Lowe's
LOW NYSE Home Improvement Retail Financials FY2016–FY2025
Lowe's revenue rose 3.1% to $86.3 billion in fiscal 2025. Its operating margin was 11.8%, down from 12.5% a year earlier. Free cash flow was $7.7 billion, down 0.6%. It paid out $2.8 billion in dividends and buybacks, 37% of free cash flow. The diluted share count fell 1.4%.
What Lowe's does
Lowe's is a home improvement retailer. It says it is the world's second largest. At the end of January 2026 it ran 1,759 home improvement stores and outlets in the United States, with about 196 million square feet of selling space, and over 540 branch locations in the United States and Canada. Its stores sell products for home projects, and it also sells online and through contact centers. Customers can pick up orders in the store or at the curb, or have them delivered. Lowe's was founded in 1921 and has been publicly held since 1961.
Lowe's sells to homeowners and renters who do projects themselves or have others do them, and to Pro customers: tradespeople, repair and remodel workers and property managers. It also offers installation services through independent and third-party installers. Its five-part strategy, called Total Home, aims to bring in more Pro customers, grow online sales, expand home services, build a loyalty program and make better use of store space. It sells both national brands and its own private brands.
In 2025 Lowe's bought Foundation Building Materials and Artisan Design Group, which serve larger Pro customers in residential and commercial markets. Its competitors include national and regional home improvement chains, lumber yards, hardware and paint stores, general merchandise retailers, warehouse clubs and online retailers.
- Legal name
- LOWES COMPANIES INC
- Fiscal year ends
- January 30, 2026
- Latest annual report
- 10-K · Mar 23, 2026
- Accession · CIK
- 0000060667-26-000029
0000060667
Revenue and margins
Lowe's had $86.3B of revenue in fiscal 2025, up 3.1% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 14.6% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $7.7B in fiscal 2025, 8.9% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Lowe's returned $2.8B to shareholders in fiscal 2025, 37% of free cash flow. The diluted share count fell 1.4%.
Value Lowe's yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$38.9B and divides by 560.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 16.8x · peers 22.4x · sector 17.9x.
Balance sheet
Cash, debt and the ratios that show how comfortably Lowe's can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $1.4B | $1.7B | $1.2B | $2.1B | $1.4B |
| Debt incl. finance leases | $25.0B | $34.3B | $36.3B | $35.8B | $40.2B |
| Net debt / EBITDA | 1.7x | 2.7x | 2.6x | 2.7x | 3.2x |
| Interest coverage | 14.5x | 10.4x | 7.9x | 7.1x | 6.8x |
| Current ratio | 1.0x | 1.1x | 1.2x | 1.1x | 1.1x |
| Quick ratio | 0.1x | 0.2x | 0.1x | 0.2x | 0.2x |
| Total assets | $44.6B | $43.7B | $41.8B | $43.1B | $54.1B |
| Total liabilities | $49.5B | $58.0B | $56.8B | $57.3B | $64.1B |
| Shareholders' equity | −$4.8B | −$14.3B | −$15.1B | −$14.2B | −$9.9B |
| Net debt (− = net cash) | $23.5B | $32.6B | $35.1B | $33.7B | $38.9B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.2M
1 insider
Sold, 12 months
$13.2M
5 insiders
Of sales under plans
36%
$4.7M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Jun 18, 2026 | Margrethe R VagellEVP, Supply Chain | Sold | 2,500 | $223.83 | $0.6M | Form 4 |
| Jun 17, 2026 | Juliette Williams PryorEVP, CLO & Corp. Sec. | Sold | 9,330 | $224.81 | $2.1M | Form 4 |
| Jun 16, 2026 | Janice DupreEVP, Human Resources | Sold | 14,150 | $221.90 | $3.1M | Form 4 |
| Mar 4, 2026 | Quonta D VanceEVP, Pro & Home Services | Sold | 10,369 | $257.54 | $2.7M | Form 4 |
| Jan 9, 2026 | Marvin R EllisonChairman, President & CEO, Director | Sold plan | 18,000 | $261.18 | $4.7M | Form 4 |
| Nov 24, 2025 | Lawrence SimkinsDirector | Bought | 1,000 | $231.06 | $0.2M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✕ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✕ | ✓ | ✓ |
| Current ratio rose | ✓ | ✕ | ✕ |
| Share count didn't rise | ✓ | ✓ | ✓ |
| Gross margin rose | ✓ | ✕ | ✓ |
| Revenue rose relative to assets | ✕ | ✓ | ✕ |
| F-score | 7 / 9 | 6 / 9 | 6 / 9 |
| Accruals ratio | −1.0% | −6.3% | −6.6% |
| Altman Z'' | 0.91 | 0.50 | 0.63 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Lowe's LOW | $111.3B | 3.1% | 11.8% | 8.9% | 31.9% | 16.8x | 6 | |
| Home Depot HD | $318.6B | 3.2% | 12.7% | 7.7% | 24.9% | 22.4x | 4 | Compare → |
| Floor & Decor FND | $5.2B | 5.1% | 5.8% | 1.4% | 9.3% | 22.3x | 6 | Compare → |
| Tesla TSLA | $1.32T | −2.9% | 4.6% | 6.6% | 7.2% | — | 5 | Compare → |
| TJX Companies TJX | $162.0B | 7.1% | — | 8.1% | 87.1% | 26.9x | 8 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $65.0B | $68.6B | $71.3B | $72.1B | $89.6B | $96.3B | $97.1B | $86.4B | $83.7B | $86.3B |
| Gross profit | $21.7B | $22.4B | $22.9B | $22.9B | $29.6B | $32.1B | $32.3B | $28.8B | $27.9B | $28.9B |
| Operating income | $5.8B | $6.6B | $4.0B | $6.3B | $9.6B | $12.1B | $10.2B | $11.6B | $10.5B | $10.2B |
| Interest expense | $619M | $654M | $635M | $671M | $824M | $837M | $976M | $1.5B | $1.5B | $1.5B |
| Pretax income | $5.2B | $5.5B | $3.4B | $5.6B | $7.7B | $11.2B | $9.0B | $10.2B | $9.2B | $8.7B |
| Income tax | $2.1B | $2.0B | $1.1B | $1.3B | $1.9B | $2.8B | $2.6B | $2.4B | $2.2B | $2.1B |
| Net income | $3.1B | $3.4B | $2.3B | $4.3B | $5.8B | $8.4B | $6.4B | $7.7B | $7.0B | $6.7B |
| Diluted EPS | $3.47 | $4.09 | $2.84 | $5.49 | $7.75 | $12.04 | $10.17 | $13.20 | $12.23 | $11.85 |
| Diluted shares | 0.88B | 0.84B | 0.81B | 0.78B | 0.75B | 0.70B | 0.63B | 0.58B | 0.57B | 0.56B |
| Cash flow | ||||||||||
| Cash from operations | $5.6B | $5.1B | $6.2B | $4.3B | $11.0B | $10.1B | $8.6B | $8.1B | $9.6B | $9.9B |
| Capital expenditure | $1.2B | $1.1B | $1.2B | $1.5B | $1.8B | $1.9B | $1.8B | $2.0B | $1.9B | $2.2B |
| Free cash flow | $4.5B | $3.9B | $5.0B | $2.8B | $9.3B | $8.3B | $6.8B | $6.2B | $7.7B | $7.7B |
| Depreciation and amortization | $1.6B | $1.5B | $1.6B | $1.4B | $1.6B | $1.9B | $2.0B | $1.9B | $2.0B | $2.2B |
| Stock-based compensation | $90.0M | $99.0M | $74.0M | $98.0M | $155M | $230M | $223M | $210M | $221M | $247M |
| Acquisitions | $2.4B | $509M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $10.1B |
| Share buybacks | $3.6B | $3.2B | $3.0B | $4.3B | $5.0B | $13.0B | $14.1B | $6.1B | $4.1B | $211M |
| Dividends paid | $1.1B | $1.3B | $1.5B | $1.6B | $1.7B | $2.0B | $2.4B | $2.5B | $2.6B | $2.6B |
| Dividends and buybacks | $4.7B | $4.5B | $4.5B | $5.9B | $6.7B | $15.0B | $16.5B | $8.7B | $6.6B | $2.8B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $658M | $690M | $729M | $876M | $5.2B | $1.4B | $1.7B | $1.2B | $2.1B | $1.4B |
| Total debt | $15.7B | $17.0B | $16.2B | $19.3B | $21.8B | $24.3B | $33.8B | $35.8B | $35.3B | $39.8B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $684M | $650M | $666M | $563M | $509M | $475M | $391M |
| Current assets | $12.0B | $12.8B | $14.2B | $15.3B | $22.3B | $20.1B | $21.4B | $19.1B | $20.4B | $21.0B |
| Current liabilities | $12.0B | $12.1B | $14.5B | $15.2B | $18.7B | $19.7B | $19.5B | $15.6B | $18.8B | $19.5B |
| Inventory | $10.5B | $11.4B | $12.6B | $13.2B | $16.2B | $17.6B | $18.5B | $16.9B | $17.4B | $17.3B |
| Property and equipment, net | $19.9B | $19.7B | $18.4B | $18.8B | $19.2B | $19.1B | $17.6B | $17.7B | $17.6B | $18.4B |
| Total assets | $34.4B | $35.3B | $34.5B | $39.5B | $46.7B | $44.6B | $43.7B | $41.8B | $43.1B | $54.1B |
| Total liabilities | $28.0B | $29.4B | $30.9B | $37.5B | $45.3B | $49.5B | $58.0B | $56.8B | $57.3B | $64.1B |
| Shareholders' equity | $6.4B | $5.9B | $3.6B | $2.0B | $1.4B | −$4.8B | −$14.3B | −$15.1B | −$14.2B | −$9.9B |
| Margins | ||||||||||
| Gross margin | 33.3% | 32.7% | 32.1% | 31.8% | 33.0% | 33.3% | 33.2% | 33.4% | 33.3% | 33.5% |
| Operating margin | 9.0% | 9.6% | 5.6% | 8.8% | 10.8% | 12.6% | 10.5% | 13.4% | 12.5% | 11.8% |
| EBITDA margin | 11.4% | 11.8% | 7.9% | 10.7% | 12.6% | 14.5% | 12.5% | 15.6% | 14.9% | 14.3% |
| Net margin | 4.8% | 5.0% | 3.3% | 5.9% | 6.5% | 8.8% | 6.6% | 8.9% | 8.3% | 7.7% |
| FCF margin | 6.8% | 5.7% | 7.0% | 3.9% | 10.3% | 8.6% | 7.0% | 7.2% | 9.2% | 8.9% |
| Returns | ||||||||||
| Return on capital | 16.9% | 19.0% | 13.3% | 24.3% | 37.9% | 49.6% | 39.0% | 45.8% | 40.4% | 31.9% |
| Return on capital employed | 27.1% | 28.9% | 18.6% | 28.5% | 36.9% | 45.7% | 41.3% | 45.8% | 41.4% | 34.4% |
| Return on equity | 43.9% | 56.0% | 48.6% | 152.5% | — | — | — | — | — | — |
| Return on assets | 9.4% | 9.9% | 6.6% | 11.6% | 13.5% | 18.5% | 14.6% | 18.1% | 16.4% | 13.7% |
| Growth | ||||||||||
| Revenue growth | 10.1% | 5.5% | 3.9% | 1.2% | 24.2% | 7.4% | 0.8% | −11.0% | −3.1% | 3.1% |
| Net income growth | 21.4% | 11.5% | −32.9% | 85.0% | 36.3% | 44.7% | −23.8% | 20.0% | −10.0% | −4.4% |
| EPS growth | 27.1% | 17.9% | −30.6% | 93.3% | 41.2% | 55.4% | −15.5% | 29.8% | −7.4% | −3.1% |
| FCF growth | 24.1% | −11.4% | 27.3% | −44.0% | 229.2% | −10.8% | −18.2% | −8.6% | 24.6% | −0.6% |
| Share count change | −5.2% | −4.7% | −3.3% | −4.2% | −3.6% | −6.8% | −9.7% | −7.5% | −2.7% | −1.4% |
| Financial health | ||||||||||
| Net debt / EBITDA | 2.0x | 2.0x | 2.8x | 2.4x | 1.5x | 1.7x | 2.7x | 2.6x | 2.7x | 3.2x |
| Debt / equity | 2.4x | 2.9x | 4.5x | — | — | — | — | — | — | — |
| Interest coverage | 9.4x | 10.1x | 6.3x | 9.4x | 11.7x | 14.5x | 10.4x | 7.9x | 7.1x | 6.8x |
| Current ratio | 1.0x | 1.1x | 1.0x | 1.0x | 1.2x | 1.0x | 1.1x | 1.2x | 1.1x | 1.1x |
| Quick ratio | 0.1x | 0.1x | 0.1x | 0.1x | 0.3x | 0.1x | 0.2x | 0.1x | 0.2x | 0.2x |
| Capital allocation | ||||||||||
| Capex / revenue | 1.8% | 1.6% | 1.7% | 2.1% | 2.0% | 1.9% | 1.9% | 2.3% | 2.3% | 2.6% |
| Stock comp / revenue | 0.1% | 0.1% | 0.1% | 0.1% | 0.2% | 0.2% | 0.2% | 0.2% | 0.3% | 0.3% |
| Payouts / FCF | 106.0% | 113.7% | 89.5% | 210.9% | 72.1% | 181.6% | 244.0% | 140.4% | 86.0% | 37.2% |
| Quality scores | ||||||||||
| Piotroski F-score | 6.0 | 6.0 | 6.0 | 7.0 | 9.0 | 6.0 | 6.0 | 7.0 | 6.0 | 6.0 |
| Altman Z'' | 2.0 | 2.1 | 1.2 | 1.3 | 2.0 | 1.4 | 0.5 | 0.9 | 0.5 | 0.6 |
| Accruals ratio | −7.7% | −4.6% | −11.1% | −0.0% | −12.1% | −3.7% | −4.9% | −1.0% | −6.3% | −6.6% |
Source: SEC EDGAR XBRL filings (CIK 0000060667). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.