Analysis of Long-term (Investment) Activity Ratios
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Long-term Activity Ratios (Summary)
Walmart Inc., long-term (investment) activity ratios
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).
| Long-term activity ratio | Description | The company |
|---|---|---|
| Net fixed asset turnover | An activity ratio calculated as total revenue divided by net fixed assets. | Walmart Inc. net fixed asset turnover ratio deteriorated from 2022 to 2023 and from 2023 to 2024. |
| Net fixed asset turnover (including operating lease, right-of-use asset) | An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset). | Walmart Inc. net fixed asset turnover ratio (with operating lease, right-of-use asset) improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024. |
| Total asset turnover | An activity ratio calculated as total revenue divided by total assets. | Walmart Inc. total asset turnover ratio improved from 2022 to 2023 and from 2023 to 2024. |
| Equity turnover | An activity ratio calculated as total revenue divided by shareholders’ equity. | Walmart Inc. equity turnover ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024. |
Net Fixed Asset Turnover
Walmart Inc., net fixed asset turnover calculation, comparison to benchmarks
| Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | Jan 31, 2019 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Net sales | 642,637) | 605,881) | 567,762) | 555,233) | 519,926) | 510,329) | |
| Property and equipment, including finance lease right-of-use assets, net | 116,665) | 105,679) | 98,866) | 96,206) | 109,625) | 111,395) | |
| Long-term Activity Ratio | |||||||
| Net fixed asset turnover1 | 5.51 | 5.73 | 5.74 | 5.77 | 4.74 | 4.58 | |
| Benchmarks | |||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||
| Costco Wholesale Corp. | 8.19 | 8.49 | 8.48 | 7.84 | 7.29 | 7.03 | |
| Dollar General Corp. | 6.36 | 7.23 | 7.87 | 8.65 | 8.47 | 8.63 | |
| Target Corp. | 3.20 | 3.41 | 3.71 | 3.44 | 2.93 | 2.92 | |
| Net Fixed Asset Turnover, Sector | |||||||
| Consumer Staples Distribution & Retail | — | 5.80 | 5.89 | 5.77 | 4.88 | 4.71 | |
| Net Fixed Asset Turnover, Industry | |||||||
| Consumer Staples | — | 5.33 | 5.40 | 5.28 | 4.57 | 4.46 | |
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).
1 2024 Calculation
Net fixed asset turnover = Net sales ÷ Property and equipment, including finance lease right-of-use assets, net
= 642,637 ÷ 116,665 = 5.51
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Net fixed asset turnover | An activity ratio calculated as total revenue divided by net fixed assets. | Walmart Inc. net fixed asset turnover ratio deteriorated from 2022 to 2023 and from 2023 to 2024. |
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Walmart Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation, comparison to benchmarks
| Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | Jan 31, 2019 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Net sales | 642,637) | 605,881) | 567,762) | 555,233) | 519,926) | 510,329) | |
| Property and equipment, including finance lease right-of-use assets, net | 116,665) | 105,679) | 98,866) | 96,206) | 109,625) | 111,395) | |
| Operating lease right-of-use assets | 13,673) | 13,555) | 13,758) | 13,642) | 17,424) | —) | |
| Property and equipment, including finance lease right-of-use assets, net (including operating lease, right-of-use asset) | 130,338) | 119,234) | 112,624) | 109,848) | 127,049) | 111,395) | |
| Long-term Activity Ratio | |||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 4.93 | 5.08 | 5.04 | 5.05 | 4.09 | 4.58 | |
| Benchmarks | |||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | |||||||
| Costco Wholesale Corp. | 7.55 | 7.74 | 7.67 | 7.01 | 6.48 | 7.03 | |
| Dollar General Corp. | 2.25 | 2.38 | 2.37 | 2.52 | 2.30 | 8.63 | |
| Target Corp. | 2.90 | 3.15 | 3.40 | 3.17 | 2.70 | 2.71 | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector | |||||||
| Consumer Staples Distribution & Retail | — | 4.94 | 4.97 | 4.86 | 4.09 | 4.66 | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry | |||||||
| Consumer Staples | — | 4.64 | 4.68 | 4.57 | 3.93 | 4.35 | |
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).
1 2024 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset) = Net sales ÷ Property and equipment, including finance lease right-of-use assets, net (including operating lease, right-of-use asset)
= 642,637 ÷ 130,338 = 4.93
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Net fixed asset turnover (including operating lease, right-of-use asset) | An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset). | Walmart Inc. net fixed asset turnover ratio (with operating lease, right-of-use asset) improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024. |
Total Asset Turnover
Walmart Inc., total asset turnover calculation, comparison to benchmarks
| Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | Jan 31, 2019 | ||
|---|---|---|---|---|---|---|---|
| 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) | |
| Long-term Activity Ratio | |||||||
| Total asset turnover1 | 2.55 | 2.49 | 2.32 | 2.20 | 2.20 | 2.33 | |
| Benchmarks | |||||||
| Total Asset Turnover, Competitors2 | |||||||
| Costco Wholesale Corp. | 3.57 | 3.45 | 3.47 | 3.24 | 2.94 | 3.29 | |
| Dollar General Corp. | 1.26 | 1.30 | 1.30 | 1.30 | 1.22 | 1.94 | |
| Target Corp. | 1.91 | 2.02 | 1.94 | 1.80 | 1.80 | 1.80 | |
| Total Asset Turnover, Sector | |||||||
| Consumer Staples Distribution & Retail | — | 2.51 | 2.39 | 2.25 | 2.20 | 2.38 | |
| Total Asset Turnover, Industry | |||||||
| Consumer Staples | — | 1.55 | 1.51 | 1.45 | 1.35 | 1.43 | |
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).
1 2024 Calculation
Total asset turnover = Net sales ÷ Total assets
= 642,637 ÷ 252,399 = 2.55
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Total asset turnover | An activity ratio calculated as total revenue divided by total assets. | Walmart Inc. total asset turnover ratio improved from 2022 to 2023 and from 2023 to 2024. |
Equity Turnover
Walmart Inc., equity turnover calculation, comparison to benchmarks
| Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | Jan 31, 2019 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Net sales | 642,637) | 605,881) | 567,762) | 555,233) | 519,926) | 510,329) | |
| Total Walmart shareholders’ equity | 83,861) | 76,693) | 83,253) | 80,925) | 74,669) | 72,496) | |
| Long-term Activity Ratio | |||||||
| Equity turnover1 | 7.66 | 7.90 | 6.82 | 6.86 | 6.96 | 7.04 | |
| Benchmarks | |||||||
| Equity Turnover, Competitors2 | |||||||
| Costco Wholesale Corp. | 10.57 | 9.49 | 10.79 | 10.93 | 8.93 | 9.80 | |
| Dollar General Corp. | 5.73 | 6.83 | 5.46 | 5.07 | 4.14 | 3.99 | |
| Target Corp. | 7.88 | 9.58 | 8.16 | 6.40 | 6.52 | 6.59 | |
| Equity Turnover, Sector | |||||||
| Consumer Staples Distribution & Retail | — | 8.34 | 7.56 | 7.30 | 7.07 | 7.20 | |
| Equity Turnover, Industry | |||||||
| Consumer Staples | — | 6.50 | 6.04 | 5.82 | 5.62 | 5.45 | |
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).
1 2024 Calculation
Equity turnover = Net sales ÷ Total Walmart shareholders’ equity
= 642,637 ÷ 83,861 = 7.66
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Equity turnover | An activity ratio calculated as total revenue divided by shareholders’ equity. | Walmart Inc. equity turnover ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024. |