Walmart Inc. (WMT) 10-Year Financial Performance & Capital Metrics

WMT •

Consumer DefensiveDiscount StoresWarehouse Clubs and Supercenters

AboutWalmart Inc. engages in the operation of retail, wholesale, other units, and eCommerce worldwide. The company operates through three segments: Walmart U.S., Walmart International, and Sam's Club. It operates supercenters, supermarkets, hypermarkets, warehouse clubs, cash and carry stores, and discount stores under Walmart and Walmart Neighborhood Market brands; membership-only warehouse clubs; ecommerce websites, such as walmart.com.mx, walmart.ca, flipkart.com, PhonePe and other sites; and mobile commerce applications. The company offers grocery and consumables, including dairy, meat, bakery, deli, produce, dry, chilled or frozen packaged foods, alcoholic and nonalcoholic beverages, floral, snack foods, candy, other grocery items, health and beauty aids, paper goods, laundry and home care, baby care, pet supplies, and other consumable items; fuel, tobacco and other categories. It is also involved in the provision of health and wellness products covering pharmacy, optical and hearing services, and over-the-counter drugs and other medical products; and home and apparel including home improvement, outdoor living, gardening, furniture, apparel, jewelry, tools and power equipment, housewares, toys, seasonal items, mattresses and tire and battery centers. In addition, the company offers consumer electronics and accessories, software, video games, office supplies, appliances, and third-party gift cards. Further, it operates digital payment platforms; and offers financial services and related products, including money transfers, bill payments, money orders, check cashing, prepaid access, co-branded credit cards, installment lending, and earned wage access. Additionally, the company markets lines of merchandise under private brands, including Allswell, Athletic Works, Equate, and Free Assembly. The company was formerly known as Wal-Mart Stores, Inc. and changed its name to Walmart Inc. in February 2018. Walmart Inc. was founded in 1945 and is based in Bentonville, Arkansas.Show more

Revenue $713.16B +4.7%
EBITDA $44.03B +4.0%
Net Income $21.89B +12.6%
EPS (Diluted) 2.73 +13.3%
Gross Margin 24.93% +0.3%
EBITDA Margin 6.17% -0.7%
Operating Margin 4.18% -3.0%
Net Margin 3.07% +7.6%
ROE 22.16% +7.3%
ROIC 14.67% -3.1%
Debt/Equity 0.67 +9.1%
Interest Coverage 81.05 +653.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Dividend Aristocrat: 37 years of consecutive increases
✓Excellent 3Y average ROE of 20.2%
✓High quality earnings: Operating CF exceeds net income
✓Efficient asset utilization: 2.5x turnover

✗Weaknesses

✗Expensive at 10.3x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y3.99%

5Y4.99%

3Y5.27%

TTM4.34%

Profit (Net Income) CAGR

10Y4.07%

5Y10.14%

3Y23.3%

TTM16.44%

EPS CAGR

10Y6.03%

5Y11%

3Y24.34%

TTM17.21%

ROCE

10Y Avg15.97%

5Y Avg16.51%

3Y Avg17.65%

Latest17.47%

Peer Comparison

Warehouse Clubs and Supercenters

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
COSTCostco Wholesale Corporation	448.02B	1010.79	55.51	8.17%	2.96%	27.4%	1.75%	0.28
WMTWalmart Inc.	1.02T	127.95	46.87	4.73%	3.26%	22.35%	4.08%	0.67
PSMTPriceSmart, Inc.	5.07B	154.62	32.08	7.25%	2.73%	11.3%	2.03%	0.26
BJBJ's Wholesale Club Holdings, Inc.	13B	98.79	24.70	2.67%	2.72%	26.48%	2.41%	1.54
TGTTarget Corporation	51.84B	113.79	12.84	-0.79%	3.84%	26.1%	8.63%	1.36

Profit & Loss

	Jan 2017	Jan 2018	Jan 2019	Jan 2020	Jan 2021	Jan 2022	Jan 2023	Jan 2024	Jan 2025	Jan 2026
Sales/Revenue+	485.87B	500.34B	514.4B	523.96B	559.15B	572.75B	611.29B	648.13B	680.99B	713.16B
Revenue Growth %	0.78%	2.98%	2.81%	1.86%	6.72%	2.43%	6.73%	6.03%	5.07%	4.73%
Cost of Goods Sold+	361.26B	373.4B	385.3B	394.61B	420.31B	429B	463.72B	490.14B	511.75B	535.39B
COGS % of Revenue	74.35%	74.63%	74.9%	75.31%	75.17%	74.9%	75.86%	75.62%	75.15%	75.07%
Gross Profit+	124.62B	126.95B	129.1B	129.36B	138.84B	143.75B	147.57B	157.98B	169.23B	177.77B
Gross Margin %	25.65%	25.37%	25.1%	24.69%	24.83%	25.1%	24.14%	24.38%	24.85%	24.93%
Gross Profit Growth %	2.87%	1.87%	1.7%	0.2%	7.33%	3.54%	2.65%	7.06%	7.12%	5.04%
Operating Expenses+	101.85B	106.51B	107.15B	108.79B	116.29B	117.81B	127.14B	130.97B	139.88B	147.94B
OpEx % of Revenue	20.96%	21.29%	20.83%	20.76%	20.8%	20.57%	20.8%	20.21%	20.54%	20.74%
Selling, General & Admin	101.85B	106.51B	107.15B	108.79B	116.29B	117.81B	127.14B	130.97B	139.88B	147.94B
SG&A % of Revenue	20.96%	21.29%	20.83%	20.76%	20.8%	20.57%	20.8%	20.21%	20.54%	20.74%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0
Operating Income+	22.76B	20.44B	21.96B	20.57B	22.55B	25.94B	20.43B	27.01B	29.35B	29.82B
Operating Margin %	4.69%	4.08%	4.27%	3.93%	4.03%	4.53%	3.34%	4.17%	4.31%	4.18%
Operating Income Growth %	-5.56%	-10.22%	7.44%	-6.33%	9.63%	15.05%	-21.26%	32.23%	8.65%	1.63%
EBITDA+	32.84B	30.97B	32.63B	31.55B	33.7B	36.6B	31.37B	38.87B	42.32B	44.03B
EBITDA Margin %	6.76%	6.19%	6.34%	6.02%	6.03%	6.39%	5.13%	6%	6.21%	6.17%
EBITDA Growth %	-2.13%	-5.72%	5.39%	-3.31%	6.8%	8.61%	-14.28%	23.88%	8.89%	4.03%
D&A (Non-Cash Add-back)	10.08B	10.53B	10.68B	10.99B	11.15B	10.66B	10.95B	11.85B	12.97B	14.2B
EBIT	22.86B	17.45B	13.86B	22.71B	22.88B	20.69B	19.14B	24.53B	29.04B	29.82B
Net Interest Income+	-2.27B	-2.18B	-2.13B	-2.41B	-2.19B	-1.84B	-1.87B	-2.14B	-2.25B	-368M
Interest Income	100M	152M	217M	189M	121M	158M	254M	546M	483M	0
Interest Expense	2.37B	2.33B	2.35B	2.6B	2.31B	1.99B	2.13B	2.68B	2.73B	368M
Other Income/Expense	-2.27B	-5.31B	-10.5B	-452M	-1.98B	-7.25B	-3.41B	-5.16B	-3.04B	-356M
Pretax Income+	20.5B	15.12B	11.46B	20.12B	20.56B	18.7B	17.02B	21.85B	26.31B	29.47B
Pretax Margin %	4.22%	3.02%	2.23%	3.84%	3.68%	3.26%	2.78%	3.37%	3.86%	4.13%
Income Tax+	6.2B	4.6B	4.28B	4.92B	6.86B	4.76B	5.72B	5.58B	6.15B	7.58B
Effective Tax Rate %	66.56%	65.21%	58.2%	73.98%	65.7%	73.13%	68.64%	71%	73.88%	74.29%
Net Income+	13.64B	9.86B	6.67B	14.88B	13.51B	13.67B	11.68B	15.51B	19.44B	21.89B
Net Margin %	2.81%	1.97%	1.3%	2.84%	2.42%	2.39%	1.91%	2.39%	2.85%	3.07%
Net Income Growth %	-7.15%	-27.71%	-32.37%	123.1%	-9.21%	1.21%	-14.58%	32.8%	25.3%	12.64%
Net Income (Continuing)	14.29B	10.52B	7.18B	15.2B	13.71B	13.94B	11.29B	16.27B	20.16B	21.89B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	2.74B	2.95B	7.14B	6.88B	6.61B	8.64B	7.3B	6.71B	6.68B	293M
EPS (Diluted)+	1.46	1.09	0.75	1.73	1.62	1.62	1.42	1.91	2.41	2.73
EPS Growth %	-3.95%	-25.34%	-31.19%	130.67%	-6.36%	0%	-12.35%	34.51%	26.18%	13.28%
EPS (Basic)	1.47	1.10	0.76	1.74	1.63	1.63	1.43	1.92	2.42	2.74
Diluted Shares Outstanding	9.34B	9.03B	8.84B	8.6B	8.54B	8.41B	8.2B	8.11B	8.08B	8.02B
Basic Shares Outstanding	9.3B	8.98B	8.79B	8.55B	8.49B	8.38B	8.17B	8.08B	8.04B	7.98B
Dividend Payout Ratio	45.56%	62.1%	91.48%	40.64%	45.27%	44.99%	52.35%	39.58%	34.41%	34.29%

Balance Sheet

	Jan 2017	Jan 2018	Jan 2019	Jan 2020	Jan 2021	Jan 2022	Jan 2023	Jan 2024	Jan 2025	Jan 2026
Total Current Assets+	57.69B	59.66B	61.9B	61.81B	90.07B	81.07B	75.66B	76.88B	79.46B	84.87B
Cash & Short-Term Investments	6.87B	6.76B	7.72B	9.46B	17.74B	14.76B	8.63B	9.87B	9.04B	10.73B
Cash Only	6.87B	6.76B	7.72B	9.46B	17.74B	14.76B	8.63B	9.87B	9.04B	10.73B
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	5.83B	5.61B	6.28B	6.28B	6.52B	8.28B	7.93B	8.8B	9.97B	11.17B
Days Sales Outstanding	4.38	4.1	4.46	4.38	4.25	5.28	4.74	4.95	5.35	5.72
Inventory	43.05B	43.78B	44.27B	44.44B	44.95B	56.51B	56.58B	54.89B	56.44B	58.85B
Days Inventory Outstanding	43.49	42.8	41.94	41.1	39.03	48.08	44.53	40.88	40.25	40.12
Other Current Assets	0	0	0	0	0	0	2.52B	3.32B	4.01B	4.12B
Total Non-Current Assets+	141.14B	144.86B	157.4B	174.69B	162.43B	163.79B	167.54B	175.52B	181.37B	199.79B
Property, Plant & Equipment	114.18B	114.82B	111.39B	127.05B	109.85B	112.62B	119.23B	130.34B	139.7B	156.96B
Fixed Asset Turnover	4.26x	4.36x	4.62x	4.12x	5.09x	5.09x	5.13x	4.97x	4.87x	4.54x
Goodwill	17.04B	18.24B	31.18B	31.07B	28.98B	29.01B	28.17B	28.11B	28.79B	28.73B
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	9.92B	11.8B	14.82B	16.57B	23.6B	22.15B	20.13B	17.07B	12.87B	14.1B
Total Assets+	198.82B	204.52B	219.29B	236.5B	252.5B	244.86B	243.2B	252.4B	260.82B	284.67B
Asset Turnover	2.44x	2.45x	2.35x	2.22x	2.21x	2.34x	2.51x	2.57x	2.61x	2.51x
Asset Growth %	-0.38%	2.87%	7.22%	7.84%	6.77%	-3.02%	-0.68%	3.78%	3.34%	9.14%
Total Current Liabilities+	66.93B	78.52B	77.48B	77.79B	92.64B	87.38B	92.2B	92.42B	96.58B	107.47B
Accounts Payable	41.43B	46.09B	47.06B	46.97B	49.14B	55.26B	53.74B	56.81B	58.67B	63.06B
Days Payables Outstanding	41.86	45.06	44.58	43.45	42.67	47.02	42.3	42.31	41.84	42.99
Short-Term Debt	3.35B	8.99B	7.1B	5.94B	3.34B	3.21B	4.56B	4.33B	5.67B	12.63B
Deferred Revenue (Current)	1.86B	2.02B	1.93B	1.99B	2.31B	2.56B	2.49B	2.66B	2.75B	0
Other Current Liabilities	0	0	0	0	12.73B	0	0	0	0	31.78B
Current Ratio	0.86x	0.76x	0.80x	0.79x	0.97x	0.93x	0.82x	0.83x	0.82x	0.79x
Quick Ratio	0.22x	0.20x	0.23x	0.22x	0.49x	0.28x	0.21x	0.24x	0.24x	0.24x
Cash Conversion Cycle	6.01	1.84	1.81	2.03	0.61	6.34	6.97	3.52	3.76	2.85
Total Non-Current Liabilities+	51.36B	45.18B	62.18B	77.15B	72.32B	65.59B	67.01B	69.41B	66.55B	77.58B
Long-Term Debt	36.02B	30.05B	43.52B	43.71B	41.19B	34.86B	34.65B	36.13B	33.4B	54.47B
Capital Lease Obligations	6B	6.78B	6.68B	20.48B	16.76B	17.25B	17.67B	18.65B	18.75B	0
Deferred Tax Liabilities	9.34B	8.35B	11.98B	12.96B	14.37B	13.47B	14.69B	0	0	16.55B
Other Non-Current Liabilities	0	0	0	0	0	0	0	14.63B	14.4B	6.56B
Total Liabilities	118.29B	123.7B	139.66B	154.94B	164.97B	152.97B	159.21B	161.83B	163.13B	185.05B
Total Debt+	45.94B	46.49B	58.03B	72.43B	63.25B	57.32B	58.92B	61.32B	60.11B	67.09B
Net Debt	39.07B	39.73B	50.31B	62.97B	45.51B	42.56B	50.3B	51.45B	51.08B	56.37B
Debt / Equity	0.57x	0.58x	0.73x	0.89x	0.72x	0.62x	0.70x	0.68x	0.62x	0.67x
Debt / EBITDA	1.40x	1.50x	1.78x	2.30x	1.88x	1.57x	1.88x	1.58x	1.42x	1.52x
Net Debt / EBITDA	1.19x	1.28x	1.54x	2.00x	1.35x	1.16x	1.60x	1.32x	1.21x	1.28x
Interest Coverage	9.62x	8.77x	9.36x	7.91x	9.74x	13.01x	9.60x	10.07x	10.76x	81.05x
Total Equity+	80.53B	80.82B	79.63B	81.55B	87.53B	91.89B	83.99B	90.57B	97.69B	99.91B
Equity Growth %	-3.68%	0.36%	-1.47%	2.41%	7.33%	4.98%	-8.6%	7.83%	7.86%	2.27%
Book Value per Share	8.63	8.95	9.01	9.48	10.25	10.92	10.24	11.17	12.09	12.45
Total Shareholders' Equity	77.8B	77.87B	72.5B	74.67B	80.92B	83.25B	76.69B	83.86B	91.01B	99.62B
Common Stock	305M	295M	288M	284M	282M	276M	808M	805M	802M	797M
Retained Earnings	89.35B	85.11B	80.78B	83.94B	88.76B	86.9B	83.14B	89.81B	98.31B	104.77B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-14.23B	-10.18B	-11.54B	-12.8B	-11.77B	-8.77B	-11.68B	-11.3B	-13.61B	-12.77B
Minority Interest	2.74B	2.95B	7.14B	6.88B	6.61B	8.64B	7.3B	6.71B	6.68B	293M

Cash Flow

	Jan 2017	Jan 2018	Jan 2019	Jan 2020	Jan 2021	Jan 2022	Jan 2023	Jan 2024	Jan 2025	Jan 2026
Cash from Operations+	31.67B	28.34B	27.75B	25.25B	36.07B	24.18B	28.84B	35.73B	36.44B	41.56B
Operating CF Margin %	6.52%	5.66%	5.4%	4.82%	6.45%	4.22%	4.72%	5.51%	5.35%	5.83%
Operating CF Growth %	14.96%	-10.53%	-2.06%	-9%	42.84%	-32.97%	19.27%	23.87%	2.01%	14.05%
Net Income	13.64B	9.86B	7.18B	15.2B	13.71B	13.94B	11.29B	16.27B	20.16B	22.27B
Depreciation & Amortization	10.08B	10.53B	10.68B	10.99B	11.15B	10.66B	10.95B	11.85B	12.97B	14.2B
Stock-Based Compensation	596M	626M	0	0	1.16B	0	0	0	0	0
Deferred Taxes	761M	-304M	-499M	320M	1.91B	-755M	449M	-175M	-635M	2.28B
Other Non-Cash Items	206M	4.35B	10.1B	-9.22B	14.74B	6.93B	3.6B	5.83B	3.77B	2.06B
Working Capital Changes	6.33B	3.24B	295M	7.97B	-6.6B	-6.6B	2.55B	1.94B	181M	752M
Change in Receivables	-402M	-1.07B	-368M	-1.09B	-1.8B	-1.8B	240M	-797M	-1.11B	-1.14B
Change in Inventory	1.02B	-140M	-1.31B	-2.4B	-11.76B	-11.76B	-528M	2.02B	-2.75B	-1.44B
Change in Payables	3.94B	4.09B	1.83B	6.97B	5.52B	5.52B	-1.43B	2.52B	3.23B	1.61B
Cash from Investing+	-13.9B	-9.06B	-24.04B	-9.13B	-11.92B	-6.01B	-17.72B	-21.29B	-21.38B	-26.35B
Capital Expenditures	-10.62B	-10.05B	-10.34B	-10.71B	-10.26B	-13.11B	-16.86B	-20.61B	-23.78B	-26.64B
CapEx % of Revenue	2.19%	2.01%	2.01%	2.04%	1.84%	2.29%	2.76%	3.18%	3.49%	3.74%
Acquisitions	-1.8B	671M	-13.78B	777M	91M	7.58B	-740M	126M	-1.9B	-53M
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	425M	320M	88M	800M	-1.75B	-485M	-125M	-807M	220M	-582M
Cash from Financing+	-19.07B	-19.88B	-2.54B	-14.3B	-16.12B	-22.83B	-17.04B	-13.41B	-14.82B	-13.55B
Debt Issued (Net)	-3.59B	-1.44B	12.04B	-1.07B	-5.87B	-5.87B	2.32B	1.26B	-1.26B	1.36B
Equity Issued (Net)	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Dividends Paid	-6.22B	-6.12B	-6.1B	-6.05B	-6.12B	-6.15B	-6.11B	-6.14B	-6.69B	-7.51B
Share Repurchases	-8.3B	-8.3B	-7.41B	-5.72B	-2.63B	-9.79B	-9.92B	-2.78B	-4.49B	-8.09B
Other Financing	-967M	-4.02B	-1.06B	-1.46B	-1.5B	-1.02B	-3.32B	-5.76B	-2.38B	684M
Net Change in Cash	-1.75B	-111M	742M	1.76B	8.28B	-2.98B	-5.99B	1.09B	-399M	1.78B
Free Cash Flow+	20.91B	18.29B	17.41B	14.55B	25.81B	11.07B	11.98B	15.12B	12.66B	41.56B
FCF Margin %	4.3%	3.65%	3.38%	2.78%	4.62%	1.93%	1.96%	2.33%	1.86%	5.83%
FCF Growth %	30.08%	-12.55%	-4.8%	-16.42%	77.39%	-57.09%	8.21%	26.17%	-16.27%	228.32%
FCF per Share	2.24	2.03	1.97	1.69	3.02	1.32	1.46	1.86	1.57	5.18
FCF Conversion (FCF/Net Income)	2.32x	2.87x	4.16x	1.70x	2.67x	1.77x	2.47x	2.30x	1.88x	1.90x
Interest Paid	2.35B	2.45B	2.35B	2.22B	2.24B	2.05B	2.52B	2.74B	2.74B	0
Taxes Paid	4.51B	6.18B	3.98B	5.27B	5.92B	3.31B	5.88B	5.88B	5.88B	0

Key Ratios

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026
Return on Equity (ROE)	16.62%	12.22%	8.31%	18.46%	15.98%	15.24%	13.28%	17.77%	20.65%	22.16%
Return on Invested Capital (ROIC)	13.96%	12.76%	13.15%	11.24%	12.19%	14.55%	11.4%	14.66%	15.14%	14.67%
Gross Margin	25.65%	25.37%	25.1%	24.69%	24.83%	25.1%	24.14%	24.38%	24.85%	24.93%
Net Margin	2.81%	1.97%	1.3%	2.84%	2.42%	2.39%	1.91%	2.39%	2.85%	3.07%
Debt / Equity	0.57x	0.58x	0.73x	0.89x	0.72x	0.62x	0.70x	0.68x	0.62x	0.67x
Interest Coverage	9.62x	8.77x	9.36x	7.91x	9.74x	13.01x	9.60x	10.07x	10.76x	81.05x
FCF Conversion	2.32x	2.87x	4.16x	1.70x	2.67x	1.77x	2.47x	2.30x	1.88x	1.90x
Revenue Growth	0.78%	2.98%	2.81%	1.86%	6.72%	2.43%	6.73%	6.03%	5.07%	4.73%

US Stock Screener

...

Walmart Inc. (WMT) 10-Year Financial Performance & Capital Metrics

WMT •

Consumer DefensiveDiscount StoresWarehouse Clubs and Supercenters

Revenue $713.16B +4.7%
EBITDA $44.03B +4.0%
Net Income $21.89B +12.6%
EPS (Diluted) 2.73 +13.3%
Gross Margin 24.93% +0.3%
EBITDA Margin 6.17% -0.7%
Operating Margin 4.18% -3.0%
Net Margin 3.07% +7.6%
ROE 22.16% +7.3%
ROIC 14.67% -3.1%
Debt/Equity 0.67 +9.1%
Interest Coverage 81.05 +653.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Dividend Aristocrat: 37 years of consecutive increases
✓Excellent 3Y average ROE of 20.2%
✓High quality earnings: Operating CF exceeds net income
✓Efficient asset utilization: 2.5x turnover

✗Weaknesses

✗Expensive at 10.3x book value

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y3.99%

5Y4.99%

3Y5.27%

TTM4.34%

Profit (Net Income) CAGR

10Y4.07%

5Y10.14%

3Y23.3%

TTM16.44%

EPS CAGR

10Y6.03%

5Y11%

3Y24.34%

TTM17.21%

ROCE

10Y Avg15.97%

5Y Avg16.51%

3Y Avg17.65%

Latest17.47%

Peer Comparison

Warehouse Clubs and Supercenters

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
COSTCostco Wholesale Corporation	448.02B	1010.79	55.51	8.17%	2.96%	27.4%	1.75%	0.28
WMTWalmart Inc.	1.02T	127.95	46.87	4.73%	3.26%	22.35%	4.08%	0.67
PSMTPriceSmart, Inc.	5.07B	154.62	32.08	7.25%	2.73%	11.3%	2.03%	0.26
BJBJ's Wholesale Club Holdings, Inc.	13B	98.79	24.70	2.67%	2.72%	26.48%	2.41%	1.54
TGTTarget Corporation	51.84B	113.79	12.84	-0.79%	3.84%	26.1%	8.63%	1.36

Profit & Loss

	Jan 2017	Jan 2018	Jan 2019	Jan 2020	Jan 2021	Jan 2022	Jan 2023	Jan 2024	Jan 2025	Jan 2026
Sales/Revenue+	485.87B	500.34B	514.4B	523.96B	559.15B	572.75B	611.29B	648.13B	680.99B	713.16B
Revenue Growth %	0.78%	2.98%	2.81%	1.86%	6.72%	2.43%	6.73%	6.03%	5.07%	4.73%
Cost of Goods Sold+	361.26B	373.4B	385.3B	394.61B	420.31B	429B	463.72B	490.14B	511.75B	535.39B
COGS % of Revenue	74.35%	74.63%	74.9%	75.31%	75.17%	74.9%	75.86%	75.62%	75.15%	75.07%
Gross Profit+	124.62B	126.95B	129.1B	129.36B	138.84B	143.75B	147.57B	157.98B	169.23B	177.77B
Gross Margin %	25.65%	25.37%	25.1%	24.69%	24.83%	25.1%	24.14%	24.38%	24.85%	24.93%
Gross Profit Growth %	2.87%	1.87%	1.7%	0.2%	7.33%	3.54%	2.65%	7.06%	7.12%	5.04%
Operating Expenses+	101.85B	106.51B	107.15B	108.79B	116.29B	117.81B	127.14B	130.97B	139.88B	147.94B
OpEx % of Revenue	20.96%	21.29%	20.83%	20.76%	20.8%	20.57%	20.8%	20.21%	20.54%	20.74%
Selling, General & Admin	101.85B	106.51B	107.15B	108.79B	116.29B	117.81B	127.14B	130.97B	139.88B	147.94B
SG&A % of Revenue	20.96%	21.29%	20.83%	20.76%	20.8%	20.57%	20.8%	20.21%	20.54%	20.74%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0
Operating Income+	22.76B	20.44B	21.96B	20.57B	22.55B	25.94B	20.43B	27.01B	29.35B	29.82B
Operating Margin %	4.69%	4.08%	4.27%	3.93%	4.03%	4.53%	3.34%	4.17%	4.31%	4.18%
Operating Income Growth %	-5.56%	-10.22%	7.44%	-6.33%	9.63%	15.05%	-21.26%	32.23%	8.65%	1.63%
EBITDA+	32.84B	30.97B	32.63B	31.55B	33.7B	36.6B	31.37B	38.87B	42.32B	44.03B
EBITDA Margin %	6.76%	6.19%	6.34%	6.02%	6.03%	6.39%	5.13%	6%	6.21%	6.17%
EBITDA Growth %	-2.13%	-5.72%	5.39%	-3.31%	6.8%	8.61%	-14.28%	23.88%	8.89%	4.03%
D&A (Non-Cash Add-back)	10.08B	10.53B	10.68B	10.99B	11.15B	10.66B	10.95B	11.85B	12.97B	14.2B
EBIT	22.86B	17.45B	13.86B	22.71B	22.88B	20.69B	19.14B	24.53B	29.04B	29.82B
Net Interest Income+	-2.27B	-2.18B	-2.13B	-2.41B	-2.19B	-1.84B	-1.87B	-2.14B	-2.25B	-368M
Interest Income	100M	152M	217M	189M	121M	158M	254M	546M	483M	0
Interest Expense	2.37B	2.33B	2.35B	2.6B	2.31B	1.99B	2.13B	2.68B	2.73B	368M
Other Income/Expense	-2.27B	-5.31B	-10.5B	-452M	-1.98B	-7.25B	-3.41B	-5.16B	-3.04B	-356M
Pretax Income+	20.5B	15.12B	11.46B	20.12B	20.56B	18.7B	17.02B	21.85B	26.31B	29.47B
Pretax Margin %	4.22%	3.02%	2.23%	3.84%	3.68%	3.26%	2.78%	3.37%	3.86%	4.13%
Income Tax+	6.2B	4.6B	4.28B	4.92B	6.86B	4.76B	5.72B	5.58B	6.15B	7.58B
Effective Tax Rate %	66.56%	65.21%	58.2%	73.98%	65.7%	73.13%	68.64%	71%	73.88%	74.29%
Net Income+	13.64B	9.86B	6.67B	14.88B	13.51B	13.67B	11.68B	15.51B	19.44B	21.89B
Net Margin %	2.81%	1.97%	1.3%	2.84%	2.42%	2.39%	1.91%	2.39%	2.85%	3.07%
Net Income Growth %	-7.15%	-27.71%	-32.37%	123.1%	-9.21%	1.21%	-14.58%	32.8%	25.3%	12.64%
Net Income (Continuing)	14.29B	10.52B	7.18B	15.2B	13.71B	13.94B	11.29B	16.27B	20.16B	21.89B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	2.74B	2.95B	7.14B	6.88B	6.61B	8.64B	7.3B	6.71B	6.68B	293M
EPS (Diluted)+	1.46	1.09	0.75	1.73	1.62	1.62	1.42	1.91	2.41	2.73
EPS Growth %	-3.95%	-25.34%	-31.19%	130.67%	-6.36%	0%	-12.35%	34.51%	26.18%	13.28%
EPS (Basic)	1.47	1.10	0.76	1.74	1.63	1.63	1.43	1.92	2.42	2.74
Diluted Shares Outstanding	9.34B	9.03B	8.84B	8.6B	8.54B	8.41B	8.2B	8.11B	8.08B	8.02B
Basic Shares Outstanding	9.3B	8.98B	8.79B	8.55B	8.49B	8.38B	8.17B	8.08B	8.04B	7.98B
Dividend Payout Ratio	45.56%	62.1%	91.48%	40.64%	45.27%	44.99%	52.35%	39.58%	34.41%	34.29%

Balance Sheet

	Jan 2017	Jan 2018	Jan 2019	Jan 2020	Jan 2021	Jan 2022	Jan 2023	Jan 2024	Jan 2025	Jan 2026
Total Current Assets+	57.69B	59.66B	61.9B	61.81B	90.07B	81.07B	75.66B	76.88B	79.46B	84.87B
Cash & Short-Term Investments	6.87B	6.76B	7.72B	9.46B	17.74B	14.76B	8.63B	9.87B	9.04B	10.73B
Cash Only	6.87B	6.76B	7.72B	9.46B	17.74B	14.76B	8.63B	9.87B	9.04B	10.73B
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	5.83B	5.61B	6.28B	6.28B	6.52B	8.28B	7.93B	8.8B	9.97B	11.17B
Days Sales Outstanding	4.38	4.1	4.46	4.38	4.25	5.28	4.74	4.95	5.35	5.72
Inventory	43.05B	43.78B	44.27B	44.44B	44.95B	56.51B	56.58B	54.89B	56.44B	58.85B
Days Inventory Outstanding	43.49	42.8	41.94	41.1	39.03	48.08	44.53	40.88	40.25	40.12
Other Current Assets	0	0	0	0	0	0	2.52B	3.32B	4.01B	4.12B
Total Non-Current Assets+	141.14B	144.86B	157.4B	174.69B	162.43B	163.79B	167.54B	175.52B	181.37B	199.79B
Property, Plant & Equipment	114.18B	114.82B	111.39B	127.05B	109.85B	112.62B	119.23B	130.34B	139.7B	156.96B
Fixed Asset Turnover	4.26x	4.36x	4.62x	4.12x	5.09x	5.09x	5.13x	4.97x	4.87x	4.54x
Goodwill	17.04B	18.24B	31.18B	31.07B	28.98B	29.01B	28.17B	28.11B	28.79B	28.73B
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	9.92B	11.8B	14.82B	16.57B	23.6B	22.15B	20.13B	17.07B	12.87B	14.1B
Total Assets+	198.82B	204.52B	219.29B	236.5B	252.5B	244.86B	243.2B	252.4B	260.82B	284.67B
Asset Turnover	2.44x	2.45x	2.35x	2.22x	2.21x	2.34x	2.51x	2.57x	2.61x	2.51x
Asset Growth %	-0.38%	2.87%	7.22%	7.84%	6.77%	-3.02%	-0.68%	3.78%	3.34%	9.14%
Total Current Liabilities+	66.93B	78.52B	77.48B	77.79B	92.64B	87.38B	92.2B	92.42B	96.58B	107.47B
Accounts Payable	41.43B	46.09B	47.06B	46.97B	49.14B	55.26B	53.74B	56.81B	58.67B	63.06B
Days Payables Outstanding	41.86	45.06	44.58	43.45	42.67	47.02	42.3	42.31	41.84	42.99
Short-Term Debt	3.35B	8.99B	7.1B	5.94B	3.34B	3.21B	4.56B	4.33B	5.67B	12.63B
Deferred Revenue (Current)	1.86B	2.02B	1.93B	1.99B	2.31B	2.56B	2.49B	2.66B	2.75B	0
Other Current Liabilities	0	0	0	0	12.73B	0	0	0	0	31.78B
Current Ratio	0.86x	0.76x	0.80x	0.79x	0.97x	0.93x	0.82x	0.83x	0.82x	0.79x
Quick Ratio	0.22x	0.20x	0.23x	0.22x	0.49x	0.28x	0.21x	0.24x	0.24x	0.24x
Cash Conversion Cycle	6.01	1.84	1.81	2.03	0.61	6.34	6.97	3.52	3.76	2.85
Total Non-Current Liabilities+	51.36B	45.18B	62.18B	77.15B	72.32B	65.59B	67.01B	69.41B	66.55B	77.58B
Long-Term Debt	36.02B	30.05B	43.52B	43.71B	41.19B	34.86B	34.65B	36.13B	33.4B	54.47B
Capital Lease Obligations	6B	6.78B	6.68B	20.48B	16.76B	17.25B	17.67B	18.65B	18.75B	0
Deferred Tax Liabilities	9.34B	8.35B	11.98B	12.96B	14.37B	13.47B	14.69B	0	0	16.55B
Other Non-Current Liabilities	0	0	0	0	0	0	0	14.63B	14.4B	6.56B
Total Liabilities	118.29B	123.7B	139.66B	154.94B	164.97B	152.97B	159.21B	161.83B	163.13B	185.05B
Total Debt+	45.94B	46.49B	58.03B	72.43B	63.25B	57.32B	58.92B	61.32B	60.11B	67.09B
Net Debt	39.07B	39.73B	50.31B	62.97B	45.51B	42.56B	50.3B	51.45B	51.08B	56.37B
Debt / Equity	0.57x	0.58x	0.73x	0.89x	0.72x	0.62x	0.70x	0.68x	0.62x	0.67x
Debt / EBITDA	1.40x	1.50x	1.78x	2.30x	1.88x	1.57x	1.88x	1.58x	1.42x	1.52x
Net Debt / EBITDA	1.19x	1.28x	1.54x	2.00x	1.35x	1.16x	1.60x	1.32x	1.21x	1.28x
Interest Coverage	9.62x	8.77x	9.36x	7.91x	9.74x	13.01x	9.60x	10.07x	10.76x	81.05x
Total Equity+	80.53B	80.82B	79.63B	81.55B	87.53B	91.89B	83.99B	90.57B	97.69B	99.91B
Equity Growth %	-3.68%	0.36%	-1.47%	2.41%	7.33%	4.98%	-8.6%	7.83%	7.86%	2.27%
Book Value per Share	8.63	8.95	9.01	9.48	10.25	10.92	10.24	11.17	12.09	12.45
Total Shareholders' Equity	77.8B	77.87B	72.5B	74.67B	80.92B	83.25B	76.69B	83.86B	91.01B	99.62B
Common Stock	305M	295M	288M	284M	282M	276M	808M	805M	802M	797M
Retained Earnings	89.35B	85.11B	80.78B	83.94B	88.76B	86.9B	83.14B	89.81B	98.31B	104.77B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-14.23B	-10.18B	-11.54B	-12.8B	-11.77B	-8.77B	-11.68B	-11.3B	-13.61B	-12.77B
Minority Interest	2.74B	2.95B	7.14B	6.88B	6.61B	8.64B	7.3B	6.71B	6.68B	293M

Cash Flow

	Jan 2017	Jan 2018	Jan 2019	Jan 2020	Jan 2021	Jan 2022	Jan 2023	Jan 2024	Jan 2025	Jan 2026
Cash from Operations+	31.67B	28.34B	27.75B	25.25B	36.07B	24.18B	28.84B	35.73B	36.44B	41.56B
Operating CF Margin %	6.52%	5.66%	5.4%	4.82%	6.45%	4.22%	4.72%	5.51%	5.35%	5.83%
Operating CF Growth %	14.96%	-10.53%	-2.06%	-9%	42.84%	-32.97%	19.27%	23.87%	2.01%	14.05%
Net Income	13.64B	9.86B	7.18B	15.2B	13.71B	13.94B	11.29B	16.27B	20.16B	22.27B
Depreciation & Amortization	10.08B	10.53B	10.68B	10.99B	11.15B	10.66B	10.95B	11.85B	12.97B	14.2B
Stock-Based Compensation	596M	626M	0	0	1.16B	0	0	0	0	0
Deferred Taxes	761M	-304M	-499M	320M	1.91B	-755M	449M	-175M	-635M	2.28B
Other Non-Cash Items	206M	4.35B	10.1B	-9.22B	14.74B	6.93B	3.6B	5.83B	3.77B	2.06B
Working Capital Changes	6.33B	3.24B	295M	7.97B	-6.6B	-6.6B	2.55B	1.94B	181M	752M
Change in Receivables	-402M	-1.07B	-368M	-1.09B	-1.8B	-1.8B	240M	-797M	-1.11B	-1.14B
Change in Inventory	1.02B	-140M	-1.31B	-2.4B	-11.76B	-11.76B	-528M	2.02B	-2.75B	-1.44B
Change in Payables	3.94B	4.09B	1.83B	6.97B	5.52B	5.52B	-1.43B	2.52B	3.23B	1.61B
Cash from Investing+	-13.9B	-9.06B	-24.04B	-9.13B	-11.92B	-6.01B	-17.72B	-21.29B	-21.38B	-26.35B
Capital Expenditures	-10.62B	-10.05B	-10.34B	-10.71B	-10.26B	-13.11B	-16.86B	-20.61B	-23.78B	-26.64B
CapEx % of Revenue	2.19%	2.01%	2.01%	2.04%	1.84%	2.29%	2.76%	3.18%	3.49%	3.74%
Acquisitions	-1.8B	671M	-13.78B	777M	91M	7.58B	-740M	126M	-1.9B	-53M
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	425M	320M	88M	800M	-1.75B	-485M	-125M	-807M	220M	-582M
Cash from Financing+	-19.07B	-19.88B	-2.54B	-14.3B	-16.12B	-22.83B	-17.04B	-13.41B	-14.82B	-13.55B
Debt Issued (Net)	-3.59B	-1.44B	12.04B	-1.07B	-5.87B	-5.87B	2.32B	1.26B	-1.26B	1.36B
Equity Issued (Net)	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Dividends Paid	-6.22B	-6.12B	-6.1B	-6.05B	-6.12B	-6.15B	-6.11B	-6.14B	-6.69B	-7.51B
Share Repurchases	-8.3B	-8.3B	-7.41B	-5.72B	-2.63B	-9.79B	-9.92B	-2.78B	-4.49B	-8.09B
Other Financing	-967M	-4.02B	-1.06B	-1.46B	-1.5B	-1.02B	-3.32B	-5.76B	-2.38B	684M
Net Change in Cash	-1.75B	-111M	742M	1.76B	8.28B	-2.98B	-5.99B	1.09B	-399M	1.78B
Free Cash Flow+	20.91B	18.29B	17.41B	14.55B	25.81B	11.07B	11.98B	15.12B	12.66B	41.56B
FCF Margin %	4.3%	3.65%	3.38%	2.78%	4.62%	1.93%	1.96%	2.33%	1.86%	5.83%
FCF Growth %	30.08%	-12.55%	-4.8%	-16.42%	77.39%	-57.09%	8.21%	26.17%	-16.27%	228.32%
FCF per Share	2.24	2.03	1.97	1.69	3.02	1.32	1.46	1.86	1.57	5.18
FCF Conversion (FCF/Net Income)	2.32x	2.87x	4.16x	1.70x	2.67x	1.77x	2.47x	2.30x	1.88x	1.90x
Interest Paid	2.35B	2.45B	2.35B	2.22B	2.24B	2.05B	2.52B	2.74B	2.74B	0
Taxes Paid	4.51B	6.18B	3.98B	5.27B	5.92B	3.31B	5.88B	5.88B	5.88B	0

Key Ratios

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026
Return on Equity (ROE)	16.62%	12.22%	8.31%	18.46%	15.98%	15.24%	13.28%	17.77%	20.65%	22.16%
Return on Invested Capital (ROIC)	13.96%	12.76%	13.15%	11.24%	12.19%	14.55%	11.4%	14.66%	15.14%	14.67%
Gross Margin	25.65%	25.37%	25.1%	24.69%	24.83%	25.1%	24.14%	24.38%	24.85%	24.93%
Net Margin	2.81%	1.97%	1.3%	2.84%	2.42%	2.39%	1.91%	2.39%	2.85%	3.07%
Debt / Equity	0.57x	0.58x	0.73x	0.89x	0.72x	0.62x	0.70x	0.68x	0.62x	0.67x
Interest Coverage	9.62x	8.77x	9.36x	7.91x	9.74x	13.01x	9.60x	10.07x	10.76x	81.05x
FCF Conversion	2.32x	2.87x	4.16x	1.70x	2.67x	1.77x	2.47x	2.30x	1.88x	1.90x
Revenue Growth	0.78%	2.98%	2.81%	1.86%	6.72%	2.43%	6.73%	6.03%	5.07%	4.73%

Walmart Inc. (WMT) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare WMT vs Peers

vs COST

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Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios

Walmart Inc. (WMT) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare WMT vs Peers

vs COST

vs TGT

Compare Top 5

Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios