Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
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- Analysis of Reportable Segments
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Operating Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Aggregate Accruals
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Long-term Activity Ratios (Summary)
Walmart Inc., long-term (investment) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2025-07-31), 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 quarterly financial ratios reveals several trends in asset efficiency and equity utilization over the examined periods.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio exhibits a general upward trend from the beginning of the recorded data in April 2020, starting at 4.74 and peaking around 5.88 in mid to late 2021. Following this peak, there is a gradual decline noticeable through to April 2025, where the ratio reduces to approximately 5.22. This indicates that the efficiency of using fixed assets to generate sales improved significantly through 2020 and 2021, but then experienced a mild decline in subsequent quarters.
- Net Fixed Asset Turnover Including Operating Lease, Right-of-Use Asset
- When including operating leases and right-of-use assets, this turnover ratio follows a similar pattern to the standard net fixed asset turnover but at consistently lower values. Starting from 4.09 in April 2020, it rises to about 5.15 by early 2022, reflecting enhanced utilization of fixed assets including leased assets. After reaching this plateau, the ratio slightly decreases to 4.72 by April 2025. This trend mirrors the basic net fixed asset turnover ratio, emphasizing a peak in asset utilization followed by a moderate reduction.
- Total Asset Turnover
- The total asset turnover ratio maintains a steady and slight upward trend throughout the period under review. Beginning at 2.20 in April 2020, it generally increases to reach approximately 2.59 by late 2024 before a minor decrease towards 2.53 by April 2025. This pattern suggests a continuous improvement in overall asset efficiency in generating revenue, albeit with minor oscillations.
- Equity Turnover
- The equity turnover ratio displays more volatility compared to other turnover measures. It initially rises from 6.96 in April 2020 to a higher level of around 7.78 in mid-2019, then dips to 6.69 early in 2020, followed by fluctuations that peak significantly at 8.52 around early 2023. After this peak, the ratio declines with some oscillations, finishing near 7.62 by April 2025. This variability suggests changing dynamics in the use of shareholders' equity to generate sales, reflecting possible changes in leverage, profitability, or equity base adjustments.
In summary, the data indicates an initial phase of improvement in asset utilization metrics culminating in early 2022 to 2023, after which there is a mild downward adjustment or stabilization. Total asset efficiency shows a more sustained gradual increase. The fluctuations in equity turnover imply underlying changes in equity base or financial structure impacting the relationship between sales and equity.
Net Fixed Asset Turnover
Walmart Inc., net fixed asset turnover calculation (quarterly data)
| Jul 31, 2025 | 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) | ||||||||||||||||||||||||||||||||||
| Net sales | ||||||||||||||||||||||||||||||||||
| Property and equipment, including finance lease right-of-use assets, net | ||||||||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||||||||
| Net fixed asset turnover1 | ||||||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||||||||||||||||||||||||||||||
| Costco Wholesale Corp. | ||||||||||||||||||||||||||||||||||
| Target Corp. | ||||||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-07-31), 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 Q2 2026 Calculation
Net fixed asset turnover
= (Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025)
÷ Property and equipment, including finance lease right-of-use assets, net
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Sales Trend
- Net sales exhibit a generally increasing trend over the analyzed periods, beginning at 122,949 million US dollars in April 2019 and rising to 175,750 million US dollars by July 2025. There are some fluctuations within this upward trajectory, such as a dip during April 2020 at 133,672 million US dollars, likely influenced by external factors impacting market conditions. Following this low, net sales recovered and showed consistent growth through early 2025. Seasonal patterns may be indicated by periodic surges in net sales during January quarters, with notable peaks in January 2020, 2021, 2022, and 2023.
- Property and Equipment, Including Finance Lease Right-of-Use Assets, Net
- This asset category shows a gradual increase from 108,408 million US dollars in April 2019 to 131,604 million US dollars in July 2025. The data reveals a slight decline around early 2021, reaching its lowest point at 94,975 million US dollars in April 2021, followed by steady recovery and growth thereafter. This suggests possible asset disposals or write-downs during that period but subsequent investments or capital expenditures to rebuild the asset base. The overall trend reflects an expanding property and equipment base consistent with scaling operations or investments in infrastructure and leases over time.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio, which measures the efficiency of using fixed assets to generate sales, increased sharply from 4.74 in January 2020 to a peak of 5.88 in January 2021. This indicates improved utilization of fixed assets during that timeframe. Since early 2021, the ratio has gradually declined to 5.22 by January 2025, suggesting a moderately decreasing efficiency in asset use relative to sales. While still above the early 2020 levels, the gradual decline may imply growing asset bases outpacing sales growth or diminishing returns on recent asset investments.
- Overall Analysis
- The data indicates positive sales growth supported by expanding physical assets, with some short-term volatility likely reflecting economic or sector-specific influences. The initial rise and subsequent decline in fixed asset turnover ratio highlight a shift from rapid gains in asset productivity to more stabilized performance. Continuous increases in property and equipment values signal ongoing capital investment strategies, which may be aiming to support future growth demands despite slightly reduced asset utilization efficiency in later periods.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Walmart Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation (quarterly data)
| Jul 31, 2025 | 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) | ||||||||||||||||||||||||||||||||||
| Net sales | ||||||||||||||||||||||||||||||||||
| Property and equipment, including finance lease right-of-use assets, net | ||||||||||||||||||||||||||||||||||
| Operating lease right-of-use assets | ||||||||||||||||||||||||||||||||||
| Property and equipment, including finance lease right-of-use assets, net (including operating lease, right-of-use asset) | ||||||||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | ||||||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | ||||||||||||||||||||||||||||||||||
| Costco Wholesale Corp. | ||||||||||||||||||||||||||||||||||
| Target Corp. | ||||||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-07-31), 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 Q2 2026 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025)
÷ Property and equipment, including finance lease right-of-use assets, net (including operating lease, right-of-use asset)
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Sales
- The net sales figures demonstrate a cyclical pattern characterized by notable increases in the first quarter of each fiscal year, followed by fluctuations throughout the subsequent quarters. Over the period analyzed, net sales generally show a growth trend, rising from approximately $123 billion in April 2019 to a peak exceeding $178 billion by January 2025. The increments are particularly marked in the January quarters, suggesting strong seasonal demand. Despite periodic declines or plateaus in some intermediate quarters, the overall trajectory indicates an expanding revenue base.
- Property and Equipment, including Finance Lease Right-of-Use Assets, Net
- The net book value of property and equipment reveals a mostly stable to gradually increasing trend from around $125 billion in early 2019 to approximately $145 billion by mid-2024. A notable decline occurs around early 2021 where the value dips below $110 billion, possibly reflecting asset disposals or revaluations. Following this dip, the asset base steadily grows, indicating ongoing investments in fixed assets or recognition of leased assets under accounting standards. The increase in recent years suggests strategic asset expansion or enhancement of operational capacity.
- Net Fixed Asset Turnover Ratio
- This ratio reflects the efficiency in utilizing fixed assets to generate sales. Starting from 4.09 in early 2020, the ratio increases to over 5.1 by early 2021, implying improved asset utilization or higher sales relative to asset base at that time. After this peak, the ratio gradually declines to approximately 4.72 by January 2025, suggesting that asset growth may be outpacing sales growth or that asset utilization efficiency has decreased moderately in recent years. The initial increase followed by a gradual decline highlights a shift in operational dynamics, potentially influenced by capital expenditures or changes in sales patterns.
- Summary of Trends
- Overall, the data reflects consistent growth in net sales across the reported periods, driven predominantly by seasonal peaks. The fixed asset base shows long-term expansion with a mid-period decrease that recovers subsequently. The net fixed asset turnover ratio's rise then fall indicates an initial improvement in asset use efficiency followed by a moderate tapering. These patterns suggest a company balancing growth in sales and asset investment, with some recent moderation in efficiency that may warrant further operational focus.
Total Asset Turnover
Walmart Inc., total asset turnover calculation (quarterly data)
| Jul 31, 2025 | 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) | ||||||||||||||||||||||||||||||||||
| Net sales | ||||||||||||||||||||||||||||||||||
| Total assets | ||||||||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||||||||
| Total asset turnover1 | ||||||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | ||||||||||||||||||||||||||||||||||
| Costco Wholesale Corp. | ||||||||||||||||||||||||||||||||||
| Target Corp. | ||||||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-07-31), 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 Q2 2026 Calculation
Total asset turnover
= (Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Sales
- Over the observed periods, net sales exhibit a generally upward trajectory with fluctuations corresponding to seasonal or economic conditions. Initial figures in early 2019 show net sales around the 120,000 million USD mark, increasing steadily with occasional dips, notably in April 2020, likely reflective of external market disruptions. Following this dip, there is a strong recovery and growth trend from mid-2020 onward, reaching peaks above 170,000 million USD by early 2024. This suggests robust sales growth over the medium term with periodic cyclicality.
- Total Assets
- Total assets have maintained a relatively stable range between 230,000 million USD and 270,000 million USD across the periods. The asset base shows modest incremental growth with some fluctuations, particularly an increase from mid-2020 into 2024. The highest values occur around late 2024 and early 2025, indicating asset base expansion possibly due to increased investments or acquisitions. Overall, asset levels support the company’s operational scale, gradually rising over the years without drastic volatility.
- Total Asset Turnover
- Total asset turnover ratios, available from early 2020, present a consistent pattern of efficiency in utilizing assets to generate sales. Starting around 2.20x in early 2020, the ratio gradually improves, peaking at approximately 2.59x between late 2023 and early 2025. This increase indicates enhanced effectiveness in asset utilization, suggesting that the company is generating more sales per unit of asset over time. The trend denotes improved operational efficiency, with minor variations remaining within a narrow range, highlighting sustained productive use of assets.
Equity Turnover
Walmart Inc., equity turnover calculation (quarterly data)
| Jul 31, 2025 | 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) | ||||||||||||||||||||||||||||||||||
| Net sales | ||||||||||||||||||||||||||||||||||
| Total Walmart shareholders’ equity | ||||||||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||||||||
| Equity turnover1 | ||||||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | ||||||||||||||||||||||||||||||||||
| Costco Wholesale Corp. | ||||||||||||||||||||||||||||||||||
| Target Corp. | ||||||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-07-31), 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 Q2 2026 Calculation
Equity turnover
= (Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025)
÷ Total Walmart shareholders’ equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Sales
- Net sales displayed a generally upward trajectory over the examined periods, with fluctuations reflecting seasonal and economic influences. Starting at approximately 123 billion USD in April 2019, net sales showed a steady increase reaching a peak of around 178.8 billion USD by January 2025. Notable increases occurred in January quarters, suggesting seasonal consumer spending spikes. There were some quarters with slight declines or plateaus, for example in mid-2020 and parts of 2021, possibly linked to external market conditions. Overall, the net sales trend indicates growth and resilience.
- Total Walmart Shareholders' Equity
- Shareholders' equity demonstrated moderate volatility over the same timeframe. Beginning near 68.2 billion USD in April 2019, equity increased generally but experienced several declines intermittently. The equity values peaked around January 2025 at about 91 billion USD. Periods of decline in equity were observed around early 2020 and mid-2022, which may reflect payout policies, stock repurchases, or market impacts. Despite these variations, the longer-term trend showed equity growth consistent with business expansion and retained earnings accumulation.
- Equity Turnover Ratio
- The equity turnover ratio, which measures net sales generated per unit of equity, was reported starting from January 2020 and showed variability over time. Initial figures were relatively high, around 7 times, indicating efficient use of shareholders' equity. This ratio fluctuated between approximately 6.7 and 8.5 over the quarters, showing periods of increased efficiency, particularly in the early quarters of 2023, and some decreases in other periods such as late 2021. The fluctuations suggest changes in operational efficiency or shifts in capital structure, but overall the ratio remained within a consistent range, reflecting stable utilization of equity to generate sales.