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: 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).
The financial ratios indicate a fluctuating but generally increasing leverage profile for the company over the periods analyzed. Several key debt-related metrics show noteworthy upward trends, particularly in the earlier periods followed by some stabilization or slight decreases more recently.
- Debt to Equity Ratio
- This ratio exhibits a volatile pattern with initial increases from 5.42 in May 2019 to a peak of 52.23 by April 2021. This jump indicates a substantial increase in the company's reliance on debt relative to equity. However, the values beyond April 2021 are missing, preventing further trend analysis for more recent quarters.
- Debt to Equity (Including Operating Lease Liability)
- The extended measure, which includes operating lease liabilities, follows a similar pattern to the debt to equity ratio, with an increase from 6.83 in May 2019 to 62.29 in April 2021. This suggests that lease obligations also contribute significantly to the company’s financial leverage during this time frame.
- Debt to Capital Ratio
- This ratio, which measures the proportion of debt in the company’s capital structure, started high at 0.84 and rose progressively from 1.01 in April 2021 to a peak of 1.72 in February 2023, indicating a growing use of debt financing. After this peak, the ratio shows a declining trend toward 1.49 by August 2025, suggesting some deleveraging or capital structure optimization in the latest periods.
- Debt to Capital (Including Operating Lease Liability)
- The inclusion of operating lease liabilities results in slightly higher ratios than the standard debt to capital ratio but follows a comparable trend. It rises to a peak of 1.6 in February 2023 and then gradually declines to 1.41 by August 2025, reflecting similar deleveraging behavior.
- Debt to Assets Ratio
- This ratio, which reflects the portion of assets financed by debt, increased steadily from 0.41 in May 2019 to 0.86 by February 2024, indicating a rising debt burden placed against total assets. After this peak, there is a slight reduction to 0.74 by August 2025, implying some reduction in debt or asset growth relative to borrowed funds.
- Debt to Assets (Including Operating Lease Liability)
- When operating leases are factored in, the ratio is consistently higher, peaking at 0.96 in February 2024 before decreasing to 0.84 in August 2025. This underscores that lease liabilities represent a meaningful component of the company's total obligations backed by assets.
- Financial Leverage
- Financial leverage sharply rises from 13.36 in May 2019 to an extreme 115.06 in April 2021. Such an increase suggests significant expansion of liabilities relative to equity base during this timeline. Unfortunately, data beyond April 2021 is not available to determine subsequent trends or adjustments.
Overall, the data reveals an environment of increasing leverage and debt usage up until early 2021 or 2024 depending on the specific ratio. After reaching peaks, some debt ratios show a gradual reduction in leverage in recent periods, hinting at attempts to rebalance the capital structure or reduce financial risk exposure. The inclusion of operating lease liabilities consistently increases leverage ratios, highlighting the impact of these obligations on the company's debt profile.
Debt Ratios
Debt to Equity
Lowe’s Cos. Inc., debt to equity calculation (quarterly data)
| 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 | Jan 29, 2021 | Oct 30, 2020 | Jul 31, 2020 | May 1, 2020 | Jan 31, 2020 | Nov 1, 2019 | Aug 2, 2019 | May 3, 2019 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||||||
| Short-term borrowings | —) | —) | —) | —) | —) | —) | —) | —) | —) | 72) | 499) | —) | —) | —) | —) | 1,000) | 1,000) | —) | —) | —) | 1,000) | 1,000) | 1,941) | 637) | —) | —) | ||||||||
| Current maturities of long-term debt | 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) | 1,112) | 609) | 609) | 604) | 597) | 574) | 1,009) | 1,008) | ||||||||
| Long-term debt, excluding current maturities | 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) | 20,668) | 21,185) | 20,197) | 20,200) | 16,768) | 16,635) | 16,538) | 16,542) | ||||||||
| Total debt | 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) | 21,780) | 21,794) | 21,806) | 21,804) | 19,306) | 17,846) | 17,547) | 17,550) | ||||||||
| Shareholders’ equity (deficit) | (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) | 1,437) | 4,073) | 4,356) | 1,716) | 1,972) | 2,458) | 2,640) | 3,236) | ||||||||
| Solvency Ratio | ||||||||||||||||||||||||||||||||||
| Debt to equity1 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 52.23 | 15.16 | 5.35 | 5.01 | 12.71 | 9.79 | 7.26 | 6.65 | 5.42 | ||||||||
| Benchmarks | ||||||||||||||||||||||||||||||||||
| Debt to Equity, Competitors2 | ||||||||||||||||||||||||||||||||||
| Amazon.com Inc. | — | — | — | — | 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 | 0.54 | 0.63 | 0.67 | 0.58 | 0.66 | 0.73 | 0.83 | 0.78 | ||||||||
| Home Depot Inc. | 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 | 11.29 | 23.01 | — | — | — | — | — | — | ||||||||
| TJX Cos. Inc. | 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 | 1.04 | 1.11 | 1.33 | 1.52 | 0.38 | 0.40 | 0.42 | 0.44 | ||||||||
Based on: 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).
1 Q2 2026 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity (deficit)
= 34,723 ÷ -11,400 = —
2 Click competitor name to see calculations.
The analysis of the financial data reveals several notable trends in the company's financial leverage and capital structure over the observed periods.
- Total Debt
- Total debt consistently increased from $17,550 million in May 2019 to a peak of approximately $36,524 million in August 2023. Following this peak, total debt gradually decreased, ending near $34,723 million in August 2025. This pattern reflects a significant buildup in debt over multiple years, likely to support growth or other strategic initiatives, followed by a slight deleveraging phase.
- Shareholders’ Equity (Deficit)
- Shareholders’ equity exhibited a declining trend throughout the observed timeframe, starting at $3,236 million in May 2019 and dropping into negative territory by April 2021. The deficit deepened steadily, reaching its lowest point around -$15,147 million in February 2024. Subsequent data points show some recovery, with the deficit narrowing to approximately -$11,400 million by August 2025. This indicates deteriorating net asset value, potentially due to accumulated losses or other equity reductions, with modest improvement toward the end of the period.
- Debt to Equity Ratio
- The debt to equity ratio rose notably from 5.42 in May 2019 to an elevated 52.23 by April 2021, correlating with the sharp decline in shareholders’ equity during the same period. Higher ratios in earlier quarters reinforce the impact of declining equity and increasing debt, suggesting increased financial risk and leverage. Data after April 2021 are missing, but the previous trends imply a period of significant leverage stress followed by potential stabilization as equity values begin to recover slightly.
Overall, the financial profile illustrates a company that took on substantially greater debt over these years while experiencing a marked reduction in equity, resulting in increased leverage ratios that peaked dramatically around early 2021. The slight reduction in total debt and improvement in equity deficits in later periods may indicate efforts to strengthen the balance sheet and reduce financial risk after a period of aggressive borrowing and equity decline.
Debt to Equity (including Operating Lease Liability)
Lowe’s Cos. Inc., debt to equity (including operating lease liability) calculation (quarterly data)
| Aug 1, 2025 | May 2, 2025 | Jan 31, 2025 | Nov 1, 2024 | Aug 2, 2024 | May 3, 2024 | Feb 2, 2024 | Nov 3, 2023 | Aug 4, 2023 | May 5, 2023 | Feb 3, 2023 | Oct 28, 2022 | Jul 29, 2022 | Apr 29, 2022 | Jan 28, 2022 | Oct 29, 2021 | Jul 30, 2021 | Apr 30, 2021 | Jan 29, 2021 | Oct 30, 2020 | Jul 31, 2020 | May 1, 2020 | Jan 31, 2020 | Nov 1, 2019 | Aug 2, 2019 | May 3, 2019 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||||||
| Short-term borrowings | —) | —) | —) | —) | —) | —) | —) | —) | —) | 72) | 499) | —) | —) | —) | —) | 1,000) | 1,000) | —) | —) | —) | 1,000) | 1,000) | 1,941) | 637) | —) | —) | ||||||||
| Current maturities of long-term debt | 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) | 1,112) | 609) | 609) | 604) | 597) | 574) | 1,009) | 1,008) | ||||||||
| Long-term debt, excluding current maturities | 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) | 20,668) | 21,185) | 20,197) | 20,200) | 16,768) | 16,635) | 16,538) | 16,542) | ||||||||
| Total debt | 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) | 21,780) | 21,794) | 21,806) | 21,804) | 19,306) | 17,846) | 17,547) | 17,550) | ||||||||
| Current operating lease liabilities | 536) | 562) | 563) | 497) | 552) | 552) | 487) | 533) | 534) | 525) | 522) | 651) | 652) | 639) | 636) | 573) | 557) | 551) | 541) | 530) | 520) | 506) | 501) | 499) | 492) | 500) | ||||||||
| Noncurrent operating lease liabilities | 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) | 3,890) | 3,907) | 3,859) | 3,915) | 3,943) | 3,942) | 4,055) | 4,064) | ||||||||
| Total debt (including operating lease liability) | 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) | 26,211) | 26,231) | 26,185) | 26,225) | 23,750) | 22,287) | 22,094) | 22,114) | ||||||||
| Shareholders’ equity (deficit) | (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) | 1,437) | 4,073) | 4,356) | 1,716) | 1,972) | 2,458) | 2,640) | 3,236) | ||||||||
| Solvency Ratio | ||||||||||||||||||||||||||||||||||
| Debt to equity (including operating lease liability)1 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 62.29 | 18.24 | 6.44 | 6.01 | 15.28 | 12.04 | 9.07 | 8.37 | 6.83 | ||||||||
| Benchmarks | ||||||||||||||||||||||||||||||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | ||||||||||||||||||||||||||||||||||
| Amazon.com Inc. | — | — | — | — | 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 | 0.96 | 1.07 | 1.07 | 0.98 | 1.08 | 1.16 | 1.23 | 1.20 | ||||||||
| Home Depot Inc. | 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 | 13.16 | 26.74 | — | — | — | — | — | — | ||||||||
| TJX Cos. Inc. | 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 | 2.66 | 2.81 | 3.36 | 3.48 | 1.93 | 2.07 | 2.14 | 2.18 | ||||||||
Based on: 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).
1 Q2 2026 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Shareholders’ equity (deficit)
= 39,060 ÷ -11,400 = —
2 Click competitor name to see calculations.
The financial data reveals notable trends in the company's total debt, shareholders' equity, and debt-to-equity ratio over multiple quarterly periods.
- Total debt (including operating lease liability)
- The total debt shows a general upward trend from May 2019 through mid-2021, increasing from approximately 22,114 million USD to a peak of 38,212 million USD around October 2022. Subsequent quarters reflect some fluctuations but mostly maintain elevated levels near or above 39,000 million USD through mid-2025, indicating a substantial increase in debt compared to the beginning of the period.
- Shareholders’ equity (deficit)
- Shareholders' equity presents a continuous decline, transitioning from a positive 3,236 million USD in May 2019 to increasingly negative values over time. The decline accelerates post-2020, with equity shrinking to negative figures as early as April 2021 (-175 million USD), deepening significantly to around -14,231 million USD in early 2025, evidencing a substantial erosion of equity and growing deficit.
- Debt to equity (including operating lease liability)
- This ratio escalates sharply over the periods reported until data becomes largely unavailable after early 2021. Initially, the ratio is high but relatively stable (around 6.83 to 9.07) until it surges dramatically to 62.29 in April 2021. The spike correlates with the sharp decline or negative shareholders' equity, which mathematically inflates the debt-to-equity ratio. Missing data post this date limits comprehensive trend analysis, but the available information indicates a stress in financial leverage beginning in early 2021.
Overall, the company exhibits a pattern of increasing financial leverage characterized by rising total debt and a deteriorating equity position, resulting in excessively high debt-to-equity ratios. These trends suggest growing financial risk and potential challenges in capital structure sustainability over the examined timeframe.
Debt to Capital
Lowe’s Cos. Inc., debt to capital calculation (quarterly data)
| 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 | Jan 29, 2021 | Oct 30, 2020 | Jul 31, 2020 | May 1, 2020 | Jan 31, 2020 | Nov 1, 2019 | Aug 2, 2019 | May 3, 2019 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||||||
| Short-term borrowings | —) | —) | —) | —) | —) | —) | —) | —) | —) | 72) | 499) | —) | —) | —) | —) | 1,000) | 1,000) | —) | —) | —) | 1,000) | 1,000) | 1,941) | 637) | —) | —) | ||||||||
| Current maturities of long-term debt | 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) | 1,112) | 609) | 609) | 604) | 597) | 574) | 1,009) | 1,008) | ||||||||
| Long-term debt, excluding current maturities | 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) | 20,668) | 21,185) | 20,197) | 20,200) | 16,768) | 16,635) | 16,538) | 16,542) | ||||||||
| Total debt | 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) | 21,780) | 21,794) | 21,806) | 21,804) | 19,306) | 17,846) | 17,547) | 17,550) | ||||||||
| Shareholders’ equity (deficit) | (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) | 1,437) | 4,073) | 4,356) | 1,716) | 1,972) | 2,458) | 2,640) | 3,236) | ||||||||
| Total capital | 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) | 23,217) | 25,867) | 26,162) | 23,520) | 21,278) | 20,304) | 20,187) | 20,786) | ||||||||
| Solvency Ratio | ||||||||||||||||||||||||||||||||||
| Debt to capital1 | 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 | 0.94 | 0.84 | 0.83 | 0.93 | 0.91 | 0.88 | 0.87 | 0.84 | ||||||||
| Benchmarks | ||||||||||||||||||||||||||||||||||
| Debt to Capital, Competitors2 | ||||||||||||||||||||||||||||||||||
| Amazon.com Inc. | — | — | — | — | 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 | 0.35 | 0.39 | 0.40 | 0.37 | 0.40 | 0.42 | 0.45 | 0.44 | ||||||||
| Home Depot Inc. | 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 | 0.92 | 0.96 | 1.01 | 1.11 | 1.11 | 1.04 | 1.04 | 1.08 | ||||||||
| TJX Cos. Inc. | 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 | 0.51 | 0.53 | 0.57 | 0.60 | 0.27 | 0.29 | 0.30 | 0.30 | ||||||||
Based on: 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).
1 Q2 2026 Calculation
Debt to capital = Total debt ÷ Total capital
= 34,723 ÷ 23,323 = 1.49
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals evolving trends in the company's capital structure, particularly concerning total debt, total capital, and the debt to capital ratio over the examined periods.
- Total Debt
- Total debt exhibits a clear upward trend over the multi-year timeframe. Starting at approximately 17,550 million US dollars in early 2019, debt increases steadily with some fluctuations, peaking around 36,524 million US dollars in mid-2023. Subsequent quarters show a slight reduction but the levels remain elevated compared to the initial periods, indicating increased leverage or borrowing activities over time.
- Total Capital
- Total capital figures display a less uniform pattern. Initial values hover around 20,786 million US dollars, followed by volatility with periods of increase and decrease. Notably, there is a significant dip around early 2022, with a recovery and moderate growth afterward. Despite fluctuations, total capital tends to remain within a range slightly above or below the 20,000-million mark, lacking the consistent growth trend observed in total debt.
- Debt to Capital Ratio
- The debt to capital ratio increases markedly over the analyzed intervals. Beginning near 0.84 in early 2019, the ratio rises gradually with some oscillations, accelerating from 1.24 in early 2022 to a peak exceeding 1.7 around late 2023 and early 2024. This ratio surpassing 1.0 signifies that total debt exceeds total capital on a consistent basis during later periods. Towards the latest quarters, there is a minor decline in the ratio, yet it remains substantially higher than the starting point. The trend suggests an increasing dependency on debt financing relative to overall capital structure, which could imply heightened financial risk or strategic leveraging by the company.
Overall, the data indicates a pronounced increase in reliance on debt compared to capital, with total debt rising significantly and the debt to capital ratio moving well above par. Meanwhile, total capital has experienced variability without corresponding strong upward growth. These patterns may reflect shifts in financial strategy, cost of capital considerations, or external financing conditions influencing the company's capital composition over time.
Debt to Capital (including Operating Lease Liability)
Lowe’s Cos. Inc., debt to capital (including operating lease liability) calculation (quarterly data)
| 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 | Jan 29, 2021 | Oct 30, 2020 | Jul 31, 2020 | May 1, 2020 | Jan 31, 2020 | Nov 1, 2019 | Aug 2, 2019 | May 3, 2019 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||||||
| Short-term borrowings | —) | —) | —) | —) | —) | —) | —) | —) | —) | 72) | 499) | —) | —) | —) | —) | 1,000) | 1,000) | —) | —) | —) | 1,000) | 1,000) | 1,941) | 637) | —) | —) | ||||||||
| Current maturities of long-term debt | 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) | 1,112) | 609) | 609) | 604) | 597) | 574) | 1,009) | 1,008) | ||||||||
| Long-term debt, excluding current maturities | 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) | 20,668) | 21,185) | 20,197) | 20,200) | 16,768) | 16,635) | 16,538) | 16,542) | ||||||||
| Total debt | 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) | 21,780) | 21,794) | 21,806) | 21,804) | 19,306) | 17,846) | 17,547) | 17,550) | ||||||||
| Current operating lease liabilities | 536) | 562) | 563) | 497) | 552) | 552) | 487) | 533) | 534) | 525) | 522) | 651) | 652) | 639) | 636) | 573) | 557) | 551) | 541) | 530) | 520) | 506) | 501) | 499) | 492) | 500) | ||||||||
| Noncurrent operating lease liabilities | 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) | 3,890) | 3,907) | 3,859) | 3,915) | 3,943) | 3,942) | 4,055) | 4,064) | ||||||||
| Total debt (including operating lease liability) | 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) | 26,211) | 26,231) | 26,185) | 26,225) | 23,750) | 22,287) | 22,094) | 22,114) | ||||||||
| Shareholders’ equity (deficit) | (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) | 1,437) | 4,073) | 4,356) | 1,716) | 1,972) | 2,458) | 2,640) | 3,236) | ||||||||
| Total capital (including operating lease liability) | 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) | 27,648) | 30,304) | 30,541) | 27,941) | 25,722) | 24,745) | 24,734) | 25,350) | ||||||||
| Solvency Ratio | ||||||||||||||||||||||||||||||||||
| Debt to capital (including operating lease liability)1 | 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 | 0.95 | 0.87 | 0.86 | 0.94 | 0.92 | 0.90 | 0.89 | 0.87 | ||||||||
| Benchmarks | ||||||||||||||||||||||||||||||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | ||||||||||||||||||||||||||||||||||
| Amazon.com Inc. | — | — | — | — | 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 | 0.49 | 0.52 | 0.52 | 0.49 | 0.52 | 0.54 | 0.55 | 0.54 | ||||||||
| Home Depot Inc. | 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 | 0.93 | 0.96 | 1.01 | 1.09 | 1.09 | 1.03 | 1.03 | 1.07 | ||||||||
| TJX Cos. Inc. | 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 | 0.73 | 0.74 | 0.77 | 0.78 | 0.66 | 0.67 | 0.68 | 0.69 | ||||||||
Based on: 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).
1 Q2 2026 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 39,060 ÷ 27,660 = 1.41
2 Click competitor name to see calculations.
The analyzed data reveals the financial leverage trends over multiple quarters as measured by total debt, total capital, and the debt-to-capital ratio inclusive of operating lease liabilities.
- Total Debt (including operating lease liability)
-
Total debt steadily increased over the observed period. Starting from approximately $22.1 billion in early May 2019, the debt level fluctuated modestly within the $22 billion to $26 billion range through early 2021. From mid-2021 onward, there was a noticeable uptick, peaking near $40.5 billion by the early months of 2024. The debt level slightly declined toward mid-2025 but remained close to $39 billion, marking a significant increase compared to the beginning of the timeline.
- Total Capital (including operating lease liability)
-
Total capital experienced more variability than total debt across the same periods. Initially valued around $25.3 billion in May 2019, total capital showed moderate fluctuations, trending between $24.7 billion to $30.5 billion through early 2021. Notably, there was a decline after the peak near late 2021 at around $29 billion, dropping to lows near $23.7 billion by early 2023. Subsequent quarters reflected a degree of recovery, rising back to approximately $27.7 billion by August 2025. Overall, total capital displayed less consistent growth compared to total debt.
- Debt-to-Capital Ratio (including operating lease liability)
-
The debt-to-capital ratio escalated significantly, indicating increasing leverage. Beginning at 0.87 in May 2019, the ratio showed a gradual rising trend but remained below 1.0 through early 2021. From mid-2021 onward, the ratio rose sharply, exceeding 1.0 by late 2021 and peaking at around 1.61 by early 2024. This suggests that total debt surpassed total capital during this period. Toward mid-2025, the ratio decreased somewhat but remained elevated above 1.4. The persistent ratio above 1 implies an increasingly leveraged capital structure dominated by debt financing relative to total capital.
In summary, the financial data exhibits a clear pattern of rising indebtedness relative to capital. The steady increase in total debt coupled with a fluctuating and sometimes declining capital base has driven the debt-to-capital ratio notably above 1.0 in recent periods. This indicates a higher reliance on debt financing, which may have implications for financial risk and cost of capital going forward.
Debt to Assets
Lowe’s Cos. Inc., debt to assets calculation (quarterly data)
| Aug 1, 2025 | May 2, 2025 | Jan 31, 2025 | Nov 1, 2024 | Aug 2, 2024 | May 3, 2024 | Feb 2, 2024 | Nov 3, 2023 | Aug 4, 2023 | May 5, 2023 | Feb 3, 2023 | Oct 28, 2022 | Jul 29, 2022 | Apr 29, 2022 | Jan 28, 2022 | Oct 29, 2021 | Jul 30, 2021 | Apr 30, 2021 | Jan 29, 2021 | Oct 30, 2020 | Jul 31, 2020 | May 1, 2020 | Jan 31, 2020 | Nov 1, 2019 | Aug 2, 2019 | May 3, 2019 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||||||
| Short-term borrowings | —) | —) | —) | —) | —) | —) | —) | —) | —) | 72) | 499) | —) | —) | —) | —) | 1,000) | 1,000) | —) | —) | —) | 1,000) | 1,000) | 1,941) | 637) | —) | —) | ||||||||
| Current maturities of long-term debt | 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) | 1,112) | 609) | 609) | 604) | 597) | 574) | 1,009) | 1,008) | ||||||||
| Long-term debt, excluding current maturities | 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) | 20,668) | 21,185) | 20,197) | 20,200) | 16,768) | 16,635) | 16,538) | 16,542) | ||||||||
| Total debt | 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) | 21,780) | 21,794) | 21,806) | 21,804) | 19,306) | 17,846) | 17,547) | 17,550) | ||||||||
| Total assets | 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) | 46,735) | 50,880) | 51,763) | 45,832) | 39,471) | 39,764) | 40,695) | 43,219) | ||||||||
| Solvency Ratio | ||||||||||||||||||||||||||||||||||
| Debt to assets1 | 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 | 0.47 | 0.43 | 0.42 | 0.48 | 0.49 | 0.45 | 0.43 | 0.41 | ||||||||
| Benchmarks | ||||||||||||||||||||||||||||||||||
| Debt to Assets, Competitors2 | ||||||||||||||||||||||||||||||||||
| Amazon.com Inc. | — | — | — | — | 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 | 0.18 | 0.20 | 0.21 | 0.19 | 0.19 | 0.22 | 0.24 | 0.23 | ||||||||
| Home Depot Inc. | 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 | 0.53 | 0.53 | 0.55 | 0.61 | 0.61 | 0.56 | 0.55 | 0.55 | ||||||||
| TJX Cos. Inc. | 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 | 0.20 | 0.20 | 0.23 | 0.28 | 0.09 | 0.09 | 0.10 | 0.10 | ||||||||
Based on: 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).
1 Q2 2026 Calculation
Debt to assets = Total debt ÷ Total assets
= 34,723 ÷ 46,614 = 0.74
2 Click competitor name to see calculations.
The financial data for the periods from May 2019 to August 2025 reveal significant fluctuations in the company's total debt, total assets, and debt-to-assets ratio, indicating notable shifts in its capital structure and financial leverage over time.
- Total Debt
- The total debt increased steadily from approximately $17.55 billion in May 2019 to a peak of about $36.52 billion by August 2023. After this peak, the debt level showed a gradual decrease, falling back to around $34.72 billion by August 2025. This trend reflects an overall expansion in the company's borrowing, followed by a modest deleveraging phase towards the end of the period.
- Total Assets
- Total assets demonstrated some volatility throughout the observed periods. Starting at $43.22 billion in May 2019, assets experienced growth that peaked near $51.72 billion in July 2020. Subsequently, asset values oscillated, dipping to lower levels in the $42 to $45 billion range around 2023-2024 before recovering slightly to approximately $46.61 billion by August 2025. This pattern suggests periods of asset expansion followed by consolidation or revaluation.
- Debt to Assets Ratio
- The debt-to-assets ratio exhibited a clear upward trend across the timeline. Initially at 0.41 in May 2019, the ratio increased gradually with some fluctuations, reaching a high of 0.86 in May 2024. Thereafter, it decreased mildly to 0.74 by August 2025. This rising leverage ratio indicates an increasing reliance on debt financing relative to asset size, potentially elevating financial risk during the peak periods. The late-stage reduction in the ratio suggests efforts to moderate leverage.
Overall, the data indicate a period marked by increased leverage and debt accumulation, coinciding with relatively stable but fluctuating asset levels. This dynamic points to strategic decisions that may have involved capital raising through debt to support operations or growth initiatives, followed by subsequent measures to reduce financial risk through controlled debt levels.
Debt to Assets (including Operating Lease Liability)
Lowe’s Cos. Inc., debt to assets (including operating lease liability) calculation (quarterly data)
| Aug 1, 2025 | May 2, 2025 | Jan 31, 2025 | Nov 1, 2024 | Aug 2, 2024 | May 3, 2024 | Feb 2, 2024 | Nov 3, 2023 | Aug 4, 2023 | May 5, 2023 | Feb 3, 2023 | Oct 28, 2022 | Jul 29, 2022 | Apr 29, 2022 | Jan 28, 2022 | Oct 29, 2021 | Jul 30, 2021 | Apr 30, 2021 | Jan 29, 2021 | Oct 30, 2020 | Jul 31, 2020 | May 1, 2020 | Jan 31, 2020 | Nov 1, 2019 | Aug 2, 2019 | May 3, 2019 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||||||
| Short-term borrowings | —) | —) | —) | —) | —) | —) | —) | —) | —) | 72) | 499) | —) | —) | —) | —) | 1,000) | 1,000) | —) | —) | —) | 1,000) | 1,000) | 1,941) | 637) | —) | —) | ||||||||
| Current maturities of long-term debt | 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) | 1,112) | 609) | 609) | 604) | 597) | 574) | 1,009) | 1,008) | ||||||||
| Long-term debt, excluding current maturities | 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) | 20,668) | 21,185) | 20,197) | 20,200) | 16,768) | 16,635) | 16,538) | 16,542) | ||||||||
| Total debt | 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) | 21,780) | 21,794) | 21,806) | 21,804) | 19,306) | 17,846) | 17,547) | 17,550) | ||||||||
| Current operating lease liabilities | 536) | 562) | 563) | 497) | 552) | 552) | 487) | 533) | 534) | 525) | 522) | 651) | 652) | 639) | 636) | 573) | 557) | 551) | 541) | 530) | 520) | 506) | 501) | 499) | 492) | 500) | ||||||||
| Noncurrent operating lease liabilities | 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) | 3,890) | 3,907) | 3,859) | 3,915) | 3,943) | 3,942) | 4,055) | 4,064) | ||||||||
| Total debt (including operating lease liability) | 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) | 26,211) | 26,231) | 26,185) | 26,225) | 23,750) | 22,287) | 22,094) | 22,114) | ||||||||
| Total assets | 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) | 46,735) | 50,880) | 51,763) | 45,832) | 39,471) | 39,764) | 40,695) | 43,219) | ||||||||
| Solvency Ratio | ||||||||||||||||||||||||||||||||||
| Debt to assets (including operating lease liability)1 | 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 | 0.56 | 0.52 | 0.51 | 0.57 | 0.60 | 0.56 | 0.54 | 0.51 | ||||||||
| Benchmarks | ||||||||||||||||||||||||||||||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | ||||||||||||||||||||||||||||||||||
| Amazon.com Inc. | — | — | — | — | 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 | 0.31 | 0.34 | 0.34 | 0.31 | 0.31 | 0.34 | 0.35 | 0.35 | ||||||||
| Home Depot Inc. | 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 | 0.62 | 0.61 | 0.64 | 0.71 | 0.73 | 0.67 | 0.66 | 0.66 | ||||||||
| TJX Cos. Inc. | 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 | 0.50 | 0.50 | 0.59 | 0.65 | 0.47 | 0.47 | 0.50 | 0.50 | ||||||||
Based on: 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).
1 Q2 2026 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 39,060 ÷ 46,614 = 0.84
2 Click competitor name to see calculations.
The financial data reveals notable trends in the company's leverage and asset base over the examined periods. Total debt, including operating lease liabilities, exhibits an overall increasing trajectory from May 3, 2019, through the most recent period, with a rise from approximately $22.1 billion to about $39 billion. This rise is not strictly linear but demonstrates incremental growth with some plateau phases, particularly in the more recent quarters.
Total assets show fluctuations with some volatility across the periods. The asset base initially declined from about $43.2 billion in early 2019 to a low near $39.5 billion around early 2022. However, there are signs of recovery thereafter, with assets trending upwards again, reaching an approximate value of $46.6 billion in the latest period measured. Despite this, asset values have not consistently increased and showed several periods of decline within the timeframe.
The debt-to-assets ratio, a key indicator of financial leverage, reflects a steady upward movement throughout most quarters. Starting from a ratio of 0.51 in May 2019, the ratio gradually increased, peaking near 0.96 in late 2023 and early 2024 periods, indicating growing reliance on debt relative to assets. This trend suggests increasing financial leverage and potentially higher risk exposure. Toward the most recent quarters, a slight decline in this ratio to approximately 0.84-0.86 is observed, suggesting a modest reduction in leverage or improvement in asset base relative to debt.
- Total Debt
- Progressively increased from about $22.1 billion to roughly $39 billion, with intermittent periods of stabilization.
- Total Assets
- Displayed variability with an initial decline followed by a moderate recovery, fluctuating between approximately $39.5 billion and $46.6 billion over the time span.
- Debt to Assets Ratio
- Trended upward from 0.51 to a peak near 0.96, signaling increased leverage, followed by a slight downward adjustment to around 0.84, implying a modest de-leveraging or asset growth outpacing debt.
In summary, the data indicates that the company has experienced a marked increase in leverage over the observed periods, driven by growth in debt and variable asset levels. The slight recent reduction in the debt-to-assets ratio could be a positive sign towards more conservative financial management or asset strengthening. Continued monitoring of this ratio alongside asset and debt trends is recommended to assess ongoing financial stability and risk exposure.
Financial Leverage
Lowe’s Cos. Inc., financial leverage calculation (quarterly data)
| Aug 1, 2025 | May 2, 2025 | Jan 31, 2025 | Nov 1, 2024 | Aug 2, 2024 | May 3, 2024 | Feb 2, 2024 | Nov 3, 2023 | Aug 4, 2023 | May 5, 2023 | Feb 3, 2023 | Oct 28, 2022 | Jul 29, 2022 | Apr 29, 2022 | Jan 28, 2022 | Oct 29, 2021 | Jul 30, 2021 | Apr 30, 2021 | Jan 29, 2021 | Oct 30, 2020 | Jul 31, 2020 | May 1, 2020 | Jan 31, 2020 | Nov 1, 2019 | Aug 2, 2019 | May 3, 2019 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||||||
| Total assets | 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) | 46,735) | 50,880) | 51,763) | 45,832) | 39,471) | 39,764) | 40,695) | 43,219) | ||||||||
| Shareholders’ equity (deficit) | (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) | 1,437) | 4,073) | 4,356) | 1,716) | 1,972) | 2,458) | 2,640) | 3,236) | ||||||||
| Solvency Ratio | ||||||||||||||||||||||||||||||||||
| Financial leverage1 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 115.06 | 32.52 | 12.49 | 11.88 | 26.71 | 20.02 | 16.18 | 15.41 | 13.36 | ||||||||
| Benchmarks | ||||||||||||||||||||||||||||||||||
| Financial Leverage, Competitors2 | ||||||||||||||||||||||||||||||||||
| Amazon.com Inc. | — | — | — | — | 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 | 3.04 | 3.17 | 3.14 | 3.13 | 3.44 | 3.41 | 3.50 | 3.39 | ||||||||
| Home Depot Inc. | 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 | 21.39 | 43.60 | — | — | — | — | — | — | ||||||||
| TJX Cos. Inc. | 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 | 5.28 | 5.67 | 5.70 | 5.36 | 4.06 | 4.38 | 4.31 | 4.38 | ||||||||
Based on: 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).
1 Q2 2026 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity (deficit)
= 46,614 ÷ -11,400 = —
2 Click competitor name to see calculations.
- Total assets
- The total assets exhibit fluctuations over the analyzed periods, initially declining from 43,219 million USD in May 2019 to a low point near 39,471 million USD in January 2020. Subsequently, assets saw a notable increase, peaking at around 51,200 million USD in April 2021. Following this peak, the asset base declined again, hitting a lower range between 41,795 million and 44,917 million USD throughout 2023 and into 2024. Variability continued with assets slightly rebounding towards 46,614 million USD by August 2024. Overall, the asset trend shows cycles of build-up and reduction, indicating responsive adjustments possibly linked to operational or market conditions.
- Shareholders' equity (deficit)
- Shareholders’ equity begins positively but declines markedly over time, moving from 3,236 million USD in May 2019 to a negative position starting around April 2021. This negative equity deepened substantially, reaching deficits as large as approximately -15,147 million USD by February 2024. While some minor improvements are visible towards mid-2024, the equity remains significantly negative through to August 2024 (-11,400 million USD). This downward trend suggests considerable accumulated losses, potential write-downs, or other equity-reducing events, raising concerns regarding capital structure and solvency.
- Financial leverage
- Financial leverage, expressed as a ratio, presents significant variability and high volatility. Starting at 13.36 in May 2019, it increased sharply to values exceeding 20 by early 2020 and then spiked dramatically to 32.52 by January 2021. There is a notable extreme surge reflected around April 2021 with a value recorded at 115.06. After this point, data on financial leverage is missing or unavailable. The high leverage ratio indicates elevated reliance on debt financing relative to equity, aligning with the sharp decline in shareholders’ equity. The missing data after early 2021 limits full interpretation for subsequent periods.