• Walmart average return on tangible equity for 2023 was 24.42, a 16.56% increase from 2022.
• Walmart average return on tangible equity for 2022 was 20.95, a 6.56% increase from 2021.
• Walmart average return on tangible equity for 2021 was 19.66, a 43.51% increase from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.