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: 2026-05-01), 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 exhibits a distinct cyclical pattern characterized by a period of aggressive leverage expansion followed by a phase of gradual deleveraging. From early 2021 through early 2024, a consistent upward trajectory is observed across all measured solvency ratios, indicating an increased reliance on borrowed funds to finance operations and growth. This trend reversed after the first quarter of 2024, moving toward a more conservative capital structure by mid-2026.
- Debt to Capital Trends
- The debt to capital ratio increased steadily from 0.98 in April 2021, reaching a peak of 1.73 in November 2023. Following this peak, a corrective trend occurred, with the ratio declining to 1.32 by May 2026. When operating lease liabilities are included, the ratio followed a similar trajectory, peaking at 1.61 in November 2023 before descending to 1.28 by May 2026.
- Debt to Asset Utilization
- A significant increase in debt relative to total assets occurred between April 2021 and February 2024, during which the debt to assets ratio climbed from 0.45 to 0.86. This period indicates a substantial increase in the proportion of assets funded by debt. Subsequent quarters demonstrate a steady improvement in this metric, with the ratio retreating to 0.69 by May 2026, suggesting an improvement in the asset-coverage position.
- Impact of Operating Lease Liabilities
- The inclusion of operating lease liabilities consistently elevates solvency ratios across the entire observation period. The peak debt to assets ratio increased from 0.86 to 0.96 when lease liabilities were factored in during February 2024. The margin between standard debt ratios and lease-inclusive ratios remained relatively constant, suggesting that lease obligations represent a stable proportional component of the overall liability structure.
- Initial Leverage Snapshots
- At the start of the analyzed period in April 2021, the debt to equity ratio stood at 52.23, rising to 62.29 when including operating lease liabilities. The financial leverage ratio for the same period was recorded at 115.06.
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Debt Ratios
Debt to Equity
Lowe’s Cos. Inc., debt to equity calculation (quarterly data)
| 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 | 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 | 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 | 37,941) | 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) | (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. | — | — | — | — | 0.31 | 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. | 3.86 | 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. | 0.28 | 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: 2026-05-01), 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 Q1 2027 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity (deficit)
= 37,941 ÷ -9,270 = —
2 Click competitor name to see calculations.
An analysis of the solvency trends reveals a significant shift in the capital structure, characterized by a substantial increase in total debt and a prolonged period of negative shareholders' equity.
- Total Debt Trends
- Total debt exhibited a consistent upward trajectory for the majority of the period. From a baseline of 23,244 million USD in April 2021, debt levels rose steadily, crossing the 30,000 million USD threshold by October 2022. The debt load peaked in August and October 2025 at 39,935 million USD, before experiencing a moderate decline to 37,941 million USD by May 2026.
- Shareholders' Equity and Deficit Analysis
- A critical transition occurred in July 2021, when shareholders' equity shifted from a positive balance of 445 million USD to a deficit. This deficit widened significantly over the following two years, reaching a peak negative value of 15,147 million USD in November 2023. Starting in early 2024, a recovery trend emerged as the deficit began to narrow, improving to 9,270 million USD by May 2026.
- Solvency and Leverage Implications
- While the debt to equity ratio was 52.23 in April 2021, the emergence of negative equity rendered the standard ratio unconventional for the remainder of the period. The combination of expanding total debt and a persistent equity deficit indicates a highly leveraged financial position where liabilities exceed assets. However, the gradual reduction of the equity deficit from late 2023 through 2026 suggests a trend toward balance sheet stabilization, despite the continued presence of a deficit.
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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)
| 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 | 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 | 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 | 37,941) | 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 | 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 | 3,937) | 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) | 42,540) | 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) | (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. | — | — | — | — | 0.51 | 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. | 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. | 1.36 | 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: 2026-05-01), 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 Q1 2027 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Shareholders’ equity (deficit)
= 42,540 ÷ -9,270 = —
2 Click competitor name to see calculations.
The solvency profile is characterized by a substantial increase in total liabilities and a prolonged period of negative shareholders' equity, indicating a highly leveraged capital structure.
- Total Debt Trajectory
- Total debt, including operating lease liabilities, exhibited a consistent upward trend for the majority of the period. Starting at 27,720 million USD in April 2021, obligations rose steadily to surpass 40,000 million USD by May 2023. After a period of relative stability through mid-2024, debt levels peaked at 44,696 million USD in October 2025 before slightly moderating to 42,540 million USD by May 2026.
- Shareholders' Equity Analysis
- A significant deterioration in equity is observed, beginning with a transition from a positive balance of 445 million USD in April 2021 to a deficit of -175 million USD by July 2021. This deficit expanded rapidly over the following two years, reaching a nadir of -15,147 million USD in November 2023. From February 2024 onward, a gradual recovery trend emerged, with the equity deficit narrowing to -9,270 million USD by May 2026.
- Solvency and Leverage Implications
- The capital structure reflects a state of technical insolvency from a balance sheet perspective, as the shareholders' equity remained negative for nearly the entire duration of the analysis. The debt-to-equity ratio, which stood at 62.29 in April 2021, became mathematically non-standard as equity turned negative, reflecting a reliance on debt and potentially aggressive capital return programs. While the reduction of the equity deficit since 2024 suggests an improvement in the solvency margin, the company continues to operate with a significant deficit relative to its total debt obligations.
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Debt to Capital
Lowe’s Cos. Inc., debt to capital calculation (quarterly data)
| 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 | 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 | 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 | 37,941) | 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) | (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 | 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 | 1.32 | 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. | — | — | — | — | 0.23 | 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. | 0.79 | 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. | 0.22 | 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: 2026-05-01), 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 Q1 2027 Calculation
Debt to capital = Total debt ÷ Total capital
= 37,941 ÷ 28,671 = 1.32
2 Click competitor name to see calculations.
An analysis of the solvency metrics reveals a period of significant leverage expansion followed by a gradual trend toward deleveraging. The debt-to-capital ratio exhibited a sharp upward trajectory during the initial phase of the observation period, peaking in early 2023 before stabilizing and subsequently declining.
- Leverage Expansion Phase (April 2021 – February 2023)
- A consistent increase in the debt-to-capital ratio is observed, rising from 0.98 to a peak of 1.72. This trend was driven by a substantial increase in total debt, which grew from $23,244 million to $33,960 million. This ascent was further amplified by a general decline in total capital, which reached a period low of $19,706 million in February 2023.
- Stabilization Period (May 2023 – January 2025)
- The solvency ratio entered a phase of relative stability, fluctuating within a narrow range between 1.61 and 1.73. During this interval, total debt remained remarkably constant, hovering around $35,900 million, while total capital fluctuated marginally between approximately $20,700 million and $22,200 million.
- Capital Adjustment and Ratio Decline (May 2025 – May 2026)
- A downward trend in the debt-to-capital ratio is evident, decreasing from 1.62 in January 2025 to 1.32 by May 2026. Although total debt reached its maximum peak of $39,935 million in late 2025, a simultaneous and significant expansion of total capital to $30,004 million effectively reduced the overall leverage ratio.
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Debt to Capital (including Operating Lease Liability)
Lowe’s Cos. Inc., debt to capital (including operating lease liability) calculation (quarterly data)
| May 1, 2026 | Jan 30, 2026 | Oct 31, 2025 | Aug 1, 2025 | May 2, 2025 | Jan 31, 2025 | Nov 1, 2024 | Aug 2, 2024 | May 3, 2024 | Feb 2, 2024 | Nov 3, 2023 | Aug 4, 2023 | May 5, 2023 | Feb 3, 2023 | Oct 28, 2022 | Jul 29, 2022 | Apr 29, 2022 | Jan 28, 2022 | Oct 29, 2021 | Jul 30, 2021 | Apr 30, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Short-term borrowings | 380) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | 72) | 499) | —) | —) | —) | —) | 1,000) | 1,000) | —) | |||||||
| Current maturities of long-term debt | 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 | 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 | 37,941) | 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 | 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 | 3,937) | 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) | 42,540) | 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) | (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) | 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 | 1.28 | 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. | — | — | — | — | 0.34 | 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. | 0.82 | 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. | 0.58 | 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: 2026-05-01), 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 Q1 2027 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 42,540 ÷ 33,270 = 1.28
2 Click competitor name to see calculations.
An analysis of the solvency metrics indicates a period of significant leverage expansion followed by a gradual stabilization of the debt-to-capital structure. The company experienced a sustained increase in both total debt and the resulting debt-to-capital ratio between early 2021 and late 2023, after which the ratio began a slow downward trend.
- Total Debt Trends
- Total debt, inclusive of operating lease liabilities, exhibited a general upward trajectory over the analyzed period. Starting at 27,720 million US dollars in April 2021, liabilities grew steadily to surpass 40,000 million US dollars by May 2023. A secondary peak occurred in October 2025, reaching 44,696 million US dollars, before moderating to 42,540 million US dollars by May 2026.
- Total Capital Dynamics
- Total capital demonstrated considerable volatility, characterized by a notable contraction between April 2021 and February 2023, where values dropped from 28,165 million US dollars to a low of 23,740 million US dollars. Following this trough, a recovery phase is observed, with capital increasing to a peak of 34,760 million US dollars in January 2026, though it settled at 33,270 million US dollars by the end of the period.
- Debt to Capital Ratio Analysis
- The debt-to-capital ratio shifted from a relatively balanced position of 0.98 in April 2021 to a peak of 1.61 in November 2023. This escalation indicates a period where debt growth significantly outpaced the growth of total capital. From late 2023 onward, a gradual deleveraging trend is evident, with the ratio declining steadily to 1.28 by May 2026. This suggests a strategic shift toward improving the solvency profile and reducing the relative weight of debt within the capital structure.
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Debt to Assets
Lowe’s Cos. Inc., debt to assets calculation (quarterly data)
| 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 | 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 | 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 | 37,941) | 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 | 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 | 0.69 | 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. | — | — | — | — | 0.15 | 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. | 0.50 | 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 | 0.09 | 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: 2026-05-01), 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 Q1 2027 Calculation
Debt to assets = Total debt ÷ Total assets
= 37,941 ÷ 54,941 = 0.69
2 Click competitor name to see calculations.
An analysis of solvency metrics from April 2021 through May 2026 reveals a distinct cycle of increasing financial leverage followed by a subsequent period of stabilization and moderate improvement in the debt-to-assets ratio.
- Debt Accumulation Trends
- Total debt exhibited a consistent upward trajectory for the majority of the analyzed period. Starting at 23,244 million USD in April 2021, debt levels climbed steadily, surpassing the 30,000 million USD threshold by October 2022. A peak in total debt of 39,935 million USD was reached in October 2025, before a slight reduction to 37,941 million USD by May 2026.
- Asset Base Volatility
- Total assets showed a general decline from April 2021 (51,200 million USD) to a trough in February 2024 (41,795 million USD). This contraction coincided with the period of highest leverage. Subsequently, a significant recovery in the asset base is observed, with values rising to 54,941 million USD by May 2026, marking the highest asset level within the provided timeframe.
- Solvency Ratio Interpretation
- The debt-to-assets ratio increased substantially from 0.45 in April 2021 to a peak of 0.86 in February 2024, indicating that a growing proportion of assets were financed through debt. This peak was driven by the confluence of rising total debt and falling total assets. From May 2024 onward, the ratio began to fluctuate and eventually trend downward, closing at 0.69 in May 2026. The most recent improvement in the ratio is primarily attributable to the rapid expansion of the asset base, which offset the high levels of outstanding debt.
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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)
| 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 | 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 | 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 | 37,941) | 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 | 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 | 3,937) | 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) | 42,540) | 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 | 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 | 0.77 | 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. | — | — | — | — | 0.25 | 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. | 0.59 | 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 | 0.38 | 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: 2026-05-01), 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 Q1 2027 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 42,540 ÷ 54,941 = 0.77
2 Click competitor name to see calculations.
An analysis of the solvency profile reveals a period of significant leverage expansion followed by a recent phase of asset-driven normalization. The debt-to-assets ratio exhibited a prolonged upward trajectory from early 2021 through early 2024, reaching a peak before experiencing a gradual decline in the final quarters of the observed period.
- Leverage Expansion Phase
- Between April 2021 and February 2024, the debt-to-assets ratio rose consistently from 0.54 to a peak of 0.96. This trend was driven by a dual effect: total debt increased from 27,720 million to 40,145 million, while total assets generally contracted from 51,200 million to a low of 41,795 million. This period represents a substantial increase in the proportion of assets financed through debt and lease liabilities.
- Stabilization and Peak Volatility
- From May 2024 through October 2025, the ratio remained at an elevated level, fluctuating between 0.83 and 0.92. During this interval, total debt levels were relatively stable around 40,000 million before a sharp increase to 44,696 million was recorded in October 2025. Assets during this period showed a recovery trend, which prevented the ratio from exceeding the previous peak of 0.96.
- Recent Deleveraging Trend
- A downward trend in the solvency ratio is observed from October 2025 to May 2026, with the ratio falling to 0.77. This improvement was primarily driven by a significant expansion in the asset base, which grew from 46,614 million in October 2025 to 54,941 million by May 2026, outweighing the impact of high debt levels that remained above 42,000 million.
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Financial Leverage
Lowe’s Cos. Inc., financial leverage calculation (quarterly data)
| 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 | 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) | (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. | — | — | — | — | 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. | 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 | 3.51 | 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: 2026-05-01), 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 Q1 2027 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity (deficit)
= 54,941 ÷ -9,270 = —
2 Click competitor name to see calculations.
The financial position between April 2021 and May 2026 is characterized by a transition from positive shareholders' equity to a sustained equity deficit, occurring alongside fluctuations in total asset valuation and an aggressive capital structure.
- Shareholders' Equity Trends
- Equity shifted from a positive balance of 445 million USD in April 2021 to a deficit that expanded rapidly over the subsequent two years. This deficit reached its maximum depth of 15.1 billion USD in November 2023. From late 2023 through May 2026, a consistent recovery trend is observed, with the deficit narrowing to 9.27 billion USD.
- Total Asset Fluctuations
- Total assets exhibited a general downward trend and volatility for the first several years, decreasing from 51.2 billion USD in April 2021 to a low of 41.8 billion USD in February 2024. A sharp reversal occurred in the final stages of the period, with assets increasing significantly starting in October 2025 and reaching 54.9 billion USD by May 2026.
- Financial Leverage and Solvency Implications
- The prevalence of a negative equity balance for the majority of the analyzed period indicates a highly leveraged financial state where total liabilities exceed total assets. While the financial leverage ratio was 115.06 in April 2021, the subsequent move into a deficit position suggests a capital structure heavily reliant on debt or characterized by substantial share repurchases exceeding retained earnings. The recent narrowing of the equity deficit, coupled with the increase in total assets, indicates an improvement in the overall solvency profile toward the end of the period.
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