Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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Lowe’s Cos. Inc. pages available for free this week:
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Selected Financial Data since 2005
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Analysis of Debt
- Aggregate Accruals
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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: 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 capital structure exhibits a significant transition from a positive equity position to a substantial equity deficit, followed by a gradual recovery trend. Total liabilities expanded from 96.26% of the total balance sheet in May 2020 to a peak of 136.01% in February 2024, indicating a period of extreme leverage where liabilities exceeded total assets. A corrective trend is observable from 2024 onward, with total liabilities descending to 116.87% by May 2026.
- Equity and Retained Earnings Trends
- Shareholders' equity shifted from a positive 3.74% in May 2020 to a negative position by July 2021. This deficit intensified over several years, reaching a nadir of -36.01% in February 2024. The primary driver of this deficit was the decline in retained earnings, which moved from 3.76% to a peak deficit of -37.41% in February 2024. Since that peak, there has been a consistent recovery, with the equity deficit narrowing to -16.87% by May 2026.
- Long-Term Debt Analysis
- Noncurrent liabilities were dominated by long-term debt, which grew aggressively from 44.07% in May 2020 to 84.66% in February 2024. This expansion represents a strategic shift toward long-term borrowing to fund operations or share repurchases. Following the early 2024 peak, long-term debt began to contract, ending at 66.89% in May 2026, contributing to the overall reduction in total liabilities.
- Current Liability Composition
- Current liabilities fluctuated between 35% and 49% of the total balance sheet. Accounts payable remained a primary component, generally oscillating between 18% and 28%, suggesting a consistent reliance on trade credit. A notable volatility is observed in the current maturities of long-term debt, which spiked from 1.28% in February 2024 to a peak of 9.22% in May 2025, before falling to 1.47% by May 2026, indicating a concentrated period of debt maturity and subsequent refinancing or repayment.
- Operating Lease and Other Obligations
- Noncurrent operating lease liabilities remained relatively stable, ranging between 7.17% and 9.01%. Deferred revenue, specifically related to protection plans, showed a steady presence, fluctuating slightly between 2.27% and 2.94%. Other current liabilities saw a gradual increase from 6.94% in early 2020 to a peak of 10.68% in February 2023, before stabilizing around 7.00% by 2026.