Particular Formulae Ratios

2019 2018
Short term solvency ratios
Current ratio Current asset/current liability 0.80 0.76
Quick ratio Quick asset/current liability 0.23 0.20
Absolute liquid ratio Abssolute liquid asset/current liabilities 0.10 0.09

Long term solvency ratio

Debt to equity ratio Long term debt/Net worth 0.78 0.56
Leverage ratio Long term debt/(long term debt+Net worth) 0.28 0.22
Interest coverage ratio EBIT/Interest 10.31 9.38
Fixed asset to net woth ratio Total fixed asset / Net worth 0.72 0.71
Current asset to net worth ratio Total current asset/ Net worth 0.28 0.29

Turnover ratio
Trade receivables turnover ratio Credit sales / Average accounts receivable 85.79 86.60
Average collection period (Average trade receivables/credit sales)*365 4.25 4.21
Trade payable turnove ratio Credit purchase/Average trade payables 8.27 8.53
Average payment period (Average trade payables/credit purchase)*365 44.12 42.78
Inventory turover ratio Cost of good sold/Average inventory 8.75 8.60
Inventory holding period (Average inventory / COGS)*365 41.71 42.44
Total Asset turnover ratio Net sales/Avg Total asset 2.41 2.46
Fixed asset turnover ratio Net sales/Avg Fixed asset 3.38 3.47
Net Worth turnover ratio PAT/net worth 0.03 0.05
Inventory holding period + average collection
cash conversion cycle period -average payment period 1.84 3.87

Profitability ratio
Gross profit ratio (Gross profit/Net sales)*100 24.50% 24.68%
Operating profit ratio (Operating profit / Net sales)*100 4.30% 4.12%
Net profit ratio (Net profit / Net sales)*100 1.41% 2.12%
Return on total asset (EBIT/Average total asset)*100 10.36% 10.13%
Return on net worth (Net profit / Average Net worth) *100 3.39% 5.22%

Other ratio
Net profit/Weighted Avg no of equity shares
Basic EPS outstanding 2.45 3.51
Net profit/Weighted Avg no of equity shares
Diluted EPS outstanding(with conversion) 2.44 3.50
 Ratios
2017 2016 2015 2014

0.86 0.93 0.97 0.88

0.22 0.24 0.28 0.24
0.10 0.13 0.14 0.10

0.64 0.61 0.61 0.65

0.26 0.26 0.26 0.26
10.04 9.77 11.56 12.13
0.71 0.70 0.69 0.70
0.29 0.30 0.31 0.30

84.01 77.18 71.68 70.85

4.34 4.73 5.09 5.15
9.04 9.39 9.63 9.57
40.37 38.88 37.90 38.14
8.26 8.06 8.11 7.98
44.21 45.30 44.99 45.73
2.42 2.37 2.36 2.31
3.43 3.42 3.40 3.30
0.07 0.08 0.08 0.08

8.18 11.16 12.18 12.74

24.94% 24.58% 24.29% 24.31%

4.73% 5.04% 5.63% 5.68%
2.97% 3.15% 3.55% 3.53%
11.43% 11.95% 13.29% 13.12%
7.18% 7.48% 8.37% 8.15%

4.61 4.70 5.29

4.59 4.69 5.27

Walmart Inc.
Consolidated Balance Sheet
US$ in millions
Jan 31, 2019
Cash and cash equivalents 7,722
Receivables, net 6,283
Inventories 44,269
Prepaid expenses and other 3,623
Current assets of discontinued operations —
Current assets 61,897
Property and equipment, net 104,317
Property under capital lease and financing obligations, net 7,078
Property and equipment, including property under capital lease
and financing obligations, net 111,395
Goodwill 31,181
Other long-term assets 14,822
Long-term assets 157,398
Total assets 219,295
Liabilities and Equity
Short-term borrowings 5,225
Accounts payable 47,060
Accrued wages and benefits 6,504
Self-insurance 3,979
Accrued non-income taxes 2,979
Deferred gift card revenue 1,932
Other 6,765
Accrued liabilities 22,159
Accrued income taxes 428
Long-term debt due within one year 1,876
Capital lease and financing obligations due within one year 729
Current liabilities of discontinued operations —
Current liabilities 77,477
Long-term debt, excluding due within one year 43,520
Long-term capital lease and financing obligations, excluding due within
one year 6,683
Deferred income taxes and other 11,981
Long-term liabilities 62,184
Total liabilities 139,661
Redeemable noncontrolling interest —
Common stock 288
Capital in excess of par value 2,965
Retained earnings 80,785
Accumulated other comprehensive loss (11,542)
Total Walmart shareholders’ equity 72,496
 Nonredeemable noncontrolling interest 7,138
Total equity 79,634
Total liabilities, redeemable noncontrolling interest, and equity 219,295
Jan 31, 2018 Jan 31, 2017 Jan 31, 2016 Jan 31, 2015 Jan 31, 2014
6,756 6,867 8,705 9,135 7,281
5,614 5,835 5,624 6,778 6,677
43,783 43,046 44,469 45,141 44,858
3,511 1,941 1,441 2,224 1,909
— — — — 460
59,664 57,689 60,239 63,278 61,185
107,675 107,710 110,171 114,280 115,364
7,143 6,468 6,345 2,375 2,543

114,818 114,178 116,516 116,655 117,907

18,242 17,037 16,695 18,102 19,510
11,798 9,921 6,131 5,671 6,149
144,858 141,136 139,342 140,428 143,566
204,522 198,825 199,581 203,706 204,751

5,257 1,099 2,708 1,592 7,670

46,092 41,433 38,487 38,410 37,415
6,998 6,105 5,814 4,954 4,652
3,737 3,922 3,414 3,306 3,477
3,073 2,816 2,544 2,592 2,554
2,017 1,856 — — —
6,297 5,955 7,835 8,300 8,110
22,122 20,654 19,607 19,152 18,793
645 921 521 1,021 966
3,738 2,256 2,745 4,810 4,103
667 565 551 287 309
— — — — 89
78,521 66,928 64,619 65,272 69,345
30,045 36,015 38,214 41,086 41,771

6,780 6,003 5,816 2,606 2,788

8,354 9,344 7,321 8,805 8,017
45,179 51,362 51,351 52,497 52,576
123,700 118,290 115,970 117,769 121,921
— — — — 1,491
295 305 317 323 323
2,648 2,371 1,805 2,462 2,362
85,107 89,354 90,021 85,777 76,566
(10,181) (14,232) (11,597) (7,168) (2,996)
77,869 77,798 80,546 81,394 76,255
 2,953 2,737 3,065 4,543 5,084
80,822 80,535 83,611 85,937 81,339
204,522 198,825 199,581 203,706 204,751
Walmart Inc.
Consolidated Income Statement
US$ in millions
12 months ended Jan 31, 2019
Net sales 510,329
Cost of sales (385,301)
Gross profit 125,028
Membership and other income 4,076
Operating, selling, general and administrative expenses (107,147)
Operating income 21,957
Interest expense, debt, capital lease and financing obligations (2,346)
Interest income 217
Interest, net (2,129)
Loss on extinguishment of debt —
Other gains and (losses) (8,368)
Income from continuing operations before income taxes 11,460
Provision for income taxes (4,281)
Income from continuing operations 7,179
Income from discontinued operations, net of income taxes —
Consolidated net income 7,179
Consolidated net income attributable to noncontrolling interest (509)
Consolidated net income attributable to Walmart 6,670
Jan 31, 2018 Jan 31, 2017 Jan 31, 2016 Jan 31, 2015 Jan 31, 2014
495,761 481,317 478,614 482,229 473,076
(373,396) (361,256) (360,984) (365,086) (358,069)
122,365 120,061 117,630 117,143 115,007
4,582 4,556 3,516 3,422 3,218
(106,510) (101,853) (97,041) (93,418) (91,353)
20,437 22,764 24,105 27,147 26,872
(2,330) (2,367) (2,548) (2,461) (2,335)
152 100 81 113 119
(2,178) (2,267) (2,467) (2,348) (2,216)
(3,136) — — — —
— — — — —
15,123 20,497 21,638 24,799 24,656
(4,600) (6,204) (6,558) (7,985) (8,105)
10,523 14,293 15,080 16,814 16,551
— — — 285 144
10,523 14,293 15,080 17,099 16,695
(661) (650) (386) (736) (673)
9,862 13,643 14,694 16,363 16,022
Walmart Inc.
Consolidated Cash Flow Statement
US$ in millions
12 months ended Jan 31, 2019
Consolidated net income 7,179
Income from discontinued operations, net of income taxes —
Income from continuing operations 7,179
Depreciation and amortization 10,678
Unrealized (gains) and losses 3,516
(Gains) and losses for disposal of business operations 4,850
Deferred income taxes (499)
Loss on extinguishment of debt —
Other operating activities 1,734
Receivables, net (368)
Inventories (1,311)
Accounts payable 1,831
Accrued liabilities 183
Accrued income taxes (40)
Changes in certain assets and liabilities, net of effects of
acquisitions 295
Adjustments to reconcile income from continuing operations to
net cash provided by operating activities 20,574
Net cash provided by operating activities 27,753
Payments for property and equipment (10,344)
Proceeds from the disposal of property and equipment 519
Proceeds from the disposal of certain operations 876
Purchase of available for sale securities —
Payments for business acquisitions, net of cash acquired (14,656)
Other investing activities (431)
Net cash used in investing activities (24,036)
Net change in short-term borrowings (53)
Proceeds from issuance of long-term debt 15,872
Repayments of long-term debt (3,784)
Premiums paid to extinguish debt —
Dividends paid (6,102)
Purchase of Company stock (7,410)
Dividends paid to noncontrolling interest (431)
Purchase of noncontrolling interest —
Other financing activities (629)
Net cash used in financing activities (2,537)

Effect of exchange rates on cash, cash equivalents and restricted cash (438)

Net increase (decrease) in cash, cash equivalents and restricted cash 742
Cash, cash equivalents and restricted cash at beginning of year 7,014
Cash, cash equivalents and restricted cash at end of period 7,756
Jan 31, 2018 Jan 31, 2017 Jan 31, 2016 Jan 31, 2015 Jan 31, 2014
10,523 14,293 15,080 17,099 16,695
— — — (285) (144)
10,523 14,293 15,080 16,814 16,551
10,529 10,080 9,454 9,173 8,870
— — — — —
— — — — —
(304) 761 (672) (503) (279)
3,136 — — — —
1,210 206 1,410 785 938
(1,074) (402) (19) (569) (566)
(140) 1,021 (703) (1,229) (1,667)
4,086 3,942 2,008 2,678 531
928 1,137 1,303 1,249 103
(557) 492 (472) 166 (1,224)

3,243 6,190 2,117 2,295 (2,823)

17,814 17,237 12,309 11,750 6,706

28,337 31,530 27,389 28,564 23,257
(10,051) (10,619) (11,477) (12,174) (13,115)
378 456 635 570 727
1,046 662 246 671 —
— (1,901) — — —
(375) (2,463) — — (15)
(58) (122) (79) (192) 105
(9,060) (13,987) (10,675) (11,125) (12,298)
4,148 (1,673) 1,235 (6,288) 911
7,476 137 39 5,174 7,072
(13,061) (2,055) (4,432) (3,904) (4,968)
(3,059) — — — —
(6,124) (6,216) (6,294) (6,185) (6,139)
(8,296) (8,298) (4,112) (1,015) (6,683)
(690) (479) (719) (600) (426)
(8) (90) (1,326) (1,844) (296)
(261) (255) (513) (409) (488)
(19,875) (18,929) (16,122) (15,071) (11,017)

487 (452) (1,022) (514) (442)

(111) (1,838) (430) 1,854 (500)

6,867 8,705 9,135 7,281 7,781
6,756 6,867 8,705 9,135 7,281
in millions
Basic Shares Outstanding 2,929 2,995 3,101 3,207 3,230

Diluted Shares Outstanding 2,945 3,010 3,112 3,217 3,243