Assess Wal-Mart, Stores Inc. concerning liquidity, solvency, profitability, and stock performance as of January 31, 2015. For each area, you should calculate the ratios we discussed in class and provide an analysis of the ratios calculated. I include historical stock price information and outstanding common share information below.

Fiscal Year Ended	1/31/2015	1/31/2014	1/31/2013	1/31/2012
Adjusted Closing Price	$83.94	$71.97	$65.79	$56.32
Common Shares Outstanding (millions)	3,228	3,233	3,314	3,418

WAL MART STORES INC

10-K

Statement of Cash Flows

(Amounts in millions)

Fiscal Year Ended January 31,

2015

2014

2013

2012

Cash flows from operating activities:

Consolidated net income

$17,099

$16,695

$17,756

$16,387

(Income) Loss from discontinued operations, net of tax

(285)

(144)

(52)

21

Income from continuing operations

16,814

16,551

17,704

16,408

Adjustments to reconcile income from continuing operations to net cash provided by operating activities

Depreciation and amortization

9,173

8,870

8,478

8,106

Deferred income taxes

(503)

(279)

(133)

1,050

Other operating activities

785

938

602

468

Changes in certain assets and liabilities, net of effects of acquisitions:

Increase in accounts receivable

(569)

(566)

(614)

(796)

Increase in inventories

(1,229)

(1,667)

(2,759)

(3,727)

Increase in accounts payable

2,678

531

1,061

2,687

Increase in accrued liabilities

1,249

103

271

30

(Decrease) Increase in accrued income taxes

166

(1,224)

981

29

Net cash provided by operating activities

28,564

23,257

25,591

24,255

Cash flows from investing activities:

Payments for property and equipment

(12,174)

(13,115)

(12,898)

(13,510)

Proceeds from disposal of property and equipment

570

727

532

580

Proceeds from disposal of certain operations

671

0

0

0

Other investing activities

(192)

(138)

(271)

(3,679)

Net cash used in investing activities

(11,125)

(12,526)

(12,637)

(16,609)

Cash flows from financing activities:

Net change in short-term borrowings

(6,288)

911

2,754

3,019

Proceeds from issuance of long-term debt

5,174

7,072

211

5,050

Payment of long-term debt

(3,904)

(4,968)

(1,478)

(4,584)

Dividends paid

(6,185)

(6,139)

(5,361)

(5,048)

Purchase of Company stock

(1,015)

(6,683)

(7,600)

(6,298)

Dividends paid to noncontrolling interest

(600)

(426)

(282)

(526)

Purchase of noncontrolling interest

(1,844)

(296)

(132)

0

Other financing activities

(409)

(260)

(58)

(71)

Net cash used in financing activities

(15,071)

(10,789)

(11,946)

(8,458)

Effect of exchange rates on cash

(514)

(442)

223

(33)

Net (decrease) increase in cash and cash equivalents

1,854

(500)

1,231

(845)

Cash and cash equivalents at beginning of year

7,281

7,781

6,550

7,395

Cash and cash equivalents at end of year

$9,135

$7,281

$7,781

$6,550

Supplemental disclosure of cash flow information

Income tax paid

8,169

8,641

7,304

5,889

Interest paid

2,433

2,362

2,262

2,346