Stock Analysis on Net

Walmart Inc. (NYSE:WMT)

Analysis of Reportable Segments 

Microsoft Excel LibreOffice Calc

Segment Profit Margin

Walmart Inc., profit margin by reportable segment

Microsoft Excel LibreOffice Calc
Jan 31, 2022 Jan 31, 2021 Jan 31, 2020 Jan 31, 2019 Jan 31, 2018 Jan 31, 2017
Walmart U.S. 5.49% 5.17% 5.10% 5.24% 5.61% 5.76%
Walmart International 3.72% 3.02% 2.81% 4.04% 4.53% 4.96%
Sam’s Club 3.07% 2.98% 2.79% 2.63% 1.66% 2.91%

Based on: 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-01-31), 10-K (reporting date: 2018-01-31), 10-K (reporting date: 2017-01-31).

Segment profitability ratio Reportable segment The company
Segment profit margin Walmart U.S. Walmart U.S. segment profit margin ratio improved from 2020 to 2021 and from 2021 to 2022.
Walmart International Walmart International segment profit margin ratio improved from 2020 to 2021 and from 2021 to 2022.
Sam’s Club Sam’s Club segment profit margin ratio improved from 2020 to 2021 and from 2021 to 2022.

Segment Profit Margin: Walmart U.S.

Walmart Inc.; Walmart U.S.; segment profit margin calculation

Microsoft Excel LibreOffice Calc
Jan 31, 2022 Jan 31, 2021 Jan 31, 2020 Jan 31, 2019 Jan 31, 2018 Jan 31, 2017
Selected Financial Data (US$ in millions)
Operating income (loss) 21,587  19,116  17,380  17,386  17,869  17,745 
Net sales 393,247  369,963  341,004  331,666  318,477  307,833 
Segment Profitability Ratio
Segment profit margin1 5.49% 5.17% 5.10% 5.24% 5.61% 5.76%

Based on: 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-01-31), 10-K (reporting date: 2018-01-31), 10-K (reporting date: 2017-01-31).

1 2022 Calculation
Segment profit margin = 100 × Operating income (loss) ÷ Net sales
= 100 × 21,587 ÷ 393,247 = 5.49%

Segment profitability ratio Reportable segment The company
Segment profit margin Walmart U.S. Walmart U.S. segment profit margin ratio improved from 2020 to 2021 and from 2021 to 2022.

Segment Profit Margin: Walmart International

Walmart Inc.; Walmart International; segment profit margin calculation

Microsoft Excel LibreOffice Calc
Jan 31, 2022 Jan 31, 2021 Jan 31, 2020 Jan 31, 2019 Jan 31, 2018 Jan 31, 2017
Selected Financial Data (US$ in millions)
Operating income (loss) 3,758  3,660  3,370  4,883  5,352  5,758 
Net sales 100,959  121,360  120,130  120,824  118,068  116,119 
Segment Profitability Ratio
Segment profit margin1 3.72% 3.02% 2.81% 4.04% 4.53% 4.96%

Based on: 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-01-31), 10-K (reporting date: 2018-01-31), 10-K (reporting date: 2017-01-31).

1 2022 Calculation
Segment profit margin = 100 × Operating income (loss) ÷ Net sales
= 100 × 3,758 ÷ 100,959 = 3.72%

Segment profitability ratio Reportable segment The company
Segment profit margin Walmart International Walmart International segment profit margin ratio improved from 2020 to 2021 and from 2021 to 2022.

Segment Profit Margin: Sam’s Club

Walmart Inc.; Sam’s Club; segment profit margin calculation

Microsoft Excel LibreOffice Calc
Jan 31, 2022 Jan 31, 2021 Jan 31, 2020 Jan 31, 2019 Jan 31, 2018 Jan 31, 2017
Selected Financial Data (US$ in millions)
Operating income (loss) 2,259  1,906  1,642  1,520  982  1,671 
Net sales 73,556  63,910  58,792  57,839  59,216  57,365 
Segment Profitability Ratio
Segment profit margin1 3.07% 2.98% 2.79% 2.63% 1.66% 2.91%

Based on: 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-01-31), 10-K (reporting date: 2018-01-31), 10-K (reporting date: 2017-01-31).

1 2022 Calculation
Segment profit margin = 100 × Operating income (loss) ÷ Net sales
= 100 × 2,259 ÷ 73,556 = 3.07%

Segment profitability ratio Reportable segment The company
Segment profit margin Sam’s Club Sam’s Club segment profit margin ratio improved from 2020 to 2021 and from 2021 to 2022.

Segment Return on Assets (Segment ROA)

Walmart Inc., ROA by reportable segment

Microsoft Excel LibreOffice Calc
Jan 31, 2022 Jan 31, 2021 Jan 31, 2020 Jan 31, 2019 Jan 31, 2018 Jan 31, 2017
Walmart U.S. 17.26% 16.84% 15.75% 16.54% 17.12% 17.02%
Walmart International 4.11% 3.34% 3.18% 5.03% 6.56% 7.73%
Sam’s Club 15.39% 14.21% 12.17% 11.79% 7.32% 11.83%

Based on: 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-01-31), 10-K (reporting date: 2018-01-31), 10-K (reporting date: 2017-01-31).

Segment profitability ratio Reportable segment The company
Segment ROA Walmart U.S. Walmart U.S. segment ROA improved from 2020 to 2021 and from 2021 to 2022.
Walmart International Walmart International segment ROA improved from 2020 to 2021 and from 2021 to 2022.
Sam’s Club Sam’s Club segment ROA improved from 2020 to 2021 and from 2021 to 2022.

Segment ROA: Walmart U.S.

Walmart Inc.; Walmart U.S.; segment ROA calculation

Microsoft Excel LibreOffice Calc
Jan 31, 2022 Jan 31, 2021 Jan 31, 2020 Jan 31, 2019 Jan 31, 2018 Jan 31, 2017
Selected Financial Data (US$ in millions)
Operating income (loss) 21,587  19,116  17,380  17,386  17,869  17,745 
Assets 125,044  113,490  110,353  105,114  104,347  104,262 
Segment Profitability Ratio
Segment ROA1 17.26% 16.84% 15.75% 16.54% 17.12% 17.02%

Based on: 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-01-31), 10-K (reporting date: 2018-01-31), 10-K (reporting date: 2017-01-31).

1 2022 Calculation
Segment ROA = 100 × Operating income (loss) ÷ Assets
= 100 × 21,587 ÷ 125,044 = 17.26%

Segment profitability ratio Reportable segment The company
Segment ROA Walmart U.S. Walmart U.S. segment ROA improved from 2020 to 2021 and from 2021 to 2022.

Segment ROA: Walmart International

Walmart Inc.; Walmart International; segment ROA calculation

Microsoft Excel LibreOffice Calc
Jan 31, 2022 Jan 31, 2021 Jan 31, 2020 Jan 31, 2019 Jan 31, 2018 Jan 31, 2017
Selected Financial Data (US$ in millions)
Operating income (loss) 3,758  3,660  3,370  4,883  5,352  5,758 
Assets 91,403  109,445  105,811  97,066  81,549  74,508 
Segment Profitability Ratio
Segment ROA1 4.11% 3.34% 3.18% 5.03% 6.56% 7.73%

Based on: 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-01-31), 10-K (reporting date: 2018-01-31), 10-K (reporting date: 2017-01-31).

1 2022 Calculation
Segment ROA = 100 × Operating income (loss) ÷ Assets
= 100 × 3,758 ÷ 91,403 = 4.11%

Segment profitability ratio Reportable segment The company
Segment ROA Walmart International Walmart International segment ROA improved from 2020 to 2021 and from 2021 to 2022.

Segment ROA: Sam’s Club

Walmart Inc.; Sam’s Club; segment ROA calculation

Microsoft Excel LibreOffice Calc
Jan 31, 2022 Jan 31, 2021 Jan 31, 2020 Jan 31, 2019 Jan 31, 2018 Jan 31, 2017
Selected Financial Data (US$ in millions)
Operating income (loss) 2,259  1,906  1,642  1,520  982  1,671 
Assets 14,678  13,415  13,494  12,893  13,418  14,125 
Segment Profitability Ratio
Segment ROA1 15.39% 14.21% 12.17% 11.79% 7.32% 11.83%

Based on: 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-01-31), 10-K (reporting date: 2018-01-31), 10-K (reporting date: 2017-01-31).

1 2022 Calculation
Segment ROA = 100 × Operating income (loss) ÷ Assets
= 100 × 2,259 ÷ 14,678 = 15.39%

Segment profitability ratio Reportable segment The company
Segment ROA Sam’s Club Sam’s Club segment ROA improved from 2020 to 2021 and from 2021 to 2022.

Segment Asset Turnover

Walmart Inc., asset turnover by reportable segment

Microsoft Excel LibreOffice Calc
Jan 31, 2022 Jan 31, 2021 Jan 31, 2020 Jan 31, 2019 Jan 31, 2018 Jan 31, 2017
Walmart U.S. 3.14 3.26 3.09 3.16 3.05 2.95
Walmart International 1.10 1.11 1.14 1.24 1.45 1.56
Sam’s Club 5.01 4.76 4.36 4.49 4.41 4.06

Based on: 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-01-31), 10-K (reporting date: 2018-01-31), 10-K (reporting date: 2017-01-31).

Segment activity ratio Reportable segment The company
Segment asset turnover Walmart U.S. Walmart U.S. segment asset turnover ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022 not reaching 2020 level.
Walmart International Walmart International segment asset turnover ratio deteriorated from 2020 to 2021 and from 2021 to 2022.
Sam’s Club Sam’s Club segment asset turnover ratio improved from 2020 to 2021 and from 2021 to 2022.

Segment Asset Turnover: Walmart U.S.

Walmart Inc.; Walmart U.S.; segment asset turnover calculation

Microsoft Excel LibreOffice Calc
Jan 31, 2022 Jan 31, 2021 Jan 31, 2020 Jan 31, 2019 Jan 31, 2018 Jan 31, 2017
Selected Financial Data (US$ in millions)
Net sales 393,247  369,963  341,004  331,666  318,477  307,833 
Assets 125,044  113,490  110,353  105,114  104,347  104,262 
Segment Activity Ratio
Segment asset turnover1 3.14 3.26 3.09 3.16 3.05 2.95

Based on: 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-01-31), 10-K (reporting date: 2018-01-31), 10-K (reporting date: 2017-01-31).

1 2022 Calculation
Segment asset turnover = Net sales ÷ Assets
= 393,247 ÷ 125,044 = 3.14

Segment activity ratio Reportable segment The company
Segment asset turnover Walmart U.S. Walmart U.S. segment asset turnover ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022 not reaching 2020 level.

Segment Asset Turnover: Walmart International

Walmart Inc.; Walmart International; segment asset turnover calculation

Microsoft Excel LibreOffice Calc
Jan 31, 2022 Jan 31, 2021 Jan 31, 2020 Jan 31, 2019 Jan 31, 2018 Jan 31, 2017
Selected Financial Data (US$ in millions)
Net sales 100,959  121,360  120,130  120,824  118,068  116,119 
Assets 91,403  109,445  105,811  97,066  81,549  74,508 
Segment Activity Ratio
Segment asset turnover1 1.10 1.11 1.14 1.24 1.45 1.56

Based on: 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-01-31), 10-K (reporting date: 2018-01-31), 10-K (reporting date: 2017-01-31).

1 2022 Calculation
Segment asset turnover = Net sales ÷ Assets
= 100,959 ÷ 91,403 = 1.10

Segment activity ratio Reportable segment The company
Segment asset turnover Walmart International Walmart International segment asset turnover ratio deteriorated from 2020 to 2021 and from 2021 to 2022.

Segment Asset Turnover: Sam’s Club

Walmart Inc.; Sam’s Club; segment asset turnover calculation

Microsoft Excel LibreOffice Calc
Jan 31, 2022 Jan 31, 2021 Jan 31, 2020 Jan 31, 2019 Jan 31, 2018 Jan 31, 2017
Selected Financial Data (US$ in millions)
Net sales 73,556  63,910  58,792  57,839  59,216  57,365 
Assets 14,678  13,415  13,494  12,893  13,418  14,125 
Segment Activity Ratio
Segment asset turnover1 5.01 4.76 4.36 4.49 4.41 4.06

Based on: 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-01-31), 10-K (reporting date: 2018-01-31), 10-K (reporting date: 2017-01-31).

1 2022 Calculation
Segment asset turnover = Net sales ÷ Assets
= 73,556 ÷ 14,678 = 5.01

Segment activity ratio Reportable segment The company
Segment asset turnover Sam’s Club Sam’s Club segment asset turnover ratio improved from 2020 to 2021 and from 2021 to 2022.

Segment Capital Expenditures to Depreciation

Walmart Inc., capital expenditures to depreciation by reportable segment

Microsoft Excel LibreOffice Calc
Jan 31, 2022 Jan 31, 2021 Jan 31, 2020 Jan 31, 2019 Jan 31, 2018 Jan 31, 2017
Walmart U.S. 1.25 0.93 0.99 0.97 1.55 1.85
Walmart International 1.27 0.93 1.04 1.03 1.00 1.03
Sam’s Club 1.03 0.81 0.87 0.70 1.34 1.31

Based on: 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-01-31), 10-K (reporting date: 2018-01-31), 10-K (reporting date: 2017-01-31).

Segment financial ratio Reportable segment The company
Segment capital expenditures to depreciation Walmart U.S. Walmart U.S. segment capital expenditures to depreciation ratio deteriorated from 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 level.
Walmart International Walmart International segment capital expenditures to depreciation ratio deteriorated from 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 level.
Sam’s Club Sam’s Club segment capital expenditures to depreciation ratio deteriorated from 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 level.

Segment Capital Expenditures to Depreciation: Walmart U.S.

Walmart Inc.; Walmart U.S.; segment capital expenditures to depreciation calculation

Microsoft Excel LibreOffice Calc
Jan 31, 2022 Jan 31, 2021 Jan 31, 2020 Jan 31, 2019 Jan 31, 2018 Jan 31, 2017
Selected Financial Data (US$ in millions)
Capital expenditures 8,475  6,131  6,315  6,034  5,680  6,090 
Depreciation and amortization 6,773  6,561  6,408  6,201  3,655  3,298 
Segment Financial Ratio
Segment capital expenditures to depreciation1 1.25 0.93 0.99 0.97 1.55 1.85

Based on: 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-01-31), 10-K (reporting date: 2018-01-31), 10-K (reporting date: 2017-01-31).

1 2022 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= 8,475 ÷ 6,773 = 1.25

Segment financial ratio Reportable segment The company
Segment capital expenditures to depreciation Walmart U.S. Walmart U.S. segment capital expenditures to depreciation ratio deteriorated from 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 level.

Segment Capital Expenditures to Depreciation: Walmart International

Walmart Inc.; Walmart International; segment capital expenditures to depreciation calculation

Microsoft Excel LibreOffice Calc
Jan 31, 2022 Jan 31, 2021 Jan 31, 2020 Jan 31, 2019 Jan 31, 2018 Jan 31, 2017
Selected Financial Data (US$ in millions)
Capital expenditures 2,497  2,436  2,801  2,661  2,607  2,697 
Depreciation and amortization 1,963  2,633  2,682  2,590  2,601  2,629 
Segment Financial Ratio
Segment capital expenditures to depreciation1 1.27 0.93 1.04 1.03 1.00 1.03

Based on: 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-01-31), 10-K (reporting date: 2018-01-31), 10-K (reporting date: 2017-01-31).

1 2022 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= 2,497 ÷ 1,963 = 1.27

Segment financial ratio Reportable segment The company
Segment capital expenditures to depreciation Walmart International Walmart International segment capital expenditures to depreciation ratio deteriorated from 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 level.

Segment Capital Expenditures to Depreciation: Sam’s Club

Walmart Inc.; Sam’s Club; segment capital expenditures to depreciation calculation

Microsoft Excel LibreOffice Calc
Jan 31, 2022 Jan 31, 2021 Jan 31, 2020 Jan 31, 2019 Jan 31, 2018 Jan 31, 2017
Selected Financial Data (US$ in millions)
Capital expenditures 622  488  525  450  626  639 
Depreciation and amortization 601  599  605  639  466  487 
Segment Financial Ratio
Segment capital expenditures to depreciation1 1.03 0.81 0.87 0.70 1.34 1.31

Based on: 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-01-31), 10-K (reporting date: 2018-01-31), 10-K (reporting date: 2017-01-31).

1 2022 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= 622 ÷ 601 = 1.03

Segment financial ratio Reportable segment The company
Segment capital expenditures to depreciation Sam’s Club Sam’s Club segment capital expenditures to depreciation ratio deteriorated from 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 level.

Net sales

Walmart Inc., net sales by reportable segment

US$ in millions

Microsoft Excel LibreOffice Calc
Jan 31, 2022 Jan 31, 2021 Jan 31, 2020 Jan 31, 2019 Jan 31, 2018 Jan 31, 2017
Walmart U.S. 393,247  369,963  341,004  331,666  318,477  307,833 
Walmart International 100,959  121,360  120,130  120,824  118,068  116,119 
Sam’s Club 73,556  63,910  58,792  57,839  59,216  57,365 
Consolidated 567,762  555,233  519,926  510,329  495,761  481,317 

Based on: 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-01-31), 10-K (reporting date: 2018-01-31), 10-K (reporting date: 2017-01-31).


Operating income (loss)

Walmart Inc., operating income (loss) by reportable segment

US$ in millions

Microsoft Excel LibreOffice Calc
Jan 31, 2022 Jan 31, 2021 Jan 31, 2020 Jan 31, 2019 Jan 31, 2018 Jan 31, 2017
Walmart U.S. 21,587  19,116  17,380  17,386  17,869  17,745 
Walmart International 3,758  3,660  3,370  4,883  5,352  5,758 
Sam’s Club 2,259  1,906  1,642  1,520  982  1,671 
Corporate and support (1,662) (2,134) (1,824) (1,832) (3,766) (2,410)
Consolidated 25,942  22,548  20,568  21,957  20,437  22,764 

Based on: 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-01-31), 10-K (reporting date: 2018-01-31), 10-K (reporting date: 2017-01-31).


Assets

Walmart Inc., assets by reportable segment

US$ in millions

Microsoft Excel LibreOffice Calc
Jan 31, 2022 Jan 31, 2021 Jan 31, 2020 Jan 31, 2019 Jan 31, 2018 Jan 31, 2017
Walmart U.S. 125,044  113,490  110,353  105,114  104,347  104,262 
Walmart International 91,403  109,445  105,811  97,066  81,549  74,508 
Sam’s Club 14,678  13,415  13,494  12,893  13,418  14,125 
Corporate and support 13,735  16,146  6,837  4,222  5,208  5,930 
Consolidated 244,860  252,496  236,495  219,295  204,522  198,825 

Based on: 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-01-31), 10-K (reporting date: 2018-01-31), 10-K (reporting date: 2017-01-31).


Depreciation and amortization

Walmart Inc., depreciation and amortization by reportable segment

US$ in millions

Microsoft Excel LibreOffice Calc
Jan 31, 2022 Jan 31, 2021 Jan 31, 2020 Jan 31, 2019 Jan 31, 2018 Jan 31, 2017
Walmart U.S. 6,773  6,561  6,408  6,201  3,655  3,298 
Walmart International 1,963  2,633  2,682  2,590  2,601  2,629 
Sam’s Club 601  599  605  639  466  487 
Corporate and support 1,321  1,359  1,292  1,248  3,807  3,666 
Consolidated 10,658  11,152  10,987  10,678  10,529  10,080 

Based on: 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-01-31), 10-K (reporting date: 2018-01-31), 10-K (reporting date: 2017-01-31).


Capital expenditures

Walmart Inc., capital expenditures by reportable segment

US$ in millions

Microsoft Excel LibreOffice Calc
Jan 31, 2022 Jan 31, 2021 Jan 31, 2020 Jan 31, 2019 Jan 31, 2018 Jan 31, 2017
Walmart U.S. 8,475  6,131  6,315  6,034  5,680  6,090 
Walmart International 2,497  2,436  2,801  2,661  2,607  2,697 
Sam’s Club 622  488  525  450  626  639 
Corporate and support 1,512  1,209  1,064  1,199  1,138  1,193 
Consolidated 13,106  10,264  10,705  10,344  10,051  10,619 

Based on: 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-01-31), 10-K (reporting date: 2018-01-31), 10-K (reporting date: 2017-01-31).