Stock Analysis on Net

Lowe’s Cos. Inc. (NYSE:LOW)

$24.99

Analysis of Long-term (Investment) Activity Ratios

Microsoft Excel

Paying user area


We accept:

Visa Mastercard American Express Maestro Discover JCB PayPal Google Pay
Visa Secure Mastercard Identity Check American Express SafeKey

Long-term Activity Ratios (Summary)

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

Microsoft Excel
Jan 31, 2025 Feb 2, 2024 Feb 3, 2023 Jan 28, 2022 Jan 29, 2021 Jan 31, 2020
Net fixed asset turnover
Net fixed asset turnover (including operating lease, right-of-use asset)
Total asset turnover
Equity turnover

Based on: 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-02-02), 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31).


Net Fixed Asset Turnover
The net fixed asset turnover ratio shows a generally upward trend from 3.86 in early 2020 to a peak of 5.53 in early 2023, indicating increasing efficiency in using fixed assets to generate sales over this period. However, after 2023, the ratio declines to 4.89 in 2024 and further to 4.74 in early 2025, suggesting a slight reduction in asset utilization efficiency in the most recent years.
Net Fixed Asset Turnover Including Operating Lease, Right-of-Use Asset
This metric follows a similar pattern to the net fixed asset turnover, increasing steadily from 3.2 in 2020 to 4.6 in 2023. Thereafter, it decreases to 4.04 in 2024 and 3.91 in 2025. The inclusion of operating lease and right-of-use assets results in slightly lower turnover ratios compared to net fixed asset turnover alone, but both measures exhibit a comparable trend of growth followed by a modest decline.
Total Asset Turnover
The total asset turnover ratio exhibits a steady increase from 1.83 in 2020 to 2.22 in early 2023, reflecting improved overall asset efficiency in generating revenue. Following the peak in 2023, there is a gradual decline to 2.07 in 2024 and 1.94 in 2025, indicating a slight reduction in total asset utilization in the most recent periods.
Equity Turnover
Equity turnover rises sharply from 36.59 in 2020 to 62.35 in 2021. Data beyond 2021 is not available, restricting trend analysis over the full period.

Net Fixed Asset Turnover

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

Microsoft Excel
Jan 31, 2025 Feb 2, 2024 Feb 3, 2023 Jan 28, 2022 Jan 29, 2021 Jan 31, 2020
Selected Financial Data (US$ in millions)
Net sales
Property, less accumulated depreciation
Long-term Activity Ratio
Net fixed asset turnover1
Benchmarks
Net Fixed Asset Turnover, Competitors2
Amazon.com Inc.
Home Depot Inc.
TJX Cos. Inc.
Net Fixed Asset Turnover, Sector
Consumer Discretionary Distribution & Retail
Net Fixed Asset Turnover, Industry
Consumer Discretionary

Based on: 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-02-02), 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31).

1 2025 Calculation
Net fixed asset turnover = Net sales ÷ Property, less accumulated depreciation
= ÷ =

2 Click competitor name to see calculations.


Net Sales
Net sales exhibited a steady increase from 2020 through 2023, rising from $72,148 million in 2020 to a peak of $97,059 million in 2023. However, sales declined in the subsequent years, dropping to $86,377 million in 2024 and further to $83,674 million in 2025. This pattern suggests a growth phase followed by a contraction in revenue.
Property, Less Accumulated Depreciation
The net property value remained relatively stable over the analysis period. It increased slightly from $18,669 million in 2020 to around $19,155 million in 2021 but then showed a gradual decrease, reaching $17,649 million by 2025. This stability with slight depreciation indicates limited investment in fixed assets or gradual asset aging.
Net Fixed Asset Turnover
The net fixed asset turnover ratio improved significantly from 3.86 in 2020 to a peak of 5.53 in 2023, indicating increased efficiency in using fixed assets to generate sales during the growth phase. However, the ratio decreased an important margin afterward, falling to 4.89 in 2024 and 4.74 in 2025. This decline corresponds with the reduced net sales and suggests a drop in asset utilization efficiency in recent periods.

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

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

Microsoft Excel
Jan 31, 2025 Feb 2, 2024 Feb 3, 2023 Jan 28, 2022 Jan 29, 2021 Jan 31, 2020
Selected Financial Data (US$ in millions)
Net sales
 
Property, less accumulated depreciation
Operating lease right-of-use assets
Property, less accumulated depreciation (including operating lease, right-of-use asset)
Long-term Activity Ratio
Net fixed asset turnover (including operating lease, right-of-use asset)1
Benchmarks
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2
Amazon.com Inc.
Home Depot Inc.
TJX Cos. Inc.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector
Consumer Discretionary Distribution & Retail
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry
Consumer Discretionary

Based on: 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-02-02), 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31).

1 2025 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)
= ÷ =

2 Click competitor name to see calculations.


Net Sales
Net sales increased significantly from 72,148 million USD in early 2020 to a peak of 97,059 million USD in early 2023. After this peak, there was a notable decline over the next two years, falling to 86,377 million USD in early 2024 and further to 83,674 million USD in early 2025. This trend suggests a strong growth phase followed by a period of contraction or reduced revenue generation.
Property, Less Accumulated Depreciation (Including Operating Lease, Right-of-Use Asset)
The value of property assets remained relatively stable over the six-year period, starting at 22,560 million USD in early 2020 and fluctuating slightly to end at 21,387 million USD in early 2025. This stability, with minor decreases and increases, indicates consistent capital investment or asset management without significant expansion or divestment.
Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
The net fixed asset turnover ratio demonstrated an overall upward trend from 3.2 in early 2020 to a high of 4.6 in early 2023, reflecting improved efficiency in utilizing fixed assets to generate sales. However, following this peak, the ratio declined to 4.04 in early 2024 and further to 3.91 in early 2025, suggesting a decrease in asset utilization efficiency in the latest two years.

Total Asset Turnover

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

Microsoft Excel
Jan 31, 2025 Feb 2, 2024 Feb 3, 2023 Jan 28, 2022 Jan 29, 2021 Jan 31, 2020
Selected Financial Data (US$ in millions)
Net sales
Total assets
Long-term Activity Ratio
Total asset turnover1
Benchmarks
Total Asset Turnover, Competitors2
Amazon.com Inc.
Home Depot Inc.
TJX Cos. Inc.
Total Asset Turnover, Sector
Consumer Discretionary Distribution & Retail
Total Asset Turnover, Industry
Consumer Discretionary

Based on: 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-02-02), 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31).

1 2025 Calculation
Total asset turnover = Net sales ÷ Total assets
= ÷ =

2 Click competitor name to see calculations.


Net Sales
Net sales exhibited an overall upward trend from 2020 to 2023, increasing from 72,148 million USD in 2020 to a peak of 97,059 million USD in 2023. However, this growth reversed in the subsequent years, with net sales declining to 86,377 million USD in 2024 and further to 83,674 million USD in 2025. This indicates a contraction in revenue after strong growth periods.
Total Assets
Total assets generally increased from 39,471 million USD in 2020 to a peak of 46,735 million USD in 2021. Afterward, total assets decreased steadily over the following years, reaching 41,702 million USD in 2024, before showing a slight uptick to 43,102 million USD in 2025. This suggests a period of asset consolidation or disposal following the initial growth, with a modest recovery in the latest period.
Total Asset Turnover
The total asset turnover ratio demonstrated an improvement from 1.83 in 2020 to a peak of 2.22 in 2023, indicating enhanced efficiency in utilizing assets to generate sales. Following this peak, the ratio declined to 2.07 in 2024 and further to 1.94 in 2025. Despite these decreases, the turnover remains above the levels observed in 2020 and 2021, reflecting relatively strong asset utilization compared to the earlier years.

Equity Turnover

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

Microsoft Excel
Jan 31, 2025 Feb 2, 2024 Feb 3, 2023 Jan 28, 2022 Jan 29, 2021 Jan 31, 2020
Selected Financial Data (US$ in millions)
Net sales
Shareholders’ equity (deficit)
Long-term Activity Ratio
Equity turnover1
Benchmarks
Equity Turnover, Competitors2
Amazon.com Inc.
Home Depot Inc.
TJX Cos. Inc.
Equity Turnover, Sector
Consumer Discretionary Distribution & Retail
Equity Turnover, Industry
Consumer Discretionary

Based on: 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-02-02), 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31).

1 2025 Calculation
Equity turnover = Net sales ÷ Shareholders’ equity (deficit)
= ÷ =

2 Click competitor name to see calculations.


Net Sales Trend
Net sales exhibited an upward trajectory from 72,148 million USD in January 2020 to a peak of 97,059 million USD in February 2023. Subsequently, a decline is observable, with net sales decreasing to 86,377 million USD in February 2024 and further to 83,674 million USD by January 2025.
Shareholders’ Equity (Deficit) Trend
Shareholders’ equity declined sharply over the observed periods. Starting at 1,972 million USD in January 2020, it decreased to 1,437 million USD in January 2021 before turning negative at -4,816 million USD in January 2022. This deficit intensified in subsequent periods, reaching -14,254 million USD in February 2023, -15,050 million USD in February 2024, and slightly improving to -14,231 million USD by January 2025. The consistent negative equity indicates an erosion of net assets and could signify financial distress or significant liabilities.
Equity Turnover Analysis
Equity turnover ratio increased considerably from 36.59 in January 2020 to 62.35 in January 2021. Data for subsequent years is missing, limiting trend analysis beyond this point. The high equity turnover ratio in 2021 suggests strong sales generation relative to shareholders’ equity; however, given the subsequent equity decline, the sustainability of this ratio is questionable.