Using the provided 3 years worth of financial statements for Walmart Inc. perform a ratio analysis for the below key ratios. Compare and contrast your data, including your interpretation of the data. Also, embed the results from your Excel spreadsheet in the appendix of your Word document. Liquidity a) Current ratio b) Quick ratio Asset utilization a) Inventory turnover b) Total asset turnover Debt utilization a) Debt to total assets b) Times interest earned Profitability ratios a) Profit margin b) ROE (DuPont Formula)

Wal-Mart, Inc.
Income Statement
All numbers in thousands
Revenue	2018-01-31	2017-01-31	2016-01-31	2015-01-31
Total Revenue	500,343,000	485,873,000	482,130,000	485,651,000
Cost of Revenue	373,396,000	361,256,000	360,984,000	365,086,000
Gross Profit	126,947,000	124,617,000	121,146,000	120,565,000
Operating Expenses
Research Development	-	-	-	-
Selling General and Administrative	104,698,000	101,853,000	97,041,000	93,418,000
Non Recurring	-	-	-	-
Others	-	-	-	-
Total Operating Expenses	478,094,000	463,109,000	458,025,000	458,504,000
Operating Income or Loss	22,249,000	22,764,000	24,105,000	27,147,000
Income from Continuing Operations
Total Other Income/Expenses Net	-7,126,000	-2,267,000	-2,467,000	-2,348,000
Earnings Before Interest and Taxes	22,249,000	22,764,000	24,105,000	27,147,000
Interest Expense	-2,330,000	-2,367,000	-2,548,000	-2,461,000
Income Before Tax	15,123,000	20,497,000	21,638,000	24,799,000
Income Tax Expense	4,600,000	6,204,000	6,558,000	7,985,000
Minority Interest	2,953,000	2,737,000	3,065,000	4,543,000
Net Income From Continuing Ops	10,523,000	14,293,000	15,080,000	16,814,000
Non-recurring Events
Discontinued Operations	-	-	-	285,000
Extraordinary Items	-	-	-	-
Effect Of Accounting Changes	-	-	-	-
Other Items	-	-	-	-
Net Income
Net Income	9,862,000	13,643,000	14,694,000	16,363,000
Preferred Stock And Other Adjustments	-	-	-	-
Net Income Applicable To Common Shares	9,862,000	13,643,000	14,694,000	16,363,000

Balance Sheet
All numbers in thousands
Period Ending	2018-01-31	2017-01-31	2016-01-31	2015-01-31
Current Assets
Cash And Cash Equivalents	6,756,000	6,867,000	8,705,000	9,135,000
Short Term Investments	-	-	-	-
Net Receivables	5,614,000	5,835,000	5,624,000	6,778,000
Inventory	43,783,000	43,046,000	44,469,000	45,141,000
Other Current Assets	-	-	-	728,000
Total Current Assets	59,664,000	57,689,000	60,239,000	63,278,000
Long Term Investments	2,008,000	479,000	621,000	512,000
Property Plant and Equipment	114,818,000	114,178,000	116,516,000	116,655,000
Goodwill	18,242,000	17,037,000	16,695,000	18,102,000
Intangible Assets	-	-	-	-
Accumulated Amortization	-	-	-	-
Other Assets	9,790,000	9,442,000	5,510,000	4,943,000
Deferred Long Term Asset Charges	1,879,000	1,565,000	1,504,000	1,033,000
Total Assets	204,522,000	198,825,000	199,581,000	203,490,000
Current Liabilities
Accounts Payable	46,092,000	41,433,000	38,487,000	38,410,000
Short/Current Long Term Debt	3,738,000	2,256,000	2,745,000	4,792,000
Other Current Liabilities	2,662,000	2,777,000	521,000	1,021,000
Total Current Liabilities	78,521,000	66,928,000	64,619,000	65,253,000
Long Term Debt	30,231,000	36,645,000	38,952,000	41,499,000
Other Liabilities	8,168,000	8,714,000	6,583,000	8,195,000
Deferred Long Term Liability Charges	-	-	-	-
Minority Interest	2,953,000	2,737,000	3,065,000	4,543,000
Negative Goodwill	-	-	-	-
Total Liabilities	123,700,000	118,290,000	115,970,000	117,553,000
Stockholders' Equity
Misc. Stocks Options Warrants	-	-	-	-
Redeemable Preferred Stock	-	-	-	-
Preferred Stock	-	-	-	-
Common Stock	295,000	305,000	317,000	323,000
Retained Earnings	85,107,000	89,354,000	90,021,000	85,777,000
Treasury Stock	-10,181,000	-14,232,000	-11,597,000	-7,168,000
Capital Surplus	2,648,000	2,371,000	1,805,000	2,462,000
Other Stockholder Equity	-10,181,000	-14,232,000	-11,597,000	-7,168,000
Total Stockholder Equity	77,869,000	77,798,000	80,546,000	81,394,000
Net Tangible Assets	59,627,000	60,761,000	63,851,000	63,292,000

Cash Flow Statements
All numbers in thousands
Period Ending	2018-01-31	2017-01-31	2016-01-31	2015-01-31
Net Income	9,862,000	13,643,000	14,694,000	16,363,000
Operating Activities, Cash Flows Provided By or Used In
Depreciation	10,529,000	10,080,000	9,454,000	9,173,000
Adjustments To Net Income	4,703,000	1,617,000	1,124,000	733,000
Changes In Accounts Receivables	-1,074,000	-402,000	-19,000	-569,000
Changes In Liabilities	4,086,000	3,942,000	2,008,000	2,678,000
Changes In Inventories	-140,000	1,021,000	-703,000	-1,229,000
Changes In Other Operating Activities	928,000	1,280,000	1,466,000	1,249,000
Total Cash Flow From Operating Activities	28,337,000	31,673,000	27,552,000	28,564,000
Investing Activities, Cash Flows Provided By or Used In
Capital Expenditures	-10,051,000	-10,619,000	-11,477,000	-12,174,000
Investments	-	-1,901,000	-1,901,000	-1,901,000
Other Cash flows from Investing Activities	-58,000	-122,000	-79,000	479,000
Total Cash Flows From Investing Activities	-9,060,000	-13,987,000	-10,675,000	-11,125,000
Financing Activities, Cash Flows Provided By or Used In
Dividends Paid	-6,124,000	-6,216,000	-6,294,000	-6,185,000
Sale Purchase of Stock	-	-	-	-
Net Borrowings	-1,437,000	-3,591,000	-3,158,000	-5,018,000
Other Cash Flows from Financing Activities	-4,018,000	-967,000	-2,721,000	-2,853,000
Total Cash Flows From Financing Activities	-19,875,000	-19,072,000	-16,285,000	-15,071,000
Effect Of Exchange Rate Changes	487,000	-452,000	-1,022,000	-514,000
Change In Cash and Cash Equivalents	-111,000	-1,838,000	-430,000	1,854,000