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Walmart key statistics and ratios

In fiscal 2026, Walmart had return on equity of 23.0% and a net margin of 3.1%. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2010Jan 20102011Jan 20112012Jan 20122013Jan 20132014Jan 20142015Jan 20152016Jan 20162017Jan 20172018Jan 20182019Jan 20192020Jan 20202021Jan 20212022Jan 20222023Jan 20232024Jan 20242025Jan 20252026Jan 2026LTMJul 2026
Net margin3.5%3.9%3.5%3.6%3.4%3.4%3.0%2.8%2.0%1.3%2.8%2.4%2.4%1.9%2.4%2.9%3.1%3.0%
Return on equity20.4%23.6%22.5%23.0%21.0%20.8%18.1%17.2%12.7%8.9%20.2%17.4%16.7%14.6%19.3%22.2%23.0%22.3%
Return on assets8.4%9.3%8.4%8.6%7.9%8.0%7.3%6.8%4.9%3.1%6.5%5.5%5.5%4.8%6.3%7.6%8.0%7.6%
Effective tax rate32.4%32.2%32.6%31.0%32.9%32.2%30.3%30.3%30.4%37.4%24.4%33.3%25.4%33.6%25.5%23.4%24.4%23.3%
SG&A as % of revenue19.6%19.3%19.0%18.9%19.2%19.2%20.1%21.0%21.3%20.8%20.8%20.8%20.6%20.8%20.2%20.5%20.7%20.8%
Dividends ÷ net income29.3%27.1%32.2%31.5%38.3%37.8%42.8%45.6%62.1%91.5%40.6%45.3%45.0%52.3%39.6%34.4%34.3%34.9%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

3 of 6 checks passed · July 31, 2026
What it owns · $293.9bn
Short-term assets $88.7bnLonger-term assets $205.2bn
What it owes, and who funded it · $213.9bn
Short-term liabilities $115.6bnShareholders' equity $98.2bn
  • Short-term assets cover short-term liabilities $88.7bn of assets due within a year against $115.6bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $11.5bn of cash against $39.9bn of debt.
  • Debt below 40% of shareholders' equity Debt is 41% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 42% to 41% over five years.
  • A year's operating cash flow covers at least 20% of debt $42.9bn of operating cash flow against $39.9bn of debt.
  • Operating profit covers interest at least five times over Operating income of $32.3bn against $1.9bn of interest.

From Walmart's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

54 /100

Moderate moat

How hard Walmart's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 14 / 20

    Cash operating profit has been a median 11.0% of total assets over 10 years.

  • Pricing power 10 / 20

    Gross margin has been a median 24.9%, moving by 0.4 percentage points (standard deviation) across 10 years.

  • Durability 10 / 20

    Operating margin has been a median 4.2%; its worst year was 3.5%.

  • Cash conversion 12 / 20

    Free cash flow was positive in 10 of 10 years, at a median 3.1% of revenue.

  • Discipline 14 / 20

    The diluted share count fell 8.2% over five years.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (59 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: COST vs WMTTGT vs WMTDG vs WMT

More: Consumer Staples Merchandise Retail stocks compared, Consumer Staples sector, rankings of US companies

Figures from Walmart's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Walmart.