Analysis of Short-term (Operating) Activity Ratios
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
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Short-term Activity Ratios (Summary)
Walmart Inc., short-term (operating) 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).
| 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
| 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 | |||||||
| Inventories | |||||||
| Short-term Activity Ratio | |||||||
| Inventory turnover1 | |||||||
| Benchmarks | |||||||
| Inventory Turnover, Competitors2 | |||||||
| Costco Wholesale Corp. | |||||||
| Target Corp. | |||||||
| Inventory Turnover, Sector | |||||||
| Consumer Staples Distribution & Retail | |||||||
| Inventory 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
Inventory turnover = Cost of sales ÷ Inventories
= ÷ =
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
| 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 | |||||||
| Receivables, net | |||||||
| Short-term Activity Ratio | |||||||
| Receivables turnover1 | |||||||
| Benchmarks | |||||||
| Receivables Turnover, Competitors2 | |||||||
| Costco Wholesale Corp. | |||||||
| Target Corp. | |||||||
| Receivables Turnover, Sector | |||||||
| Consumer Staples Distribution & Retail | |||||||
| Receivables 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
Receivables turnover = Net sales ÷ Receivables, net
= ÷ =
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
| 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 | |||||||
| Accounts payable | |||||||
| Short-term Activity Ratio | |||||||
| Payables turnover1 | |||||||
| Benchmarks | |||||||
| Payables Turnover, Competitors2 | |||||||
| Costco Wholesale Corp. | |||||||
| Target Corp. | |||||||
| Payables Turnover, Sector | |||||||
| Consumer Staples Distribution & Retail | |||||||
| Payables 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
Payables turnover = Cost of sales ÷ Accounts payable
= ÷ =
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
| 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 | |||||||
| Less: Current liabilities | |||||||
| Working capital | |||||||
| Net sales | |||||||
| Short-term Activity Ratio | |||||||
| Working capital turnover1 | |||||||
| Benchmarks | |||||||
| Working Capital Turnover, Competitors2 | |||||||
| Costco Wholesale Corp. | |||||||
| Target Corp. | |||||||
| 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
= ÷ =
2 Click competitor name to see calculations.
Average Inventory Processing Period
Walmart Inc., average inventory processing period 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 | |||||||
| Inventory turnover | |||||||
| Short-term Activity Ratio (no. days) | |||||||
| Average inventory processing period1 | |||||||
| Benchmarks (no. days) | |||||||
| Average Inventory Processing Period, Competitors2 | |||||||
| Costco Wholesale Corp. | |||||||
| Target Corp. | |||||||
| Average Inventory Processing Period, Sector | |||||||
| Consumer Staples Distribution & Retail | |||||||
| Average Inventory Processing Period, 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
Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ =
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
| Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data | |||||||
| Receivables turnover | |||||||
| Short-term Activity Ratio (no. days) | |||||||
| Average receivable collection period1 | |||||||
| Benchmarks (no. days) | |||||||
| Average Receivable Collection Period, Competitors2 | |||||||
| Costco Wholesale Corp. | |||||||
| Target Corp. | |||||||
| Average Receivable Collection Period, Sector | |||||||
| Consumer Staples Distribution & Retail | |||||||
| Average Receivable Collection Period, 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
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ =
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
| 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 | |||||||
| Average receivable collection period | |||||||
| Short-term Activity Ratio | |||||||
| Operating cycle1 | |||||||
| Benchmarks | |||||||
| Operating Cycle, Competitors2 | |||||||
| Costco Wholesale Corp. | |||||||
| Target Corp. | |||||||
| Operating Cycle, Sector | |||||||
| Consumer Staples Distribution & Retail | |||||||
| Operating Cycle, 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
Operating cycle = Average inventory processing period + Average receivable collection period
= + =
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
| Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data | |||||||
| Payables turnover | |||||||
| Short-term Activity Ratio (no. days) | |||||||
| Average payables payment period1 | |||||||
| Benchmarks (no. days) | |||||||
| Average Payables Payment Period, Competitors2 | |||||||
| Costco Wholesale Corp. | |||||||
| Target Corp. | |||||||
| Average Payables Payment Period, Sector | |||||||
| Consumer Staples Distribution & Retail | |||||||
| Average Payables Payment Period, 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
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ =
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
| 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 | |||||||
| Average receivable collection period | |||||||
| Average payables payment period | |||||||
| Short-term Activity Ratio | |||||||
| Cash conversion cycle1 | |||||||
| Benchmarks | |||||||
| Cash Conversion Cycle, Competitors2 | |||||||
| Costco Wholesale Corp. | |||||||
| Target Corp. | |||||||
| Cash Conversion Cycle, Sector | |||||||
| Consumer Staples Distribution & Retail | |||||||
| Cash Conversion Cycle, 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
Cash conversion cycle = Average inventory processing period + Average receivable collection period – Average payables payment period
= + – =
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. |