WAL-MART STORES INC (WMT) INCOME STATEMENT

Fiscal year ends in January. USD in millions except per share data. 2014-01 2015-01
Revenue 476294 485651
Cost of revenue 358069 365086
Gross profit 118225 120565
Operating expenses
Sales, General and administrative 91353 93418
Total operating expenses 91353 93418
Operating income 26872 27147
Interest Expense 2335 2461
Other income (expense) 119 113
Income before income taxes 24656 24799
Provision for income taxes 8105 7985
Minority interest 673 736
Other income 673 736
Net income from continuing operations 16551 16814
Net income from discontinuing ops 144 285
Other -673 -736
Net income 16022 16363
Net income available to common shareholders 16022 16363
Earnings per share
Basic 4.9 5.07
Diluted 4.88 5.05
Weighted average shares outstanding
Basic 3269 3230
Diluted 3283 3243
EBITDA 35861 36433
NT
2016-01 2017-01
482130 485873
360984 361256
121146 124617

97041 101853
97041 101853
24105 22764
2548 2367
81 100
21638 20497
6558 6204
386 650
386 650
15080 14293

-386 -650
14694 13643
14694 13643

4.58 4.4
4.57 4.38

3207 3101
3217 3112
33640 32944
 WAL-MART STORES INC (WMT) BALANCE SHEET
Fiscal year ends in January. USD in millions except per share data. 2014-01 2015-01
Assets
Current assets
Cash
Cash and cash equivalents 7281 9135
Total cash 7281 9135
Receivables 6677 6778
Inventories 44858 45141
Prepaid expenses 1909 2224
Other current assets 460
Total current assets 61185 63278
Non-current assets
Property, plant and equipment
Land 26184 26261
Fixtures and equipment 45756 47851
Other properties 106738 108522
Property and equipment, at cost 178678 182634
Accumulated Depreciation -60771 -65979
Property, plant and equipment, net 117907 116655
Goodwill 19510 18102
Other long-term assets 6149 5671
Total non-current assets 143566 140428
Total assets 204751 203706
Liabilities and stockholders' equity
Liabilities
Current liabilities
Short-term debt 11773 6402
Capital leases 309 287
Accounts payable 37415 38410
Taxes payable 3520 3613
Accrued liabilities 16239 16560
Other current liabilities 89
Total current liabilities 69345 65272
Non-current liabilities
Long-term debt 41771 41086
Capital leases 2788 2606
Deferred taxes liabilities 8017 8805
Minority interest 5084 4543
Other long-term liabilities 1491
Total non-current liabilities 59151 57040
Total liabilities 128496 122312
Stockholders' equity
Common stock 323 323
Additional paid-in capital 2362 2462
Retained earnings 76566 85777
Accumulated other comprehensive income -2996 -7168
Total stockholders' equity 76255 81394
Total liabilities and stockholders' equity 204751 203706
ET
2016-01 2017-01

8705 6867
8705 6867
5624 5835
44469 43046
1441 1941

60239 57689

25624 24801
49950 51843
112480 114485
188054 191129
-71538 -76951
116516 114178
16695 17037
6131 9921
139342 141136
199581 198825

5453 3355
551 565
38487 41433
3065 3737
17063 17838

64619 66928

38214 36015
5816 6003
7321 9344
3065 2737

54416 54099
119035 121027
 317 305
1805 2371
90021 89354
-11597 -14232
80546 77798
199581 198825
 WAL-MART STORES INC (WMT) Statement of CASH FLOW
Fiscal year ends in January. USD in millions except per share data. 2014-01 2015-01 2016-01
Cash Flows From Operating Activities
Net income 16695 17099 15080
Depreciation & amortization 8870 9173 9454
Deferred income taxes -279 -503 -672
(Gain) Loss from discontinued operations -144 -285
Accounts receivable
Inventory -1667 -1229 -703
Accounts payable 531 2678 2008
Accrued liabilities 103 1249 1303
Income taxes payable -1224 166
Other working capital -566 -569 -491
Other non-cash items 938 785 1410
Net cash provided by operating activities 23257 28564 27389
Cash Flows From Investing Activities
Investments in property, plant, and equipment -13115 -12174 -11477
Property, plant, and equipment reductions 727 570 635
Acquisitions, net -15
Purchases of investments
Other investing charges 105 479 167
Net cash used for investing activities -12298 -11125 -10675
Cash Flows From Financing Activities
Short-term borrowing 911 -6288 1235
Long-term debt issued 7072 5174 39
Long-term debt repayment -4968 -3904 -4432
Repurchases of treasury stock -6683 -1015 -4112
Cash dividends paid -6139 -6185 -6294
Other financing activities -1210 -2853 -2558
Net cash provided by (used for) financing activities -11017 -15071 -16122
Effect of exchange rate changes -442 -514 -1022
Net change in cash -500 1854 -430
Cash at beginning of period 7781 7281 9135
Cash at end of period 7281 9135 8705
Free Cash Flow
Operating cash flow 23257 28564 27389
Capital expenditure -13115 -12174 -11477
Free cash flow 10142 16390 15912
Supplemental schedule of cash flow data
Cash paid for income taxes 8641 8169 8111
Cash paid for interest 2362 2433 2540
2017-01

14293
10080
761

1021
3942
1137
492
-402
206
31530

-10619
456
-1801
-1901
-122
-13987

-1673
137
-2055
-8298
-6216
-824
-18929
-452
-1838
8705
6867

31530
-10619
20911

4507
2351
 AMAZON.COM INC (AMZN) INCOME STATEMENT
Fiscal year ends in December. USD in millions except per share data. 2013-12 2014-12
Revenue 74452 88988
Cost of revenue 54181 62752
Gross profit 20271 26236
Operating expenses
Sales, General and administrative 12847 16650
Other operating expenses 6679 9408
Total operating expenses 19526 26058
Operating income 745 178
Interest Expense 141 210
Other income (expense) -98 -79
Income before income taxes 506 -111
Provision for income taxes 161 167
Other income -71 37
Net income from continuing operations 274 -241
Net income 274 -241
Net income available to common shareholders 274 -241
Earnings per share
Basic 0.6 -0.52
Diluted 0.59 -0.52
Weighted average shares outstanding
Basic 457 462
Diluted 465 462
EBITDA 3900 4845
T
2015-12 2016-12
107006 135987
71651 88265
35355 47722

20411 27284
12711 16252
33122 43536
2233 4186
459 484
-206 190
1568 3892
950 1425
-22 -96
596 2371
596 2371
596 2371

1.28 5.01
1.25 4.9

467 474
477 484
8308 12492
 AMAZON.COM INC (AMZN) BALANCE SHEET
Fiscal year ends in December. USD in millions except per share data. 2013-12 2014-12 2015-12
Assets
Current assets
Cash
Cash and cash equivalents 8658 14557 15890
Short-term investments 3789 2859 3918
Total cash 12447 17416 19808
Receivables 4767 5612 6423
Inventories 7411 8299 10243
Deferred income taxes
Total current assets 24625 31327 36474
Non-current assets
Property, plant and equipment
Land 4584 7150 9770
Fixtures and equipment 9505 14213 18417
Other properties 720 1367 1866
Property and equipment, at cost 14809 22730 30053
Accumulated Depreciation -3860 -5763 -8215
Property, plant and equipment, net 10949 16967 21838
Goodwill 2655 3319 3759
Intangible assets 645
Deferred income taxes 1084
Other long-term assets 1285 2892 2289
Total non-current assets 15534 23178 28970
Total assets 40159 54505 65444
Liabilities and stockholders' equity
Liabilities
Current liabilities
Accounts payable 15133 16459 20397
Accrued liabilities 6688 9807 10384
Deferred revenues 1159 1823 3118
Total current liabilities 22980 28089 33899
Non-current liabilities
Long-term debt 3191 8265 8235
Capital leases 1990 4224 5948
Deferred taxes liabilities 571 1021
Other long-term liabilities 1681 2165 3978
Total non-current liabilities 7433 15675 18161
Total liabilities 30413 43764 52060
Stockholders' equity
Common stock 5 5 5
Additional paid-in capital 9573 11135 13394
Retained earnings 2190 1949 2545
Treasury stock -1837 -1837 -1837
Accumulated other comprehensive income -185 -511 -723
Total stockholders' equity 9746 10741 13384
Total liabilities and stockholders' equity 40159 54505 65444
2016-12

19334
6647
25981
8339
11461

45781

13998
25989
2454
42441
-13327
29114
3784

4723
37621
83402

25309
13739
4768
43816

7694
7519
392
4696
20301
64117

5
17186
 4916
-1837
-985
19285
83402
 AMAZON.COM INC (AMZN) Statement of CASH FLOW
Fiscal year ends in December. USD in millions except per share data. 2013-12 2014-12 2015-12
Cash Flows From Operating Activities
Net income 274 -241 596
Depreciation & amortization 3253 4746 6281
Investments losses (gains) 1 -3 5
Deferred income taxes -156 -316 81
Stock based compensation 1134 1497 2119
Accounts receivable -1039 -1755
Inventory -1410 -1193 -2187
Accounts payable 1888 1759 4294
Accrued liabilities 736 706 913
Other working capital -447 741 1292
Other non-cash items 202 185 281
Net cash provided by operating activities 5475 6842 11920
Cash Flows From Investing Activities
Investments in property, plant, and equipment -3444 -4893 -4589
Acquisitions, net -312 -979 -795
Purchases of investments -2826 -2542 -4091
Sales/Maturities of investments 2306 3349 3025
Net cash used for investing activities -4276 -5065 -6450
Cash Flows From Financing Activities
Long-term debt issued 394 6359 353
Long-term debt repayment -1011 -1933 -4235
Excess tax benefit from stock based compensation 78 6 119
Repurchases of treasury stock
Other financing activities
Net cash provided by (used for) financing activities -539 4432 -3763
Effect of exchange rate changes -86 -310 -374
Net change in cash 574 5899 1333
Cash at beginning of period 8084 8658 14557
Cash at end of period 8658 14557 15890
Free Cash Flow
Operating cash flow 5475 6842 11920
Capital expenditure -3444 -4893 -4589
Free cash flow 2031 1949 7331
Supplemental schedule of cash flow data
Cash paid for income taxes 177 273
Cash paid for interest 91 478
2016-12

2371
8116

-246
2975
-3367
-1426
5030
1724
1955
-689
16443

-6737
-116
-7756
4733
-9876

621
-4361
829

-2911
-212
3444
15890
19334

16443
-6737
9706

412
496
 FINANCIAL STATEMENT ANAL
Walmart Inc 2015 2016 2017 Average Ratio

Net Margin 3.37% 3.05% 2.81% 3.07%

Gross Margin 24.83% 25.13% 25.65% 25.20%
Operating Margin 5.59% 5.00% 4.69% 5.09%
Return on Equity 20.10% 18.24% 17.54% 18.63%
Taxes on Operating Income 32.20% 30.31% 30.27% 30.92%
Return on Assets 8.03% 7.36% 6.86% 7.42%
Total Operating Assets 179933 176755 171867 176185
Total Operating Liabilities 65272 64619 66928 65606
NOA 114661 112136 104939 110579
Net Operating Asset Turnover 4.2355 4.2995 4.6301 438.84%
Net Operating Profit Margin 14.27% 13.10% 13.00% 13.46%

Liquidity Ratios
Working Capital -1994.0000 -4380.0000 -9239.0000 -5204
Current Ratio 0.9695 0.9322 0.8620 0.921
Quick Ratio 0.2779 0.2440 0.2188 0.247
Operaing Cash Flow Ratio 0.4376 0.4239 0.4711 0.444

Solvency Ratios
Liabilities to Equity 0.7008 0.6756 0.6954 0.6906
Long Term Debt to Equity 0.5048 0.4744 0.4629 0.4807
Total Debt to Equity 1.5027 1.4779 1.5557 1.5121
Total Debt to Assets 0.6004 0.5964 0.6087 0.6019
Asset Utilization
Total Asset Turnover 2.3841 2.4157 2.4437 2.4145
Time Interest Earned 11.0309 9.4604 9.6172 10.0362
Cash from Operations/ Debt 0.6952 0.7167 0.8755 0.7625
FCF/Debt 0.3989 0.4164 0.5806 0.4653

Working Capital Management

Operaing WC/Sales -0.0041 -0.0091 -0.0190 -0.0107
Days' Receivables 5.0941 4.2577 4.3834 4.5784
Days' Inventory 45.1304 44.9637 43.4921 44.5287
Days' Payables 38.4010 38.9152 41.8624 39.7262
CCC 11.8235 10.3062 6.0131 9.3810
L STATEMENT ANALYSIS
Amazon Inc 2014 2015 2016 Average Ratio

Net Margin -0.27% 0.56% 1.74% 0.68%

Gross Margin 29.48% 33.04% 35.09% 32.54% PRO
Operating Margin 0.20% 2.09% 3.08% 1.79%
Return on Equity -2.24% 4.45% 12.29% 4.83%
Taxes on Operating Income -150.45% 60.59% 36.61% -17.75% 25
Return on Assets -0.44% 0.91% 2.84% 1.10%
Total Operating Assets 48294 58312 74895 60500
Total Operating Liabilities 28089 33899 43816 35268 3.07%
0.68%
Net Margin
NOA 20205 24413 31079 25232
Net Operating Asset Turnover 4.4043 4.3832 4.3755 438.76%
Net Operating Profit Margin -1.19% 2.44% 7.63% 2.96%

Liquidity Ratios
Working Capital 3238 2575 1965 2593
Current Ratio 1.1153 1.0760 1.0448 1.079
Quick Ratio 0.8198 0.7738 0.7833 0.792
Operaing Cash Flow Ratio 0.2436 0.3516 0.3753 0.323 LIQUIDITY

Solvency Ratios
Liabilities to Equity 4.0745 3.8897 3.3247 3.7630 0.9695 0.9322
Long Term Debt to Equity 0.7695 0.6153 0.3990 0.5946
Total Debt to Equity 4.0745 3.8897 3.3247 3.7630
Total Debt to Assets 0.8029 0.7955 0.7688 0.7891 0.4376 0.4239
Asset Utilization 0.2779 0.2440
Total Asset Turnover 1.6327 1.6351 1.6305 1.6327
Time Interest Earned 0.8476 4.8649 8.6488 4.7871 1 2
Cash from Operations/ Debt 0.8278 1.4475 2.1371 1.4708 Current Ra
FCF/Debt 0.2358 0.8902 1.2615 0.7958

Working Capital Management

Operaing WC/Sales 0.0364 0.0241 0.0144 0.0250
S
Days' Receivables 23.0186 21.9090 22.3825 22.4367
Days' Inventory 48.2715 52.1792 47.3944 49.2817
Days' Payables 95.7346 103.9051 104.6597 101.4331
CCC -24.4444 -29.8169 -34.8827 -29.7147

1.5027 1.4779

0.7008 0.6756
0.5048 0.6004 0.4744 0.596
1 2

Liabili
Total
 1.5027 1.4779

0.7008 0.6756
0.5048 0.6004 0.4744 0.596
1 2

Liabili
Total

A
11.0309
9.4604

2.3841 2.4157

0.6952 0.7167
1 0.3989 2 0.416

Total As
Cash fro
 PROFITABILITY ANALYSIS

32.54% 30.92%
25.20%
18.63%

7.42%
3.07% 5.09% 4.83%
0.68%
Net Margin Gross 1.79%
Operating Return on Taxes on 1.10%
Return on
Margin Margin Equity Operating Assets
Income
-17.75%

WALMART AMAZON

LIQUIDITY RATIOS (1-3=Walmart, 4-

6=Amazon)
1.1153 1.0760 1.0448
0.9695 0.9322
0.8620 0.8198
0.7738 0.7833

0.4376 0.4711
0.4239
0.3516 0.3753
0.2779 0.2440 0.2436
0.2188

1 2 3 4 5 6

Current Ratio Quick Ratio Operaing Cash Flow Ratio

SOLVENCY RATIOS
4.0745 4.0745
3.8897 3.8897
3.3247 3.3247

1.5027 1.4779 1.5557

0.7008 0.6756 0.6954 0.7695 0.8029 0.6153

0.7955 0.7688
0.5048 0.6004 0.4744 0.5964 0.4629 0.6087 0.3990
1 2 3 4 5 6

Liabilities to Equity Long Term Debt to Equity

Total Debt to Equity Total Debt to Assets
 1.5027 1.4779 1.5557

0.7008 0.6756 0.6954 0.7695 0.8029 0.6153

0.7955 0.7688
0.5048 0.6004 0.4744 0.5964 0.4629 0.6087 0.3990
1 2 3 4 5 6

Liabilities to Equity Long Term Debt to Equity

Total Debt to Equity Total Debt to Assets

ASSET UTILIZATION
11.0309
9.4604 9.6172
8.6488

4.8649

2.3841 2.4157 2.4437 2.1371

1.6327 1.6351 1.4475 1.6305 1.2615
0.6952 0.7167 0.8755
0.5806 0.8476
0.8278 0.8902
1 0.3989 2 0.4164 3 4 0.2358 5 6

Total Asset Turnover Time Interest Earned

Cash from Operations/ Debt FCF/Debt