Analysis of Solvency Ratios
Quarterly Data
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
Lowe’s Cos. Inc., solvency ratios (quarterly data)
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).
The solvency profile demonstrates a distinct cyclical pattern characterized by a period of significant leverage expansion followed by a sustained deleveraging phase. Between April 2021 and early 2024, all primary solvency ratios exhibited a steady upward trajectory, indicating an increase in the reliance on debt relative to assets and capital.
- Debt to Capital Analysis
- The debt to capital ratio rose from 0.98 in April 2021 to a peak of 1.73 in November 2023. This indicates a substantial increase in the proportion of debt within the capital structure over a two-and-a-half-year period. Following this peak, a gradual decline is observed, with the ratio receding to 1.25 by July 2026. When incorporating operating lease liabilities, the trend remains consistent, peaking at 1.61 in November 2023 before declining to 1.22 by the end of the period.
- Debt to Assets Analysis
- A similar trend is evident in the debt to assets metrics, where the ratio increased from 0.45 in April 2021 to a maximum of 0.86 in February 2024. The inclusion of operating lease liabilities accelerated this trend, reaching a peak of 0.96 in February 2024. From February 2024 onward, these ratios shifted downward, concluding at 0.67 and 0.75 respectively by July 2026, suggesting a strategic reduction in total liabilities or a growth in the asset base.
The inclusion of operating lease liabilities consistently elevates the solvency ratios across all periods, though it does not alter the overall direction of the trends. The transition from a peak in leverage in late 2023 and early 2024 to a downward trend through 2026 reflects an improvement in the long-term solvency position and a reduction in financial risk.
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Debt Ratios
Debt to Equity
Lowe’s Cos. Inc., debt to equity calculation (quarterly data)
| 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Short-term borrowings | —) | 380) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | 72) | 499) | —) | —) | —) | —) | 1,000) | 1,000) | —) | |||||||
| Current maturities of long-term debt | 2,352) | 810) | 2,431) | 2,437) | 4,175) | 4,183) | 2,586) | 2,576) | 1,290) | 1,294) | 537) | 544) | 592) | 589) | 585) | 609) | 121) | 121) | 868) | 1,352) | 1,344) | 1,338) | |||||||
| Long-term debt, excluding current maturities | 35,204) | 36,751) | 37,490) | 37,498) | 30,548) | 30,541) | 32,901) | 32,906) | 34,659) | 34,622) | 35,384) | 35,374) | 35,839) | 35,863) | 32,876) | 32,904) | 28,763) | 28,776) | 23,859) | 23,881) | 21,967) | 21,906) | |||||||
| Total debt | 37,556) | 37,941) | 39,921) | 39,935) | 34,723) | 34,724) | 35,487) | 35,482) | 35,949) | 35,916) | 35,921) | 35,918) | 36,431) | 36,524) | 33,960) | 33,513) | 28,884) | 28,897) | 24,727) | 26,233) | 24,311) | 23,244) | |||||||
| Shareholders’ equity (deficit) | (7,437) | (9,270) | (9,917) | (10,382) | (11,400) | (13,254) | (14,231) | (13,419) | (13,763) | (14,606) | (15,050) | (15,147) | (14,732) | (14,710) | (14,254) | (12,868) | (8,442) | (6,877) | (4,816) | (1,576) | (175) | 445) | |||||||
| Solvency Ratio | |||||||||||||||||||||||||||||
| Debt to equity1 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 52.23 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Debt to Equity, Competitors2 | |||||||||||||||||||||||||||||
| Amazon.com Inc. | — | — | — | — | 0.26 | 0.31 | 0.20 | 0.18 | 0.20 | 0.22 | 0.24 | 0.27 | 0.31 | 0.36 | 0.39 | 0.43 | 0.48 | 0.54 | 0.59 | 0.58 | 0.62 | 0.53 | |||||||
| Home Depot Inc. | 3.18 | 3.86 | 4.35 | 4.62 | 4.91 | 6.57 | 8.04 | 9.43 | 12.61 | 23.53 | 42.25 | 29.32 | 31.54 | 116.72 | 27.65 | 33.10 | 173.11 | — | — | 37.82 | 17.48 | 20.52 | |||||||
| TJX Cos. Inc. | 0.27 | 0.28 | 0.28 | 0.31 | 0.32 | 0.34 | 0.34 | 0.35 | 0.37 | 0.38 | 0.39 | 0.42 | 0.43 | 0.52 | 0.53 | 0.59 | 0.62 | 0.60 | 0.56 | 0.52 | 0.52 | 0.87 | |||||||
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).
1 Q2 2027 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity (deficit)
= 37,556 ÷ -7,437 = —
2 Click competitor name to see calculations.
The solvency profile of the organization is characterized by a substantial increase in total debt coupled with a transition into a persistent shareholders' equity deficit over the analyzed period.
- Total Debt Trajectory
- Total debt exhibited a consistent upward trend, rising from 23,244 million USD in April 2021 to 37,556 million USD by July 2026. A period of significant accumulation occurred between October 2021 and May 2023, with debt levels increasing from 26,233 million USD to 36,524 million USD. A secondary peak was reached in October 2025 at 39,935 million USD, followed by a moderate reduction in the final quarters of the sequence.
- Shareholders' Equity Erosion and Recovery
- Shareholders' equity transitioned from a positive balance of 445 million USD in April 2021 to a deficit beginning in July 2021. This deficit widened aggressively over the subsequent two years, reaching a maximum negative value of 15,147 million USD in November 2023. Following this trough, a gradual recovery pattern is observed, with the equity deficit narrowing to negative 7,437 million USD by July 2026.
- Solvency and Leverage Implications
- The debt-to-equity ratio, initially recorded at 52.23 in April 2021, became mathematically non-standard for the remainder of the period due to the negative equity position. The simultaneous increase in total debt and the presence of a significant equity deficit indicate a highly leveraged capital structure where total liabilities exceed total assets. While the narrowing of the equity deficit since 2024 suggests an improvement in the balance sheet's internal health, the overall solvency remains constrained by the elevated level of total debt.
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Debt to Equity (including Operating Lease Liability)
Lowe’s Cos. Inc., debt to equity (including operating lease liability) calculation (quarterly data)
| 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Short-term borrowings | —) | 380) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | 72) | 499) | —) | —) | —) | —) | 1,000) | 1,000) | —) | |||||||
| Current maturities of long-term debt | 2,352) | 810) | 2,431) | 2,437) | 4,175) | 4,183) | 2,586) | 2,576) | 1,290) | 1,294) | 537) | 544) | 592) | 589) | 585) | 609) | 121) | 121) | 868) | 1,352) | 1,344) | 1,338) | |||||||
| Long-term debt, excluding current maturities | 35,204) | 36,751) | 37,490) | 37,498) | 30,548) | 30,541) | 32,901) | 32,906) | 34,659) | 34,622) | 35,384) | 35,374) | 35,839) | 35,863) | 32,876) | 32,904) | 28,763) | 28,776) | 23,859) | 23,881) | 21,967) | 21,906) | |||||||
| Total debt | 37,556) | 37,941) | 39,921) | 39,935) | 34,723) | 34,724) | 35,487) | 35,482) | 35,949) | 35,916) | 35,921) | 35,918) | 36,431) | 36,524) | 33,960) | 33,513) | 28,884) | 28,897) | 24,727) | 26,233) | 24,311) | 23,244) | |||||||
| Current operating lease liabilities | 733) | 662) | 713) | 691) | 536) | 562) | 563) | 497) | 552) | 552) | 487) | 533) | 534) | 525) | 522) | 651) | 652) | 639) | 636) | 573) | 557) | 551) | |||||||
| Noncurrent operating lease liabilities | 3,734) | 3,937) | 4,043) | 4,070) | 3,801) | 3,669) | 3,628) | 3,741) | 3,738) | 3,759) | 3,737) | 3,602) | 3,611) | 3,479) | 3,512) | 4,048) | 4,069) | 4,061) | 4,021) | 4,136) | 3,841) | 3,925) | |||||||
| Total debt (including operating lease liability) | 42,023) | 42,540) | 44,677) | 44,696) | 39,060) | 38,955) | 39,678) | 39,720) | 40,239) | 40,227) | 40,145) | 40,053) | 40,576) | 40,528) | 37,994) | 38,212) | 33,605) | 33,597) | 29,384) | 30,942) | 28,709) | 27,720) | |||||||
| Shareholders’ equity (deficit) | (7,437) | (9,270) | (9,917) | (10,382) | (11,400) | (13,254) | (14,231) | (13,419) | (13,763) | (14,606) | (15,050) | (15,147) | (14,732) | (14,710) | (14,254) | (12,868) | (8,442) | (6,877) | (4,816) | (1,576) | (175) | 445) | |||||||
| Solvency Ratio | |||||||||||||||||||||||||||||
| Debt to equity (including operating lease liability)1 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 62.29 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | |||||||||||||||||||||||||||||
| Amazon.com Inc. | — | — | — | — | 0.44 | 0.51 | 0.41 | 0.41 | 0.46 | 0.49 | 0.52 | 0.58 | 0.64 | 0.71 | 0.77 | 0.84 | 0.91 | 1.00 | 1.06 | 1.05 | 1.08 | 0.97 | |||||||
| Home Depot Inc. | 3.77 | 4.55 | 5.10 | 5.40 | 5.75 | 7.70 | 9.38 | 10.95 | 14.62 | 28.03 | 50.04 | 34.44 | 37.07 | 136.54 | 32.24 | 38.30 | 199.91 | — | — | 43.73 | 20.47 | 23.99 | |||||||
| TJX Cos. Inc. | 1.34 | 1.36 | 1.32 | 1.41 | 1.48 | 1.54 | 1.52 | 1.56 | 1.63 | 1.69 | 1.72 | 1.83 | 1.90 | 2.00 | 2.00 | 2.23 | 2.34 | 2.27 | 2.08 | 1.99 | 2.01 | 2.42 | |||||||
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).
1 Q2 2027 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Shareholders’ equity (deficit)
= 42,023 ÷ -7,437 = —
2 Click competitor name to see calculations.
The solvency profile of the organization is characterized by a significant shift from positive shareholders' equity to a sustained equity deficit, coupled with a general increase in total debt obligations over the observed period.
- Total Debt Trends
- Total debt, including operating lease liabilities, exhibited a consistent upward trajectory from April 2021, rising from 27,720 million US dollars to a peak of 44,696 million US dollars by October 2025. While there were periods of relative stabilization between May 2023 and February 2024, where debt fluctuated around the 40,000 million US dollar mark, the overall trend indicates a substantial expansion of the company's leverage.
- Shareholders' Equity and Deficit Dynamics
- A critical transition occurred between April 2021 and July 2021, where shareholders' equity moved from a positive 445 million US dollars to a deficit of 175 million US dollars. This deficit widened aggressively through 2022 and 2023, reaching its maximum deficit of 15,147 million US dollars in November 2023. Following this trough, a recovery trend is observed; the deficit steadily narrowed from February 2024 through July 2026, ending at 7,437 million US dollars.
- Solvency and Leverage Implications
- The combination of increasing total debt and a negative equity position indicates a highly leveraged capital structure. The debt-to-equity ratio, which stood at 62.29 in April 2021, became mathematically atypical as equity transitioned into a deficit. The persistence of negative equity throughout the majority of the period suggests that total liabilities have consistently exceeded total assets. However, the narrowing of the equity deficit since late 2023 suggests an improvement in the underlying balance sheet strength, even as absolute debt levels remain significantly higher than the 2021 baseline.
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Debt to Capital
Lowe’s Cos. Inc., debt to capital calculation (quarterly data)
| 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Short-term borrowings | —) | 380) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | 72) | 499) | —) | —) | —) | —) | 1,000) | 1,000) | —) | |||||||
| Current maturities of long-term debt | 2,352) | 810) | 2,431) | 2,437) | 4,175) | 4,183) | 2,586) | 2,576) | 1,290) | 1,294) | 537) | 544) | 592) | 589) | 585) | 609) | 121) | 121) | 868) | 1,352) | 1,344) | 1,338) | |||||||
| Long-term debt, excluding current maturities | 35,204) | 36,751) | 37,490) | 37,498) | 30,548) | 30,541) | 32,901) | 32,906) | 34,659) | 34,622) | 35,384) | 35,374) | 35,839) | 35,863) | 32,876) | 32,904) | 28,763) | 28,776) | 23,859) | 23,881) | 21,967) | 21,906) | |||||||
| Total debt | 37,556) | 37,941) | 39,921) | 39,935) | 34,723) | 34,724) | 35,487) | 35,482) | 35,949) | 35,916) | 35,921) | 35,918) | 36,431) | 36,524) | 33,960) | 33,513) | 28,884) | 28,897) | 24,727) | 26,233) | 24,311) | 23,244) | |||||||
| Shareholders’ equity (deficit) | (7,437) | (9,270) | (9,917) | (10,382) | (11,400) | (13,254) | (14,231) | (13,419) | (13,763) | (14,606) | (15,050) | (15,147) | (14,732) | (14,710) | (14,254) | (12,868) | (8,442) | (6,877) | (4,816) | (1,576) | (175) | 445) | |||||||
| Total capital | 30,119) | 28,671) | 30,004) | 29,553) | 23,323) | 21,470) | 21,256) | 22,063) | 22,186) | 21,310) | 20,871) | 20,771) | 21,699) | 21,814) | 19,706) | 20,645) | 20,442) | 22,020) | 19,911) | 24,657) | 24,136) | 23,689) | |||||||
| Solvency Ratio | |||||||||||||||||||||||||||||
| Debt to capital1 | 1.25 | 1.32 | 1.33 | 1.35 | 1.49 | 1.62 | 1.67 | 1.61 | 1.62 | 1.69 | 1.72 | 1.73 | 1.68 | 1.67 | 1.72 | 1.62 | 1.41 | 1.31 | 1.24 | 1.06 | 1.01 | 0.98 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Debt to Capital, Competitors2 | |||||||||||||||||||||||||||||
| Amazon.com Inc. | — | — | — | — | 0.21 | 0.23 | 0.16 | 0.15 | 0.17 | 0.18 | 0.19 | 0.21 | 0.24 | 0.26 | 0.28 | 0.30 | 0.32 | 0.35 | 0.37 | 0.37 | 0.38 | 0.35 | |||||||
| Home Depot Inc. | 0.76 | 0.79 | 0.81 | 0.82 | 0.83 | 0.87 | 0.89 | 0.90 | 0.93 | 0.96 | 0.98 | 0.97 | 0.97 | 0.99 | 0.97 | 0.97 | 0.99 | 1.04 | 1.04 | 0.97 | 0.95 | 0.95 | |||||||
| TJX Cos. Inc. | 0.21 | 0.22 | 0.22 | 0.23 | 0.24 | 0.25 | 0.25 | 0.26 | 0.27 | 0.28 | 0.28 | 0.30 | 0.30 | 0.34 | 0.35 | 0.37 | 0.38 | 0.37 | 0.36 | 0.34 | 0.34 | 0.46 | |||||||
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).
1 Q2 2027 Calculation
Debt to capital = Total debt ÷ Total capital
= 37,556 ÷ 30,119 = 1.25
2 Click competitor name to see calculations.
The solvency profile exhibits a distinct trajectory characterized by a period of aggressive leverage expansion followed by a sustained phase of deleveraging. Between April 2021 and February 2023, the debt-to-capital ratio climbed significantly from 0.98 to a peak of 1.72, indicating a period where debt accumulation outpaced capital growth.
- Leverage Expansion Phase
- From April 2021 to February 2023, total debt increased from 23,244 million to 33,960 million. This growth occurred alongside a contraction in total capital, which fell from 23,689 million to 19,706 million. The resulting divergence drove the debt-to-capital ratio from 0.98 to 1.72, marking a substantial increase in financial leverage.
- Stabilization Period
- Between May 2023 and February 2024, the debt-to-capital ratio entered a plateau, fluctuating between 1.62 and 1.73. During this period, total debt remained relatively constant, hovering around 35,900 million, while total capital exhibited minimal volatility, remaining within the 20,700 million to 21,800 million range.
- Capital Reconstitution and Deleveraging
- Beginning in mid-2024 and continuing through July 2026, a consistent downward trend in the debt-to-capital ratio is observed, ending at 1.25. This improvement was primarily driven by a significant expansion of total capital, which grew from 21,310 million in February 2024 to 30,119 million by July 2026. Although total debt reached a peak of 39,935 million in October 2025, the proportional increase in total capital effectively reduced the overall leverage ratio.
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Debt to Capital (including Operating Lease Liability)
Lowe’s Cos. Inc., debt to capital (including operating lease liability) calculation (quarterly data)
| 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Short-term borrowings | —) | 380) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | 72) | 499) | —) | —) | —) | —) | 1,000) | 1,000) | —) | |||||||
| Current maturities of long-term debt | 2,352) | 810) | 2,431) | 2,437) | 4,175) | 4,183) | 2,586) | 2,576) | 1,290) | 1,294) | 537) | 544) | 592) | 589) | 585) | 609) | 121) | 121) | 868) | 1,352) | 1,344) | 1,338) | |||||||
| Long-term debt, excluding current maturities | 35,204) | 36,751) | 37,490) | 37,498) | 30,548) | 30,541) | 32,901) | 32,906) | 34,659) | 34,622) | 35,384) | 35,374) | 35,839) | 35,863) | 32,876) | 32,904) | 28,763) | 28,776) | 23,859) | 23,881) | 21,967) | 21,906) | |||||||
| Total debt | 37,556) | 37,941) | 39,921) | 39,935) | 34,723) | 34,724) | 35,487) | 35,482) | 35,949) | 35,916) | 35,921) | 35,918) | 36,431) | 36,524) | 33,960) | 33,513) | 28,884) | 28,897) | 24,727) | 26,233) | 24,311) | 23,244) | |||||||
| Current operating lease liabilities | 733) | 662) | 713) | 691) | 536) | 562) | 563) | 497) | 552) | 552) | 487) | 533) | 534) | 525) | 522) | 651) | 652) | 639) | 636) | 573) | 557) | 551) | |||||||
| Noncurrent operating lease liabilities | 3,734) | 3,937) | 4,043) | 4,070) | 3,801) | 3,669) | 3,628) | 3,741) | 3,738) | 3,759) | 3,737) | 3,602) | 3,611) | 3,479) | 3,512) | 4,048) | 4,069) | 4,061) | 4,021) | 4,136) | 3,841) | 3,925) | |||||||
| Total debt (including operating lease liability) | 42,023) | 42,540) | 44,677) | 44,696) | 39,060) | 38,955) | 39,678) | 39,720) | 40,239) | 40,227) | 40,145) | 40,053) | 40,576) | 40,528) | 37,994) | 38,212) | 33,605) | 33,597) | 29,384) | 30,942) | 28,709) | 27,720) | |||||||
| Shareholders’ equity (deficit) | (7,437) | (9,270) | (9,917) | (10,382) | (11,400) | (13,254) | (14,231) | (13,419) | (13,763) | (14,606) | (15,050) | (15,147) | (14,732) | (14,710) | (14,254) | (12,868) | (8,442) | (6,877) | (4,816) | (1,576) | (175) | 445) | |||||||
| Total capital (including operating lease liability) | 34,586) | 33,270) | 34,760) | 34,314) | 27,660) | 25,701) | 25,447) | 26,301) | 26,476) | 25,621) | 25,095) | 24,906) | 25,844) | 25,818) | 23,740) | 25,344) | 25,163) | 26,720) | 24,568) | 29,366) | 28,534) | 28,165) | |||||||
| Solvency Ratio | |||||||||||||||||||||||||||||
| Debt to capital (including operating lease liability)1 | 1.22 | 1.28 | 1.29 | 1.30 | 1.41 | 1.52 | 1.56 | 1.51 | 1.52 | 1.57 | 1.60 | 1.61 | 1.57 | 1.57 | 1.60 | 1.51 | 1.34 | 1.26 | 1.20 | 1.05 | 1.01 | 0.98 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | |||||||||||||||||||||||||||||
| Amazon.com Inc. | — | — | — | — | 0.30 | 0.34 | 0.29 | 0.29 | 0.31 | 0.33 | 0.34 | 0.37 | 0.39 | 0.42 | 0.43 | 0.46 | 0.48 | 0.50 | 0.51 | 0.51 | 0.52 | 0.49 | |||||||
| Home Depot Inc. | 0.79 | 0.82 | 0.84 | 0.84 | 0.85 | 0.89 | 0.90 | 0.92 | 0.94 | 0.97 | 0.98 | 0.97 | 0.97 | 0.99 | 0.97 | 0.97 | 1.00 | 1.04 | 1.04 | 0.98 | 0.95 | 0.96 | |||||||
| TJX Cos. Inc. | 0.57 | 0.58 | 0.57 | 0.59 | 0.60 | 0.61 | 0.60 | 0.61 | 0.62 | 0.63 | 0.63 | 0.65 | 0.66 | 0.67 | 0.67 | 0.69 | 0.70 | 0.69 | 0.68 | 0.67 | 0.67 | 0.71 | |||||||
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).
1 Q2 2027 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 42,023 ÷ 34,586 = 1.22
2 Click competitor name to see calculations.
The solvency profile exhibits a period of escalating leverage from early 2021 through 2023, followed by a period of relative stabilization and a subsequent gradual decline in the debt-to-capital ratio toward mid-2026.
- Debt to Capital Ratio Trajectory
- The debt to capital ratio experienced a sharp increase from 0.98 in April 2021 to a peak of 1.60 in February 2023. For the subsequent two years, the ratio remained elevated, fluctuating within a narrow range between 1.51 and 1.61. A downward trend emerged in 2025, with the ratio compressing to 1.22 by July 2026, indicating a shift toward a more balanced capital structure.
- Total Debt Trends
- Total debt, inclusive of operating lease liabilities, showed a general upward trend over the observed period. Obligations rose from 27.7 billion USD in April 2021 to approximately 40 billion USD by early 2023, where they remained relatively stagnant for several quarters. A notable increase occurred in late 2025, with debt peaking at 44.7 billion USD in October 2025 before receding to 42.0 billion USD by July 2026.
- Total Capital Volatility
- Total capital exhibited significant volatility, initially declining from 28.2 billion USD in April 2021 to a minimum of 23.7 billion USD in February 2023. This contraction in the capital base was a primary driver of the spike in the debt to capital ratio during this interval. However, a substantial increase in total capital was observed between August 2025 and October 2025, rising from 27.7 billion USD to 34.3 billion USD, which contributed to the reduction of the solvency ratio in the final periods of the analysis.
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Debt to Assets
Lowe’s Cos. Inc., debt to assets calculation (quarterly data)
| 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Short-term borrowings | —) | 380) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | 72) | 499) | —) | —) | —) | —) | 1,000) | 1,000) | —) | |||||||
| Current maturities of long-term debt | 2,352) | 810) | 2,431) | 2,437) | 4,175) | 4,183) | 2,586) | 2,576) | 1,290) | 1,294) | 537) | 544) | 592) | 589) | 585) | 609) | 121) | 121) | 868) | 1,352) | 1,344) | 1,338) | |||||||
| Long-term debt, excluding current maturities | 35,204) | 36,751) | 37,490) | 37,498) | 30,548) | 30,541) | 32,901) | 32,906) | 34,659) | 34,622) | 35,384) | 35,374) | 35,839) | 35,863) | 32,876) | 32,904) | 28,763) | 28,776) | 23,859) | 23,881) | 21,967) | 21,906) | |||||||
| Total debt | 37,556) | 37,941) | 39,921) | 39,935) | 34,723) | 34,724) | 35,487) | 35,482) | 35,949) | 35,916) | 35,921) | 35,918) | 36,431) | 36,524) | 33,960) | 33,513) | 28,884) | 28,897) | 24,727) | 26,233) | 24,311) | 23,244) | |||||||
| Total assets | 55,881) | 54,941) | 54,144) | 53,453) | 46,614) | 45,372) | 43,102) | 44,743) | 44,934) | 45,365) | 41,795) | 42,519) | 44,521) | 45,917) | 43,708) | 46,973) | 46,725) | 49,725) | 44,640) | 49,400) | 49,404) | 51,200) | |||||||
| Solvency Ratio | |||||||||||||||||||||||||||||
| Debt to assets1 | 0.67 | 0.69 | 0.74 | 0.75 | 0.74 | 0.77 | 0.82 | 0.79 | 0.80 | 0.79 | 0.86 | 0.84 | 0.82 | 0.80 | 0.78 | 0.71 | 0.62 | 0.58 | 0.55 | 0.53 | 0.49 | 0.45 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Debt to Assets, Competitors2 | |||||||||||||||||||||||||||||
| Amazon.com Inc. | — | — | — | — | 0.13 | 0.15 | 0.10 | 0.09 | 0.10 | 0.11 | 0.11 | 0.12 | 0.13 | 0.15 | 0.15 | 0.16 | 0.17 | 0.18 | 0.19 | 0.19 | 0.19 | 0.17 | |||||||
| Home Depot Inc. | 0.48 | 0.50 | 0.53 | 0.53 | 0.52 | 0.53 | 0.56 | 0.56 | 0.58 | 0.54 | 0.58 | 0.55 | 0.55 | 0.55 | 0.57 | 0.56 | 0.54 | 0.54 | 0.56 | 0.54 | 0.51 | 0.49 | |||||||
| TJX Cos. Inc. | 0.08 | 0.08 | 0.08 | 0.08 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.10 | 0.10 | 0.09 | 0.10 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | 0.11 | 0.12 | 0.18 | |||||||
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).
1 Q2 2027 Calculation
Debt to assets = Total debt ÷ Total assets
= 37,556 ÷ 55,881 = 0.67
2 Click competitor name to see calculations.
The solvency profile indicates a period of significant leverage expansion followed by a gradual phase of balance sheet stabilization and asset growth.
- Debt to Assets Ratio Trend
- A sustained increase in the debt to assets ratio is observed from April 2021 through November 2023, during which the ratio climbed from 0.45 to a peak of 0.86. This suggests a strategic or operational shift toward higher leverage. Following this peak, a reversal trend emerged, with the ratio steadily declining to 0.67 by July 2026, indicating an improvement in the solvency position over the latter half of the period.
- Total Debt Analysis
- Total debt showed a consistent upward trajectory for the first several years, rising from 23.2 billion US dollars in April 2021 to approximately 35.9 billion US dollars by late 2023. A subsequent increase peaked in October 2025 at 39.9 billion US dollars, before retreating to 37.6 billion US dollars by July 2026. The debt levels remained elevated compared to 2021 levels, but the rate of increase decelerated in the final quarters.
- Total Asset Dynamics
- Total assets experienced a period of contraction and volatility between April 2021 and February 2024, falling from 51.2 billion US dollars to a low of 41.8 billion US dollars. This decline in assets, coinciding with rising debt, contributed to the sharp increase in the debt to assets ratio. However, a robust recovery followed, with assets growing to 55.9 billion US dollars by July 2026, which served as the primary driver for the eventual reduction in the solvency ratio.
- Overall Solvency Interpretation
- The data reflects two distinct financial phases. The first phase, spanning 2021 to 2023, was characterized by deteriorating solvency as debt rose while assets declined. The second phase, from 2024 to 2026, was characterized by solvency recovery, driven by significant asset growth that outpaced the growth of total liabilities.
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Debt to Assets (including Operating Lease Liability)
Lowe’s Cos. Inc., debt to assets (including operating lease liability) calculation (quarterly data)
| 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Short-term borrowings | —) | 380) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | 72) | 499) | —) | —) | —) | —) | 1,000) | 1,000) | —) | |||||||
| Current maturities of long-term debt | 2,352) | 810) | 2,431) | 2,437) | 4,175) | 4,183) | 2,586) | 2,576) | 1,290) | 1,294) | 537) | 544) | 592) | 589) | 585) | 609) | 121) | 121) | 868) | 1,352) | 1,344) | 1,338) | |||||||
| Long-term debt, excluding current maturities | 35,204) | 36,751) | 37,490) | 37,498) | 30,548) | 30,541) | 32,901) | 32,906) | 34,659) | 34,622) | 35,384) | 35,374) | 35,839) | 35,863) | 32,876) | 32,904) | 28,763) | 28,776) | 23,859) | 23,881) | 21,967) | 21,906) | |||||||
| Total debt | 37,556) | 37,941) | 39,921) | 39,935) | 34,723) | 34,724) | 35,487) | 35,482) | 35,949) | 35,916) | 35,921) | 35,918) | 36,431) | 36,524) | 33,960) | 33,513) | 28,884) | 28,897) | 24,727) | 26,233) | 24,311) | 23,244) | |||||||
| Current operating lease liabilities | 733) | 662) | 713) | 691) | 536) | 562) | 563) | 497) | 552) | 552) | 487) | 533) | 534) | 525) | 522) | 651) | 652) | 639) | 636) | 573) | 557) | 551) | |||||||
| Noncurrent operating lease liabilities | 3,734) | 3,937) | 4,043) | 4,070) | 3,801) | 3,669) | 3,628) | 3,741) | 3,738) | 3,759) | 3,737) | 3,602) | 3,611) | 3,479) | 3,512) | 4,048) | 4,069) | 4,061) | 4,021) | 4,136) | 3,841) | 3,925) | |||||||
| Total debt (including operating lease liability) | 42,023) | 42,540) | 44,677) | 44,696) | 39,060) | 38,955) | 39,678) | 39,720) | 40,239) | 40,227) | 40,145) | 40,053) | 40,576) | 40,528) | 37,994) | 38,212) | 33,605) | 33,597) | 29,384) | 30,942) | 28,709) | 27,720) | |||||||
| Total assets | 55,881) | 54,941) | 54,144) | 53,453) | 46,614) | 45,372) | 43,102) | 44,743) | 44,934) | 45,365) | 41,795) | 42,519) | 44,521) | 45,917) | 43,708) | 46,973) | 46,725) | 49,725) | 44,640) | 49,400) | 49,404) | 51,200) | |||||||
| Solvency Ratio | |||||||||||||||||||||||||||||
| Debt to assets (including operating lease liability)1 | 0.75 | 0.77 | 0.83 | 0.84 | 0.84 | 0.86 | 0.92 | 0.89 | 0.90 | 0.89 | 0.96 | 0.94 | 0.91 | 0.88 | 0.87 | 0.81 | 0.72 | 0.68 | 0.66 | 0.63 | 0.58 | 0.54 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | |||||||||||||||||||||||||||||
| Amazon.com Inc. | — | — | — | — | 0.22 | 0.25 | 0.21 | 0.21 | 0.22 | 0.23 | 0.24 | 0.26 | 0.27 | 0.29 | 0.29 | 0.32 | 0.32 | 0.33 | 0.33 | 0.34 | 0.34 | 0.32 | |||||||
| Home Depot Inc. | 0.57 | 0.59 | 0.62 | 0.62 | 0.61 | 0.62 | 0.65 | 0.65 | 0.67 | 0.64 | 0.68 | 0.65 | 0.65 | 0.65 | 0.66 | 0.65 | 0.62 | 0.62 | 0.64 | 0.62 | 0.60 | 0.58 | |||||||
| TJX Cos. Inc. | 0.39 | 0.39 | 0.38 | 0.37 | 0.40 | 0.41 | 0.40 | 0.39 | 0.41 | 0.43 | 0.42 | 0.41 | 0.43 | 0.45 | 0.45 | 0.44 | 0.47 | 0.46 | 0.44 | 0.43 | 0.45 | 0.49 | |||||||
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).
1 Q2 2027 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 42,023 ÷ 55,881 = 0.75
2 Click competitor name to see calculations.
An analysis of the solvency metrics reveals a significant period of increasing leverage followed by a gradual trend toward deleveraging. Between April 2021 and February 2024, there was a consistent upward trajectory in the debt-to-assets ratio, indicating a growing reliance on borrowed funds relative to the asset base.
- Total Debt Trends
- Total debt, including operating lease liabilities, exhibited a steady increase from 27,720 million USD in April 2021 to a peak of 44,696 million USD in October 2025. While there were minor fluctuations, the overall trend remained positive for the majority of the period before experiencing a slight reduction to 42,023 million USD by July 2026.
- Total Asset Fluctuations
- Total assets displayed a more volatile pattern, starting at 51,200 million USD in April 2021 and reaching a low of 41,795 million USD in February 2024. Following this trough, assets grew consistently, ending the period at 55,881 million USD in July 2026, which suggests a period of asset expansion or recovery in the later years.
- Debt to Assets Ratio Analysis
- The debt-to-assets ratio rose sharply from 0.54 in April 2021 to a peak of 0.96 in February 2024. This escalation was driven by the simultaneous increase in total debt and the decline in total assets. This peak indicates a point of high financial leverage where debt represented 96% of total assets. Subsequent to February 2024, the ratio began a downward trend, improving to 0.75 by July 2026. This improvement is attributed to a combination of stabilizing debt levels and a significant increase in the total asset base during the 2025 and 2026 periods.
The overall solvency profile indicates a transition from a moderate leverage position to a highly leveraged state, followed by a corrective phase. The reduction of the ratio from 0.96 to 0.75 suggests an improvement in the long-term financial solvency position by the end of the observed timeframe.
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Financial Leverage
Lowe’s Cos. Inc., financial leverage calculation (quarterly data)
| 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Total assets | 55,881) | 54,941) | 54,144) | 53,453) | 46,614) | 45,372) | 43,102) | 44,743) | 44,934) | 45,365) | 41,795) | 42,519) | 44,521) | 45,917) | 43,708) | 46,973) | 46,725) | 49,725) | 44,640) | 49,400) | 49,404) | 51,200) | |||||||
| Shareholders’ equity (deficit) | (7,437) | (9,270) | (9,917) | (10,382) | (11,400) | (13,254) | (14,231) | (13,419) | (13,763) | (14,606) | (15,050) | (15,147) | (14,732) | (14,710) | (14,254) | (12,868) | (8,442) | (6,877) | (4,816) | (1,576) | (175) | 445) | |||||||
| Solvency Ratio | |||||||||||||||||||||||||||||
| Financial leverage1 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 115.06 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Financial Leverage, Competitors2 | |||||||||||||||||||||||||||||
| Amazon.com Inc. | — | — | — | — | 1.99 | 2.07 | 1.99 | 1.97 | 2.04 | 2.10 | 2.19 | 2.26 | 2.35 | 2.45 | 2.61 | 2.66 | 2.83 | 3.01 | 3.17 | 3.12 | 3.19 | 3.07 | |||||||
| Home Depot Inc. | 6.58 | 7.78 | 8.20 | 8.77 | 9.38 | 12.46 | 14.48 | 16.81 | 21.91 | 43.53 | 73.30 | 52.85 | 57.22 | 211.01 | 48.94 | 59.22 | 319.94 | — | — | 70.56 | 34.20 | 41.51 | |||||||
| TJX Cos. Inc. | 3.48 | 3.48 | 3.51 | 3.76 | 3.71 | 3.75 | 3.78 | 3.97 | 3.93 | 3.96 | 4.07 | 4.44 | 4.38 | 4.47 | 4.45 | 5.02 | 5.02 | 4.95 | 4.74 | 4.67 | 4.49 | 4.94 | |||||||
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).
1 Q2 2027 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity (deficit)
= 55,881 ÷ -7,437 = —
2 Click competitor name to see calculations.
The financial position is characterized by a significant transition from positive shareholders' equity to a prolonged period of equity deficit, accompanied by fluctuations in total asset valuation.
- Total Asset Trends
- Total assets exhibited a general decline from a peak of 51,200 million US$ in April 2021 to a low of 41,795 million US$ by February 2024. This period of contraction was followed by a sustained recovery phase beginning in early 2025, with assets increasing steadily to reach 55,881 million US$ by July 2026.
- Shareholders' Equity and Solvency
- A critical shift occurred between April 2021 and July 2021, where shareholders' equity moved from a positive 445 million US$ to a deficit of 175 million US$. This deficit deepened substantially over the following two years, reaching its maximum deficit of 15,147 million US$ in November 2023. Since that trough, a consistent upward trajectory has been observed, reducing the deficit to 7,437 million US$ by July 2026.
- Financial Leverage Dynamics
- The financial leverage ratio was recorded at 115.06 in April 2021, reflecting a high reliance on debt relative to equity. The subsequent shift into negative equity indicates that total liabilities exceeded total assets for the majority of the analyzed period. However, the gradual reduction of the equity deficit from 2024 through 2026 suggests a systematic improvement in the solvency profile, despite the continued presence of a deficit.
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