Analysis of Reportable Segments
Walmart Inc. operates in 3 segments: Walmart U.S.; Walmart International; and Sam’s Club.
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- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Total Asset Turnover since 2005
- Price to Sales (P/S) since 2005
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Segment Profit Margin
Walmart Inc., profit margin by reportable segment
| Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | Jan 31, 2019 | Jan 31, 2018 | |
|---|---|---|---|---|---|---|
| Walmart U.S. | ||||||
| Walmart International | ||||||
| Sam’s Club |
Based on: 10-K (reporting date: 2023-01-31), 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).
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Walmart U.S. | Walmart U.S. segment profit margin ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
| Walmart International | Walmart International segment profit margin ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. | |
| Sam’s Club | Sam’s Club segment profit margin ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Segment Profit Margin: Walmart U.S.
Walmart Inc.; Walmart U.S.; segment profit margin calculation
| Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | Jan 31, 2019 | Jan 31, 2018 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Operating income (loss) | ||||||
| Net sales | ||||||
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | ||||||
Based on: 10-K (reporting date: 2023-01-31), 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).
1 2023 Calculation
Segment profit margin = 100 × Operating income (loss) ÷ Net sales
= 100 × ÷ =
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Walmart U.S. | Walmart U.S. segment profit margin ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Segment Profit Margin: Walmart International
Walmart Inc.; Walmart International; segment profit margin calculation
| Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | Jan 31, 2019 | Jan 31, 2018 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Operating income (loss) | ||||||
| Net sales | ||||||
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | ||||||
Based on: 10-K (reporting date: 2023-01-31), 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).
1 2023 Calculation
Segment profit margin = 100 × Operating income (loss) ÷ Net sales
= 100 × ÷ =
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Walmart International | Walmart International segment profit margin ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Segment Profit Margin: Sam’s Club
Walmart Inc.; Sam’s Club; segment profit margin calculation
| Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | Jan 31, 2019 | Jan 31, 2018 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Operating income (loss) | ||||||
| Net sales | ||||||
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | ||||||
Based on: 10-K (reporting date: 2023-01-31), 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).
1 2023 Calculation
Segment profit margin = 100 × Operating income (loss) ÷ Net sales
= 100 × ÷ =
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Sam’s Club | Sam’s Club segment profit margin ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Segment Return on Assets (Segment ROA)
Walmart Inc., ROA by reportable segment
| Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | Jan 31, 2019 | Jan 31, 2018 | |
|---|---|---|---|---|---|---|
| Walmart U.S. | ||||||
| Walmart International | ||||||
| Sam’s Club |
Based on: 10-K (reporting date: 2023-01-31), 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).
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | Walmart U.S. | Walmart U.S. segment ROA improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
| Walmart International | Walmart International segment ROA improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level. | |
| Sam’s Club | Sam’s Club segment ROA improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Segment ROA: Walmart U.S.
Walmart Inc.; Walmart U.S.; segment ROA calculation
| Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | Jan 31, 2019 | Jan 31, 2018 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Operating income (loss) | ||||||
| Assets | ||||||
| Segment Profitability Ratio | ||||||
| Segment ROA1 | ||||||
Based on: 10-K (reporting date: 2023-01-31), 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).
1 2023 Calculation
Segment ROA = 100 × Operating income (loss) ÷ Assets
= 100 × ÷ =
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | Walmart U.S. | Walmart U.S. segment ROA improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Segment ROA: Walmart International
Walmart Inc.; Walmart International; segment ROA calculation
| Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | Jan 31, 2019 | Jan 31, 2018 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Operating income (loss) | ||||||
| Assets | ||||||
| Segment Profitability Ratio | ||||||
| Segment ROA1 | ||||||
Based on: 10-K (reporting date: 2023-01-31), 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).
1 2023 Calculation
Segment ROA = 100 × Operating income (loss) ÷ Assets
= 100 × ÷ =
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | Walmart International | Walmart International segment ROA improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level. |
Segment ROA: Sam’s Club
Walmart Inc.; Sam’s Club; segment ROA calculation
| Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | Jan 31, 2019 | Jan 31, 2018 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Operating income (loss) | ||||||
| Assets | ||||||
| Segment Profitability Ratio | ||||||
| Segment ROA1 | ||||||
Based on: 10-K (reporting date: 2023-01-31), 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).
1 2023 Calculation
Segment ROA = 100 × Operating income (loss) ÷ Assets
= 100 × ÷ =
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | Sam’s Club | Sam’s Club segment ROA improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Segment Asset Turnover
Walmart Inc., asset turnover by reportable segment
| Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | Jan 31, 2019 | Jan 31, 2018 | |
|---|---|---|---|---|---|---|
| Walmart U.S. | ||||||
| Walmart International | ||||||
| Sam’s Club |
Based on: 10-K (reporting date: 2023-01-31), 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).
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | Walmart U.S. | Walmart U.S. segment asset turnover ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level. |
| Walmart International | Walmart International segment asset turnover ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. | |
| Sam’s Club | Sam’s Club segment asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023. |
Segment Asset Turnover: Walmart U.S.
Walmart Inc.; Walmart U.S.; segment asset turnover calculation
| Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | Jan 31, 2019 | Jan 31, 2018 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net sales | ||||||
| Assets | ||||||
| Segment Activity Ratio | ||||||
| Segment asset turnover1 | ||||||
Based on: 10-K (reporting date: 2023-01-31), 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).
1 2023 Calculation
Segment asset turnover = Net sales ÷ Assets
= ÷ =
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | Walmart U.S. | Walmart U.S. segment asset turnover ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level. |
Segment Asset Turnover: Walmart International
Walmart Inc.; Walmart International; segment asset turnover calculation
| Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | Jan 31, 2019 | Jan 31, 2018 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net sales | ||||||
| Assets | ||||||
| Segment Activity Ratio | ||||||
| Segment asset turnover1 | ||||||
Based on: 10-K (reporting date: 2023-01-31), 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).
1 2023 Calculation
Segment asset turnover = Net sales ÷ Assets
= ÷ =
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | Walmart International | Walmart International segment asset turnover ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. |
Segment Asset Turnover: Sam’s Club
Walmart Inc.; Sam’s Club; segment asset turnover calculation
| Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | Jan 31, 2019 | Jan 31, 2018 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net sales | ||||||
| Assets | ||||||
| Segment Activity Ratio | ||||||
| Segment asset turnover1 | ||||||
Based on: 10-K (reporting date: 2023-01-31), 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).
1 2023 Calculation
Segment asset turnover = Net sales ÷ Assets
= ÷ =
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | Sam’s Club | Sam’s Club segment asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023. |
Segment Capital Expenditures to Depreciation
Walmart Inc., capital expenditures to depreciation by reportable segment
| Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | Jan 31, 2019 | Jan 31, 2018 | |
|---|---|---|---|---|---|---|
| Walmart U.S. | ||||||
| Walmart International | ||||||
| Sam’s Club |
Based on: 10-K (reporting date: 2023-01-31), 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).
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Walmart U.S. | Walmart U.S. segment capital expenditures to depreciation ratio improved from 2021 to 2022 and from 2022 to 2023. |
| Walmart International | Walmart International segment capital expenditures to depreciation ratio improved from 2021 to 2022 and from 2022 to 2023. | |
| Sam’s Club | Sam’s Club segment capital expenditures to depreciation ratio improved from 2021 to 2022 and from 2022 to 2023. |
Segment Capital Expenditures to Depreciation: Walmart U.S.
Walmart Inc.; Walmart U.S.; segment capital expenditures to depreciation calculation
| Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | Jan 31, 2019 | Jan 31, 2018 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Capital expenditures | ||||||
| Depreciation and amortization | ||||||
| Segment Financial Ratio | ||||||
| Segment capital expenditures to depreciation1 | ||||||
Based on: 10-K (reporting date: 2023-01-31), 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).
1 2023 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= ÷ =
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Walmart U.S. | Walmart U.S. segment capital expenditures to depreciation ratio improved from 2021 to 2022 and from 2022 to 2023. |
Segment Capital Expenditures to Depreciation: Walmart International
Walmart Inc.; Walmart International; segment capital expenditures to depreciation calculation
| Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | Jan 31, 2019 | Jan 31, 2018 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Capital expenditures | ||||||
| Depreciation and amortization | ||||||
| Segment Financial Ratio | ||||||
| Segment capital expenditures to depreciation1 | ||||||
Based on: 10-K (reporting date: 2023-01-31), 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).
1 2023 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= ÷ =
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Walmart International | Walmart International segment capital expenditures to depreciation ratio improved from 2021 to 2022 and from 2022 to 2023. |
Segment Capital Expenditures to Depreciation: Sam’s Club
Walmart Inc.; Sam’s Club; segment capital expenditures to depreciation calculation
| Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | Jan 31, 2019 | Jan 31, 2018 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Capital expenditures | ||||||
| Depreciation and amortization | ||||||
| Segment Financial Ratio | ||||||
| Segment capital expenditures to depreciation1 | ||||||
Based on: 10-K (reporting date: 2023-01-31), 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).
1 2023 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= ÷ =
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Sam’s Club | Sam’s Club segment capital expenditures to depreciation ratio improved from 2021 to 2022 and from 2022 to 2023. |
Net sales
Walmart Inc., net sales by reportable segment
US$ in millions
| Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | Jan 31, 2019 | Jan 31, 2018 | |
|---|---|---|---|---|---|---|
| Walmart U.S. | ||||||
| Walmart International | ||||||
| Sam’s Club | ||||||
| Consolidated |
Based on: 10-K (reporting date: 2023-01-31), 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).
Operating income (loss)
Walmart Inc., operating income (loss) by reportable segment
US$ in millions
| Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | Jan 31, 2019 | Jan 31, 2018 | |
|---|---|---|---|---|---|---|
| Walmart U.S. | ||||||
| Walmart International | ||||||
| Sam’s Club | ||||||
| Corporate and support | ||||||
| Consolidated |
Based on: 10-K (reporting date: 2023-01-31), 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).
Assets
Walmart Inc., assets by reportable segment
US$ in millions
| Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | Jan 31, 2019 | Jan 31, 2018 | |
|---|---|---|---|---|---|---|
| Walmart U.S. | ||||||
| Walmart International | ||||||
| Sam’s Club | ||||||
| Corporate and support | ||||||
| Consolidated |
Based on: 10-K (reporting date: 2023-01-31), 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).
Depreciation and amortization
Walmart Inc., depreciation and amortization by reportable segment
US$ in millions
| Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | Jan 31, 2019 | Jan 31, 2018 | |
|---|---|---|---|---|---|---|
| Walmart U.S. | ||||||
| Walmart International | ||||||
| Sam’s Club | ||||||
| Corporate and support | ||||||
| Consolidated |
Based on: 10-K (reporting date: 2023-01-31), 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).
Capital expenditures
Walmart Inc., capital expenditures by reportable segment
US$ in millions
| Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | Jan 31, 2019 | Jan 31, 2018 | |
|---|---|---|---|---|---|---|
| Walmart U.S. | ||||||
| Walmart International | ||||||
| Sam’s Club | ||||||
| Corporate and support | ||||||
| Consolidated |
Based on: 10-K (reporting date: 2023-01-31), 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).