Name



|WMT (06) |WMT (05) |COST (06) |INDUSTRY | |

| | | | | |

|Liquidity and Working Capital: | | | | |

| | | | | |

|Current Ratio |0.90 |0.90 |1.18 |1.2 |

|Quick Ratio |0.19 |0.17 |0.56 |0.4 |

|Cash Flow from Ops/Curr Liab |0.38 |0.37 |0.34 |N/A |

| | | | | |

|Days AR |2.52 |1.87 |3.4 |32 |

|Days Inventory |46.39 |46.17 |29.9 |60 |

|Days AP |35.11 |33.36 |28.6 |30 |

|Cash Collection |13.80 |14.68 |4.70 |62.00 |

| | | | | |

|Profitability Analysis: | | | | |

| | | | | |

|Return on Assets |9.28% |9.81% |6.42% |16.59% |

| Return on Sales |3.84% |3.87% |1.92% |7.90% |

| Asset Turnover |2.42 |2.53 |3.34 |2.1 |

| | | | | |

|Gross Margin/Profit |23.06% |22.94% |10.72% |43.60% |

| | | | | |

|Return on Common Equity |21.90% |23.11% |12.44% |26.89% |

| Return on Assets |9.28% |9.81% |6.42% |16.59% |

| Financial Structure Leverage |2.52 |2.53 |1.99% |2.22 |

| Common Earnings Leverage |0.94 |0.93 |0.97 |0.73 |

| | | | | |

|Solvency Analysis: | | | | |

| | | | | |

|Debt-to-Equity |1.60 |1.43 |0.97 |0.7 |

|Times Interest Earned |15.53 |14.36 |38.84 |14.5 |

| | | | | |

|Shareholder Analysis: | | | | |

| | | | | |

|Price-Earnings |18.87 |23.94 |16.67 |17.8 |

|Dividend Payout |22.39% |21.58% |10.42% |N/A |

|Dividend Yield |1.19% |0.90% |0.63% |N/A |

WAL-MART

2006 RATIO CALCULATIONS

|Name |Formula |Calculation |Result |

|Current Ratio |Current Assets |$43,824 |0.90 |

| |Current Liabilities |$48,826 | |

|Quick Ratio |Quick Assets |$6,414 + $2,662 |0.19 |

| |Current Liabilities |$48,826 | |

|Cash flow from Operations to |Cash flow from Operations |$17,633 |0.38 |

|Current Liabilities |Average Current Liabilities |($48,826 + $43,182) / 2 | |

|AR Turnover |Sales |$312,427 |142.76 |

| |Average AR |($2,662 + $1,715) / 2 | |

|Days AR |360 / AR Turnover |360 / 142.76 |2.52 |

|Inventory Turnover |Cost of Goods Sold |$240,391 |7.76 |

| |Average Inventory |($32,191 + $29,762) / 2 | |

|Days Inventory |360 / Inventory Turnover |360 / 7.76 |46.39 |

|AP Turnover |Purchases |$240,391 + ($32,191 - $29,762) |10.25 |

| |Average Accounts Payable |($25,373 + $21,987) / 2 | |

|Days AP |360 / AP Turnover |360 / 10.25 |35.11 |

| | | | |

|Return on Assets |Net Income + Interest (1 – Tax) |$11,231 + [($1,172)(1 – 0.35)] |9.28% |

| |Average Assets |($138,187 + $120,154) / 2 | |

| Return on Sales |Net Income + Interest (1 – Tax) |$11,231 + [($1,172)(1 – 0.35)] |3.84% |

| |Net Sales |$312,427 | |

| Asset Turnover |Net Sales |$312,427 |2.42 |

| |Average Assets |($138,187 + $120,154) / 2 | |

|Name |Formula |Calculation |Result |

|Return on Common Shareholders’|Net Income – Preferred Dividends |$11,231 – 0 |21.90% |

|Equity |Average CS Equity |($53,171 + $49,396) / 2 | |

| Return on Assets |See Above |See above |9.28% |

| Financial Structure |Average Assets |($138,187 + $120,154 ) / 2 |2.52 |

|Leverage |Average CS Equity |($53,171 + $49,396) / 2 | |

| Common Earnings Leverage | Net Income - Preferred Dividends |$11,231 - $0 |0.94 |

| |ROA Numerator |$11,231 + [($1,172)(1 – 0.35)] | |

| | | | |

|Debt-to-Equity |Total Liabilities |($138,187 - $53,171) |1.60 |

| |Total Equity |$53,171 | |

|Times Interest Earned |Net Income + Interest Exp + Taxes |$11,231 + $1,172 + $5,803 |15.53 |

| |Interest Exp |$1,172 | |

| | | | |

|Price Earnings |Market Price of Stock |$50.57 |18.87 |

| |Earnings per Share |$2.68 | |

|Dividend Payout |Dividends per Share |$0.60 |22.39% |

| |Earnings per Share |$2.68 | |

|Dividend Yield |Dividends per Share |$0.60 |1.19% |

| |Market Price of Stock |$50.57 | |

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