Adjustments to Financial Statements: Removal of Goodwill
Adjusted Financial Ratios: Removal of Goodwill (Summary)
Adjusted Total Asset Turnover
Adjusted Financial Leverage
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Walmart Inc., adjustments to financial statements

US$ in millions

	Jan 31, 2024	Jan 31, 2023	Jan 31, 2022	Jan 31, 2021	Jan 31, 2020	Jan 31, 2019
Adjustment to Total Assets
Total assets (as reported)	252,399)	243,197)	244,860)	252,496)	236,495)	219,295)
Less: Goodwill	28,113)	28,174)	29,014)	28,983)	31,073)	31,181)
Total assets (adjusted)	224,286)	215,023)	215,846)	223,513)	205,422)	188,114)
Adjustment to Total Walmart Shareholders’ Equity
Total Walmart shareholders’ equity (as reported)	83,861)	76,693)	83,253)	80,925)	74,669)	72,496)
Less: Goodwill	28,113)	28,174)	29,014)	28,983)	31,073)	31,181)
Total Walmart shareholders’ equity (adjusted)	55,748)	48,519)	54,239)	51,942)	43,596)	41,315)

Based on: 10-K (reporting date: 2024-01-31), 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).

Walmart Inc., Financial Data: Reported vs. Adjusted

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Walmart Inc., adjusted financial ratios

	Jan 31, 2024	Jan 31, 2023	Jan 31, 2022	Jan 31, 2021	Jan 31, 2020	Jan 31, 2019
Total Asset Turnover
Reported total asset turnover	2.55	2.49	2.32	2.20	2.20	2.33
Adjusted total asset turnover	2.87	2.82	2.63	2.48	2.53	2.71
Financial Leverage
Reported financial leverage	3.01	3.17	2.94	3.12	3.17	3.02
Adjusted financial leverage	4.02	4.43	3.98	4.30	4.71	4.55
Return on Equity (ROE)
Reported ROE	18.50%	15.23%	16.42%	16.69%	19.93%	9.20%
Adjusted ROE	27.82%	24.07%	25.21%	26.01%	34.13%	16.14%
Return on Assets (ROA)
Reported ROA	6.15%	4.80%	5.58%	5.35%	6.29%	3.04%
Adjusted ROA	6.92%	5.43%	6.33%	6.04%	7.24%	3.55%

Based on: 10-K (reporting date: 2024-01-31), 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).

Financial ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Walmart Inc. adjusted total asset turnover ratio improved from 2022 to 2023 and from 2023 to 2024.
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Walmart Inc. adjusted financial leverage ratio increased from 2022 to 2023 but then slightly decreased from 2023 to 2024 not reaching 2022 level.
Adjusted ROE	A profitability ratio calculated as net income divided by adjusted shareholders’ equity.	Walmart Inc. adjusted ROE deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	Walmart Inc. adjusted ROA deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.

Walmart Inc., Financial Ratios: Reported vs. Adjusted

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	Jan 31, 2024	Jan 31, 2023	Jan 31, 2022	Jan 31, 2021	Jan 31, 2020	Jan 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net sales	642,637)	605,881)	567,762)	555,233)	519,926)	510,329)
Total assets	252,399)	243,197)	244,860)	252,496)	236,495)	219,295)
Activity Ratio
Total asset turnover¹	2.55	2.49	2.32	2.20	2.20	2.33
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Net sales	642,637)	605,881)	567,762)	555,233)	519,926)	510,329)
Adjusted total assets	224,286)	215,023)	215,846)	223,513)	205,422)	188,114)
Activity Ratio
Adjusted total asset turnover²	2.87	2.82	2.63	2.48	2.53	2.71

Based on: 10-K (reporting date: 2024-01-31), 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).

2024 Calculations

¹ Total asset turnover = Net sales ÷ Total assets
= 642,637 ÷ 252,399 = 2.55

² Adjusted total asset turnover = Net sales ÷ Adjusted total assets
= 642,637 ÷ 224,286 = 2.87

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Walmart Inc. adjusted total asset turnover ratio improved from 2022 to 2023 and from 2023 to 2024.

	Jan 31, 2024	Jan 31, 2023	Jan 31, 2022	Jan 31, 2021	Jan 31, 2020	Jan 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Total assets	252,399)	243,197)	244,860)	252,496)	236,495)	219,295)
Total Walmart shareholders’ equity	83,861)	76,693)	83,253)	80,925)	74,669)	72,496)
Solvency Ratio
Financial leverage¹	3.01	3.17	2.94	3.12	3.17	3.02
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Adjusted total assets	224,286)	215,023)	215,846)	223,513)	205,422)	188,114)
Adjusted total Walmart shareholders’ equity	55,748)	48,519)	54,239)	51,942)	43,596)	41,315)
Solvency Ratio
Adjusted financial leverage²	4.02	4.43	3.98	4.30	4.71	4.55

Based on: 10-K (reporting date: 2024-01-31), 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).

2024 Calculations

¹ Financial leverage = Total assets ÷ Total Walmart shareholders’ equity
= 252,399 ÷ 83,861 = 3.01

² Adjusted financial leverage = Adjusted total assets ÷ Adjusted total Walmart shareholders’ equity
= 224,286 ÷ 55,748 = 4.02

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Solvency ratio	Description	The company
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Walmart Inc. adjusted financial leverage ratio increased from 2022 to 2023 but then slightly decreased from 2023 to 2024 not reaching 2022 level.

	Jan 31, 2024	Jan 31, 2023	Jan 31, 2022	Jan 31, 2021	Jan 31, 2020	Jan 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Consolidated net income attributable to Walmart	15,511)	11,680)	13,673)	13,510)	14,881)	6,670)
Total Walmart shareholders’ equity	83,861)	76,693)	83,253)	80,925)	74,669)	72,496)
Profitability Ratio
ROE¹	18.50%	15.23%	16.42%	16.69%	19.93%	9.20%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Consolidated net income attributable to Walmart	15,511)	11,680)	13,673)	13,510)	14,881)	6,670)
Adjusted total Walmart shareholders’ equity	55,748)	48,519)	54,239)	51,942)	43,596)	41,315)
Profitability Ratio
Adjusted ROE²	27.82%	24.07%	25.21%	26.01%	34.13%	16.14%

Based on: 10-K (reporting date: 2024-01-31), 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).

2024 Calculations

¹ ROE = 100 × Consolidated net income attributable to Walmart ÷ Total Walmart shareholders’ equity
= 100 × 15,511 ÷ 83,861 = 18.50%

² Adjusted ROE = 100 × Consolidated net income attributable to Walmart ÷ Adjusted total Walmart shareholders’ equity
= 100 × 15,511 ÷ 55,748 = 27.82%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as net income divided by adjusted shareholders’ equity.	Walmart Inc. adjusted ROE deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.

	Jan 31, 2024	Jan 31, 2023	Jan 31, 2022	Jan 31, 2021	Jan 31, 2020	Jan 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Consolidated net income attributable to Walmart	15,511)	11,680)	13,673)	13,510)	14,881)	6,670)
Total assets	252,399)	243,197)	244,860)	252,496)	236,495)	219,295)
Profitability Ratio
ROA¹	6.15%	4.80%	5.58%	5.35%	6.29%	3.04%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Consolidated net income attributable to Walmart	15,511)	11,680)	13,673)	13,510)	14,881)	6,670)
Adjusted total assets	224,286)	215,023)	215,846)	223,513)	205,422)	188,114)
Profitability Ratio
Adjusted ROA²	6.92%	5.43%	6.33%	6.04%	7.24%	3.55%

Based on: 10-K (reporting date: 2024-01-31), 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).

2024 Calculations

¹ ROA = 100 × Consolidated net income attributable to Walmart ÷ Total assets
= 100 × 15,511 ÷ 252,399 = 6.15%

² Adjusted ROA = 100 × Consolidated net income attributable to Walmart ÷ Adjusted total assets
= 100 × 15,511 ÷ 224,286 = 6.92%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	Walmart Inc. adjusted ROA deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.

Walmart Inc. (NYSE:WMT)

Analysis of Goodwill and Intangible Assets

Adjustments to Financial Statements: Removal of Goodwill

Walmart Inc., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Goodwill (Summary)

Walmart Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)