Analysis of Solvency Ratios
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
Walmart Inc., solvency ratios
Based on: 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), 10-K (reporting date: 2019-01-31).
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | Walmart Inc. debt to equity ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024. |
| Debt to equity ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. | Walmart Inc. debt to equity ratio (including operating lease liability) deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024. |
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | Walmart Inc. debt to capital ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024. |
| Debt to capital ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | Walmart Inc. debt to capital ratio (including operating lease liability) deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024. |
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Walmart Inc. debt to assets ratio deteriorated from 2022 to 2023 and from 2023 to 2024. |
| Debt to assets ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | Walmart Inc. debt to assets ratio (including operating lease liability) deteriorated from 2022 to 2023 and from 2023 to 2024. |
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Walmart Inc. financial leverage ratio increased from 2022 to 2023 but then slightly decreased from 2023 to 2024 not reaching 2022 level. |
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | Walmart Inc. interest coverage ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024. |
| Fixed charge coverage ratio | A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. | Walmart Inc. fixed charge coverage ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level. |
Debt to Equity
Walmart Inc., debt to equity calculation, comparison to benchmarks
| Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | Jan 31, 2019 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Short-term borrowings | 878) | 372) | 410) | 224) | 575) | 5,225) | |
| Long-term debt due within one year | 3,447) | 4,191) | 2,803) | 3,115) | 5,362) | 1,876) | |
| Finance lease obligations due within one year | 725) | 567) | 511) | 491) | 511) | 729) | |
| Long-term debt, excluding due within one year | 36,132) | 34,649) | 34,864) | 41,194) | 43,714) | 43,520) | |
| Long-term finance lease obligations, excluding due within one year | 5,709) | 4,843) | 4,243) | 3,847) | 4,307) | 6,683) | |
| Total debt | 46,891) | 44,622) | 42,831) | 48,871) | 54,469) | 58,033) | |
| Total Walmart shareholders’ equity | 83,861) | 76,693) | 83,253) | 80,925) | 74,669) | 72,496) | |
| Solvency Ratio | |||||||
| Debt to equity1 | 0.56 | 0.58 | 0.51 | 0.60 | 0.73 | 0.80 | |
| Benchmarks | |||||||
| Debt to Equity, Competitors2 | |||||||
| Costco Wholesale Corp. | — | 0.31 | 0.40 | 0.49 | 0.45 | 0.48 | |
| Dollar General Corp. | 1.04 | 1.26 | 0.67 | 0.62 | 0.43 | 0.45 | |
| Target Corp. | 1.19 | 1.44 | 1.07 | 0.88 | 0.97 | 1.00 | |
| Debt to Equity, Sector | |||||||
| Consumer Staples Distribution & Retail | — | 0.64 | 0.56 | 0.62 | 0.69 | 0.75 | |
| Debt to Equity, Industry | |||||||
| Consumer Staples | — | 1.39 | 1.26 | 1.27 | 1.44 | 1.34 | |
Based on: 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), 10-K (reporting date: 2019-01-31).
1 2024 Calculation
Debt to equity = Total debt ÷ Total Walmart shareholders’ equity
= 46,891 ÷ 83,861 = 0.56
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | Walmart Inc. debt to equity ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024. |
Debt to Equity (including Operating Lease Liability)
Walmart Inc., debt to equity (including operating lease liability) calculation, comparison to benchmarks
| Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | Jan 31, 2019 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Short-term borrowings | 878) | 372) | 410) | 224) | 575) | 5,225) | |
| Long-term debt due within one year | 3,447) | 4,191) | 2,803) | 3,115) | 5,362) | 1,876) | |
| Finance lease obligations due within one year | 725) | 567) | 511) | 491) | 511) | 729) | |
| Long-term debt, excluding due within one year | 36,132) | 34,649) | 34,864) | 41,194) | 43,714) | 43,520) | |
| Long-term finance lease obligations, excluding due within one year | 5,709) | 4,843) | 4,243) | 3,847) | 4,307) | 6,683) | |
| Total debt | 46,891) | 44,622) | 42,831) | 48,871) | 54,469) | 58,033) | |
| Operating lease obligations due within one year | 1,487) | 1,473) | 1,483) | 1,466) | 1,793) | —) | |
| Long-term operating lease obligations, excluding due within one year | 12,943) | 12,828) | 13,009) | 12,909) | 16,171) | —) | |
| Total debt (including operating lease liability) | 61,321) | 58,923) | 57,323) | 63,246) | 72,433) | 58,033) | |
| Total Walmart shareholders’ equity | 83,861) | 76,693) | 83,253) | 80,925) | 74,669) | 72,496) | |
| Solvency Ratio | |||||||
| Debt to equity (including operating lease liability)1 | 0.73 | 0.77 | 0.69 | 0.78 | 0.97 | 0.80 | |
| Benchmarks | |||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | |||||||
| Costco Wholesale Corp. | — | 0.42 | 0.53 | 0.65 | 0.61 | 0.48 | |
| Dollar General Corp. | 2.68 | 3.19 | 2.28 | 2.04 | 1.75 | 0.45 | |
| Target Corp. | 1.46 | 1.70 | 1.28 | 1.05 | 1.18 | 1.19 | |
| Debt to Equity (including Operating Lease Liability), Sector | |||||||
| Consumer Staples Distribution & Retail | — | 0.90 | 0.80 | 0.86 | 0.98 | 0.77 | |
| Debt to Equity (including Operating Lease Liability), Industry | |||||||
| Consumer Staples | — | 1.57 | 1.43 | 1.44 | 1.64 | 1.38 | |
Based on: 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), 10-K (reporting date: 2019-01-31).
1 2024 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Total Walmart shareholders’ equity
= 61,321 ÷ 83,861 = 0.73
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. | Walmart Inc. debt to equity ratio (including operating lease liability) deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024. |
Debt to Capital
Walmart Inc., debt to capital calculation, comparison to benchmarks
| Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | Jan 31, 2019 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Short-term borrowings | 878) | 372) | 410) | 224) | 575) | 5,225) | |
| Long-term debt due within one year | 3,447) | 4,191) | 2,803) | 3,115) | 5,362) | 1,876) | |
| Finance lease obligations due within one year | 725) | 567) | 511) | 491) | 511) | 729) | |
| Long-term debt, excluding due within one year | 36,132) | 34,649) | 34,864) | 41,194) | 43,714) | 43,520) | |
| Long-term finance lease obligations, excluding due within one year | 5,709) | 4,843) | 4,243) | 3,847) | 4,307) | 6,683) | |
| Total debt | 46,891) | 44,622) | 42,831) | 48,871) | 54,469) | 58,033) | |
| Total Walmart shareholders’ equity | 83,861) | 76,693) | 83,253) | 80,925) | 74,669) | 72,496) | |
| Total capital | 130,752) | 121,315) | 126,084) | 129,796) | 129,138) | 130,529) | |
| Solvency Ratio | |||||||
| Debt to capital1 | 0.36 | 0.37 | 0.34 | 0.38 | 0.42 | 0.44 | |
| Benchmarks | |||||||
| Debt to Capital, Competitors2 | |||||||
| Costco Wholesale Corp. | — | 0.24 | 0.28 | 0.33 | 0.31 | 0.32 | |
| Dollar General Corp. | 0.51 | 0.56 | 0.40 | 0.38 | 0.30 | 0.31 | |
| Target Corp. | 0.54 | 0.59 | 0.52 | 0.47 | 0.49 | 0.50 | |
| Debt to Capital, Sector | |||||||
| Consumer Staples Distribution & Retail | — | 0.39 | 0.36 | 0.38 | 0.41 | 0.43 | |
| Debt to Capital, Industry | |||||||
| Consumer Staples | — | 0.58 | 0.56 | 0.56 | 0.59 | 0.57 | |
Based on: 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), 10-K (reporting date: 2019-01-31).
1 2024 Calculation
Debt to capital = Total debt ÷ Total capital
= 46,891 ÷ 130,752 = 0.36
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | Walmart Inc. debt to capital ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024. |
Debt to Capital (including Operating Lease Liability)
Walmart Inc., debt to capital (including operating lease liability) calculation, comparison to benchmarks
| Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | Jan 31, 2019 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Short-term borrowings | 878) | 372) | 410) | 224) | 575) | 5,225) | |
| Long-term debt due within one year | 3,447) | 4,191) | 2,803) | 3,115) | 5,362) | 1,876) | |
| Finance lease obligations due within one year | 725) | 567) | 511) | 491) | 511) | 729) | |
| Long-term debt, excluding due within one year | 36,132) | 34,649) | 34,864) | 41,194) | 43,714) | 43,520) | |
| Long-term finance lease obligations, excluding due within one year | 5,709) | 4,843) | 4,243) | 3,847) | 4,307) | 6,683) | |
| Total debt | 46,891) | 44,622) | 42,831) | 48,871) | 54,469) | 58,033) | |
| Operating lease obligations due within one year | 1,487) | 1,473) | 1,483) | 1,466) | 1,793) | —) | |
| Long-term operating lease obligations, excluding due within one year | 12,943) | 12,828) | 13,009) | 12,909) | 16,171) | —) | |
| Total debt (including operating lease liability) | 61,321) | 58,923) | 57,323) | 63,246) | 72,433) | 58,033) | |
| Total Walmart shareholders’ equity | 83,861) | 76,693) | 83,253) | 80,925) | 74,669) | 72,496) | |
| Total capital (including operating lease liability) | 145,182) | 135,616) | 140,576) | 144,171) | 147,102) | 130,529) | |
| Solvency Ratio | |||||||
| Debt to capital (including operating lease liability)1 | 0.42 | 0.43 | 0.41 | 0.44 | 0.49 | 0.44 | |
| Benchmarks | |||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | |||||||
| Costco Wholesale Corp. | — | 0.30 | 0.35 | 0.39 | 0.38 | 0.32 | |
| Dollar General Corp. | 0.73 | 0.76 | 0.69 | 0.67 | 0.64 | 0.31 | |
| Target Corp. | 0.59 | 0.63 | 0.56 | 0.51 | 0.54 | 0.54 | |
| Debt to Capital (including Operating Lease Liability), Sector | |||||||
| Consumer Staples Distribution & Retail | — | 0.47 | 0.45 | 0.46 | 0.49 | 0.44 | |
| Debt to Capital (including Operating Lease Liability), Industry | |||||||
| Consumer Staples | — | 0.61 | 0.59 | 0.59 | 0.62 | 0.58 | |
Based on: 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), 10-K (reporting date: 2019-01-31).
1 2024 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 61,321 ÷ 145,182 = 0.42
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | Walmart Inc. debt to capital ratio (including operating lease liability) deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024. |
Debt to Assets
Walmart Inc., debt to assets calculation, comparison to benchmarks
| Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | Jan 31, 2019 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Short-term borrowings | 878) | 372) | 410) | 224) | 575) | 5,225) | |
| Long-term debt due within one year | 3,447) | 4,191) | 2,803) | 3,115) | 5,362) | 1,876) | |
| Finance lease obligations due within one year | 725) | 567) | 511) | 491) | 511) | 729) | |
| Long-term debt, excluding due within one year | 36,132) | 34,649) | 34,864) | 41,194) | 43,714) | 43,520) | |
| Long-term finance lease obligations, excluding due within one year | 5,709) | 4,843) | 4,243) | 3,847) | 4,307) | 6,683) | |
| Total debt | 46,891) | 44,622) | 42,831) | 48,871) | 54,469) | 58,033) | |
| Total assets | 252,399) | 243,197) | 244,860) | 252,496) | 236,495) | 219,295) | |
| Solvency Ratio | |||||||
| Debt to assets1 | 0.19 | 0.18 | 0.17 | 0.19 | 0.23 | 0.26 | |
| Benchmarks | |||||||
| Debt to Assets, Competitors2 | |||||||
| Costco Wholesale Corp. | — | 0.11 | 0.13 | 0.14 | 0.15 | 0.16 | |
| Dollar General Corp. | 0.23 | 0.24 | 0.16 | 0.16 | 0.13 | 0.22 | |
| Target Corp. | 0.29 | 0.30 | 0.25 | 0.25 | 0.27 | 0.27 | |
| Debt to Assets, Sector | |||||||
| Consumer Staples Distribution & Retail | — | 0.19 | 0.18 | 0.19 | 0.22 | 0.25 | |
| Debt to Assets, Industry | |||||||
| Consumer Staples | — | 0.33 | 0.31 | 0.32 | 0.35 | 0.35 | |
Based on: 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), 10-K (reporting date: 2019-01-31).
1 2024 Calculation
Debt to assets = Total debt ÷ Total assets
= 46,891 ÷ 252,399 = 0.19
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Walmart Inc. debt to assets ratio deteriorated from 2022 to 2023 and from 2023 to 2024. |
Debt to Assets (including Operating Lease Liability)
Walmart Inc., debt to assets (including operating lease liability) calculation, comparison to benchmarks
| Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | Jan 31, 2019 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Short-term borrowings | 878) | 372) | 410) | 224) | 575) | 5,225) | |
| Long-term debt due within one year | 3,447) | 4,191) | 2,803) | 3,115) | 5,362) | 1,876) | |
| Finance lease obligations due within one year | 725) | 567) | 511) | 491) | 511) | 729) | |
| Long-term debt, excluding due within one year | 36,132) | 34,649) | 34,864) | 41,194) | 43,714) | 43,520) | |
| Long-term finance lease obligations, excluding due within one year | 5,709) | 4,843) | 4,243) | 3,847) | 4,307) | 6,683) | |
| Total debt | 46,891) | 44,622) | 42,831) | 48,871) | 54,469) | 58,033) | |
| Operating lease obligations due within one year | 1,487) | 1,473) | 1,483) | 1,466) | 1,793) | —) | |
| Long-term operating lease obligations, excluding due within one year | 12,943) | 12,828) | 13,009) | 12,909) | 16,171) | —) | |
| Total debt (including operating lease liability) | 61,321) | 58,923) | 57,323) | 63,246) | 72,433) | 58,033) | |
| Total assets | 252,399) | 243,197) | 244,860) | 252,496) | 236,495) | 219,295) | |
| Solvency Ratio | |||||||
| Debt to assets (including operating lease liability)1 | 0.24 | 0.24 | 0.23 | 0.25 | 0.31 | 0.26 | |
| Benchmarks | |||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | |||||||
| Costco Wholesale Corp. | — | 0.15 | 0.17 | 0.19 | 0.20 | 0.16 | |
| Dollar General Corp. | 0.59 | 0.61 | 0.54 | 0.53 | 0.51 | 0.22 | |
| Target Corp. | 0.35 | 0.36 | 0.31 | 0.29 | 0.33 | 0.33 | |
| Debt to Assets (including Operating Lease Liability), Sector | |||||||
| Consumer Staples Distribution & Retail | — | 0.27 | 0.25 | 0.27 | 0.31 | 0.26 | |
| Debt to Assets (including Operating Lease Liability), Industry | |||||||
| Consumer Staples | — | 0.38 | 0.36 | 0.36 | 0.40 | 0.36 | |
Based on: 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), 10-K (reporting date: 2019-01-31).
1 2024 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 61,321 ÷ 252,399 = 0.24
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | Walmart Inc. debt to assets ratio (including operating lease liability) deteriorated from 2022 to 2023 and from 2023 to 2024. |
Financial Leverage
Walmart Inc., financial leverage calculation, comparison to benchmarks
| Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | Jan 31, 2019 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Total assets | 252,399) | 243,197) | 244,860) | 252,496) | 236,495) | 219,295) | |
| Total Walmart shareholders’ equity | 83,861) | 76,693) | 83,253) | 80,925) | 74,669) | 72,496) | |
| Solvency Ratio | |||||||
| Financial leverage1 | 3.01 | 3.17 | 2.94 | 3.12 | 3.17 | 3.02 | |
| Benchmarks | |||||||
| Financial Leverage, Competitors2 | |||||||
| Costco Wholesale Corp. | — | 2.75 | 3.11 | 3.37 | 3.04 | 2.98 | |
| Dollar General Corp. | 4.56 | 5.25 | 4.20 | 3.88 | 3.41 | 2.06 | |
| Target Corp. | 4.12 | 4.75 | 4.20 | 3.55 | 3.62 | 3.65 | |
| Financial Leverage, Sector | |||||||
| Consumer Staples Distribution & Retail | — | 3.33 | 3.16 | 3.25 | 3.21 | 3.03 | |
| Financial Leverage, Industry | |||||||
| Consumer Staples | — | 4.19 | 3.99 | 4.01 | 4.15 | 3.82 | |
Based on: 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), 10-K (reporting date: 2019-01-31).
1 2024 Calculation
Financial leverage = Total assets ÷ Total Walmart shareholders’ equity
= 252,399 ÷ 83,861 = 3.01
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Walmart Inc. financial leverage ratio increased from 2022 to 2023 but then slightly decreased from 2023 to 2024 not reaching 2022 level. |
Interest Coverage
Walmart Inc., interest coverage calculation, comparison to benchmarks
| Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | Jan 31, 2019 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Consolidated net income attributable to Walmart | 15,511) | 11,680) | 13,673) | 13,510) | 14,881) | 6,670) | |
| Add: Net income attributable to noncontrolling interest | 759) | (388) | 267) | 196) | 320) | 509) | |
| Add: Income tax expense | 5,578) | 5,724) | 4,756) | 6,858) | 4,915) | 4,281) | |
| Add: Interest expense, debt and finance lease | 2,683) | 2,128) | 1,994) | 2,315) | 2,599) | 2,346) | |
| Earnings before interest and tax (EBIT) | 24,531) | 19,144) | 20,690) | 22,879) | 22,715) | 13,806) | |
| Solvency Ratio | |||||||
| Interest coverage1 | 9.14 | 9.00 | 10.38 | 9.88 | 8.74 | 5.88 | |
| Benchmarks | |||||||
| Interest Coverage, Competitors2 | |||||||
| Costco Wholesale Corp. | — | 54.04 | 50.62 | 40.06 | 34.54 | 32.77 | |
| Dollar General Corp. | 7.49 | 15.75 | 20.45 | 23.64 | 22.89 | 21.18 | |
| Target Corp. | 11.55 | 8.15 | 22.16 | 6.68 | 9.78 | 8.97 | |
| Interest Coverage, Sector | |||||||
| Consumer Staples Distribution & Retail | — | 11.76 | 15.10 | 11.02 | 10.55 | 8.17 | |
| Interest Coverage, Industry | |||||||
| Consumer Staples | — | 11.27 | 14.88 | 10.59 | 11.00 | 8.58 | |
Based on: 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), 10-K (reporting date: 2019-01-31).
1 2024 Calculation
Interest coverage = EBIT ÷ Interest expense
= 24,531 ÷ 2,683 = 9.14
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | Walmart Inc. interest coverage ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024. |
Fixed Charge Coverage
Walmart Inc., fixed charge coverage calculation, comparison to benchmarks
| Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | Jan 31, 2019 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Consolidated net income attributable to Walmart | 15,511) | 11,680) | 13,673) | 13,510) | 14,881) | 6,670) | |
| Add: Net income attributable to noncontrolling interest | 759) | (388) | 267) | 196) | 320) | 509) | |
| Add: Income tax expense | 5,578) | 5,724) | 4,756) | 6,858) | 4,915) | 4,281) | |
| Add: Interest expense, debt and finance lease | 2,683) | 2,128) | 1,994) | 2,315) | 2,599) | 2,346) | |
| Earnings before interest and tax (EBIT) | 24,531) | 19,144) | 20,690) | 22,879) | 22,715) | 13,806) | |
| Add: Operating lease cost | 2,277) | 2,306) | 2,274) | 2,626) | 2,670) | 3,000) | |
| Earnings before fixed charges and tax | 26,808) | 21,450) | 22,964) | 25,505) | 25,385) | 16,806) | |
| Interest expense, debt and finance lease | 2,683) | 2,128) | 1,994) | 2,315) | 2,599) | 2,346) | |
| Operating lease cost | 2,277) | 2,306) | 2,274) | 2,626) | 2,670) | 3,000) | |
| Fixed charges | 4,960) | 4,434) | 4,268) | 4,941) | 5,269) | 5,346) | |
| Solvency Ratio | |||||||
| Fixed charge coverage1 | 5.40 | 4.84 | 5.38 | 5.16 | 4.82 | 3.14 | |
| Benchmarks | |||||||
| Fixed Charge Coverage, Competitors2 | |||||||
| Costco Wholesale Corp. | — | 19.10 | 18.23 | 15.30 | 14.03 | 12.40 | |
| Dollar General Corp. | 2.02 | 2.71 | 2.86 | 3.22 | 2.61 | 2.60 | |
| Target Corp. | 6.04 | 4.62 | 12.02 | 5.24 | 6.48 | 6.16 | |
| Fixed Charge Coverage, Sector | |||||||
| Consumer Staples Distribution & Retail | — | 5.18 | 6.36 | 5.39 | 5.08 | 3.83 | |
| Fixed Charge Coverage, Industry | |||||||
| Consumer Staples | — | 6.97 | 8.29 | 6.71 | 6.68 | 5.11 | |
Based on: 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), 10-K (reporting date: 2019-01-31).
1 2024 Calculation
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= 26,808 ÷ 4,960 = 5.40
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Fixed charge coverage ratio | A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. | Walmart Inc. fixed charge coverage ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level. |