Enterprise Value (EV)
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Home Depot Inc. pages available for free this week:
- Income Statement
- Statement of Comprehensive Income
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Net Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
- Aggregate Accruals
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Current Enterprise Value (EV)
Home Depot Inc., current enterprise value calculation
| Current share price (P) | |
| No. shares of common stock outstanding | |
| US$ in millions | |
| Common equity (market value)1 | |
| Total equity | |
| Add: Short-term debt (per books) | |
| Add: Current installments of long-term debt (per books) | |
| Add: Long-term debt, excluding current installments (per books) | |
| Total equity and debt | |
| Less: Cash and cash equivalents | |
| Enterprise value (EV) | |
Based on: 10-K (reporting date: 2026-02-01).
1 Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
Historical Enterprise Value (EV)
Home Depot Inc., EV calculation
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).
1 Data adjusted for splits and stock dividends.
2 Closing price as at the filing date of Home Depot Inc. Annual Report.
3 2026 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
The enterprise value exhibited a fluctuating pattern over the observed period. Initially, it increased from January 31, 2021, to January 28, 2024, before declining in subsequent years. A detailed examination of the components reveals further insights into these movements.
- Enterprise Value Trend
- Enterprise value increased from US$344,655 million in 2021 to US$415,936 million in 2024, representing a cumulative increase of approximately 20.6%. However, this was followed by a decrease to US$400,778 million in 2025 and further to US$383,993 million in 2026. The decline from the 2024 peak suggests potential shifts in market perception or underlying financial performance.
- Equity Component
- Common equity and total equity values were identical across all observed periods, indicating that all equity was represented by common stock. These values mirrored the fluctuations in enterprise value, increasing from US$315,312 million in 2021 to US$375,585 million in 2024, and then decreasing to US$329,610 million by 2026. This suggests a strong correlation between equity market valuation and the overall enterprise value.
- Debt and Equity Combined
- Total equity and debt consistently exceeded both common equity and enterprise value throughout the period. This difference represents the net debt position. The combined value of equity and debt increased from US$352,550 million in 2021 to US$419,696 million in 2024, mirroring the enterprise value trend. The subsequent decline to US$385,382 million in 2026 indicates a reduction in the combined equity and debt, potentially through debt repayment or decreased equity issuance.
The observed pattern suggests that changes in equity market valuation significantly influence the enterprise value. While debt plays a role, the fluctuations in enterprise value closely track the movements in common equity. The recent decline in both enterprise value and combined equity and debt warrants further investigation to determine the underlying causes and potential implications for future performance.