Activity 1 - Investment

Republic of the Philippines
UNIVERSITY OF RIZAL SYSTEM- BINANGONAN

Province of Rizal
INSTITUTE OF GRADUATE STUDIES

Binangonan, Campus
ACTIVITY NO. 1: RATIO ANALYSIS

Financial Analysis of WALMART Inc.
Jose John Sta. Monica Vocal
University of Rizal Sysytem, Binangonan Campus
[email protected]
Wal-Mart Target
Income Statement 1/31/2018 1/31/2019 1/31/2020 1/31/2021 Income Statement 1/31/2018 1/31/2019 1/31/2020 1/31/2021
Sales 500,343 514,405 523,964 559,151 Sales 71,879 75,356 78,112 93,561
Cost of Sales 373,396 385,301 394,605 420,315 Cost of Sales 51,125 53,299 54,864 66,177
Gross Operating Profit 126,947 129,104 129,359 138,836 Gross Operating Profit 20,754 22,057 23,248 27,384
Selling, General & Admin. Expense 106,510 107,147 108,791 116,288 Selling, General & Admin. Expense 14,248 15,723 16,233 18,615
EBITDA 27,982 24,484 33,702 34,031 EBITDA 6,506 6,334 7,015 8,769
Depreciation & Amortization 10,529 10,678 10,987 11,152 Depreciation & Amortization 2,194 2,224 2,357 2,230
EBIT 17,453 13,806 22,715 22,879 EBIT 4,312 4,137 4,667 6,523
Interest Expense 2,330 2,346 2,599 2,315 Interest Expense 666 461 477 977
Pre-tax Income 15,123 11,460 20,116 20,564 Pre-tax Income 3,646 3,676 4,190 5,546
Income Taxes 4,600 4,281 4,915 6,858 Income Taxes 718 746 921 1,178
Net Income from Cont. Operations 10,523 7,179 15,201 13,706 Net Income from Cont. Operations 2,928 2,930 3,269 4,368
Net Income from Other Items -661 -509 -320 -196 Net Income from Other Items 6 7 12 0
Total Net Income 9,862 6,670 14,881 13,510 Total Net Income 2,934 2,937 3,281 4,368
Balance Sheet 1/31/2018 1/31/2019 1/31/2020 1/31/2021 Balance Sheet 1/31/2018 1/31/2019 1/31/2020 1/31/2021
Current Assets Current Assets
Cash and Equivalents 6,756 7,722 9,465 17,741 Cash and Equivalents 2,643 1,556 2,577 8,511
Receivables 5,614 6,283 6,284 6,516 Receivables 929 1,100 962 1,135
Inventories 43,783 44,269 44,435 44,949 Inventories 8,657 9,497 8,992 10,653
Other Current Assets 3,511 3,623 1,622 20,861 Other Current Assets 335 366 371 457
Total Current Assets 59,664 61,897 61,806 90,067 Total Current Assets 12,564 12,519 12,902 20,756
Long Term Assets Long Term Assets
Property, Plant & Equipment, Net 114,818 111,395 127,049 109,848 Property, Plant & Equipment, Net 25,018 27,498 28,519 29,106
Intangibles/Goodwill 18,242 31,181 31,073 28,983 Intangibles/Goodwill 782 699 686 668
Other Non-Current Assets 11,798 14,822 16,567 23,598 Other Non-Current Assets 635 574 672 718
Total Non-Current Assets 144,858 157,398 174,689 162,429 Total Non-Current Assets 26,435 28,771 29,877 30,492
Total Assets 204,522 219,295 236,495 252,496 Total Assets 38,999 41,290 42,779 51,248
Current Liabilities Current Liabilities
Accounts Payable 46,092 47,060 46,973 49,141 Accounts Payable 8,677 9,761 9,920 12,859
Short Term Debt 9,662 7,830 8,241 5,296 Short Term Debt 270 1,052 161 1,144
Other Current Liabilities 22,767 22,587 22,576 38,208 Other Current Liabilities 4,254 4,201 4,406 6,122
Total Current Liabilities 78,521 77,477 77,790 92,645 Total Current Liabilities 13,201 15,014 14,487 20,125
Long Term Liabilities Long Term Liabilities
Long Term Debt 36,825 50,203 64,192 57,950 Long Term Debt 11,317 12,227 13,613 13,754
Deferred LT Liabilities 8,354 11,981 12,961 14,370 Deferred LT Liabilities 1,816 2,014 2,154 2,048
Other Non-Current Liabilities 0 0 0 0 Other Non-Current Liabilities 956 738 692 881
Total Non-Current Liabilities 45,179 62,184 77,153 72,320 Total Non-Current Liabilities 14,089 14,979 16,459 16,683
Total Liabilities 123,700 139,661 154,943 164,965 Total Liabilities 27,290 29,993 30,946 36,808
Stockholders Equity Stockholders Equity
Total Equity 80,822 79,634 81,552 87,531 Total Equity 11,709 11,297 11,833 14,440
Province of Rizal

Binangonan, Campus
Total Liabilities & Stock Equity 204,522 219,295 236,495 252,496 Total Liabilities & Stock Equity 38,999 41,290 42,779 51,248
Total Common Shares Outstanding 2952 2900 2800 2821 Total Common Shares Outstanding 542 518 504 501
Stock Price $106.60 $95.83 $114.49 $140.49 Stock Price $75.22 $73.00 $110.74 $181.17
Dividends $2.04 $2.08 $2.12 $2.16 Dividends $2.44 $2.52 $2.60 $2.68
Statement of Cash Flows 1/31/2018 1/31/2019 1/31/2020 1/31/2021 Statement of Cash Flows 1/31/2018 1/31/2019 1/31/2020 1/31/2021
Cash Flows From Operating Activities Cash Flows From Operating Activities
Net Income (Loss) 9,862 6,670 14,881 13,510 Net Income (Loss) 2,934 2,937 3,281 4,368
Depreciation and Amortization 10,529 10,678 10,987 11,152 Depreciation and Amortization 2,445 2,474 2,604 2,485
Other Adjustments to Net Income 3,493 8,376 -1,231 1,919 Other Adjustments to Net Income 111 450 341 528
Changes in Other Operating Activities 1,210 1,734 945 1,521 Changes in Other Operating Activities 192 95 29 86
Change in NC Working Capital Change in NC Working Capital
(Increase) Decr. in Receivables -1,074 -368 154 -1,086 (Increase) Decr. in Receivables -168 -299 18 -137
(Increase) Decr. in Inventories -140 -1,311 -300 -2,395 (Increase) Decr. in Inventories -348 -900 505 -1,661
(Decrease) Incr. in Liabilities 4,457 1,974 -181 11,453 (Decrease) Incr. in Liabilities 1,757 1,216 339 4,856
Net Cash from Operating Activities 28,337 27,753 25,255 36,074 Net Cash from Operating Activities 6,923 5,973 7,117 10,525
Cash Flow from Investing Activities Cash Flow from Investing Activities
Capital Expenditures -10,051 -10,344 -10,705 -10,264 Capital Expenditures -2,533 -3,516 -3,027 -2,649
Other Investing Cash Flow Items, Total 991 -13,692 1,577 193 Other Investing Cash Flow Items, Total -542 100 83 58
Net Cash from Investing Activities -9,060 -24,036 -9,128 -10,071 Net Cash from Investing Activities -3,075 -3,416 -2,944 -2,591
Cash Flow from Financing Activities Cash Flow from Financing Activities
Total Cash Dividends Paid -6,124 -6,102 -6,048 -6,116 Total Cash Dividends Paid -1,338 -1,335 -1,330 -1,343
Issuance (Retirement) of Stock, Net -8,296 -7,410 -5,717 -2,625 Issuance (Retirement) of Stock, Net -1,046 -2,124 -1,565 -745
Issuance (Retirement) of Debt, Net -4,496 12,035 -1,071 -5,706 Issuance (Retirement) of Debt, Net -1,441 -281 -330 65
Other Financing Cash Flows -959 -1,060 -1,463 -1,670 Other Financing Cash Flows 108 96 73 23
Net Cash from Financing Activities -19,875 -2,537 -14,299 -16,117 Net Cash from Financing Activities -3,717 -3,644 -3,152 -2,000
Effect of Exchange Rate Changes 487 -438 -69 235 Effect of Exchange Rate Changes 0 0 0 0
Net Change in Cash & Cash Equivalents -111 742 1,759 8,273 Net Change in Cash & Cash Equivalents 131 -1,087 1,021 5,934
Cash at Beginning of Period 6,867 7,014 7,756 9,515 Cash at Beginning of Period 2,512 2,643 1,556 2,577
Cash at End of Period 6,756 7,756 9,515 17,788 Cash at End of Period 2,643 1,556 2,577 8,511
I. RATIO ANALYSIS COMPUTATION
A. LIQUIDITY RATIO
A.1. Current Ratio (Walmart Inc. 2018)
 Current Ratio = Current Assets / Current Liabilities

 Current Ratio = 59,664 / 78,521
 Current Ratio = 0.76

 Current Ratio = 61,897 / 77,477

 Current Ratio = 61,806 / 77,790

 Current Ratio = 90,067 / 92,645
 Implication: As a general rule, a current ratio below 1.00 could indicate that a company might struggle to meet its
short term obligations, whereas ratios of above 1.00 might indicate a company is able to pay its current debts as
they come due. In other words, the company WALMART Inc. may have relatively fewer current assets to cover its
short-term obligations, which could indicate a potential liquidity concern.
B. QUICK RATIO
B.1. Quick Ratio (Walmart Inc. 2018)

Province of Rizal

Binangonan, Campus
 Quick Ratio = (Cash & Cash Equivalents + Accounts Receivables) / Current Liabilities
 Quick Ratio = (6,756 + 5,614) / 78,521
 Quick Ratio = 12,370 / 78,521
 Quick Ratio = 0.16
 Quick Ratio = (7,722 + 6,283) / 77,477
 Quick Ratio = 14,005 / 77,477
 Quick Ratio = (9,465 + 6,284) / 77,790
 Quick Ratio = 15,749 / 77,790
 Quick Ratio = (17,741 + 6,516) / 92,645
 Quick Ratio = 24,257 / 92,645
 The result of quick ratio for Walmart Inc. is less than 1 covering the period of year 201-2021, it implies that the
company may have challenges meeting its short-term obligations with its most liquid assets alone. Quick assets
typically include cash, marketable securities, and accounts receivable but exclude inventory, as inventory may take
longer to convert to cash.
 For Walmart, a quick ratio less than 1 might suggest that the company relies more heavily on inventory to meet its
short-term obligations. While a quick ratio below 1 doesn't necessarily indicate financial distress on its own, it
could be a signal for investors and analysts to further investigate the company's liquidity position.
C. CASH RATIO
C.1. Cash Ratio (Walmart Inc. 2018)
 Cash Ratio = Cash & Cash Equivalents / Current Liabilities

 Cash Ratio = 6,756 / 78,521
 Cash Ratio = 0.09

 Cash Ratio = 7,722 / 77,477

 Cash Ratio = 9,465 / 77,790

 Cash Ratio = 17,741 / 92,645
 Implication: The cash ratio for Walmart Inc. is less than 1, it implies that the company's cash and cash equivalents alone are
not sufficient to cover its current liabilities.
Province of Rizal

Binangonan, Campus
II. RATIO ANALYSIS COMPUTATION
A. PROFITABILITY RATIO
A.1. Gross Margin (Walmart Inc. 2018)
 Gross Margin = (Sales – COGS) / Sales

 Gross Ratio = (500,343 – 373,796) / 500,343
 Gross Ratio = 126,547 / 500,343
 Gross Margin = 0.25

 Gross Ratio = (514,405 – 385,301) / 514,405
 Gross Ratio = 129,101 /

 Gross Ratio = (523, 964 – 394,605) / 523, 964

 Gross Ratio = (559,151 – 420,315) / 559,151
 Implication: The gross margin for Walmart Inc. for the periods (2018-2021) is 0.25 (or 25%), it means that 25% of its
revenue remains after accounting for the cost of goods sold. A gross margin of 25% suggests that Walmart
retains a quarter of its revenue as gross profit. This can be interpreted as a measure of the company's ability to
generate profit from its core operations. However, whether this is considered high or low depends on industry
standards and the company's business model.
B. OPERATING PROFIT MARGIN
B.1. Operating Profit Margin (Walmart Inc. 2018)
 Operating Profit Margin = EBIT / Sales

 Operating Profit Margin = 17,453 / 500,343
 Operating Profit Margin = 0.03
 Operating Profit Margin = EBIT / Sales

 Operating Profit Margin = EBIT / Sale


Province of Rizal

Binangonan, Campus
 Operating Profit Margin = EBIT / Sale
 Implication: The operating profit margin for Walmart Inc. is less than 1%, it suggests that the company is earning less than
1 cent in operating profit for every dollar of revenue generated. Some potential implications are:
o Slim Profitability, Potential Economic Challenges
o Cost Management Considerations,
o Competitive Pressures and Investor Concerns
C. NET MARGIN
C.1. Net Margin (Walmart Inc. 2018)
 Net Margin = Net Income / Sales

 Net Margin = 9,862 / 500,343
 Net Margin = 0.02

 Net Margin = 6,670 / 514,405

 Net Margin = 14,881 / 523,964

 Net Margin = 13,510 / 559,151
 Implication: If the net margin for Walmart Inc. is less than 1%, it implies that the company is earning less than 1 cent in net
profit for every dollar of revenue generated. It's important to compare Walmart's net margin with industry
benchmarks and analyze trends over time. Additionally, considering other financial metrics, such as operating
margin, return on equity, and return on assets, can provide a more comprehensive understanding of the
company's financial performance. Companies with low net margins often focus on operational efficiency, cost
control, and strategic initiatives to improve overall profitability.
C. RETURN ON TOTAL ASSET (ROA)
C.1. Return on Total Asset (ROA) (Walmart Inc. 2018)
 Return on Total Asset (ROA) = EBIT / Total Assets

 Return on Total Asset (ROA) = 17,453 / 204,522
 Return on Total Asset (ROA) = 0.09

Province of Rizal

Binangonan, Campus


 Implication: The result of the return on total assets for Walmart Inc. is less than 1%, it implies that the company is
generating less than 1 cent in net income for every dollar of total assets. Generally, there is a room for
improvement.
D. RETURN ON TOTAL EQUITY (ROE)
D.1. Return on Total Equity (ROE) (Walmart Inc. 2018)
 Return on Total Equity (ROE) = Net Income / Total Equity

 Return on Total Equity (ROE) = 9,862 / 80,822
 Return on Total Equity (ROE) = 0.12



 Implication: The Return on Total Equity (ROE) for a company, such as Walmart Inc., is less than 1%, it implies that the
company is generating less than 1 cent in net income for every dollar of shareholder equity. It's crucial to
compare Walmart's ROE with industry benchmarks and analyze trends over time. Additionally, considering
other financial metrics, such as return on assets, net profit margin, and overall financial health, can provide a
more comprehensive understanding of the company's performance. Companies with low ROE often focus on
strategies to improve profitability, operational efficiency, and the effective use of equity capital.
III. RATIO ANALYSIS COMPUTATION
A. EFFICIENCY RATIO
A.1. Receivables Turnover Ratio (Walmart Inc. 2018)

Province of Rizal

Binangonan, Campus
 Receivables Turnover Ratio = Sales / Accounts Receivable
 Receivables Turnover Ratio = 500,343 / 5,614
 Receivables Turnover Ratio = 89.12



Implication: It implies that the company is generating a significant amount of sales revenue relative to its average total assets.
While a high ratio is generally positive, it should be considered alongside other financial metrics to provide a
comprehensive analysis of the company's performance and efficiency.
B. INVENTORY TURNOVER RATIO
B.1. Inventory Turnover Ratio (Walmart Inc. 2018)
 Inventory Turnover Ratio = COGS / Inventories

 Inventory Turnover Ratio = 373,396 / 43,783
 Inventory Turnover Ratio = 8.53



Implication: It implies that the company is selling and replacing its inventory at a rate that exceeds the average value of its inventory
during a specific period. While a high Inventory Turnover Ratio is generally considered positive, it's essential to consider
industry benchmarks and the specific characteristics of the company's business. Extremely high turnover ratios might
be indicative of frequent stock outs or aggressive sales tactics, which could have potential drawbacks. Additionally, a
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thorough analysis of other financial metrics and business strategies is crucial for a comprehensive understanding of the
company's overall performance.
C. PAYABLE TURNOVER RATIO
C.1. Payable Turnover Ratio (Walmart Inc. 2018)
 Payable Turnover Ratio = COGS / Accounts Payable

 Payable Turnover Ratio = 373,396 / 46,092
 Payable Turnover Ratio = 8.10
C.2. Inventory Turnover Ratio (Walmart Inc. 2019)



Implication: It implies that the company is managing its accounts payable effectively. It's important to note that while a higher
Payable Turnover Ratio is generally positive, the specific optimal ratio can vary by industry and business model. It's also crucial to
consider the context of the company's overall financial health and strategy. Extremely high turnover ratios might indicate a potential
risk of strained supplier relationships or insufficient cash reserves. Therefore, a holistic analysis of various financial metrics is
essential for a comprehensive understanding of the company's financial management practices.
D. ASSET TURNOVER RATIO
D.1. Asset Turnover Ratio (Walmart Inc. 2018)
 Asset Turnover Ratio = Sales / Total Assets

 Asset Turnover Ratio = 500,343 / 204,522
 Asset Turnover Ratio = 2.45


Province of Rizal

Binangonan, Campus

Implication: The asset turnover in the given computation is higher than 1.5. This means that the value of the assets used is lower
than the income generated from them, which speaks for high efficiency. The company therefore uses its assets very
efficiently to generate income.
E. NET FIXED ASSET TURNOVER RATIO
E.1. Net Fixed Asset Turnover Ratio (Walmart Inc. 2018)
 Net Fixed Asset Turnover Ratio = Sales / Net Fixed Assets

 Net Fixed Asset Turnover Ratio = 500,343 / 114,818
 Net Fixed Asset Turnover Ratio = 4.36



Implication: The asset turnover of Walmart Inc. implies more effective utilization of investments in fixed assets to generate revenue.
Walmart Inc. is generating more revenue relative to its net fixed assets. The Net Fixed Asset Turnover Ratio measures
how efficiently a company utilizes its net fixed assets to generate sales.
F. EQUITY TURNOVER RATIO
F.1. Equity Turnover Ratio (Walmart Inc. 2018)
 Equity Turnover Ratio = Sales / Total Equity

 Equity Turnover Ratio = 500,343 / 80,822
 Equity Turnover Ratio = 6.19

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Binangonan, Campus


Implication: Since Walmart’s Equity Turnover Ratio is high it implies strong sales or insufficient inventory to support sales at that
rate. The Net Fixed Asset Turnover Ratio measures how efficiently a company utilizes its net fixed assets to generate
sales. Conversely, a low ratio indicates weak sales, lackluster market demand or an inventory glut.
IV. RATIO ANALYSIS COMPUTATION
A. SOLVENCY RATIO
 Debt to Equity Ratio = Total Debt / Total Equity

 Debt to Equity Ratio = 123,700 / 80,822
 Debt to Equity Ratio = 1.53



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Implication: Walmart’s Debt to Equity Ratio is greater than 1.5, it implies that the company has a relatively high level of debt
compared to its equity.
Here are some potential implications of a Debt to Equity Ratio greater than 1.5:
1. High Financial Leverage: A Debt to Equity Ratio exceeding 1.5 indicates a high degree of financial leverage, meaning the
company relies significantly on debt to finance its operations and growth.
2. Increased Financial Risk: Higher debt levels generally come with increased financial risk. The company may face challenges
in meeting debt obligations, especially if it experiences a downturn in business, rising interest rates, or other adverse
economic conditions.
3. Interest Expense Impact: Companies with a high Debt to Equity Ratio often incur substantial interest expenses. These
interest payments can impact profitability and reduce the amount of earnings available for distribution to shareholders.
4. Creditworthiness Concerns: A Debt to Equity Ratio above 1.5 may raise concerns about the company's creditworthiness.
Creditors and investors may view high debt levels as a potential sign of financial instability and increased vulnerability to
economic uncertainties.
5. Limited Financial Flexibility: Companies with significant debt may have limited financial flexibility. They might find it
challenging to undertake new investments, acquisitions, or other strategic initiatives without further increasing their debt
burden.
6. Market Perception: Investors and analysts may view a high Debt to Equity Ratio as a signal of financial risk. This perception
can affect the company's stock price and attractiveness to investors, especially those who prioritize lower-risk investments.
7. Potential Impact on Cost of Capital: A high Debt to Equity Ratio can influence the company's cost of capital. Lenders may
demand higher interest rates due to the perceived risk, potentially increasing the overall cost of financing.
B. DEBT RATIO
B.1. Debt Ratio (Walmart Inc. 2018)
 Debt Ratio = Total Debt / Total Assets

 Debt Ratio = 123,700 / 204,522
 Debt Ratio = 0.60

 Debt Ratio = 139,661 / 219,295

 Debt Ratio = 154,943 / 236,495

 Debt Ratio = 164,965 / 252,496
Implication: It implies that the company has a lower proportion of debt in its capital structure compared to its total assets. The Debt
Ratio is a financial metric that measures the proportion of a company's assets that are financed by debt. While a low
Debt Ratio is generally considered positive, it's crucial to assess it in the context of the industry, business model, and
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the company's specific circumstances. Some industries, such as technology or service-oriented sectors, may naturally
have lower debt ratios. The optimal level of debt depends on various factors, and a thorough analysis of the company's
overall financial health, growth prospects, and risk tolerance is necessary for a comprehensive understanding.
C. INTEREST COVERAGE RATIO
C.1. Interest Coverage Ratio (Walmart Inc. 2018)
 Interest Coverage Ratio = EBITDA / Interest Expense

 Interest Coverage Ratio = 27,982 / 2,330
 Interest Coverage Ratio = 12.01



Implication: Walmart’s has a higher interest coverage ratio indicates stronger financial health – the company is more capable of
meeting interest obligations. However, a high ratio may also indicate that a company is overlooking opportunities to
magnify their earnings through leverage.
- END-
Province of Rizal

Binangonan, Campus

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Republic of the Philippines

UNIVERSITY OF RIZAL SYSTEM- BINANGONAN

INSTITUTE OF GRADUATE STUDIES

ACTIVITY NO. 1: RATIO ANALYSIS

INSTITUTE OF GRADUATE STUDIES

I. RATIO ANALYSIS COMPUTATION

A.1. Current Ratio (Walmart Inc. 2018)

 Current Ratio = Current Assets / Current Liabilities

A.2. Current Ratio (Walmart Inc. 2019)

A.3. Current Ratio (Walmart Inc. 2020)

A.4. Current Ratio (Walmart Inc. 2021)

B.1. Quick Ratio (Walmart Inc. 2018)

INSTITUTE OF GRADUATE STUDIES

B.2. Quick Ratio (Walmart Inc. 2018)

B.3. Quick Ratio (Walmart Inc. 2018)

B.4. Quick Ratio (Walmart Inc. 2018)

C.1. Cash Ratio (Walmart Inc. 2018)

 Cash Ratio = Cash & Cash Equivalents / Current Liabilities

C.2. Cash Ratio (Walmart Inc. 2018)

 Cash Ratio = Cash & Cash Equivalents / Current Liabilities

C.3. Cash Ratio (Walmart Inc. 2018)

 Cash Ratio = Cash & Cash Equivalents / Current Liabilities

C.4. Cash Ratio (Walmart Inc. 2018)

 Cash Ratio = Cash & Cash Equivalents / Current Liabilities

INSTITUTE OF GRADUATE STUDIES

II. RATIO ANALYSIS COMPUTATION

A.1. Gross Margin (Walmart Inc. 2018)

 Gross Margin = (Sales – COGS) / Sales

A.2. Gross Margin (Walmart Inc. 2019)

 Gross Margin = (Sales – COGS) / Sales

A.3. Gross Margin (Walmart Inc. 2020)

 Gross Margin = (Sales – COGS) / Sales

A.4. Gross Margin (Walmart Inc. 2021)

 Gross Margin = (Sales – COGS) / Sales

B. OPERATING PROFIT MARGIN

B.1. Operating Profit Margin (Walmart Inc. 2018)

 Operating Profit Margin = EBIT / Sales

B.2. Operating Profit Margin (Walmart Inc. 2019)

 Operating Profit Margin = EBIT / Sales

B.3. Operating Profit Margin (Walmart Inc. 2020)

 Operating Profit Margin = EBIT / Sale

B.4. Operating Profit Margin (Walmart Inc. 2021)

INSTITUTE OF GRADUATE STUDIES

C.1. Net Margin (Walmart Inc. 2018)

 Net Margin = Net Income / Sales

C.2. Net Margin (Walmart Inc. 2019)

 Net Margin = Net Income / Sales

C.3. Net Margin (Walmart Inc. 2020)

 Net Margin = Net Income / Sales

C.4. Net Margin (Walmart Inc. 2021)

 Net Margin = Net Income / Sales

C. RETURN ON TOTAL ASSET (ROA)

C.1. Return on Total Asset (ROA) (Walmart Inc. 2018)

 Return on Total Asset (ROA) = EBIT / Total Assets

C.2. Return on Total Asset (ROA) (Walmart Inc. 2019)

 Return on Total Asset (ROA) = EBIT / Total Assets

INSTITUTE OF GRADUATE STUDIES

 Return on Total Asset (ROA) = EBIT / Total Assets

C.4. Return on Total Asset (ROA) (Walmart Inc. 2021)