Return on Equity (ROE)
since 2005
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Home Depot Inc. pages available for free this week:
- Income Statement
- Statement of Comprehensive Income
- Analysis of Liquidity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Geographic Areas
- Enterprise Value (EV)
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Assets (ROA) since 2005
- Price to Book Value (P/BV) since 2005
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Calculation
Home Depot Inc., ROE, long-term trends, calculation
| ROE | = | 100 | × | Net earnings1 | ÷ | Stockholders’ equity (deficit)1 | |
|---|---|---|---|---|---|---|---|
| Feb 1, 2026 | = | 100 | × | ÷ | |||
| Feb 2, 2025 | = | 100 | × | ÷ | |||
| Jan 28, 2024 | = | 100 | × | ÷ | |||
| Jan 29, 2023 | = | 100 | × | ÷ | |||
| Jan 30, 2022 | = | 100 | × | ÷ | |||
| Jan 31, 2021 | = | 100 | × | ÷ | |||
| Feb 2, 2020 | = | 100 | × | ÷ | |||
| Feb 3, 2019 | = | 100 | × | ÷ | |||
| Jan 28, 2018 | = | 100 | × | ÷ | |||
| Jan 29, 2017 | = | 100 | × | ÷ | |||
| Jan 31, 2016 | = | 100 | × | ÷ | |||
| Feb 1, 2015 | = | 100 | × | ÷ | |||
| Feb 2, 2014 | = | 100 | × | ÷ | |||
| Feb 3, 2013 | = | 100 | × | ÷ | |||
| Jan 29, 2012 | = | 100 | × | ÷ | |||
| Jan 30, 2011 | = | 100 | × | ÷ | |||
| Jan 31, 2010 | = | 100 | × | ÷ | |||
| Feb 1, 2009 | = | 100 | × | ÷ | |||
| Feb 3, 2008 | = | 100 | × | ÷ | |||
| Jan 28, 2007 | = | 100 | × | ÷ | |||
| Jan 29, 2006 | = | 100 | × | ÷ | |||
| Jan 30, 2005 | = | 100 | × | ÷ |
Based on: 10-K (reporting date: 2026-02-01), 10-K (reporting date: 2025-02-02), 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), 10-K (reporting date: 2018-01-28), 10-K (reporting date: 2017-01-29), 10-K (reporting date: 2016-01-31), 10-K (reporting date: 2015-02-01), 10-K (reporting date: 2014-02-02), 10-K (reporting date: 2013-02-03), 10-K (reporting date: 2012-01-29), 10-K (reporting date: 2011-01-30), 10-K (reporting date: 2010-01-31), 10-K (reporting date: 2009-02-01), 10-K (reporting date: 2008-02-03), 10-K (reporting date: 2007-01-28), 10-K (reporting date: 2006-01-29), 10-K (reporting date: 2005-01-30).
1 US$ in millions
The return on equity (ROE) exhibited a generally increasing trend from 2005 through 2008, followed by significant volatility and substantial increases in later years. Net earnings generally increased over the period, though with fluctuations, while stockholders’ equity experienced considerable variation, including periods of deficit.
- Initial Growth (2005-2008)
- From 2005 to 2008, ROE increased from 20.70% to 24.81%. This period coincided with a rise in net earnings from US$5,001 million to US$4,395 million, and a decrease in stockholders’ equity from US$24,158 million to US$17,714 million. The increase in ROE suggests that the company was becoming more efficient in generating profits from shareholder investments, despite the decline in equity.
- Volatility and Decline (2009-2011)
- The years 2009 through 2011 saw substantial volatility. ROE decreased sharply to 12.71% in 2009, reflecting a significant drop in net earnings to US$2,260 million. Stockholders’ equity remained relatively stable around US$17,777 million to US$18,889 million. ROE then recovered to 17.67% in 2011, alongside an increase in net earnings to US$3,338 million.
- Dramatic Increases (2012-2016)
- From 2012 onwards, ROE experienced dramatic increases. It rose to 21.70% in 2012, then to 25.51% in 2013, 43.00% in 2014, 68.06% in 2015, and peaked at 110.97% in 2016. This surge coincided with a substantial increase in net earnings, from US$3,883 million in 2012 to US$7,009 million in 2016. However, stockholders’ equity decreased significantly during this period, falling from US$17,898 million to US$6,316 million, and even reaching a deficit in subsequent years. The large increases in ROE were heavily influenced by the shrinking equity base.
- Extreme Values and Subsequent Normalization (2017-2024)
- ROE reached exceptionally high levels in 2017 (183.64%) and 2018 (593.54%), driven by continued growth in net earnings and a further reduction in stockholders’ equity, which became negative in 2018. ROE then rebounded to 390.00% in 2021, following a return to positive equity. In 2022, ROE was 1,095.07%, and in 2023 it was 1,450.48%. In 2024, ROE decreased to 222.98% and 110.48%. The volatility in ROE during this period suggests a complex interplay between profitability and equity management.
The substantial fluctuations in stockholders’ equity, including periods of deficit, significantly impacted the ROE calculations. While net earnings generally trended upward, the shrinking equity base amplified the impact of earnings on the ROE metric, resulting in the observed extreme values. The recent trend suggests a potential stabilization of ROE, but continued monitoring of both net earnings and equity levels is warranted.
Comparison to Competitors
Home Depot Inc., ROE, long-term trends, comparison to competitors
| Home Depot Inc. | Amazon.com Inc. | Lowe’s Cos. Inc. | TJX Cos. Inc. | |
|---|---|---|---|---|
| Feb 1, 2026 | ||||
| Feb 2, 2025 | ||||
| Jan 28, 2024 | ||||
| Jan 29, 2023 | ||||
| Jan 30, 2022 | ||||
| Jan 31, 2021 | ||||
| Feb 2, 2020 | ||||
| Feb 3, 2019 | ||||
| Jan 28, 2018 | ||||
| Jan 29, 2017 | ||||
| Jan 31, 2016 | ||||
| Feb 1, 2015 | ||||
| Feb 2, 2014 | ||||
| Feb 3, 2013 | ||||
| Jan 29, 2012 | ||||
| Jan 30, 2011 | ||||
| Jan 31, 2010 | ||||
| Feb 1, 2009 | ||||
| Feb 3, 2008 | ||||
| Jan 28, 2007 | ||||
| Jan 29, 2006 | ||||
| Jan 30, 2005 |
Based on: 10-K (reporting date: 2026-02-01), 10-K (reporting date: 2025-02-02), 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), 10-K (reporting date: 2018-01-28), 10-K (reporting date: 2017-01-29), 10-K (reporting date: 2016-01-31), 10-K (reporting date: 2015-02-01), 10-K (reporting date: 2014-02-02), 10-K (reporting date: 2013-02-03), 10-K (reporting date: 2012-01-29), 10-K (reporting date: 2011-01-30), 10-K (reporting date: 2010-01-31), 10-K (reporting date: 2009-02-01), 10-K (reporting date: 2008-02-03), 10-K (reporting date: 2007-01-28), 10-K (reporting date: 2006-01-29), 10-K (reporting date: 2005-01-30).
Comparison to Sector (Consumer Discretionary Distribution & Retail)
Home Depot Inc., ROE, long-term trends, comparison to sector (consumer discretionary distribution & retail)
| Home Depot Inc. | Consumer Discretionary Distribution & Retail | |
|---|---|---|
| Feb 1, 2026 | ||
| Feb 2, 2025 | ||
| Jan 28, 2024 | ||
| Jan 29, 2023 | ||
| Jan 30, 2022 | ||
| Jan 31, 2021 | ||
| Feb 2, 2020 | ||
| Feb 3, 2019 | ||
| Jan 28, 2018 | ||
| Jan 29, 2017 | ||
| Jan 31, 2016 | ||
| Feb 1, 2015 | ||
| Feb 2, 2014 | ||
| Feb 3, 2013 | ||
| Jan 29, 2012 | ||
| Jan 30, 2011 | ||
| Jan 31, 2010 | ||
| Feb 1, 2009 | ||
| Feb 3, 2008 | ||
| Jan 28, 2007 | ||
| Jan 29, 2006 | ||
| Jan 30, 2005 |
Based on: 10-K (reporting date: 2026-02-01), 10-K (reporting date: 2025-02-02), 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), 10-K (reporting date: 2018-01-28), 10-K (reporting date: 2017-01-29), 10-K (reporting date: 2016-01-31), 10-K (reporting date: 2015-02-01), 10-K (reporting date: 2014-02-02), 10-K (reporting date: 2013-02-03), 10-K (reporting date: 2012-01-29), 10-K (reporting date: 2011-01-30), 10-K (reporting date: 2010-01-31), 10-K (reporting date: 2009-02-01), 10-K (reporting date: 2008-02-03), 10-K (reporting date: 2007-01-28), 10-K (reporting date: 2006-01-29), 10-K (reporting date: 2005-01-30).
Comparison to Industry (Consumer Discretionary)
Home Depot Inc., ROE, long-term trends, comparison to industry (consumer discretionary)
| Home Depot Inc. | Consumer Discretionary | |
|---|---|---|
| Feb 1, 2026 | ||
| Feb 2, 2025 | ||
| Jan 28, 2024 | ||
| Jan 29, 2023 | ||
| Jan 30, 2022 | ||
| Jan 31, 2021 | ||
| Feb 2, 2020 | ||
| Feb 3, 2019 | ||
| Jan 28, 2018 | ||
| Jan 29, 2017 | ||
| Jan 31, 2016 | ||
| Feb 1, 2015 | ||
| Feb 2, 2014 | ||
| Feb 3, 2013 | ||
| Jan 29, 2012 | ||
| Jan 30, 2011 | ||
| Jan 31, 2010 | ||
| Feb 1, 2009 | ||
| Feb 3, 2008 | ||
| Jan 28, 2007 | ||
| Jan 29, 2006 | ||
| Jan 30, 2005 |
Based on: 10-K (reporting date: 2026-02-01), 10-K (reporting date: 2025-02-02), 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), 10-K (reporting date: 2018-01-28), 10-K (reporting date: 2017-01-29), 10-K (reporting date: 2016-01-31), 10-K (reporting date: 2015-02-01), 10-K (reporting date: 2014-02-02), 10-K (reporting date: 2013-02-03), 10-K (reporting date: 2012-01-29), 10-K (reporting date: 2011-01-30), 10-K (reporting date: 2010-01-31), 10-K (reporting date: 2009-02-01), 10-K (reporting date: 2008-02-03), 10-K (reporting date: 2007-01-28), 10-K (reporting date: 2006-01-29), 10-K (reporting date: 2005-01-30).