Using the following table of ratios of Walmart, Amazon, and
Target, discuss the variation in return to equity of the three
firms. What is driving the variation (financial/operational) and
relate you answer to the firms' business(es)?
Target
Amazon
Walmart
2015
2016
2017
2015
2016
2017
2015
2016
2017
Revenue (Mil)
73,785
69,495
71,879
107,006
135,987
177,866
482,130
485,873
500,343
% of Sales
Revenue
100
100
100
100
100
100
100
100
100
COGS
70.8
70.72
71.13
20.51
22.14
22.87
74.87...