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: 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).
| 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 2023 to 2024 and from 2024 to 2025. |
| 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) deteriorated from 2023 to 2024 and from 2024 to 2025. |
| Total asset turnover | An activity ratio calculated as total revenue divided by total assets. | Walmart Inc. total asset turnover ratio improved from 2023 to 2024 and from 2024 to 2025. |
| Equity turnover | An activity ratio calculated as total revenue divided by shareholders’ equity. | Walmart Inc. equity turnover ratio deteriorated from 2023 to 2024 and from 2024 to 2025. |
Net Fixed Asset Turnover
Walmart Inc., net fixed asset turnover 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) | |||||||
| Net sales | 674,538) | 642,637) | 605,881) | 567,762) | 555,233) | 519,926) | |
| Property and equipment, including finance lease right-of-use assets, net | 126,105) | 116,665) | 105,679) | 98,866) | 96,206) | 109,625) | |
| Long-term Activity Ratio | |||||||
| Net fixed asset turnover1 | 5.35 | 5.51 | 5.73 | 5.74 | 5.77 | 4.74 | |
| Benchmarks | |||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||
| Costco Wholesale Corp. | — | 8.19 | 8.49 | 8.48 | 7.84 | 7.29 | |
| Target Corp. | 3.23 | 3.25 | 3.46 | 3.76 | 3.48 | 2.97 | |
| Net Fixed Asset Turnover, Sector | |||||||
| Consumer Staples Distribution & Retail | — | 5.55 | 5.77 | 5.85 | 5.70 | 4.81 | |
| Net Fixed Asset Turnover, Industry | |||||||
| Consumer Staples | — | 5.04 | 5.17 | 5.21 | 5.06 | 4.37 | |
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
Net fixed asset turnover = Net sales ÷ Property and equipment, including finance lease right-of-use assets, net
= 674,538 ÷ 126,105 = 5.35
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 2023 to 2024 and from 2024 to 2025. |
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, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Net sales | 674,538) | 642,637) | 605,881) | 567,762) | 555,233) | 519,926) | |
| Property and equipment, including finance lease right-of-use assets, net | 126,105) | 116,665) | 105,679) | 98,866) | 96,206) | 109,625) | |
| Operating lease right-of-use assets | 13,599) | 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) | 139,704) | 130,338) | 119,234) | 112,624) | 109,848) | 127,049) | |
| Long-term Activity Ratio | |||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 4.83 | 4.93 | 5.08 | 5.04 | 5.05 | 4.09 | |
| 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 | |
| Target Corp. | 2.90 | 2.95 | 3.19 | 3.45 | 3.21 | 2.74 | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector | |||||||
| Consumer Staples Distribution & Retail | — | 5.00 | 5.17 | 5.20 | 5.06 | 4.21 | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry | |||||||
| Consumer Staples | — | 4.57 | 4.68 | 4.69 | 4.55 | 3.90 | |
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
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)
= 674,538 ÷ 139,704 = 4.83
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) deteriorated from 2023 to 2024 and from 2024 to 2025. |
Total Asset Turnover
Walmart Inc., total asset turnover 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) | |||||||
| Net sales | 674,538) | 642,637) | 605,881) | 567,762) | 555,233) | 519,926) | |
| Total assets | 260,823) | 252,399) | 243,197) | 244,860) | 252,496) | 236,495) | |
| Long-term Activity Ratio | |||||||
| Total asset turnover1 | 2.59 | 2.55 | 2.49 | 2.32 | 2.20 | 2.20 | |
| Benchmarks | |||||||
| Total Asset Turnover, Competitors2 | |||||||
| Costco Wholesale Corp. | — | 3.57 | 3.45 | 3.47 | 3.24 | 2.94 | |
| Target Corp. | 1.84 | 1.94 | 2.05 | 1.97 | 1.83 | 1.83 | |
| Total Asset Turnover, Sector | |||||||
| Consumer Staples Distribution & Retail | — | 2.65 | 2.61 | 2.47 | 2.32 | 2.27 | |
| Total Asset Turnover, Industry | |||||||
| Consumer Staples | — | 1.56 | 1.51 | 1.47 | 1.41 | 1.32 | |
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
Total asset turnover = Net sales ÷ Total assets
= 674,538 ÷ 260,823 = 2.59
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 2023 to 2024 and from 2024 to 2025. |
Equity Turnover
Walmart Inc., equity turnover 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) | |||||||
| Net sales | 674,538) | 642,637) | 605,881) | 567,762) | 555,233) | 519,926) | |
| Total Walmart shareholders’ equity | 91,013) | 83,861) | 76,693) | 83,253) | 80,925) | 74,669) | |
| Long-term Activity Ratio | |||||||
| Equity turnover1 | 7.41 | 7.66 | 7.90 | 6.82 | 6.86 | 6.96 | |
| Benchmarks | |||||||
| Equity Turnover, Competitors2 | |||||||
| Costco Wholesale Corp. | — | 10.57 | 9.49 | 10.79 | 10.93 | 8.93 | |
| Target Corp. | 7.27 | 8.00 | 9.72 | 8.26 | 6.48 | 6.60 | |
| Equity Turnover, Sector | |||||||
| Consumer Staples Distribution & Retail | — | 8.27 | 8.43 | 7.68 | 7.45 | 7.26 | |
| Equity Turnover, Industry | |||||||
| Consumer Staples | — | 5.66 | 5.62 | 5.26 | 5.06 | 4.98 | |
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
Equity turnover = Net sales ÷ Total Walmart shareholders’ equity
= 674,538 ÷ 91,013 = 7.41
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 deteriorated from 2023 to 2024 and from 2024 to 2025. |