Consolidated Statement of Profi

Amazon
2022 2021 2020
Net product sales $242,901 $241,787 $215,915
Net service sales 271,082 228,035 170,149
Total net sales 513,983 469,822 386,064
Cost of sales 288,831 272,344 233,307
Fulfillment 84,299 75,111 58,517
Technology and content 73,213 56,052 42,740
Sales and marketing 42,238 32,551 22,008
General and administrative 11,891 8,823 6,668
Other operating expense (income), net 1,263 62 -75
Total operating expenses 501,735 444,943 363,165
Operating income 12,248 24,879 22,899
Interest income 989 448 555
Interest expense -2,367 -1,809 -1,647

Other income (expense), net -16,806 14,633 2,371

Income (loss) before income taxes -5,936 38,151 24,178
Benefit (provision) for income taxes 3,217 -4,791 -2,863
Equity-method investment activity, net of tax -3 4 16
Net income (loss) ($2,722) $33,364 $21,331
Basic earnings per share ($0.27) $3.30 $2.13
Diluted earnings per share ($0.27) $3.24 $2.09
Weighted-average shares used in computation of earnings per share:
Basic 10,189 10,117 10,005
Diluted 10,189 10,296 10,189
d Statement of Profit and Loss
Walmart
2022 2021 2020
Net sales $567,762 $555,233 $519,926
Membership and other income 4,992 3,918 4,038
Total revenues 572,754 559,151 523,964
Cost of sales 429,000 420,315 394,605
Operating, selling, general and administrative expenses 117,812 116,288 108,791

Operating income 25,942 22,548 20,568

Debt 1,674 1,976 2,262
Finance lease 320 339 337
Interest income -158 -121 -189
Interest, net 1,836 2,194 2,410
Loss on extinguishment of debt 2,410 — —
Other (gains) and losses 3,000 -210 -1,958
Income before income taxes 18,696 20,564 20,116
Provision for income taxes 4,756 6,858 4,915
Consolidated net income 13,940 13,706 15,201
Consolidated net income attributable to noncontrolling interest -267 -196 -320
Consolidated net income attributable to Walmart $13,673 $13,510 $14,881

Basic net income per common share attributable to Walmart $4.90 $4.77 $5.22
Diluted net income per common share attributable to Walmart 4.87 4.75 5.19
Weighted-average common shares outstanding:
Basic 2,792 2,831 2,850
Diluted 2,805 2,847 2,868

Dividends declared per common share $2.20 $2.16 $2.12

 Consolidates Statement of Financial Posi
Amazon
2022 2021 2020
Current assets:
Cash and cash equivalents $53,888 $36,220 42122
Marketable securities 16,138 59,829 42274
Inventories 34,405 32,640 23795
Accounts receivable, net and other 42,360 32,891 24542
Total current assets 146,791 161,580 132733
Property and equipment, net 186,715 160,281 113114
Operating leases 66,123 56,082 37553
Goodwill 20,288 15,371 15017
Other assets 42,758 27,235 22778
Total assets $462,675 $420,549 321195
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable $79,600 $78,664 72539
Accrued expenses and other 62,566 51,775 44138
Unearned revenue 13,227 11,827 9708
Total current liabilities 155,393 142,266 126385
Long-term lease liabilities 72,968 67,651 52573
Long-term debt 67,150 48,744 31816
Other long-term liabilities 21,121 23,643 17017
Total Non Current Liabilities 161,239 140,038 101,406

Stockholders’ equity:
Preferred stock ($0.01 par value; 500 shares authoriz — —
Common stock ($0.01 par value; 100,000 shares autho 108 106
Treasury stock, at cost -7,837 -1,837 -1837
Additional paid-in capital 75,066 55,437 42865
Accumulated other comprehensive income (loss) -4,487 -1,376 -180
Retained earnings 83,193 85,915 52551
Total stockholders’ equity 146,043 138,245 93404
Total liabilities and stockholders’ equity $462,675 $420,549 321195
See accompanying notes to consolidated financial statements.
nt of Financial Position
Walmart
2022 2021 2020
Current assets:
Cash and cash equivalents $14,760 $17,741 9465
Receivables, net 8,280 6,516 6284
Inventories 56,511 44,949 44435
Prepaid expenses and other 1,519 20,861 1622
Total current assets 81,070 90,067 61806

Property and equipment, net 94,515 92,201 105208

Operating lease right-of-use assets 13,758 13,642 17424
Finance lease right-of-use assets, net 4,351 4,005 4417
Goodwill 29,014 28,983 31073
Other long-term assets 22,152 23,598 16567
Total assets $244,860 $252,496 236495

LIABILITIES AND EQUITY

Current liabilities:
Short-term borrowings $410 $224 575
Accounts payable 55,261 49,141 46973
Accrued liabilities 26,060 37,966 22296
Accrued income taxes 851 242 280

Long-term debt due within one year 2,803 3,115 5326

Operating lease obligations due within one year 1,483 1,466 1793
Finance lease obligations due within one year 511 491 511
Total current liabilities 87,379 92,645 77790
Long-term debt 34,864 41,194 43714
Long-term operating lease obligations 13,009 12,909 16171
Long-term finance lease obligations 4,243 3,847 4307
Deferred income taxes and other 13,474 14,370 12961
Total non current liabilities 65,590 72,320 77,153
Commitments and contingencies

Equity:
Common stock 276 282 284
Capital in excess of par value 4,839 3,646 3247
Retained earnings 86,904 88,763 83943
Accumulated other comprehensive loss -8,766 -11,766 -12805
Total Walmart shareholders' equity 83,253 80,925 74669
Noncontrolling interest 8,638 6,606 6883
Total equity 91,891 87,531 81552
Total liabilities and equity $244,860 $252,496 236495
Proftiability Formulae
Asset Turnover Sales/Non current liability + Equity

Operating profit marging Operating profit/ Sales revenue

ROCE Asset Turnover x NPM

Liquidity

Current Ratio Current Asset/ Current liability

Working Capital Management

Inventory Days Inventory/ Cost Of Sales (only product) x 365

Receivable Days Trade Receivable/ Total Revenue x 365

Payable Days Trade Payable/ Cost Of Sales x 365

Cash Cycle Inventory + Receivable days - Payable days

Financial Risk
gearing ration Non current liabilities/ Capital employed (non current liability + equity)

Interest coverage Operating profit/ Net interest exp

Investors ratio

earning per share Net income/ Weighted averag number of shares

Dividend per share Ordinary dividend/ Number of shares in issue

Payable Days
180
160
140
120
100
80
60
40
20
140
120
100
80
60
40
20
0
1 2 3

Amazon Walmart

Cash Cycle
0
1 2 3
-10

-20

-30

-40

-50

-60

Amazon Walmart

Interest Cover
$50.00
$40.00
$30.00
$20.00
$10.00
$0.00
1 2 3
($10.00)
($20.00)
($30.00)

Amazon Walmart
 2022 2021 2020
Amazon 1.67267526 1.68828854 1.98174632
4.5
Walmart 3.84804122 3.64873895 3.45117308
Amazon -1% 7% 6% 4
Walmart 2% 2% 3% 3.5
Amazon -1% 12% 11% 3
Walmart 9% 9% 10% 2.5
2
1.5
1
Amazon 0.94464358 1.13575977 1.05022748 0.5
Walmart 0.9277973 0.97217335 0.79452372 0
1
Amazon 43 44 37
Walmart 48 39 41
Amazon 30 26 23
Walmart 5 4 4 Oper
Amazon 101 105 113 12%
Walmart 47 43 43
Amazon -27 -36 -53 10%

Walmart 6 1 2 8%

6%
Amazon 0.52472647 0.50322154 0.52053796
Walmart 0.41649469 0.45242132 0.48614095 4%
Amazon $1.15 ($18.44) ($12.95)
2%
Walmart 43.5625 40.4306785 45.1068249
0%
1
-2%
Amazon ($0.27) $3.30 $2.13
Walmart 4.99283668 4.8413988 5.33368421
Amazon 0 0 0
Walmart 2.2 2.16 2.12

25%

20%

15%

10%
Receivable Days
40 5%

35
0%
30 1

25 -5%

20
15
10
 35
0%
30 1

25 -5%

20
15
10
5
2.5
0
1 2 3
2
Amazon Walmart

1.5

Gearing Ratio 1
1.2
0.5
1
0
0.8 1

0.6

0.4

0.2

0
1 2 3 100
90
Amazon Walmart
80
70
60
Earning per Share 50
40
$9.00
30
$8.00
20
$7.00
10
$6.00 0
$5.00 1
$4.00
$3.00
$2.00
$1.00 2.5
$0.00
1 2 3
($1.00) 2

Amazon Walmart
1.5

0.5

0
1
0
1
 Asset Turnover

1 2 3

Amazon Walmart

Operating Profit Margin

1 2 3

Amazon Walmart

ROCE

1 2 3

Amazon Walmart
1 2 3

Amazon Walmart

Current Ratio

1 2 3

Amazon Walmart

Inventory Days

1 Amazon 2 Walmart 3

Dividend Per Share

1 2 3

Amazon Walmart
1 2 3

Amazon Walmart