Has Lowe’s Stock Become A Different Bet?

Lowe’s Companies (LOW) stock has lost 26% over the twelve months to September 30, 2026, while the S&P 500 returned 14%. Between early 2025 and August 2026, management added a new customer to its earnings-call pitch: larger Pros, reached through two acquisitions. You should care, because a new customer group can mean new sources of growth. So has Lowe’s stock become a different bet?

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Lowe’s Calls Now Pitch Bigger Pros Too

Partly. Lowe’s still talks up its Pro business, meaning its sales to professional contractors. But it now also courts a bigger Pro. On the fiscal Q4 2024 call, held February 26, 2025, management said it was tailoring its offer to small and medium Pros.

Management also pointed to the nationwide launch of a redesigned Pro loyalty program, MyLowe’s Pro Rewards. On the fiscal Q2 2026 call, held August 19, 2026, management still credited small and medium Pros with its Pro growth, but it also said its acquisitions set Lowe’s up to win more business from larger Pros over the long term. The two deals were for Foundation Building Materials, or FBM, and Artisan Design Group, or ADG, both bought last year. ADG sells entirely into residential construction; FBM gets about 45% of its business there and the rest from commercial construction.

Where Did Lowe’s Growth Come From After The Deals?

Very little of Lowe’s recent growth came from the business it already ran. Sales were $26 billion in fiscal Q2 2026, up 8.3% from a year earlier. Comparable sales leave out stores and businesses too new to compare with a year earlier. On that basis, sales rose just 0.2%. So almost all of the quarter’s growth came from outside comparable sales.

Pro sales are still growing, management said. In fiscal Q2 2026, the comparable average purchase rose 2.3%, which management tied to mild price inflation and strength in Pro. But the number of comparable purchases fell 2.1%, driven by pressure from weather-sensitive outdoor and seasonal categories.

Management also said demand from do-it-yourself shoppers for optional projects is still weak.

Should Lowe’s Shareholders Worry About This New Growth?

For now, the shift is more a concern than a comfort. “Softer-for-longer new home construction is creating heightened near-term pressure on demand,” management said. Management called the building market really difficult, but said conditions will not stay that way.

Lowe’s moved its full-year outlook to the bottom end of its earlier range. It now expects sales of about $92 billion. Management expects comparable sales to be roughly flat for the year.

There is a reassuring side. Management said its core Pro customers report steady backlogs, though their projects are getting smaller. Separately, as of September 30, 2026, Lowe’s shares cost 15.5 times the company’s profit per share over the past year, against 21.7 for the S&P 500.

Watch comparable sales in Lowe’s fiscal Q3 2026 results, which management expects to match the flat full-year outlook. A rise above flat would suggest the business Lowe’s already ran is picking up. If comparable sales fall, Lowe’s growth would rest even more on business outside comparable sales.

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