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RATIO ANALYSIS OF WALMART

NATIONAL INSTITUTE OF FASHION TECHNOLOGY


MFM (2013-2015)
FINANCIAL MANAGEMENT

PROJECT
On
RATIO ANALYSIS OF

SUBMITTED BYAKANSHA GUPTA


(03)

FINANCIAL ACCOUNTING AND ANALYSIS

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RATIO ANALYSIS OF WALMART

TABLE OF CONTENT

Ch. No

Topic

Page
No

INTRODUCTION:

1.

BACKGROUND OF THE STUDY

2.

THEORITICAL FRAME WORK OF RATIOS

3.

RATIO ANALYSIS

4.

CONCLUSION AND RECOMMENDATION

24

REFERENCES

25

APPENDIXES

Balance sheet

Profit and loss A/c

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26

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CHAPTER-1 - INTRODUCTION
Back ground of the study
Wal-Mart is the largest retail store in the United States, and is larger than any other retail chain
in the world. Currently Wal-Mart operates over 4,150 retail facilities globally. Also, the
company is the dominant retail store in Canada, Mexico, and the United Kingdom. According to
the Fortune 500 index of the wealthiest and most powerful corporations in the world, Wal-Mart
holds the number one spot, ranked by its total sales. The company is ranked as the second most
admired company in the world by Fortune.
Wal-Mart provides general merchandise: family apparel, health & beauty aids, household needs,
electronics, toys, fabrics, crafts, lawn & garden, jewelry and shoes. Also, the company runs a
pharmacy department, Tire & Lube Express, and Photo processing center as well. When Sam
Walton created Wal-Mart in 1962, he declared that three policy goals would define his business:
respect for the individual, service to customers, and striving for excellence.
Wal-Mart's corporate management strategy involves selling high quality and brand name
products at the lowest price (Vance, 119). In order to keep low prices, the company reduces
costs by the use of advanced electronic technology and warehousing. It also negotiates deals for
merchandise directly from manufacturers, eliminating the middleman.
Wal-Mart's community outreach focuses on the goals of providing customer satisfaction,
involving itself with local community services, and providing scholarships. Its emphasis is on
children and environmental issues.
During the 1970s, the retail industry became highly competitive, but, at the same time the
economy became weak due to inflation. Sears was the leading retailer in the nation, during the
1970s, however, the recession of 1974-1975 and inflation affected Sears adversely.

Sears

targeted middle class families and expanded its overhead. Wal-Mart's strategy was to compete
with its rivals and lower overhead expenses. Compared with Sears, who consisted of more than
6,000 distribution centers, Wal-Mart had only 2,500 comparable units.
Today, Wal-Mart has 1,636 retail stores. There are 1,093 Wal-Mart Super centers, 502 Sam's
Clubs, 31 Wal-Mart Neighborhood stores and 1,183 international stores. Its core retail business
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can be divided into four retail divisions: Wal-Mart stores, super centers, Sam's Club warehouses
and neighborhood markets.

Wal-Mart stores and Super centers provide "one-stop family

shopping"; combining groceries and general merchandise departments.


nation's leading members-only warehouse club.

Sam's Club is the

Neighborhood Markets offer a convenient

shopping experience for customers who need groceries, pharmaceuticals and general
merchandise.

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THEORETICAL FRAME WORK OF RATIOS


Ratio Analysis is the calculation and comparison of main indicators - ratios which are derived from the
information given in a company's financial statements (which must be from similar points in time and
preferably audited financial statements and developed in the same manner). It involves methods of
calculating and interpreting fina ncial ratios in order to assess a firm's performance and status. This
Analysis is primarily designed to meet informational needs of investors, creditors and management. The
objective of ratio analysis is the comparative measurement of financial data to facilitate wise investment,
credit and managerial decisions.

Importance and Advantages of Ratio Analysis


Ratio analysis is an important tool for analyzing the company's financial performance. The
following are the important advantages of the accounting ratios.
1. Analyzing Financial Statements
Ratio analysis is an important technique of financial statement analysis. Accounting ratios are
useful for understanding the financial position of the company. Different users such as investors,
management. bankers and creditors use the ratio to analyze the financial situation of the
company for their decision making purpose.
2. Judging Efficiency
Accounting ratios are important for judging the company's efficiency in terms of its operations
and management. They help judge how well the company has been able to utilize its assets and
earn profits.
3. Locating Weakness
Accounting ratios can also be used in locating weakness of the company's operations even
though its overall performance may be quite good. Management can then pay attention to the
weakness and take remedial measures to overcome them.
4. Formulating Plans
Although accounting ratios are used to analyze the company's past financial performance, they
can also be used to establish future trends of its financial performance. As a result, they help
formulate the company's future plans.
5. Comparing Performance
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It is essential for a company to know how well it is performing over the years and as compared
to the other firms of the similar nature. Besides, it is also important to know how well its
different divisions are performing among themselves in different years. Ratio analysis facilitates
such comparison.

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RATIO ANALYSIS

1) Profitability ratio:The name says it all. It shows the profitability of the firm.
Every corporate house or firm needs to earn profit not only to survive but also to expand or
diversify. Not only this, profit needs to be earned to give returns to investors, payment to
creditors, salaries and wages to the employees, and the list goes on.
This class of ratio are used to evaluate the companys ability to generate excess revenue over
expenses
.
A) Gross profit ratio:GP ratio is a ratio which shows relationship between sales and gross profit. It is a very effective
tool for finding the operational performance of the company.
This can be found out by dividing gross profit by net sales.

GPR = GROSS PROFIT /NET SALES *100

2009
NET SALES 401.09
GROSS
97.03
PROFIT
GP RATIO
24.19%

2010

(IN $ BILLION)
2011

2012

2013

408.21
103.56

421.85
106.56

446.95
111.82

496.16
116.67

25.37%

25.26%

25.02%

23.51%

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GP RATIO
26.00%
25.37%

25.50%

25.26%

25.02%

25.00%
24.50%

24.19%
GP RATIO

24.00%

23.51%

23.50%
23.00%
22.50%
2009

2010

2011

2012

2013

Analysis:By viewing this we see that the gross profit ratio increases from year 2009 to 2010 but then this
ratio decreases in spite of increase in gross profit. This means that gross profit increases although
ratio decreases.

B) Net Profit Ratio:NP ratio is an another tool to measure the profitability of the firm. It is an indicator about how
efficient is the firm is and well it is able to control its costs. Its an indicator about how much
revenues are converted into actual profits by the company.
This can be calculated by dividing profit after tax by net sales.
NPR = NPAT / NET SALES *100
(IN $ BILLION)
2009
PAT
13.25
NET SALES
401.09
NP RATIO
3.30%

2010
14.41

2011
15.36

2012
15.77

2013
17

408.21
3.53%

421.85
3.64%

446.95
3.53%

469.16
3.62%

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NP Ratio
3.70%

3.64%

3.62%

3.60%
3.53%

3.53%

3.50%
3.40%

NP Ratio
3.30%

3.30%
3.20%
3.10%
2009

2010

2011

2012

2013

Analysis: By analyzing this graph we see that profit margin increase year by year except year 2012 that
mean company achieve good profit from business and company tries to maintain this by
increasing net sales .

2) Liquidity ratio:Lteiquidity ratios are those ratios which show the companys ability to meet the companys short
term obligations. These ratios help to measure the ability of the firm to pay back their obligations
when they become due.

A) Current ratio:This is a balance sheet financial performance ratio which shows whether the company has the
ability or assets to repay their current liabilities over the next one year.if the ratio is more than1:1
that means company has those assets to repay their current liabilities, if less opposite would be
the situation.
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It could be found out by dividing current assets by current liabilities.

CURRENT RATIO = CURRENT ASSET / CURRENT LIABLITIES

(IN $ BILLION)
2009
CURRENT
48.95
ASSET
CURRENT
55.39
LIABLITIES
CURRENT
0.88
RATIO

2010
48.33

2011
51.89

2012
54.98

2013
59.94

55.56

58.48

62.30

71.82

0.87

0.89

0.88

0.83

Current ratio
0.9

0.89

0.88

0.88

0.88

0.87

0.86
0.84

Current ratio

0.83

0.82
0.8
2009

2010

2011

Current ratio
2012

2013

Analysis:We say that current ratio is high till year 2012 but in year 2013 its become too much low mainly
due to its current liability increase and also its asset increase with that. So company believes in
tries to maintains that ratio.

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B) Acid test ratio:Another type of liquidity ratio, which measures short term liquidity position of the company is
acid test ratio also known as quick ratio.
This ratio suggest whether the firm has enough short term assets to cover its short term liabilities
without selling its inventory. This means the company having enough backing to pay current
assets almost immediately.
For this liquid assets are divided by liquid liabilities, where liquid assets includes all current
assets except for inventory and prepaid expenses, because they cannot be converted into cash
immediately for payments, while liquid liabilities include all current liabilities except for bank
overdraft and cash credit because they are not to be paid immediately.

QUICK OR ACID TEST RATIO = LIQUID ASSET / LIQUID LIABILITIES


(IN $ BILLION)
2009
LIQUID
14.44
ASSET
LIQUID
55.39
LIABILITIES
QUICK OR 0.26
ACID TEST
RATIO

2010
15.18

2011
15.57

2012
14.27

2013
16.14

55.56

58.48

62.30

71.82

0.27

0.27

0.23

0.22

Acid test ratio


0.3

0.26

0.27

0.27
0.23

0.25

0.22

0.2
0.15

Acid test ratio

0.1
0.05
0
2009

2010

2011

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2012

2013

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Analysis: Quick ratio is increasing till the year 2010, then it has shown a declining trend. It means that
quick assets is not increasing by the same percentage as the current liabilities.

3) Turnover ratios:Accounting ratios that measure a firm's ability to convert different accounts within their balance
sheets into cash or sales. Companies would like to convert those accounts into cash as fast as
possible. This type of turnover ratios shows if they are able to do so or not.

A) Inventory turnover ratio:In accounting, the Inventory turnover is a measure of the number of times inventory is sold or
used in a time period such as a year. The equation for inventory turnover equals the Cost of
goods sold divided by the average inventory. Inventory turnover is also known as inventory
turns, stock turn, stock turns, turns, and stock turnover.

INVENTORY TURNOVER RATIO = COGS/AVGRAGE STOCK

2009
COGS
297.32
AVERAGE
34.84
STOCK
INVENTORY
TURNOVER
8.53
RATIO

(IN $ BILLION)
2010
2011
297.5
307.65

2012
327

2013
343.99

33.84

34.74

38.52

42.26

8.79

8.86

8.49

8.14

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Inventory turnover ratio


9
8.8
8.6

8.86

8.79
8.53

8.49

8.4
Inventory turnover ratio

8.2

8.14

8
7.8
7.6
2009

2010

2011

2012

2013

Analysis:The inventory turnover ratio is not consistent from the year 2009 to the year 2013. From the
year 2009 to the year 2011, it has shown an increasing trend, indicating that number of times the
inventory is sold or used has increased. But it has declined in 2012 and 2013 showing that
number of times the inventory sold or used has decreased.

B) Fixed asset turnover ratio:Fixed asset turnover is the ratio of sales to value of fixed assets, indicating that how well the
company uses its fixed assets to generate sales.
Higher the ratio, the better it is because it would mean that the company has less amount of
money tied up in fixed assets for each unit of sales revenue.
A declining ratio indicates that the company has overinvested in plant, machinery, or other fixed
assets.

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FIXED ASSETS TURNOVER RATIO = NET SALES / FIXED ASSETS
2009
401.09
284.96

NET SALES
FIXED
ASSETS
FIXED
1.41
ASSETS
TURNOVER
RATIO

(IN $ BILLION)
2010
2011
408.21
421.85
340.11
357.49

2012
446.95
371.63

2013
496.16
390.56

1.20

1.20

1.27

1.18

Fixed assets ratio


2013

1.27

2012

1.2

2011

1.18

2010

Fixed assets ratio

1.2

2009

1.41
1.05

1.1

1.15

1.2

1.25

1.3

1.35

1.4

1.45

Analysis:This ratio has declined all these years except 2013 where it has shown a bit of improvement. This
ratio shows that how much of sales is generated by using fixed assets.

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C) Current assets turnover ratio:It indicates the companies capability of generating sales by effectively using its current assets.
Higher current ratio is good for the company as it indicates that the company is able to generate
maximum amount of sales revenue with minimum amount of capital. Vice versa would be the
case if the ratio is low.

CURRENT ASSET TURNOVER RATIO = NET SALES / CURRENT ASSET

2009
401.09

NET SALES
CURRENT
48.95
ASSET
CURRENT
8.19
ASSET
TURNOVER
RATIO

(IN $ BILLION)
2010
2011
408.21
421.85

2012
446.95

2013
496.16

48.33

51.89

54.98

59.94

8.45

8.13

8.13

8.28

Current assets ratio


8.45
8.45
8.4
8.35

8.28

8.3
8.25

8.19

8.2

8.13

8.15

Current assets ratio

8.13

8.1
8.05
8
7.95
2009

2010

2011

FINANCIAL ACCOUNTING AND ANALYSIS

2012

2013

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Analysis: Current Assets Turnover Ratio is increasing in one year and decreasing in another year and so
forth. This means that the amount of sales generated by current assets is increasing in one year
and then decreasing in another and so forth.

D) Assets turnover ratio.


Asset turnover is a financial ratio that measures the efficiency of a company's use of its assets in
generating sales revenue or sales income to the company.

ASSET TURNOVER RATIO = NET SALES / AVGRAGE ASSET


(IN $ BILLION)
2009
SALES
401.09
AVGRAGE
ASSETS
163.49
ASSET
TURNOVER
2.45
RATIO

2010
408.21

2011
421.85

2012
446.95

2013
496.16

196.42

180.36

189.36

198.26

2.08

2.34

2.36

2.50

Assets turnover ratio


3
2.5

2.45

2.34

2.36

2.5

2.08

1.5

Assets turnover ratio

1
0.5
0
2009

2010

2011

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2012

2013

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Analysis: The company is able to increase its assets turnover ratio over the years. This increasing trend in
ratio shows increase in sales generated by increase in overall assets of the company.

E) Working capital turnover ratio:


Working capital means current assets minus current liabilities. The working capital turnover ratio
is used to analyze the relationship between the money used to fund operations and the sales
generated from these operations. The higher the working capital turnover, the better because it
means that the company is generating a lot of sales compared to the money it uses to fund the
sales.

WORKING CAPITAL TURNOVER RATIO = NET SALES / WORKING CAPITAL

2009
NET SALES 401.09
WORKING
22.89
CAPITAL
WORKING
17.52
CAPITAL
TURNOVER
RATIO

(IN $ BILLION)
2010
2011
408.21
421.85
27.84
23.53

2012
446.95
23.79

2013
496.16
21.9

14.66

18.79

22.66

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17.93

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Working capital
20
18
16
14
12
10
8

17.52

17.83

18.79

2011

2012

Working capital

14.66

6
4
2
0
2009

2010

2013

Analysis
Working capital turnover ratio has increased since the year 2010. It indicates that lot of sales is
generated as compared to the money used in funding the sales.

4) Solvency ratio:Solvency ratios measures company ability to meet its long term obligations. It provides an
assessment of the likelihood of a company to continue congregating its debt obligations.

A) Debt equity ratio =


It is a long term solvency ratio which indicates how much part of the capital is provided by
shareholders and how much part by creditors.
Also termed as external internal ratio, a 1:1 ratio indicates creditors and shareholders have equal
contribution in total capital.
A ratio higher than 1:1 means the portion of assets contributed by shareholders is more, which
creditors like because it gives more creditability of their money to them.
A ratio lower than 1:1 means the contribution of assets by creditors is more, which shareholders
like to get money from creditors.
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DEBT EQUITY RATIO = DEBT / SHAREHOLDERS FUND

2009
DEBT
40.56
SHAREHOLDERS 67.48
FUND
DEBT
EQUITY 0.60
RATIO

(IN $ BILLION)
2010
2011
46.62
55.17
73.24
71.66

2012
64.94
76.17

2013
49.03
82.26

0.64

0.85

0.60

0.77

Debt equity
0.9
0.8
0.7
0.6
0.5
0.4
0.3

0.77
0.6

0.64

2009

2010

0.85

Debt equity
0.6

0.2
0.1
0
2011

2012

2013

Analysis:Debt equity ratio has increased from the year 2009 to the year 2012 indicating that outside
creditors for the company has increased over the years. But in the year 2013, this ratio has
declined showing decrease in outside creditors.

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Proprietary ratio:The proprietary ratio shows that how sound is the capital structure of the company. This means
what is the contribution of shareholders in the total capital structure of the company.
An higher proprietary ratio indicates the contribution of the shareholders is more in the capital
structure and thus giving greater security to the creditors.
A lower ratio indicates the company is very heavily dependent on debt foe its operations, thus
reducing the interest of creditors in the company, increase in interest expenses and also increase
in risk of bankruptcy.

PROPRIETARY RATIO = TOTAL ASSETS / PROPRIETORS FUND

(IN $ BILLION)
2009
PROPRIETORS
65.29
FUND
TOTAL
333.91
ASSETS
PROPRIETARY 0.196
RATIO

2010

2011

2012

2013

70.75

68.54

71.32

76.34

388.44

409.38

426.61

450.5

0.182

0.167

0.167

0.169

Proprietary ratio
0.169

2013
2012

0.167

2011

0.167

Proprietary ratio
0.182

2010

0.196

2009
0.15

0.16

0.17

FINANCIAL ACCOUNTING AND ANALYSIS

0.18

0.19

0.2

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RATIO ANALYSIS OF WALMART


Analysis: This ratio has declined from the year 2009 to the year 2013. It indicates that the capital structure
of the company has more of debts as compared to proprietors fund.

B) Return on asset ratio:An indicator of how profitable a company is relative to its total assets. ROA gives an idea as to
how efficient management is at using its assets to generate earnings.
It indicates number of dollar earned on each dollar of asset.
Higher ratio means the company is earning more dollars per dollar of asset.

RETURN ON ASSET RATIO = NET PROFIT AFTER TAX / NET ASSETS

2009
NET PROFIT 13.25
AFTER TAX
NET ASSETS 163.49
ROA RATIO

8.10%

(IN $ BILLION)
2010
2011
14.41
15.36

2012
15.77

2013
17

196.42

180.36

189.36

198.26

7.34%

8.52%

8.33%

8.57%

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ROA ratio
9.00%
8.50%
8.00%
7.50%

8.52%

8.33%

2011

2012

8.10%
7.00%

8.57%

ROA ratio

7.34%

6.50%
2009

2010

2013

Analysis:
Except the year 2010, it has shown an increasing trend. It shows that earning of company is more
as compare to each unit of asset.

C) Return on Equity (ROE)


Return on equity (ROE) measures the rate of return on the ownership interest (shareholders'
equity) of the common stock owners. It measures a firm's efficiency at generating profits from
every unit of shareholders' equity (also known as net assets or assets minus liabilities). ROE
shows how well a company uses investment funds to generate earnings growth. ROEs between
15% and 20% are generally considered good.

RETURN ON EQUITY= PAT/AVG. SHAREHOLDER EQUITY

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RATIO ANALYSIS OF WALMART


2009
NET
PROFIT
13.25
AFTER TAX
AVG.
SHAREHOLDER
66.54
EQUITY
ROE RATIO
19.91%

(IN $ BILLION)
2010
2011

2012

2013

14.41

15.36

15.77

17.00

70.36

72.45

73.96

79.26

20.48%

21.20%

21.32%

21.45%

ROE ratio
21.50%

21.20%

21.32%

21.45%

21.00%
20.48%
20.50%
ROE ratio

19.91%
20.00%
19.50%
19.00%
2009

2010

2011

2012

2013

Analysis:
It has shown an increasing trend from the year 2009 till the year 2013. It indicates that
companys efficiency in generating profit from shareholders equity has increased all these years.

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CONCLUSION

Ratio analysis has a major significance in analyzing the financial performance of a company
over a period of time. Decisions affecting product prices, per unit costs, volume or efficiency
have an impact on the profit margin or turnover ratios of a company.

Financial ratios are essentially concerned with the identification of significant accounting
data relationships, which give the decision-maker insights into the financial performance of a
company.

The analysis of financial statements is a process of evaluating the relationship between


component parts of financial statements to obtain a better understanding of the firms
position and performance.

The first task of financial analyst is to select the information relevant to the decision under
consideration from the total information contained in the financial statements. The second
step is to arrange the information in a way to highlight significant relationships. The final
step is interpretation and drawing of inferences and conclusions. In brief, financial analysis is
the process of selection, relation and evaluation.

Ratio analysis in view of its several limitations should be considered only as a tool for
analysis rather than as an end in itself. The reliability and significance attached to ratios will
largely hinge upon the quality of data on which they are based. They are as good or as bad as
the data itself. Nevertheless, they are an important tool of financial analysis.

Ratios make the related information comparable. A single figure by itself has no meaning,
but when expressed in terms of a related figure, it yields significant interferences. Thus,
ratios are relative figures reflecting the relationship between related variables. Their use as
tools of financial analysis involves their comparison, as single ratios, like absolute figures,
are not of much use.

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REFERENCES
www.moneycontrol.com
www.wikipedia.com

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RATIO ANALYSIS OF WALMART


ANNEXURE
BALANCE SHEET

Assets
2009
2010
2011
2012
2013
Cash & Short Term
7.28B
7.91B
7.4B
6.55B
7.78B
Investments
Cash Only
3.07B
1.7B
1.75B
7.78B
Short-Term Investments
4.84B
5.69B
4.8B
0
Total Accounts
3.91B
4.14B
5.09B
5.94B
Receivable
Accounts Receivables,
3.91B
4.14B
5.09B
5.94B
6.77B
Net
Accounts Receivables,
3.91B
4.14B
5.09B
5.94B
6.88B
Gross
Bad Debt/Doubtful
(115M)
Accounts
Other Receivables
0
0
0
0
0
Inventories
34.51B
33.16B
36.32B
40.71B
43.8B
Finished Goods
34.51B
33.16B
36.32B
40.71B
43.8B
Work in Progress
0
0
0
0
0
Raw Materials
0
0
0
0
0
Progress Payments &
0
0
0
Other
Other Current Assets
3.26B
3.12B
59.94B
1.77B
1.59B
Miscellaneous Current
3.26B
3.12B
3.09B
1.77B
1.59B
Assets
Total Current Assets
48.95B
48.33B
51.89B
54.98B
59.94B
Net Property, Plant &
95.65B
102.31B
107.88B
112.32B
116.68B
Equipment
Property, Plant &
131.16B
143.52B
154.49B
160.94B
171.72B
Equipment - Gross
Buildings
73.81B
77.45B
79.05B
84.28B
90.69B
Land & Improvements
19.85B
22.59B
24.39B
23.5B
25.61B
Computer Software and
Equipment
Other Property, Plant &
35.45B
38.29B
39.23B
40.9B
Equipment
Accumulated Depreciation
35.51B
41.21B
46.61B
48.61B
55.04B
Total Investments and
0
0
0
0
0
FINANCIAL ACCOUNTING AND ANALYSIS

Page 26

RATIO ANALYSIS OF WALMART


Advances
Other Long-Term
Investments
Long-Term Note
Receivable
Intangible Assets
Net Goodwill
Net Other Intangibles
Other Assets
Tangible Other Assets
Total Assets
Liabilities
ST Debt & Current
Portion LT Debt
Short Term Debt
Current Portion of Long
Term Debt
Accounts Payable
Income Tax Payable
Other Current
Liabilities
Dividends Payable
Accrued Payroll
Miscellaneous Current
Liabilities
Total Current
Liabilities
Long-Term Debt
Long-Term Debt excl.
Capitalized Leases
Non-Convertible Debt
Convertible Debt
Capitalized Lease
Obligations
Provision for Risks &
Charges
Deferred Taxes
Deferred Taxes - Credit
Deferred Taxes - Debit
Other Liabilities
Other Liabilities (excl.
Deferred Income)
Deferred Income

15.26B
16.13B
16.76B
20.65B
20.5B
15.26B
16.13B
16.76B
20.65B
20.5B
0
0
0
0
0
3.37B
3.94B
4.13B
4.72B
5.23B
0
3.94B
4.13B
4.72B
5.23B
163.43B
175.41B
185.3B
193.41B
203.11B
2009
2010
2011
2012
2013
7.67B

4.92B

6.02B

6.35B

12.72B

1.51B

523M

1.03B

4.05B

6.81B

6.16B

4.4B

4.99B

2.3B

5.91B

28.85B
701M

30.45B
1.37B

33.56B
157M

36.61B
1.21B

38.08B
2.33B

18.17B

18.83B

18.75B

18.14B

18.69B

5.58B

5.99B

5.9B

5.09B

5.06B

12.59B

12.84B

12.85B

13.05B

13.63B

55.39B

55.56B

58.48B

62.3B

71.82B

34.55B

36.4B

43.84B

47.08B

41.42B

31.35B

33.23B

40.69B

44.07B

38.39B

31.35B
0

33.23B
0

40.69B
0

44.07B
0

38.39B
0

3.2B

3.17B

3.15B

3.01B

3.02B

684M

2.87B
3.08B
202M
2.94B

1.04B
5.74B
4.71B
4.47B

1.7B
6.34B
4.64B
4.99B

3.88B
4.62B
738M
3.25B

3.62B
4.37B
757M
2.56B

2.94B

4.47B

4.99B

3.25B

2.56B

FINANCIAL ACCOUNTING AND ANALYSIS

Page 27

RATIO ANALYSIS OF WALMART


Total Liabilities
Non-Equity Reserves
Preferred Stock (Carrying
Value)
Redeemable Preferred
Stock
Non-Redeemable
Preferred Stock
Common Equity (Total)
Common Stock Par/Carry
Value
Retained Earnings
ESOP Debt Guarantee
Cumulative Translation
Adjustment/Unrealized
For. Exch. Gain
Unrealized Gain/Loss
Marketable Securities
Revaluation Reserves
Treasury Stock
Total Shareholders'
Equity
Accumulated Minority
Interest
Total Equity
Liabilities &
Shareholders' Equity

95.95B
0

102.18B
0

113.65B
0

117.24B
0

120.85B
0

65.29B

70.75B

68.54B

71.32B

76.34B

393M

378M

352M

342M

332M

63.66B
0

66.64B
0

63.97B
0

68.69B
0

72.98B
0

(2.41B)

1.29B

(813M)

176M

0
0

0
0

0
0

0
0

0
0

65.29B

70.75B

68.54B

71.32B

76.34B

2.19B

2.49B

3.11B

4.85B

5.91B

67.48B

73.24B

71.66B

76.17B

82.26B

163.43B

175.41B

185.3B

193.41B

203.11B

FINANCIAL ACCOUNTING AND ANALYSIS

Page 28

RATIO ANALYSIS OF WALMART

PROFIT AND LOSS ACCOUNT


Patricular
Sales/Revenue
Cost of Goods Sold
(COGS) incl. D&A
COGS excluding D&A
Depreciation &
Amortization Expense
Depreciation
Amortization of
Intangibles
Gross Income
SG&A Expense
Research &
Development
Other SG&A
Other Operating
Expense
Unusual Expense
EBIT after Unusual
Expense
Non Operating
Income/Expense
Non-Operating Interest
Income
Equity in Affiliates
(Pretax)
Interest Expense
Gross Interest Expense
Interest Capitalized
Pretax Income
Income Tax
Income Tax - Current
Domestic
Income Tax - Current
Foreign
Income Tax - Deferred
Domestic
Income Tax - Deferred
Foreign
Income Tax Credits

2009

2010

2011

2012

2013

401.09B

408.21B

421.85B

446.95B

469.16B

304.06B

304.66B

315.29B

335.13B

352.49B

297.32B

297.5B

307.65B

327B

343.99B

6.74B

7.16B

7.64B

8.13B

8.5B

7.16B

7.64B

8.13B

8.4B

101M

97.03B
77.52B

103.56B
78.92B

106.56B
81.02B

111.82B
85.27B

116.67B
88.87B

77.52B

78.92B

81.02B

85.27B

88.87B

689M

(689M)

3.29B

284M

181M

201M

162M

187M

2.18B
2.27B
88M
20.9B
7.15B

2.07B
2.15B
85M
22.07B
7.14B

2.21B
2.27B
63M
23.54B
7.58B

2.32B
2.38B
60M
24.4B
7.94B

2.25B
2.33B
74M
25.74B
7.98B

5.34B

6.4B

5.24B

5.34B

6.23B

1.23B

1.25B

1.47B

1.4B

1.77B

655M

(371M)

857M

1.5B

30M

(74M)

(133M)

19M

(299M)

(48M)

FINANCIAL ACCOUNTING AND ANALYSIS

Page 29

RATIO ANALYSIS OF WALMART


Equity in Affiliates
Other After Tax Income
(Expense)
Consolidated Net
Income
Minority Interest
Expense
Net Income
Extraordinaries &
Discontinued Operations
Extra Items & Gain/Loss
Sale Of Assets
Cumulative Effect Accounting Chg
Discontinued Operations
Net Income After
Extraordinaries
Preferred Dividends
Net Income Available to
Common
EPS (Basic)
Basic Shares
Outstanding
EPS (Diluted)
Diluted Shares
Outstanding
EBITDA

13.75B

14.93B

15.96B

16.45B

17.76B

499M

513M

604M

688M

757M

13.25B

14.41B

15.36B

15.77B

17B

146M

(79M)

1.03B

(67M)

146M

(79M)

1.03B

(67M)

13.4B

14.34B

16.39B

15.7B

17B

13.25B

14.41B

15.36B

15.77B

17B

3.40

3.71

4.48

4.54

5.04

3.94B

3.87B

3.66B

3.46B

3.37B

3.39

3.70

4.47

4.52

5.02

3.95B

3.88B

3.67B

3.47B

3.39B

26.25B

31.8B

33.18B

34.69B

36.3B

FINANCIAL ACCOUNTING AND ANALYSIS

Page 30

RATIO ANALYSIS OF WALMART

FINANCIAL ACCOUNTING AND ANALYSIS

Page 31