The Home Depot, Inc. HD

Consumer DiscretionarySpecialty RetailersUnited States of America

Last close 329.20 USD on Nov 1, 2026, −2.2% year to date

Quant rating

Quant rating B Rank 112 of 344 in Consumer Discretionary

Growth C 221 of 344
Valuation C 221 of 344
Quality A 28 of 344
Revisions C 169 of 344
Momentum B 128 of 344

Wall Street consensus Buy (2.32)Average target 372.86 USD +13.3%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 328.4B
Enterprise value: 379.3B
52-week range: 277.21 – 397.60
3-year range: 277.21 – 431.37
Dividend yield: 2.83%
Beta (5 years): 0.96
Shares outstanding: 998M
Next earnings: Nov 17, 2026

About the company

The Home Depot, Inc. is a home improvement retailer. The Company is engaged in retail operations and sells an assortment of home improvement products, building materials, lawn and garden products, decor products, and facilities maintenance, repair, and operations (MRO) products, in stores and online. It also provides a number of services, including home improvement installation services, and tool and equipment rental. It operates four lines of business: roofing and building products; interior and construction products; landscape, and pool. It operates a total of 2,361 retail stores and over 1,280 SRS locations across all 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Guam, 10 Canadian provinces and Mexico. Its store averages 105,000 square feet of indoor retail space, interconnected with an e-commerce business that offers products for the do-it-yourself (DIY) customer, professional contractors, and the installation business for the Do-It-For-Me customer.

Growth and profitability fiscal year ends January 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	164,683	159,514	152,669	157,403	151,157	–
Revenue growth	3.2%	4.5%	−3.0%	4.1%	14.4%	4.5%
EPS (basic, normalized)	14.69	14.96	15.11	16.69	15.53	–
EPS growth	−1.8%	−1.0%	−9.5%	7.5%	–	–
Gross margin	33.3%	33.4%	33.4%	33.5%	33.6%	33.5%
Net margin	8.6%	9.3%	9.9%	10.9%	10.9%	9.9%
ROE	145.5%	385.4%	1,162.2%	–	2,050.3%	935.8%

Balance sheet, last quarter
Cash & short-term investments (mil)	2,085
Current ratio	1.08x
Long-term debt (mil)	43,951
Net debt (mil)	50,811
Total equity (mil)	16,617
Net debt / equity	3.06x
Net debt / EBITDA	2.03x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	164,683	+3.2%	2.3x	25,011	0.0%	15.2x	14.69	−1.8%	22.4x
2027	171,553	+4.2%	2.2x	25,460	+1.8%	14.9x	15.02	+2.2%	21.9x
2028	177,294	+3.3%	2.1x	26,493	+4.1%	14.3x	15.95	+6.2%	20.6x
2029	184,755	+4.2%	2.1x	27,961	+5.5%	13.6x	17.28	+8.4%	19.0x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	171,553	0.0%	+0.3%	+0.1%	15.02	0.0%	+0.4%	−0.3%
2028	177,294	−0.1%	−0.1%	−0.6%	15.95	−0.4%	−0.9%	−2.2%
2029	184,755	−0.1%	−0.2%	−0.8%	17.28	−0.5%	−1.5%	−2.9%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Apr 2024	Jul 2024	Oct 2024	Jan 2025	Apr 2025	Jul 2025	Oct 2025	Jan 2026	Apr 2026	Jul 2026
Sales reported (mil)	36,418	43,175	40,217	39,704	39,856	45,277	41,352	38,198	41,765	47,861
Sales mean (mil)	36,657	43,061	39,322	39,156	39,310	45,356	41,102	38,119	41,515	47,267
Surprise	−0.7%	+0.3%	+2.3%	+1.4%	+1.4%	−0.2%	+0.6%	+0.2%	+0.6%	+1.3%
EPS reported	3.63	4.60	3.67	3.02	3.56	4.68	3.74	2.72	3.43	4.92
EPS mean	3.60	4.49	3.64	3.01	3.60	4.71	3.84	2.54	3.41	4.73
Surprise	+0.9%	+2.4%	+0.8%	+0.4%	−1.0%	−0.7%	−2.6%	+7.1%	+0.7%	+3.9%

Peer comparison Specialty Retailers

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
HD The Home Depot, Inc.	328.4B	2.03x	8.6%	19.77x	21.9x	20.6x	14.9x	14.3x
LOW Lowe's Companies Inc	117.3B	2.71x	7.7%	−15.77x	17.0x	16.1x	11.8x	11.5x
ORLY O'Reilly Automotive, Inc.	70.9B	1.89x	14.3%	−33.88x	26.6x	24.1x	18.0x	16.8x
CVNA Carvana Co	75.3B	1.36x	6.9%	17.30x	42.0x	30.2x	26.7x	20.2x
AZO AutoZone, Inc.	51.0B	1.98x	12.6%	−20.49x	18.7x	16.6x	12.6x	11.9x
WSM Williams-Sonoma Inc	29.8B	−0.62x	13.9%	13.90x	26.6x	24.0x	16.5x	15.4x
Mean		1.56x	10.7%	−3.19x	25.5x	22.0x	16.7x	15.0x
Median		1.94x	10.6%	−0.93x	24.2x	22.3x	15.7x	14.9x

Technical analysis

1M+13.6%
3M−3.7%
1Y−12.2%
3Y+28.7%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, The Home Depot, Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	164,683	159,514	152,669	157,403	151,157	132,110
Cost of revenue	109,818	106,206	101,709	104,625	100,325	87,257
Gross profit	54,865	53,308	50,960	52,778	50,832	44,853
Selling, general & administrative expenses	30,702	28,748	26,598	26,284	25,144	22,447
Research & development	–	–	–	–	–	–
Depreciation/amortization	3,273	3,034	2,673	2,455	2,386	2,128
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	–	–	–	262	2,000
Other operating expenses	0	0	0	0	0	0
Operating income	20,890	21,526	21,689	24,039	23,040	18,278
Net interest income (expense)	−2,288	−2,120	−1,765	−1,562	−1,303	−1,300
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	18,602	19,406	19,924	22,477	21,737	16,978
Provision for taxes	4,446	4,600	4,781	5,372	5,304	4,112
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	14,156	14,806	15,143	17,105	16,433	12,866
Extraordinary items	–	–	–	–	–	–
Net income	14,156	14,806	15,143	17,105	16,433	12,866
EBIT, normalized	20,890	21,526	21,689	24,039	23,302	20,278
EBITDA, normalized	24,949	25,287	24,936	27,014	26,164	22,797
Basic EPS, normalized	14.69	14.96	15.11	16.69	15.53	–

Balance sheet in millions of USD, fiscal years

Balance sheet, The Home Depot, Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	1,389	1,659	3,760	2,757	2,343	7,895
Receivables	5,597	4,903	3,328	3,317	3,426	2,992
Total inventory	25,817	23,451	20,976	24,886	22,068	16,627
Prepaid expenses	–	–	–	–	–	–
Other current assets	1,588	1,670	1,711	1,511	1,218	963
Total current assets	34,391	31,683	29,775	32,471	29,055	28,477
Property, plant & equipment	37,225	35,294	34,038	32,572	31,167	30,667
Goodwill	22,344	19,475	8,455	7,444	7,449	7,126
Intangibles	10,329	8,983	3,606	3,323	3,503	–
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	806	684	656	635	702	4,311
Total assets	105,095	96,119	76,530	76,445	71,876	70,581
Liabilities
Accounts payable	11,491	11,938	10,037	11,443	13,462	11,606
Payable/accrued	–	–	–	–	–	–
Accrued expenses	8,813	8,383	7,820	7,322	7,995	7,128
Short-term debt	4,464	316	0	0	1,035	0
Current portion of long-term debt	4,967	4,582	1,368	1,231	2,447	1,416
Other current liabilities	2,689	3,442	2,790	3,114	3,754	3,016
Total current liabilities	32,424	28,661	22,015	23,110	28,693	23,166
Long-term debt	46,341	48,485	42,743	41,962	36,604	35,822
Minority interest	–	–	–	–	–	–
Other liabilities	13,517	12,333	10,728	9,811	8,275	8,294
Total liabilities	92,282	89,479	75,486	74,883	73,572	67,282
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	90.0	90.0	90.0	90.0	90.0	89.0
Additional paid-in capital	14,809	14,117	13,147	12,592	12,132	11,540
Retained earnings (accumulated deficit)	94,537	89,533	83,656	76,896	67,580	58,134
Treasury stock	−95,971	−95,971	−95,372	−87,298	−80,794	−65,793
Other equity	−652	−1,129	−477	−718	−704	−671
Total equity	12,813	6,640	1,044	1,562	−1,696	3,299
Total liabilities & shareholders' equity	105,095	96,119	76,530	76,445	71,876	70,581

Cash flow statement in millions of USD, fiscal years

Cash flow statement, The Home Depot, Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	14,156	14,806	15,143	17,105	16,433	12,866
Depreciation, depletion & amortization	4,121	3,761	3,247	2,975	2,862	2,519
Deferred taxes	418	15.0	−245	138	−276	−569
Non-cash items	522	442	380	366	399	310
Changes in working capital	−2,892	786	2,647	−5,969	−2,847	3,713
Cash from operations	16,325	19,810	21,172	14,615	16,571	18,839
Investing activities
Capital expenditures	−3,679	−3,485	−3,226	−3,119	−2,566	−2,463
Other investing cash flows	−5,301	−17,546	−1,503	−21.0	−403	−7,707
Cash from investing	−8,980	−21,031	−4,729	−3,140	−2,969	−10,170
Financing activities
Financing cash flow items	−145	−301	−156	−188	−145	−154
Cash dividends paid	−9,152	−8,929	−8,383	−7,789	−6,985	−6,451
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	1,583	8,536	−6,904	−3,016	−11,990	3,622
Cash from financing	−7,714	−694	−15,443	−10,993	−19,120	−2,983
Foreign exchange effects	99.0	−186	3.0	−68.0	−34.0	76.0
Net change in cash	−270	−2,101	1,003	414	−5,552	5,762
Free cash flow	12,646	16,325	17,946	11,496	14,005	16,376

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.