Stock Analysis on Net
Stock Analysis on Net
Microsoft Excel LibreOffice Calc

Walmart Inc. (NYSE:WMT)

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

Beginner level

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 LibreOffice Calc
ROE = ROA × Financial Leverage
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 7.16% = 2.28% × 3.15
Jul 31, 2018 7.30% = 2.52% × 2.89
Apr 30, 2018 11.86% = 4.37% × 2.71
Jan 31, 2018 12.66% = 4.82% × 2.63
Oct 31, 2017 15.03% = 5.46% × 2.75
Jul 31, 2017 16.66% = 6.32% × 2.64
Apr 30, 2017 18.46% = 6.81% × 2.71
Jan 31, 2017 17.54% = 6.86% × 2.56
Oct 31, 2016 18.61% = 6.99% × 2.66
Jul 31, 2016 19.25% = 7.44% × 2.59
Apr 30, 2016 19.20% = 7.26% × 2.64
Jan 31, 2016 18.24% = 7.36% × 2.48
Oct 31, 2015 18.96% = 7.35% × 2.58
Jul 31, 2015 19.64% = 7.80% × 2.52
Apr 30, 2015 21.04% = 8.03% × 2.62
Jan 31, 2015 20.10% = 8.03% × 2.50
Oct 31, 2014 — = — × 2.63
Jul 31, 2014 — = — × 2.62
Apr 30, 2014 — = — × 2.77

Based on: 10-Q (filing date: 2020-09-02), 10-Q (filing date: 2020-06-03), 10-K (filing date: 2020-03-20), 10-Q (filing date: 2019-12-04), 10-Q (filing date: 2019-09-06), 10-Q (filing date: 2019-06-07), 10-K (filing date: 2019-03-28), 10-Q (filing date: 2018-11-30), 10-Q (filing date: 2018-09-06), 10-Q (filing date: 2018-06-04), 10-K (filing date: 2018-03-30), 10-Q (filing date: 2017-12-01), 10-Q (filing date: 2017-08-31), 10-Q (filing date: 2017-06-02), 10-K (filing date: 2017-03-31), 10-Q (filing date: 2016-12-01), 10-Q (filing date: 2016-08-31), 10-Q (filing date: 2016-06-03), 10-K (filing date: 2016-03-30), 10-Q (filing date: 2015-12-02), 10-Q (filing date: 2015-09-09), 10-Q (filing date: 2015-06-05), 10-K (filing date: 2015-04-01), 10-Q (filing date: 2014-12-01), 10-Q (filing date: 2014-09-05), 10-Q (filing date: 2014-06-06).

The primary reason for the increase in return on equity ratio (ROE) over Q2 2021 is the increase in profitability measured by return on assets ratio (ROA).

Three-Component Disaggregation of ROE

Walmart Inc., decomposition of ROE (quarterly data)

Microsoft Excel LibreOffice Calc
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
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 7.16% = 1.02% × 2.24 × 3.15
Jul 31, 2018 7.30% = 1.03% × 2.46 × 2.89
Apr 30, 2018 11.86% = 1.79% × 2.44 × 2.71
Jan 31, 2018 12.66% = 1.99% × 2.42 × 2.63
Oct 31, 2017 15.03% = 2.33% × 2.34 × 2.75
Jul 31, 2017 16.66% = 2.62% × 2.41 × 2.64
Apr 30, 2017 18.46% = 2.82% × 2.42 × 2.71
Jan 31, 2017 17.54% = 2.83% × 2.42 × 2.56
Oct 31, 2016 18.61% = 3.01% × 2.32 × 2.66
Jul 31, 2016 19.25% = 3.07% × 2.42 × 2.59
Apr 30, 2016 19.20% = 3.01% × 2.41 × 2.64
Jan 31, 2016 18.24% = 3.07% × 2.40 × 2.48
Oct 31, 2015 18.96% = 3.14% × 2.34 × 2.58
Jul 31, 2015 19.64% = 3.21% × 2.43 × 2.52
Apr 30, 2015 21.04% = 3.34% × 2.40 × 2.62
Jan 31, 2015 20.10% = 3.39% × 2.37 × 2.50
Oct 31, 2014 — = — × — × 2.63
Jul 31, 2014 — = — × — × 2.62
Apr 30, 2014 — = — × — × 2.77

Based on: 10-Q (filing date: 2020-09-02), 10-Q (filing date: 2020-06-03), 10-K (filing date: 2020-03-20), 10-Q (filing date: 2019-12-04), 10-Q (filing date: 2019-09-06), 10-Q (filing date: 2019-06-07), 10-K (filing date: 2019-03-28), 10-Q (filing date: 2018-11-30), 10-Q (filing date: 2018-09-06), 10-Q (filing date: 2018-06-04), 10-K (filing date: 2018-03-30), 10-Q (filing date: 2017-12-01), 10-Q (filing date: 2017-08-31), 10-Q (filing date: 2017-06-02), 10-K (filing date: 2017-03-31), 10-Q (filing date: 2016-12-01), 10-Q (filing date: 2016-08-31), 10-Q (filing date: 2016-06-03), 10-K (filing date: 2016-03-30), 10-Q (filing date: 2015-12-02), 10-Q (filing date: 2015-09-09), 10-Q (filing date: 2015-06-05), 10-K (filing date: 2015-04-01), 10-Q (filing date: 2014-12-01), 10-Q (filing date: 2014-09-05), 10-Q (filing date: 2014-06-06).

The primary reason for the increase in return on equity ratio (ROE) over Q2 2021 is the increase in profitability measured by net profit margin ratio.

Five-Component Disaggregation of ROE

Walmart Inc., decomposition of ROE (quarterly data)

Microsoft Excel LibreOffice Calc
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
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 7.16% = 0.63 × 0.79 × 2.05% × 2.24 × 3.15
Jul 31, 2018 7.30% = 0.62 × 0.79 × 2.10% × 2.46 × 2.89
Apr 30, 2018 11.86% = 0.71 × 0.85 × 2.96% × 2.44 × 2.71
Jan 31, 2018 12.66% = 0.68 × 0.86 × 3.39% × 2.42 × 2.63
Oct 31, 2017 15.03% = 0.67 × 0.88 × 3.97% × 2.34 × 2.75
Jul 31, 2017 16.66% = 0.68 × 0.89 × 4.36% × 2.41 × 2.64
Apr 30, 2017 18.46% = 0.69 × 0.89 × 4.60% × 2.42 × 2.71
Jan 31, 2017 17.54% = 0.69 × 0.89 × 4.62% × 2.42 × 2.56
Oct 31, 2016 18.61% = 0.71 × 0.90 × 4.73% × 2.32 × 2.66
Jul 31, 2016 19.25% = 0.70 × 0.90 × 4.87% × 2.42 × 2.59
Apr 30, 2016 19.20% = 0.69 × 0.90 × 4.84% × 2.41 × 2.64
Jan 31, 2016 18.24% = 0.69 × 0.89 × 4.97% × 2.40 × 2.48
Oct 31, 2015 18.96% = 0.67 × 0.90 × 5.22% × 2.34 × 2.58
Jul 31, 2015 19.64% = 0.68 × 0.89 × 5.32% × 2.43 × 2.52
Apr 30, 2015 21.04% = 0.68 × 0.90 × 5.49% × 2.40 × 2.62
Jan 31, 2015 20.10% = 0.67 × 0.91 × 5.56% × 2.37 × 2.50
Oct 31, 2014 — = — × — × — × — × 2.63
Jul 31, 2014 — = — × — × — × — × 2.62
Apr 30, 2014 — = — × — × — × — × 2.77

Based on: 10-Q (filing date: 2020-09-02), 10-Q (filing date: 2020-06-03), 10-K (filing date: 2020-03-20), 10-Q (filing date: 2019-12-04), 10-Q (filing date: 2019-09-06), 10-Q (filing date: 2019-06-07), 10-K (filing date: 2019-03-28), 10-Q (filing date: 2018-11-30), 10-Q (filing date: 2018-09-06), 10-Q (filing date: 2018-06-04), 10-K (filing date: 2018-03-30), 10-Q (filing date: 2017-12-01), 10-Q (filing date: 2017-08-31), 10-Q (filing date: 2017-06-02), 10-K (filing date: 2017-03-31), 10-Q (filing date: 2016-12-01), 10-Q (filing date: 2016-08-31), 10-Q (filing date: 2016-06-03), 10-K (filing date: 2016-03-30), 10-Q (filing date: 2015-12-02), 10-Q (filing date: 2015-09-09), 10-Q (filing date: 2015-06-05), 10-K (filing date: 2015-04-01), 10-Q (filing date: 2014-12-01), 10-Q (filing date: 2014-09-05), 10-Q (filing date: 2014-06-06).

The primary reason for the increase in return on equity ratio (ROE) over Q2 2021 is the increase in operating profitability measured by EBIT margin ratio.

Two-Component Disaggregation of ROA

Walmart Inc., decomposition of ROA (quarterly data)

Microsoft Excel LibreOffice Calc
ROA = Net Profit Margin × Asset Turnover
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 2.28% = 1.02% × 2.24
Jul 31, 2018 2.52% = 1.03% × 2.46
Apr 30, 2018 4.37% = 1.79% × 2.44
Jan 31, 2018 4.82% = 1.99% × 2.42
Oct 31, 2017 5.46% = 2.33% × 2.34
Jul 31, 2017 6.32% = 2.62% × 2.41
Apr 30, 2017 6.81% = 2.82% × 2.42
Jan 31, 2017 6.86% = 2.83% × 2.42
Oct 31, 2016 6.99% = 3.01% × 2.32
Jul 31, 2016 7.44% = 3.07% × 2.42
Apr 30, 2016 7.26% = 3.01% × 2.41
Jan 31, 2016 7.36% = 3.07% × 2.40
Oct 31, 2015 7.35% = 3.14% × 2.34
Jul 31, 2015 7.80% = 3.21% × 2.43
Apr 30, 2015 8.03% = 3.34% × 2.40
Jan 31, 2015 8.03% = 3.39% × 2.37
Oct 31, 2014 — = — × —
Jul 31, 2014 — = — × —
Apr 30, 2014 — = — × —

Based on: 10-Q (filing date: 2020-09-02), 10-Q (filing date: 2020-06-03), 10-K (filing date: 2020-03-20), 10-Q (filing date: 2019-12-04), 10-Q (filing date: 2019-09-06), 10-Q (filing date: 2019-06-07), 10-K (filing date: 2019-03-28), 10-Q (filing date: 2018-11-30), 10-Q (filing date: 2018-09-06), 10-Q (filing date: 2018-06-04), 10-K (filing date: 2018-03-30), 10-Q (filing date: 2017-12-01), 10-Q (filing date: 2017-08-31), 10-Q (filing date: 2017-06-02), 10-K (filing date: 2017-03-31), 10-Q (filing date: 2016-12-01), 10-Q (filing date: 2016-08-31), 10-Q (filing date: 2016-06-03), 10-K (filing date: 2016-03-30), 10-Q (filing date: 2015-12-02), 10-Q (filing date: 2015-09-09), 10-Q (filing date: 2015-06-05), 10-K (filing date: 2015-04-01), 10-Q (filing date: 2014-12-01), 10-Q (filing date: 2014-09-05), 10-Q (filing date: 2014-06-06).

The primary reason for the increase in return on assets ratio (ROA) over Q2 2021 is the increase in profitability measured by net profit margin ratio.

Four-Component Disaggregation of ROA

Walmart Inc., decomposition of ROA (quarterly data)

Microsoft Excel LibreOffice Calc
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
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 2.28% = 0.63 × 0.79 × 2.05% × 2.24
Jul 31, 2018 2.52% = 0.62 × 0.79 × 2.10% × 2.46
Apr 30, 2018 4.37% = 0.71 × 0.85 × 2.96% × 2.44
Jan 31, 2018 4.82% = 0.68 × 0.86 × 3.39% × 2.42
Oct 31, 2017 5.46% = 0.67 × 0.88 × 3.97% × 2.34
Jul 31, 2017 6.32% = 0.68 × 0.89 × 4.36% × 2.41
Apr 30, 2017 6.81% = 0.69 × 0.89 × 4.60% × 2.42
Jan 31, 2017 6.86% = 0.69 × 0.89 × 4.62% × 2.42
Oct 31, 2016 6.99% = 0.71 × 0.90 × 4.73% × 2.32
Jul 31, 2016 7.44% = 0.70 × 0.90 × 4.87% × 2.42
Apr 30, 2016 7.26% = 0.69 × 0.90 × 4.84% × 2.41
Jan 31, 2016 7.36% = 0.69 × 0.89 × 4.97% × 2.40
Oct 31, 2015 7.35% = 0.67 × 0.90 × 5.22% × 2.34
Jul 31, 2015 7.80% = 0.68 × 0.89 × 5.32% × 2.43
Apr 30, 2015 8.03% = 0.68 × 0.90 × 5.49% × 2.40
Jan 31, 2015 8.03% = 0.67 × 0.91 × 5.56% × 2.37
Oct 31, 2014 — = — × — × — × —
Jul 31, 2014 — = — × — × — × —
Apr 30, 2014 — = — × — × — × —

Based on: 10-Q (filing date: 2020-09-02), 10-Q (filing date: 2020-06-03), 10-K (filing date: 2020-03-20), 10-Q (filing date: 2019-12-04), 10-Q (filing date: 2019-09-06), 10-Q (filing date: 2019-06-07), 10-K (filing date: 2019-03-28), 10-Q (filing date: 2018-11-30), 10-Q (filing date: 2018-09-06), 10-Q (filing date: 2018-06-04), 10-K (filing date: 2018-03-30), 10-Q (filing date: 2017-12-01), 10-Q (filing date: 2017-08-31), 10-Q (filing date: 2017-06-02), 10-K (filing date: 2017-03-31), 10-Q (filing date: 2016-12-01), 10-Q (filing date: 2016-08-31), 10-Q (filing date: 2016-06-03), 10-K (filing date: 2016-03-30), 10-Q (filing date: 2015-12-02), 10-Q (filing date: 2015-09-09), 10-Q (filing date: 2015-06-05), 10-K (filing date: 2015-04-01), 10-Q (filing date: 2014-12-01), 10-Q (filing date: 2014-09-05), 10-Q (filing date: 2014-06-06).

The primary reason for the increase in return on assets ratio (ROA) over Q2 2021 is the increase 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 LibreOffice Calc
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
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 1.02% = 0.63 × 0.79 × 2.05%
Jul 31, 2018 1.03% = 0.62 × 0.79 × 2.10%
Apr 30, 2018 1.79% = 0.71 × 0.85 × 2.96%
Jan 31, 2018 1.99% = 0.68 × 0.86 × 3.39%
Oct 31, 2017 2.33% = 0.67 × 0.88 × 3.97%
Jul 31, 2017 2.62% = 0.68 × 0.89 × 4.36%
Apr 30, 2017 2.82% = 0.69 × 0.89 × 4.60%
Jan 31, 2017 2.83% = 0.69 × 0.89 × 4.62%
Oct 31, 2016 3.01% = 0.71 × 0.90 × 4.73%
Jul 31, 2016 3.07% = 0.70 × 0.90 × 4.87%
Apr 30, 2016 3.01% = 0.69 × 0.90 × 4.84%
Jan 31, 2016 3.07% = 0.69 × 0.89 × 4.97%
Oct 31, 2015 3.14% = 0.67 × 0.90 × 5.22%
Jul 31, 2015 3.21% = 0.68 × 0.89 × 5.32%
Apr 30, 2015 3.34% = 0.68 × 0.90 × 5.49%
Jan 31, 2015 3.39% = 0.67 × 0.91 × 5.56%
Oct 31, 2014 — = — × — × —
Jul 31, 2014 — = — × — × —
Apr 30, 2014 — = — × — × —

Based on: 10-Q (filing date: 2020-09-02), 10-Q (filing date: 2020-06-03), 10-K (filing date: 2020-03-20), 10-Q (filing date: 2019-12-04), 10-Q (filing date: 2019-09-06), 10-Q (filing date: 2019-06-07), 10-K (filing date: 2019-03-28), 10-Q (filing date: 2018-11-30), 10-Q (filing date: 2018-09-06), 10-Q (filing date: 2018-06-04), 10-K (filing date: 2018-03-30), 10-Q (filing date: 2017-12-01), 10-Q (filing date: 2017-08-31), 10-Q (filing date: 2017-06-02), 10-K (filing date: 2017-03-31), 10-Q (filing date: 2016-12-01), 10-Q (filing date: 2016-08-31), 10-Q (filing date: 2016-06-03), 10-K (filing date: 2016-03-30), 10-Q (filing date: 2015-12-02), 10-Q (filing date: 2015-09-09), 10-Q (filing date: 2015-06-05), 10-K (filing date: 2015-04-01), 10-Q (filing date: 2014-12-01), 10-Q (filing date: 2014-09-05), 10-Q (filing date: 2014-06-06).

The primary reason for the increase in net profit margin ratio over Q2 2021 is the increase in operating profitability measured by EBIT margin ratio.