Adjusted Financial Ratios (Summary)
Adjusted Total Asset Turnover
Adjusted Current Ratio
Adjusted Debt to Equity
Adjusted Debt to Capital
Adjusted Financial Leverage
Adjusted Net Profit Margin
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Lowe’s Cos. Inc., adjusted financial ratios

	Feb 2, 2024	Feb 3, 2023	Jan 28, 2022	Jan 29, 2021	Jan 31, 2020	Feb 1, 2019
Activity Ratio
Total Asset Turnover
Reported	2.07	2.22	2.16	1.92	1.83	2.07
Adjusted	2.07	2.23	2.17	1.94	1.84	1.88
Liquidity Ratio
Current Ratio
Reported	1.23	1.10	1.02	1.19	1.01	0.98
Adjusted	1.35	1.20	1.13	1.30	1.10	1.08
Solvency Ratios
Debt to Equity
Reported	—	—	—	15.16	9.79	4.45
Adjusted	—	—	—	7.04	6.14	3.63
Debt to Capital
Reported	1.72	1.72	1.24	0.94	0.91	0.82
Adjusted	1.46	1.44	1.07	0.88	0.86	0.78
Financial Leverage
Reported	—	—	—	32.52	20.02	9.47
Adjusted	—	—	—	12.46	10.15	6.92
Profitability Ratios
Net Profit Margin
Reported	8.94%	6.63%	8.77%	6.51%	5.93%	3.25%
Adjusted	8.76%	6.56%	9.41%	6.94%	6.21%	2.64%
Return on Equity (ROE)
Reported	—	—	—	406.05%	217.09%	63.50%
Adjusted	—	—	—	167.83%	115.79%	34.37%
Return on Assets (ROA)
Reported	18.49%	14.73%	18.91%	12.49%	10.85%	6.71%
Adjusted	18.18%	14.62%	20.45%	13.47%	11.41%	4.97%

Based on: 10-K (reporting date: 2024-02-02), 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-02-01).

Financial ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Lowe’s Cos. Inc. adjusted total asset turnover ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.
Adjusted current ratio	A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities.	Lowe’s Cos. Inc. adjusted current ratio improved from 2022 to 2023 and from 2023 to 2024.
Adjusted debt-to-capital ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity.	Lowe’s Cos. Inc. adjusted debt-to-capital ratio deteriorated from 2022 to 2023 and from 2023 to 2024.
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Lowe’s Cos. Inc. adjusted net profit margin ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 not reaching 2022 level.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Lowe’s Cos. Inc. adjusted ROA deteriorated from 2022 to 2023 but then improved from 2023 to 2024 not reaching 2022 level.

Lowe’s Cos. Inc., Financial Ratios: Reported vs. Adjusted

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	Feb 2, 2024	Feb 3, 2023	Jan 28, 2022	Jan 29, 2021	Jan 31, 2020	Feb 1, 2019
Reported
Selected Financial Data (US$ in millions)
Net sales	86,377)	97,059)	96,250)	89,597)	72,148)	71,309)
Total assets	41,795)	43,708)	44,640)	46,735)	39,471)	34,508)
Activity Ratio
Total asset turnover¹	2.07	2.22	2.16	1.92	1.83	2.07
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net sales²	86,206)	96,822)	96,664)	90,111)	72,135)	71,254)
Adjusted total assets³	41,547)	43,458)	44,476)	46,395)	39,255)	37,877)
Activity Ratio
Adjusted total asset turnover⁴	2.07	2.23	2.17	1.94	1.84	1.88

Based on: 10-K (reporting date: 2024-02-02), 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-02-01).

¹ 2024 Calculation
Total asset turnover = Net sales ÷ Total assets
= 86,377 ÷ 41,795 = 2.07

² Adjusted net sales. See details »

³ Adjusted total assets. See details »

⁴ 2024 Calculation
Adjusted total asset turnover = Adjusted net sales ÷ Adjusted total assets
= 86,206 ÷ 41,547 = 2.07

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Lowe’s Cos. Inc. adjusted total asset turnover ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.

	Feb 2, 2024	Feb 3, 2023	Jan 28, 2022	Jan 29, 2021	Jan 31, 2020	Feb 1, 2019
Reported
Selected Financial Data (US$ in millions)
Current assets	19,071)	21,442)	20,060)	22,326)	15,318)	14,228)
Current liabilities	15,568)	19,511)	19,668)	18,730)	15,182)	14,497)
Liquidity Ratio
Current ratio¹	1.23	1.10	1.02	1.19	1.01	0.98
Adjusted
Selected Financial Data (US$ in millions)
Current assets	19,071)	21,442)	20,060)	22,326)	15,318)	14,228)
Adjusted current liabilities²	14,160)	17,908)	17,754)	17,122)	13,963)	13,198)
Liquidity Ratio
Adjusted current ratio³	1.35	1.20	1.13	1.30	1.10	1.08

Based on: 10-K (reporting date: 2024-02-02), 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-02-01).

¹ 2024 Calculation
Current ratio = Current assets ÷ Current liabilities
= 19,071 ÷ 15,568 = 1.23

² Adjusted current liabilities. See details »

³ 2024 Calculation
Adjusted current ratio = Current assets ÷ Adjusted current liabilities
= 19,071 ÷ 14,160 = 1.35

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Liquidity ratio	Description	The company
Adjusted current ratio	A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities.	Lowe’s Cos. Inc. adjusted current ratio improved from 2022 to 2023 and from 2023 to 2024.

	Feb 2, 2024	Feb 3, 2023	Jan 28, 2022	Jan 29, 2021	Jan 31, 2020	Feb 1, 2019
Reported
Selected Financial Data (US$ in millions)
Total debt	35,921)	33,960)	24,727)	21,780)	19,306)	16,223)
Shareholders’ equity (deficit)	(15,050)	(14,254)	(4,816)	1,437)	1,972)	3,644)
Solvency Ratio
Debt to equity¹	—	—	—	15.16	9.79	4.45
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt²	40,145)	37,994)	29,384)	26,211)	23,750)	19,886)
Adjusted shareholders’ equity (deficit)³	(12,665)	(11,700)	(1,939)	3,724)	3,869)	5,476)
Solvency Ratio
Adjusted debt to equity⁴	—	—	—	7.04	6.14	3.63

Based on: 10-K (reporting date: 2024-02-02), 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-02-01).

¹ 2024 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity (deficit)
= 35,921 ÷ -15,050 = —

² Adjusted total debt. See details »

³ Adjusted shareholders’ equity (deficit). See details »

⁴ 2024 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted shareholders’ equity (deficit)
= 40,145 ÷ -12,665 = —

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	Feb 2, 2024	Feb 3, 2023	Jan 28, 2022	Jan 29, 2021	Jan 31, 2020	Feb 1, 2019
Reported
Selected Financial Data (US$ in millions)
Total debt	35,921)	33,960)	24,727)	21,780)	19,306)	16,223)
Total capital	20,871)	19,706)	19,911)	23,217)	21,278)	19,867)
Solvency Ratio
Debt to capital¹	1.72	1.72	1.24	0.94	0.91	0.82
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt²	40,145)	37,994)	29,384)	26,211)	23,750)	19,886)
Adjusted total capital³	27,480)	26,294)	27,445)	29,935)	27,619)	25,362)
Solvency Ratio
Adjusted debt to capital⁴	1.46	1.44	1.07	0.88	0.86	0.78

Based on: 10-K (reporting date: 2024-02-02), 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-02-01).

¹ 2024 Calculation
Debt to capital = Total debt ÷ Total capital
= 35,921 ÷ 20,871 = 1.72

² Adjusted total debt. See details »

³ Adjusted total capital. See details »

⁴ 2024 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 40,145 ÷ 27,480 = 1.46

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Solvency ratio	Description	The company
Adjusted debt-to-capital ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity.	Lowe’s Cos. Inc. adjusted debt-to-capital ratio deteriorated from 2022 to 2023 and from 2023 to 2024.

	Feb 2, 2024	Feb 3, 2023	Jan 28, 2022	Jan 29, 2021	Jan 31, 2020	Feb 1, 2019
Reported
Selected Financial Data (US$ in millions)
Total assets	41,795)	43,708)	44,640)	46,735)	39,471)	34,508)
Shareholders’ equity (deficit)	(15,050)	(14,254)	(4,816)	1,437)	1,972)	3,644)
Solvency Ratio
Financial leverage¹	—	—	—	32.52	20.02	9.47
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets²	41,547)	43,458)	44,476)	46,395)	39,255)	37,877)
Adjusted shareholders’ equity (deficit)³	(12,665)	(11,700)	(1,939)	3,724)	3,869)	5,476)
Solvency Ratio
Adjusted financial leverage⁴	—	—	—	12.46	10.15	6.92

Based on: 10-K (reporting date: 2024-02-02), 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-02-01).

¹ 2024 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity (deficit)
= 41,795 ÷ -15,050 = —

² Adjusted total assets. See details »

³ Adjusted shareholders’ equity (deficit). See details »

⁴ 2024 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted shareholders’ equity (deficit)
= 41,547 ÷ -12,665 = —

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	Feb 2, 2024	Feb 3, 2023	Jan 28, 2022	Jan 29, 2021	Jan 31, 2020	Feb 1, 2019
Reported
Selected Financial Data (US$ in millions)
Net earnings	7,726)	6,437)	8,442)	5,835)	4,281)	2,314)
Net sales	86,377)	97,059)	96,250)	89,597)	72,148)	71,309)
Profitability Ratio
Net profit margin¹	8.94%	6.63%	8.77%	6.51%	5.93%	3.25%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net earnings²	7,553)	6,355)	9,096)	6,250)	4,480)	1,882)
Adjusted net sales³	86,206)	96,822)	96,664)	90,111)	72,135)	71,254)
Profitability Ratio
Adjusted net profit margin⁴	8.76%	6.56%	9.41%	6.94%	6.21%	2.64%

Based on: 10-K (reporting date: 2024-02-02), 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-02-01).

¹ 2024 Calculation
Net profit margin = 100 × Net earnings ÷ Net sales
= 100 × 7,726 ÷ 86,377 = 8.94%

² Adjusted net earnings. See details »

³ Adjusted net sales. See details »

⁴ 2024 Calculation
Adjusted net profit margin = 100 × Adjusted net earnings ÷ Adjusted net sales
= 100 × 7,553 ÷ 86,206 = 8.76%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Lowe’s Cos. Inc. adjusted net profit margin ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 not reaching 2022 level.

	Feb 2, 2024	Feb 3, 2023	Jan 28, 2022	Jan 29, 2021	Jan 31, 2020	Feb 1, 2019
Reported
Selected Financial Data (US$ in millions)
Net earnings	7,726)	6,437)	8,442)	5,835)	4,281)	2,314)
Shareholders’ equity (deficit)	(15,050)	(14,254)	(4,816)	1,437)	1,972)	3,644)
Profitability Ratio
ROE¹	—	—	—	406.05%	217.09%	63.50%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net earnings²	7,553)	6,355)	9,096)	6,250)	4,480)	1,882)
Adjusted shareholders’ equity (deficit)³	(12,665)	(11,700)	(1,939)	3,724)	3,869)	5,476)
Profitability Ratio
Adjusted ROE⁴	—	—	—	167.83%	115.79%	34.37%

Based on: 10-K (reporting date: 2024-02-02), 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-02-01).

¹ 2024 Calculation
ROE = 100 × Net earnings ÷ Shareholders’ equity (deficit)
= 100 × 7,726 ÷ -15,050 = —

² Adjusted net earnings. See details »

³ Adjusted shareholders’ equity (deficit). See details »

⁴ 2024 Calculation
Adjusted ROE = 100 × Adjusted net earnings ÷ Adjusted shareholders’ equity (deficit)
= 100 × 7,553 ÷ -12,665 = —

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	Feb 2, 2024	Feb 3, 2023	Jan 28, 2022	Jan 29, 2021	Jan 31, 2020	Feb 1, 2019
Reported
Selected Financial Data (US$ in millions)
Net earnings	7,726)	6,437)	8,442)	5,835)	4,281)	2,314)
Total assets	41,795)	43,708)	44,640)	46,735)	39,471)	34,508)
Profitability Ratio
ROA¹	18.49%	14.73%	18.91%	12.49%	10.85%	6.71%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net earnings²	7,553)	6,355)	9,096)	6,250)	4,480)	1,882)
Adjusted total assets³	41,547)	43,458)	44,476)	46,395)	39,255)	37,877)
Profitability Ratio
Adjusted ROA⁴	18.18%	14.62%	20.45%	13.47%	11.41%	4.97%

Based on: 10-K (reporting date: 2024-02-02), 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-02-01).

¹ 2024 Calculation
ROA = 100 × Net earnings ÷ Total assets
= 100 × 7,726 ÷ 41,795 = 18.49%

² Adjusted net earnings. See details »

³ Adjusted total assets. See details »

⁴ 2024 Calculation
Adjusted ROA = 100 × Adjusted net earnings ÷ Adjusted total assets
= 100 × 7,553 ÷ 41,547 = 18.18%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Lowe’s Cos. Inc. adjusted ROA deteriorated from 2022 to 2023 but then improved from 2023 to 2024 not reaching 2022 level.

Lowe’s Cos. Inc. (NYSE:LOW)

Adjusted Financial Ratios

Adjusted Financial Ratios (Summary)

Lowe’s Cos. Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Adjusted Current Ratio

Adjusted Debt to Equity

Adjusted Debt to Capital

Adjusted Financial Leverage

Adjusted Net Profit Margin

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)