ࡱ> !` bjbj\\ k>> $B````4aTBn~c~c~c~c~cYdYdYd$ZhŒjeYdYdee~c~c(fffe"~c~cfefff~crc  he`e f~ >0nf,e,ff&,gYd0d"fddYdYdYdf YdYdYdneeeeBBB38$(BBB8BBB WMT (06)WMT (05)COST (06)INDUSTRYLiquidity and Working Capital:Current Ratio0.900.901.181.2Quick Ratio0.190.170.560.4Cash Flow from Ops/Curr Liab0.380.370.34N/ADays AR2.521.873.432Days Inventory46.3946.1729.960Days AP35.1133.3628.630Cash Collection13.8014.684.7062.00Profitability Analysis:Return on Assets9.28%9.81%6.42%16.59% Return on Sales3.84%3.87%1.92%7.90% Asset Turnover2.422.533.342.1Gross Margin/Profit23.06%22.94%10.72%43.60%Return on Common Equity21.90%23.11%12.44%26.89% Return on Assets9.28%9.81%6.42%16.59% Financial Structure Leverage2.522.531.99%2.22 Common Earnings Leverage0.940.930.970.73Solvency Analysis:Debt-to-Equity1.601.430.970.7Times Interest Earned15.5314.3638.8414.5Shareholder Analysis:Price-Earnings18.8723.9416.6717.8Dividend Payout22.39%21.58%10.42%N/ADividend Yield1.19%0.90%0.63%N/A WAL-MART 2006 RATIO CALCULATIONS NameFormula CalculationResultCurrent RatioCurrent Assets Current Liabilities$43,824 $48,826 0.90Quick RatioQuick Assets Current Liabilities$6,414 + $2,662 $48,826 0.19Cash flow from Operations to Current Liabilities Cash flow from Operations Average Current Liabilities$17,633 ($48,826 + $43,182) / 20.38AR TurnoverSales Average AR$312,427 ($2,662 + $1,715) / 2 142.76Days AR 360 / AR Turnover360 / 142.762.52Inventory TurnoverCost of Goods Sold Average Inventory$240,391 ($32,191 + $29,762) / 2 7.76Days Inventory360 / Inventory Turnover 360 / 7.7646.39AP TurnoverPurchases Average Accounts Payable$240,391 + ($32,191 - $29,762) ($25,373 + $21,987) / 2 10.25Days AP 360 / AP Turnover360 / 10.2535.11Return on Assets Net Income + Interest (1 Tax) Average Assets$11,231 + [($1,172)(1 0.35)] ($138,187 + $120,154) / 2 9.28% Return on SalesNet Income + Interest (1 Tax) Net Sales$11,231 + [($1,172)(1 0.35)] $312,427 3.84% Asset TurnoverNet Sales Average Assets$312,427 ($138,187 + $120,154) / 2 2.42 NameFormula CalculationResultReturn on Common Shareholders EquityNet Income Preferred Dividends Average CS Equity$11,231 0 ($53,171 + $49,396) / 2 21.90% Return on AssetsSee AboveSee above 9.28% Financial Structure LeverageAverage Assets Average CS Equity($138,187 + $120,154 ) / 2 ($53,171 + $49,396) / 2 2.52 Common Earnings Leverage Net Income - Preferred Dividends ROA Numerator$11,231 - $0 $11,231 + [($1,172)(1 0.35)] 0.94Debt-to-EquityTotal Liabilities Total Equity($138,187 - $53,171) $53,171 1.60Times Interest EarnedNet Income + Interest Exp + Taxes Interest Exp$11,231 + $1,172 + $5,803 $1,172 15.53Price EarningsMarket Price of Stock Earnings per Share $50.57 $2.6818.87Dividend PayoutDividends per Share Earnings per Share$0.60 $2.68 22.39%Dividend YieldDividends per Share Market Price of Stock$0.60 $50.57 1.19% &',-LPQVWxy  * + R S X Y q u v { |   3 4 9 : n o   # ' ( - . 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