Lowes Companies Inc. (LOW) intrinsic value & 10-year financials
Lowes Companies Inc. (LOW) has a Graham intrinsic value of $250.48 per share. At $197.38 on Oct 17, 2026, the stock trades 21% below that value. Over the last 10 fiscal years revenue grew 3.2% a year to $86.3B, with an average return on invested capital of 32.2%.
- Graham intrinsic value
- $250.48
- Share price (Oct 17, 2026)
- $197.38
- Price vs Graham value
- 21% below
- Market cap
- $110.5B
- Revenue (FY2026)
- $86.3B
- Revenue growth (10-yr CAGR)
- 3.2%
- ROIC (10-yr avg)
- 32.2%
- Free cash flow (FY2026)
- $7.7B
LOW 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2026 | $86.3B | $6.7B | $11.85 | $7.7B | 11.8% | 31.8% |
| FY2025 | $83.7B | $7.0B | $12.23 | $7.7B | 12.5% | 40.3% |
| FY2024 | $86.4B | $7.7B | $13.20 | $6.2B | 13.4% | 46.4% |
| FY2023 | $97.1B | $6.4B | $10.17 | $6.8B | 10.5% | 39.5% |
| FY2022 | $96.2B | $8.4B | $12.04 | $8.3B | 12.6% | 48.8% |
| FY2021 | $89.6B | $5.8B | $7.75 | $9.3B | 10.8% | 39.2% |
| FY2020 | $72.1B | $4.3B | $5.49 | $2.8B | 8.8% | 25.8% |
| FY2019 | $71.3B | $2.3B | $2.84 | $5.0B | 5.6% | 13.8% |
| FY2018 | $68.6B | $3.4B | $4.09 | $3.9B | 9.6% | 19.6% |
| FY2017 | $65.0B | $3.1B | $3.47 | $4.5B | 9.0% | 16.5% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Lowe's has demonstrated mature, steady growth, with revenue compounding at 3.2% annually over the past decade.
Lowe's has earned high returns on invested capital, averaging 32.2% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, Lowe's shows that management has aggressively returned capital to shareholders by retiring 36.4% of outstanding shares, and that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Lowe's is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $250.48 per share.