Ratio Analysis of Walmart

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
Page 1
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
26
Page 2
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
Page 3

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.
Page 4
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
Page 5

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.
Page 6
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%
Page 7
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%
Page 8
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.
Page 9

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.
Page 10

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
2012
2013
Page 11

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
Page 12
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.
Page 13

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.
Page 14

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
2012
2013
Page 15

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
2012
2013
Page 16

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
17.93
Page 17
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.
Page 18
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.
Page 19

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
0.18
0.19
0.2
Page 20

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%
Page 21
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
Page 22

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.
Page 23

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.
Page 24
REFERENCES
www.moneycontrol.com
www.wikipedia.com
Page 25

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
Page 26

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
Page 27

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
Page 28
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)
Page 29

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
Page 30
Page 31

Ratio Analysis of Walmart

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Ratio Analysis of Walmart

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RATIO ANALYSIS OF WALMART

NATIONAL INSTITUTE OF FASHION TECHNOLOGY

SUBMITTED BYAKANSHA GUPTA

FINANCIAL ACCOUNTING AND ANALYSIS