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GROUP PROJECT

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Posted on 
August 20th, 2024
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Group Project

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Organization of Project

Groups should organize their projects into seven sections.Below, I have listed the seven required sections and included some guidelines for each section.

  1. Summary – (Maximum of 1 page)

Include a summary at the beginning of your project.It should state your valuation
(i.e., your estimated stock price and estimated market capitalization for the company), the market’s current valuation of the company (i.e., current stock price and current market capitalization), and your recommendation
(i.e., whether investors should buy or sell the stock).You should also provide a couple of your main arguments to support your valuation and recommendation.

5. Financial Analysis – (Covered in Module 5)

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  1. Financial Ratio Analysis
  2. Credit Analysis
  3. Cash Flow Analysis

6. Forecasting – (Covered in Module 6)

  1. Explain and present a table of your long-term forecasting assumptions (must use and show the “Forecasting Assumptions” eVal spreadsheet)
  2. Forecast EPS and sales for each of the next four quarters using the Foster Model

7. Valuation – (Covered in Module 7)

  1. Valuation using the residual income valuation method (must use and show the “Residual Income Valuations” eVal spreadsheet)
  2. Cost of equity

Companies

Name

Ticker Symbol

Walmart

WMT

Assignment 3
Group 2 – WMT
Yisel Abella Nunez
Maria Armas Garcia
Isabella Benavides
Maria Alejandra Garcia Pons
Teresa Halley
Liana Illodo Vichot
Use the Excel file “Assignment3Data” from Canvas to complete this assignment. The file contains the following
variables of interest from 10-Ks filed by retailers for their fiscal years from 2019 – 2023 (the most recent 5 years
available):
conm = company name
dlc = short-term debt
tic = ticker symbol
dltt = long-term debt
fiscal_year = fiscal year
ebit = earnings before interest and taxes
fiscal_year_end = fiscal year end date
invt = inventory
act = current assets
lct = current liabilities
ap = accounts payable
ni = net income
at = total assets
ppent = property, plant, and equipment (net)
ceq = common shareholders’ equity
rect = receivables
che = cash and marketable securities
revt = sales
cogs = cost of goods sold
xint = interest expense
Financial statement amounts are in millions of dollars.
Ratio Analysis
For each of the following ratios, create a line graph of your company’s ratio by fiscal year (x=fiscal year, y=ratio)
and include in the graph the line for the industry median ratio by fiscal year. Copy and paste your graph. [For the
industry median, use the median for each year from the Excel file (i.e., we will assume that the industry consists of
all the companies in the Excel file).] If you get a #DIV/0! error for the median of a ratio (because some firms have
rect=0 or xint=0), change the ratio value for the firm-years with the error to a blank cell.
1.
Sales Growth Rate
1
2.
ROE
3.
Gross Profit Margin
2
4.
EBIT Margin
5.
Average Days to Collect Receivables
3
6.
Average Days to Sell Inventory
7.
Average Days to Pay Payables
4
8.
PP&E Turnover
9.
Debt to Equity
5
10. Current Ratio
11. Quick Ratio
6
12. EBIT Interest Coverage Ratio
7
Assignment 4
Group 2 – WMT
Yisel Abella Nunez
Maria Armas Garcia
Isabella Benavides
Maria Alejandra Garcia Pons
Teresa Halley
Liana Illodo Vichot
Use the Excel file “Assignment4Data” to complete this assignment. The file contains quarterly sales and quarterly EPS for your
group project companies (for quarters ended from 1/31/2016 to 10/31/2023).
Part 1. Forecasting Quarterly Sales
1.
What were your company’s sales for the most recent 5 quarters (use Assignment4Data to complete the table below)?
Quarter End Date
Value
Qt-5
10/31/2022
152813
Qt-4
1/31/2023
164048
Qt-3
4/30/2023
152301
Qt-2
7/31/2023
161632
Qt-1 (most recent quarter)
10/31/2023
160804
2.
Estimate the Foster Model regression for predicting quarterly sales.
2.
For your company, what is the coefficient estimate for the intercept?
Coefficient Intercept = 2384.1575
3.
For your company, what is the coefficient estimate for the slope?
Coefficient for the slope = 0.6056484 (or 60.56%)
4.
Complete the table below. Using your company’s sales regression coefficients and your company’s past sales, forecast
your company’s sales for the next four quarters. Also, collect the Value Line sales forecasts for these quarters from the
most recent Value Line PDF report.
Quarter End Date
Foster Model Forecast
Value Line Forecast
Qt
1/31/2024
171271.894
173388
Qt+1
4/30/2024
159060.298
159000
Qt+2
7/31/2024
168109.916
167500
Qt+3
10/31/2024
167111.497
167000
Part 2. Forecasting Quarterly EPS
5.
What were your company’s EPS for the most recent 5 quarters (use Assignment4Data to complete the table below)?
Quarter End Date
1
Value
Qt-5
10/31/2022
1.5
Qt-4
1/31/2023
1.71
Qt-3
4/30/2023
1.47
Qt-2
7/31/2023
1.84
Qt-1 (most recent quarter)
10/31/2023
1.53
6.
Estimate the Foster Model regression for predicting quarterly EPS.
6.
For your company, what is the coefficient estimate for the intercept?
Coefficient Intercept = 0.061675
7.
For your company, what is the coefficient estimate for the slope?
Coefficient for the slope = 0.277394 (or 27.73%)
8.
Complete the table below. Using your company’s EPS regression coefficients and your company’s past EPS, forecast
your company’s EPS for the next four quarters. Also, collect the Value Line sales forecasts for these quarters from the
most recent Value Line PDF report.
Quarter End Date
Foster Model Forecast
Value Line Forecast
Qt
1/31/2024
1.78
1.66
Qt+1
4/30/2024
1.55
0.50
Qt+2
7/31/2024
1.92
0.65
Qt+3
10/31/2024
1.62
0.55
2
Version 5.00
Russell Lundholm
Richard Sloan
© 2017, Russell Lundholm and Richard Sloan.
STEPS:
1) enter financial data on the Financial Statements sheet,
2) examine the Ratio Analysis and Cash Flow Analysis,
3) enter forecasts on the Forecasting Assumptions sheet to predict future the Financial Statements,
4) enter cost of capital assumptions on the Valuation Parameters Sheet to determine the company’s value,
5) evaluate the details of the resulting valuation using either residual income or cash flow valuation models.
Other Useful Links:
Where to buy the latest ‘Equity Valuation and Analysis’ textbook
Check here for updated versions of eVal
Cases to accompany the textbook
Financial Statements
($000s)
Company Name and Ticker
Common Shares Outstanding
Estimated Price/Share=$119.04
WALMART INC
2,685,000
Data can be entered manually in financial statements or as a block cut-andpaste from the Case Data Sheet to the Raw Data Input section below.
Jump to Raw Data Input
WMT
Link to Form 10-Ks
(in 000s at most recent fiscal year end)
Actual
2020/01/31
Actual
2021/01/31
Actual
2022/01/31
Actual
2023/01/31
Actual
2024/01/31
Forecast
2025/01/31
Forecast
2026/01/31
Forecast
2027/01/31
Forecast
2028/01/31
Forecast
2029/01/31
Forecast
2030/01/31
Forecast
2031/01/31
Forecast
2032/01/31
Forecast
2033/01/31
Forecast
2034/01/31
Forecast
2035/01/31
Forecast
2036/01/31
521,426,000
(383,618,000)
137,808,000
0
(107,669,000)
30,139,000
(10,987,000)
19,152,000
(2,599,000)
3,563,000
20,116,000
(4,915,000)
0
15,201,000
0
(320,000)
0
14,881,000
556,933,000
(409,163,000)
147,770,000
0
(111,733,000)
36,037,000
(11,152,000)
24,885,000
(2,315,000)
(2,006,000)
20,564,000
(6,858,000)
0
13,706,000
0
(196,000)
0
13,510,000
569,962,000
(418,342,000)
151,620,000
0
(115,204,000)
36,416,000
(10,658,000)
25,758,000
(1,994,000)
(5,068,000)
18,696,000
(4,756,000)
0
13,940,000
0
(267,000)
0
13,673,000
608,481,000
(452,776,000)
155,705,000
0
(122,966,000)
32,739,000
(10,945,000)
21,794,000
(2,128,000)
(2,650,000)
17,016,000
(5,724,000)
0
11,292,000
0
388,000
0
11,680,000
645,737,000
(478,289,000)
167,448,000
0
(130,878,000)
36,570,000
(11,853,000)
24,717,000
(2,683,000)
(186,000)
21,848,000
(5,578,000)
0
16,270,000
0
(759,000)
0
15,511,000
683,440,924
(506,215,807)
177,225,118
0
(138,519,833)
38,705,285
(12,619,951)
26,085,334
(2,816,397)
(196,860)
23,072,077
(5,890,518)
0
17,181,558
0
(801,524)
0
16,380,034
721,406,123
(534,336,136)
187,069,988
0
(146,214,621)
40,855,367
(13,338,395)
27,516,972
(2,976,733)
(207,796)
24,332,443
(6,212,302)
0
18,120,141
0
(845,310)
0
17,274,832
759,432,294
(562,501,626)
196,930,668
0
(153,921,767)
43,008,901
(14,059,899)
28,949,002
(3,137,751)
(218,749)
25,592,502
(6,534,007)
0
19,058,495
0
(889,084)
0
18,169,411
797,306,918
(590,554,868)
206,752,050
0
(161,598,197)
45,153,854
(14,780,543)
30,373,310
(3,298,577)
(229,659)
26,845,074
(6,853,800)
0
19,991,274
0
(932,598)
0
19,058,676
834,806,963
(618,330,664)
216,476,300
0
(169,198,707)
47,277,592
(15,496,192)
31,781,400
(3,458,289)
(240,460)
28,082,651
(7,169,765)
0
20,912,886
0
(975,592)
0
19,937,294
871,700,831
(645,657,472)
226,043,359
0
(176,676,358)
49,367,001
(16,202,529)
33,164,472
(3,615,922)
(251,087)
29,297,463
(7,479,918)
0
21,817,545
0
(1,017,794)
0
20,799,750
907,750,535
(672,359,019)
235,391,516
0
(183,982,913)
51,408,603
(16,895,096)
34,513,507
(3,770,483)
(261,471)
30,481,554
(7,782,227)
0
22,699,326
0
(1,058,930)
0
21,640,396
942,714,084
(698,256,065)
244,458,019
0
(191,069,327)
53,388,692
(17,569,335)
35,819,358
(3,920,953)
(271,542)
31,626,863
(8,074,636)
0
23,552,227
0
(1,098,718)
0
22,453,509
976,348,045
(723,168,302)
253,179,743
0
(197,886,259)
55,293,483
(18,220,638)
37,072,846
(4,066,304)
(281,230)
32,725,311
(8,355,080)
0
24,370,231
0
(1,136,878)
0
23,233,353
1,008,410,239
(746,916,352)
261,493,886
0
(204,384,626)
57,109,260
(18,844,393)
38,264,867
(4,205,508)
(290,465)
33,768,894
(8,621,516)
0
25,147,378
0
(1,173,132)
0
23,974,245
1,038,662,546
(769,323,843)
269,338,703
0
(210,516,165)
58,822,538
(19,436,042)
39,386,497
(4,337,546)
(299,179)
34,749,771
(8,871,944)
0
25,877,828
0
(1,207,208)
0
24,670,620
1,069,822,422
(792,403,558)
277,418,864
0
(216,831,650)
60,587,214
(20,019,123)
40,568,091
(4,467,672)
(308,155)
35,792,264
(9,138,102)
0
26,654,162
0
(1,243,424)
0
25,410,738
Operating Cash and Market. Sec.
Receivables
Inventories
Other Current Assets
Total Current Assets
PP&E (Net)
Investments
Intangibles
Other Assets
Total Assets
9,465,000
6,284,000
44,435,000
1,622,000
61,806,000
127,049,000
0
36,273,000
11,367,000
236,495,000
17,741,000
6,516,000
44,949,000
20,861,000
90,067,000
109,848,000
14,422,000
33,883,000
4,276,000
252,496,000
14,760,000
8,280,000
56,511,000
1,519,000
81,070,000
112,624,000
12,888,000
33,814,000
4,464,000
244,860,000
8,625,000
7,933,000
56,576,000
2,521,000
75,655,000
119,234,000
11,169,000
32,474,000
4,665,000
243,197,000
9,867,000
8,796,000
54,892,000
3,322,000
76,877,000
130,338,000
8,449,000
32,213,000
4,522,000
252,399,000
10,443,124
9,309,589
58,097,088
3,515,968
81,365,770
137,948,303
8,942,328
34,093,884
4,786,035
267,136,320
11,023,240
9,826,738
61,324,386
3,711,281
85,885,645
145,611,342
9,439,076
35,987,802
5,051,900
281,975,764
11,604,289
10,344,717
64,556,867
3,906,906
90,412,779
153,286,688
9,936,620
37,884,762
5,318,191
296,839,041
12,183,021
10,860,632
67,776,465
4,101,753
94,921,871
160,931,446
10,432,182
39,774,162
5,583,422
311,643,082
12,756,030
11,371,444
70,964,222
4,294,672
99,386,368
168,500,597
10,922,843
41,644,875
5,846,029
326,300,712
13,319,776
11,873,999
74,100,450
4,484,473
103,778,698
175,947,395
11,405,573
43,485,349
6,104,391
340,721,405
13,870,623
12,365,055
77,164,918
4,669,931
108,070,527
183,223,804
11,877,257
45,283,711
6,356,842
354,812,141
14,404,874
12,841,316
80,137,055
4,849,801
112,233,046
190,280,979
12,334,730
47,027,890
6,601,686
368,478,331
14,918,808
13,299,466
82,996,169
5,022,832
116,237,274
197,069,785
12,774,806
48,705,742
6,837,220
381,624,826
15,408,725
13,736,206
85,721,671
5,187,776
120,054,378
203,541,339
13,194,316
50,305,185
7,061,747
394,156,965
15,870,987
14,148,292
88,293,321
5,343,409
123,656,009
209,647,579
13,590,146
51,814,340
7,273,599
405,981,674
16,347,116
14,572,741
90,942,121
5,503,711
127,365,690
215,937,007
13,997,850
53,368,770
7,491,807
418,161,124
Current Debt
Accounts Payable
Income Taxes Payable
Other Current Liabilities
Total Current Liabilities
Long-Term Debt
Other Liabilities
Deferred Taxes
Total Liabilities
Minority Interest
Preferred Stock
Paid in Common Capital (Net)
Retained Earnings
Total Common Equity
Total Liabilities and Equity
8,241,000
46,973,000
280,000
22,296,000
77,790,000
64,192,000
6,757,000
6,204,000
154,943,000
6,883,000
0
3,531,000
71,138,000
74,669,000
236,495,000
5,296,000
49,141,000
242,000
37,966,000
92,645,000
57,950,000
5,925,000
8,445,000
164,965,000
6,606,000
0
3,928,000
76,997,000
80,925,000
252,496,000
5,207,000
55,261,000
851,000
26,060,000
87,379,000
52,116,000
6,557,000
6,917,000
152,969,000
8,638,000
0
5,115,000
78,138,000
83,253,000
244,860,000
6,603,000
53,742,000
727,000
31,126,000
92,198,000
52,320,000
7,419,000
7,269,000
159,206,000
7,298,000
0
5,238,000
71,455,000
76,693,000
243,197,000
6,537,000
56,812,000
307,000
28,759,000
92,415,000
54,784,000
7,381,000
7,248,000
161,828,000
6,710,000
0
5,349,000
78,512,000
83,861,000
252,399,000
6,918,689
60,129,195
324,925
30,438,209
97,811,018
57,982,782
7,811,969
7,671,203
171,276,972
7,101,790
0
349,530
88,408,028
88,757,558
267,136,320
7,303,022
63,469,376
342,975
32,129,054
103,244,428
61,203,730
8,245,925
8,097,339
180,791,421
7,496,295
0
(5,156,603)
98,844,651
93,688,048
281,975,764
7,687,973
66,814,922
361,054
33,822,614
108,686,563
64,429,851
8,680,577
8,524,160
190,321,151
7,891,434
0
(11,195,279)
109,821,735
98,626,456
296,839,041
8,071,390
70,147,135
379,060
35,509,425
114,107,011
67,643,115
9,113,497
8,949,279
199,812,902
8,284,997
0
(17,790,888)
121,336,070
103,545,182
311,643,082
8,451,015
73,446,393
396,889
37,179,554
119,473,850
70,824,600
9,542,136
9,370,194
209,210,780
8,674,669
0
(24,965,961)
133,381,224
108,415,263
326,300,712
8,824,503
76,692,318
414,429
38,822,685
124,753,936
73,954,657
9,963,846
9,784,305
218,456,743
9,058,042
0
(32,740,812)
145,947,432
113,206,620
340,721,405
9,189,446
79,863,975
431,568
40,428,220
129,913,209
77,013,096
10,375,906
10,188,941
227,491,151
9,432,642
0
(41,133,172)
159,021,519
117,888,347
354,812,141
9,543,393
82,940,071
448,191
41,985,382
134,917,036
79,979,385
10,775,552
10,581,385
236,253,358
9,795,956
0
(50,157,832)
172,586,849
122,429,016
368,478,331
9,883,880
85,899,190
464,181
43,483,327
139,730,579
82,832,874
11,160,000
10,958,905
244,682,357
10,145,455
0
(59,826,309)
186,623,323
126,797,014
381,624,826
10,208,456
88,720,025
479,424
44,911,272
144,319,177
85,553,014
11,526,482
11,318,784
252,717,456
10,478,620
0
(70,146,521)
201,107,409
130,960,888
394,156,965
10,514,710
91,381,625
493,807
46,258,610
148,648,752
88,119,604
11,872,277
11,658,347
260,298,980
10,792,979
0
(81,122,496)
216,012,210
134,889,715
405,981,674
10,830,151
94,123,074
508,621
47,646,368
153,108,215
90,763,192
12,228,445
12,008,098
268,107,949
11,116,768
0
(92,427,750)
231,364,156
138,936,406
418,161,124
0
71,138,000
13,510,000
(6,116,000)
(1,535,000)
76,997,000
76,997,000
13,673,000
(6,152,000)
(6,380,000)
78,138,000
78,138,000
11,680,000
(6,114,000)
(12,249,000)
71,455,000
71,455,000
15,511,000
(6,140,000)
(2,314,000)
78,512,000
78,512,000
16,380,034
(6,484,005)
0
88,408,028
88,408,028
17,274,832
(6,838,209)
0
98,844,651
98,844,651
18,169,411
(7,192,327)
0
109,821,735
109,821,735
19,058,676
(7,544,341)
0
121,336,070
121,336,070
19,937,294
(7,892,140)
0
133,381,224
133,381,224
20,799,750
(8,233,542)
0
145,947,432
145,947,432
21,640,396
(8,566,310)
0
159,021,519
159,021,519
22,453,509
(8,888,179)
0
172,586,849
172,586,849
23,233,353
(9,196,879)
0
186,623,323
186,623,323
23,974,245
(9,490,160)
0
201,107,409
201,107,409
24,670,620
(9,765,818)
0
216,012,210
216,012,210
25,410,738
(10,058,793)
0
231,364,156
17,164,979
(2,283,979)
14,881,000
0.2443
153,985,000
79,316,000
74,669,000
15,248,958
(1,738,958)
13,510,000
0.3335
150,777,000
69,852,000
80,925,000
15,426,754
(1,753,754)
13,673,000
0.2544
149,214,000
65,961,000
83,253,000
12,704,164
(1,024,164)
11,680,000
0.3364
142,914,000
66,221,000
76,693,000
18,268,005
(2,757,005)
15,511,000
0.2553
151,892,000
68,031,000
83,861,000
19,278,903
(2,898,869)
16,380,034
0.2553
160,760,819
72,003,261
88,757,558
20,336,886
(3,062,055)
17,274,832
0.2553
169,691,095
76,003,048
93,688,048
21,395,149
(3,225,738)
18,169,411
0.2553
178,635,714
80,009,258
98,626,456
22,447,694
(3,389,018)
19,058,676
0.2553
187,544,685
83,999,503
103,545,182
23,488,241
(3,550,947)
19,937,294
0.2553
196,365,547
87,950,284
108,415,263
24,510,288
(3,710,538)
20,799,750
0.2553
205,043,822
91,837,202
113,206,620
25,507,169
(3,866,773)
21,640,396
0.2553
213,523,531
95,635,184
117,888,347
26,472,124
(4,018,614)
22,453,509
0.2553
221,747,751
99,318,735
122,429,016
27,398,370
(4,165,016)
23,233,353
0.2553
229,659,222
102,862,208
126,797,014
28,279,180
(4,304,934)
23,974,245
0.2553
237,200,978
106,240,090
130,960,888
29,107,957
(4,437,338)
24,670,620
0.2553
244,317,007
109,427,293
134,889,715
29,981,196
(4,570,458)
25,410,738
0.2553
251,646,518
112,710,111
138,936,406
1/31/2023
608,481,000
(452,776,000)
0
(122,966,000)
(10,945,000)
(2,128,000)
(2,650,000)
(5,724,000)
388,000
0
0
0
8,625,000
7,933,000
56,576,000
2,521,000
119,234,000
11,169,000
32,474,000
4,665,000
6,603,000
53,742,000
727,000
31,126,000
52,320,000
7,419,000
7,269,000
7,298,000
0
5,238,000
71,455,000
6,114,000
1/31/2024 below, select the cells with the dates, choose Paste Special Values and
645,737,000 select Subtract or Add.
(478,289,000)
0
1462
(130,878,000)
(11,853,000)
(2,683,000)
(186,000)
(5,578,000)
(759,000)
0
0
0
9,867,000
8,796,000
54,892,000
3,322,000
130,338,000
8,449,000
32,213,000
4,522,000
6,537,000
56,812,000
307,000
28,759,000
54,784,000
7,381,000
7,248,000
6,710,000
0
5,349,000
78,512,000
6,140,000
Fiscal Year End (YYYY-MM-DD)
Income Statement
Sales (Net)
Cost of Goods Sold
Gross Profit
R&D Expense
SG&A Expense
EBITDA
Depreciation & Amortization
EBIT
Net Interest Expense
Non-Operating Income (Loss)
EBT
Income Taxes
Other Income (Loss)
Net Income Before Ext. Items
Ext. Items & Disc. Ops.
Minority Interest in Earnings
Preferred Dividends
Net Income (available to common)
Balance Sheet
Statement of Retained Earnings
Beg. Retained Earnings
+Net Income
-Common Dividends
+/-Clean Surplus Plug (Ignore)
=End. Retained Earnings
Values for Dupont Analysis and Valuation
Net Operating Income
Net Financial Expense
Net Income
Effective Tax Rate
Net Operating Assets
Net Financial Obligations
Total Common Equity
Raw Data Inputs
cut-and-paste raw data block from DataMaker file here
Company Name and Ticker
Common Shares Outstanding
Fiscal Year End (YYYY-MM-DD)
Sales (Net)
Cost of Goods Sold
R&D Expense
SG&A Expense
Depreciation & Amortization
Interest Expense
Non-Operating Income (Loss)
Income Taxes
Minority Interest in Earnings
Other Income (Loss)
Ext. Items & Disc. Ops.
Preferred Dividends
Operating Cash and Market. Sec.
Receivables
Inventories
Other Current Assets
PP&E (Net)
Investments
Intangibles
Other Assets
Current Debt
Accounts Payable
Income Taxes Payable
Other Current Liabilities
Long-Term Debt
Other Liabilities
Deferred Taxes
Minority Interest
Preferred Stock
Paid in Common Capital (Net)
Retained Earnings
Common Dividends
WALMART INC
2,685,000
1/31/2020
521,426,000
(383,618,000)
0
(107,669,000)
(10,987,000)
(2,599,000)
3,563,000
(4,915,000)
(320,000)
0
0
0
9,465,000
6,284,000
44,435,000
1,622,000
127,049,000
0
36,273,000
11,367,000
8,241,000
46,973,000
280,000
22,296,000
64,192,000
6,757,000
6,204,000
6,883,000
0
3,531,000
71,138,000
0
WMT
1/31/2021
556,933,000
(409,163,000)
0
(111,733,000)
(11,152,000)
(2,315,000)
(2,006,000)
(6,858,000)
(196,000)
0
0
0
17,741,000
6,516,000
44,949,000
20,861,000
109,848,000
14,422,000
33,883,000
4,276,000
5,296,000
49,141,000
242,000
37,966,000
57,950,000
5,925,000
8,445,000
6,606,000
0
3,928,000
76,997,000
6,116,000
1/31/2022
569,962,000
(418,342,000)
0
(115,204,000)
(10,658,000)
(1,994,000)
(5,068,000)
(4,756,000)
(267,000)
0
0
0
14,760,000
8,280,000
56,511,000
1,519,000
112,624,000
12,888,000
33,814,000
4,464,000
5,207,000
55,261,000
851,000
26,060,000
52,116,000
6,557,000
6,917,000
8,638,000
0
5,115,000
78,138,000
6,152,000
A Windows vs Macintosh issue can cause the fiscal year end dates to be
off by roughly 4 years. If this occurs, select and copy the 1462 cell
Ratio Analysis
Company Name
WALMART INC
Fiscal Year End Date
Actual
Actual
Actual
Actual
Actual
Forecast
Forecast
Forecast
Forecast
Forecast
Forecast
Forecast
Forecast
Forecast
Forecast
Forecast
Forecast
2020/01/31 2021/01/31 2022/01/31 2023/01/31 2024/01/31 2025/01/31 2026/01/31 2027/01/31 2028/01/31 2029/01/31 2030/01/31 2031/01/31 2032/01/31 2033/01/31 2034/01/31 2035/01/31 2036/01/31
Annual Growth Rates
Sales
Assets
Common Equity
Earnings
Free Cash Flow to Investors
Sustainable Growth Rate
6.8%
6.8%
8.4%
-9.2%
2.3%
-3.0%
2.9%
1.2%
-37.3%
9.2%
6.8%
-0.7%
-7.9%
-14.6%
-36.3%
7.0%
6.1%
3.8%
9.3%
32.8%
3.3%
11.7%
5.8%
5.8%
5.8%
5.6%
49.2%
11.5%
5.6%
5.6%
5.6%
5.5%
9.6%
11.4%
5.3%
5.3%
5.3%
5.2%
9.2%
11.4%
5.0%
5.0%
5.0%
4.9%
8.7%
11.4%
4.7%
4.7%
4.7%
4.6%
8.3%
11.4%
4.4%
4.4%
4.4%
4.3%
7.9%
11.3%
4.1%
4.1%
4.1%
4.0%
7.6%
11.3%
3.9%
3.9%
3.9%
3.8%
7.2%
11.3%
3.6%
3.6%
3.6%
3.5%
6.8%
11.3%
3.3%
3.3%
3.3%
3.2%
6.4%
11.2%
3.0%
3.0%
3.0%
2.9%
6.0%
11.2%
3.0%
3.0%
3.0%
3.0%
3.0%
11.2%
0.174
0.191
0.100
0.167
0.213
0.103
0.146
0.168
0.087
0.193
0.195
0.124
0.190
0.191
0.123
0.189
0.191
0.123
0.189
0.191
0.123
0.189
0.190
0.123
0.188
0.190
0.122
0.188
0.189
0.122
0.187
0.189
0.122
0.187
0.189
0.122
0.186
0.188
0.121
0.186
0.188
0.121
0.186
0.187
0.121
0.186
0.187
0.121
0.029
0.024
2.278
3.143
0.174
0.024
2.292
3.029
0.167
0.019
2.493
3.051
0.146
0.024
2.606
3.087
0.193
0.024
2.631
3.010
0.190
0.024
2.628
3.010
0.189
0.024
2.624
3.010
0.189
0.024
2.621
3.010
0.189
0.024
2.617
3.010
0.188
0.024
2.614
3.010
0.188
0.024
2.610
3.010
0.187
0.024
2.607
3.010
0.187
0.024
2.603
3.010
0.186
0.024
2.600
3.010
0.186
0.024
2.596
3.010
0.186
0.024
2.596
3.010
0.186
0.033
0.027
3.655
0.100
0.023
0.077
0.959
0.174
0.027
3.800
0.103
0.026
0.077
0.827
0.167
0.021
4.166
0.087
0.015
0.071
0.826
0.146
0.028
4.381
0.124
0.041
0.083
0.836
0.193
0.028
4.372
0.123
0.041
0.082
0.811
0.190
0.028
4.366
0.123
0.041
0.082
0.811
0.189
0.028
4.360
0.123
0.041
0.081
0.811
0.189
0.028
4.355
0.123
0.041
0.081
0.811
0.189
0.028
4.349
0.122
0.041
0.081
0.811
0.188
0.028
4.343
0.122
0.041
0.081
0.811
0.188
0.028
4.337
0.122
0.041
0.081
0.811
0.187
0.028
4.332
0.122
0.041
0.080
0.811
0.187
0.028
4.326
0.121
0.041
0.080
0.811
0.186
0.028
4.320
0.121
0.041
0.080
0.811
0.186
0.028
4.314
0.121
0.041
0.080
0.811
0.186
0.028
4.314
0.121
0.041
0.080
0.811
0.186
0.264
0.058
0.037
0.028
0.033
0.265
0.065
0.045
0.030
0.027
0.266
0.064
0.045
0.034
0.027
0.256
0.054
0.036
0.024
0.021
0.259
0.057
0.038
0.029
0.028
0.259
0.057
0.038
0.028
0.028
0.259
0.057
0.038
0.028
0.028
0.259
0.057
0.038
0.028
0.028
0.259
0.057
0.038
0.028
0.028
0.259
0.057
0.038
0.028
0.028
0.259
0.057
0.038
0.028
0.028
0.259
0.057
0.038
0.028
0.028
0.259
0.057
0.038
0.028
0.028
0.259
0.057
0.038
0.028
0.028
0.259
0.057
0.038
0.028
0.028
0.259
0.057
0.038
0.028
0.028
0.259
0.057
0.038
0.028
0.028
3.655
(221.665)
4.194
39.868
42.816
4.702
3.800
705.399
4.738
44.262
44.320
5.124
4.166
(110.212)
4.863
45.582
43.929
5.249
4.381
(68.184)
4.728
42.533
42.333
5.175
4.372
(73.776)
4.835
40.735
41.894
5.095
4.366
(73.679)
4.841
40.788
41.961
5.088
4.360
(73.583)
4.847
40.841
42.028
5.082
4.355
(73.486)
4.854
40.895
42.096
5.075
4.349
(73.389)
4.860
40.949
42.164
5.068
4.343
(73.292)
4.867
41.004
42.233
5.061
4.337
(73.194)
4.873
41.058
42.302
5.055
4.332
(73.096)
4.880
41.113
42.371
5.048
4.326
(72.998)
4.886
41.169
42.441
5.041
4.320
(72.899)
4.893
41.224
42.511
5.034
4.314
(72.801)
4.899
41.280
42.582
5.028
4.314
(72.801)
4.899
41.280
42.582
5.028
0.970
0.782
0.387
0.355
0.689
0.393
0.407
0.768
0.403
0.450
0.731
0.467
0.472
0.731
0.486
0.503
0.731
0.485
0.501
0.731
0.483
0.499
0.731
0.482
0.497
0.731
0.481
0.495
0.731
0.480
0.493
0.731
0.478
0.491
0.731
0.477
0.489
0.731
0.476
0.487
0.731
0.475
0.484
0.731
0.473
0.482
0.731
0.473
0.482
0.795
0.202
7.369
11.596
0.972
0.262
10.749
15.567
0.928
0.264
12.918
18.263
0.821
0.180
10.242
15.385
0.832
0.202
9.212
13.630
0.832
0.202
9.262
13.743
0.832
0.202
9.244
13.725
0.832
0.202
9.226
13.707
0.832
0.202
9.208
13.689
0.832
0.202
9.190
13.671
0.832
0.202
9.172
13.653
0.832
0.202
9.154
13.634
0.832
0.202
9.135
13.616
0.832
0.202
9.117
13.598
0.832
0.202
9.099
13.580
0.832
0.202
9.080
13.561
0.832
0.202
9.080
13.561
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
Profitability
Return on Equity
Return on Equity (b4 non-recurring)
Return on Net Operating Assets
Basic Dupont Model
Net Profit Margin
x Total Asset Turnover
x Total Leverage
= Return on Equity
Advanced Dupont Model
Net Operating Margin
x Net Operating Asset Turnover
= Return on Net Operating Assets
Net Borrowing Cost (NBC)
Spread (RNOA – NBC)
Financial Leverage (LEV)
ROE = RNOA + LEV*Spread
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Operating Margin (b4 non-rec.)
Net Operating Margin
Turnover Analysis
Net Operating Asset Turnover
Net Working Capital Turnover
Avge Days to Collect Receivables
Avge Inventory Holding Period
Avge Days to Pay Payables
PP&E Turnover
Analysis of Leverage
– Long-Term Capital Structure
Debt to Equity Ratio
FFO to Total Debt
CFO to Total Debt
Analysis of Leverage
– Short-Term Liquidity
Current Ratio
Quick Ratio
EBIT Interest Coverage
EBITDA Interest Coverage
Fiscal Year
Cash Flow Analysis
($000)
Company Name
WALMART INC
Fiscal Year End Date
Pro Forma Statement of Cash Flows
Actual
2021/01/31
Actual
2022/01/31
Actual
2023/01/31
Actual
2024/01/31
Forecast
2025/01/31
Forecast
2026/01/31
Forecast
2027/01/31
Forecast
2028/01/31
Forecast
2029/01/31
Forecast
2030/01/31
Forecast
2031/01/31
Forecast
2032/01/31
Forecast
2033/01/31
Forecast
2034/01/31
Forecast
2035/01/31
Forecast
2036/01/31
Operating:
Net Income
+Depreciation & Amortization
+Increase in Deferred Taxes
+Increase in Other Liabilities
+Minority Interest in Earnings
+Preferred Dividends
=Funds From Operations
-Increase in Receivables
-Increase in Inventory
-Increase in Other Current Assets
+Increase in Accounts Payable
+Increase in Taxes Payable
+Increase in Other Curr. Liabilities
=Cash From Operations
13,510,000
11,152,000
2,241,000
(832,000)
196,000
0
26,267,000
(232,000)
(514,000)
(19,239,000)
2,168,000
(38,000)
15,670,000
24,082,000
13,673,000
10,658,000
(1,528,000)
632,000
267,000
0
23,702,000
(1,764,000)
(11,562,000)
19,342,000
6,120,000
609,000
(11,906,000)
24,541,000
11,680,000
10,945,000
352,000
862,000
(388,000)
0
23,451,000
347,000
(65,000)
(1,002,000)
(1,519,000)
(124,000)
5,066,000
26,154,000
15,511,000
11,853,000
(21,000)
(38,000)
759,000
0
28,064,000
(863,000)
1,684,000
(801,000)
3,070,000
(420,000)
(2,367,000)
28,367,000
16,380,034
12,619,951
423,203
430,969
801,524
0
30,655,681
(513,589)
(3,205,088)
(193,968)
3,317,195
17,925
1,679,209
31,757,365
17,274,832
13,338,395
426,136
433,956
845,310
0
32,318,628
(517,148)
(3,227,298)
(195,312)
3,340,182
18,050
1,690,845
33,427,945
18,169,411
14,059,899
426,820
434,652
889,084
0
33,979,867
(517,979)
(3,232,481)
(195,626)
3,345,546
18,079
1,693,560
35,090,966
19,058,676
14,780,543
425,119
432,920
932,598
0
35,629,857
(515,915)
(3,219,598)
(194,846)
3,332,213
18,007
1,686,811
36,736,528
19,937,294
15,496,192
420,915
428,639
975,592
0
37,258,632
(510,812)
(3,187,757)
(192,919)
3,299,257
17,828
1,670,129
38,354,358
20,799,750
16,202,529
414,111
421,710
1,017,794
0
38,855,895
(502,555)
(3,136,228)
(189,801)
3,245,926
17,540
1,643,131
39,933,909
21,640,396
16,895,096
404,636
412,061
1,058,930
0
40,411,118
(491,056)
(3,064,468)
(185,458)
3,171,656
17,139
1,605,535
41,464,466
22,453,509
17,569,335
392,444
399,646
1,098,718
0
41,913,652
(476,261)
(2,972,138)
(179,870)
3,076,096
16,623
1,557,161
42,935,263
23,233,353
18,220,638
377,520
384,448
1,136,878
0
43,352,837
(458,150)
(2,859,113)
(173,030)
2,959,119
15,990
1,497,946
44,335,599
23,974,245
18,844,393
359,878
366,482
1,173,132
0
44,718,131
(436,740)
(2,725,503)
(164,944)
2,820,835
15,243
1,427,945
45,654,967
24,670,620
19,436,042
339,564
345,794
1,207,208
0
45,999,227
(412,086)
(2,571,650)
(155,633)
2,661,601
14,383
1,347,338
46,883,179
25,410,738
20,019,123
349,750
356,168
1,243,424
0
47,379,204
(424,449)
(2,648,800)
(160,302)
2,741,449
14,814
1,387,758
48,289,674
Investing:
-Capital Expenditures
-Increase in Investments
-Purchases of Intangibles
-Increase in Other Assets
=Cash From Investing
6,049,000
(14,422,000)
2,390,000
7,091,000
1,108,000
(13,434,000)
1,534,000
69,000
(188,000)
(12,019,000)
(17,555,000)
1,719,000
1,340,000
(201,000)
(14,697,000)
(22,957,000)
2,720,000
261,000
143,000
(19,833,000)
(20,230,253)
(493,328)
(1,880,884)
(264,035)
(22,868,501)
(21,001,435)
(496,747)
(1,893,918)
(265,865)
(23,657,964)
(21,735,245)
(497,545)
(1,896,960)
(266,292)
(24,396,041)
(22,425,301)
(495,562)
(1,889,400)
(265,230)
(25,075,493)
(23,065,343)
(490,661)
(1,870,714)
(262,607)
(25,689,325)
(23,649,327)
(482,729)
(1,840,474)
(258,362)
(26,230,893)
(24,171,504)
(471,684)
(1,798,362)
(252,451)
(26,694,002)
(24,626,510)
(457,473)
(1,744,179)
(244,845)
(27,073,006)
(25,009,443)
(440,076)
(1,677,851)
(235,534)
(27,362,905)
(25,315,948)
(419,511)
(1,599,443)
(224,527)
(27,559,428)
(25,542,282)
(395,829)
(1,509,156)
(211,852)
(27,659,119)
(26,308,550)
(407,704)
(1,554,430)
(218,208)
(28,488,893)
Financing:
+Increase in Debt
-Dividends Paid to Minority Interest
-Dividends Paid on Preferred
+Increase in Pref. Stock
-Dividends Paid on Common
+/-Net Issuance of Common Stock
+/-Clean Surplus Plug (Ignore)
=Cash From Financing
(9,187,000)
(473,000)
0
0
(6,116,000)
397,000
(1,535,000)
(16,914,000)
(5,923,000)
1,765,000
0
0
(6,152,000)
1,187,000
(6,380,000)
(15,503,000)
1,600,000
(952,000)
0
0
(6,114,000)
123,000
(12,249,000)
(17,592,000)
2,398,000
(1,347,000)
0
0
(6,140,000)
111,000
(2,314,000)
(7,292,000)
3,580,471
(409,734)
0
0
(6,484,005)
(4,999,470)
0
(8,312,740)
3,605,282
(450,805)
0
0
(6,838,209)
(5,506,133)
0
(9,189,865)
3,611,072
(493,945)
0
0
(7,192,327)
(6,038,676)
0
(10,113,877)
3,596,681
(539,035)
0
0
(7,544,341)
(6,595,608)
0
(11,082,303)
3,561,110
(585,920)
0
0
(7,892,140)
(7,175,073)
0
(12,092,024)
3,503,545
(634,422)
0
0
(8,233,542)
(7,774,851)
0
(13,139,270)
3,423,381
(684,329)
0
0
(8,566,310)
(8,392,360)
0
(14,219,617)
3,320,237
(735,404)
0
0
(8,888,179)
(9,024,661)
0
(15,328,007)
3,193,975
(787,380)
0
0
(9,196,879)
(9,668,477)
0
(16,458,760)
3,044,716
(839,967)
0
0
(9,490,160)
(10,320,212)
0
(17,605,622)
2,872,844
(892,849)
0
0
(9,765,818)
(10,975,975)
0
(18,761,798)
2,959,029
(919,635)
0
0
(10,058,793)
(11,305,254)
0
(19,324,652)
Net Change in Cash
+ Beginning Cash Balance
= Ending Cash Balance
8,276,000
9,465,000
17,741,000
(2,981,000)
17,741,000
14,760,000
(6,135,000)
14,760,000
8,625,000
1,242,000
8,625,000
9,867,000
576,124
9,867,000
10,443,124
580,116
10,443,124
11,023,240
581,048
11,023,240
11,604,289
578,732
11,604,289
12,183,021
573,009
12,183,021
12,756,030
563,746
12,756,030
13,319,776
550,847
13,319,776
13,870,623
534,251
13,870,623
14,404,874
513,934
14,404,874
14,918,808
489,917
14,918,808
15,408,725
462,262
15,408,725
15,870,987
476,130
15,870,987
16,347,116
Net Income
– Increase in Common Equity
+/-Clean Surplus Plug (Ignore)
=Free Cash Flow to Common Equity
13,510,000
(6,256,000)
(1,535,000)
5,719,000
13,673,000
(2,328,000)
(6,380,000)
4,965,000
11,680,000
6,560,000
(12,249,000)
5,991,000
15,511,000
(7,168,000)
(2,314,000)
6,029,000
16,380,034
(4,896,558)
0
11,483,476
17,274,832
(4,930,490)
0
12,344,342
18,169,411
(4,938,408)
0
13,231,003
19,058,676
(4,918,727)
0
14,139,949
19,937,294
(4,870,081)
0
15,067,213
20,799,750
(4,791,357)
0
16,008,393
21,640,396
(4,681,727)
0
16,958,669
22,453,509
(4,540,669)
0
17,912,840
23,233,353
(4,367,997)
0
18,865,356
23,974,245
(4,163,874)
0
19,810,371
24,670,620
(3,928,827)
0
20,741,793
25,410,738
(4,046,691)
0
21,364,047
Computation based on SCF:
+Cash From Operations
-Increase in Cash
+Cash From Investing
+Increase in Debt
-Dividends Paid to Minority Interest
-Dividends Paid on Preferred
+Increase in Preferred Stock
+/-Clean Surplus Plug (Ignore)
=Free Cash Flow to Common Equity
24,082,000
(8,276,000)
1,108,000
(9,187,000)
(473,000)
0
0
(1,535,000)
5,719,000
24,541,000
2,981,000
(12,019,000)
(5,923,000)
1,765,000
0
0
(6,380,000)
4,965,000
26,154,000
6,135,000
(14,697,000)
1,600,000
(952,000)
0
0
(12,249,000)
5,991,000
28,367,000
(1,242,000)
(19,833,000)
2,398,000
(1,347,000)
0
0
(2,314,000)
6,029,000
31,757,365
(576,124)
(22,868,501)
3,580,471
(409,734)
0
0
0
11,483,476
33,427,945
(580,116)
(23,657,964)
3,605,282
(450,805)
0
0
0
12,344,342
35,090,966
(581,048)
(24,396,041)
3,611,072
(493,945)
0
0
0
13,231,003
36,736,528
(578,732)
(25,075,493)
3,596,681
(539,035)
0
0
0
14,139,949
38,354,358
(573,009)
(25,689,325)
3,561,110
(585,920)
0
0
0
15,067,213
39,933,909
(563,746)
(26,230,893)
3,503,545
(634,422)
0
0
0
16,008,393
41,464,466
(550,847)
(26,694,002)
3,423,381
(684,329)
0
0
0
16,958,669
42,935,263
(534,251)
(27,073,006)
3,320,237
(735,404)
0
0
0
17,912,840
44,335,599
(513,934)
(27,362,905)
3,193,975
(787,380)
0
0
0
18,865,356
45,654,967
(489,917)
(27,559,428)
3,044,716
(839,967)
0
0
0
19,810,371
46,883,179
(462,262)
(27,659,119)
2,872,844
(892,849)
0
0
0
20,741,793
48,289,674
(476,130)
(28,488,893)
2,959,029
(919,635)
0
0
0
21,364,047
Financing Flows:
+Dividends Paid
-Net Issuance of Common Stock
= Free Cash Flow to Common Equity
6,116,000
(397,000)
5,719,000
6,152,000
(1,187,000)
4,965,000
6,114,000
(123,000)
5,991,000
6,140,000
(111,000)
6,029,000
6,484,005
4,999,470
11,483,476
6,838,209
5,506,133
12,344,342
7,192,327
6,038,676
13,231,003
7,544,341
6,595,608
14,139,949
7,892,140
7,175,073
15,067,213
8,233,542
7,774,851
16,008,393
8,566,310
8,392,360
16,958,669
8,888,179
9,024,661
17,912,840
9,196,879
9,668,477
18,865,356
9,490,160
10,320,212
19,810,371
9,765,818
10,975,975
20,741,793
10,058,793
11,305,254
21,364,047
Net Operating Income
– Increase in Net Operating Assets
+/-Clean Surplus Plug (Ignore)
=Free Cash Flow to Investors
15,248,958
3,208,000
(1,535,000)
16,921,958
15,426,754
1,563,000
(6,380,000)
10,609,754
12,704,164
6,300,000
(12,249,000)
6,755,164
18,268,005
(8,978,000)
(2,314,000)
6,976,005
19,278,903
(8,868,819)
0
10,410,084
20,336,886
(8,930,277)
0
11,406,610
21,395,149
(8,944,618)
0
12,450,531
22,447,694
(8,908,971)
0
13,538,722
23,488,241
(8,820,862)
0
14,667,379
24,510,288
(8,678,275)
0
15,832,013
25,507,169
(8,479,709)
0
17,027,460
26,472,124
(8,224,220)
0
18,247,903
27,398,370
(7,911,471)
0
19,486,899
28,279,180
(7,541,756)
0
20,737,424
29,107,957
(7,116,029)
0
21,991,928
29,981,196
(7,329,510)
0
22,651,686
Computation based on SCF:
Cash From Operations
-Increase in Operating Cash
+Cash from Investing
+Interest Expense
-Tax Shield on Interest
+/-Clean Surplus Plug (Ignore)
=Free Cash Flow to Investors
24,082,000
(8,276,000)
1,108,000
2,315,000
(772,042)
(1,535,000)
16,921,958
24,541,000
2,981,000
(12,019,000)
1,994,000
(507,246)
(6,380,000)
10,609,754
26,154,000
6,135,000
(14,697,000)
2,128,000
(715,836)
(12,249,000)
6,755,164
28,367,000
(1,242,000)
(19,833,000)
2,683,000
(684,995)
(2,314,000)
6,976,005
31,757,365
(576,124)
(22,868,501)
2,816,397
(719,053)
0
10,410,084
33,427,945
(580,116)
(23,657,964)
2,976,733
(759,988)
0
11,406,610
35,090,966
(581,048)
(24,396,041)
3,137,751
(801,097)
0
12,450,531
36,736,528
(578,732)
(25,075,493)
3,298,577
(842,158)
0
13,538,722
38,354,358
(573,009)
(25,689,325)
3,458,289
(882,934)
0
14,667,379
39,933,909
(563,746)
(26,230,893)
3,615,922
(923,179)
0
15,832,013
41,464,466
(550,847)
(26,694,002)
3,770,483
(962,640)
0
17,027,460
42,935,263
(534,251)
(27,073,006)
3,920,953
(1,001,056)
0
18,247,903
44,335,599
(513,934)
(27,362,905)
4,066,304
(1,038,166)
0
19,486,899
45,654,967
(489,917)
(27,559,428)
4,205,508
(1,073,706)
0
20,737,424
46,883,179
(462,262)
(27,659,119)
4,337,546
(1,107,416)
0
21,991,928
48,289,674
(476,130)
(28,488,893)
4,467,672
(1,140,639)
0
22,651,686
Financing Flows:
+Dividends on Common Stock
+Interest Expense
-Tax Shield on Interest
+Dividends on Preferred Stock
+Dividends Paid to Minority Interest
-Net Issuance of Common Stock
-Net Issuance of Debt
-Net Issuance of Preferred Stock
=Free Cash Flow to Investors
6,116,000
2,315,000
(772,042)
0
473,000
(397,000)
9,187,000
0
16,921,958
6,152,000
1,994,000
(507,246)
0
(1,765,000)
(1,187,000)
5,923,000
0
10,609,754
6,114,000
2,128,000
(715,836)
0
952,000
(123,000)
(1,600,000)
0
6,755,164
6,140,000
2,683,000
(684,995)
0
1,347,000
(111,000)
(2,398,000)
0
6,976,005
6,484,005
2,816,397
(719,053)
0
409,734
4,999,470
(3,580,471)
0
10,410,084
6,838,209
2,976,733
(759,988)
0
450,805
5,506,133
(3,605,282)
0
11,406,610
7,192,327
3,137,751
(801,097)
0
493,945
6,038,676
(3,611,072)
0
12,450,531
7,544,341
3,298,577
(842,158)
0
539,035
6,595,608
(3,596,681)
0
13,538,722
7,892,140
3,458,289
(882,934)
0
585,920
7,175,073
(3,561,110)
0
14,667,379
8,233,542
3,615,922
(923,179)
0
634,422
7,774,851
(3,503,545)
0
15,832,013
8,566,310
3,770,483
(962,640)
0
684,329
8,392,360
(3,423,381)
0
17,027,460
8,888,179
3,920,953
(1,001,056)
0
735,404
9,024,661
(3,320,237)
0
18,247,903
9,196,879
4,066,304
(1,038,166)
0
787,380
9,668,477
(3,193,975)
0
19,486,899
9,490,160
4,205,508
(1,073,706)
0
839,967
10,320,212
(3,044,716)
0
20,737,424
9,765,818
4,337,546
(1,107,416)
0
892,849
10,975,975
(2,872,844)
0
21,991,928
10,058,793
4,467,672
(1,140,639)
0
919,635
11,305,254
(2,959,029)
0
22,651,686
Traditional Computation of FCF:
EBIT
-Taxes on EBIT
+Increase in Deferred Taxes
= NOPLAT
+Depreciation & Amortization
+Non-Operating Income (Loss)
+Other Income (Loss)
+Ext. Items & Disc. Ops.
=Gross Cash Flow
-Increase in Working Capital
-Capital Expenditures
-Increase in Investments
-Purchases of Intangibles
-Increase in Other Assets
+Increase in Other Liabilities
+/-Clean Surplus Plug (Ignore)
=Free Cash Flow to Investors
24,885,000
(7,630,042)
2,241,000
19,495,958
11,152,000
(2,006,000)
0
0
28,641,958
(10,461,000)
6,049,000
(14,422,000)
2,390,000
7,091,000
(832,000)
(1,535,000)
16,921,958
25,758,000
(5,263,246)
(1,528,000)
18,966,754
10,658,000
(5,068,000)
0
0
24,556,754
3,820,000
(13,434,000)
1,534,000
69,000
(188,000)
632,000
(6,380,000)
10,609,754
21,794,000
(6,439,836)
352,000
15,706,164
10,945,000
(2,650,000)
0
0
24,001,164
8,838,000
(17,555,000)
1,719,000
1,340,000
(201,000)
862,000
(12,249,000)
6,755,164
24,717,000
(6,262,995)
(21,000)
18,433,005
11,853,000
(186,000)
0
0
30,100,005
(939,000)
(22,957,000)
2,720,000
261,000
143,000
(38,000)
(2,314,000)
6,976,005
26,085,334
(6,609,571)
423,203
19,898,967
12,619,951
(196,860)
0
0
32,322,057
525,559
(20,230,253)
(493,328)
(1,880,884)
(264,035)
430,969
0
10,410,084
27,516,972
(6,972,290)
426,136
20,970,818
13,338,395
(207,796)
0
0
34,101,417
529,201
(21,001,435)
(496,747)
(1,893,918)
(265,865)
433,956
0
11,406,610
28,949,002
(7,335,104)
426,820
22,040,719
14,059,899
(218,749)
0
0
35,881,869
530,051
(21,735,245)
(497,545)
(1,896,960)
(266,292)
434,652
0
12,450,531
30,373,310
(7,695,958)
425,119
23,102,472
14,780,543
(229,659)
0
0
37,653,356
527,939
(22,425,301)
(495,562)
(1,889,400)
(265,230)
432,920
0
13,538,722
31,781,400
(8,052,699)
420,915
24,149,616
15,496,192
(240,460)
0
0
39,405,348
522,717
(23,065,343)
(490,661)
(1,870,714)
(262,607)
428,639
0
14,667,379
33,164,472
(8,403,097)
414,111
25,175,486
16,202,529
(251,087)
0
0
41,126,928
514,268
(23,649,327)
(482,729)
(1,840,474)
(258,362)
421,710
0
15,832,013
34,513,507
(8,744,867)
404,636
26,173,276
16,895,096
(261,471)
0
0
42,806,900
502,501
(24,171,504)
(471,684)
(1,798,362)
(252,451)
412,061
0
17,027,460
35,819,358
(9,075,692)
392,444
27,136,110
17,569,335
(271,542)
0
0
44,433,903
487,361
(24,626,510)
(457,473)
(1,744,179)
(244,845)
399,646
0
18,247,903
37,072,846
(9,393,246)
377,520
28,057,121
18,220,638
(281,230)
0
0
45,996,528
468,828
(25,009,443)
(440,076)
(1,677,851)
(235,534)
384,448
0
19,486,899
38,264,867
(9,695,222)
359,878
28,929,523
18,844,393
(290,465)
0
0
47,483,451
446,918
(25,315,948)
(419,511)
(1,599,443)
(224,527)
366,482
0
20,737,424
39,386,497
(9,979,360)
339,564
29,746,700
19,436,042
(299,179)
0
0
48,883,562
421,690
(25,542,282)
(395,829)
(1,509,156)
(211,852)
345,794
0
21,991,928
40,568,091
(10,278,741)
349,750
30,639,101
20,019,123
(308,155)
0
0
50,350,069
434,341
(26,308,550)
(407,704)
(1,554,430)
(218,208)
356,168
0
22,651,686
Analysis of Earnings Quality
(Red Shading = Quality Flag)
Current Op. Accruals/NOA
+ Non-Current Op. Accruals/NOA
= Operating Accruals/NOA
0.015
(0.096)
(0.079)
(0.006)
0.032
0.011
(0.020)
0.009
(0.001)
(0.002)
0.055
0.058
(0.008)
0.069
0.058
(0.007)
0.066
0.056
(0.007)
0.062
0.053
(0.007)
0.059
0.050
(0.006)
0.056
0.047
(0.006)
0.052
0.044
(0.005)
0.049
0.041
(0.005)
0.045
0.039
(0.005)
0.042
0.036
(0.004)
0.039
0.033
(0.004)
0.035
0.030
(0.004)
0.035
0.030
Sales Growth
– NOA Turnover Growth
– Interaction
= Operating Accruals/NOA
Fiscal Year
0.068
(0.150)
(0.010)
(0.092)
2020
0.023
(0.012)
(0.000)
0.011
2021
0.068
(0.065)
(0.004)
(0.001)
2022
0.061
(0.003)
(0.000)
0.058
2023
0.058
(0.000)
(0.000)
0.058
2024
0.056
0.000
0.000
0.056
2025
0.053
(0.000)
(0.000)
0.053
2026
0.050
0.000
0.000
0.050
2027
0.047
(0.000)
(0.000)
0.047
2028
0.044
0.000
0.000
0.044
2029
0.041
0.000
0.000
0.041
2030
0.039
(0.000)
(0.000)
0.039
2031
0.036
(0.000)
(0.000)
0.036
2032
0.033
0.000
0.000
0.033
2033
0.030
(0.000)
(0.000)
0.030
2034
0.030
0.000
0.000
0.030
2035
Free Cash Flow to Common Equity
Free Cash Flow to all Investors
Credit Analysis
Company Name
WALMART INC
Fiscal Year End Date
Actual
Actual
Actual
Actual
Actual
Forecast
Forecast
Forecast
Forecast
Forecast
Forecast
Forecast
Forecast
Forecast
Forecast
Forecast
Forecast
2020/01/31 2021/01/31 2022/01/31 2023/01/31 2024/01/31 2025/01/31 2026/01/31 2027/01/31 2028/01/31 2029/01/31 2030/01/31 2031/01/31 2032/01/31 2033/01/31 2034/01/31 2035/01/31 2036/01/31
Analysis of Leverage
– Long-Term Capital Structure
Debt to Equity Ratio
FFO to Total Debt
CFO to Total Debt
0.970
0.782
0.387
0.355
0.689
0.393
0.407
0.768
0.403
0.450
0.731
0.467
0.472
0.731
0.486
0.503
0.731
0.485
0.501
0.731
0.483
0.499
0.731
0.482
0.497
0.731
0.481
0.495
0.731
0.480
0.493
0.731
0.478
0.491
0.731
0.477
0.489
0.731
0.476
0.487
0.731
0.475
0.484
0.731
0.473
0.482
0.731
0.473
0.482
Analysis of Leverage
– Short-Term Liquidity
Current Ratio
Quick Ratio
EBIT Interest Coverage
EBITDA Interest Coverage
0.795
0.202
7.369
11.596
0.972
0.262
10.749
15.567
0.928
0.264
12.918
18.263
0.821
0.180
10.242
15.385
0.832
0.202
9.212
13.630
0.832
0.202
9.262
13.743
0.832
0.202
9.244
13.725
0.832
0.202
9.226
13.707
0.832
0.202
9.208
13.689
0.832
0.202
9.190
13.671
0.832
0.202
9.172
13.653
0.832
0.202
9.154
13.634
0.832
0.202
9.135
13.616
0.832
0.202
9.117
13.598
0.832
0.202
9.099
13.580
0.832
0.202
9.080
13.561
0.832
0.202
9.080
13.561
Analysis of Credit Risk
Net Income to Total Assets
implied default probability
Total Liabilities to Total Assets
implied default probability
Quick Ratio
implied default probability
EBIT to Interest Expense
implied default probability
Inventory Holding Period
implied default probability
Annual Sales Growth
implied default probability
Average Implied Default Probability
0.064
2.0%
0.655
5.5%
0.202
9.0%
7.37
1.8%
42.28
4.2%
0.0%
4.2%
4.5%
0.054
2.5%
0.653
5.5%
0.262
9.0%
10.75
1.5%
40.10
4.2%
6.8%
3.0%
4.3%
0.057
2.0%
0.625
4.5%
0.264
9.0%
12.92
1.5%
49.31
4.2%
2.3%
3.2%
4.1%
0.046
2.5%
0.655
5.5%
0.180
9.0%
10.24
1.5%
45.61
4.2%
6.8%
3.0%
4.3%
0.064
2.0%
0.641
5.5%
0.202
9.0%
9.21
1.5%
41.89
4.2%
6.1%
3.0%
4.2%
0.064
2.0%
0.641
5.5%
0.202
9.0%
9.26
1.5%
41.89
4.2%
5.8%
3.0%
4.2%
0.064
2.0%
0.641
5.5%
0.202
9.0%
9.24
1.5%
41.89
4.2%
5.6%
3.0%
4.2%
0.064
2.0%
0.641
5.5%
0.202
9.0%
9.23
1.5%
41.89
4.2%
5.3%
3.0%
4.2%
0.064
2.0%
0.641
5.5%
0.202
9.0%
9.21
1.5%
41.89
4.2%
5.0%
3.2%
4.2%
0.064
2.0%
0.641
5.5%
0.202
9.0%
9.19
1.5%
41.89
4.2%
4.7%
3.2%
4.2%
0.064
2.0%
0.641
5.5%
0.202
9.0%
9.17
1.5%
41.89
4.2%
4.4%
3.2%
4.2%
0.064
2.0%
0.641
5.5%
0.202
9.0%
9.15
1.8%
41.89
4.2%
4.1%
3.2%
4.3%
0.064
2.0%
0.641
5.5%
0.202
9.0%
9.14
1.8%
41.89
4.2%
3.9%
3.2%
4.3%
0.064
2.0%
0.641
5.5%
0.202
9.0%
9.12
1.8%
41.89
4.2%
3.6%
3.2%
4.3%
0.064
2.0%
0.641
5.5%
0.202
9.0%
9.10
1.8%
41.89
4.2%
3.3%
3.2%
4.3%
0.064
2.0%
0.641
5.5%
0.202
9.0%
9.08
1.8%
41.89
4.2%
3.0%
3.2%
4.3%
0.064
2.0%
0.641
5.5%
0.202
9.0%
9.08
1.8%
41.89
4.2%
3.0%
3.2%
4.3%
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
Fiscal Year
Lookup Table of default probability
NI to TA thresholds
NI to TA default rates
TL to TA thresholds
TL to TA default rates
Quick Ratio thresholds
Quick Ratio default rates
EBIT to Int thresholds
EBIT to Int default rates
Inv Holding thresholds
Inv Holding default rates
Sales Growth thresholds
Sales Growth default rates
decile 1
min decile 2 min decile 3 min decile 4 min decile 5 min decile 6 min decile 7 min decile 8 min decile 9 min decile 10
-0.448
-0.161
-0.049
0.001
0.022
0.038
0.056
0.079
0.118
0.083
0.08
0.072
0.055
0.045
0.030
0.025
0.020
0.020
0.020
0.175
0.283
0.385
0.476
0.558
0.633
0.709
0.816
1.030
0.02
0.022
0.025
0.030
0.035
0.045
0.055
0.070
0.090
0.100
0.382
0.522
0.809
0.994
1.200
1.470
1.890
2.530
4.550
0.09
0.065
0.05
0.042
0.040
0.035
0.025
0.020
0.015
0.010
-17.4
-3.6
-0.139
1.25
2.210
3.380
5.210
9.160
23.800
0.075
0.09
0.085
0.070
0.050
0.030
0.021
0.018
0.015
0.010
0.365
2.56
14.24
31.39
50
70.080
91.980
121.540
174.470
0.03
0.035
0.039
0.040
0.042
0.045
0.049
0.055
0.060
0.070
-0.203
-0.063
0.003
0.05
0.098
0.158
0.244
0.398
0.797
0.069
0.055
0.042
0.032
0.030
0.030
0.032
0.042
0.050
0.065
Forecasting Assumptions
Company Name
Estimated Price/Share=$119.04
Fiscal Year End Date
WALMART INC
TERMINAL
YEAR
Actual
Actual
Actual
Actual
Actual
Forecast
Forecast
Forecast
Forecast
Forecast
Forecast
Forecast
Forecast
Forecast
Forecast
Forecast
Forecast
2020/01/31 2021/01/31 2022/01/31 2023/01/31 2024/01/31 2025/01/31 2026/01/31 2027/01/31 2028/01/31 2029/01/31 2030/01/31 2031/01/31 2032/01/31 2033/01/31 2034/01/31 2035/01/31 2036/01/31
Implied Return on Equity
Income Statement Assumptions
Sales Growth
Cost of Goods Sold/Sales
R&D/Sales
SG&A/Sales
Dep&Amort/Avge PP&E and Intang.
Net Interest Expense/Avge Net Debt
Non-Operating Income/Sales
Effective Tax Rate
Minority Interest/After Tax Income
Other Income/Sales
Ext. Items & Disc. Ops./Sales
Pref. Dividends/Avge Pref. Stock
Balance Sheet Assumptions
Working Capital Assumptions
Ending Operating Cash/Sales
Ending Receivables/Sales
Ending Inventories/COGS
Ending Other Current Assets/Sales
Ending Accounts Payable/COGS
Ending Taxes Payable/Sales
Ending Other Current Liabs/Sales
Other Operating Asset Assumptions
Ending Net PP&E/Sales
Ending Investments/Sales
Ending Intangibles/Sales
Ending Other Assets/Sales
Other Operating Liability Assumptions
Other Liabilities/Sales
Deferred Taxes/Sales
Financing Assumptions
Current Debt/Total Assets
Long-Term Debt/Total Assets
Minority Interest/Total Assets
Preferred Stock/Total Assets
Dividend Payout Ratio
0.174
0.167
0.146
0.193
0.190
0.189
0.189
0.189
0.188
0.188
0.187
0.187
0.186
0.186
0.186
0.186
6.8%
73.5%
0.0%
20.1%
7.3%
3.4%
-0.4%
33.3%
1.4%
0.0%
0.0%
0.0%
2.3%
73.4%
0.0%
20.2%
7.3%
3.3%
-0.9%
25.4%
1.9%
0.0%
0.0%
0.0%
6.8%
74.4%
0.0%
20.2%
7.3%
3.7%
-0.4%
33.6%
-3.4%
0.0%
0.0%
0.0%
6.1%
74.1%
0.0%
20.3%
7.5%
4.5%
0.0%
25.5%
4.7%
0.0%
0.0%
0.0%
5.8%
74.1%
0.0%
20.3%
7.5%
4.5%
0.0%
25.5%
4.7%
0.0%
0.0%
0.0%
5.6%
74.1%
0.0%
20.3%
7.5%
4.5%
0.0%
25.5%
4.7%
0.0%
0.0%
0.0%
5.3%
74.1%
0.0%
20.3%
7.5%
4.5%
0.0%
25.5%
4.7%
0.0%
0.0%
0.0%
5.0%
74.1%
0.0%
20.3%
7.5%
4.5%
0.0%
25.5%
4.7%
0.0%
0.0%
0.0%
4.7%
74.1%
0.0%
20.3%
7.5%
4.5%
0.0%
25.5%
4.7%
0.0%
0.0%
0.0%
4.4%
74.1%
0.0%
20.3%
7.5%
4.5%
0.0%
25.5%
4.7%
0.0%
0.0%
0.0%
4.1%
74.1%
0.0%
20.3%
7.5%
4.5%
0.0%
25.5%
4.7%
0.0%
0.0%
0.0%
3.9%
74.1%
0.0%
20.3%
7.5%
4.5%
0.0%
25.5%
4.7%
0.0%
0.0%
0.0%
3.6%
74.1%
0.0%
20.3%
7.5%
4.5%
0.0%
25.5%
4.7%
0.0%
0.0%
0.0%
3.3%
74.1%
0.0%
20.3%
7.5%
4.5%
0.0%
25.5%
4.7%
0.0%
0.0%
0.0%
3.0%
74.1%
0.0%
20.3%
7.5%
4.5%
0.0%
25.5%
4.7%
0.0%
0.0%
0.0%
3.0%
74.1%
0.0%
20.3%
7.5%
4.5%
0.0%
25.5%
4.7%
0.0%
0.0%
0.0%
1.8%
1.2%
11.6%
0.3%
12.2%
0.1%
4.3%
3.2%
1.2%
11.0%
3.7%
12.0%
0.0%
6.8%
2.6%
1.5%
13.5%
0.3%
13.2%
0.1%
4.6%
1.4%
1.3%
12.5%
0.4%
11.9%
0.1%
5.1%
1.5%
1.4%
11.5%
0.5%
11.9%
0.0%
4.5%
1.5%
1.4%
11.5%
0.5%
11.9%
0.0%
4.5%
1.5%
1.4%
11.5%
0.5%
11.9%
0.0%
4.5%
1.5%
1.4%
11.5%
0.5%
11.9%
0.0%
4.5%
1.5%
1.4%
11.5%
0.5%
11.9%
0.0%
4.5%
1.5%
1.4%
11.5%
0.5%
11.9%
0.0%
4.5%
1.5%
1.4%
11.5%
0.5%
11.9%
0.0%
4.5%
1.5%
1.4%
11.5%
0.5%
11.9%
0.0%
4.5%
1.5%
1.4%
11.5%
0.5%
11.9%
0.0%
4.5%
1.5%
1.4%
11.5%
0.5%
11.9%
0.0%
4.5%
1.5%
1.4%
11.5%
0.5%
11.9%
0.0%
4.5%
1.5%
1.4%
11.5%
0.5%
11.9%
0.0%
4.5%
1.5%
1.4%
11.5%
0.5%
11.9%
0.0%
4.5%
24.4%
0.0%
7.0%
2.2%
19.7%
2.6%
6.1%
0.8%
19.8%
2.3%
5.9%
0.8%
19.6%
1.8%
5.3%
0.8%
20.2%
1.3%
5.0%
0.7%
20.2%
1.3%
5.0%
0.7%
20.2%
1.3%
5.0%
0.7%
20.2%
1.3%
5.0%
0.7%
20.2%
1.3%
5.0%
0.7%
20.2%
1.3%
5.0%
0.7%
20.2%
1.3%
5.0%
0.7%
20.2%
1.3%
5.0%
0.7%
20.2%
1.3%
5.0%
0.7%
20.2%
1.3%
5.0%
0.7%
20.2%
1.3%
5.0%
0.7%
20.2%
1.3%
5.0%
0.7%
20.2%
1.3%
5.0%
0.7%
1.3%
1.2%
1.1%
1.5%
1.2%
1.2%
1.2%
1.2%
1.1%
1.1%
1.1%
1.1%
1.1%
1.1%
1.1%
1.1%
1.1%
1.1%
1.1%
1.1%
1.1%
1.1%
1.1%
1.1%
1.1%
1.1%
1.1%
1.1%
1.1%
1.1%
1.1%
1.1%
1.1%
1.1%
3.5%
27.1%
2.9%
0.0%
0.0%
2.1%
23.0%
2.6%
0.0%
45.3%
2.1%
21.3%
3.5%
0.0%
45.0%
2.7%
21.5%
3.0%
0.0%
52.3%
2.6%
21.7%
2.7%
0.0%
39.6%
2.6%
21.7%
2.7%
0.0%
39.6%
2.6%
21.7%
2.7%
0.0%
39.6%
2.6%
21.7%
2.7%
0.0%
39.6%
2.6%
21.7%
2.7%
0.0%
39.6%
2.6%
21.7%
2.7%
0.0%
39.6%
2.6%
21.7%
2.7%
0.0%
39.6%
2.6%
21.7%
2.7%
0.0%
39.6%
2.6%
21.7%
2.7%
0.0%
39.6%
2.6%
21.7%
2.7%
0.0%
39.6%
2.6%
21.7%
2.7%
0.0%
39.6%
2.6%
21.7%
2.7%
0.0%
39.6%
2.6%
21.7%
2.7%
0.0%
39.6%
73.6%
0.0%
20.6%
0.7%
24.4%
2.1%
0.0%
0.0%
Valuation Parameters
Estimated Price/Share=$119.04
Company Name:
WALMART INC
Required Valuation Parameters (to compute value of common equity):
Enter Cost of Equity Capital:
Enter Value of Contingent Claims on Common Equity ($000):
Enter Date of Valuation:
Enter Dilution Factor for Splits Occurring Since Latest Fiscal Year End:
Optional Valuation Parameters (to compute value to all investors):
Enter Cost of Net Debt:
Enter Cost of Preferred Stock:
Enter Cost of Minority Interest:
Adjust the Weighted Average Cost of Capital Input
such that the two equity values below are approximately equal:
Equity Value computed directly
from flows to equityholders:
119.04
Equity Value computed indirectly
as the Entity Value less non-equity claims:
84.18
approximate weighted average
cost of capital to use as starting poin
7.91%
0
2024/06/18
1.00
8.00%
9.00%
10.00%
9.3720%
down
approximate weighted average
cost of capital to use as starting point:
7.88%
(1)
(2)
(3)
(4)
(5)
(6)
4.43%
4.43%
4.43%
4.43%
N/A
N/A
Value Line
Value Line
N/A
0.55
Yahoo!
Finance
0.52
N/A
0.55
Yahoo!
Finance
0.52
Market Risk
Premium
5%
6.70%
5%
6.70%
N/A
N/A
Cost of Equity
7.18%
8.12%
7.03%
7.91%
12%
8%
Estimated
Price/Share
$139.85
$114.09
$145.98
$118.98
$64.98
$116.84
Recent Stock
Price
$65.88
$65.88
$65.88
$65.88
$65.88
$65.88
Recommendati
on
Buy
Buy
Buy
Buy
Sell
Buy
Implied Gain
or Loss
112%
73%
122%
81%
-1%
77%
\
Risk Free Rate
Beta
Residual Income Valuation
($000)
Company Name
Most Recent Fiscal Year End
Date of Valuation
Cost of Common Equity
Teriminal Growth Rate
WALMART INC
1/31/2024
6/18/2024
7.91%
3.00%
Fiscal Year of Forecast
Valuation to Common Equity
Net Income
Common Equity at Beginning of Year
Residual Income
Present Value of Residual Income
Present Value Beyond 10 Years
Present Value of First 10 Years
Common Equity as of
1/31/2024
Forecast Equity Value Before Time Adj.
Forecasted Value as of Valuation Date
Less Value of Contingent Equity Claims
Value Attributable to Common Equity
Common Shares Outstanding at BS Date
Equivalent Shares at Valuation Date
Forecast Price/Share
2025/01/31
2026/01/31
16,380,034
83,861,000
9,746,629
9,032,183
136,141,390
78,400,086
2029/01/31
2030/01/31
2031/01/31
2032/01/31
2033/01/31
2034/01/31
2035/01/31
2036/01/31
17,274,832
88,757,558
10,254,109
8,805,916
2027/01/31
18,169,411
93,688,048
10,758,687
8,561,980
2028/01/31
19,058,676
98,626,456
11,257,323
8,302,108
19,937,294
103,545,182
11,746,870
8,028,117
20,799,750
108,415,263
12,224,103
7,741,887
21,640,396
113,206,620
12,685,753
7,445,337
22,453,509
117,888,347
13,128,541
7,140,406
23,233,353
122,429,016
13,549,218
6,829,030
23,974,245
126,797,014
13,944,602
6,513,122
24,670,620
130,960,888
14,311,613
6,194,553
25,410,738
134,889,715
14,740,962
5,912,695
83,861,000
298,402,476
319,610,205
0
319,610,205
2,685,000
2,685,000
$119.04
Valuation to All Investors
Cost of Debt
Cost of Preferred Stock
Cost of Minority Interest
After Tax Weighted Average Cost of Capital
8.00%
9.00%
10.00%
9.37%
Net Interest Expense to Net Debtholders
Beginning Book Value of Debt
Residual Interest Expense
Present Value of Residual Interest Income
Value of Debt
2,816,397
61,321,000
(2,089,283)
(1,934,521)
13,229,571
2,976,733
64,901,471
(2,215,385)
(1,899,335)
3,137,751
68,506,753
(2,342,789)
(1,859,782)
3,298,577
72,117,825
(2,470,849)
(1,816,147)
3,458,289
75,714,505
(2,598,872)
(1,768,748)
3,615,922
79,275,615
(2,726,127)
(1,717,922)
3,770,483
82,779,160
(2,851,850)
(1,664,027)
3,920,953
86,202,542
(2,975,251)
(1,607,435)
4,066,304
89,522,778
(3,095,518)
(1,548,530)
4,205,508
92,716,754
(3,211,833)
(1,487,700)
4,337,546
95,761,470
(3,323,372)
(1,425,337)
4,467,672
98,634,314
(3,423,073)
(1,359,349)
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Minority Interest in Earnings
Beginning Book Value of Minority Interest
Residual Income to Minority Interest
Present Value of MI Residual Income
Value of Minority Interest
801,524
6,710,000
130,524
118,659
8,475,863
845,310
7,101,790
135,131
111,678
889,084
7,496,295
139,455
104,774
932,598
7,891,434
143,455
97,982
975,592
8,284,997
147,092
91,333
1,017,794
8,674,669
150,328
84,856
1,058,930
9,058,042
153,126
78,578
1,098,718
9,432,642
155,454
72,520
1,136,878
9,795,956
157,282
66,703
1,173,132
10,145,455
158,587
61,142
1,207,208
10,478,620
159,346
55,850
1,243,424
10,792,979
164,126
52,296
Net Operating Income
Beginning Net Operating Assets
Residual Income to all Investors
Present Value of Residual Investor Income
Entity Value
Less Value of Debt
Less Value of Preferred Stock
Less Value of Minority Interest
Forecast Equity Value Before Time Adj.
Forecasted Value as of Valuation Date
Less Value of Contingent Equity Claims
Value Attributable to Common Equity
Common Shares Outstanding at BS Date
Equivalent Shares at Valuation Date
Forecast Price/Share
19,278,903
151,892,000
5,043,585
4,611,404
232,731,490
(13,229,571)
0
(8,475,863)
211,026,056
226,023,866
0
226,023,866
2,685,000
2,685,000
$84.18
20,336,886
160,760,819
5,270,382
4,405,851
21,395,149
169,691,095
5,491,700
4,197,477
22,447,694
178,635,714
5,705,955
3,987,528
23,488,241
187,544,685
5,911,553
3,777,207
24,510,288
196,365,547
6,106,909
3,567,669
25,507,169
205,043,822
6,290,462
3,360,001
26,472,124
213,523,531
6,460,698
3,155,224
27,398,370
221,747,751
6,616,171
2,954,278
28,279,180
229,659,222
6,755,517
2,758,018
29,107,957
237,200,978
6,877,482
2,567,212
29,981,196
244,317,007
7,083,806
2,417,647
Dividends to Preferred Stockholders
Beginning Book Value of Preferred Stock
Residual Income to Preferred Stock
Present Value of Preferred Residual Income
Value of Preferred Stock
DCF Valuations
($000)
Company Name
Most Recent Fiscal Year End
Date of Valuation
Cost of Common Equity
Terminal Growth Rate
WALMART INC
1/31/2024
6/18/2024
7.91%
3.00%
Fiscal Year of Forecast
Valuation to Common Equity
Free Cash Flow to Common Equity
Present Value of FCF
Present Value Beyond 10 Years
Present Value of First 10 Years
Forecast Equity Value Before Time Adj.
Forecasted Value as of Valuation Date
Less Value of Contingent Equity Claims
Value Attributable to Common Equity
Common Shares Outstanding at BS Date
Equivalent Shares at Valuation Date
Forecast Price/Share
2025/01/31
2026/01/31
2027/01/31
2028/01/31
2029/01/31
2030/01/31
2031/01/31
2032/01/31
2033/01/31
2034/01/31
2035/01/31
2036/01/31
12,344,342
10,600,944
13,231,003
10,529,499
14,139,949
10,428,001
15,067,213
10,297,326
16,008,393
10,138,591
16,958,669
9,953,136
17,912,840
9,742,511
18,865,356
9,508,451
19,810,371
9,252,854
20,741,793
8,977,754
21,364,047
8,569,258
(764,073)
(707,475)
13,229,571
(628,549)
(538,880)
(473,321)
(375,737)
(298,103)
(219,115)
(102,821)
(69,978)
112,377
70,817
347,101
202,530
600,716
324,548
872,329
436,382
1,160,792
537,671
1,464,702
628,186
1,508,643
599,103
Free Cash Flow to Preferred Stock
Present Value of FCF to Preferred Stock
Value of Preferred Stock
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Free Cash Flow to Minority Interest
Present Value of FCF to Minority Interest
Value of Minority Interest
409,734
372,486
8,475,863
450,805
372,566
493,945
371,109
539,035
368,168
585,920
363,810
634,422
358,115
684,329
351,169
735,404
343,071
787,380
333,926
839,967
323,843
892,849
312,938
919,635
293,024
Free Cash Flows to Investors
Present Value of FCF to Investors
Entity Value
Less Value of Net Debt
Less Value of Preferred Stock
Less Value of Minority Interest
Forecast Equity Value Before Time Adj.
Forecasted Value as of Valuation Date
Less Value of Contingent Equity Claims
Value Attributable to Common Equity
Common Shares Outstanding at BS Date
Equivalent Shares at Valuation Date
Forecast Price/Share
10,410,084
9,518,052
232,731,490
(13,229,571)
0
(8,475,863)
211,026,056
226,023,866
0
226,023,866
2,685,000
2,685,000
$84.18
11,406,610
9,535,518
12,450,531
9,516,328
13,538,722
9,461,349
14,667,379
9,371,773
15,832,013
9,249,094
17,027,460
9,095,086
18,247,903
8,911,765
19,486,899
8,701,364
20,737,424
8,466,292
21,991,928
8,209,101
22,651,686
7,730,840
Valuation to All Investors
Cost of Net Debt
Cost of Preferred Stock
Cost of Minority Interest
After Tax Weighted Average Cost of Capital
Free Cash Flow to Debt
Present Value of FCF to Debt
Value of Debt
11,483,476
10,641,716
197,309,447
101,093,029
298,402,476
319,610,205
0
319,610,205
2,685,000
2,685,000
$119.04
8.00%
9.00%
10.00%
9.37%
EPS Forecaster
($000, except per share amounts)
Company Name
WALMART INC
Common Shares Outstanding at BS Date
2,685,000
Equivalent Shares at Valuation Date
2,685,000
Forecasted Price at Valuation Date
$119.04
Fiscal Year of Forecast
Net Income
Common Equity Issued (Repurchased)
Forecasted Price at Year End
New Shares Issued (Repurchased)
Shares Outstanding at End of Year
Forecast EPS
Consensus Analyst Forecast of EPS
Forecast Five Year Growth Rate in EPS
Consensus Analyst Forecast of Growth
Forecast
2025/01/31
16,380,034
(4,999,470)
$123.37
(40,524)
2,644,476
$6.15
7%
Forecast
2026/01/31
17,274,832
(5,506,133)
$130.54
(42,178)
2,602,298
$6.58
Forecast
2027/01/31
18,169,411
(6,038,676)
$138.11
(43,725)
2,558,574
$7.04
Forecast
2028/01/31
19,058,676
(6,595,608)
$146.08
(45,150)
2,513,424
$7.52
Forecast
2029/01/31
19,937,294
(7,175,073)
$154.50
(46,441)
2,466,983
$8.01
Although not a necessary input for eVal, we recommend that
you find the analyst forecasts for your company and store them in the
yellow-shaded cells for comparison purposes.
To obtain analyst forecasts, click here
Forecast
2030/01/31
20,799,750
(7,774,851)
$163.38
(47,587)
2,419,396
$8.51
Forecast
2031/01/31
21,640,396
(8,392,360)
$172.76
(48,577)
2,370,819
$9.04
Forecast
2032/01/31
22,453,509
(9,024,661)
$182.68
(49,401)
2,321,417
$9.57
Forecast
2033/01/31
23,233,353
(9,668,477)
$193.17
(50,052)
2,271,366
$10.12
Forecast
2034/01/31
23,974,245
(10,320,212)
$204.27
(50,522)
2,220,843
$10.67
Forecast
2035/01/31
24,670,620
(10,975,975)
$216.03
(50,807)
2,170,036
$11.24
Forecast
2036/01/31
25,410,738
(11,305,254)
$228.48
(49,479)
2,120,556
$11.84
Model Summary
Historical Data For:
WALMART INC
Most Recent Fiscal Year End:
Average ROE (last five years)
Sales Growth (last five years)
2024/01/31
16.99%
5.49%
Forecast Data:
Forecast Horizon
This Year’s ROE
Terminal Year’s ROE
This Year’s Sales Growth
Terminal Year’s Sales Growth
This Year’s Forecast EPS
Forecast 5 Year EPS Growth
10 years
18.98%
18.56%
5.84%
3.00%
$6.15
6.73%
Valuation Data:
Cost of Equity Capital
Valuation Date
Estimated Price/Share
Estimated Price/Earnings Ratio
Estimated Market/Book Ratio
7.91%
2024/06/18
$119.04
19.36
3.81
Cut-and-Paste the yellow block of case data into the Raw Data Input section on the lower part of the eVal financial statem
America Online
Netflix
Salton
Nordstrom
Amazon.com
Overstock
City Screens
Ross Stores
Four Models
RCL 1998
Carnival 1998
Kohls
Country Cinema
Company Name and Ticker
AMERICA ONLINE INC
AOL
Common Shares Outstanding (000)
2,255,000
Fiscal Year End (YYYY-MM-DD)
1995/06/30
1996/06/30
1997/06/30
Sales (Net)
394,290
1,094,000
2,197,000
Cost of Goods Sold
(229,724)
(654,000)
(1,770,000)
R&D Expense
(64,598)
(75,000)
(204,000)
SG&A Expense
(119,764)
(293,000)
(605,000)
Depreciation & Amortization
(1,653)
(7,000)
(6,000)
Interest Expense
0
0
0
Non-Operating Income (Loss)
867
(3,000)
(87,000)
Income Taxes
(15,169)
(32,000)
(10,000)
Minority Interest in Earnings
0
0
0
Other Income (Loss)
0
0
0
Ext. Items & Disc. Ops.
0
0
0
Preferred Dividends
0
0
0
Operating Cash and Market. Sec.
64,549
129,133
124,000
Receivables
32,176
42,939
65,000
Inventories
0
0
0
Other Current Assets
36,908
98,506
134,000
PP&E (Net)
70,919
101,277
233,000
Investments
0
0
81,000
Intangibles
59,935
56,638
59,000
Other Assets
140,926
530,261
137,000
Current Debt
2,329
2,435
0
Accounts Payable
84,640
105,904
68,000
Income Taxes Payable
0
0
0
Other Current Liabilities
46,393
181,567
485,000
Long-Term Debt
17,369
19,306
50,000
Other Liabilities
2,243
1,168
4,000
Deferred Taxes
35,627
135,872
86,000
Minority Interest
0
0
0
Preferred Stock
0
1
0
Paid in Common Capital (Net)
253,435
520,268
647,000
Retained Earnings
(36,623)
(7,767)
(507,000)
Common Dividends
0
0
1998/06/30
3,091,000
(2,434,000)
(333,000)
(328,000)
(24,000)
0
(62,000)
16,000
0
0
0
0
823,000
192,000
0
248,000
503,000
531,000
472,000
105,000
0
120,000
0
1,035,000
372,000
7,000
344,000
0
0
1,586,000
(590,000)
0
Company Name and Ticker
AMAZON.COM INC
Common Shares Outstanding (000)
357,140
Fiscal Year End (YYYY-MM-DD)
1996/12/31
Sales (Net)
15,746
Cost of Goods Sold
(12,287)
1999/12/31
1,639,839
(1,349,194)
AMZN
1997/12/31
147,787
(118,969)
1998/12/31
609,819
(476,155)
R&D Expense
SG&A Expense
Depreciation & Amortization
Interest Expense
Non-Operating Income (Loss)
Income Taxes
Minority Interest in Earnings
Other Income (Loss)
Ext. Items & Disc. Ops.
Preferred Dividends
Operating Cash and Market. Sec.
Receivables
Inventories
Other Current Assets
PP&E (Net)
Investments
Intangibles
Other Assets
Current Debt
Accounts Payable
Income Taxes Payable
Other Current Liabilities
Long-Term Debt
Other Liabilities
Deferred Taxes
Minority Interest
Preferred Stock
Paid in Common Capital (Net)
Retained Earnings
Common Dividends
(2,401)
(7,501)
0
(5)
202
0
0
0
0
0
6,248
0
571
321
985
0
0
146
0
2,852
0
2,018
0
0
0
0
6
9,420
(6,025)
Company Name and Ticker
FOUR MODELS
Common Shares Outstanding (000)
1,000
Fiscal Year End (YYYY-MM-DD)
1996/12/31
Sales (Net)
20,000
Cost of Goods Sold
(12,000)
R&D Expense
0
SG&A Expense
0
Depreciation & Amortization
(2,000)
Interest Expense
(1,000)
Non-Operating Income (Loss)
0
Income Taxes
(2,000)
Minority Interest in Earnings
0
Other Income (Loss)
0
Ext. Items & Disc. Ops.
0
Preferred Dividends
0
Operating Cash and Market. Sec.
1,000
Receivables
0
Inventories
0
Other Current Assets
0
0
(60,202)
0
(326)
690
0
0
0
0
0
125,375
0
8,971
3,363
9,726
0
0
2,409
1,500
33,027
0
10,024
76,521
181
0
0
0
66,105
(37,514)
0
0
(194,696)
(42,599)
(26,639)
8,629
0
0
(2,905)
0
0
373,445
0
29,501
21,308
29,791
7,740
178,638
8,037
808
113,273
0
47,494
348,140
0
0
0
0
300,805
(162,060)
0
0
(643,016)
(214,694)
(84,566)
8,432
0
0
(76,769)
0
0
706,188
0
220,646
79,643
317,613
371,462
730,144
40,154
14,322
463,026
0
255,886
1,466,338
0
0
0
0
1,148,306
(882,028)
0
1998/12/31
20,000
(12,000)
0
0
(2,000)
(1,000)
0
(2,000)
0
0
0
0
1,000
0
0
0
1999/12/31
20,000
(12,000)
0
0
(2,000)
(1,000)
0
(2,000)
0
0
0
0
1,000
0
0
0
FOUR
1997/12/31
20,000
(12,000)
0
0
(2,000)
(1,000)
0
(2,000)
0
0
0
0
1,000
0
0
0
PP&E (Net)
Investments
Intangibles
Other Assets
Current Debt
Accounts Payable
Income Taxes Payable
Other Current Liabilities
Long-Term Debt
Other Liabilities
Deferred Taxes
Minority Interest
Preferred Stock
Paid in Common Capital (Net)
Retained Earnings
Common Dividends
20,000
0
0
0
0
0
0
0
10,000
0
0
0
0
10,000
1,000
Company Name and Ticker
INTEL CORP
Common Shares Outstanding (000)
6,668,000
Fiscal Year End (YYYY-MM-DD)
1995/12/31
Sales (Net)
16,202,000
Cost of Goods Sold
(7,811,000)
R&D Expense
(1,296,000)
SG&A Expense
(1,843,000)
Depreciation & Amortization
0
Interest Expense
(29,000)
Non-Operating Income (Loss)
415,000
Income Taxes
(2,072,000)
Minority Interest in Earnings
0
Other Income (Loss)
0
Ext. Items & Disc. Ops.
0
Preferred Dividends
0
Operating Cash and Market. Sec.
2,458,000
Receivables
3,116,000
Inventories
2,004,000
Other Current Assets
519,000
PP&E (Net)
7,471,000
Investments
1,653,000
Intangibles
0
Other Assets
283,000
Current Debt
346,000
Accounts Payable
864,000
Income Taxes Payable
0
Other Current Liabilities
2,409,000
Long-Term Debt
400,000
Other Liabilities
0
Deferred Taxes
620,000
Minority Interest
0
Preferred Stock
0
Paid in Common Capital (Net)
3,308,000
20,000
0
0
0
0
0
0
0
10,000
0
0
0
0
10,000
1,000
0
20,000
0
0
0
0
0
0
0
10,000
0
0
0
0
10,000
1,000
0
20,000
0
0
0
0
0
0
0
10,000
0
0
0
0
10,000
1,000
0
1997/12/31
25,070,000
(9,945,000)
(2,347,000)
(2,891,000)
0
(27,000)
799,000
(3,714,000)
0
0
0
0
9,732,000
3,438,000
1,697,000
1,000,000
10,666,000
1,839,000
0
508,000
322,000
1,407,000
0
4,291,000
448,000
0
1,076,000
0
0
5,352,000
1998/12/31
26,273,000
(12,144,000)
(2,674,000)
(3,076,000)
0
(34,000)
792,000
(3,069,000)
0
0
0
0
7,310,000
3,527,000
1,582,000
1,056,000
11,609,000
5,365,000
111,000
911,000
159,000
1,244,000
0
4,401,000
702,000
0
1,387,000
0
0
5,626,000
INTC
1996/12/31
20,847,000
(9,164,000)
(1,808,000)
(2,322,000)
0
(25,000)
406,000
(2,777,000)
0
0
0
0
7,907,000
3,723,000
1,293,000
761,000
8,487,000
1,353,000
0
211,000
389,000
969,000
0
3,505,000
728,000
0
997,000
0
0
3,172,000
Retained Earnings
Common Dividends
Company Name and Ticker
Common Shares Outstanding
Fiscal Year End (YYYY-MM-DD)
Sales (Net)
Cost of Goods Sold
R&D Expense
SG&A Expense
Depreciation & Amortization
Interest Expense
Non-Operating Income (Loss)
Income Taxes
Minority Interest in Earnings
Other Income (Loss)
Ext. Items & Disc. Ops.
Preferred Dividends
Operating Cash and Market. Sec.
Receivables
Inventories
Other Current Assets
PP&E (Net)
Investments
Intangibles
Other Assets
Current Debt
Accounts Payable
Income Taxes Payable
Other Current Liabilities
Long-Term Debt
Other Liabilities
Deferred Taxes
Minority Interest
Preferred Stock
Paid in Common Capital (Net)
Retained Earnings
Common Dividends
9,557,000
NETFLIX INC
52,732
2000/12/31
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
13,975,000
147,780
15,984,000
188,848
17,952,000
165,750
NFLX
2001/12/31
75,912
(20,110)
(17,734)
(44,827)
(29,797)
(1,852)
(210)
0
0
0
0
0
16,131
0
0
3,421
11,838
0
7,917
2,323
3,012
13,715
0
9,481
3,856
240
0
101,830
6
46,756
(137,266)
0
Company Name and Ticker
OVERSTOCK.COM INC
Common Shares Outstanding (000)
16,025
Fiscal Year End (YYYY-MM-DD)
Sales (Net)
Cost of Goods Sold
R&D Expense
SG&A Expense
Depreciation & Amortization
Interest Expense
2002/12/31
152,806
(51,659)
(14,625)
(71,717)
(26,477)
(11,972)
1,697
0
0
0
0
0
103,610
0
0
3,465
15,592
0
6,094
1,769
1,231
20,350
0
18,845
460
288
0
0
0
248,569
(159,213)
0
2003/12/31
272,243
(97,369)
(17,884)
(101,527)
(50,991)
(417)
2,457
0
0
0
0
0
135,191
0
0
3,755
9,772
0
2,948
24,346
416
32,654
0
29,949
44
241
0
0
0
266,001
(153,293)
0
OSTK
2001/12/31
40,003
(32,536)
0
(15,225)
(5,809)
(729)
2002/12/31
91,784
(70,953)
0
(19,494)
(5,391)
(465)
Non-Operating Income (Loss)
Income Taxes
Minority Interest in Earnings
Other Income (Loss)
Ext. Items & Disc. Ops.
Preferred Dividends
Operating Cash and Market. Sec.
Receivables
Inventories
Other Current Assets
PP&E (Net)
Investments
Intangibles
Other Assets
Current Debt
Accounts Payable
Income Taxes Payable
Other Current Liabilities
Long-Term Debt
Other Liabilities
Deferred Taxes
Minority Interest
Preferred Stock
Paid in Common Capital (Net)
Retained Earnings
Common Dividends
490
0
0
0
0
0
3,729
1,565
7,586
476
5,018
0
0
3,340
4,512
3,680
0
2,093
165
0
0
5,284
0
50,073
(44,093)
0
(41)
0
0
0
0
(7,013)
32,662
6,994
13,954
2,333
4,945
0
2,784
284
124
13,731
0
6,409
58
0
0
0
4,363
94,937
(55,666)
7,013
Company Name and Ticker
Common Shares Outstanding
Fiscal Year End (YYYY-MM-DD)
Sales (Net)
Cost of Goods Sold
R&D Expense
SG&A Expense
Depreciation & Amortization
Interest Expense
Non-Operating Income (Loss)
Income Taxes
Minority Interest in Earnings
Other Income (Loss)
Ext. Items & Disc. Ops.
Preferred Dividends
Operating Cash and Market. Sec.
Receivables
Inventories
Other Current Assets
PP&E (Net)
Investments
Intangibles
Other Assets
ROYAL CARIBBEAN CRUISES LTD
RCL
168,591
1994/12/31
1995/12/31
1996/12/31
1,171,423
1,183,952
1,357,325
(728,760)
(742,467)
(854,478)
0
0
0
(179,051)
(177,481)
(194,629)
(77,892)
(80,071)
(91,185)
(43,349)
(54,844)
(76,540)
(46)
19,869
10,373
0
0
0
0
0
0
0
0
0
(6)
0
0
0
0
0
23,920
31,256
40,419
9,424
12,171
15,535
13,555
16,830
22,665
71,233
27,563
33,745
1,384,814
1,758,446
2,378,934
0
0
0
351,456
341,041
330,628
10,602
15,936
20,373
1997/12/31
1,939,007
(1,219,268)
0
(272,368)
(143,816)
(128,531)
7,661
0
0
0
(7,558)
0
110,793
22,628
37,274
40,450
4,785,291
0
320,214
23,098
Current Debt
Accounts Payable
Income Taxes Payable
Other Current Liabilities
Long-Term Debt
Other Liabilities
Deferred Taxes
Minority Interest
Preferred Stock
Paid in Common Capital (Net)
Retained Earnings
Common Dividends
0
63,181
0
209,094
747,107
0
0
0
0
545,061
300,561
Company Name and Ticker
CARNIVAL CORP
Common Shares Outstanding (000)
595,448
Fiscal Year End (YYYY-MM-DD)
1994/11/30
Sales (Net)
1,806,016
Cost of Goods Sold
(1,028,475)
R&D Expense
0
SG&A Expense
(223,272)
Depreciation & Amortization
(110,595)
Interest Expense
(51,378)
Non-Operating Income (Loss)
(478)
Income Taxes
10,053
Minority Interest in Earnings
0
Other Income (Loss)
0
Ext. Items & Disc. Ops.
0
Preferred Dividends
0
Operating Cash and Market. Sec.
124,220
Receivables
20,789
Inventories
45,122
Other Current Assets
50,318
PP&E (Net)
3,071,431
Investments
47,514
Intangibles
233,553
Other Assets
76,876
Current Debt
84,644
Accounts Payable
86,750
Income Taxes Payable
0
Other Current Liabilities
393,563
Long-Term Debt
1,046,904
Other Liabilities
129,028
Deferred Taxes
0
Minority Interest
0
Preferred Stock
0
Paid in Common Capital (Net)
538,345
Retained Earnings
1,390,589
Common Dividends
6,234
71,528
0
230,935
929,458
0
0
0
0
546,058
419,030
30,489
13,061
69,091
0
321,307
1,353,906
0
0
0
0
549,422
535,512
34,384
141,013
108,474
0
639,857
2,431,683
0
0
0
172,500
1,185,566
660,655
49,984
1996/11/30
2,212,572
(1,241,269)
0
(274,855)
(144,987)
(64,092)
87,978
(9,045)
0
0
0
0
124,115
38,109
53,281
75,428
4,099,038
430,330
219,589
61,998
66,369
84,748
0
511,625
1,277,529
39,103
91,630
0
0
823,103
2,207,781
103,877
1997/11/30
2,447,468
(1,322,669)
0
(296,533)
(167,287)
(55,898)
67,202
(6,233)
0
0
0
0
149,727
57,090
54,970
74,238
4,327,413
479,329
212,607
71,401
59,620
106,783
0
619,739
1,015,294
0
20,241
0
0
873,885
2,731,213
130,456
CCL
1995/11/30
1,998,150
(1,131,113)
0
(248,566)
(128,433)
(63,080)
33,507
(9,374)
0
0
0
0
103,760
33,080
48,820
70,718
3,414,823
51,794
226,571
155,921
72,752
90,237
0
431,721
1,035,031
130,873
0
0
0
592,733
1,752,140
85,098
Company Name and Ticker
SALTON INC
Common Shares Outstanding (000)
11,352
Fiscal Year End (YYYY-MM-DD)
1996/06/29
Sales (Net)
99,202
Cost of Goods Sold
(72,780)
R&D Expense
0
SG&A Expense
(21,343)
Depreciation & Amortization
0
Interest Expense
(3,934)
Non-Operating Income (Loss)
0
Income Taxes
3,450
Minority Interest in Earnings
0
Other Income (Loss)
0
Ext. Items & Disc. Ops.
0
Preferred Dividends
0
Operating Cash and Market. Sec.
4
Receivables
15,871
Inventories
28,288
Other Current Assets
3,883
PP&E (Net)
6,232
Investments
0
Intangibles
3,671
Other Assets
1,532
Current Debt
24,512
Accounts Payable
10,057
Income Taxes Payable
0
Other Current Liabilities
1,233
Long-Term Debt
3,754
Other Liabilities
0
Deferred Taxes
0
Minority Interest
0
Preferred Stock
0
Paid in Common Capital (Net)
29,358
Retained Earnings
(9,433)
Common Dividends
Company Name and Ticker
CITY SCREENS
Common Shares Outstanding (000)
23,469
Fiscal Year End (YYYY-MM-DD)
1995/03/31
Sales (Net)
564,664
Cost of Goods Sold
(209,122)
R&D Expense
0
SG&A Expense
(266,600)
Depreciation & Amortization
(37,913)
Interest Expense
(35,908)
Non-Operating Income (Loss)
9,857
Income Taxes
9,000
Minority Interest in Earnings
0
Other Income (Loss)
0
SFP
1997/06/29
182,806
(129,399)
0
(42,944)
0
(4,063)
0
(2,001)
0
0
0
0
2,613
25,647
41,968
6,556
8,316
12,157
4,880
206
38,477
17,361
0
2,950
4,933
0
0
0
0
43,656
(5,034)
0
1998/06/28
305,599
(191,703)
0
(84,216)
0
(5,333)
7,839
(12,205)
0
0
0
0
661
43,225
76,506
7,545
8,315
0
5,145
0
50,475
18,960
6,499
7,235
0
0
517
0
0
42,764
14,947
0
1999/06/26
506,116
(307,147)
0
(129,588)
0
(15,518)
0
(19,320)
0
0
0
0
11,240
96,179
144,124
9,484
24,651
0
42,638
0
32,229
40,997
0
21,865
182,329
0
157
0
0
1,249
49,490
0
CSCR
1996/03/28
657,872
(247,740)
0
(297,577)
(43,886)
(28,828)
6,830
(19,300)
0
0
1997/04/03
752,904
(295,557)
0
(344,399)
(52,572)
(22,022)
(6,459)
(12,900)
0
0
1998/04/02
852,755
(341,988)
0
(403,866)
(70,117)
(35,679)
(42,204)
16,600
0
0
Ext. Items & Disc. Ops.
Preferred Dividends
Operating Cash and Market. Sec.
Receivables
Inventories
Other Current Assets
PP&E (Net)
Investments
Intangibles
Other Assets
Current Debt
Accounts Payable
Income Taxes Payable
Other Current Liabilities
Long-Term Debt
Other Liabilities
Deferred Taxes
Minority Interest
Preferred Stock
Paid in Common Capital (Net)
Retained Earnings
Common Dividends
0
0
140,377
8,572
0
12,069
279,904
0
42,926
38,306
2,516
29,047
0
33,794
264,988
34,421
0
0
2,667
118,139
36,582
Company Name and Ticker
COUNTY CINEMA
Common Shares Outstanding (000)
11,363
Fiscal Year End (YYYY-MM-DD)
1994/12/31
Sales (Net)
327,619
Cost of Goods Sold
(126,930)
R&D Expense
0
SG&A Expense
(132,918)
Depreciation & Amortization
(22,544)
Interest Expense
(17,028)
Non-Operating Income (Loss)
0
Income Taxes
(11,246)
Minority Interest in Earnings
0
Other Income (Loss)
0
Ext. Items & Disc. Ops.
0
Preferred Dividends
0
Operating Cash and Market. Sec.
22,687
Receivables
3,814
Inventories
1,939
Other Current Assets
5,025
PP&E (Net)
293,971
Investments
4,631
Intangibles
43,156
Other Assets
2,375
Current Debt
9,352
Accounts Payable
23,478
Income Taxes Payable
0
Other Current Liabilities
11,327
(19,350)
0
10,795
20,503
0
15,179
355,485
0
36,483
45,013
2,904
64,353
0
38,319
185,268
33,696
0
0
2,667
118,648
37,603
7,000
0
0
24,715
9,837
0
49,962
543,058
0
28,679
62,804
3,441
61,876
0
69,792
370,283
43,651
0
0
2,202
117,205
50,605
5,993
0
0
9,881
13,018
0
84,224
562,158
0
22,066
104,433
4,017
72,633
0
97,186
399,595
82,894
0
0
1,200
117,213
21,042
5,064
1996/12/31
426,726
(174,220)
0
(170,108)
(28,408)
(20,289)
(45,447)
4,469
0
0
0
0
13,295
4,822
2,631
5,363
387,915
10,324
62,608
2,425
15,026
21,432
0
17,240
1997/12/31
458,598
(188,006)
0
(181,455)
(33,443)
(23,142)
0
(12,366)
0
0
0
0
19,587
758
3,082
7,548
497,056
14,148
68,149
9,669
19,077
26,122
0
17,833
CCIN
1995/12/31
364,749
(150,613)
0
(149,164)
(27,216)
(16,031)
0
(8,638)
0
0
0
0
18,847
12,211
2,936
5,632
371,851
4,973
59,231
2,331
12,205
24,873
0
19,102
Long-Term Debt
Other Liabilities
Deferred Taxes
Minority Interest
Preferred Stock
Paid in Common Capital (Net)
Retained Earnings
Common Dividends
143,973
0
17,512
0
0
100,098
71,858
Company Name and Ticker
KOHL’S CORP
Common Shares Outstanding (000)
307,000
Fiscal Year End (YYYY-MM-DD)
2006/01/31
Sales (Net)
13,402,217
Cost of Goods Sold
(8,670,484)
R&D Expense
0
SG&A Expense
(3,007,842)
Depreciation & Amortization
(307,710)
Interest Expense
(79,383)
Non-Operating Income (Loss)
8,992
Income Taxes
(503,830)
Minority Interest in Earnings
0
Other Income (Loss)
0
Ext. Items & Disc. Ops.
0
Preferred Dividends
0
Operating Cash and Market. Sec.
286,916
Receivables
1,652,065
Inventories
2,237,568
Other Current Assets
89,503
PP&E (Net)
4,543,832
Investments
0
Intangibles
221,718
Other Assets
121,436
Current Debt
107,941
Accounts Payable
829,971
Income Taxes Payable
166,908
Other Current Liabilities
641,635
Long-Term Debt
1,046,104
Other Liabilities
185,340
Deferred Taxes
217,801
Minority Interest
0
Preferred Stock
0
Paid in Common Capital (Net)
1,586,485
Retained Earnings
4,370,853
Common Dividends
0
Company Name and Ticker
NORDSTROM INC
Common Shares Outstanding (000)
217,700
Fiscal Year End (YYYY-MM-DD)
2006/01/31
218,305
0
18,433
0
0
100,149
84,945
0
253,233
0
4,522
0
0
100,262
77,668
0
341,662
0
12,431
0
0
105,018
97,854
0
2008/01/31
16,473,734
(10,459,549)
0
(3,757,563)
(452,145)
(98,712)
36,296
(658,210)
0
0
0
0
663,671
0
2,855,733
204,485
6,509,819
0
219,296
107,078
12,701
835,985
124,254
798,508
2,051,875
372,705
262,451
0
0
(461,782)
6,563,385
0
2009/01/31
16,389,000
(10,334,000)
0
(3,978,000)
(541,000)
(140,000)
29,000
(540,000)
0
0
0
0
676,000
0
2,799,000
225,000
6,984,000
332,000
210,000
108,000
17,000
881,000
105,000
812,000
2,053,000
407,000
320,000
0
0
(663,000)
7,402,000
0
KSS
2007/01/31
15,544,184
(9,890,513)
0
(3,451,196)
(387,674)
(74,427)
34,071
(665,764)
0
0
0
0
620,400
0
2,588,099
192,541
5,352,974
0
228,624
58,539
18,841
934,376
233,263
732,178
1,040,057
235,537
243,530
0
0
123,861
5,479,534
0
JWN
2007/01/31
2008/01/31
2009/01/31
Sales (Net)
Cost of Goods Sold
R&D Expense
SG&A Expense
Depreciation & Amortization
Interest Expense
Non-Operating Income (Loss)
Income Taxes
Minority Interest in Earnings
Other Income (Loss)
Ext. Items & Disc. Ops.
Preferred Dividends
Operating Cash and Market. Sec.
Receivables
Inventories
Other Current Assets
PP&E (Net)
Investments
Intangibles
Other Assets
Current Debt
Accounts Payable
Income Taxes Payable
Other Current Liabilities
Long-Term Debt
Other Liabilities
Deferred Taxes
Minority Interest
Preferred Stock
Paid in Common Capital (Net)
Retained Earnings
Common Dividends
7,919,214
(4,611,695)
0
(2,100,666)
(276,328)
(63,378)
18,078
(333,886)
0
0
0
0
516,656
1,200,694
955,978
200,829
1,773,871
0
140,912
132,409
306,618
540,019
81,617
695,058
627,776
577,580
0
0
0
685,607
1,407,074
134,000
8,793,637
(5,069,429)
0
(2,296,863)
(284,520)
(62,409)
19,651
(427,654)
0
5,586
0
0
402,559
1,112,551
997,289
229,794
1,757,215
0
135,714
186,456
6,800
576,796
76,095
773,452
623,652
596,262
0
0
0
826,421
1,342,100
110,158
9,120,000
(5,257,000)
0
(2,360,000)
(269,000)
(102,000)
28,000
(458,000)
0
13,000
0
0
358,000
1,788,000
956,000
259,000
1,983,000
0
53,000
203,000
261,000
556,000
58,000
760,000
2,236,000
614,000
0
0
0
936,000
179,000
134,000
8,573,000
(5,115,000)
0
(2,386,000)
(302,000)
(145,000)
23,000
(247,000)
0
0
0
0
72,000
1,942,000
900,000
303,000
2,221,000
0
53,000
170,000
299,000
563,000
0
739,000
2,214,000
636,000
0
0
0
997,000
213,000
138,000
Company Name and Ticker
ROSS STORES INC
ROST
Common Shares Outstanding (000)
122,929
Fiscal Year End (YYYY-MM-DD)
2006/01/28
2007/02/03
2008/02/02
Sales (Net)
4,944,179
5,570,210
5,975,212
Cost of Goods Sold
(3,832,296)
(4,317,527)
(4,618,220)
R&D Expense
0
0
0
SG&A Expense
(786,439)
(863,033)
(935,901)
Depreciation & Amortization
0
0
0
Interest Expense
(4,102)
(2,873)
(9,771)
Non-Operating Income (Loss)
7,000
11,500
13,800
Income Taxes
(128,710)
(156,643)
(164,069)
Minority Interest in Earnings
0
0
0
Other Income (Loss)
0
0
0
Ext. Items & Disc. Ops.
0
0
0
Preferred Dividends
0
0
0
Operating Cash and Market. Sec.
204,530
372,635
263,678
Receivables
29,122
30,105
37,468
2009/01/31
6,486,139
(4,956,576)
0
(1,034,357)
0
(8,343)
8,500
(189,922)
0
0
0
0
322,153
96,411
Inventories
Other Current Assets
PP&E (Net)
Investments
Intangibles
Other Assets
Current Debt
Accounts Payable
Income Taxes Payable
Other Current Liabilities
Long-Term Debt
Other Liabilities
Deferred Taxes
Minority Interest
Preferred Stock
Paid in Common Capital (Net)
Retained Earnings
Common Dividends
938,091
57,104
639,852
11,202
12,086
46,751
50,000
474,614
25,586
328,783
0
122,926
100,657
0
0
476,415
359,757
0
Company Name and Ticker
CABELA’S INC
Common Shares Outstanding (000)
66,923
Fiscal Year End (YYYY-MM-DD)
2004/12/31
Sales (Net)
1,555,974
Cost of Goods Sold
(895,822)
R&D Expense
0
SG&A Expense
(533,094)
Depreciation & Amortization
(29,843)
Interest Expense
(8,178)
Non-Operating Income (Loss)
11,044
Income Taxes
(35,085)
Minority Interest in Earnings
0
Other Income (Loss)
0
Ext. Items & Disc. Ops.
0
Preferred Dividends
0
Operating Cash and Market. Sec.
248,184
Receivables
38,733
Inventories
313,002
Other Current Assets
128,568
PP&E (Net)
294,141
Investments
0
Intangibles
4,555
Other Assets
201,048
Current Debt
28,327
Accounts Payable
100,826
Income Taxes Payable
0
Other Current Liabilities
324,588
Long-Term Debt
119,825
Other Liabilities
71,686
Deferred Taxes
16,625
Minority Interest
0
1,051,729
60,487
748,233
31,136
13,916
50,350
0
698,063
33,577
351,617
150,000
32,510
182,994
0
0
524,910
384,920
33,634
1,025,295
71,560
868,315
40,766
12,796
51,444
0
637,158
21,818
351,629
150,000
57,340
182,728
0
0
554,558
416,091
40,638
881,058
14,093
951,656
38,014
10,971
41,155
0
536,745
9,120
409,394
150,000
61,994
191,889
0
0
595,397
400,972
49,838
2006/12/31
2,063,524
(1,158,840)
0
(715,380)
(45,559)
(17,947)
11,458
(51,471)
0
0
0
0
172,903
196,359
484,414
100,545
600,065
0
0
196,944
33,294
239,285
0
346,255
284,579
83,519
30,440
0
2007/12/31
2,349,599
(1,318,523)
0
(820,121)
(59,863)
(20,243)
8,378
(51,348)
0
0
0
0
131,182
244,270
608,159
110,777
904,052
0
8,123
206,267
126,785
281,391
0
422,928
376,600
145,454
31,113
0
CAB
2005/12/31
1,799,661
(1,029,410)
0
(620,376)
(34,912)
(10,928)
11,335
(42,801)
0
0
0
0
86,923
125,000
396,635
85,469
459,622
0
3,617
209,014
21,652
162,305
0
364,511
90,777
66,992
20,190
0
Preferred Stock
Paid in Common Capital (Net)
Retained Earnings
Common Dividends
0
239,560
326,794
0
0
240,490
399,363
0
0
248,710
485,148
0
0
257,287
571,272
0
Company Name and Ticker
Sporting Goods Stores
MG740
Common Shares Outstanding (000)
36,184
Fiscal Year End (YYYY-MM-DD)
2004/12/31
2005/12/31
2006/12/31
Sales (Net)
651,734
872,581
821,884
Cost of Goods Sold
(421,579)
(563,859)
(528,199)
R&D Expense
(16)
0
0
SG&A Expense
(174,364)
(233,253)
(223,527)
Depreciation & Amortization
(12,576)
(17,408)
(16,495)
Interest Expense
(4,537)
(6,317)
(5,004)
Non-Operating Income (Loss)
172
(2,556)
178
Income Taxes
(15,398)
(18,753)
(19,677)
Minority Interest in Earnings
0
0
0
Other Income (Loss)
0
0
0
Ext. Items & Disc. Ops.
0
0
0
Preferred Dividends
0
0
0
Operating Cash and Market. Sec.
42,632
25,177
38,846
Receivables
11,656
25,127
30,569
Inventories
144,192
194,027
185,408
Other Current Assets
22,476
18,525
20,651
PP&E (Net)
99,332
144,468
143,097
Investments
0
0
0
Intangibles
31,898
36,124
28,497
Other Assets
30,888
37,687
29,621
Current Debt
4,838
4,404
9,047
Accounts Payable
62,191
85,744
82,179
Income Taxes Payable
0
0
0
Other Current Liabilities
75,927
97,766
83,285
Long-Term Debt
70,604
66,984
62,413
Other Liabilities
24,750
31,116
33,827
Deferred Taxes
2,409
2,884
3,518
Minority Interest
0
0
5
Preferred Stock
376
0
0
Paid in Common Capital (Net)
83,749
96,119
94,620
Retained Earnings
58,230
96,118
107,797
Common Dividends
198
907
857
2007/12/31
952,757
(608,868)
0
(262,510)
(20,814)
(5,199)
(3,610)
(21,873)
0
0
0
0
23,553
38,123
235,144
25,673
191,863
0
50,143
28,502
21,659
99,914
0
105,453
75,812
47,818
3,676
0
0
102,424
136,246
898
Company Name
Common Shares Outstanding
Fiscal Year End (YYYY-MM-DD)
Sales (Net)
Cost of Goods Sold
R&D Expense
SG&A Expense
2004/12/31
66,854
(120,914)
(30,520)
(498,354)
SIRIUS SATELLITE RADIO INC SIRI
1,346,227
2001/12/31
2002/12/31
2003/12/31
0
805
12,872
(47,464)
(69,898)
(86,774)
(47,794)
(30,087)
(24,534)
(64,146)
(131,200)
(243,741)
Depreciation & Amortization
Interest Expense
Non-Operating Income (Loss)
Income Taxes
Minority Interest in Earnings
Other Income (Loss)
Ext. Items & Disc. Ops.
Preferred Dividends
Operating Cash and Market. Sec.
Receivables
Inventories
Other Current Assets
PP&E (Net)
Investments
Intangibles
Other Assets
Current Debt
Accounts Payable
Income Taxes Payable
Other Current Liabilities
Long-Term Debt
Other Liabilities
Deferred Taxes
Minority Interest
Preferred Stock
Paid in Common Capital (Net)
Retained Earnings
Common Dividends
Company Name
Common Shares Outstanding
Fiscal Year End (YYYY-MM-DD)
Sales (Net)
Cost of Goods Sold
R&D Expense
SG&A Expense
Depreciation & Amortization
Interest Expense
Non-Operating Income (Loss)
Income Taxes
Minority Interest in Earnings
Other Income (Loss)
Ext. Items & Disc. Ops.
Preferred Dividends
Operating Cash and Market. Sec.
Receivables
Inventories
Other Current Assets
PP&E (Net)
Investments
(9,052)
(89,686)
22,379
0
0
0
0
0
323,742
0
0
12,303
1,082,915
7,200
83,654
17,791
0
39,836
0
20,477
639,990
19,485
0
0
485,168
827,647
(504,998)
0
(82,747)
(106,163)
(3,191)
0
0
0
0
0
173,702
0
0
25,907
1,032,874
7,200
83,654
17,603
0
43,336
0
4,984
670,357
54,264
0
0
531,153
964,325
(927,479)
0
(95,353)
(50,510)
261,825
0
0
0
0
0
551,880
0
0
27,784
941,052
6,750
83,654
6,197
0
65,919
0
16,084
194,803
11,593
3,724
0
0
2,478,888
(1,153,694)
0
(95,370)
(41,386)
11,729
(4,201)
0
0
0
0
763,874
0
0
47,166
881,280
92,615
83,654
89,024
0
5,525
0
263,989
656,274
15,501
15,691
0
0
2,866,489
(1,865,856)
0
VERIZON COMMUNICATIONS
VZ
1,979,509
2004/12/31
2005/12/31
2006/12/31
71,283,000
75,112,000
88,144,000
(23,168,000)
(25,469,000)
(34,994,000)
0
0
0
(21,088,000)
(21,312,000)
(25,232,000)
(13,910,000)
(14,047,000)
(14,545,000)
(2,384,000)
(2,180,000)
(2,349,000)
1,788,000
1,548,000
1,168,000
(2,851,000)
(3,210,000)
(2,674,000)
(2,409,000)
(3,045,000)
(4,038,000)
0
0
(42,000)
570,000
0
759,000
0
0
0
4,547,000
3,274,000
5,653,000
9,801,000
9,171,000
10,891,000
1,535,000
1,780,000
1,514,000
3,596,000
2,223,000
4,480,000
74,124,000
75,305,000
82,356,000
0
0
0
2007/12/31
93,469,000
(37,547,000)
0
(25,967,000)
(14,377,000)
(1,829,000)
796,000
(3,982,000)
(5,053,000)
0
11,000
0
3,397,000
11,736,000
1,729,000
1,836,000
85,294,000
0
Intangibles
Other Assets
Current Debt
Accounts Payable
Income Taxes Payable
Other Current Liabilities
Long-Term Debt
Other Liabilities
Deferred Taxes
Minority Interest
Preferred Stock
Paid in Common Capital (Net)
Retained Earnings
Common Dividends
Company Name
Common Shares Outstanding
Fiscal Year End (YYYY-MM-DD)
Sales (Net)
Cost of Goods Sold
R&D Expense
SG&A Expense
Depreciation & Amortization
Interest Expense
Non-Operating Income (Loss)
Income Taxes
Minority Interest in Earnings
Other Income (Loss)
Ext. Items & Disc. Ops.
Preferred Dividends
Operating Cash and Market. Sec.
Receivables
Inventories
Other Current Assets
PP&E (Net)
Investments
Intangibles
Other Assets
Current Debt
Accounts Payable
Income Taxes Payable
Other Current Liabilities
Long-Term Debt
Other Liabilities
Deferred Taxes
Minority Interest
Preferred Stock
Paid in Common Capital (Net)
Retained Earnings
Common Dividends
47,448,000
24,907,000
3,593,000
13,177,000
0
6,359,000
35,674,000
22,010,000
22,532,000
25,053,000
0
24,576,000
12,984,000
4,262,000
APPLE INC
899,806
2005/09/24
13,931,000
(9,889,000)
(535,000)
(1,864,000)
0
0
165,000
(480,000)
0
0
0
0
8,261,000
1,312,000
165,000
562,000
817,000
0
134,000
265,000
0
1,779,000
0
1,708,000
0
293,000
308,000
0
0
3,503,000
3,925,000
0
52,933,000
23,444,000
7,141,000
12,351,000
0
5,571,000
31,869,000
22,353,000
22,411,000
26,754,000
0
23,775,000
15,905,000
4,427,000
61,754,000
22,156,000
7,715,000
14,320,000
0
10,245,000
28,646,000
34,736,000
16,270,000
28,337,000
0
31,211,000
17,324,000
4,719,000
61,029,000
21,938,000
2,954,000
4,491,000
0
17,296,000
28,203,000
36,362,000
14,784,000
32,288,000
0
32,697,000
17,884,000
4,773,000
AAPL
2006/09/30
19,315,000
(13,717,000)
(712,000)
(2,433,000)
0
0
365,000
(829,000)
0
0
0
0
10,110,000
2,845,000
270,000
1,284,000
1,281,000
0
198,000
1,217,000
0
3,390,000
0
3,081,000
0
369,000
381,000
0
0
4,377,000
5,607,000
0
2007/09/29
24,006,000
(15,852,000)
(782,000)
(2,963,000)
0
0
599,000
(1,512,000)
0
0
0
0
15,386,000
4,029,000
346,000
2,195,000
1,832,000
0
420,000
1,139,000
0
4,970,000
0
4,329,000
0
897,000
619,000
0
0
5,431,000
9,101,000
0
2008/09/27
32,479,000
(21,334,000)
(1,109,000)
(3,761,000)
0
0
620,000
(2,061,000)
0
0
0
0
24,490,000
4,704,000
509,000
4,987,000
2,455,000
0
559,000
1,868,000
0
5,520,000
0
8,572,000
0
746,000
3,704,000
0
0
7,185,000
13,845,000
0
Company Name
Common Shares Outstanding
Fiscal Year End (YYYY-MM-DD)
Sales (Net)
Cost of Goods Sold
R&D Expense
SG&A Expense
Depreciation & Amortization
Interest Expense
Non-Operating Income (Loss)
Income Taxes
Minority Interest in Earnings
Other Income (Loss)
Ext. Items & Disc. Ops.
Preferred Dividends
Operating Cash and Market. Sec.
Receivables
Inventories
Other Current Assets
PP&E (Net)
Investments
Intangibles
Other Assets
Current Debt
Accounts Payable
Income Taxes Payable
Other Current Liabilities
Long-Term Debt
Other Liabilities
Deferred Taxes
Minority Interest
Preferred Stock
Paid in Common Capital (Net)
Retained Earnings
Common Dividends
INTERNATIONAL BUSINESS MACHINES
IBM
CORP
1,305,337
2005/12/31
2006/12/31
2007/12/31
91,134,000
91,424,000
98,786,000
(54,602,000)
(53,129,000)
(57,057,000)
(5,842,000)
(6,107,000)
(6,153,000)
(21,314,000)
(20,259,000)
(22,060,000)
0
0
0
(220,000)
(278,000)
(611,000)
3,070,000
1,666,000
1,584,000
(4,232,000)
(3,901,000)
(4,071,000)
0
0
0
0
0
0
(60,000)
76,000
0
0
0
0
13,686,000
10,656,000
16,146,000
24,428,000
26,848,000
28,789,000
2,841,000
2,810,000
2,664,000
4,706,000
4,346,000
5,578,000
13,756,000
14,440,000
15,081,000
1,174,000
1,618,000
1,940,000
11,104,000
15,056,000
16,392,000
34,053,000
27,460,000
33,841,000
7,216,000
8,902,000
12,235,000
7,349,000
7,964,000
8,054,000
4,710,000
4,670,000
3,673,000
15,877,000
18,555,000
20,348,000
15,425,000
13,780,000
23,039,000
18,020,000
17,690,000
20,489,000
4,053,000
3,167,000
4,124,000
0
0
0
0
0
0
(11,636,000)
(23,926,000)
(32,171,000)
44,734,000
52,432,000
60,640,000
0
0
0
2008/12/31
103,630,000
(57,969,000)
(6,337,000)
(23,386,000)
0
(673,000)
1,450,000
(4,381,000)
0
0
0
0
12,907,000
31,854,000
2,701,000
1,542,000
14,305,000
0
21,104,000
25,111,000
11,236,000
7,014,000
2,743,000
21,442,000
22,689,000
30,815,000
0
0
0
(56,768,000)
70,353,000
0
Company Name
Common Shares Outstanding
Fiscal Year End (YYYY-MM-DD)
Sales (Net)
Cost of Goods Sold
R&D Expense
SG&A Expense
Depreciation & Amortization
Interest Expense
Non-Operating Income (Loss)
Income Taxes
ROYAL CARIBBEAN CRUISES LTD
RCL
215,900
2006/12/31
2007/12/31
2008/12/31
5,229,584
6,149,139
6,532,525
(3,249,629)
(3,981,698)
(4,403,666)
0
0
0
(699,864)
(783,040)
(776,522)
(421,645)
(483,066)
(520,353)
(252,623)
(313,759)
(313,196)
28,099
15,829
54,934
0
0
0
2009/12/31
5,889,826
(4,071,102)
0
(761,999)
(568,214)
(292,996)
(33,094)
0
Minority Interest in Earnings
Other Income (Loss)
Ext. Items & Disc. Ops.
Preferred Dividends
Operating Cash and Market. Sec.
Receivables
Inventories
Other Current Assets
PP&E (Net)
Investments
Intangibles
Other Assets
Current Debt
Accounts Payable
Income Taxes Payable
Other Current Liabilities
Long-Term Debt
Other Liabilities
Deferred Taxes
Minority Interest
Preferred Stock
Paid in Common Capital (Net)
Retained Earnings
Common Dividends
Company Name
Common Shares Outstanding
Fiscal Year End (YYYY-MM-DD)
Sales (Net)
Cost of Goods Sold
R&D Expense
SG&A Expense
Depreciation & Amortization
Interest Expense
Non-Operating Income (Loss)
Income Taxes
Minority Interest in Earnings
Other Income (Loss)
Ext. Items & Disc. Ops.
Preferred Dividends
Operating Cash and Market. Sec.
Receivables
Inventories
Other Current Assets
PP&E (Net)
Investments
Intangibles
Other Assets
Current Debt
Accounts Payable
0
0
0
0
104,520
185,886
76,969
134,529
11,429,106
0
721,514
740,564
373,422
193,794
0
1,305,152
5,040,322
388,823
0
0
0
2,483,166
3,608,409
0
0
0
0
230,784
313,640
96,813
351,554
12,253,784
0
797,791
937,915
351,725
222,895
0
1,764,675
5,346,547
539,096
0
0
0
2,521,511
4,235,832
98,298
0
0
0
0
402,878
271,287
96,077
207,095
13,878,998
0
779,246
827,729
471,893
245,225
0
1,957,107
6,539,510
446,563
0
0
0
2,530,419
4,272,593
128,045
0
0
0
0
284,619
338,804
107,877
295,091
15,268,053
0
792,373
1,146,677
756,215
264,554
0
1,728,261
7,663,555
321,192
0
0
0
2,562,034
4,937,683
0
CARNIVAL CORP/PLC (USA)
CCL
790,000
2006/11/30
2007/11/30
2008/11/30
11,839,000
13,033,000
14,947,000
(6,791,000)
(7,628,000)
(9,340,000)
0
0
0
(1,447,000)
(1,579,000)
(1,629,000)
(988,000)
(1,101,000)
(1,249,000)
(287,000)
(300,000)
(385,000)
(8,000)
(1,000)
27,000
(39,000)
(16,000)
(47,000)
0
0
0
0
0
0
0
0
0
0
0
0
1,163,000
943,000
650,000
280,000
436,000
418,000
263,000
331,000
315,000
289,000
266,000
267,000
23,458,000
26,639,000
26,457,000
0
0
0
4,634,000
5,003,000
4,560,000
465,000
563,000
733,000
1,492,000
2,539,000
1,608,000
438,000
561,000
512,000
2009/11/30
13,460,000
(8,407,000)
0
(1,590,000)
(1,309,000)
(366,000)
18,000
(16,000)
0
0
0
0
538,000
362,000
320,000
298,000
29,870,000
0
4,797,000
650,000
950,000
568,000
Income Taxes Payable
Other Current Liabilities
Long-Term Debt
Other Liabilities
Deferred Taxes
Minority Interest
Preferred Stock
Paid in Common Capital (Net)
Retained Earnings
Common Dividends
0
3,485,000
6,355,000
572,000
0
0
0
5,949,000
12,261,000
0
4,160,000
6,313,000
645,000
0
0
0
5,746,000
14,217,000
990,000
0
3,661,000
7,735,000
786,000
0
0
0
5,741,000
13,357,000
1,261,000
0
3,449,000
9,097,000
732,000
0
0
0
6,016,000
16,023,000
314,000
rt of the eVal financial statements
Intel
RCL 2010
Carnival 2010
Apple
Sirius
Cabelas
Sporting Goods Industry
Verizon
IBM
1999/06/30
4,777,000
(3,465,000)
(286,000)
(408,000)
(65,000)
0
543,000
(334,000)
0
0
0
0
1,424,000
323,000
0
232,000
657,000
2,151,000
454,000
107,000
0
74,000
0
1,651,000
348,000
15,000
227,000
0
0
2,882,000
151,000
0
back to top
2000/12/31
2,761,983
(2,106,206)
0
(972,777)
(321,772)
(130,921)
(336,984)
0
0
(304,596)
0
0
1,100,522
0
174,563
86,044
366,416
92,250
255,325
60,049
16,577
485,383
0
472,996
2,127,464
0
0
0
0
1,326,050
(2,293,301)
0
back to top
2000/12/31
20,000
(12,000)
0
0
(2,000)
(1,000)
0
(2,000)
0
0
0
0
1,000
0
0
0
20,000
0
0
0
0
0
0
0
10,000
0
0
0
0
10,000
1,000
0
back to top
1999/12/31
29,389,000
(11,836,000)
(3,503,000)
(3,872,000)
(411,000)
(36,000)
1,497,000
(3,914,000)
0
0
0
0
11,400,000
3,700,000
1,478,000
1,241,000
11,715,000
7,911,000
4,934,000
1,470,000
230,000
1,370,000
0
5,499,000
955,000
0
3,130,000
0
0
11,237,000
21,428,000
366,740
back to top
2004/12/31
506,228
(188,254)
(22,906)
(187,510)
(88,204)
(170)
2,592
(181)
0
0
0
0
174,461
0
0
12,885
18,728
0
961
44,758
68
49,775
0
45,067
0
600
0
0
0
287,981
(131,698)
0
back to top
2003/12/31
238,945
(211,077)
0
(37,084)
(3,171)
(76)
576
0
0
0
0
(262)
40,346
10,183
29,926
4,583
9,483
0
2,784
427
75
30,363
0
9,316
86
0
0
0
2,978
122,729
(67,815)
262
back to top
1998/12/31
2,636,291
(1,593,728)
0
(359,214)
(194,614)
(167,869)
9,904
0
0
0
0
0
172,921
36,532
31,834
45,044
5,073,008
0
309,801
16,936
127,919
115,833
0
646,403
2,341,163
0
0
0
172,500
1,358,567
923,691
67,734
back to top
1998/11/30
3,009,306
(1,619,377)
0
(369,469)
(200,668)
(57,772)
88,782
(3,815)
(11,102)
0
0
0
143,229
60,837
75,449
90,764
5,768,114
546,693
437,464
56,773
67,626
168,546
0
898,941
1,563,014
0
63,036
132,684
0
905,848
3,379,628
178,458
back to top
2000/07/01
837,302
(504,889)
0
(156,749)
0
(28,761)
0
(55,087)
0
0
0
0
7,606
129,850
219,230
13,859
34,643
0
159,088
0
112,155
35,113
4,578
21,028
215,065
0
2,529
0
0
32,502
141,306
0
back to top
1999/04/01
1,026,721
(407,124)
0
(517,066)
(89,221)
(38,628)
(1,198)
10,500
0
0
0
0
13,239
18,325
0
71,024
726,025
0
18,723
128,394
18,017
69,381
0
101,658
591,603
79,606
0
0
0
110,439
5,026
0
back to top
1998/12/31
481,568
(197,665)
0
(194,985)
(37,502)
(27,230)
(72,999)
18,166
0
0
0
0
18,572
522
3,851
5,886
573,612
20,334
56,954
17,812
1,290
45,533
0
37,842
350,470
36,099
0
0
550
158,884
66,875
0
back to top
2010/01/31
17,178,000
(10,680,000)
0
(4,196,000)
(590,000)
(134,000)
10,000
(597,000)
0
0
0
0
2,267,000
0
2,923,000
295,000
7,018,000
321,000
204,000
132,000
16,000
1,188,000
184,000
1,002,000
2,052,000
488,000
377,000
0
0
(550,000)
8,403,000
0
back to top
2010/01/31
8,627,000
(5,015,000)
0
(2,465,000)
(313,000)
(148,000)
10,000
(255,000)
0
0
0
0
795,000
2,035,000
898,000
326,000
2,242,000
0
53,000
230,000
356,000
726,000
0
932,000
2,257,000
736,000
0
0
0
1,066,000
506,000
139,000
back to top
2010/01/30
7,184,213
(5,327,278)
0
(1,130,813)
0
(9,393)
1,800
(275,772)
0
0
0
0
770,097
102,852
872,498
0
942,999
16,848
2,889
60,450
0
658,299
54,399
477,816
150,000
64,883
205,943
0
0
646,443
510,850
55,202
back to top
2008/12/31
2,552,721
(1,475,541)
0
(871,468)
(64,673)
(29,708)
6,904
(41,831)
0
0
0
0
410,104
213,014
517,657
133,439
920,398
0
5,902
195,552
179,512
189,766
0
331,526
379,336
363,514
38,707
0
0
266,029
647,676
0
back to top
2008/12/31
1,005,890
(654,521)
0
(277,137)
(23,708)
(5,933)
(23,980)
(13,577)
0
0
0
0
58,037
33,992
220,261
26,659
195,647
0
33,253
35,707
23,772
79,343
0
85,203
81,123
78,891
6,264
0
0
106,572
142,389
865
back to top
2005/12/31
242,245
(184,943)
(44,745)
(743,142)
(98,555)
(45,361)
13,815
(2,311)
0
0
0
0
904,422
31,688
14,256
61,082
828,357
82,450
83,654
79,453
0
6,829
0
600,138
1,084,437
12,511
56,479
0
0
3,053,821
(2,728,853)
0
back to top
2008/12/31
97,354,000
(39,007,000)
0
(26,898,000)
(14,565,000)
(1,819,000)
849,000
(3,331,000)
(6,155,000)
0
0
0
10,291,000
11,703,000
2,092,000
1,989,000
86,546,000
0
73,208,000
16,523,000
4,993,000
3,856,000
0
17,057,000
46,959,000
38,813,000
11,769,000
37,199,000
0
22,456,000
19,250,000
4,994,000
back to top
2009/09/26
36,537,000
(23,397,000)
(1,333,000)
(4,149,000)
0
0
326,000
(2,280,000)
0
0
0
0
23,501,000
5,057,000
455,000
7,252,000
2,954,000
10,528,000
559,000
3,545,000
0
5,601,000
0
13,681,000
0
1,286,000
5,451,000
0
0
8,294,000
19,538,000
0
back to top
2009/12/31
95,758,000
(51,973,000)
(5,820,000)
(20,952,000)
0
(498,000)
1,623,000
(4,713,000)
0
0
0
0
14,247,000
30,464,000
2,494,000
1,730,000
14,165,000
1,157,000
23,015,000
21,750,000
4,168,000
7,436,000
3,826,000
20,572,000
21,932,000
24,301,000
4,032,000
0
0
(58,144,000)
80,899,000
0
back to top
2010/12/31
6,752,504
(4,458,076)
0
(848,079)
(643,716)
(330,150)
74,984
0
0
0
0
0
419,929
266,710
126,797
201,635
16,769,181
0
759,328
1,151,324
1,198,929
249,047
0
1,996,522
7,951,187
356,717
0
0
0
2,615,688
5,326,814
0
back to top
2010/11/30
14,469,000
(9,092,000)
0
(1,614,000)
(1,416,000)
(366,000)
(2,000)
(1,000)
0
0
0
0
429,000
248,000
320,000
247,000
30,967,000
0
4,640,000
639,000
1,353,000
503,000
0
3,899,000
8,011,000
693,000
0
0
0
6,061,000
16,970,000
237,000

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