(Amounts in millions)

Assets
Current Assets:
Cash and cash equivalents
Receivables, net
Inventories
Prepaid expenses and other
Total current assets

Property and equipment, net

Operating lease right-of-use assets
Finance lease right-of-use assets, net
Goodwill
Other long-term assets
Total Assets

LIABILITIES AND EQUITY

Current Liabilities:
Short-term borrowings
Accounts payable
Accrued liabilities
Accrued income taxes
Long-term debt due within one year
Operating lease obligations due within one year
Finance lease obligations due within one year
Total current liabilities

Long-term debt
Long-term operating lease obligations
Long-term finance lease obligations
Deferred income taxes and other

Commitments and contingencies

Equity:
Common stock
Capital in excess of par value
Retained earnings
Accumulated other comprehensive loss
Total Walmart shareholders' equity
Noncontrolling interest
 Total equity
Total Equity And Liabilities
 2020

$9,465.000
$6,284.000
$44,435.000
$1,622.000
$61,806.000

$105,208.000
$17,424.000
$4,417.000
$31,073.000
$16,567.000
$236,495.000

$575.000
$46,973.000
$22,296.000
$280.000
$5,362.000
$1,793.000
$511.000
$77,790.000

$43,714.000
$16,171.000
$4,307.000
$12,961.000

$284.000
$3,247.000
$83,943.000
$12,805.000
$74,669.000
$6,883.000
 $81,552.000
$236,495.000
 2021 2022

$17,741.000 $14,760.000
$6,516.000 $8,280.000
$44,949.000 $56,511.000
$20,861.000 $1,519.000
$90,067.000 $81,070.000

$92,201.000 $94,515.000
$13,642.000 $13,758.000
$4,005.000 $4,351.000
$28,983.000 $29,014.000
$23,598.000 $22,152.000
$252,496.000 $244,860.000

$224.000 $410.000
$49,141.000 $55,261.000
$37,966.000 $26,060.000
$242.000 $851.000
$3,115.000 $2,803.000
$1,466.000 $1,483.000
$491.000 $511.000
$92,645.000 $87,379.000

$41,194.000 $34,864.000
$12,909.000 $13,009.000
$3,847.000 $4,243.000
$14,370.000 $13,474.000

$282.000 $276.000
$3,646.000 $4,839.000
$88,763.000 $86,904.000
$11,766.000 $8,766.000
$80,925.000 $83,253.000
$6,606.000 $8,638.000
 $87,531.000 $91,891.000
$252,496.000 $244,860.000
 (Amounts in millions, except per share data)

Revenues:
Net sales
Membership and other income
Total Revenues

Costs and expenses:

Cost of sales
Operating, selling, general and administrative
Operating income

Interest:
Debt
Finance lease
Interest income
Interest, net
Loss on extinguishment of debt
Other (gains) and losses

Income before taxes

Provision for income taxes
Consolidated net income
Consolidated net income attributable to noncontrolling interest
Consolidated net income attributable to Walmart

Net income per common share:

Basic net income per common share attributable to Walmart
Diluted net income per common share attributable to Walmart
Weighted-average common shares outstanding:
Basic
Diluted
Dividends declared per common share
 2020 2021

$519,926.000 $555,233.000
$4,038.000 $3,918.000
$523,964.000 $559,151.000

$394,605.000 $420,315.000
$108,791.000 $116,288.000
$20,568.000 $22,548.000

$2,262.000 $1,976.000
$337.000 $339.000
$189.000 $121.000
$2,410.000 $2,194.000

$1,958.000 $210.000

$20,116.000 $20,564.000
$4,915.000 $6,858.000
$15,201.000 $13,706.000
$320.000 $196.000
$14,881.000 $13,510.000

$5.220 $4.770
$5.190 $4.750

$2,850.000 $2,831.000
$2,868.000 $2,847.000
$2.120 $2.2
 2022

$567,762.000
$4,992.000
$572,754.000

$429,000.000
$117,812.000
$25,942.000

$1,674.000
$320.000
$158.000
$1,836.000
$2,410.000
$3,000.000

$18,696.000
$4,756.000
$13,940.000
$267.000
$13,673.000

$4.900
$4.870

$2,792.000
$2,805.000
$2.2
 Walmart Inc.
Liquidity Ratios

Ratios
Current ratio
Quick ratio

Walmart Inc

1.20

1.00

0.80

0.60

0.40

0.20

—
Jan 31, 2020

Current r

Liquidity ratio Description

Current ratio A liquidity ratio calculated as current assets divided by

current liabilities.

A liquidity ratio calculated as (cash plus short-term marketable

Quick ratio investments plus receivables) divided by current liabilities .
 Liquidity ratio Description

Current ratio A liquidity ratio calculated as current assets divided by

current liabilities.
Liquidity ratio

Current ratio A liquidity ratio calculated as current assets divided by

current liabilities.
Current ratio
 Formula

Total Current Assets / Total Current Liabilities

Total Current Assets - Inventory / Total Current Liabilities

 Jan 31, 2020 Jan 31, 2021
0.79 0.97
0.20 0.26

Walmart Inc., liquidity ratios

Jan 31, 2021 Jan 31, 2022

Current ratio Quick ratio

The company

ssets divided by Walmart Inc. current ratio improved from 2020 to 2021 bu
slightly deteriorated from 2021 to 2022.

short-term marketable Walmart Inc. quick ratio improved from 2020 to 2021 and
y current liabilities . from 2021 to 2022.
 The Company

ssets divided by Walmart Inc. current ratio improved from 2020 to 2021 bu
then slightly deteriorated from 2021 to 2022.
 Description The company

sets divided by Walmart Inc. current ratio improved from 2020 to 2021 b
slightly deteriorated from 2021 to 2022.
2021 2022

0.9722 0.9278

#REF! #REF!
 Jan 31, 2022
0.93
0.26

Jan 31, 2022

mpany

proved from 2020 to 2021 but then

21 to 2022.

roved from 2020 to 2021 and

mpany

proved from 2020 to 2021 but

m 2021 to 2022.
 company

mproved from 2020 to 2021 but then

21 to 2022.
 (Amounts in millions)

Assets
Current Assets:

Property
Operating
Finance le
Goodwill
Other long
Total As

LIABILITIES AND EQUITY

Current Liabilities:

L
Op
Fin
Total ### ###

Long-term
Long-term
Long-term
Deferred

Commitments and conti

Equity:
Co
Capi
Reta
Acc
Tota
Nonco
 Total
Total Equi
 2021 2022

Current Assets:
### ###
### ###
### ###
### ###

### ###
### ###
### ###
### ###
### ###
### ###

LIABILITIES AND EQUITY

Current Liabilities:
$224.000 $410.000
### ###
### ###
$242.000 $851.000
### ###
### ###
$491.000 $511.000

### ###
### ###
### ###
### ###

Commitments and contingencies

$282.000 $276.000
### ###
### ###
### ###
### ###
### ###
### ###
### ###
 Walmart Inc.
Current Ratio

Selected Financial Data (US$ in millions)

Current assets
Current liabilities
Liquidity Ratio
Current ratio
Benchmarks
Current Ratio, Competitors
Costco Wholesale Corp.
Current Ratio, Sector
Food & Staples Retailing
Current Ratio, Industry
Consumer Staples

Walmar

100,000
90,000
80,000
70,000
60,000
50,000
40,000
30,000
20,000
10,000
—
Jan 1, 2020

Curren
 Jan 31, 2020 Jan 31, 2021

61,806 90,067
77,790 92,645

0.79 0.97

1.13 1.00

0.88 0.98

0.94 0.93

Walmart Inc., current ratio calculation

Jan 1, 2021 Jan 1, 2022

Current assets Current liabilities Current ratio

 Jan 31, 2022

81,070
87,379

0.93

1.02

0.95

0.88

Jan 1, 2022
 Walmart Inc.
Quick Ratio

Selected Financial Data (US$ in millions)

Cash and cash equivalents
Receivables, net
Total quick assets

Current liabilities
Liquidity Ratio
Quick ratio
Benchmarks
Quick Ratio, Competitors
Costco Wholesale Corp.
Quick Ratio, Sector
Food & Staples Retailing
Quick Ratio, Industry
Consumer Staples

Walmart Inc., qu

100,000
90,000
80,000
70,000
60,000
50,000
40,000
30,000
20,000
10,000
—
Jan 1, 2020

Total quick assets C

 Jan 31, 2020 Jan 31, 2021

9,465 17,741
6,284 6,516
15,749 24,257

77,790 92,645

0.20 0.26

0.60 0.47

0.30 0.31

0.49 0.42

Walmart Inc., quick ratio calculation

Jan 1, 2021 Jan 1, 2022

Total quick assets Current liabilities Quick ratio

 Jan 31, 2022

14,760
8,280
23,040

87,379

0.26

0.42

0.30

0.39

Jan 1, 2022
 Walmart Inc.
Activity Ratios

Turnover Ratios
Inventory turnover
Receivables turnover
Payables turnover
Average No. Days
Average inventory processing period
Add: Average receivable collection period
Operating cycle
Less: Average payables payment period
Cash conversion cycle

Walmart Inc., activity, turno

90.00
80.00
70.00
60.00
50.00
40.00
30.00
20.00
10.00
—
Jan 1, 2020 Jan 1, 2021

Inventory turnover Receivables turnove

Activity ratio Description

Inventory turnover An activity ratio calculated as cost of goods sold divided by

inventory.

Receivables turnover An activity ratio equal to revenue divided by receivables.

Receivables turnover An activity ratio equal to revenue divided by receivables.

An activity ratio calculated as cost of goods sold

Payables turnover divided by payables.

Walmart Inc., activity r

60

50

40

30

20

10

—
Jan 31, 2020

Average inventory processing period Add: Average receivable collection perio

Activity ratio Description

Average inventory An activity ratio equal to the number of days in the period
processing period divided by inventory turnover over the period.

Average receivable An activity ratio equal to the number of days in the

collection period period divided by receivables turnover.
Operating cycle Equal to average inventory processing period
plus average receivables collection period.

Average payables An estimate of the average number of days it takes a

payment period company to pay its suppliers; equal to the number of days in
the period divided by payables turnover ratio for the period.

A financial metric that measures the length of time required for

a company to convert cash invested in its operations to cash
Cash conversion cycle received as a result of its operations; equal to average
inventory processing period plus average receivables collection
period minus average payables payment period.
Avg. Pay. Payment Per.
 Activity Ratios Formula

entory Turnover Ratio Cost Of Good Sold / Average Inventory

ory Turnover Ratio (ITD) Avg. Age Of inventory = 365 / INV TO

ceivable Turnover Ratio(ART)

Annual Net Credit Sales / Avg. Receivable
Collection Period (ACP) 365 * AC REC / Credit Sales
ts Payable Turnover Ratio Total Purchases / Avg. Accounts Payable
Purchases Cost Of Sales + Ending Inventory - Starting Inventory (COGS)
ge Payment Period (APP) 365 * AC PAY / Purchases
Amounts in millions) 2021

Assets
Current Assets:
Cash and cash equivalents $17,741.0
Receivables, net $6,516.0
Inventories $44,949.0
Prepaid expenses and other$20,861.0
Total current $90,067.0
assets

Property and equipment, net $92,201.0

Operating lease right-of-use assets $13,642.0
Finance lease right-of-use assets, net$4,005.0
Goodwill $28,983.0
Other long-term assets $23,598.0
 Total Assets $252,496.0

LIABILITIES AND EQUITY

Current Liabilities:
Short-term borrowings $224.0
Accounts payable $49,141.0
Accrued liabilities $37,966.0
Accrued income taxes $242.0
Long-term debt due within one$3,115.0
year
Operating lease obligations due$1,466.0
within one year
Finance lease obligations due within one year
$491.0
Total current liabilities $92,645.0

Long-term debt $41,194.0

Long-term operating lease obligations
$12,909.0
Long-term finance lease obligations $3,847.0
Deferred income taxes and other $14,370.0

Commitments and contingencies

Equity:
Common stock $282.0
Capital in excess of par value $3,646.0
Retained earnings $88,763.0
Accumulated other comprehensive loss
$11,766.0
Total Walmart shareholders' equity
$80,925.0
Noncontrolling interest $6,606.0
Total equity $87,531.0
Total Equity And Liabilities $252,496.0

millions, except per share data) 2020

Revenues:
Net sales $519,926.0
Membership and other income $4,038.0
Total Revenues $523,964.0

Costs and expenses:

Cost of sales $394,605.0
 Operating, selling, general and administrative
$108,791.0expenses
Operating income $20,568.0

Interest:
Debt $2,262.0
Finance lease $337.0
Interest income $189.0
Interest, net $2,410.0
n extinguishment of debt
her (gains) and losses $1,958.0

me before income taxes $20,116.0

vision for income taxes $4,915.0
nsolidated net income $15,201.0
me attributable to noncontrolling interest $320.0
t income attributable to Walmart $14,881.0

Net income per common share:

common share attributable to Walmart $5.2
r common share attributable to Walmart $5.2
Weighted-average common shares outstanding:
Basic $2,850.0
Diluted $2,868.0
declared per common share $2.1
 Jan 31, 2020 Jan 31, 2021

8.88 9.35
82.74 85.21
8.40 8.55

41 39
4 4
45 43
43 43
2 —

Walmart Inc., activity, turnover ratios

Jan 1, 2021 Jan 1, 2022

Inventory turnover Receivables turnover Payables turnover

The company

as cost of goods sold divided by Walmart Inc. inventory turnover ratio improved from 2020 to
2021 but then deteriorated significantly from 2021 to 2022.

evenue divided by receivables. Walmart Inc. receivables turnover ratio improved from 2020
2021 but then deteriorated significantly from 2021 to 2022.
evenue divided by receivables. Walmart Inc. receivables turnover ratio improved from 2020
2021 but then deteriorated significantly from 2021 to 2022.

ed as cost of goods sold Walmart Inc. payables turnover ratio increased from
2020 to 2021 but then decreased significantly from 2021
to 2022.

Walmart Inc., activity ratios, average number of days

Jan 31, 2021 Jan 3

essing period Add: Average receivable collection period Operating cycle Less: Average payables payment period Cash conversion cycle

The company

ber of days in the period Walmart Inc. number of days of inventory outstanding improved
r the period. from 2020 to 2021 but then deteriorated significantly from 2021 to
2022.

mber of days in the

rnover.
ry processing period Walmart Inc. operating cycle improved from 2020 to 2021
collection period. but then deteriorated significantly from 2021 to 2022.

mber of days it takes a

equal to the number of days in
s turnover ratio for the period.

s the length of time required for Walmart Inc. cash conversion cycle improved from 2020 to 2021 but
sted in its operations to cash deteriorated significantly from 2021 to 2022.
tions; equal to average
s average receivables collection
payment period.
 Notes 2021

COGS=Cost Of Sale 9.4

38.1

Net Sales 85.8

4.3
 8.6
$420,315.0
42.7
 2022

$14,760.0
$8,280.0
$56,511.0
$1,519.0
$81,070.0

$94,515.0
$13,758.0
$4,351.0
$29,014.0
$22,152.0
$244,860.0

$410.0
$55,261.0
$26,060.0
$851.0
$2,803.0
$1,483.0
$511.0
$87,379.0

$34,864.0
$13,009.0
$4,243.0
$13,474.0

$276.0
$4,839.0
$86,904.0
$8,766.0
$83,253.0
$8,638.0
$91,891.0
$244,860.0

2021 2022

$555,233.0 $567,762.0
$3,918.0 $4,992.0
$559,151.0 $572,754.0

$420,315.0 $429,000.0
$116,288.0 $117,812.0
$22,548.0 $25,942.0

$1,976.0 $1,674.0
$339.0 $320.0
$121.0 $158.0
$2,194.0 $1,836.0
$2,410.0
$210.0 $3,000.0

$20,564.0 $18,696.0
$6,858.0 $4,756.0
$13,706.0 $13,940.0
$196.0 $267.0
$13,510.0 $13,673.0

$4.8 $4.9
$4.8 $4.9

$2,831.0 $2,792.0
$2,847.0 $2,805.0
$2.2 $2.2
 Jan 31, 2022

7.59
68.57
7.76

48
5
53
47
6

Jan 1, 2022

urnover ratio improved from 2020 to

ed significantly from 2021 to 2022.

turnover ratio improved from 2020 to

ed significantly from 2021 to 2022.
turnover ratio improved from 2020 to
ed significantly from 2021 to 2022.

s turnover ratio increased from

n decreased significantly from 2021

Jan 31, 2022

ent period Cash conversion cycle

inventory outstanding improved

eriorated significantly from 2021 to
e improved from 2020 to 2021
cantly from 2021 to 2022.

cle improved from 2020 to 2021 but then

021 to 2022.
2022

7.6
46.9
52.2
68.6
5.3
 7.8
$429,000.0
47.0
 Walmart Inc.
Inventory Turnover

Selected Financial Data (US$ in millions)

Cost of sales
Inventories
Activity Ratio
Inventory turnover
Benchmarks
Inventory Turnover, Competitors
Costco Wholesale Corp.
Inventory Turnover, Sector
Food & Staples Retailing
Inventory Turnover, Industry
Consumer Staples

Walmart Inc., inven

500,000
450,000
400,000
350,000
300,000
250,000
200,000
150,000
100,000
50,000
—
Jan 1, 2020

Cost of sales Inv

 Jan 31, 2020 Jan 31, 2021

394,605 420,315
44,435 44,949

8.88 9.35

11.84 12.01

9.52 9.99

7.95 8.46

Walmart Inc., inventory turnover calculation

Jan 1, 2021 Jan 1

Cost of sales Inventories Inventory turnover

 Jan 31, 2022

429,000
56,511

7.59

11.13

8.44

7.35

Jan 1, 2022
 Walmart Inc.
Receivables Turnover

Selected Financial Data (US$ in millions)

Net sales
Receivables, net
Activity Ratio
Receivables turnover
Benchmarks
Receivables Turnover, Competitors
Costco Wholesale Corp.
Receivables Turnover, Sector
Food & Staples Retailing
Receivables Turnover, Industry
Consumer Staples

Walmart Inc., receiva

600,000

500,000

400,000

300,000

200,000

100,000

—
Jan 1, 2020

Net sales Receivab

 Jan 31, 2020 Jan 31, 2021

519,926 555,233
6,284 6,516

82.74 85.21

105.30 106.52

87.20 89.83

35.27 36.10

Walmart Inc., receivables turnover calculation

Jan 1, 2021 Jan 1, 2022

Net sales Receivables, net Receivables turnover

 Jan 31, 2022

567,762
8,280

68.57

99.39

75.13

32.59

Jan 1, 2022
 Walmart Inc.
Payables Turnover

Selected Financial Data (US$ in millions)

Cost of sales
Accounts payable
Activity Ratio
Payables turnover
Benchmarks
Payables Turnover, Competitors
Costco Wholesale Corp.
Payables Turnover, Sector
Food & Staples Retailing
Payables Turnover, Industry
Consumer Staples

Walmart Inc., paya

500,000
450,000
400,000
350,000
300,000
250,000
200,000
150,000
100,000
50,000
—
Jan 1, 2020

Cost of sales Accou

 Jan 31, 2020 Jan 31, 2021

394,605 420,315
46,973 46,973

8.40 8.55

10.23 10.49

8.82 9.03

7.12 7.13

Walmart Inc., payables turnover calculation

Jan 1, 2021 Jan 1,

Cost of sales Accounts payable Payables turnover

 Jan 31, 2022

429,000
55,261

7.76

11.17

8.60

6.85

Jan 1, 2022
 Walmart Inc.
Average Inventory Processing Period

Selected Financial Data

Inventory turnover
Activity Ratio (no. days)
Average inventory processing period
Benchmarks (no. days)
Average Inventory Processing Period, Competitors
Costco Wholesale Corp.
Average Inventory Processing Period, Sector
Food & Staples Retailing
Average Inventory Processing Period, Industry
Consumer Staples

Walmart Inc., average inven

52
50
48
46
44
42
40
38
Jan 1, 2020

Selected Financial Data Ac

 Jan 31, 2020 Jan 31, 2021

8.88 9.35

41 39

31 30

38 37

46 43

Inc., average inventory processing period calculation

Jan 1, 2021 Jan 1, 2022

elected Financial Data Activity Ratio (no. days) Consumer Staples

 Jan 31, 2022

7.59

48

33

43

50

Jan 1, 2022
 Walmart Inc.
Average Receivable Collection Period

Selected Financial Data

Receivables turnover
Activity Ratio (no. days)
Average receivable collection period
Benchmarks (no. days)
Average Receivable Collection Period, Competitors
Costco Wholesale Corp.
Average Receivable Collection Period, Sector
Food & Staples Retailing
Average Receivable Collection Period, Industry
Consumer Staples

Walmart Inc., average receiv

11.2
11
10.8
10.6
10.4
10.2
10
9.8
9.6
9.4
Jan 1, 2020

Selected Financial Data Activ

 Jan 31, 2020 Jan 31, 2021

82.74 85.21

4 4

3 3

4 4

10 10

rt Inc., average receivable collection period calculation

Jan 1, 2021 Jan 1, 2022

Selected Financial Data Activity Ratio (no. days) Consumer Staples

 Jan 31, 2022

68.57

11

Jan 1, 2022
 Walmart Inc.
Operating Cycle
No. days

Selected Financial Data

Average inventory processing period
Average receivable collection period
Activity Ratio
Operating cycle
Benchmarks
Operating Cycle, Competitors
Costco Wholesale Corp.
Operating Cycle, Sector
Food & Staples Retailing
Operating Cycle, Industry
Consumer Staples

Cha
60

50

40

30

20

10

—
Jan 31, 2020 Ja

Average inventory processing peri

 Jan 31, 2020

41
4

45

34

42

56

Chart Title

Jan 31, 2021 Jan 31, 2022

Average inventory processing period Average receivable collection period

Operating & Cash cycle

Operating Cycle

Cash Cycle
 Jan 31, 2021 Jan 31, 2022

39 48
4 5

43 53

33 37

41 48

53 61

Jan 31, 2022

eivable collection period

Formula
 (ITD + RTD)

(ITD + RTD) -PTD

 Walmart Inc.
Average Payables Payment Period

Selected Financial Data

Payables turnover
Activity Ratio (no. days)
Average payables payment period
Benchmarks (no. days)
Average Payables Payment Period, Competitors
Costco Wholesale Corp.
Average Payables Payment Period, Sector
Food & Staples Retailing
Average Payables Payment Period, Industry
Consumer Staples

Average Payab
48

47

46

45

44

43

42

41
Jan 1, 2020

Average payables payment period

 Jan 31, 2020 Jan 31, 2021

8.40 8.55

43 43

36 35

41 40

51 51

Average Payables Payment Period

Jan 1, 2021 Jan 1, 2022

Average payables payment period Average Payables Payment Period, Competitors

 Jan 31, 2022

7.76

47

33

42

53

Jan 1, 2022
 Walmart Inc.
Cash Conversion Cycle
No. days

Selected Financial Data

Average inventory processing period
Average receivable collection period
Average payables payment period
Activity Ratio
Cash conversion cycle
Benchmarks
Cash Conversion Cycle, Competitors
Costco Wholesale Corp.
Cash Conversion Cycle, Sector
Food & Staples Retailing
Cash Conversion Cycle, Industry
Consumer Staples

Cha
60

50

40

30

20

10

—
Jan 31, 2020 Ja

Average inventory processing period Average receivable collec

 Jan 31, 2020 Jan 31, 2021

41 39
4 4
43 43

2 —

-2 -2

1 1

5 2

Chart Title

Jan 31, 2021 Jan 31, 2022

cessing period Average receivable collection period Average payables payment period Cash conversion cycle
 Jan 31, 2022

48
5
47

Jan 31, 2022

 Walmart Inc.
Captial Turnover Ratios

Total Asset Turnover

Total As
2.35

2.30

2.25

2.20

2.15

2.10
Jan 1, 2020
Amounts in millions) 2021

Assets
Current Assets:
Cash and cash equivalents
$17,741.0
Receivables, net $6,516.0
Inventories $44,949.0
Prepaid expenses and$20,861.0
other
Total current assets
$90,067.0

Property and equipment, net $92,201.0

Operating lease right-of-use assets
$13,642.0
Finance lease right-of-use assets, net
$4,005.0
Goodwill $28,983.0
Other long-term assets $23,598.0
Total Assets $252,496.0

LIABILITIES AND EQUITY

Current Liabilities:
Short-term borrowings $224.0
Accounts payable $49,141.0
Accrued liabilities $37,966.0
Accrued income taxes $242.0
Long-term debt due within one year
$3,115.0
Operating lease obligations due within one year
$1,466.0
Finance lease obligations due within one year
$491.0
Total current liabilities $92,645.0

Long-term debt $41,194.0

Long-term operating lease obligations
$12,909.0
Long-term finance lease obligations
$3,847.0
Deferred income taxes and other
$14,370.0

Commitments and contingencies

Equity:
Common stock $282.0
Capital in excess of par value
$3,646.0
Retained earnings $88,763.0
Accumulated other comprehensive
$11,766.0 loss
Total Walmart shareholders' equity
$80,925.0
Noncontrolling interest $6,606.0
Total equity$87,531.0
Total Equity And Liabilities $252,496.0
millions, except per share data) 2020

Revenues:
Net sales $519,926.0
Membership and other income$4,038.0
Total Revenues $523,964.0

Costs and expenses:

Cost of sales $394,605.0
Operating, selling, general and administrative
$108,791.0 expenses
Operating income $20,568.0

Interest:
Debt $2,262.0
Finance lease $337.0
Interest income $189.0
Interest, net $2,410.0
n extinguishment of debt
her (gains) and losses $1,958.0

me before income taxes $20,116.0

vision for income taxes $4,915.0
nsolidated net income $15,201.0
me attributable to noncontrolling interest
$320.0
t income attributable to Walmart$14,881.0

Net income per common share:

common share attributable to Walmart
$5.2
r common share attributable to Walmart
$5.2
Weighted-average common shares outstanding:
Basic $2,850.0
Diluted $2,868.0
declared per common share $2.1
Jan 31, 2020 Jan 31, 2021

2.20 2.20

Total Asset Turnover

Jan 1, 2021
 2022

$14,760.0
$8,280.0
$56,511.0
$1,519.0
$81,070.0

$94,515.0
$13,758.0
$4,351.0
$29,014.0
$22,152.0
$244,860.0

$410.0
$55,261.0
$26,060.0
$851.0
$2,803.0
$1,483.0
$511.0
$87,379.0

$34,864.0
$13,009.0
$4,243.0
$13,474.0

$276.0
$4,839.0
$86,904.0
$8,766.0
$83,253.0
$8,638.0
$91,891.0
$244,860.0
 2021 2022

$555,233.0 $567,762.0
$3,918.0 $4,992.0
$559,151.0 $572,754.0

$420,315.0 $429,000.0
$116,288.0 $117,812.0
$22,548.0 $25,942.0

$1,976.0 $1,674.0
$339.0 $320.0
$121.0 $158.0
$2,194.0 $1,836.0
$2,410.0
$210.0 $3,000.0

$20,564.0 $18,696.0
$6,858.0 $4,756.0
$13,706.0 $13,940.0
$196.0 $267.0
$13,510.0 $13,673.0

$4.8 $4.9
$4.8 $4.9

$2,831.0 $2,792.0
$2,847.0 $2,805.0
$2.2 $2.2
 Jan 31, 2022

2.32

Jan 1, 2022
 (Amounts in millions) 2020 2021

Assets
Current Assets:
Cash and cash equivalents $9,465.000 $17,741.000
Receivables, net $6,284.000 $6,516.000
Inventories $44,435.000 $44,949.000
Prepaid expenses and other $1,622.000 $20,861.000
Total current assets $61,806.000 $90,067.000

Property and equipment, net $105,208.000 $92,201.000

Operating lease right-of-use assets $17,424.000 $13,642.000
Finance lease right-of-use assets, net $4,417.000 $4,005.000
Goodwill $31,073.000 $28,983.000
Other long-term assets $16,567.000 $23,598.000
Total Assets $236,495.000 $252,496.000

LIABILITIES AND EQUITY

Current Liabilities:
Short-term borrowings $575.000 $224.000
Accounts payable $46,973.000 $49,141.000
Accrued liabilities $22,296.000 $37,966.000
Accrued income taxes $280.000 $242.000
Long-term debt due within one year $5,362.000 $3,115.000
Operating lease obligations due within o $1,793.000 $1,466.000
Finance lease obligations due within one $511.000 $491.000
Total current liabilities $77,790.000 $92,645.000

Long-term debt $43,714.000 $41,194.000

Long-term operating lease obligations $16,171.000 $12,909.000
Long-term finance lease obligations $4,307.000 $3,847.000
Deferred income taxes and other $12,961.000 $14,370.000

Commitments and contingencies

Equity:
Common stock $284.000 $282.000
Capital in excess of par value $3,247.000 $3,646.000
Retained earnings $83,943.000 $88,763.000
Accumulated other comprehensive loss $12,805.000 $11,766.000
 Total Walmart shareholders' equity $74,669.000 $80,925.000
Noncontrolling interest $6,883.000 $6,606.000
Total equity $81,552.000 $87,531.000
Total Equity And Liabilities $236,495.000 $252,496.000

(Amounts in millions, except per share data) 2020 2021

Revenues:
Net sales $519,926.000 $555,233.000
Membership and other income
$4,038.000 $3,918.000
Total Revenues $523,964.000 $559,151.000

Costs and expenses:

Cost of sales $394,605.000 $420,315.000
Operating, selling, general and$108,791.000
administrative expenses
$116,288.000
Operating income $20,568.000 $22,548.000

Interest:
Debt $2,262.000 $1,976.000
Finance lease $337.000 $339.000
Interest income $189.000 $121.000
Interest, net $2,410.000 $2,194.000
Loss on extinguishment of debt
Other (gains) and losses $1,958.000 $210.000

Income before taxes $20,116.000 $20,564.000

Provision for income taxes $4,915.000 $6,858.000
Consolidated net income $15,201.000 $13,706.000
nsolidated net income attributable to noncontrolling $320.000
interest $196.000
Consolidated net income attributable to Walmart$14,881.000 $13,510.000

Net income per common share:

Basic net income per common share attributable to Walmart $5.220 $4.770
Diluted net income per common share attributable to Walmart $5.190 $4.750
Weighted-average common shares outstanding:
Basic $2,850.000 $2,831.000
Diluted $2,868.000 $2,847.000
Dividends declared per common share $2.120 $2.2
 2022

$14,760.000
$8,280.000
$56,511.000
$1,519.000
$81,070.000

$94,515.000
$13,758.000
$4,351.000
$29,014.000
$22,152.000
$244,860.000

$410.000
$55,261.000
$26,060.000
$851.000
$2,803.000
$1,483.000
$511.000
$87,379.000

$34,864.000
$13,009.000
$4,243.000
$13,474.000

$276.000
$4,839.000
$86,904.000
$8,766.000
 $83,253.000
$8,638.000
$91,891.000
$244,860.000

2022

$567,762.000
$4,992.000
$572,754.000

$429,000.000
$117,812.000
$25,942.000

$1,674.000
$320.000
$158.000
$1,836.000
$2,410.000
$3,000.000

$18,696.000
$4,756.000
$13,940.000
$267.000
$13,673.000

$4.900
$4.870

$2,792.000
$2,805.000
$2.2
 Walmart Inc.
Total Asset Turnover

Selected Financial Data (US$ in millions)

Net sales
Total assets
Long-term Activity Ratio
Total asset turnover
Benchmarks
Total Asset Turnover, Competitors
Costco Wholesale Corp.
Total Asset Turnover, Sector
Food & Staples Retailing
Total Asset Turnover, Industry
Consumer Staples
Jan 31, 2020 Jan 31, 2021

519,926 555,233
236,495 252,496

2.20 2.20

2.94 3.24

2.34 2.40

1.46 1.55
Jan 31, 2022

567,762
244,860

2.32

3.47

2.56

1.61
 Walmart Inc.
Debt Ratios

Debt Ratios
Debt to equity
Debt to equity (including operating lease liability)
Debt to assets
Debt to assets (including operating lease liability)
Financial leverage
Coverage Ratios
Interest coverage

Walmart

3.50
3.00
2.50
2.00
1.50
1.00
0.50
—
Jan 1, 2020

Debt to equity Deb

Debt ratio Description

A Debt
Debt to equity ratio calculated as total debt divided by total
ratio
shareholders’ equity.

Debt to equity ratio (including A solvency ratio calculated as total debt (including operating
operating lease liability) lease liability) divided by total shareholders’ equity.

Debt to assets ratio A solvency ratio calculated as total debt divided by total assets.
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets.

Debt to assets ratio (including A solvency ratio calculated as total debt (including operating
operating lease liability) lease liability) divided by total assets.

Financial leverage ratio A solvency ratio calculated as total assets divided by total
shareholders’ equity.

Intere

10.50

10.00

9.50

9.00

8.50

8.00

7.50

Debt ratio Description

Interest coverage ratio A Debt ratio calculated as EBIT divided by

interest payments.
Walmart Inc.
Debt to Equity (including Operating Lease Liability)

Selected Financial Data (US$ in millions)

Short-term borrowings
Long-term debt due within one year
Finance lease obligations due within one year
Capital lease and financing obligations due within one year
Long-term debt, excluding due within one year
Long-term finance lease obligations, excluding due within one year
Long-term capital lease and financing obligations, excluding due within one year
Total debt
Operating lease obligations due within one year
Long-term operating lease obligations, excluding due within one year
Total debt (including operating lease liability)

Total Walmart shareholders’ equity

Solvency Ratio
Debt to equity (including operating lease liability)
Benchmarks
Debt to Equity (including Operating Lease Liability), Competitors
Costco Wholesale Corp.
Debt to Equity (including Operating Lease Liability), Sector
Food & Staples Retailing
Debt to Equity (including Operating Lease Liability), Industry
Consumer Staples

Walmart Inc., debt to equity (inclu

90,000

80,000

70,000

60,000

50,000

40,000

30,000

20,000

10,000

—
Jan 31, 2020

Total debt (including operating lease liability) Total Walmar

Walmart Inc.
Debt to Assets (including Operating Lease Liability)

Selected Financial Data (US$ in millions)

Short-term borrowings
Long-term debt due within one year
Finance lease obligations due within one year
Capital lease and financing obligations due within one year
Long-term debt, excluding due within one year
Long-term finance lease obligations, excluding due within one year
Long-term capital lease and financing obligations, excluding due within one year
Total debt
Operating lease obligations due within one year
Long-term operating lease obligations, excluding due within one year
Total debt (including operating lease liability)

Total assets
Solvency Ratio
Debt to assets (including operating lease liability)
Benchmarks
Debt to Assets (including Operating Lease Liability), Competitors
Costco Wholesale Corp.
Debt to Assets (including Operating Lease Liability), Sector
Food & Staples Retailing
Debt to Assets (including Operating Lease Liability), Industry
Consumer Staples

Walmart Inc., debt to asset

300000

250000

200000

150000
250000

200000

150000

100000

50000

0
1

Selected Financial Data (US$ in millions)

Debt to assets (including operating lease liability)
 Debt Ratios Formula

atio (Debt-To-Total-Assets) Total Liabilities / Total Assets

Debt To Equity Ratio Total Debt / Shareholder Equity

terest Coverage Ratio EBIT / Interest

Margin Of Safety (Interest Coverage Ratio - 1) / Interest Coverage Ratio

 Jan 31, 2020 Jan 31, 2021

0.73 0.60
0.97 0.78
0.23 0.19
0.31 0.25
3.17 3.12

8.74 9.88

Walmart Inc. debt ratios

Jan 1, 2021 Jan 1, 2022

Debt to equity Debt to assets Financial leverage

The company

ded by total Walmart Inc. debt to equity ratio improved from 2020 to 2021 an
2022.

(including operating Walmart Inc. debt to equity ratio (including operating lease
ers’ equity. liability) improved from 2020 to 2021 and from 2021 to 2022.

Walmart Inc. debt to assets ratio improved from 2020 to

divided by total assets. 2021 and from 2021 to 2022.
 Walmart Inc. debt to assets ratio improved from 2020 to
divided by total assets. 2021 and from 2021 to 2022.

(including operating Walmart Inc. debt to assets ratio (including operating

lease liability) improved from 2020 to 2021 and from
2021 to 2022.

ets divided by total Walmart Inc. financial leverage ratio decreased from
2020 to 2021 and from 2021 to 2022.

Interest coverage

The company

divided by Walmart Inc. interest coverage ratio improved

from 2020 to 2021 and from 2021 to 2022.
Jan 31, 2020 Jan 31, 2021

575 224
5,362 3,115
511 491
— —
43,714 41,194
4,307 3,847
— —
54,469 48,871
1,793 1,466
16,171 12,909
72,433 63,246

74,669 80,925
 0.97 0.78

0.61 0.65

0.90 0.76

1.51 1.28

Walmart Inc., debt to equity (including operating lease liability) calculation

Jan 31, 2021 Jan 31, 2022

ebt (including operating lease liability) Total Walmart shareholders’ equity Debt to equity (including operating lease liability)
 Jan 31, 2020 Jan 31, 2021

575 224
5,362 3,115
511 491
— —
43,714 41,194
4,307 3,847
— —
54,469 48,871
1,793 1,466
16,171 12,909
72,433 63,246

236,495 252,496

0.31 0.25

0.20 0.19

0.29 0.24

0.38 0.34

Walmart Inc., debt to assets (including operating lease liability) calculation

 2 3

Selected Financial Data (US$ in millions) Total debt (including operating lease liability) Total assets
Debt to assets (including operating lease liability) Debt to Assets (including Operating Lease Liability), Industry Consumer Staples
 Notes 2021

36.7%

0.02

EBIT= Operating Income 10.3

90%
 Jan 31, 2022

0.51
0.69
0.17
0.23
2.94

10.38

Jan 1, 2022

ny

ed from 2020 to 2021 and from 2021 to

ng operating lease
d from 2021 to 2022.

ed from 2020 to
ed from 2020 to

ing operating
021 and from

o decreased from
22.

atio improved
21 to 2022.
Jan 31, 2022

410
2,803
511
—
34,864
4,243
—
42,831
1,483
13,009
57,323

83,253
 0.69

0.53

0.66

1.24

Jan 31, 2022

Jan 31, 2022

410
2,803
511
—
34,864
4,243
—
42,831
1,483
13,009
57,323

244,860

0.23

0.17

0.22

0.34
 3

les
 Walmart Inc.
Debt to Equity

Selected Financial Data (US$ in millions)

Short-term borrowings
Long-term debt due within one year
Finance lease obligations due within one year
Capital lease and financing obligations due within one
year
Long-term debt, excluding due within one year
Long-term finance lease obligations, excluding due
within one year
Long-term capital lease and financing obligations,
excluding due within one year
Total debt

Total Walmart shareholders’ equity

Debt Ratio
Debt to equity
Benchmarks
Debt to Equity, Competitors
Costco Wholesale Corp.
Debt to Equity, Sector
Food & Staples Retailing
Debt to Equity, Industry
Consumer Staples

Walmart Inc., debt to equi

90000

80000

70000

60000

50000

40000

30000

20000

10000
40000

30000

20000

10000

0
Total debt Total Walm

Jan 31, 2020 J

Jan 31, 2020

575
5,362
511

—
43,714

4,307

—
54,469

74,669

0.73

0.45

0.68

1.35

Walmart Inc., debt to equity calculation

Total debt Total Walmart shareholders’ equity

Jan 31, 2020 Jan 31, 2021 Jan 31, 2022

 Jan 31, 2021

224
3,115
491

—
41,194

3,847

—
48,871

80,925

0.60

0.49

0.58

1.15

nc., debt to equity calculation

 Total Walmart shareholders’ equity Debt to equity

Jan 31, 2020 Jan 31, 2021 Jan 31, 2022

Jan 31, 2022

410
2,803
511

—
34,864

4,243

—
42,831

83,253

0.51

0.40

0.49

1.12
Debt to equity
 Walmart Inc., deb

300,000

250,000

200,000

150,000

100,000
200,000

150,000

100,000

50,000

—
Jan 1, 2020

Total debt Tota

 Walmart Inc.
Debt to Assets

Selected Financial Data (US$ in millions)

Short-term borrowings
Long-term debt due within one year
Finance lease obligations due within one year

Capital lease and financing obligations due within one year

Long-term debt, excluding due within one year

Long-term finance lease obligations, excluding due within one year

Long-term capital lease and financing obligations, excluding due within one year
Total debt

Total assets
Solvency Ratio
Debt to assets
Benchmarks
Debt to Assets, Competitors
Costco Wholesale Corp.
Debt to Assets, Sector
Food & Staples Retailing
Debt to Assets, Industry
Consumer Staples

Walmart Inc., deb

300,000

250,000

200,000

150,000

100,000
200,000

150,000

100,000

50,000

—
Jan 1, 2020

Total debt Tota

 Jan 31, 2020 Jan 31, 2021

575 224
5,362 3,115
511 491

— —
43,714 41,194

4,307 3,847

— —
54,469 48,871

236,495 252,496

0.23 0.19

0.15 0.14

0.21 0.18

0.34 0.30

almart Inc., debt to assets calculation

 Jan 1, 2021 Jan 1, 2022

Total debt Total assets Debt to assets

Jan 31, 2022

410
2,803
511

—
34,864

4,243

—
42,831

244,860

0.17

0.13

0.17

0.30
Jan 1, 2022
 Walmart Inc.
Financial Leverage

Selected Financial Data (US$ in millions)

Total assets
Total Walmart shareholders’ equity
Solvency Ratio
Financial leverage
Benchmarks
Financial Leverage, Competitors
Costco Wholesale Corp.
Financial Leverage, Sector
Food & Staples Retailing
Financial Leverage, Industry
Consumer Staples

Walmart Inc., finan

300,000

250,000

200,000

150,000

100,000

50,000

—
Jan 1, 2020

Total assets Total Walmart shareholders’ equity Fin

 Jan 31, 2020 Jan 31, 2021

236,495 252,496
74,669 80,925

3.17 3.12

3.04 3.37

3.14 3.17

3.99 3.79

almart Inc., financial leverage calculation

Jan 1, 2021 Jan 1, 2022

hareholders’ equity Financial leverage Benchmarks Financial Leverage, Competitors

 Jan 31, 2022

244,860
83,253

2.94

3.11

2.97

3.68

Jan 1, 2022
 Walmart Inc.
Interest Coverage

Selected Financial Data (US$ in millions)

Consolidated net income attributable to Walmart

Add: Net income attributable to noncontrolling interest

Add: Income tax expense
Add: Interest expense, debt and finance lease
Earnings before interest and tax (EBIT)
Solvency Ratio
Interest coverage
Benchmarks
Interest Coverage, Competitors
Costco Wholesale Corp.
Interest Coverage, Sector
Food & Staples Retailing
Interest Coverage, Industry
Consumer Staples

25,000

20,000

15,000

10,000

5,000

—
Jan 1, 2020

Add: Interest expense, debt and finance lease E

—
Jan 1, 2020

Add: Interest expense, debt and finance lease E

 Jan 31, 2020 Jan 31, 2021

14,881 13,510

320 196
4,915 6,858
2,599 2,315
22,715 22,879

8.74 9.88

34.54 40.06

10.24 11.96

11.71 11.87

Jan 1, 2021 Jan 1, 2022

Interest expense, debt and finance lease Earnings before interest and tax (EBIT) Interest coverage
 Jan 1, 2021 Jan 1, 2022

Interest expense, debt and finance lease Earnings before interest and tax (EBIT) Interest coverage
 Jan 31, 2022

13,673

267
4,756
1,994
20,690

10.38

50.62

13.33

15.68

Jan 1, 2022
Jan 1, 2022
Walmart Inc.
Profitability Ratios

Return on Sales
Gross profit margin
Operating profit margin
Net profit margin
Return on Investment
Return on equity (ROE)
Return on assets (ROA)
Jan 31, 2020 Jan 31, 2021

24.10% 24.30%
3.96% 4.06%
2.86% 2.43%

19.93% 16.69%
6.29% 5.35%
Jan 31, 2022

24.44%
4.57%
2.41%

16.42%
5.58%
 Walmart Inc.
Gross Profit Margin

Selected Financial Data (US$ in millions)

Gross profit
Net sales
Profitability Ratio
Gross profit margin
Benchmarks
Gross Profit Margin, Competitors
Costco Wholesale Corp.
Jan 31, 2020 Jan 31, 2021

125,321 134,918
519,926 555,233

24.10% 24.30%

11.20% 11.13%
Jan 31, 2022

138,762
567,762

24.44%

10.48%
 Walmart Inc.
Operating Profit Margin

Selected Financial Data (US$ in millions)

Operating income
Net sales
Profitability Ratio
Operating profit margin
Benchmarks
Operating Profit Margin, Competitors
Costco Wholesale Corp.
Operating Profit Margin, Sector
Food & Staples Retailing
Operating Profit Margin, Industry
Consumer Staples
Jan 31, 2020 Jan 31, 2021

20,568 22,548
519,926 555,233

3.96% 4.06%

3.33% 3.49%

3.81% 3.91%

7.76% 7.98%
Jan 31, 2022

25,942
567,762

4.57%

3.50%

4.27%

7.98%
 Walmart Inc.
Net Profit Margin

Selected Financial Data (US$ in millions)

Consolidated net income attributable to Walmart
Net sales
Profitability Ratio
Net profit margin
Benchmarks
Net Profit Margin, Competitors
Costco Wholesale Corp.
Net Profit Margin, Sector
Food & Staples Retailing
Net Profit Margin, Industry
Consumer Staples
Jan 31, 2020 Jan 31, 2021

14,881 13,510
519,926 555,233

2.86% 2.43%

2.45% 2.61%

2.76% 2.48%

5.87% 5.79%
Jan 31, 2022

13,673
567,762

2.41%

2.62%

2.47%

5.71%
 Walmart Inc.
Return on Assets (ROA)

Selected Financial Data (US$ in millions)

Consolidated net income attributable to Walmart
Total assets
Profitability Ratio
ROA
Benchmarks
ROA, Competitors
Costco Wholesale Corp.
ROA, Sector
Food & Staples Retailing
ROA, Industry
Consumer Staples
Jan 31, 2020 Jan 31, 2021

14,881 13,510
236,495 252,496

6.29% 5.35%

7.20% 8.45%

6.47% 5.94%

8.60% 9.00%
Jan 31, 2022

13,673
244,860

5.58%

9.11%

6.32%

9.18%
 Walmart Inc.
Return on Equity (ROE)

Selected Financial Data (US$ in millions)

Consolidated net income attributable to Walmart
Total Walmart shareholders’ equity
Profitability Ratio
ROE
Benchmarks
ROE, Competitors
Costco Wholesale Corp.
ROE, Sector
Food & Staples Retailing
ROE, Industry
Consumer Staples
Jan 31, 2020 Jan 31, 2021

14,881 13,510
74,669 80,925

19.93% 16.69%

21.89% 28.51%

20.31% 18.80%

34.34% 34.13%
Jan 31, 2022

13,673
83,253

16.42%

28.31%

18.79%

33.79%
 Walmart Inc.
Return on Investment (ROI)

Selected Financial Data (US$ in millions)

Consolidated net income attributable to Walmart
Total Walmart shareholders’ equity
Profitability Ratio
ROI
Benchmarks
ROE, Competitors
Costco Wholesale Corp.
ROE, Sector
Food & Staples Retailing
ROE, Industry
Consumer Staples
Jan 31, 2020 Jan 31, 2021

9.38%
Jan 31, 2022

4.83%
 Walmart Inc.
Current price multiples

Selected Financial Data

Current share price (P)
No. shares of common stock outstanding
Growth rate (g)

Earnings per share (EPS)

Next year expected EPS
Operating profit per share
Sales per share
Book value per share (BVPS)
Valuation Ratios (Price Multiples)
Price to earnings (P/E)
Price to next year expected earnings
Price-earnings-growth (PEG)
Price to operating profit (P/OP)
Price to sales (P/S)
Price to book value (P/BV)

Market Ratios

Price Earning Ratio (P/E)

Market / Book Ratio (M/B)

BV / Share
 Walmart Inc.

$140.67
2,696,800,054
8.11%

$5.07
$5.48
$9.62
$210.53
$30.87

27.75
25.66
3.42
14.62
0.67
4.56

Formula

Market Price Per Share Of Common Stock / Earning Per Share

Market Price Per Share Of Common Stock / Book Value Per Share Of Common Stock
Common Stock Equity / Number Of Shares Of Common Stock
Costco Wholesale Corp. Food & Staples Retailing Consumer Staples

36.09 30.24 25.57

32.91 28.03 23.28
3.73 3.83 2.60
27.06 17.50 18.24
0.95 0.75 1.45
10.22 5.68 8.60

1/31/2020 1/31/2021 1/31/2022

 Walmart Inc.
Price to Earnings (P/E)

No. shares of common stock outstanding

Selected Financial Data (US$)

Consolidated net income attributable to Walmart (in millions)

Earnings per share (EPS)
Share price
Valuation Ratio
P/E ratio
Benchmarks
P/E Ratio, Competitors
Costco Wholesale Corp.
P/E Ratio, Sector
Food & Staples Retailing
P/E Ratio, Industry
Consumer Staples
 Jan 31, 2020 Jan 31, 2021

2,832,277,220 2,817,071,695

14,881 13,510
5.25 4.80
113.97 131.74

21.69 27.47

40.02 39.65

25.58 30.76

24.71 26.81
 Jan 31, 2022

2,751,779,629

13,673
4.97
145.44

29.27

36.38

31.40

26.25
 Walmart Inc.
Price to Book Value (P/BV)

No. shares of common stock outstanding

Selected Financial Data (US$)
Total Walmart shareholders’ equity (in millions)
Book value per share (BVPS)
Share price
Valuation Ratio
P/BV ratio
Benchmarks
P/BV Ratio, Competitors
Costco Wholesale Corp.
P/BV Ratio, Sector
Food & Staples Retailing
P/BV Ratio, Industry
Consumer Staples
 Jan 31, 2020 Jan 31, 2021
2,832,277,220 2,817,071,695

74,669 80,925
26.36 28.73
113.97 131.74

4.32 4.59

8.76 11.30

5.20 5.78

8.45 9.11
 Jan 31, 2022
2,751,779,629

83,253
30.25
145.44

4.81

10.30

5.90

8.83