Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.

Long-term Activity Ratios (Summary)
Net Fixed Asset Turnover
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Total Asset Turnover
Equity Turnover

Lowe’s Cos. Inc., long-term (investment) activity ratios

	Jan 31, 2020	Feb 1, 2019	Feb 2, 2018	Feb 3, 2017	Jan 29, 2016	Jan 30, 2015
Net fixed asset turnover	3.86	3.87	3.48	3.26	3.02	2.81
Net fixed asset turnover (including operating lease, right-of-use asset)	3.20	3.87	3.48	3.26	3.02	2.81
Total asset turnover	1.83	2.07	1.94	1.89	1.89	1.77
Equity turnover	36.59	19.57	11.68	10.11	7.72	5.64

Based on: 10-K (filing date: 2020-03-23), 10-K (filing date: 2019-04-02), 10-K (filing date: 2018-04-02), 10-K (filing date: 2017-04-04), 10-K (filing date: 2016-03-29), 10-K (filing date: 2015-03-31).

Long-term activity ratio	Description	The company
Net fixed asset turnover	An activity ratio calculated as total revenue divided by net fixed assets.	Lowe’s Cos. Inc.’s net fixed asset turnover ratio improved from 2018 to 2019 but then slightly deteriorated from 2019 to 2020.
Net fixed asset turnover (including operating lease, right-of-use asset)	An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset).	Lowe’s Cos. Inc.’s net fixed asset turnover ratio (with operating lease, right-of-use asset) improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020.
Total asset turnover	An activity ratio calculated as total revenue divided by total assets.	Lowe’s Cos. Inc.’s total asset turnover ratio improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020.
Equity turnover	An activity ratio calculated as total revenue divided by shareholders’ equity.	Lowe’s Cos. Inc.’s equity turnover ratio improved from 2018 to 2019 and from 2019 to 2020.

Lowe’s Cos. Inc., net fixed asset turnover calculation, comparison to benchmarks

	Jan 31, 2020	Feb 1, 2019	Feb 2, 2018	Feb 3, 2017	Jan 29, 2016	Jan 30, 2015
Selected Financial Data (US$ in millions)
Net sales	72,148	71,309	68,619	65,017	59,074	56,223
Property, less accumulated depreciation	18,669	18,432	19,721	19,949	19,577	20,034
Long-term Activity Ratio
Net fixed asset turnover¹	3.86	3.87	3.48	3.26	3.02	2.81
Benchmarks
Net Fixed Asset Turnover, Competitors²
Amazon.com Inc.	—	3.86	3.77	3.64	4.67	4.90
Costco Wholesale Corp.	—	7.15	7.03	6.95	6.81	7.38
Dollar General Corp.	8.47	8.63	8.69	9.03	9.00	8.94
Home Depot Inc.	4.84	4.84	4.57	4.32	3.99	3.66
Target Corp.	2.93	2.92	2.87	2.82	2.93	2.80
TJX Cos. Inc.	7.83	7.42	7.16	7.32	7.48	7.52
Walmart Inc.	4.74	4.58	4.32	4.22	4.11	4.13
Net Fixed Asset Turnover, Sector
General Retailers	—	4.50	4.31	4.20	4.25	4.21
Net Fixed Asset Turnover, Industry
Consumer Services	—	4.16	3.88	3.82	3.82	3.94

Based on: 10-K (filing date: 2020-03-23), 10-K (filing date: 2019-04-02), 10-K (filing date: 2018-04-02), 10-K (filing date: 2017-04-04), 10-K (filing date: 2016-03-29), 10-K (filing date: 2015-03-31).

¹ 2020 Calculation
Net fixed asset turnover = Net sales ÷ Property, less accumulated depreciation
= 72,148 ÷ 18,669 = 3.86

² Click competitor name to see calculations.

Long-term activity ratio	Description	The company
Net fixed asset turnover	An activity ratio calculated as total revenue divided by net fixed assets.	Lowe’s Cos. Inc.’s net fixed asset turnover ratio improved from 2018 to 2019 but then slightly deteriorated from 2019 to 2020.

Lowe’s Cos. Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation, comparison to benchmarks

	Jan 31, 2020	Feb 1, 2019	Feb 2, 2018	Feb 3, 2017	Jan 29, 2016	Jan 30, 2015
Selected Financial Data (US$ in millions)
Net sales	72,148	71,309	68,619	65,017	59,074	56,223

Property, less accumulated depreciation	18,669	18,432	19,721	19,949	19,577	20,034
Operating lease right-of-use assets	3,891	—	—	—	—	—
Property, less accumulated depreciation (including operating lease, right-of-use asset)	22,560	18,432	19,721	19,949	19,577	20,034
Long-term Activity Ratio
Net fixed asset turnover (including operating lease, right-of-use asset)¹	3.20	3.87	3.48	3.26	3.02	2.81
Benchmarks
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors²
Amazon.com Inc.	—	2.87	3.77	3.64	4.67	4.90
Dollar General Corp.	2.30	8.63	8.69	9.03	9.00	8.94
Home Depot Inc.	3.89	4.84	4.57	4.32	3.99	3.66
Target Corp.	2.70	2.71	2.87	2.82	2.93	2.80
TJX Cos. Inc.	2.90	7.42	7.16	7.32	7.48	7.52
Walmart Inc.	4.09	4.58	4.32	4.22	4.11	4.13
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector
General Retailers	—	4.10	4.31	4.20	4.25	4.21
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry
Consumer Services	—	3.60	3.88	3.82	3.82	3.94

Based on: 10-K (filing date: 2020-03-23), 10-K (filing date: 2019-04-02), 10-K (filing date: 2018-04-02), 10-K (filing date: 2017-04-04), 10-K (filing date: 2016-03-29), 10-K (filing date: 2015-03-31).

¹ 2020 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset) = Net sales ÷ Property, less accumulated depreciation (including operating lease, right-of-use asset)
= 72,148 ÷ 22,560 = 3.20

² Click competitor name to see calculations.

Long-term activity ratio	Description	The company
Net fixed asset turnover (including operating lease, right-of-use asset)	An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset).	Lowe’s Cos. Inc.’s net fixed asset turnover ratio (with operating lease, right-of-use asset) improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020.

Lowe’s Cos. Inc., total asset turnover calculation, comparison to benchmarks

	Jan 31, 2020	Feb 1, 2019	Feb 2, 2018	Feb 3, 2017	Jan 29, 2016	Jan 30, 2015
Selected Financial Data (US$ in millions)
Net sales	72,148	71,309	68,619	65,017	59,074	56,223
Total assets	39,471	34,508	35,291	34,408	31,266	31,827
Long-term Activity Ratio
Total asset turnover¹	1.83	2.07	1.94	1.89	1.89	1.77
Benchmarks
Total Asset Turnover, Competitors²
Amazon.com Inc.	—	1.25	1.43	1.35	1.63	1.64
Costco Wholesale Corp.	—	3.29	3.39	3.47	3.50	3.40
Dollar General Corp.	1.22	1.94	1.88	1.88	1.81	1.68
Home Depot Inc.	2.15	2.46	2.27	2.20	2.08	2.08
Target Corp.	1.80	1.80	1.84	1.86	1.83	1.75
TJX Cos. Inc.	1.73	2.72	2.55	2.58	2.69	2.61
Walmart Inc.	2.20	2.33	2.42	2.42	2.40	2.37
Total Asset Turnover, Sector
General Retailers	—	1.98	2.11	2.11	2.22	2.20
Total Asset Turnover, Industry
Consumer Services	—	1.15	1.21	1.34	1.35	1.45

Based on: 10-K (filing date: 2020-03-23), 10-K (filing date: 2019-04-02), 10-K (filing date: 2018-04-02), 10-K (filing date: 2017-04-04), 10-K (filing date: 2016-03-29), 10-K (filing date: 2015-03-31).

¹ 2020 Calculation
Total asset turnover = Net sales ÷ Total assets
= 72,148 ÷ 39,471 = 1.83

² Click competitor name to see calculations.

Long-term activity ratio	Description	The company
Total asset turnover	An activity ratio calculated as total revenue divided by total assets.	Lowe’s Cos. Inc.’s total asset turnover ratio improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020.

Lowe’s Cos. Inc., equity turnover calculation, comparison to benchmarks

	Jan 31, 2020	Feb 1, 2019	Feb 2, 2018	Feb 3, 2017	Jan 29, 2016	Jan 30, 2015
Selected Financial Data (US$ in millions)
Net sales	72,148	71,309	68,619	65,017	59,074	56,223
Shareholders’ equity	1,972	3,644	5,873	6,434	7,654	9,968
Long-term Activity Ratio
Equity turnover¹	36.59	19.57	11.68	10.11	7.72	5.64
Benchmarks
Equity Turnover, Competitors²
Amazon.com Inc.	—	4.52	5.35	6.42	7.05	8.00
Costco Wholesale Corp.	—	9.80	10.82	11.71	9.61	10.71
Dollar General Corp.	4.14	3.99	3.83	4.07	3.79	3.31
Home Depot Inc.	—	—	69.40	21.83	14.02	8.92
Target Corp.	6.52	6.59	6.14	6.34	5.69	5.19
TJX Cos. Inc.	7.01	7.72	6.97	7.36	7.18	6.82
Walmart Inc.	6.96	7.04	6.37	6.19	5.94	5.92
Equity Turnover, Sector
General Retailers	—	7.22	7.10	7.23	6.76	6.48
Equity Turnover, Industry
Consumer Services	—	4.14	4.21	4.28	4.17	4.29

Based on: 10-K (filing date: 2020-03-23), 10-K (filing date: 2019-04-02), 10-K (filing date: 2018-04-02), 10-K (filing date: 2017-04-04), 10-K (filing date: 2016-03-29), 10-K (filing date: 2015-03-31).

¹ 2020 Calculation
Equity turnover = Net sales ÷ Shareholders’ equity
= 72,148 ÷ 1,972 = 36.59

² Click competitor name to see calculations.

Long-term activity ratio	Description	The company
Equity turnover	An activity ratio calculated as total revenue divided by shareholders’ equity.	Lowe’s Cos. Inc.’s equity turnover ratio improved from 2018 to 2019 and from 2019 to 2020.

Lowe’s Cos. Inc. (NYSE:LOW)

Analysis of Long-term (Investment) Activity Ratios

Long-term Activity Ratios (Summary)

Net Fixed Asset Turnover

Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)

Total Asset Turnover

Equity Turnover