Stock Analysis on Net

Walmart Inc. (NYSE:WMT)

Analysis of Solvency Ratios 
Quarterly Data

Microsoft Excel

Solvency Ratios (Summary)

Walmart Inc., solvency ratios (quarterly data)

Microsoft Excel
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 Jan 31, 2019 Oct 31, 2018 Jul 31, 2018 Apr 30, 2018 Jan 31, 2018 Oct 31, 2017 Jul 31, 2017 Apr 30, 2017 Jan 31, 2017 Oct 31, 2016 Jul 31, 2016 Apr 30, 2016
Debt Ratios
Debt to equity 0.65 0.68 0.51 0.52 0.58 0.62 0.60 0.62 0.69 0.85 0.73 0.82 0.81 0.85 0.80 0.85 0.76 0.61 0.60 0.66 0.62 0.63 0.59 0.64 0.62 0.67
Debt to equity (including operating lease liability) 0.84 0.87 0.69 0.70 0.76 0.80 0.78 0.84 0.92 1.11 0.97 1.06 1.06 1.11 0.80 0.85 0.76 0.61 0.60 0.66 0.62 0.63 0.59 0.64 0.62 0.67
Debt to capital 0.40 0.40 0.34 0.34 0.37 0.38 0.38 0.38 0.41 0.46 0.42 0.45 0.45 0.46 0.44 0.46 0.43 0.38 0.37 0.40 0.38 0.39 0.37 0.39 0.38 0.40
Debt to capital (including operating lease liability) 0.46 0.46 0.41 0.41 0.43 0.45 0.44 0.46 0.48 0.53 0.49 0.51 0.52 0.53 0.44 0.46 0.43 0.38 0.37 0.40 0.38 0.39 0.37 0.39 0.38 0.40
Debt to assets 0.21 0.21 0.17 0.18 0.19 0.20 0.19 0.20 0.22 0.25 0.23 0.24 0.24 0.25 0.26 0.27 0.26 0.23 0.23 0.24 0.24 0.23 0.23 0.24 0.24 0.25
Debt to assets (including operating lease liability) 0.26 0.27 0.23 0.24 0.26 0.27 0.25 0.27 0.29 0.32 0.31 0.32 0.32 0.32 0.26 0.27 0.26 0.23 0.23 0.24 0.24 0.23 0.23 0.24 0.24 0.25
Financial leverage 3.19 3.20 2.94 2.98 2.96 3.02 3.12 3.08 3.15 3.41 3.17 3.35 3.34 3.44 3.02 3.15 2.89 2.71 2.63 2.75 2.64 2.71 2.56 2.66 2.59 2.64
Coverage Ratios
Interest coverage 11.00 10.43 10.38 7.37 8.59 9.31 9.88 11.98 10.50 9.08 8.74 8.69 8.11 6.54 5.88 4.96 5.11 6.87 7.49 8.49 9.09 9.60 9.66

Based on: 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), 10-K (reporting date: 2019-01-31), 10-Q (reporting date: 2018-10-31), 10-Q (reporting date: 2018-07-31), 10-Q (reporting date: 2018-04-30), 10-K (reporting date: 2018-01-31), 10-Q (reporting date: 2017-10-31), 10-Q (reporting date: 2017-07-31), 10-Q (reporting date: 2017-04-30), 10-K (reporting date: 2017-01-31), 10-Q (reporting date: 2016-10-31), 10-Q (reporting date: 2016-07-31), 10-Q (reporting date: 2016-04-30).

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 Q4 2022 to Q1 2023 but then slightly improved from Q1 2023 to Q2 2023.
Debt to equity (including operating lease liability) ratio 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 Q4 2022 to Q1 2023 but then slightly improved from Q1 2023 to Q2 2023.
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 Q4 2022 to Q1 2023 but then slightly improved from Q1 2023 to Q2 2023.
Debt to capital (including operating lease liability) ratio 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 Q4 2022 to Q1 2023 but then slightly improved from Q1 2023 to Q2 2023.
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. Walmart Inc. debt to assets ratio deteriorated from Q4 2022 to Q1 2023 but then slightly improved from Q1 2023 to Q2 2023.
Debt to assets (including operating lease liability) ratio 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 Q4 2022 to Q1 2023 but then slightly improved from Q1 2023 to Q2 2023.
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. Walmart Inc. financial leverage ratio increased from Q4 2022 to Q1 2023 but then slightly decreased from Q1 2023 to Q2 2023.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. Walmart Inc. interest coverage ratio improved from Q4 2022 to Q1 2023 and from Q1 2023 to Q2 2023.

Debt to Equity

Walmart Inc., debt to equity calculation (quarterly data)

Microsoft Excel
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 Jan 31, 2019 Oct 31, 2018 Jul 31, 2018 Apr 30, 2018 Jan 31, 2018 Oct 31, 2017 Jul 31, 2017 Apr 30, 2017 Jan 31, 2017 Oct 31, 2016 Jul 31, 2016 Apr 30, 2016
Selected Financial Data (US$ in millions)
Short-term borrowings 10,634 11,432 410 447 671 362 224 240 357 4,048 575 4,926 3,681 4,828 5,225 7,795 444 7,762 5,257 5,114 3,262 2,617 1,099 5,082 1,932 3,813
Long-term debt due within one year 5,316 3,580 2,803 1,575 1,617 3,500 3,115 4,358 5,553 5,983 5,362 4,093 4,396 1,464 1,876 2,591 1,090 1,576 3,738 3,257 3,254 3,256 2,256 2,266 2,265 2,257
Finance lease obligations due within one year 534 511 511 508 501 507 491 574 549 523 511 468 439 435
Capital lease and financing obligations due within one year 729 709 694 700 667 650 658 599 565 549 551 559
Long-term debt, excluding due within one year 29,801 32,174 34,864 36,425 39,581 40,273 41,194 40,849 40,959 43,006 43,714 44,912 44,404 47,425 43,520 43,275 44,958 29,477 30,045 34,206 33,706 33,774 36,015 36,178 36,673 37,151
Long-term finance lease obligations, excluding due within one year 4,420 4,409 4,243 4,061 3,952 3,802 3,847 4,750 4,673 4,474 4,307 4,068 3,915 3,810
Long-term capital lease and financing obligations, excluding due within one year 6,683 6,621 6,610 6,828 6,780 6,700 6,763 6,251 6,003 5,930 6,070 6,242
Total debt 50,705 52,106 42,831 43,016 46,322 48,444 48,871 50,771 52,091 58,034 54,469 58,467 56,835 57,962 58,033 60,991 53,796 46,343 46,487 49,927 47,643 46,497 45,938 50,005 47,491 50,022
 
Total Walmart shareholders’ equity 77,569 76,896 83,253 82,274 80,529 78,335 80,925 81,431 75,310 68,240 74,669 71,649 70,327 68,205 72,496 71,996 71,185 75,552 77,869 76,145 76,389 73,691 77,798 77,693 76,525 75,183
Solvency Ratio
Debt to equity1 0.65 0.68 0.51 0.52 0.58 0.62 0.60 0.62 0.69 0.85 0.73 0.82 0.81 0.85 0.80 0.85 0.76 0.61 0.60 0.66 0.62 0.63 0.59 0.64 0.62 0.67
Benchmarks
Debt to Equity, Competitors2
Costco Wholesale Corp. 0.32 0.33 0.34 0.40 0.43 0.46 0.49 0.51 0.42 0.54 0.34 0.43 0.45 0.45 0.47 0.49 0.51 0.54 0.56 0.60 0.62 0.40 0.41 0.43

Based on: 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), 10-K (reporting date: 2019-01-31), 10-Q (reporting date: 2018-10-31), 10-Q (reporting date: 2018-07-31), 10-Q (reporting date: 2018-04-30), 10-K (reporting date: 2018-01-31), 10-Q (reporting date: 2017-10-31), 10-Q (reporting date: 2017-07-31), 10-Q (reporting date: 2017-04-30), 10-K (reporting date: 2017-01-31), 10-Q (reporting date: 2016-10-31), 10-Q (reporting date: 2016-07-31), 10-Q (reporting date: 2016-04-30).

1 Q2 2023 Calculation
Debt to equity = Total debt ÷ Total Walmart shareholders’ equity
= 50,705 ÷ 77,569 = 0.65

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 Q4 2022 to Q1 2023 but then slightly improved from Q1 2023 to Q2 2023.

Debt to Equity (including Operating Lease Liability)

Walmart Inc., debt to equity (including operating lease liability) calculation (quarterly data)

Microsoft Excel
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 Jan 31, 2019 Oct 31, 2018 Jul 31, 2018 Apr 30, 2018 Jan 31, 2018 Oct 31, 2017 Jul 31, 2017 Apr 30, 2017 Jan 31, 2017 Oct 31, 2016 Jul 31, 2016 Apr 30, 2016
Selected Financial Data (US$ in millions)
Short-term borrowings 10,634 11,432 410 447 671 362 224 240 357 4,048 575 4,926 3,681 4,828 5,225 7,795 444 7,762 5,257 5,114 3,262 2,617 1,099 5,082 1,932 3,813
Long-term debt due within one year 5,316 3,580 2,803 1,575 1,617 3,500 3,115 4,358 5,553 5,983 5,362 4,093 4,396 1,464 1,876 2,591 1,090 1,576 3,738 3,257 3,254 3,256 2,256 2,266 2,265 2,257
Finance lease obligations due within one year 534 511 511 508 501 507 491 574 549 523 511 468 439 435
Capital lease and financing obligations due within one year 729 709 694 700 667 650 658 599 565 549 551 559
Long-term debt, excluding due within one year 29,801 32,174 34,864 36,425 39,581 40,273 41,194 40,849 40,959 43,006 43,714 44,912 44,404 47,425 43,520 43,275 44,958 29,477 30,045 34,206 33,706 33,774 36,015 36,178 36,673 37,151
Long-term finance lease obligations, excluding due within one year 4,420 4,409 4,243 4,061 3,952 3,802 3,847 4,750 4,673 4,474 4,307 4,068 3,915 3,810
Long-term capital lease and financing obligations, excluding due within one year 6,683 6,621 6,610 6,828 6,780 6,700 6,763 6,251 6,003 5,930 6,070 6,242
Total debt 50,705 52,106 42,831 43,016 46,322 48,444 48,871 50,771 52,091 58,034 54,469 58,467 56,835 57,962 58,033 60,991 53,796 46,343 46,487 49,927 47,643 46,497 45,938 50,005 47,491 50,022
Operating lease obligations due within one year 1,464 1,485 1,483 1,486 1,441 1,448 1,466 1,725 1,734 1,729 1,793 1,740 1,795 1,748
Long-term operating lease obligations, excluding due within one year 13,140 13,226 13,009 13,095 13,116 12,930 12,909 15,982 15,669 15,669 16,171 15,741 16,079 15,719
Total debt (including operating lease liability) 65,309 66,817 57,323 57,597 60,879 62,822 63,246 68,478 69,494 75,432 72,433 75,948 74,709 75,429 58,033 60,991 53,796 46,343 46,487 49,927 47,643 46,497 45,938 50,005 47,491 50,022
 
Total Walmart shareholders’ equity 77,569 76,896 83,253 82,274 80,529 78,335 80,925 81,431 75,310 68,240 74,669 71,649 70,327 68,205 72,496 71,996 71,185 75,552 77,869 76,145 76,389 73,691 77,798 77,693 76,525 75,183
Solvency Ratio
Debt to equity (including operating lease liability)1 0.84 0.87 0.69 0.70 0.76 0.80 0.78 0.84 0.92 1.11 0.97 1.06 1.06 1.11 0.80 0.85 0.76 0.61 0.60 0.66 0.62 0.63 0.59 0.64 0.62 0.67
Benchmarks
Debt to Equity (including Operating Lease Liability), Competitors2
Costco Wholesale Corp. 0.44 0.45 0.48 0.55 0.58 0.62 0.66 0.69 0.56 0.69 0.48 0.58 0.45 0.45 0.47 0.49 0.51 0.54 0.56 0.60 0.62 0.40 0.41 0.43

Based on: 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), 10-K (reporting date: 2019-01-31), 10-Q (reporting date: 2018-10-31), 10-Q (reporting date: 2018-07-31), 10-Q (reporting date: 2018-04-30), 10-K (reporting date: 2018-01-31), 10-Q (reporting date: 2017-10-31), 10-Q (reporting date: 2017-07-31), 10-Q (reporting date: 2017-04-30), 10-K (reporting date: 2017-01-31), 10-Q (reporting date: 2016-10-31), 10-Q (reporting date: 2016-07-31), 10-Q (reporting date: 2016-04-30).

1 Q2 2023 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Total Walmart shareholders’ equity
= 65,309 ÷ 77,569 = 0.84

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to equity (including operating lease liability) ratio 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 Q4 2022 to Q1 2023 but then slightly improved from Q1 2023 to Q2 2023.

Debt to Capital

Walmart Inc., debt to capital calculation (quarterly data)

Microsoft Excel
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 Jan 31, 2019 Oct 31, 2018 Jul 31, 2018 Apr 30, 2018 Jan 31, 2018 Oct 31, 2017 Jul 31, 2017 Apr 30, 2017 Jan 31, 2017 Oct 31, 2016 Jul 31, 2016 Apr 30, 2016
Selected Financial Data (US$ in millions)
Short-term borrowings 10,634 11,432 410 447 671 362 224 240 357 4,048 575 4,926 3,681 4,828 5,225 7,795 444 7,762 5,257 5,114 3,262 2,617 1,099 5,082 1,932 3,813
Long-term debt due within one year 5,316 3,580 2,803 1,575 1,617 3,500 3,115 4,358 5,553 5,983 5,362 4,093 4,396 1,464 1,876 2,591 1,090 1,576 3,738 3,257 3,254 3,256 2,256 2,266 2,265 2,257
Finance lease obligations due within one year 534 511 511 508 501 507 491 574 549 523 511 468 439 435
Capital lease and financing obligations due within one year 729 709 694 700 667 650 658 599 565 549 551 559
Long-term debt, excluding due within one year 29,801 32,174 34,864 36,425 39,581 40,273 41,194 40,849 40,959 43,006 43,714 44,912 44,404 47,425 43,520 43,275 44,958 29,477 30,045 34,206 33,706 33,774 36,015 36,178 36,673 37,151
Long-term finance lease obligations, excluding due within one year 4,420 4,409 4,243 4,061 3,952 3,802 3,847 4,750 4,673 4,474 4,307 4,068 3,915 3,810
Long-term capital lease and financing obligations, excluding due within one year 6,683 6,621 6,610 6,828 6,780 6,700 6,763 6,251 6,003 5,930 6,070 6,242
Total debt 50,705 52,106 42,831 43,016 46,322 48,444 48,871 50,771 52,091 58,034 54,469 58,467 56,835 57,962 58,033 60,991 53,796 46,343 46,487 49,927 47,643 46,497 45,938 50,005 47,491 50,022
Total Walmart shareholders’ equity 77,569 76,896 83,253 82,274 80,529 78,335 80,925 81,431 75,310 68,240 74,669 71,649 70,327 68,205 72,496 71,996 71,185 75,552 77,869 76,145 76,389 73,691 77,798 77,693 76,525 75,183
Total capital 128,274 129,002 126,084 125,290 126,851 126,779 129,796 132,202 127,401 126,274 129,138 130,116 127,162 126,167 130,529 132,987 124,981 121,895 124,356 126,072 124,032 120,188 123,736 127,698 124,016 125,205
Solvency Ratio
Debt to capital1 0.40 0.40 0.34 0.34 0.37 0.38 0.38 0.38 0.41 0.46 0.42 0.45 0.45 0.46 0.44 0.46 0.43 0.38 0.37 0.40 0.38 0.39 0.37 0.39 0.38 0.40
Benchmarks
Debt to Capital, Competitors2
Costco Wholesale Corp. 0.24 0.25 0.26 0.29 0.30 0.32 0.33 0.34 0.29 0.35 0.25 0.30 0.31 0.31 0.32 0.33 0.34 0.35 0.36 0.37 0.38 0.29 0.29 0.30

Based on: 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), 10-K (reporting date: 2019-01-31), 10-Q (reporting date: 2018-10-31), 10-Q (reporting date: 2018-07-31), 10-Q (reporting date: 2018-04-30), 10-K (reporting date: 2018-01-31), 10-Q (reporting date: 2017-10-31), 10-Q (reporting date: 2017-07-31), 10-Q (reporting date: 2017-04-30), 10-K (reporting date: 2017-01-31), 10-Q (reporting date: 2016-10-31), 10-Q (reporting date: 2016-07-31), 10-Q (reporting date: 2016-04-30).

1 Q2 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= 50,705 ÷ 128,274 = 0.40

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 Q4 2022 to Q1 2023 but then slightly improved from Q1 2023 to Q2 2023.

Debt to Capital (including Operating Lease Liability)

Walmart Inc., debt to capital (including operating lease liability) calculation (quarterly data)

Microsoft Excel
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 Jan 31, 2019 Oct 31, 2018 Jul 31, 2018 Apr 30, 2018 Jan 31, 2018 Oct 31, 2017 Jul 31, 2017 Apr 30, 2017 Jan 31, 2017 Oct 31, 2016 Jul 31, 2016 Apr 30, 2016
Selected Financial Data (US$ in millions)
Short-term borrowings 10,634 11,432 410 447 671 362 224 240 357 4,048 575 4,926 3,681 4,828 5,225 7,795 444 7,762 5,257 5,114 3,262 2,617 1,099 5,082 1,932 3,813
Long-term debt due within one year 5,316 3,580 2,803 1,575 1,617 3,500 3,115 4,358 5,553 5,983 5,362 4,093 4,396 1,464 1,876 2,591 1,090 1,576 3,738 3,257 3,254 3,256 2,256 2,266 2,265 2,257
Finance lease obligations due within one year 534 511 511 508 501 507 491 574 549 523 511 468 439 435
Capital lease and financing obligations due within one year 729 709 694 700 667 650 658 599 565 549 551 559
Long-term debt, excluding due within one year 29,801 32,174 34,864 36,425 39,581 40,273 41,194 40,849 40,959 43,006 43,714 44,912 44,404 47,425 43,520 43,275 44,958 29,477 30,045 34,206 33,706 33,774 36,015 36,178 36,673 37,151
Long-term finance lease obligations, excluding due within one year 4,420 4,409 4,243 4,061 3,952 3,802 3,847 4,750 4,673 4,474 4,307 4,068 3,915 3,810
Long-term capital lease and financing obligations, excluding due within one year 6,683 6,621 6,610 6,828 6,780 6,700 6,763 6,251 6,003 5,930 6,070 6,242
Total debt 50,705 52,106 42,831 43,016 46,322 48,444 48,871 50,771 52,091 58,034 54,469 58,467 56,835 57,962 58,033 60,991 53,796 46,343 46,487 49,927 47,643 46,497 45,938 50,005 47,491 50,022
Operating lease obligations due within one year 1,464 1,485 1,483 1,486 1,441 1,448 1,466 1,725 1,734 1,729 1,793 1,740 1,795 1,748
Long-term operating lease obligations, excluding due within one year 13,140 13,226 13,009 13,095 13,116 12,930 12,909 15,982 15,669 15,669 16,171 15,741 16,079 15,719
Total debt (including operating lease liability) 65,309 66,817 57,323 57,597 60,879 62,822 63,246 68,478 69,494 75,432 72,433 75,948 74,709 75,429 58,033 60,991 53,796 46,343 46,487 49,927 47,643 46,497 45,938 50,005 47,491 50,022
Total Walmart shareholders’ equity 77,569 76,896 83,253 82,274 80,529 78,335 80,925 81,431 75,310 68,240 74,669 71,649 70,327 68,205 72,496 71,996 71,185 75,552 77,869 76,145 76,389 73,691 77,798 77,693 76,525 75,183
Total capital (including operating lease liability) 142,878 143,713 140,576 139,871 141,408 141,157 144,171 149,909 144,804 143,672 147,102 147,597 145,036 143,634 130,529 132,987 124,981 121,895 124,356 126,072 124,032 120,188 123,736 127,698 124,016 125,205
Solvency Ratio
Debt to capital (including operating lease liability)1 0.46 0.46 0.41 0.41 0.43 0.45 0.44 0.46 0.48 0.53 0.49 0.51 0.52 0.53 0.44 0.46 0.43 0.38 0.37 0.40 0.38 0.39 0.37 0.39 0.38 0.40
Benchmarks
Debt to Capital (including Operating Lease Liability), Competitors2
Costco Wholesale Corp. 0.30 0.31 0.32 0.35 0.37 0.38 0.40 0.41 0.36 0.41 0.33 0.37 0.31 0.31 0.32 0.33 0.34 0.35 0.36 0.37 0.38 0.29 0.29 0.30

Based on: 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), 10-K (reporting date: 2019-01-31), 10-Q (reporting date: 2018-10-31), 10-Q (reporting date: 2018-07-31), 10-Q (reporting date: 2018-04-30), 10-K (reporting date: 2018-01-31), 10-Q (reporting date: 2017-10-31), 10-Q (reporting date: 2017-07-31), 10-Q (reporting date: 2017-04-30), 10-K (reporting date: 2017-01-31), 10-Q (reporting date: 2016-10-31), 10-Q (reporting date: 2016-07-31), 10-Q (reporting date: 2016-04-30).

1 Q2 2023 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 65,309 ÷ 142,878 = 0.46

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to capital (including operating lease liability) ratio 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 Q4 2022 to Q1 2023 but then slightly improved from Q1 2023 to Q2 2023.

Debt to Assets

Walmart Inc., debt to assets calculation (quarterly data)

Microsoft Excel
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 Jan 31, 2019 Oct 31, 2018 Jul 31, 2018 Apr 30, 2018 Jan 31, 2018 Oct 31, 2017 Jul 31, 2017 Apr 30, 2017 Jan 31, 2017 Oct 31, 2016 Jul 31, 2016 Apr 30, 2016
Selected Financial Data (US$ in millions)
Short-term borrowings 10,634 11,432 410 447 671 362 224 240 357 4,048 575 4,926 3,681 4,828 5,225 7,795 444 7,762 5,257 5,114 3,262 2,617 1,099 5,082 1,932 3,813
Long-term debt due within one year 5,316 3,580 2,803 1,575 1,617 3,500 3,115 4,358 5,553 5,983 5,362 4,093 4,396 1,464 1,876 2,591 1,090 1,576 3,738 3,257 3,254 3,256 2,256 2,266 2,265 2,257
Finance lease obligations due within one year 534 511 511 508 501 507 491 574 549 523 511 468 439 435
Capital lease and financing obligations due within one year 729 709 694 700 667 650 658 599 565 549 551 559
Long-term debt, excluding due within one year 29,801 32,174 34,864 36,425 39,581 40,273 41,194 40,849 40,959 43,006 43,714 44,912 44,404 47,425 43,520 43,275 44,958 29,477 30,045 34,206 33,706 33,774 36,015 36,178 36,673 37,151
Long-term finance lease obligations, excluding due within one year 4,420 4,409 4,243 4,061 3,952 3,802 3,847 4,750 4,673 4,474 4,307 4,068 3,915 3,810
Long-term capital lease and financing obligations, excluding due within one year 6,683 6,621 6,610 6,828 6,780 6,700 6,763 6,251 6,003 5,930 6,070 6,242
Total debt 50,705 52,106 42,831 43,016 46,322 48,444 48,871 50,771 52,091 58,034 54,469 58,467 56,835 57,962 58,033 60,991 53,796 46,343 46,487 49,927 47,643 46,497 45,938 50,005 47,491 50,022
 
Total assets 247,199 246,142 244,860 244,851 238,552 236,581 252,496 250,863 237,382 232,892 236,495 239,830 234,861 234,544 219,295 226,583 206,062 204,927 204,522 209,414 201,566 199,718 198,825 206,857 197,886 198,705
Solvency Ratio
Debt to assets1 0.21 0.21 0.17 0.18 0.19 0.20 0.19 0.20 0.22 0.25 0.23 0.24 0.24 0.25 0.26 0.27 0.26 0.23 0.23 0.24 0.24 0.23 0.23 0.24 0.24 0.25
Benchmarks
Debt to Assets, Competitors2
Costco Wholesale Corp. 0.10 0.10 0.11 0.12 0.13 0.13 0.14 0.13 0.14 0.18 0.11 0.13 0.15 0.15 0.15 0.15 0.16 0.17 0.17 0.17 0.18 0.11 0.14 0.14

Based on: 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), 10-K (reporting date: 2019-01-31), 10-Q (reporting date: 2018-10-31), 10-Q (reporting date: 2018-07-31), 10-Q (reporting date: 2018-04-30), 10-K (reporting date: 2018-01-31), 10-Q (reporting date: 2017-10-31), 10-Q (reporting date: 2017-07-31), 10-Q (reporting date: 2017-04-30), 10-K (reporting date: 2017-01-31), 10-Q (reporting date: 2016-10-31), 10-Q (reporting date: 2016-07-31), 10-Q (reporting date: 2016-04-30).

1 Q2 2023 Calculation
Debt to assets = Total debt ÷ Total assets
= 50,705 ÷ 247,199 = 0.21

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 Q4 2022 to Q1 2023 but then slightly improved from Q1 2023 to Q2 2023.

Debt to Assets (including Operating Lease Liability)

Walmart Inc., debt to assets (including operating lease liability) calculation (quarterly data)

Microsoft Excel
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 Jan 31, 2019 Oct 31, 2018 Jul 31, 2018 Apr 30, 2018 Jan 31, 2018 Oct 31, 2017 Jul 31, 2017 Apr 30, 2017 Jan 31, 2017 Oct 31, 2016 Jul 31, 2016 Apr 30, 2016
Selected Financial Data (US$ in millions)
Short-term borrowings 10,634 11,432 410 447 671 362 224 240 357 4,048 575 4,926 3,681 4,828 5,225 7,795 444 7,762 5,257 5,114 3,262 2,617 1,099 5,082 1,932 3,813
Long-term debt due within one year 5,316 3,580 2,803 1,575 1,617 3,500 3,115 4,358 5,553 5,983 5,362 4,093 4,396 1,464 1,876 2,591 1,090 1,576 3,738 3,257 3,254 3,256 2,256 2,266 2,265 2,257
Finance lease obligations due within one year 534 511 511 508 501 507 491 574 549 523 511 468 439 435
Capital lease and financing obligations due within one year 729 709 694 700 667 650 658 599 565 549 551 559
Long-term debt, excluding due within one year 29,801 32,174 34,864 36,425 39,581 40,273 41,194 40,849 40,959 43,006 43,714 44,912 44,404 47,425 43,520 43,275 44,958 29,477 30,045 34,206 33,706 33,774 36,015 36,178 36,673 37,151
Long-term finance lease obligations, excluding due within one year 4,420 4,409 4,243 4,061 3,952 3,802 3,847 4,750 4,673 4,474 4,307 4,068 3,915 3,810
Long-term capital lease and financing obligations, excluding due within one year 6,683 6,621 6,610 6,828 6,780 6,700 6,763 6,251 6,003 5,930 6,070 6,242
Total debt 50,705 52,106 42,831 43,016 46,322 48,444 48,871 50,771 52,091 58,034 54,469 58,467 56,835 57,962 58,033 60,991 53,796 46,343 46,487 49,927 47,643 46,497 45,938 50,005 47,491 50,022
Operating lease obligations due within one year 1,464 1,485 1,483 1,486 1,441 1,448 1,466 1,725 1,734 1,729 1,793 1,740 1,795 1,748
Long-term operating lease obligations, excluding due within one year 13,140 13,226 13,009 13,095 13,116 12,930 12,909 15,982 15,669 15,669 16,171 15,741 16,079 15,719
Total debt (including operating lease liability) 65,309 66,817 57,323 57,597 60,879 62,822 63,246 68,478 69,494 75,432 72,433 75,948 74,709 75,429 58,033 60,991 53,796 46,343 46,487 49,927 47,643 46,497 45,938 50,005 47,491 50,022
 
Total assets 247,199 246,142 244,860 244,851 238,552 236,581 252,496 250,863 237,382 232,892 236,495 239,830 234,861 234,544 219,295 226,583 206,062 204,927 204,522 209,414 201,566 199,718 198,825 206,857 197,886 198,705
Solvency Ratio
Debt to assets (including operating lease liability)1 0.26 0.27 0.23 0.24 0.26 0.27 0.25 0.27 0.29 0.32 0.31 0.32 0.32 0.32 0.26 0.27 0.26 0.23 0.23 0.24 0.24 0.23 0.23 0.24 0.24 0.25
Benchmarks
Debt to Assets (including Operating Lease Liability), Competitors2
Costco Wholesale Corp. 0.14 0.14 0.15 0.16 0.17 0.18 0.19 0.17 0.18 0.22 0.16 0.18 0.15 0.15 0.15 0.15 0.16 0.17 0.17 0.17 0.18 0.11 0.14 0.14

Based on: 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), 10-K (reporting date: 2019-01-31), 10-Q (reporting date: 2018-10-31), 10-Q (reporting date: 2018-07-31), 10-Q (reporting date: 2018-04-30), 10-K (reporting date: 2018-01-31), 10-Q (reporting date: 2017-10-31), 10-Q (reporting date: 2017-07-31), 10-Q (reporting date: 2017-04-30), 10-K (reporting date: 2017-01-31), 10-Q (reporting date: 2016-10-31), 10-Q (reporting date: 2016-07-31), 10-Q (reporting date: 2016-04-30).

1 Q2 2023 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 65,309 ÷ 247,199 = 0.26

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to assets (including operating lease liability) ratio 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 Q4 2022 to Q1 2023 but then slightly improved from Q1 2023 to Q2 2023.

Financial Leverage

Walmart Inc., financial leverage calculation (quarterly data)

Microsoft Excel
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 Jan 31, 2019 Oct 31, 2018 Jul 31, 2018 Apr 30, 2018 Jan 31, 2018 Oct 31, 2017 Jul 31, 2017 Apr 30, 2017 Jan 31, 2017 Oct 31, 2016 Jul 31, 2016 Apr 30, 2016
Selected Financial Data (US$ in millions)
Total assets 247,199 246,142 244,860 244,851 238,552 236,581 252,496 250,863 237,382 232,892 236,495 239,830 234,861 234,544 219,295 226,583 206,062 204,927 204,522 209,414 201,566 199,718 198,825 206,857 197,886 198,705
Total Walmart shareholders’ equity 77,569 76,896 83,253 82,274 80,529 78,335 80,925 81,431 75,310 68,240 74,669 71,649 70,327 68,205 72,496 71,996 71,185 75,552 77,869 76,145 76,389 73,691 77,798 77,693 76,525 75,183
Solvency Ratio
Financial leverage1 3.19 3.20 2.94 2.98 2.96 3.02 3.12 3.08 3.15 3.41 3.17 3.35 3.34 3.44 3.02 3.15 2.89 2.71 2.63 2.75 2.64 2.71 2.56 2.66 2.59 2.64
Benchmarks
Financial Leverage, Competitors2
Costco Wholesale Corp. 3.11 3.20 3.25 3.47 3.37 3.47 3.51 4.05 3.04 3.08 2.94 3.24 2.98 3.02 3.09 3.33 3.19 3.26 3.29 3.55 3.37 3.60 2.86 3.05

Based on: 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), 10-K (reporting date: 2019-01-31), 10-Q (reporting date: 2018-10-31), 10-Q (reporting date: 2018-07-31), 10-Q (reporting date: 2018-04-30), 10-K (reporting date: 2018-01-31), 10-Q (reporting date: 2017-10-31), 10-Q (reporting date: 2017-07-31), 10-Q (reporting date: 2017-04-30), 10-K (reporting date: 2017-01-31), 10-Q (reporting date: 2016-10-31), 10-Q (reporting date: 2016-07-31), 10-Q (reporting date: 2016-04-30).

1 Q2 2023 Calculation
Financial leverage = Total assets ÷ Total Walmart shareholders’ equity
= 247,199 ÷ 77,569 = 3.19

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 Q4 2022 to Q1 2023 but then slightly decreased from Q1 2023 to Q2 2023.

Interest Coverage

Walmart Inc., interest coverage calculation (quarterly data)

Microsoft Excel
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 Jan 31, 2019 Oct 31, 2018 Jul 31, 2018 Apr 30, 2018 Jan 31, 2018 Oct 31, 2017 Jul 31, 2017 Apr 30, 2017 Jan 31, 2017 Oct 31, 2016 Jul 31, 2016 Apr 30, 2016
Selected Financial Data (US$ in millions)
Consolidated net income (loss) attributable to Walmart 5,149 2,054 3,562 3,105 4,276 2,730 (2,091) 5,135 6,476 3,990 4,141 3,288 3,610 3,842 3,687 1,710 (861) 2,134 2,175 1,749 2,899 3,039 3,757 3,034 3,773 3,079
Add: Net income attributable to noncontrolling interest (2) 49 71 27 88 81 83 66 (37) 84 153 33 70 64 126 107 134 142 188 155 205 113 229 168 116 137
Add: Income tax expense 1,497 798 1,149 1,015 1,559 1,033 1,415 1,914 2,207 1,322 1,379 1,052 1,233 1,251 1,851 759 1,125 546 601 975 1,502 1,522 1,664 1,332 1,710 1,498
Add: Interest expense, debt and finance lease 479 455 427 486 515 566 524 541 658 592 652 633 641 673 669 593 554 530 536 583 613 598 585 609 588 585
Earnings before interest and tax (EBIT) 7,123 3,356 5,209 4,633 6,438 4,410 (69) 7,656 9,304 5,988 6,325 5,006 5,554 5,830 6,333 3,169 952 3,352 3,500 3,462 5,219 5,272 6,235 5,143 6,187 5,299
Solvency Ratio
Interest coverage1 11.00 10.43 10.38 7.37 8.59 9.31 9.88 11.98 10.50 9.08 8.74 8.69 8.11 6.54 5.88 4.96 5.11 6.87 7.49 8.49 9.09 9.60 9.66
Benchmarks
Interest Coverage, Competitors2
Costco Wholesale Corp. 50.62 48.01 45.54 41.68 40.06 37.81 35.56 36.58 34.54 33.40 33.57 33.16 32.77 31.86 31.13 29.11 28.94 27.90 30.09 30.08 31.14

Based on: 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), 10-K (reporting date: 2019-01-31), 10-Q (reporting date: 2018-10-31), 10-Q (reporting date: 2018-07-31), 10-Q (reporting date: 2018-04-30), 10-K (reporting date: 2018-01-31), 10-Q (reporting date: 2017-10-31), 10-Q (reporting date: 2017-07-31), 10-Q (reporting date: 2017-04-30), 10-K (reporting date: 2017-01-31), 10-Q (reporting date: 2016-10-31), 10-Q (reporting date: 2016-07-31), 10-Q (reporting date: 2016-04-30).

1 Q2 2023 Calculation
Interest coverage = (EBITQ2 2023 + EBITQ1 2023 + EBITQ4 2022 + EBITQ3 2022) ÷ (Interest expenseQ2 2023 + Interest expenseQ1 2023 + Interest expenseQ4 2022 + Interest expenseQ3 2022)
= (7,123 + 3,356 + 5,209 + 4,633) ÷ (479 + 455 + 427 + 486) = 11.00

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 improved from Q4 2022 to Q1 2023 and from Q1 2023 to Q2 2023.