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Walmart Piotroski F-Score

: 7 (As of Today)
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Good Sign:

Piotroski F-Score is 7, indicating very healthy situation.

The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Walmart has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.

NYSE:WMT' s Piotroski F-Score Range Over the Past 10 Years
Min: 1   Med: 6   Max: 9
Current: 7

1
9

During the past 13 years, the highest Piotroski F-Score of Walmart was 9. The lowest was 1. And the median was 6.


Walmart Piotroski F-Score Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.

* Premium members only.

Walmart Annual Data
Jan11 Jan12 Jan13 Jan14 Jan15 Jan16 Jan17 Jan18 Jan19 Jan20
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 5.00 7.00 6.00 5.00 5.00

Walmart Quarterly Data
Jan16 Apr16 Jul16 Oct16 Jan17 Apr17 Jul17 Oct17 Jan18 Apr18 Jul18 Oct18 Jan19 Apr19 Jul19 Oct19 Jan20 Apr20 Jul20 Oct20
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 6.00 5.00 6.00 7.00 7.00

Competitive Comparison
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap.


Walmart Piotroski F-Score Distribution

* The bar in red indicates where Walmart's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.

This Year (Oct20) TTM:Last Year (Oct19) TTM:
Net Income was 4141 + 3990 + 6476 + 5135 = $19,742 Mil.
Cash Flow from Operations was 10716 + 7017 + 11939 + 3924 = $33,596 Mil.
Revenue was 141671 + 134622 + 137742 + 134708 = $548,743 Mil.
Gross Profit was 33923 + 32596 + 35053 + 34369 = $135,941 Mil.
Average Total Assets from the begining of this year (Oct19)
to the end of this year (Oct20) was
(239830 + 236495 + 232892 + 237382 + 250863) / 5 = $239492.4 Mil.
Total Assets at the begining of this year (Oct19) was $239,830 Mil.
Long-Term Debt & Capital Lease Obligation was $61,581 Mil.
Total Current Assets was $73,602 Mil.
Total Current Liabilities was $88,121 Mil.
Net Income was 3687 + 3842 + 3610 + 3288 = $14,427 Mil.

Revenue was 138793 + 123925 + 130377 + 127991 = $521,086 Mil.
Gross Profit was 33886 + 30891 + 32454 + 32091 = $129,322 Mil.
Average Total Assets from the begining of last year (Oct18)
to the end of last year (Oct19) was
(226583 + 219295 + 234544 + 234861 + 239830) / 5 = $231022.6 Mil.
Total Assets at the begining of last year (Oct18) was $226,583 Mil.
Long-Term Debt & Capital Lease Obligation was $64,721 Mil.
Total Current Assets was $67,912 Mil.
Total Current Liabilities was $83,784 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Walmart's current Net Income (TTM) was 19,742. ==> Positive ==> Score 1.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Walmart's current Cash Flow from Operations (TTM) was 33,596. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Oct19)
=19742/239830
=0.08231664

ROA (Last Year)=Net Income/Total Assets (Oct18)
=14427/226583
=0.06367203

Walmart's return on assets of this year was 0.08231664. Walmart's return on assets of last year was 0.06367203. ==> This year is higher. ==> Score 1.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

Walmart's current Net Income (TTM) was 19,742. Walmart's current Cash Flow from Operations (TTM) was 33,596. ==> 33,596 > 19,742 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Oct20)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Oct19 to Oct20
=61581/239492.4
=0.25713133

Gearing (Last Year: Oct19)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Oct18 to Oct19
=64721/231022.6
=0.28015008

Walmart's gearing of this year was 0.25713133. Walmart's gearing of last year was 0.28015008. ==> This year is lower or equal to last year. ==> Score 1.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Oct20)=Total Current Assets/Total Current Liabilities
=73602/88121
=0.83523791

Current Ratio (Last Year: Oct19)=Total Current Assets/Total Current Liabilities
=67912/83784
=0.81056049

Walmart's current ratio of this year was 0.83523791. Walmart's current ratio of last year was 0.81056049. ==> This year's current ratio is higher. ==> Score 1.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

Walmart's number of shares in issue this year was 2849. Walmart's number of shares in issue last year was 2861. ==> There is smaller number of shares in issue this year, or the same. ==> Score 1.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=135941/548743
=0.24773163

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=129322/521086
=0.24817784

Walmart's gross margin of this year was 0.24773163. Walmart's gross margin of last year was 0.24817784. ==> Last year's gross margin is higher ==> Score 0.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Oct19)
=548743/239830
=2.28804987

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Oct18)
=521086/226583
=2.2997577

Walmart's asset turnover of this year was 2.28804987. Walmart's asset turnover of last year was 2.2997577. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+1+1+1+1+1+1+0+0
=7

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Walmart has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.

Walmart  (NYSE:WMT) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


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