Stock Analysis on Net

Lowe’s Cos. Inc. (NYSE:LOW)

Common Stock Valuation Ratios (Price Multiples) 
Quarterly Data

Microsoft Excel

Historical Valuation Ratios (Summary)

Lowe’s Cos. Inc., historical price multiples (quarterly data)

Microsoft Excel
Nov 3, 2023 Aug 4, 2023 May 5, 2023 Feb 3, 2023 Oct 28, 2022 Jul 29, 2022 Apr 29, 2022 Jan 28, 2022 Oct 29, 2021 Jul 30, 2021 Apr 30, 2021 Jan 29, 2021 Oct 30, 2020 Jul 31, 2020 May 1, 2020 Jan 31, 2020 Nov 1, 2019 Aug 2, 2019 May 3, 2019 Feb 1, 2019 Nov 2, 2018 Aug 3, 2018 May 4, 2018 Feb 2, 2018 Nov 3, 2017 Aug 4, 2017 May 5, 2017
Price to earnings (P/E) 15.00 21.99 18.78 17.65 19.09 15.54 14.78 17.84 20.72 20.32 20.09 22.36 21.14 22.50 21.16 11.96 30.02 33.94 30.97 37.80 19.79 22.59 20.76 20.26
Price to operating profit (P/OP) 9.93 13.56 11.78 11.18 12.38 10.76 10.29 12.45 14.46 12.77 12.57 13.52 12.50 15.21 14.04 8.11 18.48 20.49 18.51 21.77 12.85 14.16 12.26 10.61
Price to sales (P/S) 1.27 1.43 1.25 1.17 1.33 1.37 1.31 1.56 1.79 1.51 1.45 1.46 1.33 1.60 1.31 0.71 1.23 1.20 1.02 1.23 1.03 1.26 1.15 1.02
Price to book value (P/BV) 307.81 90.79 27.86 29.56 56.37 25.96 36.00 32.50 22.70 24.01 13.54 15.37 13.85 11.89 12.47 11.38 12.01

Based on: 10-Q (reporting date: 2023-11-03), 10-Q (reporting date: 2023-08-04), 10-Q (reporting date: 2023-05-05), 10-K (reporting date: 2023-02-03), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-Q (reporting date: 2022-04-29), 10-K (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-Q (reporting date: 2021-04-30), 10-K (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-05-01), 10-K (reporting date: 2020-01-31), 10-Q (reporting date: 2019-11-01), 10-Q (reporting date: 2019-08-02), 10-Q (reporting date: 2019-05-03), 10-K (reporting date: 2019-02-01), 10-Q (reporting date: 2018-11-02), 10-Q (reporting date: 2018-08-03), 10-Q (reporting date: 2018-05-04), 10-K (reporting date: 2018-02-02), 10-Q (reporting date: 2017-11-03), 10-Q (reporting date: 2017-08-04), 10-Q (reporting date: 2017-05-05).

Valuation ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. Lowe’s Cos. Inc. P/E ratio increased from Q1 2024 to Q2 2024 but then decreased significantly from Q2 2024 to Q3 2024.
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. Lowe’s Cos. Inc. P/OP ratio increased from Q1 2024 to Q2 2024 but then decreased significantly from Q2 2024 to Q3 2024.
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. Lowe’s Cos. Inc. P/S ratio increased from Q1 2024 to Q2 2024 but then slightly decreased from Q2 2024 to Q3 2024 not reaching Q1 2024 level.

Price to Earnings (P/E)

Lowe’s Cos. Inc., historical P/E calculation (quarterly data)

Microsoft Excel
Nov 3, 2023 Aug 4, 2023 May 5, 2023 Feb 3, 2023 Oct 28, 2022 Jul 29, 2022 Apr 29, 2022 Jan 28, 2022 Oct 29, 2021 Jul 30, 2021 Apr 30, 2021 Jan 29, 2021 Oct 30, 2020 Jul 31, 2020 May 1, 2020 Jan 31, 2020 Nov 1, 2019 Aug 2, 2019 May 3, 2019 Feb 1, 2019 Nov 2, 2018 Aug 3, 2018 May 4, 2018 Feb 2, 2018 Nov 3, 2017 Aug 4, 2017 May 5, 2017
No. shares of common stock outstanding1 575,112,600 577,115,219 585,980,783 596,356,261 604,702,575 620,700,567 639,128,830 661,561,297 673,747,189 692,432,690 706,890,137 717,256,852 732,722,859 755,736,046 755,002,775 754,948,648 766,475,430 771,798,638 782,916,484 795,922,717 802,957,007 808,275,229 816,153,978 825,766,281 829,760,597 832,812,179 844,226,444
Selected Financial Data (US$)
Net earnings (in millions) 1,773 2,673 2,260 958 154 2,992 2,333 1,207 1,896 3,018 2,321 978 692 2,828 1,337 510 1,049 1,676 1,046 (823) 629 1,520 988 554 872 1,419 602
Earnings per share (EPS)2 13.33 10.47 10.86 10.79 11.06 13.58 13.23 12.76 12.19 10.12 9.65 8.14 7.32 7.57 6.06 5.67 3.85 3.28 3.03 2.91 4.60 4.87 4.70 4.17 0.00 0.00 0.00
Share price1, 3 199.92 230.31 203.92 190.53 211.02 210.96 195.53 227.60 252.63 205.65 193.77 181.89 154.88 170.39 128.12 67.80 115.46 111.18 93.84 109.91 90.95 109.93 97.50 84.59 86.31 75.68 78.70
Valuation Ratio
P/E ratio4 15.00 21.99 18.78 17.65 19.09 15.54 14.78 17.84 20.72 20.32 20.09 22.36 21.14 22.50 21.16 11.96 30.02 33.94 30.97 37.80 19.79 22.59 20.76 20.26
Benchmarks
P/E Ratio, Competitors5
Amazon.com Inc. 58.66 65.74 110.16 251.97 93.17 118.45 59.05 48.08 65.12 57.25 65.00 78.20 87.67 120.27 107.95 86.30
Home Depot Inc. 19.35 19.99 17.71 17.09 19.37 18.61 17.91 19.94 26.76 22.50 22.81 24.51 23.56 26.04 24.24 17.38 21.68 21.33 18.61 18.87
TJX Cos. Inc. 24.43 25.52 23.28 25.22 27.24 21.73 22.68 22.20 31.03 35.26 53.90 881.78 103.90 92.86 38.61 17.13 22.88 21.70 20.04 21.11 18.79 22.95 20.28 20.19

Based on: 10-Q (reporting date: 2023-11-03), 10-Q (reporting date: 2023-08-04), 10-Q (reporting date: 2023-05-05), 10-K (reporting date: 2023-02-03), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-Q (reporting date: 2022-04-29), 10-K (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-Q (reporting date: 2021-04-30), 10-K (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-05-01), 10-K (reporting date: 2020-01-31), 10-Q (reporting date: 2019-11-01), 10-Q (reporting date: 2019-08-02), 10-Q (reporting date: 2019-05-03), 10-K (reporting date: 2019-02-01), 10-Q (reporting date: 2018-11-02), 10-Q (reporting date: 2018-08-03), 10-Q (reporting date: 2018-05-04), 10-K (reporting date: 2018-02-02), 10-Q (reporting date: 2017-11-03), 10-Q (reporting date: 2017-08-04), 10-Q (reporting date: 2017-05-05).

1 Data adjusted for splits and stock dividends.

2 Q3 2024 Calculation
EPS = (Net earningsQ3 2024 + Net earningsQ2 2024 + Net earningsQ1 2024 + Net earningsQ4 2023) ÷ No. shares of common stock outstanding
= (1,773,000,000 + 2,673,000,000 + 2,260,000,000 + 958,000,000) ÷ 575,112,600 = 13.33

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

4 Q3 2024 Calculation
P/E ratio = Share price ÷ EPS
= 199.92 ÷ 13.33 = 15.00

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. Lowe’s Cos. Inc. P/E ratio increased from Q1 2024 to Q2 2024 but then decreased significantly from Q2 2024 to Q3 2024.

Price to Operating Profit (P/OP)

Lowe’s Cos. Inc., historical P/OP calculation (quarterly data)

Microsoft Excel
Nov 3, 2023 Aug 4, 2023 May 5, 2023 Feb 3, 2023 Oct 28, 2022 Jul 29, 2022 Apr 29, 2022 Jan 28, 2022 Oct 29, 2021 Jul 30, 2021 Apr 30, 2021 Jan 29, 2021 Oct 30, 2020 Jul 31, 2020 May 1, 2020 Jan 31, 2020 Nov 1, 2019 Aug 2, 2019 May 3, 2019 Feb 1, 2019 Nov 2, 2018 Aug 3, 2018 May 4, 2018 Feb 2, 2018 Nov 3, 2017 Aug 4, 2017 May 5, 2017
No. shares of common stock outstanding1 575,112,600 577,115,219 585,980,783 596,356,261 604,702,575 620,700,567 639,128,830 661,561,297 673,747,189 692,432,690 706,890,137 717,256,852 732,722,859 755,736,046 755,002,775 754,948,648 766,475,430 771,798,638 782,916,484 795,922,717 802,957,007 808,275,229 816,153,978 825,766,281 829,760,597 832,812,179 844,226,444
Selected Financial Data (US$)
Operating income (in millions) 2,696 3,886 3,288 1,704 924 4,229 3,302 1,849 2,789 4,210 3,245 1,524 2,175 3,957 1,991 958 1,558 2,381 1,417 (567) 957 2,163 1,465 1,098 1,547 2,382 1,559
Operating profit per share2 20.12 16.98 17.31 17.04 17.04 19.61 19.01 18.28 17.47 16.11 15.42 13.45 12.39 11.20 9.12 8.36 6.25 5.43 5.07 5.05 7.08 7.76 7.95 7.98 0.00 0.00 0.00
Share price1, 3 199.92 230.31 203.92 190.53 211.02 210.96 195.53 227.60 252.63 205.65 193.77 181.89 154.88 170.39 128.12 67.80 115.46 111.18 93.84 109.91 90.95 109.93 97.50 84.59 86.31 75.68 78.70
Valuation Ratio
P/OP ratio4 9.93 13.56 11.78 11.18 12.38 10.76 10.29 12.45 14.46 12.77 12.57 13.52 12.50 15.21 14.04 8.11 18.48 20.49 18.51 21.77 12.85 14.16 12.26 10.61
Benchmarks
P/OP Ratio, Competitors5
Amazon.com Inc. 48.43 50.04 81.28 81.03 86.50 81.33 89.87 64.24 64.48 60.45 56.87 62.96 72.85 76.53 93.97 80.81 68.77
Home Depot Inc. 13.63 14.08 12.53 12.16 13.73 13.22 12.76 14.22 19.12 16.06 16.20 17.25 16.72 18.45 17.14 12.33 15.22 15.18 13.28 13.51
TJX Cos. Inc. 18.86 19.79 17.90 18.15 19.26 15.06 14.90 15.32 18.99 21.99 30.54 137.02 74.61 60.02 30.12 12.69 16.79 15.73 14.53 15.31 13.99 16.65 14.11 13.54

Based on: 10-Q (reporting date: 2023-11-03), 10-Q (reporting date: 2023-08-04), 10-Q (reporting date: 2023-05-05), 10-K (reporting date: 2023-02-03), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-Q (reporting date: 2022-04-29), 10-K (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-Q (reporting date: 2021-04-30), 10-K (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-05-01), 10-K (reporting date: 2020-01-31), 10-Q (reporting date: 2019-11-01), 10-Q (reporting date: 2019-08-02), 10-Q (reporting date: 2019-05-03), 10-K (reporting date: 2019-02-01), 10-Q (reporting date: 2018-11-02), 10-Q (reporting date: 2018-08-03), 10-Q (reporting date: 2018-05-04), 10-K (reporting date: 2018-02-02), 10-Q (reporting date: 2017-11-03), 10-Q (reporting date: 2017-08-04), 10-Q (reporting date: 2017-05-05).

1 Data adjusted for splits and stock dividends.

2 Q3 2024 Calculation
Operating profit per share = (Operating incomeQ3 2024 + Operating incomeQ2 2024 + Operating incomeQ1 2024 + Operating incomeQ4 2023) ÷ No. shares of common stock outstanding
= (2,696,000,000 + 3,886,000,000 + 3,288,000,000 + 1,704,000,000) ÷ 575,112,600 = 20.12

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

4 Q3 2024 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 199.92 ÷ 20.12 = 9.93

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. Lowe’s Cos. Inc. P/OP ratio increased from Q1 2024 to Q2 2024 but then decreased significantly from Q2 2024 to Q3 2024.

Price to Sales (P/S)

Lowe’s Cos. Inc., historical P/S calculation (quarterly data)

Microsoft Excel
Nov 3, 2023 Aug 4, 2023 May 5, 2023 Feb 3, 2023 Oct 28, 2022 Jul 29, 2022 Apr 29, 2022 Jan 28, 2022 Oct 29, 2021 Jul 30, 2021 Apr 30, 2021 Jan 29, 2021 Oct 30, 2020 Jul 31, 2020 May 1, 2020 Jan 31, 2020 Nov 1, 2019 Aug 2, 2019 May 3, 2019 Feb 1, 2019 Nov 2, 2018 Aug 3, 2018 May 4, 2018 Feb 2, 2018 Nov 3, 2017 Aug 4, 2017 May 5, 2017
No. shares of common stock outstanding1 575,112,600 577,115,219 585,980,783 596,356,261 604,702,575 620,700,567 639,128,830 661,561,297 673,747,189 692,432,690 706,890,137 717,256,852 732,722,859 755,736,046 755,002,775 754,948,648 766,475,430 771,798,638 782,916,484 795,922,717 802,957,007 808,275,229 816,153,978 825,766,281 829,760,597 832,812,179 844,226,444
Selected Financial Data (US$)
Net sales (in millions) 20,471 24,956 22,347 22,445 23,479 27,476 23,659 21,340 22,918 27,570 24,422 20,311 22,309 27,302 19,675 16,027 17,388 20,992 17,741 15,646 17,415 20,888 17,360 15,494 16,770 19,495 16,860
Sales per share2 156.87 161.54 163.40 162.75 158.68 153.69 149.40 145.49 141.33 136.64 133.46 124.92 116.43 106.38 98.12 95.57 93.63 93.02 91.57 89.59 88.62 87.24 84.69 83.10 0.00 0.00 0.00
Share price1, 3 199.92 230.31 203.92 190.53 211.02 210.96 195.53 227.60 252.63 205.65 193.77 181.89 154.88 170.39 128.12 67.80 115.46 111.18 93.84 109.91 90.95 109.93 97.50 84.59 86.31 75.68 78.70
Valuation Ratio
P/S ratio4 1.27 1.43 1.25 1.17 1.33 1.37 1.31 1.56 1.79 1.51 1.45 1.46 1.33 1.60 1.31 0.71 1.23 1.20 1.02 1.23 1.03 1.26 1.15 1.02
Benchmarks
P/S Ratio, Competitors5
Amazon.com Inc. 3.10 2.38 2.68 2.06 2.06 2.10 2.83 2.65 3.41 3.73 3.80 4.17 4.32 4.38 4.93 3.85 3.56
Home Depot Inc. 1.98 2.10 1.90 1.86 2.11 2.02 1.94 2.17 2.89 2.37 2.38 2.39 2.34 2.58 2.37 1.77 2.17 2.17 1.91 1.94
TJX Cos. Inc. 1.92 1.98 1.76 1.77 1.88 1.47 1.52 1.50 1.81 2.05 2.15 2.48 2.33 1.96 1.77 1.34 1.76 1.66 1.54 1.66 1.50 1.81 1.54 1.47

Based on: 10-Q (reporting date: 2023-11-03), 10-Q (reporting date: 2023-08-04), 10-Q (reporting date: 2023-05-05), 10-K (reporting date: 2023-02-03), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-Q (reporting date: 2022-04-29), 10-K (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-Q (reporting date: 2021-04-30), 10-K (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-05-01), 10-K (reporting date: 2020-01-31), 10-Q (reporting date: 2019-11-01), 10-Q (reporting date: 2019-08-02), 10-Q (reporting date: 2019-05-03), 10-K (reporting date: 2019-02-01), 10-Q (reporting date: 2018-11-02), 10-Q (reporting date: 2018-08-03), 10-Q (reporting date: 2018-05-04), 10-K (reporting date: 2018-02-02), 10-Q (reporting date: 2017-11-03), 10-Q (reporting date: 2017-08-04), 10-Q (reporting date: 2017-05-05).

1 Data adjusted for splits and stock dividends.

2 Q3 2024 Calculation
Sales per share = (Net salesQ3 2024 + Net salesQ2 2024 + Net salesQ1 2024 + Net salesQ4 2023) ÷ No. shares of common stock outstanding
= (20,471,000,000 + 24,956,000,000 + 22,347,000,000 + 22,445,000,000) ÷ 575,112,600 = 156.87

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

4 Q3 2024 Calculation
P/S ratio = Share price ÷ Sales per share
= 199.92 ÷ 156.87 = 1.27

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. Lowe’s Cos. Inc. P/S ratio increased from Q1 2024 to Q2 2024 but then slightly decreased from Q2 2024 to Q3 2024 not reaching Q1 2024 level.

Price to Book Value (P/BV)

Lowe’s Cos. Inc., historical P/BV calculation (quarterly data)

Microsoft Excel
Nov 3, 2023 Aug 4, 2023 May 5, 2023 Feb 3, 2023 Oct 28, 2022 Jul 29, 2022 Apr 29, 2022 Jan 28, 2022 Oct 29, 2021 Jul 30, 2021 Apr 30, 2021 Jan 29, 2021 Oct 30, 2020 Jul 31, 2020 May 1, 2020 Jan 31, 2020 Nov 1, 2019 Aug 2, 2019 May 3, 2019 Feb 1, 2019 Nov 2, 2018 Aug 3, 2018 May 4, 2018 Feb 2, 2018 Nov 3, 2017 Aug 4, 2017 May 5, 2017
No. shares of common stock outstanding1 575,112,600 577,115,219 585,980,783 596,356,261 604,702,575 620,700,567 639,128,830 661,561,297 673,747,189 692,432,690 706,890,137 717,256,852 732,722,859 755,736,046 755,002,775 754,948,648 766,475,430 771,798,638 782,916,484 795,922,717 802,957,007 808,275,229 816,153,978 825,766,281 829,760,597 832,812,179 844,226,444
Selected Financial Data (US$)
Shareholders’ equity (deficit) (in millions) (15,147) (14,732) (14,710) (14,254) (12,868) (8,442) (6,877) (4,816) (1,576) (175) 445 1,437 4,073 4,356 1,716 1,972 2,458 2,640 3,236 3,644 5,394 5,781 5,745 5,873 5,742 5,536 5,531
Book value per share (BVPS)2 -26.34 -25.53 -25.10 -23.90 -21.28 -13.60 -10.76 -7.28 -2.34 -0.25 0.63 2.00 5.56 5.76 2.27 2.61 3.21 3.42 4.13 4.58 6.72 7.15 7.04 7.11 6.92 6.65 6.55
Share price1, 3 199.92 230.31 203.92 190.53 211.02 210.96 195.53 227.60 252.63 205.65 193.77 181.89 154.88 170.39 128.12 67.80 115.46 111.18 93.84 109.91 90.95 109.93 97.50 84.59 86.31 75.68 78.70
Valuation Ratio
P/BV ratio4 307.81 90.79 27.86 29.56 56.37 25.96 36.00 32.50 22.70 24.01 13.54 15.37 13.85 11.89 12.47 11.38 12.01
Benchmarks
P/BV Ratio, Competitors5
Amazon.com Inc. 8.84 7.21 8.54 7.00 7.25 7.67 10.46 9.44 11.60 14.19 14.68 16.93 17.86 18.40 21.50 17.47 16.11 15.45 18.11 19.84
Home Depot Inc. 212.51 243.07 819.13 187.12 255.09 1,325.66 412.02 165.73 192.67 95.58 191.69 144.66 114.03 127.78
TJX Cos. Inc. 14.69 15.38 13.78 13.86 16.35 13.53 13.52 12.14 12.85 13.82 13.27 13.68 13.99 14.17 13.72 9.42 12.92 12.53 11.88 12.79 11.07 13.06 10.74 10.23 9.89 10.04 10.67

Based on: 10-Q (reporting date: 2023-11-03), 10-Q (reporting date: 2023-08-04), 10-Q (reporting date: 2023-05-05), 10-K (reporting date: 2023-02-03), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-Q (reporting date: 2022-04-29), 10-K (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-Q (reporting date: 2021-04-30), 10-K (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-05-01), 10-K (reporting date: 2020-01-31), 10-Q (reporting date: 2019-11-01), 10-Q (reporting date: 2019-08-02), 10-Q (reporting date: 2019-05-03), 10-K (reporting date: 2019-02-01), 10-Q (reporting date: 2018-11-02), 10-Q (reporting date: 2018-08-03), 10-Q (reporting date: 2018-05-04), 10-K (reporting date: 2018-02-02), 10-Q (reporting date: 2017-11-03), 10-Q (reporting date: 2017-08-04), 10-Q (reporting date: 2017-05-05).

1 Data adjusted for splits and stock dividends.

2 Q3 2024 Calculation
BVPS = Shareholders’ equity (deficit) ÷ No. shares of common stock outstanding
= -15,147,000,000 ÷ 575,112,600 = -26.34

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

4 Q3 2024 Calculation
P/BV ratio = Share price ÷ BVPS
= 199.92 ÷ -26.34 =

5 Click competitor name to see calculations.