Price to FCFE (P/FCFE)
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Lowe’s Cos. Inc. pages available for free this week:
- Income Statement
- Common-Size Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Present Value of Free Cash Flow to Equity (FCFE)
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Debt
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Free Cash Flow to Equity (FCFE)
Lowe’s Cos. Inc., FCFE 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).
The financial data from the periods ending in early February and January between 2020 and 2025 present notable trends in cash flow metrics.
- Net cash provided by operating activities
- There was a significant increase from 4,296 million USD in 2020 to a peak of 11,049 million USD in 2021. Following this peak, the value showed a gradual declining trend, dropping to 10,113 million USD in 2022, 8,589 million USD in 2023, and 8,140 million USD in 2024. However, in 2025, an uptick is observed with the cash flow increasing to 9,625 million USD. This suggests some volatility with a strong improvement initially, a subsequent decline over three years, and a partial recovery in the latest period.
- Free cash flow to equity (FCFE)
- The FCFE values increased considerably from 5,891 million USD in 2020 to 10,628 million USD in 2021 and further to a high of 11,114 million USD in 2022. There is a marked rise in 2023 with FCFE reaching 16,059 million USD, followed by a steep decrease to 8,059 million USD in 2024 and a further decline to 7,153 million USD in 2025. This pattern indicates strong capital generation capacity from 2020 through 2023, with a significant contraction thereafter, reaching the lowest levels within the six-year span by 2025.
Overall, the company’s operational cash flow showed strong growth initially but experienced some fluctuation with a downward tendency after 2021, though with a slight recovery in 2025. The free cash flow to equity was robust initially and peaked in 2023 but declined sharply over the last two periods, suggesting possible changes in investment, financing activities, or market conditions impacting the cash available to shareholders.
Price to FCFE Ratio, Current
Lowe’s Cos. Inc., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in millions) | |
| FCFE per share | |
| Current share price (P) | |
| Valuation Ratio | |
| P/FCFE | |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| Amazon.com Inc. | |
| Home Depot Inc. | |
| TJX Cos. Inc. | |
| P/FCFE, Sector | |
| Consumer Discretionary Distribution & Retail | |
| P/FCFE, Industry | |
| Consumer Discretionary | |
Based on: 10-K (reporting date: 2025-01-31).
1 Click competitor name to see calculations.
If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.
Price to FCFE Ratio, Historical
Lowe’s Cos. Inc., historical P/FCFE calculation, comparison to benchmarks
| Jan 31, 2025 | Feb 2, 2024 | Feb 3, 2023 | Jan 28, 2022 | Jan 29, 2021 | Jan 31, 2020 | ||
|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||
| Selected Financial Data (US$) | |||||||
| Free cash flow to equity (FCFE) (in millions)2 | |||||||
| FCFE per share3 | |||||||
| Share price1, 4 | |||||||
| Valuation Ratio | |||||||
| P/FCFE5 | |||||||
| Benchmarks | |||||||
| P/FCFE, Competitors6 | |||||||
| Amazon.com Inc. | |||||||
| Home Depot Inc. | |||||||
| TJX Cos. Inc. | |||||||
| P/FCFE, Sector | |||||||
| Consumer Discretionary Distribution & Retail | |||||||
| P/FCFE, 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 Data adjusted for splits and stock dividends.
3 2025 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =
4 Closing price as at the filing date of Lowe’s Cos. Inc. Annual Report.
5 2025 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
The financial data reveals several notable trends in the company's share price, free cash flow to equity (FCFE) per share, and the price-to-FCFE ratio over the six-year period.
- Share Price
- The share price demonstrates an overall upward trend from 2020 through 2024, increasing significantly from $67.8 to a peak of $254 in 2024. However, this is followed by a slight decline to $232.89 in 2025, indicating some volatility after a period of strong growth.
- FCFE per Share
- The free cash flow to equity per share rises steadily from $7.8 in 2020 to $26.93 in 2023, suggesting improving cash generation available to shareholders. However, this upward momentum reverses in the subsequent years, with FCFE dropping to $14.08 in 2024 and further to $12.78 in 2025, signaling a contraction in cash flow generation.
- Price-to-FCFE Ratio (P/FCFE)
- The P/FCFE ratio exhibits fluctuations that reflect the interplay between share price and FCFE per share movements. Initially, the ratio climbs from 8.69 in 2020 to 13.55 in 2022, implying increasing valuation multiples relative to cash flows. In 2023, there is a significant decline to 7.08, driven by a combination of rising FCFE and a lower share price. Subsequently, the ratio sharply increases to over 18 in 2024 and remains elevated in 2025, indicating the market is valuing the company at a higher premium relative to its reduced free cash flow during these years.
In summary, the data suggests strong financial performance up to 2023, characterized by growing share price and cash flow generation. Post-2023, the company experiences a decline in FCFE per share accompanied by elevated valuation multiples, which may indicate market optimism despite decreased cash flow or potential concerns about sustainability of earnings.