Stock Analysis on Net

Walmart Inc. (NYSE:WMT)

Analysis of Reportable Segments 

Microsoft Excel

Segment Profit Margin

Walmart Inc., profit margin by reportable segment

Microsoft Excel
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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).