Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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Lowe’s Cos. Inc. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Analysis of Profitability Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Price to Operating Profit (P/OP) since 2005
- Analysis of Revenues
- Analysis of Debt
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Lowe’s Cos. Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
Based on: 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), 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).
- Current Liabilities
- Current liabilities as a percentage of total liabilities and shareholders’ equity showed a fluctuating pattern, generally ranging between approximately 37% and 49% over the observed periods. Notably, there were peaks around April 2021 and May 2025, where current liabilities reached their highest levels close to or above 44%. Accounts payable contributed significantly within current liabilities, maintaining high values mostly in the mid-20s percentage range, with some variability peaking around April 2022 near 28% and trailing lower towards late 2025. Other current liabilities demonstrated an increasing trend over time, reaching up to 10.68% in early 2023 before decreasing slightly towards the end of the dataset. Accrued compensation and employee benefits fluctuated moderately, with peaks in the early 2020s but generally stabilizing around 2%. Current maturities of long-term debt showed an increasing trend particularly from early 2024 onwards, moving from around 1.3% to over 9% by May 2025, indicating rising short-term debt obligations.
- Noncurrent Liabilities
- Noncurrent liabilities as a percentage rose steadily from about 51% in early 2019 to reach values approaching 99% by early 2024, indicating higher reliance on long-term liabilities. Long-term debt (excluding current maturities) showed a consistent increase throughout the periods, starting around 38% and peaking near 85% in early 2024 before dropping to around 65-70% in late 2025. Noncurrent operating lease liabilities remained relatively stable in the 7.5% to 9.5% range with minor fluctuations, showing no strong upward or downward trend. This expansion of long-term debt alongside stable noncurrent lease liabilities suggests a strategic preference for debt financing over the period.
- Total Liabilities
- Total liabilities progressively increased as a percentage of total liabilities and shareholders’ equity, moving from approximately 92.5% in early 2019 to a peak above 136% by early 2024, which reflects a significant expansion in the company’s leverage. This growth in liabilities slightly retracted towards the later periods but remained elevated. This strengthening of the liability position relative to total capitalization highlights a higher risk profile in terms of debt coverage.
- Shareholders’ Equity
- Shareholders’ equity as a percentage experienced a marked decline throughout the periods observed. Starting above 7% in early 2019, equity steadily decreased into negative territory by mid-2021 and reached a trough nearing -36% by early 2024. This substantial reduction indicates increasing shareholder deficit and erosion of net equity value over time. The decline closely mirrored the pattern seen in retained earnings, suggesting accumulated deficits were the primary driver. Common stock percentages slightly decreased over time, indicating no significant new equity issuance offsetting losses. Accumulated other comprehensive income partially offset some equity losses in later years by turning slightly positive after initially negative or near zero levels.
- Key Financial Items
- Short-term borrowings appeared intermittently with minor contributions in the early 2020s and negligible values thereafter. Deferred revenue remained relatively stable around 3% to 4%, while the deferred revenue related specifically to Lowe’s protection plans showed a modest increasing trend from about 2% to nearly 3%, indicating growth in deferred income sources. Other liabilities showed modest fluctuations but stayed within a narrow band around 1.5% to 2.3%.
- Overall Financial Structure and Trends
- The company demonstrated a clear trend towards increased leverage and reliance on long-term debt financing over the time frame analyzed. This was accompanied by a steady and significant decline in shareholder equity, resulting in a deficit position in later years. Current liabilities fluctuated but remained a substantial component of total liabilities, while noncurrent liabilities increasingly dominated the capital structure. The rise in current maturities of long-term debt in recent periods suggests upcoming significant refinancing or repayment requirements. The financial data indicate ongoing challenges in maintaining equity levels amidst growing liabilities, pointing to increased financial risk and potential solvency concerns if trends persist.