Stock Analysis on Net
Stock Analysis on Net

Lowe’s Cos. Inc. (NYSE:LOW)

Adjusted Financial Ratios

Microsoft Excel

Adjusted Financial Ratios (Summary)

Lowe’s Cos. Inc., adjusted financial ratios

Microsoft Excel
Jan 31, 2025 Feb 2, 2024 Feb 3, 2023 Jan 28, 2022 Jan 29, 2021 Jan 31, 2020
Activity Ratio
Total Asset Turnover
Reported 1.94 2.07 2.22 2.16 1.92 1.83
Adjusted 1.95 2.07 2.23 2.17 1.94 1.84
Liquidity Ratio
Current Ratio
Reported 1.09 1.23 1.10 1.02 1.19 1.01
Adjusted 1.17 1.35 1.20 1.13 1.30 1.10
Solvency Ratios
Debt to Equity
Reported — — — — 15.16 9.79
Adjusted — — — — 7.04 6.14
Debt to Capital
Reported 1.67 1.72 1.72 1.24 0.94 0.91
Adjusted 1.43 1.46 1.44 1.07 0.88 0.86
Financial Leverage
Reported — — — — 32.52 20.02
Adjusted — — — — 12.46 10.15
Profitability Ratios
Net Profit Margin
Reported 8.31% 8.94% 6.63% 8.77% 6.51% 5.93%
Adjusted 8.30% 8.76% 6.56% 9.41% 6.94% 6.21%
Return on Equity (ROE)
Reported — — — — 406.05% 217.09%
Adjusted — — — — 167.83% 115.79%
Return on Assets (ROA)
Reported 16.14% 18.49% 14.73% 18.91% 12.49% 10.85%
Adjusted 16.21% 18.18% 14.62% 20.45% 13.47% 11.41%

Based on: 10-K (reporting date: 2025-01-31), 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).

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 deteriorated from 2023 to 2024 and from 2024 to 2025.
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 2023 to 2024 but then deteriorated significantly from 2024 to 2025.
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 2023 to 2024 but then improved from 2024 to 2025 exceeding 2023 level.
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 improved from 2023 to 2024 but then slightly deteriorated from 2024 to 2025.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Lowe’s Cos. Inc. adjusted ROA improved from 2023 to 2024 but then slightly deteriorated from 2024 to 2025 not reaching 2023 level.

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

Adjusted Total Asset Turnover

Microsoft Excel
Jan 31, 2025 Feb 2, 2024 Feb 3, 2023 Jan 28, 2022 Jan 29, 2021 Jan 31, 2020
Reported
Selected Financial Data (US$ in millions)
Net sales 83,674 86,377 97,059 96,250 89,597 72,148
Total assets 43,102 41,795 43,708 44,640 46,735 39,471
Activity Ratio
Total asset turnover1 1.94 2.07 2.22 2.16 1.92 1.83
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net sales2 83,667 86,206 96,822 96,664 90,111 72,135
Adjusted total assets3 42,858 41,547 43,458 44,476 46,395 39,255
Activity Ratio
Adjusted total asset turnover4 1.95 2.07 2.23 2.17 1.94 1.84

Based on: 10-K (reporting date: 2025-01-31), 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).

1 2025 Calculation
Total asset turnover = Net sales ÷ Total assets
= 83,674 ÷ 43,102 = 1.94

2 Adjusted net sales. See details »

3 Adjusted total assets. See details »

4 2025 Calculation
Adjusted total asset turnover = Adjusted net sales ÷ Adjusted total assets
= 83,667 ÷ 42,858 = 1.95

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 deteriorated from 2023 to 2024 and from 2024 to 2025.

Adjusted Current Ratio

Microsoft Excel
Jan 31, 2025 Feb 2, 2024 Feb 3, 2023 Jan 28, 2022 Jan 29, 2021 Jan 31, 2020
Reported
Selected Financial Data (US$ in millions)
Current assets 20,358 19,071 21,442 20,060 22,326 15,318
Current liabilities 18,757 15,568 19,511 19,668 18,730 15,182
Liquidity Ratio
Current ratio1 1.09 1.23 1.10 1.02 1.19 1.01
Adjusted
Selected Financial Data (US$ in millions)
Current assets 20,358 19,071 21,442 20,060 22,326 15,318
Adjusted current liabilities2 17,399 14,160 17,908 17,754 17,122 13,963
Liquidity Ratio
Adjusted current ratio3 1.17 1.35 1.20 1.13 1.30 1.10

Based on: 10-K (reporting date: 2025-01-31), 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).

1 2025 Calculation
Current ratio = Current assets ÷ Current liabilities
= 20,358 ÷ 18,757 = 1.09

2 Adjusted current liabilities. See details »

3 2025 Calculation
Adjusted current ratio = Current assets ÷ Adjusted current liabilities
= 20,358 ÷ 17,399 = 1.17

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 2023 to 2024 but then deteriorated significantly from 2024 to 2025.

Adjusted Debt to Equity

Microsoft Excel
Jan 31, 2025 Feb 2, 2024 Feb 3, 2023 Jan 28, 2022 Jan 29, 2021 Jan 31, 2020
Reported
Selected Financial Data (US$ in millions)
Total debt 35,487 35,921 33,960 24,727 21,780 19,306
Shareholders’ equity (deficit) (14,231) (15,050) (14,254) (4,816) 1,437 1,972
Solvency Ratio
Debt to equity1 — — — — 15.16 9.79
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 39,678 40,145 37,994 29,384 26,211 23,750
Adjusted shareholders’ equity (deficit)3 (11,849) (12,665) (11,700) (1,939) 3,724 3,869
Solvency Ratio
Adjusted debt to equity4 — — — — 7.04 6.14

Based on: 10-K (reporting date: 2025-01-31), 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).

1 2025 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity (deficit)
= 35,487 ÷ -14,231 = —

2 Adjusted total debt. See details »

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

4 2025 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted shareholders’ equity (deficit)
= 39,678 ÷ -11,849 = —

Adjusted Debt to Capital

Microsoft Excel
Jan 31, 2025 Feb 2, 2024 Feb 3, 2023 Jan 28, 2022 Jan 29, 2021 Jan 31, 2020
Reported
Selected Financial Data (US$ in millions)
Total debt 35,487 35,921 33,960 24,727 21,780 19,306
Total capital 21,256 20,871 19,706 19,911 23,217 21,278
Solvency Ratio
Debt to capital1 1.67 1.72 1.72 1.24 0.94 0.91
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 39,678 40,145 37,994 29,384 26,211 23,750
Adjusted total capital3 27,829 27,480 26,294 27,445 29,935 27,619
Solvency Ratio
Adjusted debt to capital4 1.43 1.46 1.44 1.07 0.88 0.86

Based on: 10-K (reporting date: 2025-01-31), 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).

1 2025 Calculation
Debt to capital = Total debt ÷ Total capital
= 35,487 ÷ 21,256 = 1.67

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2025 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 39,678 ÷ 27,829 = 1.43

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 2023 to 2024 but then improved from 2024 to 2025 exceeding 2023 level.

Adjusted Financial Leverage

Microsoft Excel
Jan 31, 2025 Feb 2, 2024 Feb 3, 2023 Jan 28, 2022 Jan 29, 2021 Jan 31, 2020
Reported
Selected Financial Data (US$ in millions)
Total assets 43,102 41,795 43,708 44,640 46,735 39,471
Shareholders’ equity (deficit) (14,231) (15,050) (14,254) (4,816) 1,437 1,972
Solvency Ratio
Financial leverage1 — — — — 32.52 20.02
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 42,858 41,547 43,458 44,476 46,395 39,255
Adjusted shareholders’ equity (deficit)3 (11,849) (12,665) (11,700) (1,939) 3,724 3,869
Solvency Ratio
Adjusted financial leverage4 — — — — 12.46 10.15

Based on: 10-K (reporting date: 2025-01-31), 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).

1 2025 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity (deficit)
= 43,102 ÷ -14,231 = —

2 Adjusted total assets. See details »

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

4 2025 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted shareholders’ equity (deficit)
= 42,858 ÷ -11,849 = —

Adjusted Net Profit Margin

Microsoft Excel
Jan 31, 2025 Feb 2, 2024 Feb 3, 2023 Jan 28, 2022 Jan 29, 2021 Jan 31, 2020
Reported
Selected Financial Data (US$ in millions)
Net earnings 6,957 7,726 6,437 8,442 5,835 4,281
Net sales 83,674 86,377 97,059 96,250 89,597 72,148
Profitability Ratio
Net profit margin1 8.31% 8.94% 6.63% 8.77% 6.51% 5.93%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net earnings2 6,946 7,553 6,355 9,096 6,250 4,480
Adjusted net sales3 83,667 86,206 96,822 96,664 90,111 72,135
Profitability Ratio
Adjusted net profit margin4 8.30% 8.76% 6.56% 9.41% 6.94% 6.21%

Based on: 10-K (reporting date: 2025-01-31), 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).

1 2025 Calculation
Net profit margin = 100 × Net earnings ÷ Net sales
= 100 × 6,957 ÷ 83,674 = 8.31%

2 Adjusted net earnings. See details »

3 Adjusted net sales. See details »

4 2025 Calculation
Adjusted net profit margin = 100 × Adjusted net earnings ÷ Adjusted net sales
= 100 × 6,946 ÷ 83,667 = 8.30%

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 improved from 2023 to 2024 but then slightly deteriorated from 2024 to 2025.

Adjusted Return on Equity (ROE)

Microsoft Excel
Jan 31, 2025 Feb 2, 2024 Feb 3, 2023 Jan 28, 2022 Jan 29, 2021 Jan 31, 2020
Reported
Selected Financial Data (US$ in millions)
Net earnings 6,957 7,726 6,437 8,442 5,835 4,281
Shareholders’ equity (deficit) (14,231) (15,050) (14,254) (4,816) 1,437 1,972
Profitability Ratio
ROE1 — — — — 406.05% 217.09%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net earnings2 6,946 7,553 6,355 9,096 6,250 4,480
Adjusted shareholders’ equity (deficit)3 (11,849) (12,665) (11,700) (1,939) 3,724 3,869
Profitability Ratio
Adjusted ROE4 — — — — 167.83% 115.79%

Based on: 10-K (reporting date: 2025-01-31), 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).

1 2025 Calculation
ROE = 100 × Net earnings ÷ Shareholders’ equity (deficit)
= 100 × 6,957 ÷ -14,231 = —

2 Adjusted net earnings. See details »

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

4 2025 Calculation
Adjusted ROE = 100 × Adjusted net earnings ÷ Adjusted shareholders’ equity (deficit)
= 100 × 6,946 ÷ -11,849 = —

Adjusted Return on Assets (ROA)

Microsoft Excel
Jan 31, 2025 Feb 2, 2024 Feb 3, 2023 Jan 28, 2022 Jan 29, 2021 Jan 31, 2020
Reported
Selected Financial Data (US$ in millions)
Net earnings 6,957 7,726 6,437 8,442 5,835 4,281
Total assets 43,102 41,795 43,708 44,640 46,735 39,471
Profitability Ratio
ROA1 16.14% 18.49% 14.73% 18.91% 12.49% 10.85%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net earnings2 6,946 7,553 6,355 9,096 6,250 4,480
Adjusted total assets3 42,858 41,547 43,458 44,476 46,395 39,255
Profitability Ratio
Adjusted ROA4 16.21% 18.18% 14.62% 20.45% 13.47% 11.41%

Based on: 10-K (reporting date: 2025-01-31), 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).

1 2025 Calculation
ROA = 100 × Net earnings ÷ Total assets
= 100 × 6,957 ÷ 43,102 = 16.14%

2 Adjusted net earnings. See details »

3 Adjusted total assets. See details »

4 2025 Calculation
Adjusted ROA = 100 × Adjusted net earnings ÷ Adjusted total assets
= 100 × 6,946 ÷ 42,858 = 16.21%

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 improved from 2023 to 2024 but then slightly deteriorated from 2024 to 2025 not reaching 2023 level.