Analysis of Geographic Areas
Walmart Inc. operates in 2 regions: U.S. operations and Non-U.S. operations.
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- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Selected Financial Data since 2005
- Return on Equity (ROE) since 2005
- Price to Sales (P/S) since 2005
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Area Asset Turnover
Walmart Inc., asset turnover by geographic area
| Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | |
|---|---|---|---|---|---|---|
| U.S. operations | ||||||
| Non-U.S. operations |
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 asset turnover ratios for the U.S. and Non-U.S. operations over the six-year period exhibit distinct trends and fluctuations, reflective of changing efficiency in utilizing assets to generate revenue within each geographic segment.
- U.S. Operations
- The asset turnover ratio for U.S. operations shows an initial upward trend from 4.63 in 2020 to a peak of 5.32 in 2023, indicating an improving ability to generate sales from assets. However, this is followed by a decline to 5.09 in 2024 and further down to 4.84 in 2025. The peak in 2023 suggests optimal asset utilization in this year, but the subsequent decrease may reflect increased asset base without proportional revenue growth or operational changes affecting efficiency.
- Non-U.S. Operations
- The Non-U.S. operations demonstrate more volatility over the same period. The ratio rises sharply from 3.03 in 2020 to 5.38 in 2021, indicating a significant improvement in asset utilization or revenue generation post-2020. This gain is not sustained, as the ratio declines to 4.49 in 2022 and further to 4.34 in 2023. A recovery trend is observed afterward with the ratio increasing to 4.49 in 2024 and reaching 5.04 in 2025. This pattern suggests fluctuating operational efficiency or market conditions affecting asset turnover in international operations, with a notable rebound in the latter years.
- Comparative Insights
- Throughout the period, U.S. operations maintain higher asset turnover ratios than Non-U.S. operations except for the year 2021, where Non-U.S. operations peak sharply above the U.S. This exception might be due to specific events or changes improving asset productivity abroad temporarily. Generally, the U.S. operation's ratios are steadier, suggesting more consistent performance, whereas the Non-U.S. ratios indicate more variability, reflecting possibly diverse market environments and operational challenges internationally.
Area Asset Turnover: U.S. operations
Walmart Inc.; U.S. operations; area asset turnover calculation
| Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenues | ||||||
| Long-lived assets | ||||||
| Area Activity Ratio | ||||||
| Area asset turnover1 | ||||||
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).
1 2025 Calculation
Area asset turnover = Revenues ÷ Long-lived assets
= ÷ =
- Revenues
- The revenues exhibit a consistent upward trend over the six-year period, increasing from $402,532 million in January 2020 to $557,622 million in January 2025. This represents a substantial growth, reflecting steady sales expansion in the U.S. operations. The yearly increments, while positive each year, show a slightly moderating pace of increase towards the last year.
- Long-lived assets
- Long-lived assets also show a clear growth trajectory, rising from $86,944 million in January 2020 to $115,250 million in January 2025. The increase is progressive and more pronounced in the last two years, indicating ongoing investments in property, plant, equipment, or similar capital assets within the U.S. operations.
- Area asset turnover
- The area asset turnover ratio, which measures the efficiency of asset use to generate revenue, shows an initial increasing trend from 4.63 in 2020 to a peak of 5.32 in 2023. However, it then declines to 5.09 in 2024 and further down to 4.84 in 2025. This suggests that despite growing assets and revenues, the efficiency of asset utilization is decreasing in the most recent years, potentially indicating diminishing returns on new asset investments or changes in operational efficiency.
Area Asset Turnover: Non-U.S. operations
Walmart Inc.; Non-U.S. operations; area asset turnover calculation
| Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenues | ||||||
| Long-lived assets | ||||||
| Area Activity Ratio | ||||||
| Area asset turnover1 | ||||||
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).
1 2025 Calculation
Area asset turnover = Revenues ÷ Long-lived assets
= ÷ =
The analysis of the Non-U.S. operations over the reported periods reveals several key trends in revenues, long-lived assets, and area asset turnover.
- Revenues
- Revenues exhibit fluctuations over the years. Starting at 121,432 million USD in 2020, there was a slight increase to 122,502 million USD in 2021. However, a notable decline occurred in 2022 and 2023, with revenues dropping to approximately 102,459 million USD and 102,604 million USD respectively. The trend reversed in 2024 and 2025, with revenues rising to 116,049 million USD and subsequently 123,363 million USD, suggesting a recovery and growth phase in the most recent years.
- Long-lived Assets
- Long-lived assets show a significant decrease from 40,105 million USD in 2020 to 22,780 million USD in 2021. Following this sharp decline, the asset base remained relatively stable through 2022 and 2023 with minor increases to 22,829 million USD and 23,667 million USD respectively. In 2024, assets increased further to 25,858 million USD, before a slight decrease to 24,455 million USD in 2025. This pattern indicates an initial divestment or impairment event followed by modest asset growth and subsequent stabilization.
- Area Asset Turnover
- The ratio of area asset turnover reflects operational efficiency in utilizing assets to generate revenue. Starting at 3.03 in 2020, there was a marked improvement to 5.38 in 2021, despite the reduction in long-lived assets. This ratio then declined to 4.49 in 2022 and further slightly to 4.34 in 2023, indicating some decrease in asset utilization efficiency during these years. In 2024 and 2025, the ratio improved again to 4.49 and 5.04 respectively, mirroring the recovery in revenues and suggesting enhanced efficiency in asset use during these later periods.
Overall, the data point to a period of contraction and asset downsizing in the Non-U.S. operations around 2021, accompanied by lower revenues in the subsequent two years. This was followed by a rebound in both revenues and asset turnover efficiency starting in 2024, alongside a moderate rebuild in long-lived assets. These trends may reflect strategic adjustments, divestitures, or market conditions impacting the geographic area under review.
Revenues
Walmart Inc., revenues by geographic area
US$ in millions
| Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | |
|---|---|---|---|---|---|---|
| U.S. operations | ||||||
| Non-U.S. operations | ||||||
| Total |
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).
- U.S. operations revenue trend
- Revenue from U.S. operations exhibited consistent growth throughout the observed periods. Starting at 402,532 million USD in the year ending January 31, 2020, the revenue increased steadily each subsequent year, reaching 557,622 million USD by January 31, 2025. This represents a cumulative increase of approximately 38.5% over the six-year span, highlighting a robust and continuous expansion in the domestic market.
- Non-U.S. operations revenue trend
- Revenue generated from non-U.S. operations displayed more variability. The total revenue remained relatively stable around 121,000 to 122,000 million USD between 2020 and 2021, but then declined significantly in 2022 and 2023 to values near 102,000 million USD. However, a recovery is evident in 2024 and 2025, with revenue increasing back to 116,049 million USD and further to 123,363 million USD, surpassing the initial 2020 figure by a small margin. This pattern suggests some challenges or shifts in international markets during the middle years followed by partial rebound.
- Total revenue trend and composition
- Total revenue mirrored the trends of its components, with steady growth from 523,964 million USD in 2020 to 680,985 million USD in 2025. The increase over the period is approximately 30%, driven primarily by gains in the U.S. operations segment. The contribution of non-U.S. operations fluctuated, impacting overall growth dynamics but less significantly compared to the sustained expansion in the domestic segment.
- Insights and implications
- The consistent growth in U.S. operations underlines a stable and expanding domestic market presence. The fluctuations observed in non-U.S. operations may indicate exposure to external economic factors, market conditions, or strategic adjustments internationally. The recovery seen in the latest years of non-U.S. revenue could suggest successful measures implemented to counteract previous declines. Overall, the predominant driver of revenue growth is the U.S. operations segment, which supports an optimistic outlook for continued revenue expansion.
Long-lived assets
Walmart Inc., long-lived assets by geographic area
US$ in millions
| Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | |
|---|---|---|---|---|---|---|
| U.S. operations | ||||||
| Non-U.S. operations | ||||||
| Total |
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 long-lived assets across geographic areas reveals distinct trends in asset allocation and growth over the six-year period.
- U.S. Operations
- The value of long-lived assets in U.S. operations consistently increased each year, starting from $86,944 million in 2020 and reaching $115,250 million in 2025. This represents a steady upward trend with notable increments, indicating ongoing investment and expansion in the domestic market. The increase from 2023 to 2025 is particularly marked, with asset values rising by nearly $20 billion over two years.
- Non-U.S. Operations
- The pattern for non-U.S. operations is more variable. Initially, there was a significant decrease from $40,105 million in 2020 to $22,780 million in 2021. Following this drop, the asset levels remained relatively stable with minor fluctuations, increasing gradually to $25,858 million in 2024 before a slight decline to $24,455 million in 2025. This suggests some divestment or revaluation occurring around 2021, followed by a period of stabilization and moderate growth outside the U.S.
- Total Long-Lived Assets
- The total long-lived assets show an overall growth trend despite the volatility in non-U.S. operations. The total decreased from $127,049 million in 2020 to $109,848 million in 2021, primarily due to the drop in non-U.S. assets. From 2021 onward, total assets increased steadily each year, reaching $139,705 million in 2025. This growth is largely driven by ongoing investment in U.S. operations, which offsets fluctuations in international asset levels.
In summary, the company's long-lived assets exhibit a clear focus on expanding U.S. operations, with consistent annual growth in this region. Non-U.S. asset values show initial contraction followed by stabilization, indicating a possible strategic shift or restructuring in international markets. The overall asset base recovers and grows progressively after 2021, reflecting an emphasis on strengthening the asset portfolio primarily within the United States.