Analysis of Income Taxes
- Income Tax Expense (Benefit)
- Effective Income Tax Rate (EITR)
- Components of Deferred Tax Assets and Liabilities
- Deferred Tax Assets and Liabilities, Classification
- Adjustments to Financial Statements: Removal of Deferred Taxes
- Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)
- Adjusted Net Profit Margin
- Adjusted Total Asset Turnover
- Adjusted Financial Leverage
- Adjusted Return on Equity (ROE)
- Adjusted Return on Assets (ROA)
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- Common-Size Income Statement
- Analysis of Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Capital Asset Pricing Model (CAPM)
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Debt to Equity since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
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Income Tax Expense (Benefit)
Home Depot Inc., income tax expense (benefit), continuing operations
US$ in millions
| 12 months ended: | Jan 28, 2024 | Jan 29, 2023 | Jan 30, 2022 | Jan 31, 2021 | Feb 2, 2020 | Feb 3, 2019 | |||||||
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| Provision for income taxes |
Based on: 10-K (reporting date: 2024-01-28), 10-K (reporting date: 2023-01-29), 10-K (reporting date: 2022-01-30), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-02-02), 10-K (reporting date: 2019-02-03).
| Item | Description | The company |
|---|---|---|
| Current | Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations. | Home Depot Inc. current decreased from 2022 to 2023 and from 2023 to 2024. |
| Deferred | Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations. | Home Depot Inc. deferred increased from 2022 to 2023 but then slightly decreased from 2023 to 2024 not reaching 2022 level. |
| Provision for income taxes | Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. | Home Depot Inc. provision for income taxes increased from 2022 to 2023 but then decreased significantly from 2023 to 2024. |
Effective Income Tax Rate (EITR)
Home Depot Inc., effective income tax rate (EITR) reconciliation
| Jan 28, 2024 | Jan 29, 2023 | Jan 30, 2022 | Jan 31, 2021 | Feb 2, 2020 | Feb 3, 2019 | ||
|---|---|---|---|---|---|---|---|
| Federal statutory tax rate | |||||||
| Combined federal, state, and foreign effective tax rate |
Based on: 10-K (reporting date: 2024-01-28), 10-K (reporting date: 2023-01-29), 10-K (reporting date: 2022-01-30), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-02-02), 10-K (reporting date: 2019-02-03).
| Item | Description | The company |
|---|---|---|
| Combined federal, state, and foreign effective tax rate | Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. | Home Depot Inc. combined federal, state, and foreign effective tax rate decreased from 2022 to 2023 but then slightly increased from 2023 to 2024. |
Components of Deferred Tax Assets and Liabilities
Home Depot Inc., components of deferred tax assets and liabilities
US$ in millions
Based on: 10-K (reporting date: 2024-01-28), 10-K (reporting date: 2023-01-29), 10-K (reporting date: 2022-01-30), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-02-02), 10-K (reporting date: 2019-02-03).
| Item | Description | The company |
|---|---|---|
| Deferred tax assets | Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. | Home Depot Inc. deferred tax assets increased from 2022 to 2023 and from 2023 to 2024. |
| Deferred tax assets, net of valuation allowance | Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. | Home Depot Inc. deferred tax assets, net of valuation allowance increased from 2022 to 2023 and from 2023 to 2024. |
| Net deferred tax assets (liabilities) | Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting. | Home Depot Inc. net deferred tax assets (liabilities) decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level. |
Deferred Tax Assets and Liabilities, Classification
Home Depot Inc., deferred tax assets and liabilities, classification
US$ in millions
| Jan 28, 2024 | Jan 29, 2023 | Jan 30, 2022 | Jan 31, 2021 | Feb 2, 2020 | Feb 3, 2019 | ||
|---|---|---|---|---|---|---|---|
| Deferred tax assets (included in Other assets) | |||||||
| Deferred tax liabilities |
Based on: 10-K (reporting date: 2024-01-28), 10-K (reporting date: 2023-01-29), 10-K (reporting date: 2022-01-30), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-02-02), 10-K (reporting date: 2019-02-03).
| Item | Description | The company |
|---|---|---|
| Deferred tax assets (included in Other assets) | Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting and classified as noncurrent. | Home Depot Inc. deferred tax assets (included in Other assets) decreased from 2022 to 2023 and from 2023 to 2024. |
| Deferred tax liabilities | Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, with jurisdictional netting and classified as noncurrent. | Home Depot Inc. deferred tax liabilities increased from 2022 to 2023 but then decreased significantly from 2023 to 2024. |
Adjustments to Financial Statements: Removal of Deferred Taxes
Home Depot Inc., adjustments to financial statements
US$ in millions
Based on: 10-K (reporting date: 2024-01-28), 10-K (reporting date: 2023-01-29), 10-K (reporting date: 2022-01-30), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-02-02), 10-K (reporting date: 2019-02-03).
Home Depot Inc., Financial Data: Reported vs. Adjusted
Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)
Home Depot Inc., adjusted financial ratios
Based on: 10-K (reporting date: 2024-01-28), 10-K (reporting date: 2023-01-29), 10-K (reporting date: 2022-01-30), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-02-02), 10-K (reporting date: 2019-02-03).
| Financial ratio | Description | The company |
|---|---|---|
| Adjusted net profit margin | An indicator of profitability, calculated as adjusted net income divided by total revenue. | Home Depot Inc. adjusted net profit margin ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024. |
| Adjusted total asset turnover | An activity ratio calculated as total revenue divided by adjusted total assets. | Home Depot Inc. adjusted total asset turnover ratio deteriorated from 2022 to 2023 and from 2023 to 2024. |
| Adjusted ROA | A profitability ratio calculated as adjusted net income divided by adjusted total assets. | Home Depot Inc. adjusted ROA improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024. |
Home Depot Inc., Financial Ratios: Reported vs. Adjusted
Adjusted Net Profit Margin
Based on: 10-K (reporting date: 2024-01-28), 10-K (reporting date: 2023-01-29), 10-K (reporting date: 2022-01-30), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-02-02), 10-K (reporting date: 2019-02-03).
2024 Calculations
1 Net profit margin = 100 × Net earnings ÷ Net sales
= 100 × ÷ =
2 Adjusted net profit margin = 100 × Adjusted net earnings ÷ Net sales
= 100 × ÷ =
| Profitability ratio | Description | The company |
|---|---|---|
| Adjusted net profit margin | An indicator of profitability, calculated as adjusted net income divided by total revenue. | Home Depot Inc. adjusted net profit margin ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024. |
Adjusted Total Asset Turnover
Based on: 10-K (reporting date: 2024-01-28), 10-K (reporting date: 2023-01-29), 10-K (reporting date: 2022-01-30), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-02-02), 10-K (reporting date: 2019-02-03).
2024 Calculations
1 Total asset turnover = Net sales ÷ Total assets
= ÷ =
2 Adjusted total asset turnover = Net sales ÷ Adjusted total assets
= ÷ =
| Activity ratio | Description | The company |
|---|---|---|
| Adjusted total asset turnover | An activity ratio calculated as total revenue divided by adjusted total assets. | Home Depot Inc. adjusted total asset turnover ratio deteriorated from 2022 to 2023 and from 2023 to 2024. |
Adjusted Financial Leverage
Based on: 10-K (reporting date: 2024-01-28), 10-K (reporting date: 2023-01-29), 10-K (reporting date: 2022-01-30), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-02-02), 10-K (reporting date: 2019-02-03).
2024 Calculations
1 Financial leverage = Total assets ÷ Stockholders’ equity (deficit)
= ÷ =
2 Adjusted financial leverage = Adjusted total assets ÷ Adjusted stockholders’ equity (deficit)
= ÷ =
Adjusted Return on Equity (ROE)
Based on: 10-K (reporting date: 2024-01-28), 10-K (reporting date: 2023-01-29), 10-K (reporting date: 2022-01-30), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-02-02), 10-K (reporting date: 2019-02-03).
2024 Calculations
1 ROE = 100 × Net earnings ÷ Stockholders’ equity (deficit)
= 100 × ÷ =
2 Adjusted ROE = 100 × Adjusted net earnings ÷ Adjusted stockholders’ equity (deficit)
= 100 × ÷ =
Adjusted Return on Assets (ROA)
Based on: 10-K (reporting date: 2024-01-28), 10-K (reporting date: 2023-01-29), 10-K (reporting date: 2022-01-30), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-02-02), 10-K (reporting date: 2019-02-03).
2024 Calculations
1 ROA = 100 × Net earnings ÷ Total assets
= 100 × ÷ =
2 Adjusted ROA = 100 × Adjusted net earnings ÷ Adjusted total assets
= 100 × ÷ =
| Profitability ratio | Description | The company |
|---|---|---|
| Adjusted ROA | A profitability ratio calculated as adjusted net income divided by adjusted total assets. | Home Depot Inc. adjusted ROA improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024. |