Stock Analysis on Net

Walmart Inc. (NYSE:WMT)

Analysis of Short-term (Operating) Activity Ratios

Microsoft Excel

Short-term Activity Ratios (Summary)

Walmart Inc., short-term (operating) activity ratios

Microsoft Excel
Jan 31, 2025 Jan 31, 2024 Jan 31, 2023 Jan 31, 2022 Jan 31, 2021 Jan 31, 2020
Turnover Ratios
Inventory turnover 9.07 8.93 8.20 7.59 9.35 8.88
Receivables turnover 67.62 73.06 76.37 68.57 85.21 82.74
Payables turnover 8.72 8.63 8.63 7.76 8.55 8.40
Working capital turnover
Average No. Days
Average inventory processing period 40 41 45 48 39 41
Add: Average receivable collection period 5 5 5 5 4 4
Operating cycle 45 46 50 53 43 45
Less: Average payables payment period 42 42 42 47 43 43
Cash conversion cycle 3 4 8 6 0 2

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).

Short-term activity ratio Description The company
Inventory turnover An activity ratio calculated as cost of goods sold divided by inventory. Walmart Inc. inventory turnover ratio improved from 2023 to 2024 and from 2024 to 2025.
Receivables turnover An activity ratio equal to revenue divided by receivables. Walmart Inc. receivables turnover ratio deteriorated from 2023 to 2024 and from 2024 to 2025.
Payables turnover An activity ratio calculated as cost of goods sold divided by payables. Walmart Inc. payables turnover ratio decreased from 2023 to 2024 but then increased from 2024 to 2025 exceeding 2023 level.

Short-term activity ratio Description The company
Average inventory processing period An activity ratio equal to the number of days in the period divided by inventory turnover over the period. Walmart Inc. number of days of inventory outstanding improved from 2023 to 2024 and from 2024 to 2025.
Average receivable collection period An activity ratio equal to the number of days in the period divided by receivables turnover.
Operating cycle Equal to average inventory processing period plus average receivables collection period. Walmart Inc. operating cycle improved from 2023 to 2024 and from 2024 to 2025.
Average payables payment period An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period.
Cash conversion cycle A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period. Walmart Inc. cash conversion cycle improved from 2023 to 2024 and from 2024 to 2025.

Inventory Turnover

Walmart Inc., inventory turnover calculation, comparison to benchmarks

Microsoft Excel
Jan 31, 2025 Jan 31, 2024 Jan 31, 2023 Jan 31, 2022 Jan 31, 2021 Jan 31, 2020
Selected Financial Data (US$ in millions)
Cost of sales 511,753 490,142 463,721 429,000 420,315 394,605
Inventories 56,435 54,892 56,576 56,511 44,949 44,435
Short-term Activity Ratio
Inventory turnover1 9.07 8.93 8.20 7.59 9.35 8.88
Benchmarks
Inventory Turnover, Competitors2
Costco Wholesale Corp. 11.92 12.77 11.13 12.01 11.84
Target Corp. 6.00 6.55 6.10 5.39 6.21 6.10
Inventory Turnover, Sector
Consumer Staples Distribution & Retail 9.25 8.75 7.96 9.41 9.05
Inventory Turnover, Industry
Consumer Staples 8.01 7.60 7.08 8.15 7.71

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
Inventory turnover = Cost of sales ÷ Inventories
= 511,753 ÷ 56,435 = 9.07

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Inventory turnover An activity ratio calculated as cost of goods sold divided by inventory. Walmart Inc. inventory turnover ratio improved from 2023 to 2024 and from 2024 to 2025.

Receivables Turnover

Walmart Inc., receivables turnover calculation, comparison to benchmarks

Microsoft Excel
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
Receivables, net 9,975 8,796 7,933 8,280 6,516 6,284
Short-term Activity Ratio
Receivables turnover1 67.62 73.06 76.37 68.57 85.21 82.74
Benchmarks
Receivables Turnover, Competitors2
Costco Wholesale Corp. 91.74 104.03 99.39 106.52 105.30
Target Corp. 106.78 120.55 93.34 126.95 148.27 156.85
Receivables Turnover, Sector
Consumer Staples Distribution & Retail 80.57 83.67 78.94 93.95 91.37
Receivables Turnover, Industry
Consumer Staples 32.35 32.56 31.53 34.96 33.86

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
Receivables turnover = Net sales ÷ Receivables, net
= 674,538 ÷ 9,975 = 67.62

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Receivables turnover An activity ratio equal to revenue divided by receivables. Walmart Inc. receivables turnover ratio deteriorated from 2023 to 2024 and from 2024 to 2025.

Payables Turnover

Walmart Inc., payables turnover calculation, comparison to benchmarks

Microsoft Excel
Jan 31, 2025 Jan 31, 2024 Jan 31, 2023 Jan 31, 2022 Jan 31, 2021 Jan 31, 2020
Selected Financial Data (US$ in millions)
Cost of sales 511,753 490,142 463,721 429,000 420,315 394,605
Accounts payable 58,666 56,812 53,742 55,261 49,141 46,973
Short-term Activity Ratio
Payables turnover1 8.72 8.63 8.63 7.76 8.55 8.40
Benchmarks
Payables Turnover, Competitors2
Costco Wholesale Corp. 11.45 12.16 11.17 10.49 10.23
Target Corp. 5.86 6.43 6.10 4.84 5.15 5.53
Payables Turnover, Sector
Consumer Staples Distribution & Retail 8.95 8.96 7.94 8.40 8.36
Payables Turnover, Industry
Consumer Staples 6.94 6.95 6.37 6.65 6.70

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
Payables turnover = Cost of sales ÷ Accounts payable
= 511,753 ÷ 58,666 = 8.72

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Payables turnover An activity ratio calculated as cost of goods sold divided by payables. Walmart Inc. payables turnover ratio decreased from 2023 to 2024 but then increased from 2024 to 2025 exceeding 2023 level.

Working Capital Turnover

Walmart Inc., working capital turnover calculation, comparison to benchmarks

Microsoft Excel
Jan 31, 2025 Jan 31, 2024 Jan 31, 2023 Jan 31, 2022 Jan 31, 2021 Jan 31, 2020
Selected Financial Data (US$ in millions)
Current assets 79,458 76,877 75,655 81,070 90,067 61,806
Less: Current liabilities 96,584 92,415 92,198 87,379 92,645 77,790
Working capital (17,126) (15,538) (16,543) (6,309) (2,578) (15,984)
 
Net sales 674,538 642,637 605,881 567,762 555,233 519,926
Short-term Activity Ratio
Working capital turnover1
Benchmarks
Working Capital Turnover, Competitors2
Costco Wholesale Corp. 103.53 319.10 3,000.81 49.82
Target Corp. 148.27
Working Capital Turnover, Sector
Consumer Staples Distribution & Retail
Working Capital Turnover, Industry
Consumer Staples

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
Working capital turnover = Net sales ÷ Working capital
= 674,538 ÷ -17,126 =

2 Click competitor name to see calculations.


Average Inventory Processing Period

Walmart Inc., average inventory processing period calculation, comparison to benchmarks

Microsoft Excel
Jan 31, 2025 Jan 31, 2024 Jan 31, 2023 Jan 31, 2022 Jan 31, 2021 Jan 31, 2020
Selected Financial Data
Inventory turnover 9.07 8.93 8.20 7.59 9.35 8.88
Short-term Activity Ratio (no. days)
Average inventory processing period1 40 41 45 48 39 41
Benchmarks (no. days)
Average Inventory Processing Period, Competitors2
Costco Wholesale Corp. 31 29 33 30 31
Target Corp. 61 56 60 68 59 60
Average Inventory Processing Period, Sector
Consumer Staples Distribution & Retail 39 42 46 39 40
Average Inventory Processing Period, Industry
Consumer Staples 46 48 52 45 47

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
Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ 9.07 = 40

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Average inventory processing period An activity ratio equal to the number of days in the period divided by inventory turnover over the period. Walmart Inc. number of days of inventory outstanding improved from 2023 to 2024 and from 2024 to 2025.

Average Receivable Collection Period

Walmart Inc., average receivable collection period calculation, comparison to benchmarks

Microsoft Excel
Jan 31, 2025 Jan 31, 2024 Jan 31, 2023 Jan 31, 2022 Jan 31, 2021 Jan 31, 2020
Selected Financial Data
Receivables turnover 67.62 73.06 76.37 68.57 85.21 82.74
Short-term Activity Ratio (no. days)
Average receivable collection period1 5 5 5 5 4 4
Benchmarks (no. days)
Average Receivable Collection Period, Competitors2
Costco Wholesale Corp. 4 4 4 3 3
Target Corp. 3 3 4 3 2 2
Average Receivable Collection Period, Sector
Consumer Staples Distribution & Retail 5 4 5 4 4
Average Receivable Collection Period, Industry
Consumer Staples 11 11 12 10 11

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
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ 67.62 = 5

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Average receivable collection period An activity ratio equal to the number of days in the period divided by receivables turnover.

Operating Cycle

Walmart Inc., operating cycle calculation, comparison to benchmarks

No. days

Microsoft Excel
Jan 31, 2025 Jan 31, 2024 Jan 31, 2023 Jan 31, 2022 Jan 31, 2021 Jan 31, 2020
Selected Financial Data
Average inventory processing period 40 41 45 48 39 41
Average receivable collection period 5 5 5 5 4 4
Short-term Activity Ratio
Operating cycle1 45 46 50 53 43 45
Benchmarks
Operating Cycle, Competitors2
Costco Wholesale Corp. 35 33 37 33 34
Target Corp. 64 59 64 71 61 62
Operating Cycle, Sector
Consumer Staples Distribution & Retail 44 46 51 43 44
Operating Cycle, Industry
Consumer Staples 57 59 64 55 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
Operating cycle = Average inventory processing period + Average receivable collection period
= 40 + 5 = 45

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Operating cycle Equal to average inventory processing period plus average receivables collection period. Walmart Inc. operating cycle improved from 2023 to 2024 and from 2024 to 2025.

Average Payables Payment Period

Walmart Inc., average payables payment period calculation, comparison to benchmarks

Microsoft Excel
Jan 31, 2025 Jan 31, 2024 Jan 31, 2023 Jan 31, 2022 Jan 31, 2021 Jan 31, 2020
Selected Financial Data
Payables turnover 8.72 8.63 8.63 7.76 8.55 8.40
Short-term Activity Ratio (no. days)
Average payables payment period1 42 42 42 47 43 43
Benchmarks (no. days)
Average Payables Payment Period, Competitors2
Costco Wholesale Corp. 32 30 33 35 36
Target Corp. 62 57 60 75 71 66
Average Payables Payment Period, Sector
Consumer Staples Distribution & Retail 41 41 46 43 44
Average Payables Payment Period, Industry
Consumer Staples 53 52 57 55 54

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
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ 8.72 = 42

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Average payables payment period An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period.

Cash Conversion Cycle

Walmart Inc., cash conversion cycle calculation, comparison to benchmarks

No. days

Microsoft Excel
Jan 31, 2025 Jan 31, 2024 Jan 31, 2023 Jan 31, 2022 Jan 31, 2021 Jan 31, 2020
Selected Financial Data
Average inventory processing period 40 41 45 48 39 41
Average receivable collection period 5 5 5 5 4 4
Average payables payment period 42 42 42 47 43 43
Short-term Activity Ratio
Cash conversion cycle1 3 4 8 6 0 2
Benchmarks
Cash Conversion Cycle, Competitors2
Costco Wholesale Corp. 3 3 4 -2 -2
Target Corp. 2 2 4 -4 -10 -4
Cash Conversion Cycle, Sector
Consumer Staples Distribution & Retail 3 5 5 0 0
Cash Conversion Cycle, Industry
Consumer Staples 4 7 7 0 4

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
Cash conversion cycle = Average inventory processing period + Average receivable collection period – Average payables payment period
= 40 + 542 = 3

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Cash conversion cycle A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period. Walmart Inc. cash conversion cycle improved from 2023 to 2024 and from 2024 to 2025.