Walmart Inc. (WMT): return on invested capital, 10 filed years
ROIC at Walmart Inc. was 14.4% in FY2026, the newest filed year. Across the 8 computed years from FY2019 it ranged from 10.7% (FY2023) to 15.8% (FY2025), with a median of 13.2%.
Tonight's figure on the company page: 14.4%, recomputed 2026-10-15. The table is each filed year on its own terms, with the formula below; the current figure may use trailing twelve months or, where the explainer says so, a different denominator.
Year by year
| Fiscal year | ROIC | Read from |
|---|---|---|
| FY2017 The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read. | n/a | 10-K, filed 2017-03-31 |
| FY2018 The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read. | n/a | 10-K, filed 2018-03-30 |
| FY2019 | 11.9% | 10-K, filed 2019-03-28 |
| FY2020 | 11.3% | 10-K, filed 2020-03-20 |
| FY2021 | 11.9% | 10-K, filed 2021-03-19 |
| FY2022 | 15.4% | 10-K, filed 2022-03-18 |
| FY2023 | 10.7% | 10-K, filed 2023-03-17 |
| FY2024 | 14.9% | 10-K, filed 2024-03-15 |
| FY2025 | 15.8% | 10-K, filed 2025-03-14 |
| FY2026 | 14.4% | 10-K, filed 2026-03-13 |
How each year is computed
Operating income x (1 - effective tax rate) / (equity + total debt - cash) x 100
Each year is a ratio of lines in that year's filed annual report, with the nightly recompute's own rules for what counts as a filed line. Nothing is estimated, smoothed or filled in: a year that cannot be computed says why.
Read further
A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.