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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Long-term Activity Ratios (Summary)
Walmart Inc., long-term (investment) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2025-10-31), 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).
The financial ratios indicate various operational efficiency trends over the examined periods.
- Net Fixed Asset Turnover
- This ratio demonstrates an overall downward trend starting from 4.98, peaking around 5.88 during mid-2021, then gradually declining to 5.11 by late 2025. The initial increase suggests improved utilization of fixed assets, followed by a steady decrease indicating less efficiency in generating sales from fixed assets over time.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- Similarly, this adjusted ratio rises from 4.3 to a peak near 5.15 by late 2021, then declines steadily to 4.62 by late 2025. This pattern coincides with the net fixed asset turnover, showing enhanced early utilization of assets including leased ones, followed by diminishing efficiency as time progresses.
- Total Asset Turnover
- The total asset turnover ratio starts at 2.28 and fluctuates moderately but shows a slight upward trend, reaching around 2.59 multiple times toward the end of the period, before falling again to 2.41. This indicates relatively stable efficiency in using total assets to generate revenue, with periods of improvement and slight declines.
- Equity Turnover
- The equity turnover ratio exhibits more volatility, starting from 7.78 and declining to a low near 6.69, followed by various fluctuations in the 7-to-8 range. Peaks around 8.52 and 8.23 suggest periods where equity was effectively used to produce sales, but the ratio does not follow a clear long-term trend and shows sensitivity to changing operational or financial circumstances.
Overall, asset utilization ratios initially improved but experienced gradual declines, implying potential challenges in maintaining high efficiency of asset use. The equity turnover showed inconsistency, reflecting variability in leveraging equity for revenue generation. The total asset turnover remained relatively stable, suggesting consistent effectiveness in using overall assets throughout the quarters.
Net Fixed Asset Turnover
Walmart Inc., net fixed asset turnover calculation (quarterly data)
| Oct 31, 2025 | 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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: 2025-10-31), 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).
1 Q3 2026 Calculation
Net fixed asset turnover
= (Net salesQ3 2026
+ Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025)
÷ Property and equipment, including finance lease right-of-use assets, net
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Sales Trends
- Net sales exhibit a generally upward trajectory over the analyzed periods, starting from approximately 133.7 billion US dollars and reaching levels near 177.8 billion US dollars by the latest period. While some quarterly fluctuations are evident, overall growth is consistent. Notable seasonal increases occur at year-end quarters, particularly in January periods, aligning with typical retail cycles. The data indicates resilience and expansion in revenue generation capabilities over time.
- Property and Equipment, Including Finance Lease Right-of-Use Assets
- The net value of property and equipment demonstrates gradual growth throughout the time frame. Starting just over 106 billion US dollars, the asset base experiences a slight decline early on, then steadily increases to approximately 136.3 billion US dollars in the most recent quarter. This pattern suggests ongoing capital investment and asset accumulation, likely supporting the sales growth and operational demands.
- Net Fixed Asset Turnover Ratio
- Net fixed asset turnover ratios begin near 5.0 and peak around 5.9 during the middle periods, indicating effective utilization of fixed assets to generate sales. However, a slow and consistent decline is observed in later periods, with the ratio falling to approximately 5.1 by the end of the reported data. This decrease implies a modest reduction in efficiency concerning asset usage over time, possibly reflecting increased asset investments outpacing sales growth or changes in operational dynamics.
- Overall Observations
- A comparative analysis of net sales growth alongside the expansion of property and equipment suggests strategic asset investments supporting revenue objectives. Although sales consistently rise, the declining trend in fixed asset turnover ratio signals a need to monitor asset utilization efficiency. Addressing this potential inefficiency may involve evaluating capital deployment effectiveness, asset management, or shifts in business operations to sustain or enhance profitability.
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)
| Oct 31, 2025 | 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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: 2025-10-31), 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).
1 Q3 2026 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (Net salesQ3 2026
+ Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 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.
The quarterly financial data reveals notable trends in net sales, property and equipment, and net fixed asset turnover over the observed periods. These trends collectively illustrate the company's operational and asset utilization dynamics.
- Net Sales
- Net sales demonstrated a generally increasing trend from April 2020 through the early part of 2024, growing from approximately $133.7 billion to a peak exceeding $178.8 billion by January 2025. Some fluctuations are evident, including slight declines or plateau phases around mid-2020 and early 2022. However, the overall trajectory was upward, indicating an expanding revenue base with several quarterly records surpassed during the most recent periods.
- Property and Equipment
- The net book value of property and equipment, which includes finance lease right-of-use assets and operating lease right-of-use assets, showed a relatively steady increase throughout the periods. Beginning at about $123.4 billion in April 2020, this asset value grew consistently, reaching around $150.8 billion by October 2025. The steady growth suggests ongoing investments or capital expenditures in fixed assets, supporting operational capacity expansion and modernization.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio started at 4.30 in April 2020 and peaked at around 5.15 in the October 2020 to October 2022 timeframe, reflecting an improved efficiency in generating sales from fixed assets during that period. However, from early 2023 onward, there was a gradual decline in this ratio, falling to approximately 4.62 by October 2025. This downward trend may indicate that asset growth is outpacing sales growth recently, resulting in lower utilization efficiency of the fixed asset base.
In summary, while net sales have experienced substantial growth and property and equipment assets have been steadily increased through investments, the declining net fixed asset turnover ratio in the latest quarters suggests potential challenges in maintaining asset efficiency. Management might need to consider strategies to enhance operational utilization or review capital investment timing to optimize returns on assets.
Total Asset Turnover
Walmart Inc., total asset turnover calculation (quarterly data)
| Oct 31, 2025 | Jul 31, 2025 | Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 | Jan 31, 2023 | Oct 31, 2022 | Jul 31, 2022 | Apr 30, 2022 | Jan 31, 2022 | Oct 31, 2021 | Jul 31, 2021 | Apr 30, 2021 | Jan 31, 2021 | Oct 31, 2020 | Jul 31, 2020 | Apr 30, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ 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: 2025-10-31), 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).
1 Q3 2026 Calculation
Total asset turnover
= (Net salesQ3 2026
+ Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The financial analysis across the reported periods reveals several noteworthy trends and insights related to net sales, total assets, and total asset turnover ratio.
- Net Sales
- Net sales display a generally upward trajectory over the observed quarters, indicating growth in revenue generation. Starting from approximately 133.7 billion US dollars, net sales experienced fluctuations but trended upwards, reaching peaks above 170 billion US dollars in later periods. This suggests ongoing expansion in sales activity or successful strategies driving revenue, although intermittent dips reflect some variability possibly due to seasonal factors or market conditions.
- Total Assets
- Total assets exhibit a steady increase from roughly 233 billion US dollars to over 288 billion US dollars by the end of the timeline. This upward trend signifies continued investment in asset base, which may include increased inventory, property, and equipment or other asset categories. The growth in total assets appears consistent with expanding operational scale and capacity to support rising sales volumes.
- Total Asset Turnover Ratio
- The total asset turnover ratio, measuring efficiency in using assets to generate sales, fluctuates within a range of approximately 2.17 to 2.59 over the periods. Initially, it declined slightly but recovered and sustained relatively high levels around 2.5 in recent quarters. This reflects an improvement or maintained efficiency in utilizing assets to drive sales, suggesting effective asset management alongside business growth.
Overall, the data indicate positive financial health characterized by increasing sales and asset growth paired with efficient asset utilization. Stability and improvement in the asset turnover ratio, notwithstanding some variability, reinforce the company's capability to convert assets into revenue effectively during the analyzed timeframe.
Equity Turnover
Walmart Inc., equity turnover calculation (quarterly data)
| Oct 31, 2025 | 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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: 2025-10-31), 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).
1 Q3 2026 Calculation
Equity turnover
= (Net salesQ3 2026
+ Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025)
÷ Total Walmart shareholders’ equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals multiple patterns in sales, equity, and efficiency metrics over the examined periods.
- Net Sales
- Net sales figures exhibit a generally upward trend with notable seasonal fluctuations. Beginning from approximately 133.7 billion USD in April 2020, sales increase through to January 2021, peaking near 151 billion USD, followed by a decline and subsequent recovery phases. The highest recorded sales appear in January 2024, reaching about 178.8 billion USD. Overall, the data reflects growth in revenue over the five-year span, interspersed with regular peaks indicating possible seasonal consumer purchasing patterns.
- Total Walmart Shareholders’ Equity
- Shareholders’ equity displays a moderate upward trend with some variability. Starting around 68.2 billion USD in April 2020, the equity rises steadily, reaching levels close to 96.1 billion USD by October 2025. Despite occasional declines, especially noticeable in mid-2022 and early 2023 periods, the overall growth suggests strengthening financial stability and accumulation of retained earnings or capital contributions within the company over time.
- Equity Turnover Ratio
- The equity turnover ratio, which reflects the efficiency in generating sales from the equity base, fluctuates without a clear directional trend. It oscillates mostly between 6.7 and 8.5 throughout the periods. Peaks tend to occur around fourth quarters and towards the start of the year, aligning somewhat with net sales peaks, indicating cyclical operational efficiency variations. The ratio remains relatively stable, suggesting consistent utilization of equity to generate sales despite growth in absolute equity levels.
In summary, the data indicate sustained revenue growth accompanied by increasing shareholders' equity. Although efficiency as measured by equity turnover varies seasonally, it remains within a consistent range, reflecting effective management of equity resources in relation to sales. These trends collectively point to a stable and expanding operational performance over the period examined.