Analysis of Liquidity Ratios
Quarterly Data
Liquidity ratios measure the company ability to meet its short-term obligations.
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Liquidity Ratios (Summary)
Walmart Inc., liquidity ratios (quarterly data)
Based on: 10-Q (reporting date: 2025-04-30), 10-K (reporting date: 2025-01-31), 10-Q (reporting date: 2024-10-31), 10-Q (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 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).
The analysis of the liquidity ratios over the observed periods reveals several notable trends and fluctuations.
- Current Ratio
- The current ratio exhibits moderate stability with minor fluctuations over time. It started at 0.77 in April 2019 and experienced a slight upward trend, reaching close to 0.97 by January 2021. Following this peak, there was a gradual decline, decreasing to 0.78 by April 2025. Overall, the ratio remains below 1, indicating that current liabilities consistently exceed current assets, suggesting relatively tight short-term liquidity.
- Quick Ratio
- The quick ratio shows more variability relative to the current ratio but maintains a relatively low level throughout the periods. Starting at 0.18 in April 2019, it peaked at 0.36 in July 2021, reflecting a temporary improvement in the company's ability to cover short-term liabilities with more liquid assets excluding inventory. After this peak, the quick ratio declines, hovering around 0.18 to 0.22 towards the later periods, implying a contraction in readily available liquid assets compared to current liabilities.
- Cash Ratio
- The cash ratio, being the most conservative liquidity measure, remains consistently low. Initial values around 0.12 in April 2019 slightly increased to a peak of 0.28 in April and July 2021, indicating transient improvement in cash and cash equivalents relative to current liabilities. Beyond this point, the ratio steadily decreased, reaching approximately 0.09 by the most recent period, signifying limited immediate cash coverage for short-term obligations.
In summary, the liquidity position demonstrates a pattern where temporary improvements in mid-2020 and 2021 are evident across all three ratios, likely reflecting a strategic response to external conditions or internal financial management adjustments during that timeframe. However, subsequent periods show a general decline in liquidity metrics, particularly in the quick and cash ratios, suggesting tightening of liquid assets and possibly increased reliance on current liabilities. The current ratio's persistent sub-1.0 levels imply ongoing challenges in short-term asset coverage, necessitating careful liquidity management going forward.
Current Ratio
Walmart Inc., current ratio calculation (quarterly data)
| Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 | Jan 31, 2023 | Oct 31, 2022 | Jul 31, 2022 | Apr 30, 2022 | Jan 31, 2022 | Oct 31, 2021 | Jul 31, 2021 | Apr 30, 2021 | Jan 31, 2021 | Oct 31, 2020 | Jul 31, 2020 | Apr 30, 2020 | Jan 31, 2020 | Oct 31, 2019 | Jul 31, 2019 | Apr 30, 2019 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||||
| Current assets | |||||||||||||||||||||||||||||||||
| Current liabilities | |||||||||||||||||||||||||||||||||
| Liquidity Ratio | |||||||||||||||||||||||||||||||||
| Current ratio1 | |||||||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||
| Current Ratio, Competitors2 | |||||||||||||||||||||||||||||||||
| Costco Wholesale Corp. | |||||||||||||||||||||||||||||||||
| Target Corp. | |||||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-04-30), 10-K (reporting date: 2025-01-31), 10-Q (reporting date: 2024-10-31), 10-Q (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 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).
1 Q1 2026 Calculation
Current ratio = Current assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
The data shows the quarterly financial position with a focus on current assets, current liabilities, and the resulting current ratio over a period beginning from April 2019 through April 2025.
- Current Assets
- Current assets exhibit an overall upward trend from April 2019, starting at 61,739 million USD, peaking at various points such as 90,067 million USD in January 2021, and fluctuating in subsequent periods. After the peak, there are periods of decline and recovery cycles, with a notable decrease in early 2023, followed by some recovery up to October 2023. In the most recent quarters, values tend to fluctuate between roughly 76,000 million USD and 87,000 million USD, implying variability but maintaining a general level above the initial reporting period.
- Current Liabilities
- Current liabilities show a continuous increase over the entire period. Starting at 79,888 million USD in April 2019, the values increase steadily and reach over 100,000 million USD by late 2022 and early 2023. Despite some fluctuations, the liabilities remain consistently higher than current assets throughout, culminating in values between approximately 96,000 million USD and 104,000 million USD in the later periods. This upward movement suggests growing short-term obligations for the company.
- Current Ratio
- The current ratio, calculated by dividing current assets by current liabilities, reflects the company’s short-term financial health. Initially, the ratio hovered around 0.76 to 0.81, indicating that current assets were less than current liabilities. A notable improvement occurs between October 2020 and January 2021, where the ratio increased close to 1.0 (0.97), partly due to the surge in current assets. However, in the following periods, the ratio declines again, fluctuating mostly in the range of 0.78 to 0.86. This persistent shortfall below a ratio of 1.0 demonstrates that current liabilities consistently exceed current assets, indicating potential liquidity concerns or reliance on external financing for short-term obligations.
Overall, the pattern reveals a company with growing current liabilities that have outpaced increases in current assets. While the current ratio improves at certain points, it remains below 1.0 throughout the analyzed time frame, signaling a continued risk in short-term liquidity. The company may need to address this imbalance to strengthen its capacity to cover short-term obligations with current assets.
Quick Ratio
Walmart Inc., quick ratio calculation (quarterly data)
| Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 | Jan 31, 2023 | Oct 31, 2022 | Jul 31, 2022 | Apr 30, 2022 | Jan 31, 2022 | Oct 31, 2021 | Jul 31, 2021 | Apr 30, 2021 | Jan 31, 2021 | Oct 31, 2020 | Jul 31, 2020 | Apr 30, 2020 | Jan 31, 2020 | Oct 31, 2019 | Jul 31, 2019 | Apr 30, 2019 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||||
| Cash and cash equivalents | |||||||||||||||||||||||||||||||||
| Receivables, net | |||||||||||||||||||||||||||||||||
| Total quick assets | |||||||||||||||||||||||||||||||||
| Current liabilities | |||||||||||||||||||||||||||||||||
| Liquidity Ratio | |||||||||||||||||||||||||||||||||
| Quick ratio1 | |||||||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||
| Quick Ratio, Competitors2 | |||||||||||||||||||||||||||||||||
| Costco Wholesale Corp. | |||||||||||||||||||||||||||||||||
| Target Corp. | |||||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-04-30), 10-K (reporting date: 2025-01-31), 10-Q (reporting date: 2024-10-31), 10-Q (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 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).
1 Q1 2026 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
- Total Quick Assets
- Throughout the period analyzed, total quick assets exhibit a fluctuating trend with notable peaks and troughs. Beginning at approximately $14.6 billion in April 2019, the figure initially increased to nearly $22.0 billion by mid-2020, indicating a substantial improvement in liquid asset holdings. Following this peak, a general downward tendency is observed, with values declining towards the range of $16.5 billion to $21.8 billion from early 2023 through late 2024. The latest quarters reveal a slight recovery, though overall levels remain below the mid-2020 high.
- Current Liabilities
- Current liabilities demonstrate a progressive upward trajectory over the analyzed timeframe. Starting from around $79.9 billion in April 2019, liabilities recurrently increase with some fluctuations, reaching peaks exceeding $104 billion in late 2023. Despite temporary declines in specific quarters, the general movement indicates growing short-term obligations, with values consistently above $90 billion from early 2021 onward. The highest liability amounts tend to coincide with periods where quick assets have declined or plateaued.
- Quick Ratio
- The quick ratio, representing the proportion of highly liquid assets relative to current liabilities, shows considerable variability but remains low throughout the entire period. Initially hovering around 0.18, the ratio improves to a maximum of 0.36 in mid-2021, reflecting relatively healthier liquidity conditions during that time. Subsequently, a downward pattern resumes, with the quick ratio stabilizing between 0.18 and 0.22 in the most recent years. This suggests that despite some temporary strengthening, the company maintains a conservative liquidity buffer relative to its short-term liabilities.
- Overall Observations
- The interplay between total quick assets and current liabilities shapes the observed quick ratio trends. The initial rise in quick assets during the earlier part of the timeline contributed to enhanced liquidity, but this was offset later by increasing current liabilities and declining liquid assets. The consistent low quick ratio indicates that liquid assets cover only a small fraction of current liabilities, signaling modest short-term liquidity resilience. The cyclical fluctuations in liquidity metrics likely reflect operational and market conditions influencing asset availability and obligations over time.
Cash Ratio
Walmart Inc., cash ratio calculation (quarterly data)
| Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 | Jan 31, 2023 | Oct 31, 2022 | Jul 31, 2022 | Apr 30, 2022 | Jan 31, 2022 | Oct 31, 2021 | Jul 31, 2021 | Apr 30, 2021 | Jan 31, 2021 | Oct 31, 2020 | Jul 31, 2020 | Apr 30, 2020 | Jan 31, 2020 | Oct 31, 2019 | Jul 31, 2019 | Apr 30, 2019 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||||
| Cash and cash equivalents | |||||||||||||||||||||||||||||||||
| Total cash assets | |||||||||||||||||||||||||||||||||
| Current liabilities | |||||||||||||||||||||||||||||||||
| Liquidity Ratio | |||||||||||||||||||||||||||||||||
| Cash ratio1 | |||||||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||
| Cash Ratio, Competitors2 | |||||||||||||||||||||||||||||||||
| Costco Wholesale Corp. | |||||||||||||||||||||||||||||||||
| Target Corp. | |||||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-04-30), 10-K (reporting date: 2025-01-31), 10-Q (reporting date: 2024-10-31), 10-Q (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 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).
1 Q1 2026 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
The analysis of the provided quarterly financial data reveals several notable trends related to cash assets, current liabilities, and the cash ratio over the observation period.
- Total Cash Assets
-
Total cash assets demonstrated considerable fluctuation from April 2019 through April 2025. Initial levels around 9,255 million USD remained relatively stable until early 2020, when a marked increase occurred, peaking at 22,846 million USD by April 2021. After this peak, cash assets gradually declined, reaching a lower range of approximately 8,600 to 10,500 million USD by the years 2023 and 2024. This indicates a significant accumulation of liquidity during the early pandemic phases, followed by a drawdown or utilization of cash reserves in subsequent quarters.
- Current Liabilities
-
Current liabilities experienced a generally upward trend over the entire period, with values increasing from about 79,888 million USD in April 2019 to a range exceeding 100,000 million USD periodically from 2022 onwards. The data shows some quarter-to-quarter volatility, but the overall pattern indicates growth in short-term obligations. Noteworthy is the consistent rise beyond 96,000 million USD starting from early 2022, emphasizing increased liabilities in recent years.
- Cash Ratio
-
The cash ratio, representing cash assets relative to current liabilities, exhibited variation corresponding to changes in the underlying components. Starting relatively low at approximately 0.12 in April 2019, the ratio increased notably during 2020 and early 2021, peaking near 0.28, reflecting strengthened liquidity positions in that interval. However, post-peak, the ratio declined steadily, stabilizing around 0.09 to 0.14 after 2022, indicating reduced coverage of current liabilities by cash assets. This decline suggests a normalization or conservative cash holding policy after the liquidity buildup phase.
In summary, the quarterly data reveals a pattern of liquidity expansion during 2020 and early 2021, likely in response to external conditions impacting operations, followed by progressive reduction in cash reserves alongside increasing current liabilities. The adjustment in the cash ratio highlights a phase of cautious liquidity management transitioning into periods of lower immediate cash coverage relative to liabilities.