Stock Analysis on Net

Lowe’s Cos. Inc. (NYSE:LOW)

Analysis of Short-term (Operating) Activity Ratios 
Quarterly Data

Microsoft Excel

Short-term Activity Ratios (Summary)

Lowe’s Cos. Inc., short-term (operating) activity ratios (quarterly data)

Microsoft Excel
Aug 2, 2024 May 3, 2024 Feb 2, 2024 Nov 3, 2023 Aug 4, 2023 May 5, 2023 Feb 3, 2023 Oct 28, 2022 Jul 29, 2022 Apr 29, 2022 Jan 28, 2022 Oct 29, 2021 Jul 30, 2021 Apr 30, 2021 Jan 29, 2021 Oct 30, 2020 Jul 31, 2020 May 1, 2020 Jan 31, 2020 Nov 1, 2019 Aug 2, 2019 May 3, 2019 Feb 1, 2019 Nov 2, 2018 Aug 3, 2018 May 4, 2018
Turnover Ratios
Inventory turnover 3.33 3.13 3.41 3.43 3.57 3.28 3.50 3.23 3.29 3.14 3.65 3.82 3.66 3.44 3.71 3.64 3.90 3.52 3.73 3.57 3.58 3.26 3.85
Payables turnover 5.43 4.86 6.61 6.07 6.02 5.39 6.16 5.22 5.03 4.59 5.65 5.62 5.28 4.52 5.51 4.48 4.18 4.63 6.42 5.54 5.18 4.26 5.85
Working capital turnover 20.54 26.32 24.66 25.98 20.16 20.34 50.26 23.32 41.46 25.26 245.54 23.72 27.67 24.04 24.92 11.60 12.67 20.57 530.50 119.81 74.71 46.13
Average No. Days
Average inventory processing period 110 117 107 106 102 111 104 113 111 116 100 96 100 106 98 100 94 104 98 102 102 112 95
Less: Average payables payment period 67 75 55 60 61 68 59 70 72 79 65 65 69 81 66 81 87 79 57 66 70 86 62

Based on: 10-Q (reporting date: 2024-08-02), 10-Q (reporting date: 2024-05-03), 10-K (reporting date: 2024-02-02), 10-Q (reporting date: 2023-11-03), 10-Q (reporting date: 2023-08-04), 10-Q (reporting date: 2023-05-05), 10-K (reporting date: 2023-02-03), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-Q (reporting date: 2022-04-29), 10-K (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-Q (reporting date: 2021-04-30), 10-K (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-05-01), 10-K (reporting date: 2020-01-31), 10-Q (reporting date: 2019-11-01), 10-Q (reporting date: 2019-08-02), 10-Q (reporting date: 2019-05-03), 10-K (reporting date: 2019-02-01), 10-Q (reporting date: 2018-11-02), 10-Q (reporting date: 2018-08-03), 10-Q (reporting date: 2018-05-04).

Short-term activity ratio Description The company
Inventory turnover An activity ratio calculated as cost of goods sold divided by inventory. Lowe’s Cos. Inc. inventory turnover ratio deteriorated from Q4 2024 to Q1 2025 but then improved from Q1 2025 to Q2 2025 not reaching Q4 2024 level.
Payables turnover An activity ratio calculated as cost of goods sold divided by payables. Lowe’s Cos. Inc. payables turnover ratio decreased from Q4 2024 to Q1 2025 but then slightly increased from Q1 2025 to Q2 2025.
Working capital turnover An activity ratio calculated as revenue divided by working capital. Lowe’s Cos. Inc. working capital turnover ratio improved from Q4 2024 to Q1 2025 but then deteriorated significantly from Q1 2025 to Q2 2025.

Short-term activity ratio Description The company
Average inventory processing period An activity ratio equal to the number of days in the period divided by inventory turnover over the period. Lowe’s Cos. Inc. number of days of inventory outstanding deteriorated from Q4 2024 to Q1 2025 but then improved from Q1 2025 to Q2 2025 not reaching Q4 2024 level.
Average payables payment period An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period. Lowe’s Cos. Inc. number of days of payables outstanding increased from Q4 2024 to Q1 2025 but then slightly decreased from Q1 2025 to Q2 2025.

Inventory Turnover

Lowe’s Cos. Inc., inventory turnover calculation (quarterly data)

Microsoft Excel
Aug 2, 2024 May 3, 2024 Feb 2, 2024 Nov 3, 2023 Aug 4, 2023 May 5, 2023 Feb 3, 2023 Oct 28, 2022 Jul 29, 2022 Apr 29, 2022 Jan 28, 2022 Oct 29, 2021 Jul 30, 2021 Apr 30, 2021 Jan 29, 2021 Oct 30, 2020 Jul 31, 2020 May 1, 2020 Jan 31, 2020 Nov 1, 2019 Aug 2, 2019 May 3, 2019 Feb 1, 2019 Nov 2, 2018 Aug 3, 2018 May 4, 2018
Selected Financial Data (US$ in millions)
Cost of sales 15,691 14,274 12,576 13,580 16,557 14,820 15,189 15,661 18,343 15,609 14,313 15,331 18,258 16,292 13,856 15,009 17,998 13,162 11,045 11,748 14,252 12,160 10,748 12,038 14,003 11,612
Merchandise inventory, net 16,841 18,224 16,894 17,530 17,422 19,522 18,532 19,817 19,329 20,239 17,605 16,685 17,322 18,382 16,193 15,712 13,831 14,283 13,179 13,716 13,730 15,026 12,561 12,365 11,885 13,204
Short-term Activity Ratio
Inventory turnover1 3.33 3.13 3.41 3.43 3.57 3.28 3.50 3.23 3.29 3.14 3.65 3.82 3.66 3.44 3.71 3.64 3.90 3.52 3.73 3.57 3.58 3.26 3.85
Benchmarks
Inventory Turnover, Competitors2
Amazon.com Inc. 8.86 9.21 9.94 9.15 8.41 8.01 8.49 8.40 7.80 7.30 7.90 8.34 8.69 10.90 10.54 9.80 8.76 9.81 9.33 8.08
Home Depot Inc. 4.38 4.51 4.85 4.49 4.43 4.08 4.20 4.07 3.96 4.01 4.55 4.76 5.06 4.87 5.25 5.13 5.83 4.93 5.00 4.65 4.91 4.65 5.10
TJX Cos. Inc. 5.99 6.16 6.36 4.48 5.56 5.64 6.21 4.26 5.04 5.10 5.82 4.90 6.04 5.35 5.66 5.08 6.88 5.59 6.13 4.64 5.64 5.59 6.08

Based on: 10-Q (reporting date: 2024-08-02), 10-Q (reporting date: 2024-05-03), 10-K (reporting date: 2024-02-02), 10-Q (reporting date: 2023-11-03), 10-Q (reporting date: 2023-08-04), 10-Q (reporting date: 2023-05-05), 10-K (reporting date: 2023-02-03), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-Q (reporting date: 2022-04-29), 10-K (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-Q (reporting date: 2021-04-30), 10-K (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-05-01), 10-K (reporting date: 2020-01-31), 10-Q (reporting date: 2019-11-01), 10-Q (reporting date: 2019-08-02), 10-Q (reporting date: 2019-05-03), 10-K (reporting date: 2019-02-01), 10-Q (reporting date: 2018-11-02), 10-Q (reporting date: 2018-08-03), 10-Q (reporting date: 2018-05-04).

1 Q2 2025 Calculation
Inventory turnover = (Cost of salesQ2 2025 + Cost of salesQ1 2025 + Cost of salesQ4 2024 + Cost of salesQ3 2024) ÷ Merchandise inventory, net
= (15,691 + 14,274 + 12,576 + 13,580) ÷ 16,841 = 3.33

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Inventory turnover An activity ratio calculated as cost of goods sold divided by inventory. Lowe’s Cos. Inc. inventory turnover ratio deteriorated from Q4 2024 to Q1 2025 but then improved from Q1 2025 to Q2 2025 not reaching Q4 2024 level.

Payables Turnover

Lowe’s Cos. Inc., payables turnover calculation (quarterly data)

Microsoft Excel
Aug 2, 2024 May 3, 2024 Feb 2, 2024 Nov 3, 2023 Aug 4, 2023 May 5, 2023 Feb 3, 2023 Oct 28, 2022 Jul 29, 2022 Apr 29, 2022 Jan 28, 2022 Oct 29, 2021 Jul 30, 2021 Apr 30, 2021 Jan 29, 2021 Oct 30, 2020 Jul 31, 2020 May 1, 2020 Jan 31, 2020 Nov 1, 2019 Aug 2, 2019 May 3, 2019 Feb 1, 2019 Nov 2, 2018 Aug 3, 2018 May 4, 2018
Selected Financial Data (US$ in millions)
Cost of sales 15,691 14,274 12,576 13,580 16,557 14,820 15,189 15,661 18,343 15,609 14,313 15,331 18,258 16,292 13,856 15,009 17,998 13,162 11,045 11,748 14,252 12,160 10,748 12,038 14,003 11,612
Accounts payable 10,336 11,737 8,704 9,914 10,333 11,885 10,524 12,249 12,631 13,831 11,354 11,334 12,011 13,964 10,884 12,759 12,916 10,841 7,659 8,822 9,499 11,485 8,279 9,283 8,984 10,104
Short-term Activity Ratio
Payables turnover1 5.43 4.86 6.61 6.07 6.02 5.39 6.16 5.22 5.03 4.59 5.65 5.62 5.28 4.52 5.51 4.48 4.18 4.63 6.42 5.54 5.18 4.26 5.85
Benchmarks
Payables Turnover, Competitors2
Amazon.com Inc. 3.78 3.84 4.24 3.59 4.14 4.22 4.34 3.63 4.22 3.91 4.03 3.46 3.76 3.98 3.93 3.22 3.57 3.77 4.39 3.51
Home Depot Inc. 7.65 8.04 10.13 8.92 8.51 8.20 9.14 8.43 7.19 6.59 7.45 7.32 7.47 6.44 7.52 6.42 6.73 7.35 9.33 7.91 7.62 6.99 9.16
TJX Cos. Inc. 8.61 9.41 9.83 6.85 8.26 8.43 9.53 7.11 8.74 8.16 7.77 5.97 6.96 6.17 5.09 4.13 10.64 25.79 11.17 8.45 11.00 10.97 10.53

Based on: 10-Q (reporting date: 2024-08-02), 10-Q (reporting date: 2024-05-03), 10-K (reporting date: 2024-02-02), 10-Q (reporting date: 2023-11-03), 10-Q (reporting date: 2023-08-04), 10-Q (reporting date: 2023-05-05), 10-K (reporting date: 2023-02-03), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-Q (reporting date: 2022-04-29), 10-K (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-Q (reporting date: 2021-04-30), 10-K (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-05-01), 10-K (reporting date: 2020-01-31), 10-Q (reporting date: 2019-11-01), 10-Q (reporting date: 2019-08-02), 10-Q (reporting date: 2019-05-03), 10-K (reporting date: 2019-02-01), 10-Q (reporting date: 2018-11-02), 10-Q (reporting date: 2018-08-03), 10-Q (reporting date: 2018-05-04).

1 Q2 2025 Calculation
Payables turnover = (Cost of salesQ2 2025 + Cost of salesQ1 2025 + Cost of salesQ4 2024 + Cost of salesQ3 2024) ÷ Accounts payable
= (15,691 + 14,274 + 12,576 + 13,580) ÷ 10,336 = 5.43

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Payables turnover An activity ratio calculated as cost of goods sold divided by payables. Lowe’s Cos. Inc. payables turnover ratio decreased from Q4 2024 to Q1 2025 but then slightly increased from Q1 2025 to Q2 2025.

Working Capital Turnover

Lowe’s Cos. Inc., working capital turnover calculation (quarterly data)

Microsoft Excel
Aug 2, 2024 May 3, 2024 Feb 2, 2024 Nov 3, 2023 Aug 4, 2023 May 5, 2023 Feb 3, 2023 Oct 28, 2022 Jul 29, 2022 Apr 29, 2022 Jan 28, 2022 Oct 29, 2021 Jul 30, 2021 Apr 30, 2021 Jan 29, 2021 Oct 30, 2020 Jul 31, 2020 May 1, 2020 Jan 31, 2020 Nov 1, 2019 Aug 2, 2019 May 3, 2019 Feb 1, 2019 Nov 2, 2018 Aug 3, 2018 May 4, 2018
Selected Financial Data (US$ in millions)
Current assets 22,337 22,750 19,071 19,968 22,236 23,918 21,442 24,991 22,667 25,611 20,060 24,849 25,083 26,816 22,326 26,916 27,717 21,926 15,318 15,662 16,796 19,335 14,228 15,138 15,483 16,033
Less: Current liabilities 18,246 19,506 15,568 16,496 17,612 19,210 19,511 20,876 20,366 21,831 19,668 20,834 21,664 22,892 18,730 19,564 21,370 18,325 15,182 15,063 15,835 17,781 14,497 15,069 14,581 15,774
Working capital 4,091 3,244 3,503 3,472 4,624 4,708 1,931 4,115 2,301 3,780 392 4,015 3,419 3,924 3,596 7,352 6,347 3,601 136 599 961 1,554 (269) 69 902 259
 
Net sales 23,586 21,364 18,603 20,471 24,956 22,347 22,445 23,479 27,476 23,659 21,340 22,918 27,570 24,422 20,311 22,309 27,302 19,675 16,027 17,388 20,992 17,741 15,646 17,415 20,888 17,360
Short-term Activity Ratio
Working capital turnover1 20.54 26.32 24.66 25.98 20.16 20.34 50.26 23.32 41.46 25.26 245.54 23.72 27.67 24.04 24.92 11.60 12.67 20.57 530.50 119.81 74.71 46.13
Benchmarks
Working Capital Turnover, Competitors2
Amazon.com Inc. 43.32 39.93 53.59 77.32 24.33 31.50 19.23 69.81 60.82 31.47 18.92 47.22 32.92
Home Depot Inc. 36.65 18.37 19.67 21.62 20.37 22.32 16.81 16.73 30.40 43.84 417.56 41.45 90.49 48.51 24.87 13.79 16.66 28.53 76.81 68.95 57.87 124.59 59.68
TJX Cos. Inc. 24.51 23.78 24.50 24.16 25.35 24.41 23.22 28.07 29.41 20.26 17.40 14.05 12.91 7.40 6.51 6.91 8.72 6.55 23.97 24.08 23.99 26.62 13.27

Based on: 10-Q (reporting date: 2024-08-02), 10-Q (reporting date: 2024-05-03), 10-K (reporting date: 2024-02-02), 10-Q (reporting date: 2023-11-03), 10-Q (reporting date: 2023-08-04), 10-Q (reporting date: 2023-05-05), 10-K (reporting date: 2023-02-03), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-Q (reporting date: 2022-04-29), 10-K (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-Q (reporting date: 2021-04-30), 10-K (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-05-01), 10-K (reporting date: 2020-01-31), 10-Q (reporting date: 2019-11-01), 10-Q (reporting date: 2019-08-02), 10-Q (reporting date: 2019-05-03), 10-K (reporting date: 2019-02-01), 10-Q (reporting date: 2018-11-02), 10-Q (reporting date: 2018-08-03), 10-Q (reporting date: 2018-05-04).

1 Q2 2025 Calculation
Working capital turnover = (Net salesQ2 2025 + Net salesQ1 2025 + Net salesQ4 2024 + Net salesQ3 2024) ÷ Working capital
= (23,586 + 21,364 + 18,603 + 20,471) ÷ 4,091 = 20.54

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Working capital turnover An activity ratio calculated as revenue divided by working capital. Lowe’s Cos. Inc. working capital turnover ratio improved from Q4 2024 to Q1 2025 but then deteriorated significantly from Q1 2025 to Q2 2025.

Average Inventory Processing Period

Lowe’s Cos. Inc., average inventory processing period calculation (quarterly data)

Microsoft Excel
Aug 2, 2024 May 3, 2024 Feb 2, 2024 Nov 3, 2023 Aug 4, 2023 May 5, 2023 Feb 3, 2023 Oct 28, 2022 Jul 29, 2022 Apr 29, 2022 Jan 28, 2022 Oct 29, 2021 Jul 30, 2021 Apr 30, 2021 Jan 29, 2021 Oct 30, 2020 Jul 31, 2020 May 1, 2020 Jan 31, 2020 Nov 1, 2019 Aug 2, 2019 May 3, 2019 Feb 1, 2019 Nov 2, 2018 Aug 3, 2018 May 4, 2018
Selected Financial Data
Inventory turnover 3.33 3.13 3.41 3.43 3.57 3.28 3.50 3.23 3.29 3.14 3.65 3.82 3.66 3.44 3.71 3.64 3.90 3.52 3.73 3.57 3.58 3.26 3.85
Short-term Activity Ratio (no. days)
Average inventory processing period1 110 117 107 106 102 111 104 113 111 116 100 96 100 106 98 100 94 104 98 102 102 112 95
Benchmarks (no. days)
Average Inventory Processing Period, Competitors2
Amazon.com Inc. 41 40 37 40 43 46 43 43 47 50 46 44 42 33 35 37 42 37 39 45
Home Depot Inc. 83 81 75 81 82 89 87 90 92 91 80 77 72 75 70 71 63 74 73 78 74 78 72
TJX Cos. Inc. 61 59 57 81 66 65 59 86 72 72 63 74 60 68 65 72 53 65 60 79 65 65 60

Based on: 10-Q (reporting date: 2024-08-02), 10-Q (reporting date: 2024-05-03), 10-K (reporting date: 2024-02-02), 10-Q (reporting date: 2023-11-03), 10-Q (reporting date: 2023-08-04), 10-Q (reporting date: 2023-05-05), 10-K (reporting date: 2023-02-03), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-Q (reporting date: 2022-04-29), 10-K (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-Q (reporting date: 2021-04-30), 10-K (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-05-01), 10-K (reporting date: 2020-01-31), 10-Q (reporting date: 2019-11-01), 10-Q (reporting date: 2019-08-02), 10-Q (reporting date: 2019-05-03), 10-K (reporting date: 2019-02-01), 10-Q (reporting date: 2018-11-02), 10-Q (reporting date: 2018-08-03), 10-Q (reporting date: 2018-05-04).

1 Q2 2025 Calculation
Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ 3.33 = 110

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Average inventory processing period An activity ratio equal to the number of days in the period divided by inventory turnover over the period. Lowe’s Cos. Inc. number of days of inventory outstanding deteriorated from Q4 2024 to Q1 2025 but then improved from Q1 2025 to Q2 2025 not reaching Q4 2024 level.

Average Payables Payment Period

Lowe’s Cos. Inc., average payables payment period calculation (quarterly data)

Microsoft Excel
Aug 2, 2024 May 3, 2024 Feb 2, 2024 Nov 3, 2023 Aug 4, 2023 May 5, 2023 Feb 3, 2023 Oct 28, 2022 Jul 29, 2022 Apr 29, 2022 Jan 28, 2022 Oct 29, 2021 Jul 30, 2021 Apr 30, 2021 Jan 29, 2021 Oct 30, 2020 Jul 31, 2020 May 1, 2020 Jan 31, 2020 Nov 1, 2019 Aug 2, 2019 May 3, 2019 Feb 1, 2019 Nov 2, 2018 Aug 3, 2018 May 4, 2018
Selected Financial Data
Payables turnover 5.43 4.86 6.61 6.07 6.02 5.39 6.16 5.22 5.03 4.59 5.65 5.62 5.28 4.52 5.51 4.48 4.18 4.63 6.42 5.54 5.18 4.26 5.85
Short-term Activity Ratio (no. days)
Average payables payment period1 67 75 55 60 61 68 59 70 72 79 65 65 69 81 66 81 87 79 57 66 70 86 62
Benchmarks (no. days)
Average Payables Payment Period, Competitors2
Amazon.com Inc. 96 95 86 102 88 87 84 101 86 93 91 105 97 92 93 113 102 97 83 104
Home Depot Inc. 48 45 36 41 43 45 40 43 51 55 49 50 49 57 49 57 54 50 39 46 48 52 40
TJX Cos. Inc. 42 39 37 53 44 43 38 51 42 45 47 61 52 59 72 88 34 14 33 43 33 33 35

Based on: 10-Q (reporting date: 2024-08-02), 10-Q (reporting date: 2024-05-03), 10-K (reporting date: 2024-02-02), 10-Q (reporting date: 2023-11-03), 10-Q (reporting date: 2023-08-04), 10-Q (reporting date: 2023-05-05), 10-K (reporting date: 2023-02-03), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-Q (reporting date: 2022-04-29), 10-K (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-Q (reporting date: 2021-04-30), 10-K (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-05-01), 10-K (reporting date: 2020-01-31), 10-Q (reporting date: 2019-11-01), 10-Q (reporting date: 2019-08-02), 10-Q (reporting date: 2019-05-03), 10-K (reporting date: 2019-02-01), 10-Q (reporting date: 2018-11-02), 10-Q (reporting date: 2018-08-03), 10-Q (reporting date: 2018-05-04).

1 Q2 2025 Calculation
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ 5.43 = 67

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Average payables payment period An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period. Lowe’s Cos. Inc. number of days of payables outstanding increased from Q4 2024 to Q1 2025 but then slightly decreased from Q1 2025 to Q2 2025.