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

Walmart Inc. (NYSE:WMT)

Analysis of Solvency Ratios

Beginner level

Solvency Ratios (Summary)

Walmart Inc., solvency ratios

Microsoft Excel LibreOffice Calc
Jan 31, 2021 Jan 31, 2020 Jan 31, 2019 Jan 31, 2018 Jan 31, 2017 Jan 31, 2016
Debt Ratios
Debt to equity 0.60 0.73 0.80 0.60 0.59 0.62
Debt to equity (including operating lease liability) 0.78 0.97 0.80 0.60 0.59 0.62
Debt to capital 0.38 0.42 0.44 0.37 0.37 0.38
Debt to capital (including operating lease liability) 0.44 0.49 0.44 0.37 0.37 0.38
Debt to assets 0.19 0.23 0.26 0.23 0.23 0.25
Debt to assets (including operating lease liability) 0.25 0.31 0.26 0.23 0.23 0.25
Financial leverage 3.12 3.17 3.02 2.63 2.56 2.48
Coverage Ratios
Interest coverage 9.88 8.74 5.88 7.49 9.66 9.49
Fixed charge coverage 5.16 4.82 3.14 3.89 5.13 5.29

Based on: 10-K (filing date: 2021-03-19), 10-K (filing date: 2020-03-20), 10-K (filing date: 2019-03-28), 10-K (filing date: 2018-03-30), 10-K (filing date: 2017-03-31), 10-K (filing date: 2016-03-30).

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. Walmart Inc.’s debt to equity ratio improved from 2019 to 2020 and from 2020 to 2021.
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.’s debt to equity ratio (including operating lease liability) deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. Walmart Inc.’s debt to capital ratio improved from 2019 to 2020 and from 2020 to 2021.
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.’s debt to capital ratio (including operating lease liability) deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. Walmart Inc.’s debt to assets ratio improved from 2019 to 2020 and from 2020 to 2021.
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.’s debt to assets ratio (including operating lease liability) deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. Walmart Inc.’s financial leverage ratio increased from 2019 to 2020 but then slightly decreased from 2020 to 2021.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. Walmart Inc.’s interest coverage ratio improved from 2019 to 2020 and from 2020 to 2021.
Fixed charge coverage ratio A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. Walmart Inc.’s fixed charge coverage ratio improved from 2019 to 2020 and from 2020 to 2021.

Debt to Equity

Walmart Inc., debt to equity calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Jan 31, 2021 Jan 31, 2020 Jan 31, 2019 Jan 31, 2018 Jan 31, 2017 Jan 31, 2016
Selected Financial Data (US$ in millions)
Short-term borrowings 224  575  5,225  5,257  1,099  2,708 
Long-term debt due within one year 3,115  5,362  1,876  3,738  2,256  2,745 
Finance lease obligations due within one year 491  511  —  —  —  — 
Capital lease and financing obligations due within one year —  —  729  667  565  551 
Long-term debt, excluding due within one year 41,194  43,714  43,520  30,045  36,015  38,214 
Long-term finance lease obligations, excluding due within one year 3,847  4,307  —  —  —  — 
Long-term capital lease and financing obligations, excluding due within one year —  —  6,683  6,780  6,003  5,816 
Total debt 48,871  54,469  58,033  46,487  45,938  50,034 
 
Total Walmart shareholders’ equity 80,925  74,669  72,496  77,869  77,798  80,546 
Solvency Ratio
Debt to equity1 0.60 0.73 0.80 0.60 0.59 0.62
Benchmarks
Debt to Equity, Competitors2
Amazon.com Inc. 0.66 0.83 0.97 1.41 0.92
Costco Wholesale Corp. 0.42 0.45 0.51 0.62 0.43
Dollar General Corp. 0.62 0.43 0.45 0.49 0.59 0.55
Home Depot Inc. 11.29 18.59 5.45 3.37
Lowe’s Cos. Inc. 15.16 9.79 4.45 2.89 2.44 1.65
Target Corp. 0.88 0.97 1.00 0.99 1.16 0.98
TJX Cos. Inc. 1.04 0.38 0.44 0.43 0.49 0.38
Debt to Equity, Sector
General Retailers 0.91 1.02 0.95 1.01 0.84
Debt to Equity, Industry
Consumer Services 1.22 1.24 1.27 1.10 0.99

Based on: 10-K (filing date: 2021-03-19), 10-K (filing date: 2020-03-20), 10-K (filing date: 2019-03-28), 10-K (filing date: 2018-03-30), 10-K (filing date: 2017-03-31), 10-K (filing date: 2016-03-30).

1 2021 Calculation
Debt to equity = Total debt ÷ Total Walmart shareholders’ equity
= 48,871 ÷ 80,925 = 0.60

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.’s debt to equity ratio improved from 2019 to 2020 and from 2020 to 2021.

Debt to Equity (including Operating Lease Liability)

Walmart Inc., debt to equity (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Jan 31, 2021 Jan 31, 2020 Jan 31, 2019 Jan 31, 2018 Jan 31, 2017 Jan 31, 2016
Selected Financial Data (US$ in millions)
Short-term borrowings 224  575  5,225  5,257  1,099  2,708 
Long-term debt due within one year 3,115  5,362  1,876  3,738  2,256  2,745 
Finance lease obligations due within one year 491  511  —  —  —  — 
Capital lease and financing obligations due within one year —  —  729  667  565  551 
Long-term debt, excluding due within one year 41,194  43,714  43,520  30,045  36,015  38,214 
Long-term finance lease obligations, excluding due within one year 3,847  4,307  —  —  —  — 
Long-term capital lease and financing obligations, excluding due within one year —  —  6,683  6,780  6,003  5,816 
Total debt 48,871  54,469  58,033  46,487  45,938  50,034 
Operating lease obligations due within one year 1,466  1,793  —  —  —  — 
Long-term operating lease obligations, excluding due within one year 12,909  16,171  —  —  —  — 
Total debt (including operating lease liability) 63,246  72,433  58,033  46,487  45,938  50,034 
 
Total Walmart shareholders’ equity 80,925  74,669  72,496  77,869  77,798  80,546 
Solvency Ratio
Debt to equity (including operating lease liability)1 0.78 0.97 0.80 0.60 0.59 0.62
Benchmarks
Debt to Equity (including Operating Lease Liability), Competitors2
Amazon.com Inc. 1.08 1.25 0.97 1.41 0.92
Costco Wholesale Corp. 0.57 0.45 0.51 0.62 0.43
Dollar General Corp. 2.04 1.75 0.45 0.49 0.59 0.55
Home Depot Inc. 13.16 18.59 5.45 3.37
Lowe’s Cos. Inc. 18.24 12.04 4.45 2.89 2.44 1.65
Target Corp. 1.05 1.18 1.19 0.99 1.16 0.98
TJX Cos. Inc. 2.66 1.93 0.44 0.43 0.49 0.38
Debt to Equity (including Operating Lease Liability), Sector
General Retailers 1.34 1.18 0.95 1.01 0.84
Debt to Equity (including Operating Lease Liability), Industry
Consumer Services 1.53 1.39 1.27 1.10 0.99

Based on: 10-K (filing date: 2021-03-19), 10-K (filing date: 2020-03-20), 10-K (filing date: 2019-03-28), 10-K (filing date: 2018-03-30), 10-K (filing date: 2017-03-31), 10-K (filing date: 2016-03-30).

1 2021 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Total Walmart shareholders’ equity
= 63,246 ÷ 80,925 = 0.78

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.’s debt to equity ratio (including operating lease liability) deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.

Debt to Capital

Walmart Inc., debt to capital calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Jan 31, 2021 Jan 31, 2020 Jan 31, 2019 Jan 31, 2018 Jan 31, 2017 Jan 31, 2016
Selected Financial Data (US$ in millions)
Short-term borrowings 224  575  5,225  5,257  1,099  2,708 
Long-term debt due within one year 3,115  5,362  1,876  3,738  2,256  2,745 
Finance lease obligations due within one year 491  511  —  —  —  — 
Capital lease and financing obligations due within one year —  —  729  667  565  551 
Long-term debt, excluding due within one year 41,194  43,714  43,520  30,045  36,015  38,214 
Long-term finance lease obligations, excluding due within one year 3,847  4,307  —  —  —  — 
Long-term capital lease and financing obligations, excluding due within one year —  —  6,683  6,780  6,003  5,816 
Total debt 48,871  54,469  58,033  46,487  45,938  50,034 
Total Walmart shareholders’ equity 80,925  74,669  72,496  77,869  77,798  80,546 
Total capital 129,796  129,138  130,529  124,356  123,736  130,580 
Solvency Ratio
Debt to capital1 0.38 0.42 0.44 0.37 0.37 0.38
Benchmarks
Debt to Capital, Competitors2
Amazon.com Inc. 0.40 0.45 0.49 0.59 0.48
Costco Wholesale Corp. 0.29 0.31 0.34 0.38 0.30
Dollar General Corp. 0.38 0.30 0.31 0.33 0.37 0.36
Home Depot Inc. 0.92 1.11 1.07 0.95 0.84 0.77
Lowe’s Cos. Inc. 0.94 0.91 0.82 0.74 0.71 0.62
Target Corp. 0.47 0.49 0.50 0.50 0.54 0.50
TJX Cos. Inc. 0.51 0.27 0.31 0.30 0.33 0.27
Debt to Capital, Sector
General Retailers 0.48 0.51 0.49 0.50 0.46
Debt to Capital, Industry
Consumer Services 0.55 0.55 0.56 0.52 0.50

Based on: 10-K (filing date: 2021-03-19), 10-K (filing date: 2020-03-20), 10-K (filing date: 2019-03-28), 10-K (filing date: 2018-03-30), 10-K (filing date: 2017-03-31), 10-K (filing date: 2016-03-30).

1 2021 Calculation
Debt to capital = Total debt ÷ Total capital
= 48,871 ÷ 129,796 = 0.38

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.’s debt to capital ratio improved from 2019 to 2020 and from 2020 to 2021.

Debt to Capital (including Operating Lease Liability)

Walmart Inc., debt to capital (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Jan 31, 2021 Jan 31, 2020 Jan 31, 2019 Jan 31, 2018 Jan 31, 2017 Jan 31, 2016
Selected Financial Data (US$ in millions)
Short-term borrowings 224  575  5,225  5,257  1,099  2,708 
Long-term debt due within one year 3,115  5,362  1,876  3,738  2,256  2,745 
Finance lease obligations due within one year 491  511  —  —  —  — 
Capital lease and financing obligations due within one year —  —  729  667  565  551 
Long-term debt, excluding due within one year 41,194  43,714  43,520  30,045  36,015  38,214 
Long-term finance lease obligations, excluding due within one year 3,847  4,307  —  —  —  — 
Long-term capital lease and financing obligations, excluding due within one year —  —  6,683  6,780  6,003  5,816 
Total debt 48,871  54,469  58,033  46,487  45,938  50,034 
Operating lease obligations due within one year 1,466  1,793  —  —  —  — 
Long-term operating lease obligations, excluding due within one year 12,909  16,171  —  —  —  — 
Total debt (including operating lease liability) 63,246  72,433  58,033  46,487  45,938  50,034 
Total Walmart shareholders’ equity 80,925  74,669  72,496  77,869  77,798  80,546 
Total capital (including operating lease liability) 144,171  147,102  130,529  124,356  123,736  130,580 
Solvency Ratio
Debt to capital (including operating lease liability)1 0.44 0.49 0.44 0.37 0.37 0.38
Benchmarks
Debt to Capital (including Operating Lease Liability), Competitors2
Amazon.com Inc. 0.52 0.56 0.49 0.59 0.48
Costco Wholesale Corp. 0.36 0.31 0.34 0.38 0.30
Dollar General Corp. 0.67 0.64 0.31 0.33 0.37 0.36
Home Depot Inc. 0.93 1.09 1.07 0.95 0.84 0.77
Lowe’s Cos. Inc. 0.95 0.92 0.82 0.74 0.71 0.62
Target Corp. 0.51 0.54 0.54 0.50 0.54 0.50
TJX Cos. Inc. 0.73 0.66 0.31 0.30 0.33 0.27
Debt to Capital (including Operating Lease Liability), Sector
General Retailers 0.57 0.54 0.49 0.50 0.46
Debt to Capital (including Operating Lease Liability), Industry
Consumer Services 0.60 0.58 0.56 0.52 0.50

Based on: 10-K (filing date: 2021-03-19), 10-K (filing date: 2020-03-20), 10-K (filing date: 2019-03-28), 10-K (filing date: 2018-03-30), 10-K (filing date: 2017-03-31), 10-K (filing date: 2016-03-30).

1 2021 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 63,246 ÷ 144,171 = 0.44

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.’s debt to capital ratio (including operating lease liability) deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.

Debt to Assets

Walmart Inc., debt to assets calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Jan 31, 2021 Jan 31, 2020 Jan 31, 2019 Jan 31, 2018 Jan 31, 2017 Jan 31, 2016
Selected Financial Data (US$ in millions)
Short-term borrowings 224  575  5,225  5,257  1,099  2,708 
Long-term debt due within one year 3,115  5,362  1,876  3,738  2,256  2,745 
Finance lease obligations due within one year 491  511  —  —  —  — 
Capital lease and financing obligations due within one year —  —  729  667  565  551 
Long-term debt, excluding due within one year 41,194  43,714  43,520  30,045  36,015  38,214 
Long-term finance lease obligations, excluding due within one year 3,847  4,307  —  —  —  — 
Long-term capital lease and financing obligations, excluding due within one year —  —  6,683  6,780  6,003  5,816 
Total debt 48,871  54,469  58,033  46,487  45,938  50,034 
 
Total assets 252,496  236,495  219,295  204,522  198,825  199,581 
Solvency Ratio
Debt to assets1 0.19 0.23 0.26 0.23 0.23 0.25
Benchmarks
Debt to Assets, Competitors2
Amazon.com Inc. 0.19 0.23 0.26 0.30 0.21
Costco Wholesale Corp. 0.14 0.15 0.16 0.18 0.16
Dollar General Corp. 0.16 0.13 0.22 0.24 0.28 0.26
Home Depot Inc. 0.53 0.61 0.66 0.61 0.55 0.50
Lowe’s Cos. Inc. 0.47 0.49 0.47 0.48 0.46 0.40
Target Corp. 0.25 0.27 0.27 0.30 0.34 0.32
TJX Cos. Inc. 0.20 0.09 0.16 0.16 0.17 0.14
Debt to Assets, Sector
General Retailers 0.24 0.28 0.28 0.29 0.27
Debt to Assets, Industry
Consumer Services 0.33 0.34 0.37 0.34 0.32

Based on: 10-K (filing date: 2021-03-19), 10-K (filing date: 2020-03-20), 10-K (filing date: 2019-03-28), 10-K (filing date: 2018-03-30), 10-K (filing date: 2017-03-31), 10-K (filing date: 2016-03-30).

1 2021 Calculation
Debt to assets = Total debt ÷ Total assets
= 48,871 ÷ 252,496 = 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.’s debt to assets ratio improved from 2019 to 2020 and from 2020 to 2021.

Debt to Assets (including Operating Lease Liability)

Walmart Inc., debt to assets (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Jan 31, 2021 Jan 31, 2020 Jan 31, 2019 Jan 31, 2018 Jan 31, 2017 Jan 31, 2016
Selected Financial Data (US$ in millions)
Short-term borrowings 224  575  5,225  5,257  1,099  2,708 
Long-term debt due within one year 3,115  5,362  1,876  3,738  2,256  2,745 
Finance lease obligations due within one year 491  511  —  —  —  — 
Capital lease and financing obligations due within one year —  —  729  667  565  551 
Long-term debt, excluding due within one year 41,194  43,714  43,520  30,045  36,015  38,214 
Long-term finance lease obligations, excluding due within one year 3,847  4,307  —  —  —  — 
Long-term capital lease and financing obligations, excluding due within one year —  —  6,683  6,780  6,003  5,816 
Total debt 48,871  54,469  58,033  46,487  45,938  50,034 
Operating lease obligations due within one year 1,466  1,793  —  —  —  — 
Long-term operating lease obligations, excluding due within one year 12,909  16,171  —  —  —  — 
Total debt (including operating lease liability) 63,246  72,433  58,033  46,487  45,938  50,034 
 
Total assets 252,496  236,495  219,295  204,522  198,825  199,581 
Solvency Ratio
Debt to assets (including operating lease liability)1 0.25 0.31 0.26 0.23 0.23 0.25
Benchmarks
Debt to Assets (including Operating Lease Liability), Competitors2
Amazon.com Inc. 0.31 0.34 0.26 0.30 0.21
Costco Wholesale Corp. 0.19 0.15 0.16 0.18 0.16
Dollar General Corp. 0.53 0.51 0.22 0.24 0.28 0.26
Home Depot Inc. 0.62 0.73 0.66 0.61 0.55 0.50
Lowe’s Cos. Inc. 0.56 0.60 0.47 0.48 0.46 0.40
Target Corp. 0.29 0.33 0.33 0.30 0.34 0.32
TJX Cos. Inc. 0.50 0.47 0.16 0.16 0.17 0.14
Debt to Assets (including Operating Lease Liability), Sector
General Retailers 0.35 0.32 0.28 0.29 0.27
Debt to Assets (including Operating Lease Liability), Industry
Consumer Services 0.41 0.39 0.37 0.34 0.32

Based on: 10-K (filing date: 2021-03-19), 10-K (filing date: 2020-03-20), 10-K (filing date: 2019-03-28), 10-K (filing date: 2018-03-30), 10-K (filing date: 2017-03-31), 10-K (filing date: 2016-03-30).

1 2021 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 63,246 ÷ 252,496 = 0.25

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.’s debt to assets ratio (including operating lease liability) deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.

Financial Leverage

Walmart Inc., financial leverage calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Jan 31, 2021 Jan 31, 2020 Jan 31, 2019 Jan 31, 2018 Jan 31, 2017 Jan 31, 2016
Selected Financial Data (US$ in millions)
Total assets 252,496  236,495  219,295  204,522  198,825  199,581 
Total Walmart shareholders’ equity 80,925  74,669  72,496  77,869  77,798  80,546 
Solvency Ratio
Financial leverage1 3.12 3.17 3.02 2.63 2.56 2.48
Benchmarks
Financial Leverage, Competitors2
Amazon.com Inc. 3.44 3.63 3.73 4.74 4.32
Costco Wholesale Corp. 3.04 2.98 3.19 3.37 2.75
Dollar General Corp. 3.88 3.41 2.06 2.04 2.16 2.09
Home Depot Inc. 21.39 30.63 9.92 6.74
Lowe’s Cos. Inc. 32.52 20.02 9.47 6.01 5.35 4.08
Target Corp. 3.55 3.62 3.65 3.33 3.42 3.11
TJX Cos. Inc. 5.28 4.06 2.84 2.73 2.86 2.67
Financial Leverage, Sector
General Retailers 3.79 3.66 3.36 3.42 3.05
Financial Leverage, Industry
Consumer Services 3.75 3.61 3.48 3.19 3.09

Based on: 10-K (filing date: 2021-03-19), 10-K (filing date: 2020-03-20), 10-K (filing date: 2019-03-28), 10-K (filing date: 2018-03-30), 10-K (filing date: 2017-03-31), 10-K (filing date: 2016-03-30).

1 2021 Calculation
Financial leverage = Total assets ÷ Total Walmart shareholders’ equity
= 252,496 ÷ 80,925 = 3.12

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.’s financial leverage ratio increased from 2019 to 2020 but then slightly decreased from 2020 to 2021.

Interest Coverage

Walmart Inc., interest coverage calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Jan 31, 2021 Jan 31, 2020 Jan 31, 2019 Jan 31, 2018 Jan 31, 2017 Jan 31, 2016
Selected Financial Data (US$ in millions)
Consolidated net income attributable to Walmart 13,510  14,881  6,670  9,862  13,643  14,694 
Add: Net income attributable to noncontrolling interest 196  320  509  661  650  386 
Add: Income tax expense 6,858  4,915  4,281  4,600  6,204  6,558 
Add: Interest expense, debt, finance, capital lease and financing obligations 2,315  2,599  2,346  2,330  2,367  2,548 
Earnings before interest and tax (EBIT) 22,879  22,715  13,806  17,453  22,864  24,186 
Solvency Ratio
Interest coverage1 9.88 8.74 5.88 7.49 9.66 9.49
Benchmarks
Interest Coverage, Competitors2
Amazon.com Inc. 15.69 9.73 8.95 5.48 8.84
Costco Wholesale Corp. 34.54 32.77 28.94 31.14 28.21
Dollar General Corp. 23.64 22.89 21.18 20.66 21.09 22.31
Home Depot Inc. 13.60 13.25 14.85 13.96 13.85 12.99
Lowe’s Cos. Inc. 9.88 8.83 6.21 9.46 8.92 8.95
Target Corp. 6.68 9.78 8.97 6.47 4.95 9.11
TJX Cos. Inc. 1.46 75.57 65.36 60.98 61.37 61.70
Interest Coverage, Sector
General Retailers 12.61 10.03 10.23 10.07 11.18
Interest Coverage, Industry
Consumer Services 6.20 6.64 7.01 8.27 8.92

Based on: 10-K (filing date: 2021-03-19), 10-K (filing date: 2020-03-20), 10-K (filing date: 2019-03-28), 10-K (filing date: 2018-03-30), 10-K (filing date: 2017-03-31), 10-K (filing date: 2016-03-30).

1 2021 Calculation
Interest coverage = EBIT ÷ Interest expense
= 22,879 ÷ 2,315 = 9.88

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.’s interest coverage ratio improved from 2019 to 2020 and from 2020 to 2021.

Fixed Charge Coverage

Walmart Inc., fixed charge coverage calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Jan 31, 2021 Jan 31, 2020 Jan 31, 2019 Jan 31, 2018 Jan 31, 2017 Jan 31, 2016
Selected Financial Data (US$ in millions)
Consolidated net income attributable to Walmart 13,510  14,881  6,670  9,862  13,643  14,694 
Add: Net income attributable to noncontrolling interest 196  320  509  661  650  386 
Add: Income tax expense 6,858  4,915  4,281  4,600  6,204  6,558 
Add: Interest expense, debt, finance, capital lease and financing obligations 2,315  2,599  2,346  2,330  2,367  2,548 
Earnings before interest and tax (EBIT) 22,879  22,715  13,806  17,453  22,864  24,186 
Add: Operating lease cost 2,626  2,670  3,000  2,900  2,600  2,500 
Earnings before fixed charges and tax 25,505  25,385  16,806  20,353  25,464  26,686 
 
Interest expense, debt, finance, capital lease and financing obligations 2,315  2,599  2,346  2,330  2,367  2,548 
Operating lease cost 2,626  2,670  3,000  2,900  2,600  2,500 
Fixed charges 4,941  5,269  5,346  5,230  4,967  5,048 
Solvency Ratio
Fixed charge coverage1 5.16 4.82 3.14 3.89 5.13 5.29
Benchmarks
Fixed Charge Coverage, Competitors2
Amazon.com Inc. 4.63 3.65 3.34 2.25 3.01
Costco Wholesale Corp. 14.03 12.40 11.48 11.30 10.45
Dollar General Corp. 3.22 2.61 2.60 2.62 2.89 2.96
Home Depot Inc. 8.97 8.26 7.80 7.49 7.39 6.99
Lowe’s Cos. Inc. 6.05 5.04 3.68 5.31 5.31 5.29
Target Corp. 5.24 6.48 6.16 5.10 4.29 7.12
TJX Cos. Inc. 1.04 3.43 3.39 3.35 3.51 3.59
Fixed Charge Coverage, Sector
General Retailers 5.10 4.19 4.38 4.64 5.12
Fixed Charge Coverage, Industry
Consumer Services 3.67 3.87 3.98 4.49 4.73

Based on: 10-K (filing date: 2021-03-19), 10-K (filing date: 2020-03-20), 10-K (filing date: 2019-03-28), 10-K (filing date: 2018-03-30), 10-K (filing date: 2017-03-31), 10-K (filing date: 2016-03-30).

1 2021 Calculation
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= 25,505 ÷ 4,941 = 5.16

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.’s fixed charge coverage ratio improved from 2019 to 2020 and from 2020 to 2021.