.64% in 2025. This trend may reflect increased stockholding to meet higher demand or strategic inventory buildup.
- Prepaid Expenses and Other
- Prepaid expenses and other current assets showed unusual volatility, rising sharply to 8.26% in 2021 from 0.69% in 2020, then sharply declining again to below 2% in subsequent years. This spike and quick normalization may be due to timing of payments or changes in accounting policies.
- Current Assets
- Overall current assets as a percentage of total assets increased from 26.13% in 2020 to a high of 35.67% in 2021, then gradually declined to stabilize around 30.46% by 2024 and 2025. This indicates a shift toward more short-term assets initially, with some moderation afterwards.
- Property and Equipment, Net
- The share of property and equipment increased steadily from 44.49% in 2020 to 46.01% in 2025. This consistent growth points to ongoing investment in physical assets or capital expenditure.
- Finance Lease Right-of-Use Assets, Net
- These assets showed a slight decline from 1.87% in 2020 to 1.59% in 2021, followed by a gradual recovery to 2.34% in 2025, representing an increasing reliance or recognition of leased assets in the balance sheet.
- Total Property and Equipment Including Finance Leases
- The aggregated figure combining property, equipment, and finance lease assets rose from 46.35% in 2020 to 48.35% in 2025, underscoring a general increase in capital asset base over time.
- Operating Lease Right-of-Use Assets
- These assets declined steadily from 7.37% of total assets in 2020 to 5.21% in 2025, suggesting a reduction in operating lease commitments or changes in lease accounting treatment.
- Goodwill
- Goodwill decreased moderately from 13.14% in 2020 to 11.04% in 2025, which might indicate asset write-downs, impairment, or fewer acquisitions generating goodwill.
- Other Long-Term Assets
- Other long-term assets showed a declining trend from 7.01% in 2020 to 4.93% in 2025, reflecting possible asset disposals or amortization effects.
- Long-Term Assets
- The overall percentage of long-term assets decreased from 73.87% in 2020 to 64.33% in 2021, but subsequently rebounded and stabilized around 69.54% through 2024 and 2025. This indicates a structural adjustment in the asset mix between short- and long-term holdings.
In summary, the data shows a notable shift in asset structure with an initial increase in liquidity and current assets in 2021 followed by a return to a more balanced asset allocation by 2025. There is an observable emphasis on capital assets with steady growth in property and equipment holdings. Meanwhile, lease-related assets reflect differing trends between finance leases (increasing) and operating leases (decreasing). Goodwill and other long-term assets diminished somewhat, possibly indicating impairment or fewer acquisitions.