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: 2025-04-30), 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).
- Net Fixed Asset Turnover
- The net fixed asset turnover showed a general upward trend starting from 4.74 in January 2020, peaking at 5.88 in July 2021. Following this peak, the ratio exhibited a gradual decline with minor fluctuations, ultimately reaching 5.33 by April 2025. The initial increase suggests improved efficiency in generating sales from fixed assets during the earlier part of the period, while the later decline may indicate either asset base growth outpacing sales or a reduction in asset utilization efficiency.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- When incorporating operating leases and right-of-use assets, the ratio demonstrated a similar pattern but at consistently lower levels compared to the standard net fixed asset turnover. Beginning at 4.09 in January 2020, it rose to a peak of 5.15 in January 2023, thereafter gradually decreasing to 4.82 by April 2025. This trend mirrors the traditional net fixed asset turnover but reflects the impact of including leased assets, which increases the asset base and thus lowers the turnover ratio.
- Total Asset Turnover
- Total asset turnover ratios fluctuated moderately but showed an overall stable to slightly increasing trend. Starting at 2.20 in January 2020, it dipped slightly in early quarters but rose to a high of 2.59 by late 2024 and early 2025. This indicates that the overall asset base of the company is being used with increasing efficiency to generate sales, reflecting improved asset management or sales growth relative to assets.
- Equity Turnover
- The equity turnover ratio experienced a fluctuating pattern with no definitive trend of consistent growth or decline. Starting at 6.96 in January 2020, it increased to a high of 8.52 in January 2023 and then decreased with some volatility through subsequent quarters, settling at 8.10 by April 2025. This variability indicates changing efficiency in utilizing shareholder equity to generate sales, potentially influenced by changes in equity capital, retained earnings, or net income over the periods.
Net Fixed Asset Turnover
Walmart Inc., net fixed asset turnover calculation (quarterly data)
| 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: 2025-04-30), 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 Q1 2026 Calculation
Net fixed asset turnover
= (Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025
+ Net salesQ2 2025)
÷ Property and equipment, including finance lease right-of-use assets, net
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Sales
- The net sales figures exhibit a general upward trend over the reporting periods with fluctuations aligning to seasonal or operational influences. From April 2019 to January 2020, net sales increased from approximately 122,949 million USD to 140,608 million USD. There was a notable dip in April 2020 to 133,672 million USD, corresponding possibly to early pandemic impacts, followed by a recovery and progressive growth reaching a peak at 178,830 million USD in January 2025 before a slight pullback to 163,981 million USD in April 2025. The data suggests resilience and growth in sales volumes, with increases outpacing periods of decline and indicating successful sales strategies or market expansion.
- Property and Equipment, Including Finance Lease Right-of-Use Assets, Net
- The net book value of property and equipment shows a moderate fluctuating increase across the periods. Starting at 108,408 million USD in April 2019, values remained relatively stable until January 2020, after which a decline is observable in early 2021, hitting a low of 94,975 million USD in April 2021. Subsequently, a consistent upward trend resumes, reaching 127,317 million USD by April 2025. This pattern suggests periods of asset disposals or revaluations early in the timeline, followed by renewed investments or acquisitions enhancing asset base over the latter periods.
- Net Fixed Asset Turnover Ratio
- The turnover ratio demonstrates improved efficiency from 4.74 in January 2020 to peaks near 5.88 in mid-2021, indicating increased sales generated per unit value of fixed assets. After these peaks, the ratio stabilizes slightly below this level, around mid-5.3 to 5.5, through to April 2025. The ratio's decline after 2021 signals that although asset base growth continued, sales growth was marginally slower relative to asset expansion, implying potential dilution in asset utilization efficiency. Nevertheless, the ratio remains considerably above the early 2020 baseline, evidencing ongoing operational effectiveness.
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)
| 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: 2025-04-30), 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 Q1 2026 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025
+ Net salesQ2 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 financial data reveals several notable trends over the periods under review. Net sales exhibit a general upward trajectory with some fluctuations. Beginning at approximately 123 billion US dollars in April 2019, sales increased significantly to peak around 179 billion US dollars in January 2025. Despite minor dips observed in some quarters, such as April 2020 and April 2021, the overall trend indicates growth in revenue generation.
In contrast, the value of property and equipment, which includes finance lease right-of-use assets, shows a somewhat volatile but generally increasing pattern with an initial decline. Starting from 125 billion US dollars in April 2019, the asset base initially decreased to about 109 billion US dollars by January 2021. Following this low point, there is a steady rise, reaching close to 141 billion US dollars by April 2025. This suggests an initial period of asset reduction or impairment, followed by renewed investment or asset accumulation over the latter periods.
The net fixed asset turnover ratio, measuring efficiency in using fixed assets to generate sales, begins at 4.09 in January 2020 and shows an overall decline after peaking at 5.15 around January 2023. By April 2025, the ratio has decreased to approximately 4.82. This pattern may imply that while sales grew, the company's efficiency in utilizing its fixed assets diminished slightly toward the end of the period. The peak turnover ratio corresponds to a period of stabilized or moderately growing asset values combined with strong sales growth, whereas the subsequent decline may reflect proportional increases in asset base or changes in operational dynamics.
In summary, the data reflects strong revenue growth alongside an expanding asset base after an initial contraction period. However, the reduction in net fixed asset turnover ratio over recent quarters suggests a potential decline in asset utilization efficiency. Continuous monitoring of this ratio will be essential to assess how well the company manages its fixed assets in relation to sales growth moving forward.
Total Asset Turnover
Walmart Inc., total asset turnover calculation (quarterly data)
| 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: 2025-04-30), 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 Q1 2026 Calculation
Total asset turnover
= (Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025
+ Net salesQ2 2025)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several key trends related to the company’s net sales, total assets, and total asset turnover over the observed periods.
- Net Sales
- Net sales have generally shown an upward trend from April 30, 2019, through April 30, 2025, despite some fluctuations. Starting at approximately 122,949 million US dollars in April 2019, sales increased to a peak of 178,830 million US dollars by January 2025 before slightly declining to 163,981 million US dollars by April 2025. There are observable seasonal or cyclical variations within each year, with occasional dips followed by recoveries, but the overall trajectory indicates growth in revenue generation capacity over the examined period.
- Total Assets
- Total assets demonstrated moderate growth over the timeframe. Beginning around 234,544 million US dollars in April 2019, assets increased to approximately 262,372 million US dollars by October 2024, followed by a minor reduction to 260,823 million US dollars in January 2025 and a slight rise again to 262,372 million US dollars in April 2025. The asset base thus expanded by roughly 11.8% over the six-year period, indicating ongoing investments or asset accumulation. The variation in assets during specific quarters appears relatively stable without abrupt changes.
- Total Asset Turnover
- The total asset turnover ratio, available from January 2020 onward, shows a positive and generally improving trend, indicative of increasing efficiency in asset utilization to generate sales. Starting at 2.20, the ratio fluctuates slightly but exhibits a clear upward momentum reaching values above 2.50 by early 2025. This suggests enhanced operational effectiveness, with the company generating a higher volume of sales per unit of asset over time. Consistency in maintaining this ratio above 2.30 across quarters also points to stable management of assets in relation to sales performance.
In summary, the data reflects a company experiencing steady top-line growth supported by a gradually expanding asset base. Improved asset turnover further underlines greater efficiency in leveraging assets to drive sales. These trends collectively imply positive operational dynamics and robust revenue generation capabilities during the period under review.
Equity Turnover
Walmart Inc., equity turnover calculation (quarterly data)
| 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: 2025-04-30), 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 Q1 2026 Calculation
Equity turnover
= (Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025
+ Net salesQ2 2025)
÷ Total Walmart shareholders’ equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The analysis of the financial data over multiple quarters reveals several notable trends across net sales, total shareholders’ equity, and equity turnover ratios.
- Net Sales
- The net sales figures exhibit a generally upward trajectory throughout the observed periods. Starting around 123 billion USD at the beginning of the timeline, net sales rose with some fluctuations, peaking at approximately 178.8 billion USD in January 2025. There are notable seasonal patterns with periodic increases and decreases, but the long-term trend remains positive, indicating overall growth in revenues. The quarters ending January 2021 and January 2024 show particularly strong sales figures above 170 billion USD, suggesting robust performance during these intervals.
- Total Walmart Shareholders’ Equity
- Shareholders’ equity shows relative stability with mild fluctuations over the period. Beginning near 68.2 billion USD, equity values increased modestly and peaked around the early quarters of 2022, reaching over 83 billion USD. The data reflect some cyclical variation but lack a strong directional trend. Recent quarters toward the end of the dataset again show increases, moving toward roughly 83.8 billion USD by January 2025. The equity base thus appears to support the company’s operations without dramatic expansion or contraction.
- Equity Turnover Ratio
- The equity turnover ratio, available from January 2020 onward, demonstrates a consistent pattern above 6.5, with values typically ranging between approximately 6.7 and 8.5. This suggests efficient utilization of shareholders’ equity to generate sales. An upward movement is observed in late 2021 through early 2024, peaking at 8.52 in January 2023. The ratio subsequently oscillates but remains within a high range, reflecting ongoing effectiveness in turning equity into revenue over time.
Overall, the data highlight sustained growth in sales alongside a stable equity base and effective equity utilization. The company appears to be managing its financial resources efficiently to support increasing sales volumes, maintaining a balance between growth and financial stability.