Analysis of Solvency Ratios
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
Walmart Inc., solvency ratios
Based on: 10-K (reporting date: 2025-01-31), 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).
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | Walmart Inc. debt to equity ratio improved from 2023 to 2024 and from 2024 to 2025. |
| Debt to equity ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. | Walmart Inc. debt to equity ratio (including operating lease liability) improved from 2023 to 2024 and from 2024 to 2025. |
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | Walmart Inc. debt to capital ratio improved from 2023 to 2024 and from 2024 to 2025. |
| Debt to capital ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | Walmart Inc. debt to capital ratio (including operating lease liability) improved from 2023 to 2024 and from 2024 to 2025. |
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Walmart Inc. debt to assets ratio deteriorated from 2023 to 2024 but then improved from 2024 to 2025 exceeding 2023 level. |
| Debt to assets ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | Walmart Inc. debt to assets ratio (including operating lease liability) deteriorated from 2023 to 2024 but then improved from 2024 to 2025 exceeding 2023 level. |
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Walmart Inc. financial leverage ratio decreased from 2023 to 2024 and from 2024 to 2025. |
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | Walmart Inc. interest coverage ratio improved from 2023 to 2024 and from 2024 to 2025. |
| Fixed charge coverage ratio | A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. | Walmart Inc. fixed charge coverage ratio improved from 2023 to 2024 and from 2024 to 2025. |
Debt to Equity
Walmart Inc., debt to equity calculation, comparison to benchmarks
| Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Short-term borrowings | 3,068) | 878) | 372) | 410) | 224) | 575) | |
| Long-term debt due within one year | 2,598) | 3,447) | 4,191) | 2,803) | 3,115) | 5,362) | |
| Finance lease obligations due within one year | 800) | 725) | 567) | 511) | 491) | 511) | |
| Long-term debt, excluding due within one year | 33,401) | 36,132) | 34,649) | 34,864) | 41,194) | 43,714) | |
| Long-term finance lease obligations, excluding due within one year | 5,923) | 5,709) | 4,843) | 4,243) | 3,847) | 4,307) | |
| Total debt | 45,790) | 46,891) | 44,622) | 42,831) | 48,871) | 54,469) | |
| Total Walmart shareholders’ equity | 91,013) | 83,861) | 76,693) | 83,253) | 80,925) | 74,669) | |
| Solvency Ratio | |||||||
| Debt to equity1 | 0.50 | 0.56 | 0.58 | 0.51 | 0.60 | 0.73 | |
| Benchmarks | |||||||
| Debt to Equity, Competitors2 | |||||||
| Costco Wholesale Corp. | — | 0.31 | 0.31 | 0.40 | 0.49 | 0.45 | |
| Target Corp. | 1.09 | 1.19 | 1.44 | 1.07 | 0.88 | 0.97 | |
| Debt to Equity, Sector | |||||||
| Consumer Staples Distribution & Retail | — | 0.58 | 0.61 | 0.55 | 0.62 | 0.71 | |
| Debt to Equity, Industry | |||||||
| Consumer Staples | — | 1.11 | 1.16 | 1.08 | 1.07 | 1.24 | |
Based on: 10-K (reporting date: 2025-01-31), 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).
1 2025 Calculation
Debt to equity = Total debt ÷ Total Walmart shareholders’ equity
= 45,790 ÷ 91,013 = 0.50
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | Walmart Inc. debt to equity ratio improved from 2023 to 2024 and from 2024 to 2025. |
Debt to Equity (including Operating Lease Liability)
Walmart Inc., debt to equity (including operating lease liability) calculation, comparison to benchmarks
| Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Short-term borrowings | 3,068) | 878) | 372) | 410) | 224) | 575) | |
| Long-term debt due within one year | 2,598) | 3,447) | 4,191) | 2,803) | 3,115) | 5,362) | |
| Finance lease obligations due within one year | 800) | 725) | 567) | 511) | 491) | 511) | |
| Long-term debt, excluding due within one year | 33,401) | 36,132) | 34,649) | 34,864) | 41,194) | 43,714) | |
| Long-term finance lease obligations, excluding due within one year | 5,923) | 5,709) | 4,843) | 4,243) | 3,847) | 4,307) | |
| Total debt | 45,790) | 46,891) | 44,622) | 42,831) | 48,871) | 54,469) | |
| Operating lease obligations due within one year | 1,499) | 1,487) | 1,473) | 1,483) | 1,466) | 1,793) | |
| Long-term operating lease obligations, excluding due within one year | 12,825) | 12,943) | 12,828) | 13,009) | 12,909) | 16,171) | |
| Total debt (including operating lease liability) | 60,114) | 61,321) | 58,923) | 57,323) | 63,246) | 72,433) | |
| Total Walmart shareholders’ equity | 91,013) | 83,861) | 76,693) | 83,253) | 80,925) | 74,669) | |
| Solvency Ratio | |||||||
| Debt to equity (including operating lease liability)1 | 0.66 | 0.73 | 0.77 | 0.69 | 0.78 | 0.97 | |
| Benchmarks | |||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | |||||||
| Costco Wholesale Corp. | — | 0.42 | 0.42 | 0.53 | 0.65 | 0.61 | |
| Target Corp. | 1.36 | 1.46 | 1.70 | 1.28 | 1.05 | 1.18 | |
| Debt to Equity (including Operating Lease Liability), Sector | |||||||
| Consumer Staples Distribution & Retail | — | 0.75 | 0.78 | 0.73 | 0.79 | 0.93 | |
| Debt to Equity (including Operating Lease Liability), Industry | |||||||
| Consumer Staples | — | 1.23 | 1.28 | 1.20 | 1.19 | 1.39 | |
Based on: 10-K (reporting date: 2025-01-31), 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).
1 2025 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Total Walmart shareholders’ equity
= 60,114 ÷ 91,013 = 0.66
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. | Walmart Inc. debt to equity ratio (including operating lease liability) improved from 2023 to 2024 and from 2024 to 2025. |
Debt to Capital
Walmart Inc., debt to capital calculation, comparison to benchmarks
| Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Short-term borrowings | 3,068) | 878) | 372) | 410) | 224) | 575) | |
| Long-term debt due within one year | 2,598) | 3,447) | 4,191) | 2,803) | 3,115) | 5,362) | |
| Finance lease obligations due within one year | 800) | 725) | 567) | 511) | 491) | 511) | |
| Long-term debt, excluding due within one year | 33,401) | 36,132) | 34,649) | 34,864) | 41,194) | 43,714) | |
| Long-term finance lease obligations, excluding due within one year | 5,923) | 5,709) | 4,843) | 4,243) | 3,847) | 4,307) | |
| Total debt | 45,790) | 46,891) | 44,622) | 42,831) | 48,871) | 54,469) | |
| Total Walmart shareholders’ equity | 91,013) | 83,861) | 76,693) | 83,253) | 80,925) | 74,669) | |
| Total capital | 136,803) | 130,752) | 121,315) | 126,084) | 129,796) | 129,138) | |
| Solvency Ratio | |||||||
| Debt to capital1 | 0.33 | 0.36 | 0.37 | 0.34 | 0.38 | 0.42 | |
| Benchmarks | |||||||
| Debt to Capital, Competitors2 | |||||||
| Costco Wholesale Corp. | — | 0.24 | 0.24 | 0.28 | 0.33 | 0.31 | |
| Target Corp. | 0.52 | 0.54 | 0.59 | 0.52 | 0.47 | 0.49 | |
| Debt to Capital, Sector | |||||||
| Consumer Staples Distribution & Retail | — | 0.37 | 0.38 | 0.36 | 0.38 | 0.41 | |
| Debt to Capital, Industry | |||||||
| Consumer Staples | — | 0.53 | 0.54 | 0.52 | 0.52 | 0.55 | |
Based on: 10-K (reporting date: 2025-01-31), 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).
1 2025 Calculation
Debt to capital = Total debt ÷ Total capital
= 45,790 ÷ 136,803 = 0.33
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | Walmart Inc. debt to capital ratio improved from 2023 to 2024 and from 2024 to 2025. |
Debt to Capital (including Operating Lease Liability)
Walmart Inc., debt to capital (including operating lease liability) calculation, comparison to benchmarks
| Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Short-term borrowings | 3,068) | 878) | 372) | 410) | 224) | 575) | |
| Long-term debt due within one year | 2,598) | 3,447) | 4,191) | 2,803) | 3,115) | 5,362) | |
| Finance lease obligations due within one year | 800) | 725) | 567) | 511) | 491) | 511) | |
| Long-term debt, excluding due within one year | 33,401) | 36,132) | 34,649) | 34,864) | 41,194) | 43,714) | |
| Long-term finance lease obligations, excluding due within one year | 5,923) | 5,709) | 4,843) | 4,243) | 3,847) | 4,307) | |
| Total debt | 45,790) | 46,891) | 44,622) | 42,831) | 48,871) | 54,469) | |
| Operating lease obligations due within one year | 1,499) | 1,487) | 1,473) | 1,483) | 1,466) | 1,793) | |
| Long-term operating lease obligations, excluding due within one year | 12,825) | 12,943) | 12,828) | 13,009) | 12,909) | 16,171) | |
| Total debt (including operating lease liability) | 60,114) | 61,321) | 58,923) | 57,323) | 63,246) | 72,433) | |
| Total Walmart shareholders’ equity | 91,013) | 83,861) | 76,693) | 83,253) | 80,925) | 74,669) | |
| Total capital (including operating lease liability) | 151,127) | 145,182) | 135,616) | 140,576) | 144,171) | 147,102) | |
| Solvency Ratio | |||||||
| Debt to capital (including operating lease liability)1 | 0.40 | 0.42 | 0.43 | 0.41 | 0.44 | 0.49 | |
| Benchmarks | |||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | |||||||
| Costco Wholesale Corp. | — | 0.30 | 0.30 | 0.35 | 0.39 | 0.38 | |
| Target Corp. | 0.58 | 0.59 | 0.63 | 0.56 | 0.51 | 0.54 | |
| Debt to Capital (including Operating Lease Liability), Sector | |||||||
| Consumer Staples Distribution & Retail | — | 0.43 | 0.44 | 0.42 | 0.44 | 0.48 | |
| Debt to Capital (including Operating Lease Liability), Industry | |||||||
| Consumer Staples | — | 0.55 | 0.56 | 0.54 | 0.54 | 0.58 | |
Based on: 10-K (reporting date: 2025-01-31), 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).
1 2025 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 60,114 ÷ 151,127 = 0.40
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | Walmart Inc. debt to capital ratio (including operating lease liability) improved from 2023 to 2024 and from 2024 to 2025. |
Debt to Assets
Walmart Inc., debt to assets calculation, comparison to benchmarks
| Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Short-term borrowings | 3,068) | 878) | 372) | 410) | 224) | 575) | |
| Long-term debt due within one year | 2,598) | 3,447) | 4,191) | 2,803) | 3,115) | 5,362) | |
| Finance lease obligations due within one year | 800) | 725) | 567) | 511) | 491) | 511) | |
| Long-term debt, excluding due within one year | 33,401) | 36,132) | 34,649) | 34,864) | 41,194) | 43,714) | |
| Long-term finance lease obligations, excluding due within one year | 5,923) | 5,709) | 4,843) | 4,243) | 3,847) | 4,307) | |
| Total debt | 45,790) | 46,891) | 44,622) | 42,831) | 48,871) | 54,469) | |
| Total assets | 260,823) | 252,399) | 243,197) | 244,860) | 252,496) | 236,495) | |
| Solvency Ratio | |||||||
| Debt to assets1 | 0.18 | 0.19 | 0.18 | 0.17 | 0.19 | 0.23 | |
| Benchmarks | |||||||
| Debt to Assets, Competitors2 | |||||||
| Costco Wholesale Corp. | — | 0.11 | 0.11 | 0.13 | 0.14 | 0.15 | |
| Target Corp. | 0.28 | 0.29 | 0.30 | 0.25 | 0.25 | 0.27 | |
| Debt to Assets, Sector | |||||||
| Consumer Staples Distribution & Retail | — | 0.19 | 0.19 | 0.18 | 0.19 | 0.22 | |
| Debt to Assets, Industry | |||||||
| Consumer Staples | — | 0.31 | 0.31 | 0.30 | 0.30 | 0.33 | |
Based on: 10-K (reporting date: 2025-01-31), 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).
1 2025 Calculation
Debt to assets = Total debt ÷ Total assets
= 45,790 ÷ 260,823 = 0.18
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Walmart Inc. debt to assets ratio deteriorated from 2023 to 2024 but then improved from 2024 to 2025 exceeding 2023 level. |
Debt to Assets (including Operating Lease Liability)
Walmart Inc., debt to assets (including operating lease liability) calculation, comparison to benchmarks
| Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Short-term borrowings | 3,068) | 878) | 372) | 410) | 224) | 575) | |
| Long-term debt due within one year | 2,598) | 3,447) | 4,191) | 2,803) | 3,115) | 5,362) | |
| Finance lease obligations due within one year | 800) | 725) | 567) | 511) | 491) | 511) | |
| Long-term debt, excluding due within one year | 33,401) | 36,132) | 34,649) | 34,864) | 41,194) | 43,714) | |
| Long-term finance lease obligations, excluding due within one year | 5,923) | 5,709) | 4,843) | 4,243) | 3,847) | 4,307) | |
| Total debt | 45,790) | 46,891) | 44,622) | 42,831) | 48,871) | 54,469) | |
| Operating lease obligations due within one year | 1,499) | 1,487) | 1,473) | 1,483) | 1,466) | 1,793) | |
| Long-term operating lease obligations, excluding due within one year | 12,825) | 12,943) | 12,828) | 13,009) | 12,909) | 16,171) | |
| Total debt (including operating lease liability) | 60,114) | 61,321) | 58,923) | 57,323) | 63,246) | 72,433) | |
| Total assets | 260,823) | 252,399) | 243,197) | 244,860) | 252,496) | 236,495) | |
| Solvency Ratio | |||||||
| Debt to assets (including operating lease liability)1 | 0.23 | 0.24 | 0.24 | 0.23 | 0.25 | 0.31 | |
| Benchmarks | |||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | |||||||
| Costco Wholesale Corp. | — | 0.14 | 0.15 | 0.17 | 0.19 | 0.20 | |
| Target Corp. | 0.34 | 0.35 | 0.36 | 0.31 | 0.29 | 0.33 | |
| Debt to Assets (including Operating Lease Liability), Sector | |||||||
| Consumer Staples Distribution & Retail | — | 0.24 | 0.24 | 0.23 | 0.25 | 0.29 | |
| Debt to Assets (including Operating Lease Liability), Industry | |||||||
| Consumer Staples | — | 0.34 | 0.34 | 0.33 | 0.33 | 0.37 | |
Based on: 10-K (reporting date: 2025-01-31), 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).
1 2025 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 60,114 ÷ 260,823 = 0.23
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | Walmart Inc. debt to assets ratio (including operating lease liability) deteriorated from 2023 to 2024 but then improved from 2024 to 2025 exceeding 2023 level. |
Financial Leverage
Walmart Inc., financial leverage calculation, comparison to benchmarks
| Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Total assets | 260,823) | 252,399) | 243,197) | 244,860) | 252,496) | 236,495) | |
| Total Walmart shareholders’ equity | 91,013) | 83,861) | 76,693) | 83,253) | 80,925) | 74,669) | |
| Solvency Ratio | |||||||
| Financial leverage1 | 2.87 | 3.01 | 3.17 | 2.94 | 3.12 | 3.17 | |
| Benchmarks | |||||||
| Financial Leverage, Competitors2 | |||||||
| Costco Wholesale Corp. | — | 2.96 | 2.75 | 3.11 | 3.37 | 3.04 | |
| Target Corp. | 3.94 | 4.12 | 4.75 | 4.20 | 3.55 | 3.62 | |
| Financial Leverage, Sector | |||||||
| Consumer Staples Distribution & Retail | — | 3.12 | 3.24 | 3.11 | 3.21 | 3.20 | |
| Financial Leverage, Industry | |||||||
| Consumer Staples | — | 3.62 | 3.71 | 3.59 | 3.59 | 3.76 | |
Based on: 10-K (reporting date: 2025-01-31), 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).
1 2025 Calculation
Financial leverage = Total assets ÷ Total Walmart shareholders’ equity
= 260,823 ÷ 91,013 = 2.87
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Walmart Inc. financial leverage ratio decreased from 2023 to 2024 and from 2024 to 2025. |
Interest Coverage
Walmart Inc., interest coverage calculation, comparison to benchmarks
| Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Consolidated net income attributable to Walmart | 19,436) | 15,511) | 11,680) | 13,673) | 13,510) | 14,881) | |
| Add: Net income attributable to noncontrolling interest | 721) | 759) | (388) | 267) | 196) | 320) | |
| Add: Income tax expense | 6,152) | 5,578) | 5,724) | 4,756) | 6,858) | 4,915) | |
| Add: Interest expense, debt and finance lease | 2,728) | 2,683) | 2,128) | 1,994) | 2,315) | 2,599) | |
| Earnings before interest and tax (EBIT) | 29,037) | 24,531) | 19,144) | 20,690) | 22,879) | 22,715) | |
| Solvency Ratio | |||||||
| Interest coverage1 | 10.64 | 9.14 | 9.00 | 10.38 | 9.88 | 8.74 | |
| Benchmarks | |||||||
| Interest Coverage, Competitors2 | |||||||
| Costco Wholesale Corp. | — | 58.63 | 54.04 | 50.62 | 40.06 | 34.54 | |
| Target Corp. | 13.80 | 11.55 | 8.15 | 22.16 | 6.68 | 9.78 | |
| Interest Coverage, Sector | |||||||
| Consumer Staples Distribution & Retail | — | 12.00 | 11.46 | 14.77 | 10.47 | 10.17 | |
| Interest Coverage, Industry | |||||||
| Consumer Staples | — | 10.92 | 11.37 | 15.69 | 11.46 | 11.62 | |
Based on: 10-K (reporting date: 2025-01-31), 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).
1 2025 Calculation
Interest coverage = EBIT ÷ Interest expense
= 29,037 ÷ 2,728 = 10.64
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | Walmart Inc. interest coverage ratio improved from 2023 to 2024 and from 2024 to 2025. |
Fixed Charge Coverage
Walmart Inc., fixed charge coverage calculation, comparison to benchmarks
| Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Consolidated net income attributable to Walmart | 19,436) | 15,511) | 11,680) | 13,673) | 13,510) | 14,881) | |
| Add: Net income attributable to noncontrolling interest | 721) | 759) | (388) | 267) | 196) | 320) | |
| Add: Income tax expense | 6,152) | 5,578) | 5,724) | 4,756) | 6,858) | 4,915) | |
| Add: Interest expense, debt and finance lease | 2,728) | 2,683) | 2,128) | 1,994) | 2,315) | 2,599) | |
| Earnings before interest and tax (EBIT) | 29,037) | 24,531) | 19,144) | 20,690) | 22,879) | 22,715) | |
| Add: Operating lease cost | 2,347) | 2,277) | 2,306) | 2,274) | 2,626) | 2,670) | |
| Earnings before fixed charges and tax | 31,384) | 26,808) | 21,450) | 22,964) | 25,505) | 25,385) | |
| Interest expense, debt and finance lease | 2,728) | 2,683) | 2,128) | 1,994) | 2,315) | 2,599) | |
| Operating lease cost | 2,347) | 2,277) | 2,306) | 2,274) | 2,626) | 2,670) | |
| Fixed charges | 5,075) | 4,960) | 4,434) | 4,268) | 4,941) | 5,269) | |
| Solvency Ratio | |||||||
| Fixed charge coverage1 | 6.18 | 5.40 | 4.84 | 5.38 | 5.16 | 4.82 | |
| Benchmarks | |||||||
| Fixed Charge Coverage, Competitors2 | |||||||
| Costco Wholesale Corp. | — | 22.50 | 19.10 | 18.23 | 15.30 | 14.03 | |
| Target Corp. | 6.00 | 6.04 | 4.62 | 12.02 | 5.24 | 6.48 | |
| Fixed Charge Coverage, Sector | |||||||
| Consumer Staples Distribution & Retail | — | 6.71 | 5.95 | 7.41 | 5.88 | 5.60 | |
| Fixed Charge Coverage, Industry | |||||||
| Consumer Staples | — | 7.34 | 7.38 | 9.06 | 7.46 | 7.19 | |
Based on: 10-K (reporting date: 2025-01-31), 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).
1 2025 Calculation
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= 31,384 ÷ 5,075 = 6.18
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Fixed charge coverage ratio | A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. | Walmart Inc. fixed charge coverage ratio improved from 2023 to 2024 and from 2024 to 2025. |