Stock Analysis on Net
Stock Analysis on Net

Walmart Inc. (NYSE:WMT)

DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
Quarterly Data

Microsoft Excel

Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.

Two-Component Disaggregation of ROE

Walmart Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = ROA × Financial Leverage
Jan 31, 2024 18.50% = 6.15% × 3.01
Oct 31, 2023 20.50% = 6.29% × 3.26
Jul 31, 2023 17.65% = 5.50% × 3.21
Apr 30, 2023 15.61% = 4.61% × 3.38
Jan 31, 2023 15.23% = 4.80% × 3.17
Oct 31, 2022 12.41% = 3.62% × 3.43
Jul 31, 2022 17.88% = 5.61% × 3.19
Apr 30, 2022 16.90% = 5.28% × 3.20
Jan 31, 2022 16.42% = 5.58% × 2.94
Oct 31, 2021 9.75% = 3.28% × 2.98
Jul 31, 2021 12.48% = 4.21% × 2.96
Apr 30, 2021 15.64% = 5.18% × 3.02
Jan 31, 2021 16.69% = 5.35% × 3.12
Oct 31, 2020 24.24% = 7.87% × 3.08
Jul 31, 2020 23.76% = 7.54% × 3.15
Apr 30, 2020 22.02% = 6.45% × 3.41
Jan 31, 2020 19.93% = 6.29% × 3.17
Oct 31, 2019 20.14% = 6.02% × 3.35
Jul 31, 2019 18.27% = 5.47% × 3.34
Apr 30, 2019 12.28% = 3.57% × 3.44
Jan 31, 2019 9.20% = 3.04% × 3.02
Oct 31, 2018 — = — × 3.15
Jul 31, 2018 — = — × 2.89
Apr 30, 2018 — = — × 2.71

Based on: 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), 10-K (reporting date: 2019-01-31), 10-Q (reporting date: 2018-10-31), 10-Q (reporting date: 2018-07-31), 10-Q (reporting date: 2018-04-30).

The primary reason for the decrease in return on equity ratio (ROE) over Q4 2024 is the decrease in financial leverage ratio.

Three-Component Disaggregation of ROE

Walmart Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Jan 31, 2024 18.50% = 2.41% × 2.55 × 3.01
Oct 31, 2023 20.50% = 2.57% × 2.44 × 3.26
Jul 31, 2023 17.65% = 2.24% × 2.45 × 3.21
Apr 30, 2023 15.61% = 1.83% × 2.52 × 3.38
Jan 31, 2023 15.23% = 1.93% × 2.49 × 3.17
Oct 31, 2022 12.41% = 1.51% × 2.40 × 3.43
Jul 31, 2022 17.88% = 2.38% × 2.36 × 3.19
Apr 30, 2022 16.90% = 2.28% × 2.32 × 3.20
Jan 31, 2022 16.42% = 2.41% × 2.32 × 2.94
Oct 31, 2021 9.75% = 1.41% × 2.32 × 2.98
Jul 31, 2021 12.48% = 1.79% × 2.35 × 2.96
Apr 30, 2021 15.64% = 2.19% × 2.36 × 3.02
Jan 31, 2021 16.69% = 2.43% × 2.20 × 3.12
Oct 31, 2020 24.24% = 3.62% × 2.17 × 3.08
Jul 31, 2020 23.76% = 3.33% × 2.27 × 3.15
Apr 30, 2020 22.02% = 2.83% × 2.28 × 3.41
Jan 31, 2020 19.93% = 2.86% × 2.20 × 3.17
Oct 31, 2019 20.14% = 2.79% × 2.16 × 3.35
Jul 31, 2019 18.27% = 2.50% × 2.19 × 3.34
Apr 30, 2019 12.28% = 1.64% × 2.18 × 3.44
Jan 31, 2019 9.20% = 1.31% × 2.33 × 3.02
Oct 31, 2018 — = — × — × 3.15
Jul 31, 2018 — = — × — × 2.89
Apr 30, 2018 — = — × — × 2.71

Based on: 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), 10-K (reporting date: 2019-01-31), 10-Q (reporting date: 2018-10-31), 10-Q (reporting date: 2018-07-31), 10-Q (reporting date: 2018-04-30).

The primary reason for the decrease in return on equity ratio (ROE) over Q4 2024 is the decrease in financial leverage ratio.

Five-Component Disaggregation of ROE

Walmart Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
Jan 31, 2024 18.50% = 0.74 × 0.89 × 3.70% × 2.55 × 3.01
Oct 31, 2023 20.50% = 0.70 × 0.90 × 4.06% × 2.44 × 3.26
Jul 31, 2023 17.65% = 0.67 × 0.89 × 3.75% × 2.45 × 3.21
Apr 30, 2023 15.61% = 0.66 × 0.88 × 3.14% × 2.52 × 3.38
Jan 31, 2023 15.23% = 0.67 × 0.89 × 3.22% × 2.49 × 3.17
Oct 31, 2022 12.41% = 0.70 × 0.87 × 2.47% × 2.40 × 3.43
Jul 31, 2022 17.88% = 0.76 × 0.91 × 3.46% × 2.36 × 3.19
Apr 30, 2022 16.90% = 0.74 × 0.90 × 3.40% × 2.32 × 3.20
Jan 31, 2022 16.42% = 0.74 × 0.90 × 3.60% × 2.32 × 2.94
Oct 31, 2021 9.75% = 0.61 × 0.86 × 2.67% × 2.32 × 2.98
Jul 31, 2021 12.48% = 0.63 × 0.88 × 3.23% × 2.35 × 2.96
Apr 30, 2021 15.64% = 0.65 × 0.89 × 3.78% × 2.36 × 3.02
Jan 31, 2021 16.69% = 0.66 × 0.90 × 4.09% × 2.20 × 3.12
Oct 31, 2020 24.24% = 0.74 × 0.92 × 5.32% × 2.17 × 3.08
Jul 31, 2020 23.76% = 0.75 × 0.90 × 4.90% × 2.27 × 3.15
Apr 30, 2020 22.02% = 0.75 × 0.89 × 4.25% × 2.28 × 3.41
Jan 31, 2020 19.93% = 0.75 × 0.88 × 4.31% × 2.20 × 3.17
Oct 31, 2019 20.14% = 0.73 × 0.88 × 4.34% × 2.16 × 3.35
Jul 31, 2019 18.27% = 0.72 × 0.87 × 3.99% × 2.19 × 3.34
Apr 30, 2019 12.28% = 0.63 × 0.84 × 3.10% × 2.18 × 3.44
Jan 31, 2019 9.20% = 0.61 × 0.82 × 2.61% × 2.33 × 3.02
Oct 31, 2018 — = — × — × — × — × 3.15
Jul 31, 2018 — = — × — × — × — × 2.89
Apr 30, 2018 — = — × — × — × — × 2.71

Based on: 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), 10-K (reporting date: 2019-01-31), 10-Q (reporting date: 2018-10-31), 10-Q (reporting date: 2018-07-31), 10-Q (reporting date: 2018-04-30).

The primary reason for the decrease in return on equity ratio (ROE) over Q4 2024 is the decrease in operating profitability measured by EBIT margin ratio.

Two-Component Disaggregation of ROA

Walmart Inc., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Jan 31, 2024 6.15% = 2.41% × 2.55
Oct 31, 2023 6.29% = 2.57% × 2.44
Jul 31, 2023 5.50% = 2.24% × 2.45
Apr 30, 2023 4.61% = 1.83% × 2.52
Jan 31, 2023 4.80% = 1.93% × 2.49
Oct 31, 2022 3.62% = 1.51% × 2.40
Jul 31, 2022 5.61% = 2.38% × 2.36
Apr 30, 2022 5.28% = 2.28% × 2.32
Jan 31, 2022 5.58% = 2.41% × 2.32
Oct 31, 2021 3.28% = 1.41% × 2.32
Jul 31, 2021 4.21% = 1.79% × 2.35
Apr 30, 2021 5.18% = 2.19% × 2.36
Jan 31, 2021 5.35% = 2.43% × 2.20
Oct 31, 2020 7.87% = 3.62% × 2.17
Jul 31, 2020 7.54% = 3.33% × 2.27
Apr 30, 2020 6.45% = 2.83% × 2.28
Jan 31, 2020 6.29% = 2.86% × 2.20
Oct 31, 2019 6.02% = 2.79% × 2.16
Jul 31, 2019 5.47% = 2.50% × 2.19
Apr 30, 2019 3.57% = 1.64% × 2.18
Jan 31, 2019 3.04% = 1.31% × 2.33
Oct 31, 2018 — = — × —
Jul 31, 2018 — = — × —
Apr 30, 2018 — = — × —

Based on: 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), 10-K (reporting date: 2019-01-31), 10-Q (reporting date: 2018-10-31), 10-Q (reporting date: 2018-07-31), 10-Q (reporting date: 2018-04-30).

The primary reason for the decrease in return on assets ratio (ROA) over Q4 2024 is the decrease in profitability measured by net profit margin ratio.

Four-Component Disaggregation of ROA

Walmart Inc., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Jan 31, 2024 6.15% = 0.74 × 0.89 × 3.70% × 2.55
Oct 31, 2023 6.29% = 0.70 × 0.90 × 4.06% × 2.44
Jul 31, 2023 5.50% = 0.67 × 0.89 × 3.75% × 2.45
Apr 30, 2023 4.61% = 0.66 × 0.88 × 3.14% × 2.52
Jan 31, 2023 4.80% = 0.67 × 0.89 × 3.22% × 2.49
Oct 31, 2022 3.62% = 0.70 × 0.87 × 2.47% × 2.40
Jul 31, 2022 5.61% = 0.76 × 0.91 × 3.46% × 2.36
Apr 30, 2022 5.28% = 0.74 × 0.90 × 3.40% × 2.32
Jan 31, 2022 5.58% = 0.74 × 0.90 × 3.60% × 2.32
Oct 31, 2021 3.28% = 0.61 × 0.86 × 2.67% × 2.32
Jul 31, 2021 4.21% = 0.63 × 0.88 × 3.23% × 2.35
Apr 30, 2021 5.18% = 0.65 × 0.89 × 3.78% × 2.36
Jan 31, 2021 5.35% = 0.66 × 0.90 × 4.09% × 2.20
Oct 31, 2020 7.87% = 0.74 × 0.92 × 5.32% × 2.17
Jul 31, 2020 7.54% = 0.75 × 0.90 × 4.90% × 2.27
Apr 30, 2020 6.45% = 0.75 × 0.89 × 4.25% × 2.28
Jan 31, 2020 6.29% = 0.75 × 0.88 × 4.31% × 2.20
Oct 31, 2019 6.02% = 0.73 × 0.88 × 4.34% × 2.16
Jul 31, 2019 5.47% = 0.72 × 0.87 × 3.99% × 2.19
Apr 30, 2019 3.57% = 0.63 × 0.84 × 3.10% × 2.18
Jan 31, 2019 3.04% = 0.61 × 0.82 × 2.61% × 2.33
Oct 31, 2018 — = — × — × — × —
Jul 31, 2018 — = — × — × — × —
Apr 30, 2018 — = — × — × — × —

Based on: 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), 10-K (reporting date: 2019-01-31), 10-Q (reporting date: 2018-10-31), 10-Q (reporting date: 2018-07-31), 10-Q (reporting date: 2018-04-30).

The primary reason for the decrease in return on assets ratio (ROA) over Q4 2024 is the decrease in operating profitability measured by EBIT margin ratio.

Disaggregation of Net Profit Margin

Walmart Inc., decomposition of net profit margin ratio (quarterly data)

Microsoft Excel
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Jan 31, 2024 2.41% = 0.74 × 0.89 × 3.70%
Oct 31, 2023 2.57% = 0.70 × 0.90 × 4.06%
Jul 31, 2023 2.24% = 0.67 × 0.89 × 3.75%
Apr 30, 2023 1.83% = 0.66 × 0.88 × 3.14%
Jan 31, 2023 1.93% = 0.67 × 0.89 × 3.22%
Oct 31, 2022 1.51% = 0.70 × 0.87 × 2.47%
Jul 31, 2022 2.38% = 0.76 × 0.91 × 3.46%
Apr 30, 2022 2.28% = 0.74 × 0.90 × 3.40%
Jan 31, 2022 2.41% = 0.74 × 0.90 × 3.60%
Oct 31, 2021 1.41% = 0.61 × 0.86 × 2.67%
Jul 31, 2021 1.79% = 0.63 × 0.88 × 3.23%
Apr 30, 2021 2.19% = 0.65 × 0.89 × 3.78%
Jan 31, 2021 2.43% = 0.66 × 0.90 × 4.09%
Oct 31, 2020 3.62% = 0.74 × 0.92 × 5.32%
Jul 31, 2020 3.33% = 0.75 × 0.90 × 4.90%
Apr 30, 2020 2.83% = 0.75 × 0.89 × 4.25%
Jan 31, 2020 2.86% = 0.75 × 0.88 × 4.31%
Oct 31, 2019 2.79% = 0.73 × 0.88 × 4.34%
Jul 31, 2019 2.50% = 0.72 × 0.87 × 3.99%
Apr 30, 2019 1.64% = 0.63 × 0.84 × 3.10%
Jan 31, 2019 1.31% = 0.61 × 0.82 × 2.61%
Oct 31, 2018 — = — × — × —
Jul 31, 2018 — = — × — × —
Apr 30, 2018 — = — × — × —

Based on: 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), 10-K (reporting date: 2019-01-31), 10-Q (reporting date: 2018-10-31), 10-Q (reporting date: 2018-07-31), 10-Q (reporting date: 2018-04-30).

The primary reason for the decrease in net profit margin ratio over Q4 2024 is the decrease in operating profitability measured by EBIT margin ratio.