Stock Analysis on Net

Walmart Inc. (NYSE:WMT)

$24.99

Debt to Equity
since 2005

Microsoft Excel

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Calculation

Walmart Inc., debt to equity, long-term trends, calculation

Microsoft Excel

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), 10-K (reporting date: 2019-01-31), 10-K (reporting date: 2018-01-31), 10-K (reporting date: 2017-01-31), 10-K (reporting date: 2016-01-31), 10-K (reporting date: 2015-01-31), 10-K (reporting date: 2014-01-31), 10-K (reporting date: 2013-01-31), 10-K (reporting date: 2012-01-31), 10-K (reporting date: 2011-01-31), 10-K (reporting date: 2010-01-31), 10-K (reporting date: 2009-01-31), 10-K (reporting date: 2008-01-31), 10-K (reporting date: 2007-01-31), 10-K (reporting date: 2006-01-31), 10-K (reporting date: 2005-01-31).

1 US$ in millions


Total debt and finance lease obligations
The total debt and finance lease obligations demonstrated variability over the analyzed period. Starting at 31,450 million US dollars in early 2005, it rose to a peak of 58,033 million by January 2019. Following this peak, there was a general declining trend until 2022, reaching 42,831 million. However, debt levels experienced a slight increase in subsequent years, stabilizing around 45,000 to 47,000 million by the start of 2025. The fluctuations suggest periods of increased leverage interspersed with episodes of deleveraging, possibly reflecting strategic financing decisions or responses to market conditions.
Total Walmart shareholders’ equity
Shareholders' equity exhibited a steadily increasing trend throughout most of the period under review. Beginning at 49,396 million US dollars in 2005, equity rose consistently, surpassing 80,000 million by the early 2020s and ultimately reaching over 91,000 million by January 2025. This upward trajectory indicates sustained retention of earnings and capital growth, which may also reflect strong profitability and reinvestment policies. Minor fluctuations or stagnation periods were evident around 2013 to 2015, but overall equity growth remained positive.
Debt to equity ratio
The debt to equity ratio showed notable variation, oscillating between approximately 0.5 and 0.8 over the years. Initially, the ratio increased from 0.64 in 2005 to around 0.75 by 2012, indicating a rising proportion of debt relative to equity. Following this peak, the ratio declined steadily to near 0.5 by 2025, suggesting a reduction in leverage relative to the growing equity base. The ratio's fluctuation reflects the interplay between debt management and equity growth. The decline in recent years indicates an improving leverage profile, possibly enhancing financial stability and reducing risk exposure.

Comparison to Competitors


Comparison to Sector (Consumer Staples Distribution & Retail)

Walmart Inc., debt to equity, long-term trends, comparison to sector (consumer staples distribution & retail)

Microsoft Excel

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), 10-K (reporting date: 2019-01-31), 10-K (reporting date: 2018-01-31), 10-K (reporting date: 2017-01-31), 10-K (reporting date: 2016-01-31), 10-K (reporting date: 2015-01-31), 10-K (reporting date: 2014-01-31), 10-K (reporting date: 2013-01-31), 10-K (reporting date: 2012-01-31), 10-K (reporting date: 2011-01-31), 10-K (reporting date: 2010-01-31), 10-K (reporting date: 2009-01-31), 10-K (reporting date: 2008-01-31), 10-K (reporting date: 2007-01-31), 10-K (reporting date: 2006-01-31), 10-K (reporting date: 2005-01-31).


Comparison to Industry (Consumer Staples)