Price to Book Value (P/BV)
since 2005
Calculation
Lowe’s Cos. Inc., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Shareholders’ equity (deficit)1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Mar 24, 2025 | — | = | 232.89 | ÷ | -25.43 | -25.43 | = | -14,231 | ÷ | 559,706,540 | |
| Mar 25, 2024 | — | = | 254.00 | ÷ | -26.30 | -26.30 | = | -15,050 | ÷ | 572,184,243 | |
| Mar 27, 2023 | — | = | 190.53 | ÷ | -23.90 | -23.90 | = | -14,254 | ÷ | 596,356,261 | |
| Mar 21, 2022 | — | = | 227.60 | ÷ | -7.28 | -7.28 | = | -4,816 | ÷ | 661,561,297 | |
| Mar 22, 2021 | 90.79 | = | 181.89 | ÷ | 2.00 | 2.00 | = | 1,437 | ÷ | 717,256,852 | |
| Mar 23, 2020 | 25.96 | = | 67.80 | ÷ | 2.61 | 2.61 | = | 1,972 | ÷ | 754,948,648 | |
| Apr 2, 2019 | 24.01 | = | 109.91 | ÷ | 4.58 | 4.58 | = | 3,644 | ÷ | 795,922,717 | |
| Apr 2, 2018 | 11.89 | = | 84.59 | ÷ | 7.11 | 7.11 | = | 5,873 | ÷ | 825,766,281 | |
| Apr 4, 2017 | 10.87 | = | 81.59 | ÷ | 7.50 | 7.50 | = | 6,434 | ÷ | 857,332,918 | |
| Mar 29, 2016 | 8.87 | = | 75.67 | ÷ | 8.53 | 8.53 | = | 7,654 | ÷ | 897,438,629 | |
| Mar 31, 2015 | 7.10 | = | 74.39 | ÷ | 10.47 | 10.47 | = | 9,968 | ÷ | 951,704,640 | |
| Mar 31, 2014 | 4.20 | = | 48.90 | ÷ | 11.63 | 11.63 | = | 11,853 | ÷ | 1,018,776,409 | |
| Apr 2, 2013 | 2.99 | = | 38.02 | ÷ | 12.73 | 12.73 | = | 13,857 | ÷ | 1,088,511,808 | |
| Apr 2, 2012 | 2.28 | = | 31.38 | ÷ | 13.79 | 13.79 | = | 16,533 | ÷ | 1,198,910,882 | |
| Mar 29, 2011 | 1.96 | = | 26.93 | ÷ | 13.74 | 13.74 | = | 18,112 | ÷ | 1,318,320,422 | |
| Mar 30, 2010 | 1.84 | = | 24.34 | ÷ | 13.21 | 13.21 | = | 19,069 | ÷ | 1,443,389,268 | |
| Mar 31, 2009 | 1.49 | = | 18.25 | ÷ | 12.25 | 12.25 | = | 18,055 | ÷ | 1,474,239,704 | |
| Apr 1, 2008 | 2.22 | = | 24.49 | ÷ | 11.01 | 11.01 | = | 16,098 | ÷ | 1,461,815,744 | |
| Apr 3, 2007 | 3.04 | = | 31.70 | ÷ | 10.41 | 10.41 | = | 15,725 | ÷ | 1,510,309,351 | |
| Apr 7, 2006 | 3.54 | = | 32.70 | ÷ | 9.24 | 9.24 | = | 14,339 | ÷ | 1,551,613,794 | |
| Apr 13, 2005 | 3.61 | = | 26.91 | ÷ | 7.45 | 7.45 | = | 11,535 | ÷ | 1,548,843,626 |
Based on: 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-02-02), 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-02-01), 10-K (reporting date: 2018-02-02), 10-K (reporting date: 2017-02-03), 10-K (reporting date: 2016-01-29), 10-K (reporting date: 2015-01-30), 10-K (reporting date: 2014-01-31), 10-K (reporting date: 2013-02-01), 10-K (reporting date: 2012-02-03), 10-K (reporting date: 2011-01-28), 10-K (reporting date: 2010-01-29), 10-K (reporting date: 2009-01-30), 10-K (reporting date: 2008-02-01), 10-K (reporting date: 2007-02-02), 10-K (reporting date: 2006-02-03), 10-K (reporting date: 2005-01-28).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Lowe’s Cos. Inc. Annual Report.
- Share Price
- The share price displayed a fluctuating but generally upward trajectory over the period under review. Starting at $26.91 in April 2005, it saw modest increases and some declines, reaching a low around $18.25 in March 2009, which may reflect the broader economic challenges at that time. Post-2009, the share price embarked on a substantial and sustained climb, peaking at $254 in March 2024 before retreating slightly to $232.89 by March 2025. The significant surge after 2014 indicates strong growth and positive market sentiment towards the company.
- Book Value Per Share (BVPS)
- The book value per share presented a contrasting trend compared to the share price. Initially, BVPS grew steadily from $7.45 in 2005 to a peak of $13.79 in 2012, suggesting asset growth or retained earnings accumulation during this period. However, from 2012 onwards, there was a marked and continuous decline in BVPS, turning negative by 2022 at -$7.28 and further deteriorating to -$26.3 in 2024 and -$25.43 in 2025. This steep drop indicates significant erosion of shareholder equity, possibly due to accumulated losses, restructuring, or write-downs affecting the company’s net asset base.
- Price-to-Book Value (P/BV) Ratio
- The P/BV ratio exhibited considerable volatility, reflecting the dynamics of both share price and BVPS. Starting at 3.61 in 2005, it decreased to a low of 1.49 in 2009, coinciding with the drop in share price and rise in BVPS before 2009. From 2009 onward, the ratio increased sharply, notably after 2013, reaching extremely high levels of 24.01 in 2019 and peaking at an extraordinary 90.79 by 2021. The absence of data in later years is likely due to the BVPS being negative, rendering the P/BV ratio undefined or not meaningful. These elevated ratios indicate that the market valuation had grown disproportionately relative to the company’s book value, suggesting strong investor optimism or expectations of future earnings, despite the declining book value.
- Summary of Observations
- Overall, the data presents an unusual dichotomy where the market assigns increasing value to the company's shares while the fundamental book value is eroding sharply. This divergence may point to underlying strategic shifts, intangible asset strength, favorable market positioning, or future profitability expectations not captured in book value. However, the persistent decline and negative book value raise concerns about financial stability or the balance sheet's health, which warrants close scrutiny. The substantial appreciation in share price alongside deteriorating BVPS may reflect investor confidence, but also potentially elevated valuation risks.
Comparison to Competitors
Lowe’s Cos. Inc., P/BV, long-term trends, comparison to competitors
| Lowe’s Cos. Inc. | Amazon.com Inc. | Home Depot Inc. | TJX Cos. Inc. | |
|---|---|---|---|---|
| Mar 24, 2025 | — | — | 52.57 | 16.63 |
| Mar 25, 2024 | — | 8.49 | 359.76 | 15.09 |
| Mar 27, 2023 | — | 8.84 | 187.12 | 13.86 |
| Mar 21, 2022 | — | 7.25 | — | 12.14 |
| Mar 22, 2021 | 90.79 | 11.60 | 95.58 | 13.68 |
| Mar 23, 2020 | 25.96 | 17.86 | — | 9.42 |
| Apr 2, 2019 | 24.01 | 16.11 | — | 12.79 |
| Apr 2, 2018 | 11.89 | 18.34 | 139.52 | 10.23 |
| Apr 4, 2017 | 10.87 | 24.98 | 41.08 | 11.27 |
| Mar 29, 2016 | 8.87 | 20.47 | 25.88 | 12.09 |
| Mar 31, 2015 | 7.10 | 20.65 | 15.76 | 11.23 |
| Mar 31, 2014 | 4.20 | 15.33 | 8.68 | 10.18 |
| Apr 2, 2013 | 2.99 | 16.90 | 5.83 | 9.36 |
| Apr 2, 2012 | 2.28 | 15.14 | 4.23 | 9.20 |
| Mar 29, 2011 | 1.96 | 10.52 | 3.21 | 6.30 |
| Mar 30, 2010 | 1.84 | 11.25 | 2.85 | 6.12 |
| Mar 31, 2009 | 1.49 | 10.60 | 2.36 | 4.96 |
| Apr 1, 2008 | 2.22 | 9.43 | 2.79 | 6.74 |
| Apr 3, 2007 | 3.04 | 26.19 | 2.90 | 5.25 |
| Apr 7, 2006 | 3.54 | 38.87 | 3.38 | 6.17 |
| Apr 13, 2005 | 3.61 | 66.44 | 3.37 | 7.15 |
Based on: 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-02-02), 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-02-01), 10-K (reporting date: 2018-02-02), 10-K (reporting date: 2017-02-03), 10-K (reporting date: 2016-01-29), 10-K (reporting date: 2015-01-30), 10-K (reporting date: 2014-01-31), 10-K (reporting date: 2013-02-01), 10-K (reporting date: 2012-02-03), 10-K (reporting date: 2011-01-28), 10-K (reporting date: 2010-01-29), 10-K (reporting date: 2009-01-30), 10-K (reporting date: 2008-02-01), 10-K (reporting date: 2007-02-02), 10-K (reporting date: 2006-02-03), 10-K (reporting date: 2005-01-28).
Comparison to Sector (Consumer Discretionary Distribution & Retail)
Lowe’s Cos. Inc., P/BV, long-term trends, comparison to sector (consumer discretionary distribution & retail)
| Lowe’s Cos. Inc. | Consumer Discretionary Distribution & Retail | |
|---|---|---|
| Mar 24, 2025 | — | — |
| Mar 25, 2024 | — | 10.96 |
| Mar 27, 2023 | — | 11.65 |
| Mar 21, 2022 | — | 11.07 |
| Mar 22, 2021 | 90.79 | 14.31 |
| Mar 23, 2020 | 25.96 | 20.07 |
| Apr 2, 2019 | 24.01 | 19.77 |
| Apr 2, 2018 | 11.89 | 20.07 |
| Apr 4, 2017 | 10.87 | 23.06 |
| Mar 29, 2016 | 8.87 | 18.06 |
| Mar 31, 2015 | 7.10 | 14.67 |
| Mar 31, 2014 | 4.20 | 9.31 |
| Apr 2, 2013 | 2.99 | 7.64 |
| Apr 2, 2012 | 2.28 | 5.82 |
| Mar 29, 2011 | 1.96 | 4.12 |
| Mar 30, 2010 | 1.84 | 3.84 |
| Mar 31, 2009 | 1.49 | 3.13 |
| Apr 1, 2008 | 2.22 | 3.23 |
| Apr 3, 2007 | 3.04 | 3.70 |
| Apr 7, 2006 | 3.54 | 3.90 |
| Apr 13, 2005 | 3.61 | 4.03 |
Based on: 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-02-02), 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-02-01), 10-K (reporting date: 2018-02-02), 10-K (reporting date: 2017-02-03), 10-K (reporting date: 2016-01-29), 10-K (reporting date: 2015-01-30), 10-K (reporting date: 2014-01-31), 10-K (reporting date: 2013-02-01), 10-K (reporting date: 2012-02-03), 10-K (reporting date: 2011-01-28), 10-K (reporting date: 2010-01-29), 10-K (reporting date: 2009-01-30), 10-K (reporting date: 2008-02-01), 10-K (reporting date: 2007-02-02), 10-K (reporting date: 2006-02-03), 10-K (reporting date: 2005-01-28).
Comparison to Industry (Consumer Discretionary)
Lowe’s Cos. Inc., P/BV, long-term trends, comparison to industry (consumer discretionary)
| Lowe’s Cos. Inc. | Consumer Discretionary | |
|---|---|---|
| Mar 24, 2025 | — | — |
| Mar 25, 2024 | — | 32.00 |
| Mar 27, 2023 | — | 10.11 |
| Mar 21, 2022 | — | 9.55 |
| Mar 22, 2021 | 90.79 | 13.30 |
| Mar 23, 2020 | 25.96 | 18.17 |
| Apr 2, 2019 | 24.01 | 13.59 |
| Apr 2, 2018 | 11.89 | 11.35 |
| Apr 4, 2017 | 10.87 | 10.74 |
| Mar 29, 2016 | 8.87 | 8.39 |
| Mar 31, 2015 | 7.10 | 7.17 |
| Mar 31, 2014 | 4.20 | 5.83 |
| Apr 2, 2013 | 2.99 | 5.12 |
| Apr 2, 2012 | 2.28 | 4.39 |
| Mar 29, 2011 | 1.96 | 3.84 |
| Mar 30, 2010 | 1.84 | 4.04 |
| Mar 31, 2009 | 1.49 | 4.73 |
| Apr 1, 2008 | 2.22 | 4.98 |
| Apr 3, 2007 | 3.04 | 3.91 |
| Apr 7, 2006 | 3.54 | 4.50 |
| Apr 13, 2005 | 3.61 | 3.49 |
Based on: 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-02-02), 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-02-01), 10-K (reporting date: 2018-02-02), 10-K (reporting date: 2017-02-03), 10-K (reporting date: 2016-01-29), 10-K (reporting date: 2015-01-30), 10-K (reporting date: 2014-01-31), 10-K (reporting date: 2013-02-01), 10-K (reporting date: 2012-02-03), 10-K (reporting date: 2011-01-28), 10-K (reporting date: 2010-01-29), 10-K (reporting date: 2009-01-30), 10-K (reporting date: 2008-02-01), 10-K (reporting date: 2007-02-02), 10-K (reporting date: 2006-02-03), 10-K (reporting date: 2005-01-28).