Walmart (WMT: $153.68) up 1.0% after an upgrade this week 09 June 2023

STOCK REVIEW

www.buysellsignals.com

Walmart Inc.'s (NYSE: WMT $153.68) stock price is up 1.0% after an upgrade in the past week. It was upgraded by the analyst at Tigress Financial.

Compared with the S&P 500 Index which rose 3.6 points (0.08%) in the day, the relative price increase was 0.8%.

There were 3,100,000 shares worth $476.4 million traded today. The volume was 0.5 times the average daily trading volume of 6.7 million shares.

WALMART (WMT) Stock Dashboard [traded in US Dollars, USD] End-of-Day

Exchange	NYSE [BATS, New York]	Sector	Broadline Retailers
Jun 09, 2023	$153.68	Independent Ratings	Ranked 209 in Just Capital; Ranked 17 in Fortune Modern Board 25; Ranked 1 in Fortune 500; Ranked 23 in Forbes 2000
EPS (FY2022)	$4.90	Market Cap	$414 billion
WMT P/E	Stock 31.4; Sector 23.1	Shares Outstanding	2,695,660,000
WMT Dividend Yield % (TTM)	Stock 1.5; Sector 1.4	Institutional Ownership	912,736,657
DPS (past 12 months)	$2	% of shares outstanding	33.9%
EPS Growth (Q1 2024 vs Q4 2022)	-73.4%	% Held by 21 Insiders	46.5%
Ave Daily Volume	6,745,945 shares	WMT in Indices	S&P 500 [of 500 stocks]
52-Week Price Range	116.03 - 158.62	PV$1000 (1 yr)	$1,311*

*If You Invested $1,000 in Walmart a year ago, This is How Much You Would Have Today: $1,311. USD1000 would have bought 8.4 shares (@the then price of 119.1) worth $1,290 @153.68 today. Dividends reinvested are worth $21.

Financial News

Quarterly Report (Q1/2024):

Release Date: June 02, 2023

Quarterly Report Analysis Q1 2024: Walmart EPS plummets 73%

Walmart (NYSE:WMT), announced EPS of 62.0c for the quarter-ended 30 April 2023 [Q1/2024], down 73% sequentially from $2.33 in the previous quarter [Q4/2022].

Quarterly Report (Q1 2024)

Quarter-ended	30 Apr [Q1/2024]	31 Jan [Q4/2022]	31 Oct [Q3/2023]
EPS	62c	$2.3	-66c
Revenue, $ billion	152	164	153
Sequential growth in Revenue %	-7.2	7.4	-0.0
Net Profit, $ billion	1.7	6.3	-1.8

Compared with the Previous Corresponding Period [PCP; Q1/2023], year-over-year [y.o.y.] EPS was down 17.3%, Revenue was up 7.6% and Net Profit was down 18.5%.

Quarter-ended	30 Apr [Q1/2024]	30 Apr [Q1/2023]
EPS, c	62	75
PCP growth in EPS %	-17	-23
Revenue, $ billion	152	142
PCP growth in Revenue %	7.6	2.4
Net Profit, $ billion	1.7	2.1
PCP growth in Net Profit %	-18.5	-24.8

SEC Form 4-Insider Selling

Wednesday June 07

Walmart (NYSE:WMT) Director S. Robson Walton sold 193,294 shares worth $29,026,535 on June 05. The selling price was $150.17. The shares hit a 17-day high on the day.

Wednesday June 07

Walmart (NYSE:WMT) Director S. Robson Walton sold 527,459 shares worth $79,140,107 on June 07. The selling price was $150.04.

Tuesday May 23

Walmart (NYSE:WMT) Director S. Robson Walton sold 455,060 shares worth $68,250,127 on May 19. The selling price was $149.98.

Tuesday May 23

Walmart (NYSE:WMT) Director S. Robson Walton sold 600 shares worth $90,012 on May 22. The selling price was $150.02. The shares hit a two-month low on the day.

Thursday May 25

Walmart (NYSE:WMT) Executive Vice President Dan Bartlett sold 6,600 shares worth $975,368 on May 23. The selling price was $147.78. The shares hit a two-month low on the day.

Please view more stories in DATA DOWNLOAD CENTER

SUBSTANTIAL SHAREHOLDER SELLING

Walmart substantial shareholder Walton Jim C sold 193,294 shares worth $29,026,535 on June 05. The price was $150.17.

DATA & ARCHIVE DOWNLOAD CENTER

WMT: EXCEL TABLES ARE AVAILABLE TO EXPORT DATA:

+ PRICE VOLUME - 5-YEAR HISTORY

+ FINANCIALS - 10-YEAR HISTORY [INCLUDING Q1/2023]:

+ INSTITUTIONAL SHAREHOLDERS - CATEGORISED AND COMPLETE LIST OF 2333 INSTITUTIONS AS AT Mar 31, 2023:

+ PEER COMPARISON - STOCK IN BROADLINE RETAILERS SECTOR AND STOCK IN INDICES

+ PATENTS - CATEGORISED LIST OF 5-YEAR HISTORY OF 5 :

WMT: LINKS IN HTML TO FURTHER INFORMATION:

+ NEWS ARCHIVES - WMT PAST 4 YEARS IN HTML:

+ STOCK BUZZ IN HTML

+ PRICE VOLUME CHARTS IN HTML

+ SEC FILINGS

+ NOTES to ACCOUNTS

INDEX

SECTION 1 THE PAST QUARTER: SEC FILINGS

SECTION 2 THE PAST QUARTER: FINANCIALS, ANALYST RATINGS, ESG

SECTION 3 THE PAST QUARTER: PRESS RELEASES AND CORPORATE WIRE

SECTION 4 THE PAST QUARTER: NEWS AND BUZZ

SECTION 5 INSTITUTIONAL OWNERSHIP UPDATED AFTER LAST SEC FILING Q1/2023 REPORTED ON MAY 18

SECTION 6 TODAY'S BULLISH SIGNALS

SECTION 7 ONGOING BULLISH PARAMETERS

SECTION 8 TODAY'S BEARISH SIGNALS

SECTION 9 ONGOING BEARISH PARAMETERS

SECTION 10 CORPORATE PROFILE AND INDEPENDENT RATINGS

SECTION 11 FINANCIALS FY 2022

SECTION 12 TAX & DIVIDEND

SECTION 13 TOP MANAGEMENT AND BOARD OF DIRECTORS

SECTION 14 INSIDER OWNERSHIP AND TRANSACTION IN THE PAST 10 YEARS

SECTION 15 FINANCIALS AS REPORTED Q1 2023-24, PAST 7 YEARS

SECTION 16 PEER COMPARISON & RANKING OF WMT

SECTION 17 PATENTS

STOCK IDENTIFIERS

GLOSSARY

SECTION 1 THE PAST QUARTER: SEC FILINGS

1.1 SEC Form 4 Filings: Insider Selling

Wed Jun 07, 2023

Walmart director S. Robson Walton sells shares worth $79.1 million

Wednesday June 07, 2023Walmart (NYSE:WMT) Director S. Robson Walton sold 527,459 shares worth $79,140,107 on June 07. The selling price was $150.04.

Thu May 25, 2023

Walmart executive vice president Dan Bartlett sells shares worth $975,368

Thursday May 25, 2023Walmart (NYSE:WMT) Executive Vice President Dan Bartlett sold 6,600 shares worth $975,368 on May 23. The selling price was $147.78. The shares hit a two-month low on the day.

Mon May 01, 2023

Walmart executive vice president John Furner sells shares worth $660,625

Monday May 01, 2023Walmart (NYSE:WMT) Executive Vice President, President and CEO and Walmart U.S. John Furner sold 4,375 shares worth $660,625 on April 27. The selling price was $151.0.

1.2 SEC Form 4 Filings: Insider Buying

Fri Mar 17, 2023

Walmart director Randall Stephenson buys shares worth $1 million

Friday March 17, 2023Walmart (NYSE:WMT) Director Randall Stephenson bought 7,245 shares worth $1,000,168 on March 15. The purchase price was $138.05. The shares hit an eight-day high on the day.

Insider Buying Summary [past quarter]

Name	No. of Shares	Price, $	Value, $
Stephenson Randall L [Director]	7,245	138.0	1,000,168

Insider Selling Summary [past quarter]

Name	No. of Shares	Price, $	Value, $
Walton S Robson [Director]	19,659,671	142.0	2,791,904,758
McMillon C Douglas [CEO]	9,716	140.1	1,361,407
Brand Rachel L [Executive Vice President]	9,334	141.8	1,323,880
Furner John R. [Executive Vice President]	8,750	145.5	1,273,344
Bartlett Daniel J [Executive Vice President]	6,600	147.8	975,368
Total	19,694,071	142.0	2,796,838,757

Please view further details in SECTION 14 INSIDER OWNERSHIP AND TRANSACTION IN THE PAST 10 YEARS

SECTION 2 THE PAST QUARTER: FINANCIALS, ANALYST RATINGS, ESG

2.1 Quarterly Financials (Q1/2024)

Walmart EPS plummets 73%

Release Date: June 02, 2023

Walmart (NYSE:WMT), announced EPS of 62.0c for the quarter-ended 30 April 2023 [Q1/2024], down 73% sequentially from $2.33 in the previous quarter [Q4/2022].

Quarterly Report (Q1 2024)

Quarter-ended	30 Apr [Q1/2024]	31 Jan [Q4/2022]	31 Oct [Q3/2023]
EPS	62c	$2.3	-66c
Revenue, $ billion	152	164	153
Sequential growth in Revenue %	-7.2	7.4	-0.0
Net Profit, $ billion	1.7	6.3	-1.8

Compared with the Previous Corresponding Period [PCP; Q1/2023], year-over-year [y.o.y.] EPS was down 17.3%, Revenue was up 7.6% and Net Profit was down 18.5%.

Quarter-ended	30 Apr [Q1/2024]	30 Apr [Q1/2023]
EPS, c	62	75
PCP growth in EPS %	-17	-23
Revenue, $ billion	152	142
PCP growth in Revenue %	7.6	2.4
Net Profit, $ billion	1.7	2.1
PCP growth in Net Profit %	-18.5	-24.8

2.2 Analyst Recommendations: Past 71 days

2023	Brokerage	Past Rating	Current Rating	Prev Target	Price Target
Apr 19	Gordon Haskett	Accumulate	Buy	155	165
Apr 05	Stephens	-	Overweight	-	170
Mar 31	Telsey Advisory Group	-	Outperform	-	160
Mar 30	Evercore ISI	In-Line	Outperform	145	160

Since January 6, Walmart has had thirty analyst rating changes with twenty-three being upgrades. Walmart is up 5.5% since January 6.

2.3 March 18 2022: Walmart: Risk Factors

RISK FACTORS

The risks described below could, in ways we may or may not be able to accurately predict, materially and adversely affect our business, results of operations, financial position and liquidity. Our business operations could also be affected by additional factors that apply to all companies operating in the U.S. and globally. The following risk factors do not identify all risks that we may face. Strategic Risks

Failure to successfully execute our omni-channel strategy and the cost of our investments in eCommerce and technology may materially adversely affect our market position, net sales and financial performance.

The retail business continues to rapidly evolve and consumers increasingly embrace digital shopping. As a result, the portion of total consumer expenditures with retailers and wholesale clubs occurring through digital platforms is increasing and the pace of this increase could continue to accelerate.

Our strategy, which includes investments in eCommerce, technology, talent, supply chain automation, acquisitions, joint ventures, store remodels and other customer initiatives, may not adequately or effectively allow us to continue to grow our eCommerce business, increase comparable sales, maintain or grow our overall market position or otherwise offset the impact on the growth of our business of a moderated pace of new store and club openings. The success of this strategy will depend in large measure on our ability to continue building and delivering a seamless omni-channel shopping experience and interconnected ecosystem for our customers that deepens our relationships with our customers across our various businesses and partnerships and reinforces our overall flywheel strategy. The success of this strategy is further subject to the related risks discussed in this Item 1A.

July 13 2021: 2021 ESG Reporting Details Meaningful Progress in Key Areas

Walmart has long taken a shared value, whole-system approach to environmental, social and governance (ESG) issues. Through our ESG strategies, we aim to do more than operate responsibly and mitigate business risk; we want to create value for business by better serving our customers and stakeholders and helping to transform related societal systems (e.g., food systems, workforce development systems) for more equitable and sustainable outcomes. Events of the past year - the COVID-19 pandemic, the murder of George Floyd, rising income inequality and intensifying climate and ecosystem decline - underscore the relevance of our shared value philosophy.

Source: Company Website

July 08 2021: Walmart: 2021 ESG Reporting Details Meaningful Progress in Key Areas

By Kathleen McLaughlin, Executive Vice President and Chief Sustainability Officer, Walmart Inc.; President, Walmart Foundation

Walmart has long taken a shared value, whole-system approach to environmental, social and governance (ESG) issues. Through our ESG strategies, we aim to do more than operate responsibly and mitigate business risk; we want to create value for business by better serving our customers and stakeholders and helping to transform related societal systems (e.g., food systems, workforce development systems) for more equitable and sustainable outcomes. Events of the past year - the COVID-19 pandemic, the murder of George Floyd, rising income inequality and intensifying climate and ecosystem decline - underscore the relevance of our shared value philosophy.

Source: Company Website

SECTION 3 THE PAST QUARTER: PRESS RELEASES AND CORPORATE WIRE

3.1 Creation of Shareholder Value

Mon Jun 05, 2023

Greg Penner starts ninth year as Walmart Non-Executive Chairman

Monday June 05, 2023

Greg Penner was appointed Non-Executive Chairman of Walmart (NYSE:WMT) eight years ago on June 05, 2015.

SECTION 4 THE PAST QUARTER: NEWS AND BUZZ

Source: Other Publishers

Jun	Headline	Publisher
Fri 09	Former Walmart CEO buys Florida waterfront mansion for $11.25 million (Photos)	The Business Journals
Fri 09	In an effort to cut waste, Walmart introduces new packaging	Staten Island Advance
Fri 09	Walmart (WMT) Receives a Hold from Bernstein	Business Insider
Fri 09	Walmart moves to cut its use of plastic	Northwest Arkansas Democrat Gazette
Thu 08	Walmart Unusual Options Activity	Benzinga.com
Thu 08	Leland police looking for suspect in attempted theft at Walmart	WECT

Please view more Stock Buzz stories in DATA DOWNLOAD CENTER

SECTION 5 INSTITUTIONAL OWNERSHIP UPDATED AFTER LAST SEC FILING Q1/2023 REPORTED ON MAY 18

Institutional Ownership as at Mar 31, 2023

5.1 Top 5 Institutional Ownership of Walmart as at March 31, 2023

As at March 31, 2023, 2303 Institutions (Funds) held investments in shares of Walmart. Institutions increased their holdings to 33.9% of issued capital, up from 32.1% as at Dec 31. The largest shareholder was Vanguard Group Inc. with 5% of Walmart. The second largest shareholder was State Street Corporation with 4%.

*Note: Minimum Core Shareholding is computed on the basis of SEC filings over the last 12 quarters (3 years). A higher % of shareholding above the minimum core holding may be indicative of a potential positioning by an active institution to overweight.

Walmart Top 4 Active Funds (in desc order of Shares) hold 10.0% [second last column shows % above minimum core shareholding; last column shows percentile rank by AUM (Assets Under Management) among 6696 Funds]. Please download the spreadsheet to view full list of 1257 Active Funds holding 19.1% of Walmart as at March 31, 2023.

Fund	Shares	% of Total	Value $	% above Core*	Percentile rank
State Street Corporation (0000093751)	120,779,589	4	17.7 B	101	100
Blackrock Inc. (0001364742)	99,856,852	4	14.7 B	15	100
Geode Capital Management, LLC (0001214717)	25,104,994	0.9	3.7 B	19	100
Morgan Stanley (0000895421)	22,736,350	0.8	3.3 B	122	100
% Held by Top 4 Institutional shareholders	268,477,785	10.0	39.4 B	-	-

Walmart Top 1 Index Funds (in desc order of Shares) hold 4.8% [second last column shows % above minimum core shareholding; last column shows percentile rank by AUM (Assets Under Management) among 6696 Funds]. Please download the spreadsheet to view full list of 1047 Index Funds holding 10.8% of Walmart as at March 31, 2023.

Fund	Shares	% of Total	Value $	% above Core*	Percentile rank
Vanguard Group Inc. (0000102909)	130,352,422	5	19.1 B	4	100
% Held by Top 1 Institutional shareholders	130,352,422	4.8	19.1 B	-	-

5.2 Institutional ownership of WMT at Mar 31: Providence Capital Advisors top increase of 1,172,838%

As at March 31, 2023, 712 institutions or 30.5% of WMT's institutional shareholders had increased their holding of shares in Walmart from December 31. The top increase was by Providence Capital Advisors which increased its holding by 4.7 million shares, or 1,172,838.3% to 4.8 million shares.

Top 5 Increases [March 31, 2023 vs December 31, 2022]

Value is shown in the table below at March 31 WMT share price of $146.89.

Institution (CIK)	Shares	Value, $	% increase
Providence Capital Advisors, LLC (0001730814)	4,749,995	675.8 M	1,172,838.3
Natixis (0001274981)	37,978	5.4 M	19,180.8
True Wealth Design, LLC (0001966033)	2,409	342,730	10,950.0
Sageworth Trust Co (0001482688)	169	24,044	2,414.3
TFO-TDC, LLC (0001698750)	44	6,260	2,200.0
Total	4,790,595	681.6 million	-

5.3 Institutional ownership of WMT at March 31, 2023: Providence Capital Advisors, LLC top increase by worth

Top 5 Increases by worth [March 31, 2023 vs December 31, 2022]

Value is shown in the table below at March 31 WMT share price of $146.89.

Institution (CIK)	Shares	Worth Change, $
Providence Capital Advisors, LLC (0001730814)	4,749,995	675.8 M
Jane Street Group, LLC (0001595888)	1,792,065	255 M
Bank of America Corp, DE (0000070858)	1,431,646	203.7 M
Assenagon Asset Management S.A. (0001546007)	684,709	97.4 M
Fisher Asset Management, LLC (0000850529)	270,761	38.5 M
Total	8,929,176	1.3 billion

5.4 Institutional ownership of WMT at Mar 31: Parallax Volatility Advisers top decrease of 100%

687 Institutional shareholders decreased their holdings in Q1/2023. The top decrease was Parallax Volatility Advisers who reduced their shareholding in Walmart by 141,837 shares (99.9%) from 141,927 as at December 31 to 90 as at March 31.

Top 5 Decreases [March 31, 2023 vs December 31, 2022]

Value is shown in the table below at March 31 WMT share price of $146.89.

Institution (CIK)	Shares	Value, $	% Decreases
Parallax Volatility Advisers, LP (0001521001)	141,837	(20.2 M)	-99.9
Washington Trust (0001079736)	107,219	(15.3 M)	-99.9
Kozak & Associates, Inc. (0001764970)	737	(104,854)	-98.7
AllGen Financial Advisors, Inc. (0001964809)	754,617	(107.4 M)	-97.9
Sheets Smith Wealth Management (0001157436)	4,550	(647,332)	-96.9
Total	1,008,960	(143.5 million)	-

5.5 Institutional ownership of WMT at Mar 31: Skye Global Management top new shareholder

An analysis conducted after the mid - quarter deadline of May 14 for Q1 SEC filings by 6646 institutions shows that there were 5 new institutional shareholders. Skye Global Management (1675884) was the largest new shareholder with 406,000 shares valued at $59.6 million as at March 31.

Top 5 New shareholders as at March 31, 2023

Value is shown at price of March 31, 2023 (in desc order of Shares)

Value is shown in the table below at March 31 WMT share price of $146.89.

Institution (CIK)	Shares	Value, $
Skye Global Management LP (0001675884)	406,000	59.6 M
Legacy Capital Wealth Partners, LLC (0001766228)	115,347	16.9 M
Empyrean Capital Partners, LP (0001317195)	100,000	14.7 M
VGI Partners Pty Ltd (0001577774)	92,795	13.6 M
Ontario Teachers Pension Plan Board (0000937567)	45,382	6.7 M
Total	759,524	111.6 million

5.6 Institutional ownership of WMT at Mar 31: Norges Bank top exit

An analysis conducted after the mid - quarter deadline of May 14 for 20231 SEC filings by 6646 institutions shows that there were 5 exits. Norges Bank was the largest exit with 18,328,064 shares valued at 2.6 B as at March 31.

Institution (CIK)	Shares	Value, $
Norges Bank (0001374170)	18,328,064	2.6 B
Putnam Investments LLC (0001421578)	8,386,458	1.2 B
Bank of Montreal, CAN (0000927971)	3,613,924	508.4 M
Capital World Investors (0001422849)	976,298	137.3 M
Personal Capital Advisors Corp (0001571669)	787,796	110.8 M
Total	32,092,540	4.5 billion

Please view detailed Institutional Shareholders - Categorised and Complete List in DATA & ARCHIVE DOWNLOAD CENTER

SECTION 6 TODAY'S BULLISH SIGNALS

6.1 Relative Value Indicators: Undervaluation compared with sector averages

Sector	P/E	Dividend Yield %
Fortune Modern Board 25	Stock: 31.4; Sector: 33.4	Stock: 1.5; Sector: 0.4	undervalued
Forbes 2000		Stock: 1.5; Sector: 1.0	undervalued
Fortune 500		Stock: 1.5; Sector: 0.5	undervalued
Top 50 BCG		Stock: 1.5; Sector: 0.4	undervalued
Just Capital		Stock: 1.5; Sector: 0.5	undervalued

6.2 PAST WEEK: WEAK MOMENTUM UP - WMT increases 3.3% on volume 0.8 times average

Week 23 of 2023: Up 3.3%; Walmart (WMT) outperformed the S&P 500 Index in 3 out of 5 days. The price ranged between a low of $148.82 on Friday Jun 02 and a high of $153.68 on Friday Jun 09.

Jun	Walmart	Close [$]	Change %	RPC % *	Comment
Fri 02	Offers earnings yield of 2.9%	148.82	1.0	-0.5	Week-low of 148.82
Mon 05	Rises in 4 out of last 5 days; 5-day rise of 2.6%	149.8	0.7	0.9	Price/MAP200 above 1 and rising
Tue 06	Offers earnings yield of 2.9%	149.78	-0.01	-0.3	Steepest Fall
Thu 08	Adds $6 billion (1.4%) in MCap, top heavyweight rise in Broadline retailers sector	152.17	1.4	0.8	Top Rise
Fri 09	Up 1.0% after an upgrade this week	153.68	1.0	0.8	Week-high of 153.68

* RPC - Relative Price Change is % price change of stock less % change of the S&P 500 Index.

6.3 Rank in the top 24% by Relative Valuation in the NYSE market

Description	Value	Rank
EV/EBITDA	25.7	In Top 8%
Price to Sales	0.7	In Top 24%

6.4 Rank in the top 20% by Price Performance in the NYSE market

Description	Value	Rank
PV1000 [1 yr] $	1,311	In Top 20%

6.5 Uptrend

Price/Moving Average Price of 1.08 and positive MACD:

- The Price/MAP 200 for Walmart is 1.08. Being higher than 1 is a bullish indicator. The stock is trading above both its MAPs and the 50-day MAP of $149.80 is higher than the 200-day MAP of $142.03, a second bullish indicator. The 200-day MAP has increased to $142.03, a third bullish indicator.

- The Moving Average Convergence Divergence (MACD) indicator of 12-day Exponential Moving Average (EMA) of 150.03 minus the 26-day EMA of 149.59 is positive, suggesting a bullish signal. Both the 12-day EMA as well as the 26-day EMA are rising, another bullish signal.

Past Quarter:

- The shares had their best quarter in three quarters since the quarter ended September 09, 2022.

The Best 3 weeks in the past quarter

In the past quarter the week beginning Monday March 27 saw the highest weekly rise of 4% for a relative price increase of 0.5%.

Mon-Fri	Change %	S&P 500 Index Change %	Vol Ind [1 is avg]
Mar 27-31	4	3.5	1
Jun 05-09	3.3	0.3	0.8
Mar 13-17	2.2	1.4	1.4

6.6 Other Bullish Signals

MCap/Total Assets:

- Tobin's Q Ratio, defined as MCap divided by Total Assets, is 1.7. Compared with the rest of the market the stock is undervalued.

SECTION 7 ONGOING BULLISH PARAMETERS

7.1 Rank in the top 3% by Size in the NYSE market

Description	Value	Rank
Annual Revenue	$572.8 billion	In Top 1%
MCap	$414 billion	In Top 3%
Ave daily Turnover	$476.4 million	In Top 3%

7.2 Present Value of $1000 Invested in the Past [3 Mo, 1 Yr, 3 Yrs]; The Best Periods with PV$1000 > 1,137

PV$1,000	3 mo ago	1 yr ago	3 yrs ago
WMT.NYSE	$1,138	$1,311	$1,394
Broadline Retailers sector	$1,048	$1,138	$1,225
S&P 500 Index	$1,103	$1,070	$1,340

7.3 The Best Periods [3 Mo, 1 Yr] with Price Change % > 12.8

1-Year price change of 29% for Walmart outperformed the change of 4.4% in the S&P 500 Index for a relative price change of 24.6%.

Price Change %	Quarter	Year
Walmart	12.9	29
Broadline Retailers sector	4.8	12.1
S&P 500 Index	11.3	4.4

7.4 Stock vs Index (Annual Percentage Change)

December 31	Last price in USD	Annual Return	Return of S&P 500 Index
2022	141.8	-0.5	-19.4
2021	142.5	2.0	26.9
2020	139.7	23.3	16.3
2019	113.3	30.2	28.9
2018	87.0	-	-

Over 5 years Walmart is up a total 62.9% at an annualized rate of 13.0% compared to the Index being up 53.2% at an annualized rate of 11.2%.

Walmart has outperformed the S&P 500 Index in 2 of the past 5

years: 2020, 2019.

7.5 Moving Annual Return of 30.9% in the past year:

Moving Annual Return was 30.9% in the past year. Based on a dynamic start date of 5 years ago, the real rate of return has averaged 17.7%. The Moving Annual Return has been positive in 4 of the last 5 years.

WMT	Close ($)	Dividends ($)	Capital Gain / (Loss) %	% Yield	Annual Return %
Jun 09	153.68	2.26	29	1.9	30.9
1 Yr ago	119.1	2.22	(12.1)	1.6	(10.5)
2 Yrs ago	135.54	2.18	17.2	1.9	19.1
3 Yrs ago	115.67	2.14	16.4	2.2	18.6
4 Yrs ago	99.37	2.1	27.8	2.7	30.5

Close 5 years ago $77.77

7.6 MCap: 5-Year Increase of $165 B (66%)

In the past 5 years Market Capitalization has increased by $165.3 billion (66%) from $248.9 billion to $414.3 billion. Based on a dynamic start date of 5 years ago, there has been only 1 decline in MCap over the last 5 years.

	Price	MCap ($ B)
Last	$153.68	414.3
1 Year ago	$119.10	331.6
2 Years ago	$135.54	395.9
3 Years ago	$115.67	343.3
4 Years ago	$99.37	304.4
5 Years ago	$77.77	248.9

7.7 Buybacks and 5-Years Decrease of 10% in Total Shares on Issue

In the past 5 years total shares on issue have decreased by 309 million (10%) from 3.1 billion to 2.8 billion. Buybacks have averaged 69.2 million shares [2.2%] per financial year. Based on a dynamic start date of 5 years ago, there has been no rise in issued capital over the last 5 years. A reduction in total shares on issue is a favourable indicator in Joseph Piotroski's 9 indicators.

Year End (Jan 31)	Total Shares on Issue	FY	Buybacks	Buyback %
2022	2,792,000,000	2022	39,000,000	1.4%
2021	2,831,000,000	2021	19,000,000	0.7%
2020	2,850,000,000	2020	80,000,000	2.7%
2019	2,930,000,000	2019	65,000,000	2.2%
2018	2,995,000,000	2018	106,000,000	3.4%
2017	3,101,000,000	2017	106,000,000	3.3%
Total			415,000,000
Average per FY			69,166,667

7.8 Annualised Period-based Total Shareholder Returns [TSR %]: The Best Periods with TSR > 7.7%

TSR %	1 yr	3 yrs	5 yrs	10 yrs	20 yrs	30 yrs
WMT.NYSE	31.1	11.6	16.7	10.4	7.8	10

7.9 Increased VWAP, up 56% in 5 years

In the past five years Volume Weighted Average Price (VWAP) has increased by 55.6% to $137.79.

Past five years, 12 months ended Jun 09 (USD)

Year	High Price	VWAP	Low Price
2023	158.62	137.79	116.03
2022	157.65	138.0	115.41
2021	147.21	132.38	111.64
2020	126.7	111.11	96.46
2019	99.65	88.57	75.94

7.10 Increased share turnover, up 36% in 5 years

In the past five years, average daily share turnover has increased 36.0% to $929.5 million. This suggests increased liquidity.

Past five years, 12 months ended Jun 09 (USD million)

Year	Average Daily Turnover
2023	929.5
2022	1171.1
2021	1181.7
2020	789.4
2019	683.6

7.11 Quarterly Trend in Revenue and Net Profit Margin:

- Revenue growth and Net Profit margin have shown signs of recovery in recent quarters. [All figures in %]

Qtr-ended	Revenue Growth	Net Profit Margin
Jan 23 [Q4 vs Q3]	7.4	3.5
Oct 22 [Q3 vs Q2]	-0	-1.2

SECTION 8 TODAY'S BEARISH SIGNALS

8.1 Relative Value Indicators: Overvaluation compared with sector averages

Price/Earnings of 31.4 > Broadline Retailers sector (of 6 stocks) avg of 23.1:

- The price-to-earnings ratio of 31.4 indicates overvaluation compared with sector average of 23.1 and market average of 21.1.

8.2 Relative Value Indicators: Overvaluation compared with Index averages and bond yield

- Earnings yield of 3.2% is less attractive compared with the NYSE average earning yield of 4.7%.

- The earnings yield of 3.2% is below the 10-year bond yield of 3.8%.

(All figures in %)

Earnings Yield	3.2
NYSE avg	4.7
Dividend Yield	1.5
Bond Yield	3.8

Sector	P/E
Forbes 2000	Stock: 31.4; Sector: 15.3	overvalued
Fortune 500	Stock: 31.4; Sector: 21.9	overvalued
Top 50 BCG	Stock: 31.4; Sector: 23.7	overvalued
Just Capital	Stock: 31.4; Sector: 24.1	overvalued

8.3 Rank in the bottom 23% by Relative Valuation in the NYSE market

Description	Value	Rank
Price/Earnings	31.4	In Bottom 23%
Price to Book Value	9.2	In Bottom 11%
P/E * P/NTA	290.08	In Bottom 6%

8.4 Other Bearish Signals

- Return on Equity of 15.2% versus sector average of 22.6%.

- Total Liabilities/EBITDA of 8.2 is more than 5, this compares unfavourably with the Joseph Piotroski benchmark of 5.

- Return on Assets of 5.7% versus sector average of 6.8%.

- Return on Capital Employed of 11.9% versus sector average of 14.1%.

- Net profit margin has averaged 2.6% in the last 3 years. This suggests the company is less profitable with a low margin of safety.

- As per the Du Pont analysis, Return on Equity of 15.2% is lower than sector average of 22.6%. This is computed as net profit margin of 2.4% times asset turnover [sales/assets] of 2.3 times leverage factor [total assets/shareholders' equity] of 2.7.

8.5 Overbought/Bearish Signals:

- The stock is overbought according to the Williams % R indicator of -0.3, suggesting the price is close to its 14-day high of $153.71.

SECTION 9 ONGOING BEARISH PARAMETERS

9.1 Rank in the bottom 4% by Growth in the NYSE market

Description	Value	Rank
EPS Growth %	2.7	In Bottom 4%

9.2 Rank in the bottom 8% by Performance in the NYSE market

Description	Value	Rank
Net Profit Margin %	2.4	In Bottom 8%
EBITDA Margin %	3.3	In Bottom 7%

9.3 P/E/G > 1

The price earnings ratio of 31.4 divided by trailing twelve months eps growth of 2.7% corresponds to P/E/G of 11.5 times.

EPS Growth (%)	2.73
P/E/G	11.51
P/E	31.36

9.4 % Growth in EPS & RPS

EPS growth: Sequential EPS growth (Q1 2024 vs Q4 2022) was down 73.4% and PCP EPS growth (Q1 2024 vs Q1 2023) was down 17.3%. FY EPS growth (FY2022 vs FY2021) was up 2.7%.

RPS growth: Sequential growth in Revenue per share (Q1 2024 vs Q4 2022) was down 6.9% and PCP growth in Revenue per share (Q1 2024 vs Q1 2023) was up 10.4%. FY growth in Revenue per share (FY2022 vs FY2021) was up 4.0%.

(All figures in %)

Sequential growth in EPS (Q1 2024 vs Q4 2022)	-73.4
Sequential growth in RPS (Q1 2024 vs Q4 2022)	-6.9
PCP growth in EPS (Q1 2024 vs Q1 2023)	-17.3
PCP growth in RPS (Q1 2024 vs Q1 2023)	10.4
FY growth in EPS (FY2022 vs FY2021)	2.7
FY growth in RPS (FY2022 vs FY2021)	4.0

9.5 A 10.0% Increase in Insider Selling

In the past 5 years a total of 124,256,716 Walmart shares (or 4.6% of the total shares on issue) worth $15.6 billion were sold by insiders. Based on a dynamic start date of 5 years ago, insider selling has averaged 24,851,343 shares per year. In the past year, insiders sold 33,239,207 shares, an increase of 10.0% from the previous year.

Year	No. of Shares	Value, $
Jun 09, 2023	33,239,207	4,772,537,439
1 Yr ago	30,216,164	4,254,309,459
2 Yrs ago	15,369,325	2,196,969,216
3 Yrs ago	612,311	73,310,010
4 Yrs ago	44,819,709	4,302,448,434
Total	124,256,716	15,599,574,559

9.6 Declining Volume, down 13% in 5 years

In the past five years, Average Daily Volume of Trading (ADVT) has decreased 12.6% to 6.7 million shares.

Avg. Daily Volume Traded 12 months ended Jun 09, million shares

Year	ADVT
2023	6.7
2022	8.4
2021	8.9
2020	7.0
2019	7.7

9.7 Satisfies 3 out of 9 criteria of Joseph Piotroski [pass mark 5]:

- Return on Assets improvement [from 5.4% to 5.7%].

- Reduction in total shares on issue.

- Improvement in gross margin [from 24.8% to 25.1%].

But does not meet the following 6 criteria of Joseph Piotroski:

- Improvement in long-term debt to total assets.

- Improvement in current ratio.

- Improvement in asset turnover.

SECTION 10 CORPORATE PROFILE AND INDEPENDENT RATINGS

10.1 Activities

Walmart Inc., previously Wal-Mart Stores, Inc. (Wal-Mart) operates retail stores in various formats around the world. The Company earns the trust of its customers every day by providing an assortment of merchandise and services at every day low prices (EDLP), while fostering a culture that rewards and embraces mutual respect, integrity and diversity. Wal-Mart's operations comprise three business segments: Wal-Mart Stores, Sam's Club and International. Its Wal-Mart Stores segment is the largest segment of the Company's business, and operates stores in three different formats in the United States, as well as Wal-Mart's online retail operations, walmart.com. Its Sam's Club segment consists of membership warehouse clubs in the United States and the segment's online retail operations, samsclub.com. In January 2009, it acquired 57% of D&S SA. It is the NYSE's largest Broadline retailer by market capitalisation.

10.2 Independent Ratings and Relative Value Indicators

+ Fortune 500:

Walmart Inc. is a new entrant in the Fortune list of Top 500 Global companies by Revenues in 2022, ranked 1.

+ Just Capital:

It was ranked 209 in the Just Capital annual list of top 100 ESG stocks for 2022; it was ranked 10 in the Retail sector.

+ Top 50 BCG:

It was ranked 23 in Boston Consulting Group's list of Top 50 Most Innovative Companies 2021; a deterioration over a year from rank 13 in 2020.

+ Carbon Disclosure Project (CDP):

It is one of 181 companies selected by the Carbon Disclosure Project (CDP) in their A List 2019. The CDP names the world's most pioneering companies leading on environmental transparency and performance.

+ Newsweek 500:

It was ranked 280 by Newsweek and Corporate Knights Capital in the World's 500 Greenest Companies 2016. It had outstanding scores of 6.4% in Carbon productivity.

+ PwC 100:

It was ranked 12 by MCap as at March 31, 2015 by PwC in the Top 100 Global companies; a deterioration over 6 years from rank 3 as at March 31, 2009.

+ Fortune's Change of the World list 50:

It was ranked 4 out of 50 companies in the Fortune's Change of the World list 2015.

10.3 Contact Details

Website	http://www.walmart.com
Physical Address	702 South West 8th Street,Bentonville,AR,72716
Phone	+1 479 273-4000
Fax	+1 479 277-1830
Email	invrela@wal-mart.com

10.4 U.S. Industry & Sector [of 84 stocks]

Classification Level	Name of Sector
Economic Sector	Consumer Non-Cyclicals
Business Sector	Food & Drug Retailing
Industry Group	Food & Drug Retailing
Industry	Food Retail & Distribution

10.5 North American Industry Classification System [NAICS]

Code: 445110

Industry Title: Supermarkets and Other Grocery (except Convenience) Stores

SECTION 11 FINANCIALS FY 2022

11.1 WMT Financials Summary: EPS up 2.7% to $4.90 in FY2022 [ y.e. 31 Jan 2022]

+ Net profit was up 1.2% from $13.5 billion in FY2021 to $13.7 billion in FY2022.

+ Earnings Per Share (EPS) was up 2.7% from $4.77 in FY2021 to $4.90 in FY2022.

Year ended Jan	FY2022	FY2021	FY2020
Sales ($ B)	572.8	559.2	524
Pretax ($ B)	18.7	20.6	20.1
Net ($ B)	13.7	13.5	14.9
EPS ($)	4.9	4.77	5.22

11.2 Financials, FY 2022 [year-ended 31 January 2022 ]

Walmart Net Profit up 1.2%

Release Date: March 18, 2022

Walmart (NYSE:WMT) reported net profit for the year-ended 31 January 2022 [FY2022] of $13.7b, up 1.2% from $13.5b in the previous year [FY2021]. Earnings per share (EPS) were up 2.7% from $4.77 in FY2021 to $4.9 in FY2022.

11.3 Annual growth in Revenue, Net Profit and EPS

Year-ended	31 January [FY/2022]	31 January [FY/2021]
Revenue, $ Billion	573	559
Growth in Revenue %	2.4	6.7
Net Profit, $ Billion	13.7	13.5
Growth in Net Profit %	1.2	-9.2
EPS, $	4.9	4.77
Growth in EPS %	2.7	-8.6

Major changes compared with previous year (FY2022 vs FY2021):

Favourable Changes:

- Total revenue up 2.4% from $559.2b to $572.8b

- EPS up 2.7% from $4.77 to $4.9

- Total revenue to total assets up from 2.2 to 2.3

- Debt to Equity down 13.9% from 0.7 to 0.6

- Total liabilities to Total assets down 4.6% from 0.7 to 0.6

Unfavourable Changes:

- EBIT Margin down from 3.7% to 3.3%

- EBIT to total assets down from 8.1% to 7.6%

- Profit before tax to Sales down from 3.7% to 3.3%

- Current ratio down 4.1% from 1.0 to 0.9

- Total current assets to Total Assets down from 35.7% to 33.1%

Year-on-year comparison of Performance Ratios [FY2022 vs FY2021]

January 31	FY2022	FY2021	Change (%)
Return on Equity (%)	15.2	15.7	Down 3.2
Return on Assets (%)	5.7	5.4	Up 5.6
Total debt to net tangible assets (%)	128	154.6	Down 17.2
Debt/Equity	0.6	0.7	Down 13.9
Common Size Ratios by Assets %
Current Debtors to Total Assets	3.4	2.6	Up 31.8

Three-year record of growth and performance:

In the last 3 years Total Revenue averaged $552B, EBITDA averaged $19.8B and Net Profit averaged $14B. Compound Annual Growth Rate (CAGR) averaged 3.6% for Total Revenue, 27.0% for Net Profit and 17.7% for EBITDA.

Description	Annual ($ B)	3-year Avg ($ B)	3-year CAGR %
Total Revenue	572.8	552	3.6
EBITDA	18.7	19.8	17.7
Operating Profit	18.7	19.8	17.7
Net Profit	13.7	14	27

Three-year record of EBITDA, Operating Profit, Net Profit, ROE, ROA and ROCE

In 2022 Net Profit Margin of 2.5% was below its 3-year Avg of 2.6% (All Figures in %)

Description	2022	3-year Avg
EBITDA Margin	3.3	3.6
Operating Profit Margin	3.3	3.6
Net Profit Margin	2.5	2.6
Return on Equity	15.2	16.5
Return on Assets	5.7	5.8
Return on Capital Employed	11.9	12.5

SECTION 12 TAX & DIVIDEND

12.1 Average Income Tax Paid (Past 5 Years)

In the past 5 years, Income Tax as % of profit before tax decreased from 30.4% to 25.4% and Income Tax as % of operating cash flow decreased from 30.4% to 25.4%.

Description	2022	2021	2020	2019	2018	5-yr avg	10-yr avg
As % of profit before tax	25.4	33.3	24.4	37.4	30.4	30.2	30.8
As % of operating cash flow	25.4	33.3	24.4	37.4	30.4	30.2	27.7

12.2 Dividend History

In the past 5 years annual dividends have increased by 16.0c from 210.0c to 226.0c. Based on a start date of 5 years ago, there has been no decline in dividends over the last 5 years.

Date Paid	Value (c)	Type
04 May 2023	57	Quarterly
16 Mar 2023	57	Quarterly
08 Dec 2022	56	Quarterly
11 Aug 2022	56	Quarterly
Tr 12 Months	226
2021 - 2022	222
2020 - 2021	218
2019 - 2020	214
2018 - 2019	210

SECTION 13 TOP MANAGEMENT AND BOARD OF DIRECTORS

13.1 Top Management

Top Management [Eleven top executives with tenure > 5 yrs]

Name	Designation	Since Appointment
Doug McMillon	Chief Executive Officer, President, Director	9 Yrs, 5 Mos
Greg Penner	Non-Executive Chairman, Director	8 Yrs
Rachel Brand	Executive Vice President, Corporate Secretary, Chief Legal Officer, Global Governance	5 Yrs, 3 Mos
Rainey John D	Chief Financial Officer, Executive Vice President	-
Judith McKenna	Executive Vice President, CEO-Walmart International, President-Walmart International	-
Suresh Kumar	Executive Vice President, Chief Technology Officer, Chief Development Officer	-
Dan Bartlett	Executive Vice President	-
Kathryn J McLay	Executive Vice President	-
Donna Morris	Executive Vice President, Chief People Officer	-
John Furner	Executive Vice President, President and CEO, Walmart U.S.	-
David M. Chojnowski	Senior Vice President, Controller	-

13.2 Board Of Directors

Board Of Directors

Name	Designation
Carla A. Harris	Director
S. Robson Walton	Director
Timothy P. Flynn	Director
Marissa A. Mayer	Director
Randall Stephenson	Director
Steven S. Reinemund	Director
Sarah J. Friar	Independent Director
Cesar Conde	Independent Director
Steuart L. Walton	Independent Director
Thomas W. Horton	Lead Independent Director

13.3 Independent Ratings of Directors

+ S. Robson Walton- Forbes Billionaires Ranking:

S. Robson Walton was ranked 19 in the Forbes Billionaires list in the world for 2022, unchanged from the same rank 19 in 2021.According to Forbes, S. Robson Walton's net worth had increased by (9.2%) $5.5 billion to $65 billion in 2022.

13.4 Profiles of Top Management

Doug McMillon

CEO & President & Director

Under Doug's leadership, Walmart is making life easier for busy families and building trust with customers. It is investing heavily in associate wages, benefits and education-including a debt-free, dollar-a-day college program and an expanded parental leave policy. And, it launched an ambitious program, Project Gigaton, to combat climate change and work with suppliers to avoid 1 billion metric tons of emissions worldwide.

Doug is a longtime champion of Walmart's customers, its associates and the company's culture. He was named president and CEO in 2014. From 2009 to 2014 he was president and CEO of Walmart International, and from 2005 to 2009 he served as president and CEO of Sam's Club. He has worked at Walmart for nearly 30 years, starting as a teenager unloading trucks for an hourly wage. He went on to serve in senior leadership roles in all of Walmart's business segments. He remains a merchant at heart.

Doug is the chairman of the Business Roundtable, an association of chief executive officers of America's leading companies. He serves on the boards of directors of the Consumer Goods Forum, the U.S.-China Business Council and Crystal Bridges Museum of American Art. He also sits on the American Workforce Policy Advisory Board and the advisory board of the Tsinghua University School of Economics and Management in Beijing, China.

Originally from Jonesboro, Arkansas, Doug graduated from the University of Arkansas with a bachelor's degree in business administration, and a master's degree in business administration from the University of Tulsa.

Shareholder Value:

Creation of shareholder value in Walmart:

Year of appointment: 2014

In the last 5 years the average annualized return to shareholders was 16.7%. The present value of $1,000 (PV1000) invested 5 years ago is now $2,164, a gain of $976 and dividend reinvested of $188.

Greg Penner

Non-Executive Chairman & Director

Greg Penner is founder and general partner of Madrone Capital Partners, an investment management firm located in Menlo Park, Calif. Elected as chairman of the Walmart Board of Directors in 2015, Penner is only the third person to serve in the position, following his father-in-law, Rob Walton, and company founder Sam Walton.

Over a 20-year period, Penner has worked with Walmart in a number of capacities, including as senior vice president and chief financial officer in Japan and senior vice president of finance and strategy for walmart.com. He was first elected to the Walmart board in 2008 and has served as a member on the Strategic Planning & Finance Committee and as chairman of the Technology & eCommerce Committee.

Previously, Penner also worked as a financial analyst at Goldman Sachs Group, Inc., and as a general partner of Peninsula Capital. Penner has been a member of the board of directors of Baidu, Inc., since 2004 and previously served on the board of directors of Hyatt Hotels Corporation from 2007 to 2014.

Penner earned a B.S. in International Economics from Georgetown University in 1992 and an MBA from the Stanford Graduate School of Business in 1997.

Shareholder Value:

Creation of shareholder value in Walmart:

Date of appointment: June 05, 2015

In the last 5 years the average annualized return to shareholders was 16.7%. The present value of $1,000 (PV1000) invested 5 years ago is now $2,164, a gain of $976 and dividend reinvested of $188.

John Furner

Executive Vice President

John Furner serves as president and chief executive officer of Walmart U.S., where he is responsible for the strategic direction and performance of more than 4,700 stores and more than 1 million associates.

From 2017-2019, John served as president and chief executive officer of Sam's Club. During his time as CEO, Sam's Club had 11 consecutive quarters of positive sales comps, while increasing memberships.

John started with Walmart as an hourly associate in 1993, at Store 100 in Bentonville, Arkansas. He has held important roles throughout the company, including assistant store manager, store manager, district manager, buyer, regional general manager, divisional merchandising manager, VP of global sourcing, general merchandise manager, head of marketing and merchandising for Walmart China based in Shenzhen, and chief merchant for Sam's Club.

He serves on the boards of directors for the Congressional Medal of Honor Foundation and National Retail Federation.

John has a bachelor of science in marketing management from the University of Arkansas.

Dan Bartlett

Executive Vice President

Dan Bartlett is executive vice president of corporate affairs for Walmart. He is responsible for government relations and public policy, corporate communications, philanthropy and the company's social responsibility and sustainability initiatives.

Before joining Walmart, Dan was president and chief executive officer of the U.S. division of Hill+Knowlton Strategies, where he served as a strategic advisor to business leaders representing key sectors of the American and global economy.

Prior to Hill+Knowlton Strategies, Dan served as president and CEO of Public Strategies, Inc. Previously, he served in several high-ranking positions at the White House, completing his service as counselor to President George W. Bush in July 2007. As one of President Bush's most trusted advisors, he was responsible for all aspects of communications for the president and his administration, including the White House press office, speechwriting and office of communications. Dan also played key roles in George W. Bush's presidential and Texas gubernatorial campaigns.

Donna Morris

Executive Vice President

Donna Morris is executive vice president and chief people officer for Walmart Inc. A member of the executive committee, Donna is responsible for attracting, retaining and developing talent for one of the world's largest private employers.

Donna has nearly 20 years of leadership experience in delivering innovative people solutions, developing and managing teams that operate in an agile way, and helping to build a high-performance culture that promotes diversity and inclusion. Donna joined Walmart from Adobe, where she served as chief human resources officer and executive vice president of employee experience.

A native of Ottawa, Canada, Donna joined Adobe in 2002 and most recently led all aspects of the company's human resources, real estate and security operations. She led a number of workplace-friendly initiatives at Adobe, including expanding its family leave policy and simplifying standard HR processes.

Donna has a bachelor of arts degree in political science from Carleton University. Donna holds the Society for Human Resource Management - Senior Certified Professional (SHRM-SCP), Senior HR Professional (SHRP) and Canadian Certified Human Resources Professional (CHRP) designations. She also serves on the board of directors of Marvell Technology.

Judith McKenna

Executive Vice President

Judith McKenna is president and chief executive officer of Walmart International, a fast-growing segment of Walmarts overall operations. She leads more than 6,200 retail units and 777,000 associates across 27 countries.Prior to being named president and CEO of Walmart International, Judith served as executive vice president and chief operating officer for Walmart U.S. She led the companys 1.5 million associates and operations for its 4,600 U.S. stores. Her passion for teaching and training led to the development of the Walmart U.S. Academy Stores program, which trained a quarter of a million people in its first year. Under her tenure, Judith launched Online Grocery Pickup in more than 1,100 U.S. stores and oversaw the integration of technology and processes in the business.

David M. Chojnowski

Senior Vice President

David Chojnowski is senior vice president and controller of Wal-Mart Stores, Inc. (Walmart). As the corporation's principal accounting officer, Dave is responsible for financial reporting, internal controls and accounting policy across Walmart's global operations.

Dave joined Walmart in 2011 as vice president and controller for Walmart International, where he led finance transformation efforts across the company's international business. In 2014, Dave became vice president and controller for Walmart U.S. and was promoted to his current position in January 2017.

Prior to joining Walmart, Dave served as senior vice president, corporate controller and chief accounting officer at Burger King Corp., where he oversaw the company's worldwide accounting and controls, SEC reporting and financial planning and analysis. Prior to Burger King, he held a number of financial leadership roles at General Motors Corp. He also worked as an auditor at Deloitte.

Dave is a member of Financial Executives International and the American Institute of Certified Public Accountants. He also serves as vice chairman of the board of directors for the Northwest Arkansas Food Bank.

Dave earned a master of business administration from the Ross School of Business at the University of Michigan and is a certified public accountant.

13.5 Profiles of Board of Directors

Randall Stephenson

Director

Randall retired in January of 2021 as Executive Chairman of the Board of AT&T Inc. Prior to that he was Chairman of the Board and Chief Executive Officer of AT&T and served in that capacity from 2007 until July 2020, having also served as President from 2007 through September 2019. He held a variety of high-level finance, operational and marketing positions with AT&T, including serving as Chief Operating Officer from 2004 until his appointment as Chief Executive Officer in 2007 and as Chief Financial Officer from 2001 to 2004. He began his career with AT&T in 1982.

Randall received his B.S. in accounting from Central State University (now known as the University of Central Oklahoma) and earned his Master of Accountancy degree from the University of Oklahoma. He has served on the board of directors of Boys Scouts of America since 2005, including as chairman of the board from 2016 to 2018, and the PGA Tour since 2012. He was chairman of the Business Roundtable from 2014 to 2016.

Carla A. Harris

Director

Joined the Board: 2017 Committees: Compensation and Management Development; Strategic Planning and Finance

Carla is the Vice Chair, Wealth Management for Morgan Stanley and the Managing Director and Senior Client Advisor. In these roles, she is responsible for increasing client connectivity to enhance revenue generation across the firm. Carla joined the mergers and acquisitions team at Morgan Stanley in 1987 and during her tenure has held a number of positions. Her experiences at Morgan Stanley range from investment banking, equity capital markets, equity private placements, and initial public offerings in a number of industries such as technology, media, retail, telecommunications, transportation, healthcare and biotechnology.

In August 2013, President Obama appointed Carla to serve as Chair of the National Women's Business Council. She currently serves on the boards of several non-profit organizations including Sponsors for Educational Opportunity and the Morgan Stanley Foundation. Carla also serves on the Board of Overseers of Harvard University.

Timothy P. Flynn

Director

Joined the Board: 2012 Committee: Audit (Chair); Strategic Planning and Finance

Tim was chairman of KPMG International from 2007 until his retirement in October 2011. He also served as chairman from 2005 to 2010 and chief executive officer from 2005 to 2008 of KPMG LLP, the U.S. and largest member firm of KPMG International.

Tim serves as a member of the board of directors of JPMorgan Chase & Co., United Healthcare, and Alcoa Corporation. He is also a member of the board of trustees of the University of St. Thomas, St. Paul, Minn. He has previously served as a member of the board of directors of the Chubb Corporation from 2013 until the acquisition of the Chubb Corporation by ACE Limited in January 2016. He also served as a trustee of the Financial Accounting Standards Board, a member of the World Economic Forum's International Business Council, and was a founding member of The Prince of Wales' International Integrated Reporting Committee.

Marissa A. Mayer

Director

Joined the Board: 2012 Committees: Compensation and Management Development; Technology and eCommerce

Marissa is the former president and CEO of Yahoo! From July 2012 to June 2017, Ms. Mayer led Yahoo!'s focus as a guide to digital information discovery and has helmed Yahoo!'s digital advertising strategy. Under her leadership, Yahoo! grew to serve over 1 billion users worldwide, with over 600 million mobile users. Prior to joining Yahoo! Ms. Mayer spent 13 years at Google Inc., where she led various initiatives such as Google Maps, Gmail and Google News.

She has a bachelor's degree in symbolic systems and a master's degree in computer science from Stanford University. She served on the board of Yahoo! from 2012 to 2017, and from 2013 to 2016 she served on the board of AliphCom, which operates as Jawbone. She also serves on the boards of the San Francisco Museum of Modern Art and the San Francisco Ballet, and on the foundation board for the Forum of Young Global Leaders at the World Economic Forum.

S. Robson Walton

Director

Joined the Board: 1978 Committees: Executive; Global Compensation; Strategic Planning and Finance

Son of Walmart founder, Sam Walton, Rob Walton served as Walmart's chairman of the board of directors from 1992 to 2015.

Rob joined the company in 1969. Prior to becoming chairman, he held a variety of positions with Walmart, including senior vice president, corporate secretary, general counsel and vice chairman. Before joining Walmart, Rob was a partner with the law firm of Conner & Winters in Tulsa, Okla. He is currently involved with a number of nonprofit and educational organizations, including Conservation International, where he serves as chairman of the executive committee, and the College of Wooster, where he is an Emeritus Life Trustee.

Forbes Billionaires Ranking:

S. Robson Walton was ranked 19 in the Forbes Billionaires list in the world for 2022, unchanged from the same rank 19 in 2021.According to Forbes, S. Robson Walton's net worth had increased by (9.2%) $5.5 billion to $65 billion in 2022.

Steven S. Reinemund

Director

Joined the Board: 2010 Committee: Compensation and Management Development (Chair); Nominating and Governance; Technology and eCommerce

Prior to joining Wake Forest University, Steven had a distinguished 23-year career with PepsiCo, Inc., where he served as chairman of the board from 2006 to 2007, and chairman and CEO from 2001 to 2006. Previously, Steven was PepsiCo's president and chief operating officer from 1999 to 2001 and chairman and CEO of Frito-Lay's worldwide operations from 1996 to 1999.

Steven has served as a director of Exxon Mobil Corporation and Marriott International, Inc., all since 2007. He previously served as a director of Johnson & Johnson from 2003 to 2008 and of American Express Company from 2007 to 2015. He is also a member of the board of trustees for The Cooper Institute. Steven is also a member of the board of directors of Chick-fil-A, Inc., the board of trustees for The Cooper Institute and the United States Naval Academy Foundation

SECTION 14 INSIDER OWNERSHIP AND TRANSACTION IN THE PAST 10 YEARS

14.1 Shares Held by Insiders as on Jun 09, 2023 (Value computed at price $153.68)

Name	Shares Held	Value, $
S. Robson Walton	1,248,647,136	191,892,091,860
Doug McMillon	1,853,490	284,844,343
Greg Penner	561,054	86,222,779
Judith McKenna	397,722	61,121,917
John Furner	288,434	44,326,537
Dan Bartlett	159,240	24,472,003
Donna Morris	120,284	18,485,245
Timothy P. Flynn	56,895	8,743,624
David M. Chojnowski	43,972	6,757,617
Marissa A. Mayer	38,957	5,986,912
Steven S. Reinemund	28,247	4,340,999
Randall Stephenson	21,220	3,261,090
Carla A. Harris	14,099	2,166,734
Total	1,252,230,750	192,442,821,660

S. Robson Walton now has a beneficial interest in 1,248,647,136 (or 46.3% of) Walmart shares worth $191.9 billion.

Nature of Ownership	Shares Held	Value, $
	Equity-Non-Derivative Securities
By Limited Liability Company	1,000,891,131	153,816,949,012
By Trust	244,535,103	37,580,154,629
NA	3,220,902	494,988,219
Total (Equity)	1,248,647,136	191,892,091,860

Doug McMillon now has a beneficial interest in 1,853,490 Walmart shares worth $284.8 million.

Nature of Ownership	Shares Held	Value, $
	Equity-Non-Derivative Securities
NA	1,500,328	230,570,407
By Trust for Children	138,401	21,269,466
By Wife's Trust for Children and Reporting Person	131,990	20,284,223
By Trust for Wife	59,563	9,153,642
By Wife's Trust for Children	19,090	2,933,751
By Son	2,258	347,009
By 401(k)	1,860	285,845
Total (Equity)	1,853,490	284,844,343

Greg Penner now has a beneficial interest in 561,054 Walmart shares worth $86.2 million.

Nature of Ownership	Shares Held	Value, $
	Equity-Non-Derivative Securities
By spouse	482,878	74,208,691
NA	78,176	12,014,088
Total (Equity)	561,054	86,222,779

Judith McKenna now has a beneficial interest in 397,722 Walmart shares worth $61.1 million.

Nature of Ownership	Shares Held	Value, $
	Equity-Non-Derivative Securities
NA	325,432	50,012,390
By Spouse's Trust	72,290	11,109,527
Total (Equity)	397,722	61,121,917

John Furner now has a beneficial interest in 288,434 Walmart shares worth $44.3 million.

Nature of Ownership	Shares Held	Value, $
	Equity-Non-Derivative Securities
NA	286,617	44,047,301
By 401(k) plan	1,817	279,237
Total (Equity)	288,434	44,326,537

Dan Bartlett now has a beneficial interest in 159,240 Walmart shares worth $24.5 million.

Donna Morris now has a beneficial interest in 120,284 Walmart shares worth $18.5 million.

Timothy P. Flynn now has a beneficial interest in 56,895 Walmart shares worth $8.7 million.

Nature of Ownership	Shares Held	Value, $
	Equity-Non-Derivative Securities
NA	46,895	7,206,824
By Spouse's Family Trust	10,000	1,536,800
Total (Equity)	56,895	8,743,624

David M. Chojnowski now has a beneficial interest in 43,972 Walmart shares worth $6.8 million.

Marissa A. Mayer now has a beneficial interest in 38,957 Walmart shares worth $6 million.

Steven S. Reinemund now has a beneficial interest in 28,247 Walmart shares worth $4.3 million.

Randall Stephenson now has a beneficial interest in 21,220 Walmart shares worth $3.3 million.

Carla A. Harris now has a beneficial interest in 14,099 Walmart shares worth $2.2 million.

14.2 Insider buying Summary in the past 12 months

Name	No. of Shares	Price, $	Value, $
Stephenson Randall L [Director]	7,245	138.0	1,000,168
Total	7,245	138.0	1,000,168

14.3 Stephenson Randall L [Director] Reported Buying In The Past 12 Months

Month	No. of Shares	Price, $	Value, $
March 17, 2023	7,245	138.05	1,000,168

14.4 Insider selling Summary in the past 12 months

Name	No. of Shares	Price, $	Value, $
Walton S Robson [Director]	33,059,032	143.6	4,746,995,097
McMillon C Douglas [CEO]	97,088	138.2	13,417,948
Furner John R. [Executive Vice President]	35,000	143.8	5,033,349
McKenna Judith J [Executive Vice President]	20,300	148.3	3,011,408
Brand Rachel L [Executive Vice President]	14,187	144.9	2,055,015
Chojnowski David [Senior Vice President]	7,000	149.9	1,049,254
Bartlett Daniel J [Executive Vice President]	6,600	147.8	975,368
Total	33,239,207	143.6	4,772,537,439

14.5 Walton S Robson [Director] Reported Selling In The Past 12 Months

In the past year shares sold per month averaged 2,754,919.

Month	No. of Shares	Price, $	Value, $
Jun '23	720,753	150.07	108,166,641
May '23	455,660	149.98	68,340,139
Mar '23	19,272,976	141.53	2,727,733,540
Feb '23	1,729,143	143.11	247,465,871
Dec '22	5,094,500	148.91	758,636,786
Nov '22	3,663,000	148.3	543,225,936
Aug '22	2,123,000	138.21	293,426,184
Total: Walton S Robson	33,059,032	143.6	4,746,995,097

WALTON S ROBSON [DIRECTOR] REPORTED INSIDER SELLING; 7 YEARS (2016 - 2022)

In the 7-year period 2016 to 2022 a total of 164,156,911 shares worth $17.3 billion were sold. In the past 7 years shares sold per year averaged 23,450,987.

Year	No. of Shares	Price, $	Value, $
2022	12,225,933	145.52	1,779,176,121
2021	33,297,552	140.5	4,678,304,263
2020	10,042,085	145.87	1,464,876,585
2019	20,417,612	99.61	2,033,754,016
2018	25,418,573	92.54	2,352,150,464
2017	49,055,156	80.77	3,962,260,530
2016	13,700,000	72.04	986,993,109
Total	164,156,911	105.13	17,257,515,089

14.6 McMillon C Douglas [CEO] Reported Selling In The Past 12 Months

In the past year shares sold per month averaged 8,091.

Month	No. of Shares	Price, $	Value, $
March 24, 2023	9,716	140.12	1,361,407
February 23, 2023	9,708	142.37	1,382,145
January 27, 2023	9,708	143.57	1,393,778
December 23, 2022	9,708	143.82	1,396,202
November 25, 2022	9,708	152.12	1,476,763
October 28, 2022	9,708	141.18	1,370,617
September 23, 2022	9,708	134.04	1,301,309
August 26, 2022	9,708	135.63	1,316,728
July 29, 2022	9,708	127.05	1,233,391
June 24, 2022	9,708	122.13	1,185,608
Total: McMillon C Douglas	97,088	138.2	13,417,948

MCMILLON C DOUGLAS [CEO] REPORTED INSIDER SELLING; 2 YEARS (2021 - 2022)

In the 2-year period 2021 to 2022 a total of 194,160 shares worth $27.2 million were sold. In the past 2 years shares sold per year averaged 97,080.

Year	No. of Shares	Price, $	Value, $
2022	116,496	137.52	16,020,644
2021	77,664	143.91	11,176,905
Total	194,160	140.08	27,197,548

14.7 Furner John R. [Executive Vice President] Reported Selling In The Past 12 Months

In the past year shares sold per month averaged 2,917. In the past month shares sold were 1.5 times average.

Month	No. of Shares	Price, $	Value, $
May 01, 2023	4,375	151.0	660,625
March 24, 2023	4,375	140.05	612,719
February 24, 2023	4,375	144.19	630,831
January 27, 2023	4,375	143.03	625,756
December 23, 2022	4,375	144.81	633,544
November 25, 2022	4,375	152.08	665,350
October 28, 2022	4,375	140.94	616,612
September 23, 2022	4,375	134.38	587,912
Total: Furner John R.	35,000	143.8	5,033,349

14.8 McKenna Judith J [Executive Vice President] Reported Selling In The Past 12 Months

Month	No. of Shares	Price, $	Value, $
November 18, 2022	20,300	148.35	3,011,408

MCKENNA JUDITH J [EXECUTIVE VICE PRESIDENT] REPORTED INSIDER SELLING; 5 YEARS (2018 - 2022)

In the 5-year period 2018 to 2022 a total of 84,954 shares worth $11.4 million were sold. In the past 5 years shares sold per year averaged 16,991.

Year	No. of Shares	Price, $	Value, $
2022	35,300	145.93	5,151,380
2021	15,000	141.14	2,117,133
2020	10,000	150.49	1,504,936
2019	12,543	112.78	1,414,568
2018	12,111	96.31	1,166,352
Total	84,954	133.65	11,354,369

14.9 Brand Rachel L [Executive Vice President] Reported Selling In The Past 12 Months

In the past year shares sold per month averaged 1,182.

Month	No. of Shares	Price, $	Value, $
March 02, 2023	9,334	141.83	1,323,880
November 23, 2022	4,853	150.66	731,135
Total: Brand Rachel L	14,187	144.9	2,055,015

BRAND RACHEL L [EXECUTIVE VICE PRESIDENT] REPORTED INSIDER SELLING; 3 YEARS (2020 - 2022)

In the 3-year period 2020 to 2022 a total of 14,853 shares worth $2.2 million were sold. In the past 3 years shares sold per year averaged 4,951.

Year	No. of Shares	Price, $	Value, $
2022	4,853	150.66	731,135
2021	-	-	-
2020	10,000	149.99	1,499,862
Total	14,853	150.21	2,230,997

14.10 Chojnowski David [Senior Vice President] Reported Selling In The Past 12 Months

Month	No. of Shares	Price, $	Value, $
November 18, 2022	7,000	149.89	1,049,254

CHOJNOWSKI DAVID [SENIOR VICE PRESIDENT] REPORTED INSIDER SELLING; 6 YEARS (2017 - 2022)

In the 6-year period 2017 to 2022 a total of 28,553 shares worth $3.2 million were sold. In the past 6 years shares sold per year averaged 4,759.

Year	No. of Shares	Price, $	Value, $
2022	7,000	149.89	1,049,254
2021	-	-	-
2020	4,605	134.24	618,175
2019	5,680	108.97	618,944
2018	5,442	85.3	464,176
2017	5,826	81.7	475,984
Total	28,553	113.0	3,226,533

14.11 Bartlett Daniel J [Executive Vice President] Reported Selling In The Past 12 Months

Month	No. of Shares	Price, $	Value, $
May 25, 2023	6,600	147.78	975,368

BARTLETT DANIEL J [EXECUTIVE VICE PRESIDENT] REPORTED INSIDER SELLING; 6 YEARS (2017 - 2022)

In the 6-year period 2017 to 2022 a total of 7,883 shares worth $799,697 were sold. In the past 6 years shares sold per year averaged 1,314.

Year	No. of Shares	Price, $	Value, $
2022	-	-	-
2021	-	-	-
2020	-	-	-
2019	3,000	109.14	327,420
2018	2,883	96.25	277,497
2017	2,000	97.39	194,780
Total	7,883	101.45	799,697

SECTION 15 FINANCIALS AS REPORTED Q1 2023-24, PAST 7 YEARS

15.1 Financials as reported (Q1/2024)

SEC FILING 10-Q RESULTS OF OPERATIONS AND FINANCIAL CONDITION

(In $ Million, except per share data and shares outstanding)

INCOME STATEMENT AS REPORTED (Q1/2024)

Description	$ Million	$ Million
Apr 30	2023	2022	Change %
Revenues:
Net sales	151,004	140,288	Up 7.6
Membership and other income	1,297	1,281	Up 1.2
Total revenues	152,301	141,569	Up 7.6
Costs and expenses:
Cost of sales	115,284	106,847	Up 7.9
Operating, selling, general and administrative expenses	30,777	29,404	Up 4.7
Operating income	6,240	5,318	Up 17.3
Interest:
Debt	568	372	Up 52.7
Finance lease	96	83	Up 15.7
Interest income	-107	-36	Deterioration 197.2
Interest, net	557	419	Up 32.9
Other (gains) and losses	2,995	1,998	Up 49.9
Income before income taxes	2,688	2,901	Down 7.3
Provision for income taxes	792	798	Down 0.8
Consolidated net income	1,896	2,103	Down 9.8
Consolidated net income attributable to noncontrolling interest	-223	-49	Deterioration 355.1
Consolidated net income attributable to Walmart	1,673	2,054	Down 18.5
Net income per common share:
Basic net income per common share attributable to Walmart	62.0c	75.0c	Down 17.3
Diluted net income per common share attributable to Walmart	62.0c	74.0c	Down 16.2
Weighted-average common shares outstanding:
Basic	2,690,000,000	2,750,000,000	Down 2.2
Diluted	2,700,000,000	2,770,000,000	Down 2.5
Dividends declared per common share	2.28	2.24	Up 1.8
Consolidated net income	1,896	2,103	Down 9.8
Consolidated net income attributable to noncontrolling interest	-223	-49	Deterioration 355.1
Consolidated net income attributable to Walmart	1,673	2,054	Down 18.5
Other comprehensive income (loss), net of income taxes
Currency translation and other	809	232	Up 248.7
Net investment hedges
Cash flow hedges	-69	42	Deterioration
Minimum pension liability	2	1	Up 100.0
Other comprehensive income (loss), net of income taxes	742	275	Up 169.8
Other comprehensive (income) loss attributable to noncontrolling interest	-209	-7	Deterioration 2,885.7
Other comprehensive income (loss) attributable to Walmart	533	268	Up 98.9
Comprehensive income, net of income taxes	2,638	2,378	Up 10.9
Comprehensive income attributable to noncontrolling interest	-432	-56	Deterioration 671.4
Comprehensive income attributable to Walmart	2,206	2,322	Down 5.0

BALANCE SHEET AS REPORTED (Q1/2024)

Description	$ Million	$ Million
	Apr 30, 2023	Jan 31, 2023	Change %
ASSETS
Current assets:
Cash and cash equivalents	10,575	8,625	Up 22.6
Receivables, net	7,647	7,933	Down 3.6
Inventories	56,932	56,576	Up 0.6
Prepaid expenses and other	3,357	2,521	Up 33.2
Total current assets	78,511	75,655	Up 3.8
Property and equipment, net	102,335	100,760	Up 1.6
Operating lease right-of-use assets	13,679	13,555	Up 0.9
Finance lease right-of-use assets, net	5,124	4,919	Up 4.2
Goodwill	28,306	28,174	Up 0.5
Other long-term assets	17,098	20,134	Down 15.1
	166,542	167,542	Down 0.6
Total assets	245,053	243,197	Up 0.8
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST, AND EQUITY
Current liabilities:
Short-term borrowings	1,711	372	Up 359.9
Accounts payable	54,268	53,742	Up 1.0
Dividends payable	4,602
Accrued liabilities	27,527	31,126	Down 11.6
Accrued income taxes	1,325	727	Up 82.3
Long-term debt due within one year	3,975	4,191	Down 5.2
Operating lease obligations due within one year	1,490	1,473	Up 1.2
Finance lease obligations due within one year	607	567	Up 7.1
Total current liabilities	95,505	92,198	Up 3.6
Long-term debt	38,120	34,649	Up 10.0
Long-term operating lease obligations	12,925	12,828	Up 0.8
Long-term finance lease obligations	5,039	4,843	Up 4.0
Deferred income taxes and other	13,999	14,688	Down 4.7
	70,083	67,008	Up 4.6
Commitments and contingencies
Redeemable noncontrolling interest	234	237	Down 1.3
Equity:
Common stock	269	269	Steady
Capital in excess of par value	5,248	4,969	Up 5.6
Retained earnings	78,035	83,135	Down 6.1
Accumulated other comprehensive loss	-11,147	-11,680	Improved 4.6
Total Walmart shareholders' equity	72,405	76,693	Down 5.6
Nonredeemable noncontrolling interest	6,826	7,061	Down 3.3
Total equity	79,231	83,754	Down 5.4
Total liabilities, redeemable noncontrolling interest, and equity	245,053	243,197	Up 0.8

CASH FLOW AS REPORTED (Q1/2024)

Description	$ Million	$ Million
Apr 30	2023	2022	Change %
Cash flows from operating activities:
Consolidated net income	1,896	2,103	Down 9.8
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Depreciation and amortization	2,845	2,680	Up 6.2
Investment (gains) and losses, net	3,062	1,989	Up 53.9
Deferred income taxes	-725	-69	Deterioration 950.7
Other operating activities	249	-59	Recovery
Changes in certain assets and liabilities, net of effects of acquisitions and dispositions:
Receivables, net	376	837	Down 55.1
Inventories	-154	-4,699	Improved 96.7
Accounts payable	971	-1,640	Recovery
Accrued liabilities	-4,447	-4,949	Improved 10.1
Accrued income taxes	560	49	Up 1,042.9
Net cash provided by (used in) operating activities	4,633	-3,758	Recovery
Cash flows from investing activities:
Payments for property and equipment	-4,429	-3,539	Deterioration 25.1
Proceeds from the disposal of property and equipment	47	35	Up 34.3
Proceeds from disposal of certain operations	48
Payments for business acquisitions, net of cash acquired		-598
Other investing activities	-526	-456	Deterioration 15.4
Net cash used in investing activities	-4,860	-4,558	Deterioration 6.6
Cash flows from financing activities:
Net change in short-term borrowings	1,343	10,995	Down 87.8
Proceeds from issuance of long-term debt	4,967
Repayments of long-term debt	-1,784	-926	Deterioration 92.7
Dividends paid	-1,538	-1,543	Improved 0.3
Purchase of Company stock	-686	-2,408	Improved 71.5
Sale of subsidiary stock	483	35	Up 1,280.0
Other financing activities	-845	-838	Deterioration 0.8
Net cash provided by financing activities	1,940	5,315	Down 63.5
Effect of exchange rates on cash, cash equivalents and restricted cash	154	49	Up 214.3
Net increase (decrease) in cash, cash equivalents and restricted cash	1,867	-2,952	Recovery
Cash, cash equivalents and restricted cash at beginning of year	8,841	14,834	Down 40.4
Cash, cash equivalents and restricted cash at end of period	10,708	11,882	Down 9.9

15.2 Download WALMART Financials Past 7 Years

Description (January 31)	2022	2021	2020	2019	2018	2017	2016
Income Statement
Revenue per share	204.19	196.4	182.69	174.37	166.23	156.13	149.87
Other Revenue (B)	5	3.9	4	4.1	4.6
EBITDA (B)
Depreciation (B)
EBIT (B)						22.9
Interest (B)						2.4
Profit before tax (B)						20.5
Tax (B)	4.8	6.9	4.9	4.3	4.6	6.2	6.6
Net profit (B)	13.7	13.5	14.9	6.7	9.9	13.6	14.7
EPS	4.9	4.77	5.22	2.28	3.29	4.4	4.57
Balance Sheet
Equity Share Capital (B)	83.3	80.9	74.7	72.5	77.9	75.1	77.5
Retained Earnings (B)	86.9	88.8	83.9	80.8	74.9	89.4	90
Total Debt (B)	57.3	63.2	72.4	51.4	39.7	39.9	50
Total Assets (B)	244.9	252.5	236.5	219.3	204.5	198.8	199.6
Current Asset (B)	81.1	90.1	61.8	61.9	59.7	57.7	60.2
Fixed Asset (B)	94.5	92.2	105.2	104.3	107.7	114.2	110.2
Working Capital (B)	(6.3)	(2.6)	(16)	(15.6)	(18.9)	(9.2)	(4.4)
Cash Flow
Operating Cash Flow (B)	24.2	36.1	25.3	27.8	28.3	31.7	27.4
Investing Cash Flow (B)	(6)	(10.1)	(9.1)	(24)	(9.1)	(14)	(10.7)
Financing Cash Flow (B)	(22.8)	(16.1)	(14.3)	(2.5)	(19.9)	(19.1)	(16.1)
Net Cash Flow	(4.7 B)	9.9 B	1.8 B	1.2 B	(617 M)	(1.4 B)	592 M

SECTION 16 PEER COMPARISON & RANKING OF WMT

16.1 PEER COMPARISON: WMT IN INDICES

Walmart is a constituent of the following indices.

Its market capitalisation is $414 billion and accounts for 3.7% of the combined MCap of the Dow Jones Industrials Index.

Index Name	MCap of Index ($ b)	WMT MCap as % of Index
Dow Jones Industrials Index	11,262	3.7
NYSE U.S. 100 Index	22,023	1.9
NYSE Composite Index	25,180	1.6
S&P 500 Index	37,246	1.1

16.2 GLOBAL PEER COMPARISON: WMT - SIZE (all figures in $)

In its Global Peer Group of 9 companies WMT is ranked WMT is ranked first (1) by MCap, Revenue, Net Profit and Total Assets.

Name (Code)	MCap	Revenue	Net Profit	Total Assets
Rank of WMT	1	1	1	1
Walmart (WMT)	414.3B	572.8B	13.7B	244.9B
Target (TGT)	78.8B	106B	6.9B	53.8B
Japan Tobacco (2914)	45.2B	19.1B	3.2B	47.1B
Tesco (TSCO)	23.7B		1.8B	61.4B
Ajinomoto (2802)	21.5B	9.8B	677.3M	10.9B
Asahi Group (2502)	20.3B	18.1B	1.1B	34.8B
Wilmar International (F34)	18.4B	73.4B	2.4B	60.4B
Kirin Holdings (2503)	13.8B	14.3B	799.3M	18.3B
Carrefour (CA)	13.2B	79.5B	1.1B	51B

GLOBAL PEER COMPARISON: WMT - RELATIVE VALUE INDICATORS

In value terms, comparing relative value of its shares, WMT is ranked

+ 8 out of 9 by Dividend Yield (%) [1.5]

+ 8 out of 9 by Price/Earnings per share [31.1]

+ 3 out of 9 by Price/Sales per share [0.7]

+ 7 out of 9 by Price/Book value per share [9.2]

Name (Code)	Currency Code	Last Price	Div Yld (%)	P/E	P/S	P/Book
Rank of WMT by value			8	8	3	7
Walmart (WMT)	USD	153.7	1.5	31.1	0.7	9.2
Target (TGT)	USD	127.7	3.3	9.2	0.8	6.3
Japan Tobacco (2914)	JPY	3,141	6.0	12.6	2.4	6.8
Tesco (TSCO)	GBX	261.9	4.2	13.8		4.1
Ajinomoto (2802)	JPY	5,647	1.1	32.1	2.2	4.5
Asahi Group (2502)	JPY	5,594	2.0	18.7	1.1
Wilmar International (F34)	SGD	4	4.3	7.8	0.2	1.1
Kirin Holdings (2503)	JPY	2,100.5	3.1	15.6	1.0	2.5
Carrefour (CA)	EUR	16.4	3.4	8.2	0.2	13.3

USD 1=

139.431 Japanese Yen (JPY); 0.928 Euro (EUR)ChartPath:Global Peer Group - Price Performance:/home/jboss/jboss-3.2.7/server/default/deploy/BuySellSignals.war/report/Usnyse/Stock/PDF/Daily/chart/new/1572_GlobalPeerGroup.svg

16.3 BUYSELLSIGNALS FUNDAMENTALS VALUATION RANKING:

Walmart vs NYSE Market

Out of 1,923 stocks and 207 units in the NYSE Market, Walmart is ranked first(1) by Revenue, eighth(8) by Market Cap in $, Twenty-fifth(25) by Net Profit $ and Sixtieth(60) by P/Sales.

	NYSE Avg	WMT	WMT Rank
Revenue $	-		1
Market Cap $	-	414.3 B	8
Net Profit $	-	13.7 B	25
P/Sales	1.6x	0.7x	60
Price/Net Tangible Assets	6.2x	9.2x	204
P/Earnings	21.1x	31.4x	317
P/Earnings/ Growth	-	11.5x	436
ROA (%)	2.5	5.7	834
Total Debt/Equity (the lower the better)	0.8x	0.6x	1009
Yield (%)	2.7	1.5	1116
Premium to 52-Wk Low (%)	13.1	32.5	1281
EBITDA Margin%	12.1	3.3	1472
Discount to 52-Wk High (%)	6.6	3.1	1730

Negative values are shown in brackets.

16.4 Stock in Index and Stock in Sector

Description	WMT	S&P 500 Index	% of S&P 500 Index	Broadline retailers sector	% of Broadline retailers sector
Net Profit $	13.7 B	1,040.6 B	1.3	21.6 B	63.3
Revenue $	572.8 B	11,417.3 B	5.0	708.7 B	80.8
Total Assets $	244.9 B	36,456.6 B	0.7	319.2 B	76.7
MCap $	414.3 B	37,245.7 B	1.1	656.5 B	63.1

16.5 Relative Valuation Indicators: Stock vs Index and Stock vs Sector

Description	WMT	S&P 500 Index Avg.	Broadline retailers sector Avg.
Price/Earnings	31.4	19.6	23.1
P/Earnings/Growth	11.51	-2.41	2.14
Yield (%)	1.47	1.36	1.36
Price/Net Tangible Assets	9.25	7.77	8.75
Total Debt/Equity (the lower the better)	0.62x	0.86x	0.81x

16.6 GLOBAL RANK [out of 46,558 stocks] AND RANK OF WALMART IN THE AMERICAN REGION [out of 10,063 stocks]

Description	Value	Global Rank	In Am Region
MCap ($)	414.3B	23	18
Total Assets ($)	244.9B	296	123
Revenue ($)	572.8B	10	2
Net Profit ($)	13.7B	78	28
Return on Equity %	15.2	8,137	1,632
Net Profit Margin %	2.4	23,649	3,373
Price to Book	9.2	31,905	5,148
Price/Earnings	31.1	18,119	2,797
Yield %	1.5	16,528	3,007
PV1000 (1Year) $	1,311	6,963	1,255
$ Change (1Year) %	26.4	6,727	1,216

16.7 RANK OF WALMART IN THE S&P 500 INDEX [out of 351 stocks] AND IN THE NYSE MARKET [out of 2022 stocks]

Description	Value	In S&P 500 Index	In NYSE Market
MCap ($)	414.3B	8	10
Total Assets ($)	244.9B	26	43
Revenue ($)	572.8B	1	1
Net Profit ($)	13.7B	17	18
Return on Equity %	15.2	169	588
Net Profit Margin %	2.4	300	1,248
Price to Book	9.2	150	1,310
Price/Earnings	31.4	244	974
Yield %	1.5	221	1,097
PV1000 (1Year) $	1,311	38	90

16.8 LONG-TERM FUNDAMENTAL RANKING: 4 OUT OF 5 [5 is best]

Walmart is ranked number 1 out of 6 listed broadline retailer in the United States with a market capitalization of $414.3 billion.

Within its sector it has a relatively moderate P/E of 31.4.

It has a moderate relative ROE of 15.2% and ROA of 5.7%. The company paid a dividend of $1.70 in the last twelve months. The dividend yield is moderate at 1.5%. Finally, its earnings growth in the past 12 months has been a comparatively moderate 2.7%.

Stocks are scored on a set of parameters reflecting fundamental analytical tools involving valuation, size and financial performance. They are ranked according to the average values of those parameters. The highest ranking is 5 and the lowest ranking is 1.

SECTION 17 PATENTS

17.1 Number of Patents Issued to Walmart by the US Patent Office and the European Patent Office

A total of 346 patents were issued to Walmart in the last nine years. In the past year 2 patents were issued, 0.1 times average of 38 patents per year.

12 months ended Jun 09	No. of Patents Issued
2023	2
2022	1
2021	1
2020	1
2019	7
2018	141
2017	113
2016	67
2015	13
Total	346

STOCK IDENTIFIERS

ISIN: US9311421039

PermID: 4295905298

Central Index Key (CIK): 104169

CUSIP: 931142103

RIC: WMT.N

GLOSSARY

ADVT: Average Daily Volume of shares Traded

Annual Return: Dividends Paid In a 12-Month Period/Price at the Beginning of the Period + Capital Gain or Loss over 1 Year/Price 1 Year Ago (%)

Current Ratio: Current Assets/Current Liabilities (times)

Debt/Equity: Net Debt/Net Assets %

Dividend Yield: Dividend Per Share/Share Price (%)

EBIT Margin : Earnings Before Interest and Tax/Revenue (%)

Earnings Yield: Earnings Per Share/Share Price (%)

Income during the n years (3/2/1): Dividends received during the Period

Moving Average Price (n periods): Sum of Prices for each Period/Number of Periods

PCP: Previous Corresponding Period

PV1000: Present value of 1000 invested 1 year/'n' years ago

Price Close/Moving Avg Price: Latest Price/Moving Average Price

Price/Earnings: Share Price/Earnings Per Share (times)

Price/NTA: Closing Share Price/Net Tangible Assets Per Share (times)

Price/Sales: Share Price/Sales Per Share (times)

Relative Price Change [RPC]: Relative price change is price change of stock with respect to Benchmark Index

Return on Assets: Net Profit/Total Assets (%)

Return on Equity (Shareholders' Funds): Net Profit/Net Assets (%)

TSR: Total Shareholder Returns is expressed as an annualized rate of return for shareholders after allowing for capital appreciation and dividend

TTM: Trailing 12 Months

Total Liabilities/Total Assets: Total Liabilities/Total Assets

Volatility: Highest Price minus Lowest Price/Lowest Price (%)

Volume Index (VI): Number of shares traded in the period/Average number of shares traded for the period

Volume Weighted Average Price (VWAP): The Volume Weighted Average Price (VWAP) is the summation of turnover divided by total volume in the same period.

Disclaimer: While this document is based on information sources which are considered reliable, it has been prepared without consideration of your specific investment objectives, financial situation or needs, so you should carry out your own analysis or seek professional investment advice before an investment decision is made. The document contains unbiased, independent equities data and analysis from Jupiter International (Australia) Pty Ltd trading as BuySellSignals (AFS Licence 222756), who provide round the clock analysis on every stock, every sector, every market, every day. BuySellSignals is not a broker, and does not have executing, corporate advisory or investment banking functions. Jupiter International (Australia) Pty Ltd, its directors, employees and contractors do not represent, warrant or guarantee, expressly or impliedly, that the information contained in this document is complete or accurate.

Data for the BuySellSignals algorithms is drawn from annual reports, company websites and similar sources of publicly available data. It should be used as a guide only.

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