Enterprise Value to EBITDA (EV/EBITDA)
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Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
Lowe’s Cos. Inc., EBITDA calculation
US$ in millions
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 Earnings
- Net earnings showed a generally positive trajectory from 2020 through 2024, increasing from 4,281 million USD in 2020 to a peak of 7,726 million USD in 2024. However, there was a decline in the latest period, 2025, where net earnings decreased to 6,957 million USD. The data indicates strong growth over the five-year span with a notable dip in the final year assessed.
- Earnings Before Tax (EBT)
- EBT followed a similar pattern to net earnings, rising from 5,623 million USD in 2020 to a high of 11,208 million USD in 2022. After this peak, there was a decline in 2023 to 9,036 million USD, followed by a partial recovery to 10,175 million USD in 2024. In 2025, EBT again decreased to 9,153 million USD. This indicates some volatility in pre-tax profitability after 2022.
- Earnings Before Interest and Tax (EBIT)
- EBIT showed consistent growth from 2020 (6,341 million USD) through 2024 (11,658 million USD). Similar to other earnings measures, there was a decrease in 2025 to 10,625 million USD. The steady increase up to 2024 signifies improving operating profitability, but the recent decline suggests emerging challenges affecting core operations.
- Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA)
- EBITDA increased steadily from 7,751 million USD in 2020 to a peak of 13,987 million USD in 2022. Subsequently, EBITDA declined in 2023 to 12,177 million USD, followed by a rebound to 13,581 million USD in 2024. However, a decrease occurred in 2025, with EBITDA reducing to 12,597 million USD. The fluctuations indicate variations in operational cash flow generation capacity following 2022’s peak performance.
- Overall Trends and Insights
- The data reflects a period of strong growth across all profitability metrics until approximately 2022, followed by a phase of increased volatility and decline in 2023 and 2025, with some partial recovery observed in 2024. This pattern may suggest external or internal factors impacting profitability and operational efficiency after 2022. While the general upward trend through 2022 indicates effective management and business expansion, the recent dips highlight potential areas requiring attention to sustain profitability.
Enterprise Value to EBITDA Ratio, Current
Lowe’s Cos. Inc., current EV/EBITDA calculation, comparison to benchmarks
| Selected Financial Data (US$ in millions) | |
| Enterprise value (EV) | |
| Earnings before interest, tax, depreciation and amortization (EBITDA) | |
| Valuation Ratio | |
| EV/EBITDA | |
| Benchmarks | |
| EV/EBITDA, Competitors1 | |
| Amazon.com Inc. | |
| Home Depot Inc. | |
| TJX Cos. Inc. | |
| EV/EBITDA, Sector | |
| Consumer Discretionary Distribution & Retail | |
| EV/EBITDA, Industry | |
| Consumer Discretionary | |
Based on: 10-K (reporting date: 2025-01-31).
1 Click competitor name to see calculations.
If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.
Enterprise Value to EBITDA Ratio, Historical
Lowe’s Cos. Inc., historical EV/EBITDA calculation, comparison to benchmarks
| Jan 31, 2025 | Feb 2, 2024 | Feb 3, 2023 | Jan 28, 2022 | Jan 29, 2021 | Jan 31, 2020 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Enterprise value (EV)1 | |||||||
| Earnings before interest, tax, depreciation and amortization (EBITDA)2 | |||||||
| Valuation Ratio | |||||||
| EV/EBITDA3 | |||||||
| Benchmarks | |||||||
| EV/EBITDA, Competitors4 | |||||||
| Amazon.com Inc. | |||||||
| Home Depot Inc. | |||||||
| TJX Cos. Inc. | |||||||
| EV/EBITDA, Sector | |||||||
| Consumer Discretionary Distribution & Retail | |||||||
| EV/EBITDA, 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).
3 2025 Calculation
EV/EBITDA = EV ÷ EBITDA
= ÷ =
4 Click competitor name to see calculations.
- Enterprise Value (EV)
- The enterprise value showed a significant increase from 69,616 million USD in early 2020 to a peak of 180,028 million USD in early 2024. This represents more than a doubling in value over four years. However, a slight decline to 163,704 million USD was observed in early 2025, indicating a possible market reassessment or changes in business fundamentals.
- Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA)
- EBITDA increased consistently from 7,751 million USD in early 2020 to a peak of 13,987 million USD in early 2022, reflecting substantial operational growth. After this peak, EBITDA declined to 12,177 million USD in early 2023, followed by a recovery in early 2024 to 13,581 million USD. In early 2025, EBITDA decreased again slightly to 12,597 million USD. This pattern indicates some fluctuation in profitability but a general upward trend over the long term.
- EV/EBITDA Ratio
- The EV/EBITDA ratio started at 8.98 in early 2020, reflecting a relatively lower valuation multiple. It then increased sharply to 14.41 in early 2021, suggesting heightened market expectations or improved growth prospects. Subsequently, the ratio decreased to 12.43 in early 2022 and further to 11.98 in early 2023, indicating a moderation in valuation. However, the ratio rose again to 13.26 in early 2024 and slightly decreased to 13.00 in early 2025. Overall, the ratio remained elevated compared to 2020, suggesting a higher valuation relative to earnings over the period, despite some volatility.