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]:
+ 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:
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 |
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.
Created by www.buysellsignals.com