Lowe’s Cos. Inc., current enterprise value calculation

Current share price (P)	$230.29
No. shares of common stock outstanding	572,184,243
US$ in millions
Common equity (market value)¹	131,768)
Add: Preferred stock, $5 par value, issued and outstanding: none (per books)	—)
Total equity	131,768)
Add: Short-term borrowings (per books)	—)
Add: Current maturities of long-term debt (per books)	537)
Add: Long-term debt, excluding current maturities (per books)	35,384)
Total equity and debt	167,689)
Less: Cash and cash equivalents	921)
Less: Short-term investments	307)
Enterprise value (EV)	166,461)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 230.29 × 572,184,243

Lowe’s Cos. Inc., EV calculation

	Feb 2, 2024	Feb 3, 2023	Jan 28, 2022	Jan 29, 2021	Jan 31, 2020	Feb 1, 2019
Share price^1, 2	$254.00	$190.53	$227.60	$181.89	$67.80	$109.91
No. shares of common stock outstanding¹	572,184,243	596,356,261	661,561,297	717,256,852	754,948,648	795,922,717
US$ in millions
Common equity (market value)³	145,335)	113,624)	150,571)	130,462)	51,186)	87,480)
Add: Preferred stock, $5 par value, issued and outstanding: none (book value)	—)	—)	—)	—)	—)	—)
Total equity	145,335)	113,624)	150,571)	130,462)	51,186)	87,480)
Add: Short-term borrowings (book value)	—)	499)	—)	—)	1,941)	722)
Add: Current maturities of long-term debt (book value)	537)	585)	868)	1,112)	597)	1,110)
Add: Long-term debt, excluding current maturities (book value)	35,384)	32,876)	23,859)	20,668)	16,768)	14,391)
Total equity and debt	181,256)	147,584)	175,298)	152,242)	70,492)	103,703)
Less: Cash and cash equivalents	921)	1,348)	1,133)	4,690)	716)	511)
Less: Short-term investments	307)	384)	271)	506)	160)	218)
Enterprise value (EV)	180,028)	145,852)	173,894)	147,046)	69,616)	102,974)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Lowe’s Cos. Inc. Annual Report.

³ 2024 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 254.00 × 572,184,243

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	Lowe’s Cos. Inc. EV decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.

Lowe’s Cos. Inc. (NYSE:LOW)

Enterprise Value (EV)