Microsoft Excel LibreOffice Calc

Walmart Inc. (WMT)


Adjusted Financial Ratios

High level of difficulty


Adjusted Financial Ratios (Summary)

Walmart Inc., adjusted financial ratios

Microsoft Excel LibreOffice Calc
Jan 31, 2019 Jan 31, 2018 Jan 31, 2017 Jan 31, 2016 Jan 31, 2015 Jan 31, 2014
Activity
Total Asset Turnover
Reported 2.33 2.42 2.42 2.40 2.37 2.31
Adjusted 2.26 2.33 2.30 2.26 2.28 2.24
Liquidity
Current Ratio
Reported 0.80 0.76 0.86 0.93 0.97 0.88
Adjusted 0.80 0.76 0.86 0.93 0.96 0.87
Solvency
Debt to Equity
Reported 0.80 0.60 0.59 0.62 0.62 0.74
Adjusted 0.79 0.69 0.69 0.74 0.68 0.76
Debt to Capital
Reported 0.44 0.37 0.37 0.38 0.38 0.43
Adjusted 0.44 0.41 0.41 0.43 0.40 0.43
Financial Leverage
Reported 3.02 2.63 2.56 2.48 2.50 2.69
Adjusted 2.69 2.57 2.51 2.47 2.38 2.45
Profitability
Net Profit Margin
Reported 1.31% 1.99% 2.83% 3.07% 3.39% 3.39%
Adjusted 1.26% 2.97% 2.49% 1.78% 2.29% 2.72%
Return on Equity (ROE)
Reported 9.20% 12.66% 17.54% 18.24% 20.10% 21.01%
Adjusted 7.62% 17.80% 14.38% 10.00% 12.41% 14.94%
Return on Assets (ROA)
Reported 3.04% 4.82% 6.86% 7.36% 8.03% 7.83%
Adjusted 2.83% 6.92% 5.74% 4.04% 5.21% 6.09%

Based on: 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), 10-K (filing date: 2014-03-21).

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 improved from 2017 to 2018 but then deteriorated significantly from 2018 to 2019.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Walmart Inc.’s adjusted current ratio deteriorated from 2017 to 2018 but then slightly improved from 2018 to 2019.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Walmart Inc.’s adjusted debt-to-equity ratio improved from 2017 to 2018 but then deteriorated significantly from 2018 to 2019.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Walmart Inc.’s adjusted debt-to-capital ratio improved from 2017 to 2018 but then deteriorated significantly from 2018 to 2019.
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 increased from 2017 to 2018 and from 2018 to 2019.
Adjusted net profit margin An indicator of profitability, calculated as adjusted comprehensive income divided by total revenue. Walmart Inc.’s adjusted net profit margin improved from 2017 to 2018 but then deteriorated significantly from 2018 to 2019.
Adjusted ROE A profitability ratio calculated as adjusted comprehensive income divided by adjusted total equity. Walmart Inc.’s adjusted ROE improved from 2017 to 2018 but then deteriorated significantly from 2018 to 2019.
Adjusted ROA A profitability ratio calculated as adjusted comprehensive income divided by adjusted total assets. Walmart Inc.’s adjusted ROA improved from 2017 to 2018 but then deteriorated significantly from 2018 to 2019.

Walmart Inc., Ratios: Reported vs. Adjusted


Adjusted Total Asset Turnover

Microsoft Excel LibreOffice Calc
Jan 31, 2019 Jan 31, 2018 Jan 31, 2017 Jan 31, 2016 Jan 31, 2015 Jan 31, 2014
Reported
Selected Financial Data (US$ in millions)
Net sales 510,329  495,761  481,317  478,614  482,229  473,076 
Total assets 219,295  204,522  198,825  199,581  203,706  204,751 
Ratio
Total asset turnover1 2.33 2.42 2.42 2.40 2.37 2.31
Adjusted
Selected Financial Data (US$ in millions)
Net sales 510,329  495,761  481,317  478,614  482,229  473,076 
Adjusted total assets2 226,032  212,910  208,886  211,416  211,633  211,412 
Ratio
Adjusted total asset turnover3 2.26 2.33 2.30 2.26 2.28 2.24

Based on: 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), 10-K (filing date: 2014-03-21).

2019 Calculations

1 Total asset turnover = Net sales ÷ Total assets
= 510,329 ÷ 219,295 = 2.33

2 Adjusted total assets. See details »

3 Adjusted total asset turnover = Net sales ÷ Adjusted total assets
= 510,329 ÷ 226,032 = 2.26

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 improved from 2017 to 2018 but then deteriorated significantly from 2018 to 2019.

Adjusted Current Ratio

Microsoft Excel LibreOffice Calc
Jan 31, 2019 Jan 31, 2018 Jan 31, 2017 Jan 31, 2016 Jan 31, 2015 Jan 31, 2014
Reported
Selected Financial Data (US$ in millions)
Current assets 61,897  59,664  57,689  60,239  63,278  61,185 
Current liabilities 77,477  78,521  66,928  64,619  65,272  69,345 
Ratio
Current ratio1 0.80 0.76 0.86 0.93 0.97 0.88
Adjusted
Selected Financial Data (US$ in millions)
Adjusted current assets2 61,897  59,664  57,689  60,239  62,550  60,363 
Adjusted current liabilities3 77,477  78,521  66,928  64,619  65,216  69,169 
Ratio
Adjusted current ratio4 0.80 0.76 0.86 0.93 0.96 0.87

Based on: 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), 10-K (filing date: 2014-03-21).

2019 Calculations

1 Current ratio = Current assets ÷ Current liabilities
= 61,897 ÷ 77,477 = 0.80

2 Adjusted current assets. See details »

3 Adjusted current liabilities. See details »

4 Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= 61,897 ÷ 77,477 = 0.80

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 deteriorated from 2017 to 2018 but then slightly improved from 2018 to 2019.

Adjusted Debt to Equity

Microsoft Excel LibreOffice Calc
Jan 31, 2019 Jan 31, 2018 Jan 31, 2017 Jan 31, 2016 Jan 31, 2015 Jan 31, 2014
Reported
Selected Financial Data (US$ in millions)
Total debt 58,033  46,487  45,938  50,034  50,381  56,641 
Total Walmart shareholders’ equity 72,496  77,869  77,798  80,546  81,394  76,255 
Ratio
Debt to equity1 0.80 0.60 0.59 0.62 0.62 0.74
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 66,566  56,754  57,564  63,373  60,069  65,275 
Adjusted total Walmart shareholders’ equity3 84,134  82,774  83,303  85,464  88,903  86,143 
Ratio
Adjusted debt to equity4 0.79 0.69 0.69 0.74 0.68 0.76

Based on: 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), 10-K (filing date: 2014-03-21).

2019 Calculations

1 Debt to equity = Total debt ÷ Total Walmart shareholders’ equity
= 58,033 ÷ 72,496 = 0.80

2 Adjusted total debt. See details »

3 Adjusted total Walmart shareholders’ equity. See details »

4 Adjusted debt to equity = Adjusted total debt ÷ Adjusted total Walmart shareholders’ equity
= 66,566 ÷ 84,134 = 0.79

Ratio Description The company
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Walmart Inc.’s adjusted debt-to-equity ratio improved from 2017 to 2018 but then deteriorated significantly from 2018 to 2019.

Adjusted Debt to Capital

Microsoft Excel LibreOffice Calc
Jan 31, 2019 Jan 31, 2018 Jan 31, 2017 Jan 31, 2016 Jan 31, 2015 Jan 31, 2014
Reported
Selected Financial Data (US$ in millions)
Total debt 58,033  46,487  45,938  50,034  50,381  56,641 
Total capital 130,529  124,356  123,736  130,580  131,775  132,896 
Ratio
Debt to capital1 0.44 0.37 0.37 0.38 0.38 0.43
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 66,566  56,754  57,564  63,373  60,069  65,275 
Adjusted total capital3 150,700  139,528  140,867  148,837  148,972  151,418 
Ratio
Adjusted debt to capital4 0.44 0.41 0.41 0.43 0.40 0.43

Based on: 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), 10-K (filing date: 2014-03-21).

2019 Calculations

1 Debt to capital = Total debt ÷ Total capital
= 58,033 ÷ 130,529 = 0.44

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 66,566 ÷ 150,700 = 0.44

Ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Walmart Inc.’s adjusted debt-to-capital ratio improved from 2017 to 2018 but then deteriorated significantly from 2018 to 2019.

Adjusted Financial Leverage

Microsoft Excel LibreOffice Calc
Jan 31, 2019 Jan 31, 2018 Jan 31, 2017 Jan 31, 2016 Jan 31, 2015 Jan 31, 2014
Reported
Selected Financial Data (US$ in millions)
Total assets 219,295  204,522  198,825  199,581  203,706  204,751 
Total Walmart shareholders’ equity 72,496  77,869  77,798  80,546  81,394  76,255 
Ratio
Financial leverage1 3.02 2.63 2.56 2.48 2.50 2.69
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 226,032  212,910  208,886  211,416  211,633  211,412 
Adjusted total Walmart shareholders’ equity3 84,134  82,774  83,303  85,464  88,903  86,143 
Ratio
Adjusted financial leverage4 2.69 2.57 2.51 2.47 2.38 2.45

Based on: 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), 10-K (filing date: 2014-03-21).

2019 Calculations

1 Financial leverage = Total assets ÷ Total Walmart shareholders’ equity
= 219,295 ÷ 72,496 = 3.02

2 Adjusted total assets. See details »

3 Adjusted total Walmart shareholders’ equity. See details »

4 Adjusted financial leverage = Adjusted total assets ÷ Adjusted total Walmart shareholders’ equity
= 226,032 ÷ 84,134 = 2.69

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 increased from 2017 to 2018 and from 2018 to 2019.

Adjusted Net Profit Margin

Microsoft Excel LibreOffice Calc
Jan 31, 2019 Jan 31, 2018 Jan 31, 2017 Jan 31, 2016 Jan 31, 2015 Jan 31, 2014
Reported
Selected Financial Data (US$ in millions)
Consolidated net income attributable to Walmart 6,670  9,862  13,643  14,694  16,363  16,022 
Net sales 510,329  495,761  481,317  478,614  482,229  473,076 
Ratio
Net profit margin1 1.31% 1.99% 2.83% 3.07% 3.39% 3.39%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted consolidated net income attributable to Walmart2 6,408  14,732  11,983  8,543  11,031  12,874 
Net sales 510,329  495,761  481,317  478,614  482,229  473,076 
Ratio
Adjusted net profit margin3 1.26% 2.97% 2.49% 1.78% 2.29% 2.72%

Based on: 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), 10-K (filing date: 2014-03-21).

2019 Calculations

1 Net profit margin = 100 × Consolidated net income attributable to Walmart ÷ Net sales
= 100 × 6,670 ÷ 510,329 = 1.31%

2 Adjusted consolidated net income attributable to Walmart. See details »

3 Adjusted net profit margin = 100 × Adjusted consolidated net income attributable to Walmart ÷ Net sales
= 100 × 6,408 ÷ 510,329 = 1.26%

Ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted comprehensive income divided by total revenue. Walmart Inc.’s adjusted net profit margin improved from 2017 to 2018 but then deteriorated significantly from 2018 to 2019.

Adjusted Return on Equity (ROE)

Microsoft Excel LibreOffice Calc
Jan 31, 2019 Jan 31, 2018 Jan 31, 2017 Jan 31, 2016 Jan 31, 2015 Jan 31, 2014
Reported
Selected Financial Data (US$ in millions)
Consolidated net income attributable to Walmart 6,670  9,862  13,643  14,694  16,363  16,022 
Total Walmart shareholders’ equity 72,496  77,869  77,798  80,546  81,394  76,255 
Ratio
ROE1 9.20% 12.66% 17.54% 18.24% 20.10% 21.01%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted consolidated net income attributable to Walmart2 6,408  14,732  11,983  8,543  11,031  12,874 
Adjusted total Walmart shareholders’ equity3 84,134  82,774  83,303  85,464  88,903  86,143 
Ratio
Adjusted ROE4 7.62% 17.80% 14.38% 10.00% 12.41% 14.94%

Based on: 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), 10-K (filing date: 2014-03-21).

2019 Calculations

1 ROE = 100 × Consolidated net income attributable to Walmart ÷ Total Walmart shareholders’ equity
= 100 × 6,670 ÷ 72,496 = 9.20%

2 Adjusted consolidated net income attributable to Walmart. See details »

3 Adjusted total Walmart shareholders’ equity. See details »

4 Adjusted ROE = 100 × Adjusted consolidated net income attributable to Walmart ÷ Adjusted total Walmart shareholders’ equity
= 100 × 6,408 ÷ 84,134 = 7.62%

Ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted comprehensive income divided by adjusted total equity. Walmart Inc.’s adjusted ROE improved from 2017 to 2018 but then deteriorated significantly from 2018 to 2019.

Adjusted Return on Assets (ROA)

Microsoft Excel LibreOffice Calc
Jan 31, 2019 Jan 31, 2018 Jan 31, 2017 Jan 31, 2016 Jan 31, 2015 Jan 31, 2014
Reported
Selected Financial Data (US$ in millions)
Consolidated net income attributable to Walmart 6,670  9,862  13,643  14,694  16,363  16,022 
Total assets 219,295  204,522  198,825  199,581  203,706  204,751 
Ratio
ROA1 3.04% 4.82% 6.86% 7.36% 8.03% 7.83%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted consolidated net income attributable to Walmart2 6,408  14,732  11,983  8,543  11,031  12,874 
Adjusted total assets3 226,032  212,910  208,886  211,416  211,633  211,412 
Ratio
Adjusted ROA4 2.83% 6.92% 5.74% 4.04% 5.21% 6.09%

Based on: 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), 10-K (filing date: 2014-03-21).

2019 Calculations

1 ROA = 100 × Consolidated net income attributable to Walmart ÷ Total assets
= 100 × 6,670 ÷ 219,295 = 3.04%

2 Adjusted consolidated net income attributable to Walmart. See details »

3 Adjusted total assets. See details »

4 Adjusted ROA = 100 × Adjusted consolidated net income attributable to Walmart ÷ Adjusted total assets
= 100 × 6,408 ÷ 226,032 = 2.83%

Ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted comprehensive income divided by adjusted total assets. Walmart Inc.’s adjusted ROA improved from 2017 to 2018 but then deteriorated significantly from 2018 to 2019.