Stock Analysis on Net
Stock Analysis on Net

Lowe’s Cos. Inc. (NYSE:LOW)

Common-Size Balance Sheet: Assets
Quarterly Data

Lowe’s Cos. Inc., common-size consolidated balance sheet: assets (quarterly data)

Microsoft Excel
Jul 31, 2026 May 1, 2026 Jan 30, 2026 Oct 31, 2025 Aug 1, 2025 May 2, 2025 Jan 31, 2025 Nov 1, 2024 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
Cash and cash equivalents 5.68 1.43 1.81 1.16 10.43 6.73 4.09 7.31 9.70 7.14 2.20 2.85 7.85 6.42 3.08 6.80 3.17 6.87 2.54 12.39 9.79 13.07 10.04 16.21 22.49 12.99
Short-term investments 0.42 0.83 0.68 0.77 0.85 0.81 0.86 0.75 0.73 0.58 0.73 0.75 0.84 0.92 0.88 0.99 0.96 0.74 0.61 1.12 2.87 0.89 1.08 3.64 2.10 0.44
Receivables, net 2.22 2.09 2.01 2.27 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Merchandise inventory, net 31.74 33.58 31.95 32.15 35.06 40.41 40.39 39.26 37.48 40.17 40.42 41.23 39.13 42.52 42.40 42.19 41.37 40.70 39.44 33.78 35.06 35.90 34.65 30.88 26.72 31.16
Other current assets 1.72 2.40 2.24 1.47 2.23 2.02 1.89 1.80 1.79 2.26 2.27 2.13 2.12 2.23 2.70 3.23 3.01 3.20 2.35 3.02 3.05 2.52 2.00 2.17 2.24 3.24
Current assets 41.77% 40.34% 38.70% 37.83% 48.57% 49.98% 47.23% 49.12% 49.71% 50.15% 45.63% 46.96% 49.94% 52.09% 49.06% 53.20% 48.51% 51.51% 44.94% 50.30% 50.77% 52.38% 47.77% 52.90% 53.55% 47.84%
Property, less accumulated depreciation 32.71 33.22 33.91 34.25 37.99 38.87 40.95 39.30 38.98 38.64 42.24 41.22 39.02 37.90 40.19 36.78 40.05 37.99 42.72 38.31 38.52 37.22 40.99 36.72 35.96 40.37
Operating lease right-of-use assets 7.29 7.61 7.95 8.13 8.34 8.37 8.67 8.43 8.50 8.44 8.93 8.58 8.20 7.63 8.05 7.48 8.90 8.31 9.20 8.42 7.73 7.59 8.20 7.51 7.34 8.46
Long-term investments 0.32 0.45 0.59 0.52 0.59 0.66 0.64 0.70 0.65 0.67 0.60 0.56 0.41 0.22 0.28 0.13 0.12 0.15 0.45 0.43 0.46 0.38 0.43 0.40 0.63 0.65
Deferred income taxes, net 0.00 0.00 0.00 0.00 0.30 0.26 0.57 0.58 0.41 0.25 0.59 0.66 0.52 0.33 0.57 0.64 0.22 0.07 0.37 0.45 0.45 0.42 0.73 0.47 0.52 0.47
Intangible assets, net 10.22 10.57 10.91 11.21 2.09 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Goodwill 7.08 7.18 7.29 7.45 1.48 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other assets 0.62 0.63 0.65 0.60 0.64 1.86 1.94 1.87 1.75 1.84 2.01 2.02 1.91 1.83 1.85 1.77 2.20 1.98 2.33 2.09 2.07 2.01 1.89 1.99 2.01 2.21
Noncurrent assets 58.23% 59.66% 61.30% 62.17% 51.43% 50.02% 52.77% 50.88% 50.29% 49.85% 54.37% 53.04% 50.06% 47.91% 50.94% 46.80% 51.49% 48.49% 55.06% 49.70% 49.23% 47.63% 52.23% 47.10% 46.45% 52.16%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2026-07-31), 10-Q (reporting date: 2026-05-01), 10-K (reporting date: 2026-01-30), 10-Q (reporting date: 2025-10-31), 10-Q (reporting date: 2025-08-01), 10-Q (reporting date: 2025-05-02), 10-K (reporting date: 2025-01-31), 10-Q (reporting date: 2024-11-01), 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).

The asset composition exhibits a significant structural evolution over the analyzed period, transitioning from a liquidity-focused posture toward a more complex balance sheet characterized by increased noncurrent assets and the emergence of intangible assets.

Liquidity and Short-Term Asset Trends
Cash and cash equivalents demonstrate high volatility, peaking at 22.49% in July 2020 before entering a general long-term decline. By the final periods, cash levels frequently fluctuate between 1% and 7%, indicating a shift in how liquidity is managed or deployed. Short-term investments remain a marginal component of the total asset mix, consistently staying below 4%.
Current assets as a percentage of total assets remained relatively stable between 45% and 53% for several years. However, a notable contraction occurs starting in late 2025, with the ratio dropping to a range of 37% to 41%, reflecting a fundamental change in the overall asset distribution.
Inventory Dynamics
Merchandise inventory shows a pronounced growth cycle, rising from approximately 31% in May 2020 to a peak of 42.52% in May 2023. This suggests a period of aggressive inventory accumulation. Subsequently, a downward trend is observed, with inventory returning to levels between 31% and 33% by mid-2026, indicating a normalization of stock levels relative to total assets.
Fixed and Noncurrent Asset Shifts
Property, plant, and equipment (net) maintained a dominant position, generally fluctuating between 36% and 42%. A gradual decline is evident toward the end of the period, reaching 32.71% by July 2026.
A pivotal shift in the balance sheet occurs in August 2025 with the sudden appearance of intangible assets and goodwill. Intangible assets surged to approximately 10-11%, and goodwill rose to approximately 7%. This introduction of significant intangible value, combined with the appearance of net receivables in the same period, strongly suggests a major corporate acquisition or structural reorganization.
As a result of these changes, noncurrent assets increased from a historical average of approximately 50% to over 60% in the final quarters, marking a transition toward a more capital-intensive asset structure.

Overall, the progression reveals a transition from a period of high liquidity and inventory expansion to a period of strategic asset growth through the acquisition of intangible assets and goodwill, which has fundamentally reweighted the balance sheet toward noncurrent holdings.

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