Common-Size Balance Sheet: Assets
Quarterly Data
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Lowe’s Cos. Inc. pages available for free this week:
- Balance Sheet: Assets
- Common-Size Income Statement
- Analysis of Profitability Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Operating Profit Margin since 2005
- Price to Earnings (P/E) since 2005
- Price to Sales (P/S) since 2005
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Lowe’s Cos. Inc., common-size consolidated balance sheet: assets (quarterly data)
Based on: 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 transformation over the analyzed period, transitioning from a liquidity-heavy position to one characterized by increased intangible assets and a reduced proportion of current assets.
- Liquidity and Cash Management
- A marked decline in liquidity is observed. Cash and cash equivalents peaked at 22.49% in July 2020 before entering a long-term downward trajectory. By early 2026, this figure declined to a range between 1.43% and 1.81%. Short-term investments remained consistently low, generally fluctuating under 3% of total assets, contributing to an overall reduction in the company's immediate liquid reserves.
- Inventory Dynamics
- Merchandise inventory showed a steady increase from 31.16% in May 2020, reaching a peak of 42.52% in February 2023. This suggests a period of aggressive inventory accumulation or supply chain adjustments. Following this peak, inventory levels moderately contracted, stabilizing around 33.58% by May 2026.
- Fixed and Long-term Asset Trends
- Property, plant, and equipment, net of depreciation, remained a primary asset driver, though it exhibited a gradual decline from peaks above 42% in early 2022 to 33.22% by May 2026. Operating lease right-of-use assets remained remarkably stable, consistently representing between 7% and 9% of total assets throughout the period.
- Structural Shift and Inorganic Growth
- A fundamental shift in the balance sheet occurred starting in August 2025. The sudden emergence of goodwill and intangible assets—which were previously absent—indicates a major acquisition. Goodwill rose from 1.48% to 7.18%, while intangible assets climbed from 2.09% to 10.57% by May 2026. This transition shifted the total asset mix, increasing noncurrent assets to approximately 60% and reducing current assets to roughly 40%.
Overall, the asset profile evolved from a conservative, liquid-heavy stance during the 2020-2021 period toward a more complex structure dominated by inventory and acquired intangibles in the later stages.