Home Depot (HD)

Market Price (9/2/2026): $320.13 | Market Cap: $318.2 BilInvestor Relations Sector: Consumer Discretionary | Industry: Home Improvement Retail

Home Depot (HD)

Market Price (9/2/2026): $320.13
Market Cap: $318.2 Bil
Sector: Consumer Discretionary
Industry: Home Improvement Retail

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.4%, Dividend Yield is 2.9%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 11%, CFO LTM is 19 Bil, FCF LTM is 15 Bil

Stock buyback support
Stock Buyback 3Y Total is 3.6 Bil

Low stock price volatility
Vol 12M is 25%

Megatrend and thematic drivers
Megatrends include E-commerce & Digital Retail, E-commerce & DTC Adoption, Smart Buildings & Proptech, Sustainable & Green Buildings, Show more.

Weak multi-year price returns
2Y Excs Rtn is -46%, 3Y Excs Rtn is -66%

Key risks
HD key risks include [1] a high sensitivity to the housing market slowdown, Show more.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.4%, Dividend Yield is 2.9%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 11%, CFO LTM is 19 Bil, FCF LTM is 15 Bil
2	Stock buyback support Stock Buyback 3Y Total is 3.6 Bil
3	Low stock price volatility Vol 12M is 25%
4	Megatrend and thematic drivers Megatrends include E-commerce & Digital Retail, E-commerce & DTC Adoption, Smart Buildings & Proptech, Sustainable & Green Buildings, Show more.
5	Weak multi-year price returns 2Y Excs Rtn is -46%, 3Y Excs Rtn is -66%
6	Key risks HD key risks include [1] a high sensitivity to the housing market slowdown, Show more.

HD in ETFs

Weight = HD's share of each fund

SPY0.49%

VOO0.51%

IVV0.51%

VTI0.46%

ITOT0.44%

DIA3.6%

IWB0.46%

RSP0.19%

+32 more covered ETFs

Valuation & Metrics

FYE: 2/1	Forward FYE		Now	Historical (CYE & TTM)
	2028	2027	9/2/26	2025	2024	2023
Share Price			$320.13	$344.10	$388.99	$346.55
Mkt Cap ($ Bil)			318.2	342.7	385.1	343.1
+ Debt ($ Bil)			62.6	65.3	62.3	52.2
- Cash ($ Bil)			2.1	1.4	1.7	3.8
TEV ($ Bil)			378.7	408.0	447.4	395.3
Valuation Ratios
P/S	1.8	1.9	1.9	2.1	2.4	2.2
P/EBIT	13.8	14.5	15.4	16.3	17.7	15.7
P/E	20.1	21.3	22.9	24.2	26.0	22.7
P/FCF	—	—	21.6	27.1	23.6	19.1
Sector Ratios (* = sector average)
P/S *			0.8	0.9	0.9	0.9
P/EBIT *			8.2	8.2	8.4	7.7
P/E *			12.1	11.8	10.9	10.7
P/FCF *			10.5	11.2	12.2	9.9

FYE: 2/1	Forward FYE		Now
	2028	2027	9/2/26
Share Price			$320.13
Mkt Cap ($ Bil)			318.2
+ Debt ($ Bil)			62.6
- Cash ($ Bil)			2.1
TEV ($ Bil)			378.7
Valuation Ratios
P/S	1.8	1.9	1.9
P/EBIT	13.8	14.5	15.4
P/E	20.1	21.3	22.9
P/FCF	—	—	21.6
Sector Ratios (* = sector average)
P/S *			0.8
P/EBIT *			8.2
P/E *			12.1
P/FCF *			10.5

FYE: 2/01	HD [1]	S&P 500 [2]
REVENUE GROWTH
LTM Revenue [3]	$169.2 Bil	—
FY 2027 Sales	$171.6 Bil	—
FY 2028 Sales	$177.5 Bil	—
FY 2027 Sales Growth	1.4%	—
FY 2028 Sales Growth	3.4%	13.0%
EARNINGS
LTM Net Income (GAAP) [3]	$14.2 Bil	—
FY 2027 Net Income (Non-GAAP)	$15.0 Bil	—
FY 2028 Net Income (Non-GAAP)	$15.9 Bil	—
FY 2028 Net Income Growth	6.1%	18.5%
FY 2027 EPS (Non-GAAP)	$14.99	—
FY 2028 EPS (Non-GAAP)	$15.97	—
FY 2028 EPS Growth	6.5%	—
VALUATION
FY 2027 P/S	1.9	1.7
FY 2028 P/S	1.8	—
FY 2027 P/E	21.3	7.9
FY 2028 P/E	20.1	—

[1] HD forward figures are analyst consensus for the next two fiscal years (fiscal year end 2/01). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
[2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 9/30/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
[3] LTM = reported trailing-twelve-month actuals (GAAP).

	HD	S&P 500
REVENUE GROWTH	POOR
Rev LTM ($ Bil)	169.2
Rev Chg Q	5.7%	9.3%
Rev Chg LTM	2.5%	8.3%
Rev Chg 3Y Avg	3.1%	5.9%
PROFITABILITY	FAIR
Op Inc LTM ($ Bil)	21.0
CFO LTM ($ Bil)	18.8
Net Inc LTM ($ Bil)	14.2
Op Mgn LTM	12.4%	18.5%
CFO/Rev LTM	11.1%	21.8%
Net Inc Mgn	8.4%	13.1%
VALUATION	MODERATE
P/S	1.9	3.2
P/CFO	16.9	15.4
P/FCF	21.0	19.6
P/E	22.3	23.2
STABILITY	GOOD
Debt/Equity	0.20	0.20
Cash/Assets	0.02	0.07

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Metric	Value	Date	Source
Customer Transactions (in millions)	399	10272024	Link
Average Ticket	89.11	2022025	Link
Sales per Retail Square Foot	582.97	10272024	Link
Total Number of Stores	2347	2252025	Link
Pro Customers' Share of Sales	approximately 50%	11162023	Link
Online Sales Growth (Year-over-Year)	9%	2262025	Link
Big-Ticket Transactions Decline (transactions over $1,000)	-6.9%	2202024	Link

Price Chart

Recent
8/18/2026	Earnings Release	Rev: $47 Bil (A) vs. $47 Bil (E) EPS: 4.92 (A) vs. $4.73 (E)
Upcoming
11/17/2026	Earnings Release	Rev: $42 Bil (E) EPS: $3.88 (E)

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 9/1/2026

Home Depot (HD) stock has remained largely at the same level since 5/31/2026 because of the following key factors:

1. Strong Fiscal Q2 2026 Performance Exceeded Expectations, Reaffirming Full-Year Guidance.

The Home Depot reported better-than-anticipated results for its fiscal second quarter of 2026, which ended around August 1, 2026. The company announced on August 18, 2026, that sales increased 5.7% to $47.9 billion compared to the prior year, surpassing analyst estimates of $47.24 billion. Comparable sales rose 1.7% overall and 1.3% in the U.S., marking its strongest comparable sales performance in nearly four years. Adjusted diluted earnings per share (EPS) reached $4.92, exceeding the consensus estimate of $4.73. Management reaffirmed its fiscal 2026 outlook, projecting total sales growth of 2.5% to 4.5% and comparable sales growth ranging from flat to 2.0%. This positive performance was partly bolstered by $730 million in tariff refunds received during the quarter, with $685 million reducing the cost of goods sold.

2. Persistent Macroeconomic Headwinds from High Mortgage Rates and a Subdued Housing Market.

Despite Home Depot's strong operational results, the broader housing market continued to face significant challenges. Elevated mortgage rates, with the 30-year fixed rate climbing above 6.54% by August 2026 and forecasts suggesting averages of 6.7% for fiscal Q3 and 6.8% for fiscal Q4 2026, significantly dampened housing demand and affordability. U.S. new home sales in fiscal Q3 2026 dropped to 607,000 units, falling short of expectations and reaching a near six-month low. Similarly, housing starts averaged 1.35 million (seasonally adjusted annual rate) in fiscal Q2 2026, a 5% decrease from fiscal Q1, with single-family starts down 4.6% and new home sales declining 4.5% year-over-year. These conditions led to a "frozen" U.S. housing market that weighed on demand for larger, discretionary home renovation projects.

3. Mixed Consumer Spending and Sentiment Impeded Broader Discretionary Purchases.

Consumer sentiment remained cautious during fiscal Q2 2026, with a five-percentage-point decline in optimism to 35%, marking the largest quarterly drop in two years, influenced by uneven hiring, rising inflation, and geopolitical tensions. While overall consumer spending remained generally solid in the first half of fiscal 2026 due to steady job and income growth, there was a noticeable pullback in discretionary spending across most categories. This deceleration in consumer spending, observed for a second consecutive month by early September 2026, raised concerns about the economic outlook. Energy-driven inflation also played a role, with the Consumer Price Index (CPI) jumping to 4.2% year-over-year in May 2026, largely due to a 41% increase in gasoline prices, which consumed a larger share of consumer wallets in fiscal Q2 2026.

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Stock Movement Drivers

Fundamental Drivers

The 1.6% change in HD stock from 5/31/2026 to 9/1/2026 was primarily driven by a 1.6% change in the company's Total Revenues ($ Mil).

(LTM values as of)	5312026	9012026	Change
Stock Price ($)	314.78	319.77	1.6%
Change Contribution By:
Total Revenues ($ Mil)	166,592	169,176	1.6%
Net Income Margin (%)	8.4%	8.4%	0.0%
P/E Multiple	22.3	22.3	0.1%
Shares Outstanding (Mil)	994	994	0.0%
Cumulative Contribution			1.6%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2026 to 9/1/2026

	Return	Correlation
HD	1.6%
Market (SPY)	0.7%	30.0%
Sector (XLY)	-5.2%	58.0%

Fundamental Drivers

The -14.8% change in HD stock from 2/28/2026 to 9/1/2026 was primarily driven by a -12.6% change in the company's P/E Multiple.

(LTM values as of)	2282026	9012026	Change
Stock Price ($)	375.38	319.77	-14.8%
Change Contribution By:
Total Revenues ($ Mil)	166,189	169,176	1.8%
Net Income Margin (%)	8.8%	8.4%	-4.2%
P/E Multiple	25.6	22.3	-12.6%
Shares Outstanding (Mil)	993	994	-0.1%
Cumulative Contribution			-14.8%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 9/1/2026

	Return	Correlation
HD	-14.8%
Market (SPY)	11.4%	44.5%
Sector (XLY)	-1.7%	65.9%

Fundamental Drivers

The -19.3% change in HD stock from 8/31/2025 to 9/1/2026 was primarily driven by a -16.9% change in the company's P/E Multiple.

(LTM values as of)	8312025	9012026	Change
Stock Price ($)	396.24	319.77	-19.3%
Change Contribution By:
Total Revenues ($ Mil)	165,054	169,176	2.5%
Net Income Margin (%)	8.9%	8.4%	-5.1%
P/E Multiple	26.9	22.3	-16.9%
Shares Outstanding (Mil)	992	994	-0.2%
Cumulative Contribution			-19.3%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 9/1/2026

	Return	Correlation
HD	-19.3%
Market (SPY)	19.1%	35.2%
Sector (XLY)	-0.5%	57.5%

Fundamental Drivers

The 3.8% change in HD stock from 8/31/2023 to 9/1/2026 was primarily driven by a 17.7% change in the company's P/E Multiple.

(LTM values as of)	8312023	9012026	Change
Stock Price ($)	308.08	319.77	3.8%
Change Contribution By:
Total Revenues ($ Mil)	154,876	169,176	9.2%
Net Income Margin (%)	10.5%	8.4%	-19.8%
P/E Multiple	19.0	22.3	17.7%
Shares Outstanding (Mil)	1,000	994	0.6%
Cumulative Contribution			3.8%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2023 to 9/1/2026

	Return	Correlation
HD	3.8%
Market (SPY)	75.1%	48.1%
Sector (XLY)	37.3%	59.9%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
HD Return	60%	-22%	13%	15%	-9%	-3%	41%
Peers Return	30%	-23%	39%	43%	-4%	-3%	86%
S&P 500 Return	27%	-19%	24%	23%	16%	12%	105%
Monthly Win Rates [3]
HD Win Rate	75%	42%	58%	75%	50%	38%
Peers Win Rate	60%	40%	69%	65%	44%	42%
S&P 500 Win Rate	75%	42%	67%	75%	67%	50%
Max Drawdowns [4]
HD Max Drawdown	-12%	-35%	-17%	-18%	-22%	-23%
Peers Max Drawdown	-15%	-36%	-15%	-13%	-24%	-26%
S&P 500 Max Drawdown	-5%	-25%	-10%	-8%	-19%	-9%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: AMZN, WMT, COST, LOW, BBBY. See HD Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/1/2026 (YTD)

Event	HD	S&P 500
2025 US Tariff Shock
% Loss	-14.7%	-18.8%
% Gain to Breakeven	17.2%	23.1%
Time to Breakeven	126 days	79 days
Summer-Fall 2023 Five Percent Yield Shock
% Loss	-14.4%	-9.5%
% Gain to Breakeven	16.9%	10.5%
Time to Breakeven	38 days	24 days
2023 SVB Regional Banking Crisis
% Loss	-12.6%	-6.7%
% Gain to Breakeven	14.4%	7.1%
Time to Breakeven	113 days	31 days
2022 Inflation Shock & Fed Tightening
% Loss	-33.5%	-24.5%
% Gain to Breakeven	50.4%	32.4%
Time to Breakeven	542 days	427 days
2020 COVID-19 Crash
% Loss	-37.1%	-33.7%
% Gain to Breakeven	59.1%	50.9%
Time to Breakeven	59 days	140 days
Q4 2018 Fed Policy Error / Growth Scare
% Loss	-21.9%	-19.2%
% Gain to Breakeven	28.1%	23.8%
Time to Breakeven	102 days	105 days

Compare to AMZN, WMT, COST, LOW, BBBY

In The Past

Home Depot's stock fell -14.7% during the 2025 US Tariff Shock. Such a loss loss requires a 17.2% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

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Event	HD	S&P 500
2022 Inflation Shock & Fed Tightening
% Loss	-33.5%	-24.5%
% Gain to Breakeven	50.4%	32.4%
Time to Breakeven	542 days	427 days
2020 COVID-19 Crash
% Loss	-37.1%	-33.7%
% Gain to Breakeven	59.1%	50.9%
Time to Breakeven	59 days	140 days
Q4 2018 Fed Policy Error / Growth Scare
% Loss	-21.9%	-19.2%
% Gain to Breakeven	28.1%	23.8%
Time to Breakeven	102 days	105 days
2011 US Debt Ceiling Crisis & European Contagion
% Loss	-21.9%	-17.9%
% Gain to Breakeven	28.1%	21.8%
Time to Breakeven	72 days	123 days
2010 Eurozone Sovereign Debt Crisis / Flash Crash
% Loss	-25.3%	-15.4%
% Gain to Breakeven	33.9%	18.2%
Time to Breakeven	179 days	125 days
2008-2009 Global Financial Crisis
% Loss	-30.8%	-53.4%
% Gain to Breakeven	44.6%	114.4%
Time to Breakeven	34 days	1085 days

Compare to AMZN, WMT, COST, LOW, BBBY

In The Past

Home Depot's stock fell -14.7% during the 2025 US Tariff Shock. Such a loss loss requires a 17.2% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Home Depot (HD)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

The Home Depot, Inc. (HD) operates as a premier home improvement retailer, serving a vast customer base primarily through its extensive network of physical stores across the United States. Complementing its brick-and-mortar presence, the company also leverages multiple online platforms, including homedepot.com, blinds.com for custom window coverings, and thecompanystore.com for textiles and décor, to reach a broad audience.

Home Depot offers a comprehensive selection of products, ranging from building materials, general home improvement items, and lawn and garden supplies to various décor products. Beyond retail sales, the company provides valuable services such as installation for major projects like flooring, cabinets, countertops, HVAC systems, and windows, as well as tool and equipment rental. Its primary customers include individual homeowners embarking on DIY projects, alongside a significant segment of professional renovators, remodelers, general contractors, maintenance professionals, property managers, and specialty tradesmen like electricians and plumbers.

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Here are 1-3 brief analogies for Home Depot:

Walmart for home improvement.
Amazon for home building and repair supplies.

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Building Materials & Home Improvement Products: Sells a wide range of materials and products for construction, renovation, and general home improvement projects.
Lawn & Garden Products: Offers various items for landscaping, gardening, and outdoor living.
Décor & Furnishings: Provides decorative products for interiors, including textiles and custom window coverings.
Facilities MRO Products: Supplies products for the maintenance, repair, and operations of facilities.
Installation Services: Provides professional installation for components such as flooring, cabinets, countertops, HVAC systems, and windows.
Tool & Equipment Rental: Offers tools and equipment for rent to both homeowners and professionals.

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Home Depot (symbol: HD) serves a diverse customer base that includes both individual consumers and various types of professionals and businesses. Given the nature of its professional customers, who are typically individual tradesmen or small businesses rather than large public corporations, the most appropriate way to identify its major customers is through categories.

Here are the major categories of customers that Home Depot serves:

Homeowners: These are individual consumers who purchase products for do-it-yourself (DIY) home improvement projects, routine maintenance, repairs, and decorative purposes for their personal residences.
Professional Renovators & Remodelers and General Contractors: This category includes businesses and individuals involved in larger-scale home improvement projects, property renovation, remodeling, and new construction. They purchase building materials, tools, and supplies for their contractual work.
Maintenance Professionals, Property Managers, and Specialty Tradesmen: This segment encompasses a wide range of professionals such as handymen, building service contractors, property managers, electricians, plumbers, and painters. They acquire materials, tools, and equipment for facilities maintenance, repair operations (MRO), and specialized trade services.

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The Home Depot's management team comprises experienced leaders with extensive backgrounds in retail and various strategic functions. Ted Decker Chair, President and Chief Executive Officer Ted Decker became the Chair, President, and CEO of The Home Depot in March 2022, after serving as President and Chief Operating Officer from October 2020. He joined the company in 2000 as director of business valuation and has held several strategic positions, including senior director of business valuation, vice president, senior vice president of strategic business development, senior vice president of retail finance, and chief merchant and executive vice president of merchandising. Before joining The Home Depot, Decker worked in business development, strategic planning, and finance roles at Kimberly-Clark Corp. and Scott Paper Co., and held corporate finance, lending, and credit positions at PNC Bank. He has international experience, having lived and worked in England and Australia. Richard McPhail Executive Vice President and Chief Financial Officer Richard McPhail has served as Executive Vice President and Chief Financial Officer of The Home Depot since September 2019, having joined the company in 2005. His roles within Home Depot have included senior positions in strategic planning, financial planning, business development, real estate, and international financial management. Prior to his tenure at Home Depot, McPhail was the executive vice president of corporate finance with Marconi Corporation plc in London, England, where he led business development efforts in Europe and North America. He also held positions with Wachovia Securities and Arthur Andersen. Ann-Marie Campbell Senior Executive Vice President, U.S. Stores and Operations, The Home Depot Canada, The Home Depot Mexico, and Outside Sales and Service Ann-Marie Campbell began her career with The Home Depot in 1985 as a part-time cashier in South Florida. She has steadily advanced through numerous roles, including store manager, district manager, regional vice president, vice president of operations, vice president of merchandising and special orders, vice president of retail marketing and sales for Home Depot Direct, vice president of vendor services, and president of the Southern Division, before ascending to her current senior executive vice president role in January 2016. She is responsible for overseeing more than 2,300 stores and over 400,000 associates across the U.S., Canada, and Mexico. Marc Brown CEO, HD Supply Marc Brown serves as the CEO of HD Supply, which is a key component of The Home Depot's strategy to cater to Pro customers in the maintenance, repair, and operations (MRO) industry. He joined The Home Depot in 1998 and has held various functional support and operational roles within the company. These include human resources manager, store manager, field install manager, district manager, senior director of Pro sales, regional vice president for the Southeast Region, and senior vice president of retail operations. Teresa Wynn Roseborough Executive Vice President, General Counsel and Corporate Secretary Teresa Wynn Roseborough is the Executive Vice President, General Counsel, and Corporate Secretary for The Home Depot. She is responsible for the company's legal affairs and corporate governance. Before joining The Home Depot in 2011, she held significant legal positions, including Deputy Assistant Attorney General for the U.S. Department of Justice and corporate counsel for MetLife, Inc. She also served as a law clerk to Justice John Paul Stevens of the U.S. Supreme Court.

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The Home Depot, Inc. (HD) faces several key risks to its business, primarily driven by its sensitivity to economic conditions, intense competition within the retail sector, and potential disruptions to its global supply chain. The most significant risk to Home Depot's business is its **reliance on the stability of the housing and home improvement markets, which are highly sensitive to macroeconomic conditions**. Economic downturns, elevated interest rates, inflation, and low housing turnover can directly impact consumer confidence and discretionary spending on large home improvement projects and other related purchases. This sensitivity has been explicitly linked to recent sluggish sales and declining profits for the company. Executives have noted that consumer uncertainty and pressures in housing disproportionately affect demand for home improvement products and services. Secondly, Home Depot operates in an **intensely competitive and fragmented retail environment**. The company faces strong competition from other large home improvement retailers like Lowe's, as well as local and regional hardware stores, specialized suppliers, and e-commerce giants such as Amazon. This competitive landscape can exert pressure on pricing, impact demand for products and services, and potentially lead to a decrease in market share. Finally, **disruptions in Home Depot's supply chain and potential labor shortages** pose a considerable risk. The company's ability to receive and distribute merchandise in a timely manner can be adversely affected by various factors, including geopolitical events, pandemics, and challenges within its logistics network. Labor shortages, both within Home Depot's operations and among its suppliers, can also impair the flow and availability of products, leading to increased costs and potentially damaging its reputation if customer demand cannot be met.

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The increasing adoption of modular construction and pre-fabricated building components. This trend could reduce the demand for individual building materials and tools typically purchased from Home Depot by both professional contractors and DIY customers, as more of the construction and renovation process shifts to off-site manufacturing and assembly.

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The Home Depot (HD) operates in several significant addressable markets, primarily within the United States. The company itself estimates its total addressable market to be approximately $1 trillion, a figure that increased by about $50 billion following its acquisition of SRS Distribution. Key addressable markets for Home Depot's main products and services include:

U.S. Home Improvement Market: This market, which encompasses building materials, home improvement products, lawn and garden products, and décor products, as well as installation services, was valued at USD 534.57 billion in 2024 and is anticipated to reach USD 549.27 billion in 2025. It is projected to grow to USD 682.40 billion by 2033. Another estimate placed the U.S. residential remodeling market size at USD 527.36 billion in 2023, with a projected growth at a compound annual growth rate (CAGR) of 4.6% from 2024 to 2030.
U.S. Professional (Pro) Market: Home Depot specifically targets professional renovators/remodelers, general contractors, and maintenance professionals. The company estimated that the addressable pro market in the United States is worth more than $450 billion annually.
U.S. Maintenance, Repair, and Operations (MRO) Market: This market, which includes products for facilities maintenance, repair, and operations, was valued at USD 93.17 billion in 2025 and is estimated to grow to USD 102.86 billion by 2031. The U.S. accounted for 87.10% of the North America MRO market in 2025.
U.S. Tool and Equipment Rental Market: The market size for tool and equipment rental in the U.S. was $5.5 billion in 2024 and is projected to reach $5.7 billion in 2025. Separately, the U.S. construction equipment rental market is projected to reach USD 17.82 billion by 2026. The overall equipment rental market in North America is projected to grow to nearly $82.6 billion in 2025.

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The Home Depot (HD) is expected to drive future revenue growth over the next 2-3 years through several strategic initiatives and anticipated market shifts:

Deepening Penetration with Professional (Pro) Customers: Home Depot is heavily investing in its "Pro ecosystem" to capture a larger share of the professional contractor market. This includes expanding Pro-tailored product assortments, offering specialized services, developing digital tools for order management and job site delivery, and enhancing distribution capabilities through Pro hubs and flatbed distribution centers. The company aims to provide seamless experiences for Pros, who already account for approximately 50% of its revenue.
Strategic Acquisitions: Recent and planned acquisitions are bolstering Home Depot's position in the professional space. The 2024 acquisition of SRS Distribution and the 2025 purchase of GMS are significant moves designed to expand the company's total addressable market within specialty trades like roofing, pool, landscaping, and building products, adding distribution locations and increasing sales to professional customers.
Enhancing the Interconnected Retail Experience: Home Depot continues to invest in its omnichannel strategy, blending its physical stores with robust digital platforms. This involves improving e-commerce functionality, mobile applications, and in-store technologies, as well as optimizing fulfillment options such as buy online, pick up in-store (BOPIS) and curbside pickup. The introduction of generative AI tools like "Magic Apron" in 2025 further enhances the digital customer experience by providing project advice and product information.
Supply Chain Optimization and New Store Growth: The company is expanding its supply chain infrastructure, particularly with new distribution centers and Market Delivery Operations (MDOs) to improve the speed and reliability of deliveries for both parcel and big-and-bulky items. Additionally, Home Depot plans to open approximately 15 new stores in fiscal year 2026, contributing to its overall sales growth.
Anticipated Housing Market Recovery: Home Depot's revenue growth projections for fiscal year 2026 (approximately 2.5% to 4.5% total sales growth) are cautiously optimistic and are largely contingent on a "thaw" and recovery in the housing market. Stabilizing mortgage rates and an increase in existing home sales are expected to drive demand for home improvement projects and larger discretionary renovations, leading to higher ticket sales.

AI Analysis | Feedback

Share Repurchases

The Home Depot authorized a new $15 billion share repurchase program effective August 15, 2023, replacing its previous authorization.
In fiscal 2024, the company returned $0.6 billion to shareholders through share repurchases before pausing the program in March 2024, in anticipation of the SRS acquisition.
Management anticipates resuming share repurchases once the company achieves an excess cash position, projected for the first half of 2027.

Share Issuance

The company reported proceeds from sales of common stock of $314 million in fiscal 2025 and $395 million in fiscal 2024.
During the fourth quarter of fiscal 2024, 436 deferred stock units were issued under the Home Depot, Inc. Nonemployee Directors' Deferred Stock Compensation Plan.

Outbound Investments

In fiscal 2024, Home Depot acquired SRS Distribution Inc., a leading residential specialty trade distribution company, for $18.25 billion, aimed at accelerating growth with professional customers.
In September 2025, Home Depot completed the acquisition of GMS Inc. through its SRS Distribution subsidiary for approximately $5.5 billion, including net debt, to further enhance its offerings for residential and commercial professional contractors.

Capital Expenditures

Capital expenditures for fiscal 2025 totaled approximately $3.7 billion.
The company's capital expenditures have shown an upward trend, increasing annually from $2.6 billion in fiscal 2021 to $3.7 billion in fiscal 2025.
For fiscal 2026, Home Depot plans capital expenditures of approximately 2.5% of total sales, with a primary focus on strengthening its competitive position, delivering an enhanced customer experience, and opening approximately 15 new stores.

Interactive Breakdown

Home Depot Interactive Breakdown Analysis

Better Bets vs. Home Depot (HD)

INDUSTRY: Home Improvement Retail

Higher Rev Chg 3Y Avg | Lower P/S (Values for HD: 3.1% | 1.9x)

LIVE (12.0% | 0.1x)

Live Ventures

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for HD: 3.1% | 15.1x)

LIVE (12.0% | 1.7x)

Live Ventures

Higher Rev Chg LTM (Value for HD: 2.5%)

LOW (8.2%)

Lowe's Companies

HVT (8.0%)

Haverty Furniture Companies

Higher Rev Chg 3Y Avg (Value for HD: 3.1%)

LIVE (12.0%)

Live Ventures

Higher Total Yield (Value for HD: 7.4%)

HVT (10.9%)

Haverty Furniture Companies

LOW (8.3%)

Lowe's Companies

SECTOR: Consumer Discretionary

Higher Rev Chg 3Y Avg | Lower P/S (Values for HD: 3.1% | 1.9x)

F (3.5% | 0.3x)

Ford Motor

CCL (23.1% | 1.2x)

Carnival Corporation

CPNG (17.3% | 0.8x)

Coupang

DRI (8.0% | 1.9x)

Darden Restaurants

ULTA (6.5% | 1.8x)

Ulta Beauty

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for HD: 3.1% | 15.1x)

MCD (4.6% | 14.6x)

McDonald's

RCL (16.2% | 13.9x)

Royal Caribbean

AZO (5.3% | 13.6x)

AutoZone

EXPE (8.6% | 13.4x)

Expedia

CCL (23.1% | 7.0x)

Carnival Corporation

Higher Rev Chg LTM (Value for HD: 2.5%)

AMZN (15.8%)

Amazon.com

BKNG (12.9%)

Booking

TSLA (11.8%)

Tesla

TJX (7.7%)

TJX Companies

MCD (6.3%)

McDonald's

Higher Rev Chg 3Y Avg (Value for HD: 3.1%)

BKNG (13.5%)

Booking

AMZN (13.0%)

Amazon.com

TJX (6.8%)

TJX Companies

MCD (4.6%)

McDonald's

TSLA (3.5%)

Tesla

Higher Op Mgn LTM (Value for HD: 12.4%)

MCD (45.7%)

McDonald's

BKNG (34.5%)

Booking

ABNB (20.8%)

Airbnb

MAR (15.7%)

Marriott International

TJX (12.7%)

TJX Companies

Higher CFO/Rev LTM (Value for HD: 11.1%)

MCD (41.0%)

McDonald's

BKNG (34.9%)

Booking

AMZN (20.8%)

Amazon.com

TSLA (18.0%)

Tesla

TJX (12.9%)

TJX Companies

Higher FCF/Rev LTM (Value for HD: 8.9%)

ABNB (36.9%)

Airbnb

BKNG (33.8%)

Booking

MCD (28.0%)

McDonald's

SBUX (9.5%)

Starbucks

TJX (9.4%)

TJX Companies

Higher Total Yield (Value for HD: 7.4%)

NKE (9.8%)

Nike

DHI (8.9%)

D.R. Horton

LOW (8.3%)

Lowe's Companies

RCL (7.8%)

Royal Caribbean

MCD (7.6%)

McDonald's

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for HD: 3.1% | 1.9x)

WMT (5.3% | 1.1x)

Walmart

COST (7.6% | 1.4x)

Costco Wholesale

UNH (8.9% | 0.8x)

UnitedHealth

DIS (4.0% | 1.9x)

Walt Disney

BA (9.0% | 1.7x)

Boeing

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for HD: 3.1% | 15.1x)

TMUS (5.5% | 10.6x)

T-Mobile US

DIS (4.0% | 12.3x)

Walt Disney

NEM (32.1% | 9.2x)

Newmont

LMT (4.6% | 13.7x)

Lockheed Martin

CVS (7.0% | 8.9x)

CVS Health

Higher Rev Chg LTM (Value for HD: 2.5%)

NVDA (83.4%)

NVIDIA

AVGO (32.3%)

Broadcom

GOOGL (20.1%)

Alphabet

MSFT (17.8%)

Microsoft

AAPL (14.2%)

Apple

Higher Rev Chg 3Y Avg (Value for HD: 3.1%)

NVDA (116.5%)

NVIDIA

AVGO (29.3%)

Broadcom

MSFT (16.1%)

Microsoft

GOOGL (15.5%)

Alphabet

AAPL (6.9%)

Apple

Higher Op Mgn LTM (Value for HD: 12.4%)

NVDA (65.2%)

NVIDIA

MSFT (46.8%)

Microsoft

AVGO (44.1%)

Broadcom

AAPL (33.2%)

Apple

GOOGL (33.1%)

Alphabet

Higher CFO/Rev LTM (Value for HD: 11.1%)

MSFT (55.1%)

Microsoft

AVGO (44.6%)

Broadcom

NVDA (44.3%)

NVIDIA

GOOGL (41.6%)

Alphabet

AAPL (31.4%)

Apple

Higher FCF/Rev LTM (Value for HD: 8.9%)

AVGO (43.4%)

Broadcom

NVDA (41.9%)

NVIDIA

AAPL (29.3%)

Apple

MSFT (20.2%)

Microsoft

GOOGL (11.9%)

Alphabet

Higher Total Yield (Value for HD: 7.4%)

BAC (9.8%)

Bank of America

JPM (8.6%)

JPMorgan Chase

CVX (8.3%)

Chevron

BRK-B (7.9%)

Berkshire Hathaway

PG (7.7%)

Procter & Gamble

Best Bets in Consumer Discretionary

What You Pay

P/EBIT (Value for HD: 15.0x)

ABNB (37.1x)

Airbnb

BKNG (14.5x)

Booking

DUOL (47.2x)

Duolingo

MCD (14.5x)

McDonald's

PRDO (8.7x)

Perdoceo Education

LOPE (12.4x)

Grand Canyon Education

GRMN (25.1x)

Garmin

DECK (8.9x)

Deckers Outdoor

YUM (15.4x)

Yum Brands

EXPE (13.1x)

Expedia

P/E (Value for HD: 22.3x)

ABNB (40.2x)

Airbnb

BKNG (20.8x)

Booking

DUOL (18.0x)

Duolingo

MCD (21.1x)

McDonald's

PRDO (11.7x)

Perdoceo Education

LOPE (17.5x)

Grand Canyon Education

GRMN (28.3x)

Garmin

DECK (11.5x)

Deckers Outdoor

YUM (18.9x)

Yum Brands

EXPE (18.0x)

Expedia

What You Get

Rev Chg 3Y Avg (Value for HD: 3.1%)

ABNB (13.2%)

Airbnb

BKNG (13.5%)

Booking

DUOL (37.4%)

Duolingo

MCD (4.6%)

McDonald's

PRDO (6.3%)

Perdoceo Education

LOPE (7.2%)

Grand Canyon Education

GRMN (16.0%)

Garmin

DECK (14.5%)

Deckers Outdoor

YUM (7.8%)

Yum Brands

EXPE (8.6%)

Expedia

Rev Chg LTM (Value for HD: 2.5%)

ABNB (13.6%)

Airbnb

BKNG (12.9%)

Booking

DUOL (29.4%)

Duolingo

MCD (6.3%)

McDonald's

PRDO (11.7%)

Perdoceo Education

LOPE (7.0%)

Grand Canyon Education

GRMN (13.5%)

Garmin

DECK (7.9%)

Deckers Outdoor

YUM (10.3%)

Yum Brands

EXPE (12.0%)

Expedia

Rev Chg Q (Value for HD: 5.7%)

ABNB (16.5%)

Airbnb

BKNG (8.1%)

Booking

DUOL (18.3%)

Duolingo

MCD (3.8%)

McDonald's

PRDO (1.8%)

Perdoceo Education

LOPE (6.7%)

Grand Canyon Education

GRMN (11.4%)

Garmin

DECK (5.7%)

Deckers Outdoor

YUM (12.3%)

Yum Brands

EXPE (14.0%)

Expedia

FCF/Rev 3Y Avg (Value for HD: 9.5%)

ABNB (38.5%)

Airbnb

BKNG (34.7%)

Booking

DUOL (34.7%)

Duolingo

MCD (27.3%)

McDonald's

PRDO (24.1%)

Perdoceo Education

LOPE (22.7%)

Grand Canyon Education

GRMN (20.5%)

Garmin

DECK (19.5%)

Deckers Outdoor

YUM (19.3%)

Yum Brands

EXPE (19.3%)

Expedia

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 14%, alpha of 2.9%, and sharpe of 0.61

Peer Outperformance in Home Improvement Retail

HD has outperformed 100% of its 4 Home Improvement Retail peers over 5Y. Home Improvement Retail ranks 5th of 23 industries in Consumer Discretionary by median 5Y return.

Share of Home Improvement Retail constituents that HD has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.

75%

of 4 industry peers · -19.3% return

100%

of 4 industry peers · 2.9% return

100%

of 4 industry peers · 9.9% return

No Home Improvement Retail peer with a comparable growth profile has beaten HD by more than 20pp over 5Y.

Median price return by industry across the Consumer Discretionary sector, ranked by 5Y. Home Improvement Retail is HD's own industry. Use this to see which corners of the sector have carried the returns.

Industry	Names	1Y med	3Y med	5Y med	Top 3 by 5Y
Education Services	14	-11.0%	90.6%	69.9%	LINC 280% · CVSA 257% · PRDO 224%
Homebuilding	18	-7.7%	14.5%	35.7%	GRBK 182% · PHM 138% · TOL 131%
Automotive Retail	18	-16.0%	1.3%	14.2%	MUSA 252% · PAG 176% · ORLY 128%
Hotels, Resorts & Cruise Lines	22	12.7%	42.8%	8.0%	RCL 229% · MAR 158% · HLT 154%
Home Improvement Retail ←	5	-20.9%	-8.6%	6.9%	HD 10% · LOW 7% · HVT 7%
Specialty Stores	7	-6.4%	22.4%	1.8%	FIVE 30% · DKS 9% · HZO 7%
Distributors	4	-10.3%	-26.1%	-9.1%	ARMK 136% · GPC 26% · LKQ -44%
Restaurants	33	-9.6%	-12.7%	-11.7%	EAT 346% · CAKE 161% · RAVE 141%
Specialized Consumer Services	10	-12.8%	25.0%	-15.3%	HRB 130% · FTDR 81% · SCI 38%
Footwear	9	46.7%	26.6%	-16.8%	WEYS 150% · DECK 25% · SHOO 15%
Home Furnishings	4	-9.5%	13.7%	-18.4%	SGI 47% · LZB 0% · MHK -37%
Apparel Retail	25	-0.6%	-2.3%	-29.1%	ANF 300% · DXLG 186% · URBN 141%
Leisure Products	13	-20.3%	-24.4%	-31.7%	GOLF 86% · HAS 15% · MCFT -11%
Casinos & Gaming	20	-13.2%	-30.6%	-34.3%	MCRI 100% · RSI 72% · RRR 49%
Leisure Facilities	11	-4.2%	-12.0%	-35.7%	OSW 125% · JAKK 92% · ESCA 9%
Automotive Parts & Equipment	38	-8.8%	-10.9%	-38.7%	MOD 1370% · GTX 286% · STRT 84%
Apparel, Accessories & Luxury Goods	27	-6.3%	-9.2%	-40.1%	TPR 242% · RL 221% · ELA 221%
Household Appliances	18	8.4%	34.3%	-42.0%	KEQU 181% · FLXS 152% · HBB 107%
Broadline Retail	15	5.3%	11.5%	-56.3%	DDS 310% · EBAY 50% · AMZN 47%
Computer & Electronics Retail	3	-16.1%	2.1%	-61.9%	BBY -11% · UPBD -62% · GME -65%
Automobile Manufacturers	8	-63.6%	-51.7%	-71.8%	GM 82% · TSLA 46% · F 45%
Other Specialty Retail	18	-34.4%	-50.2%	-79.0%	TLF 111% · BBW 102% · WINA 83%
Consumer Electronics	11	-10.7%	-12.7%	-80.9%	AXIL 2624% · GRMN 73% · TBCH -58%

Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	Home Depot Earnings Notes	08/15/2026
2	Home Depot Stock Hands $68 Bil Back - Worth a Look?	06/25/2026
3	Should You Buy Home Depot Stock?	05/05/2026
4	How Low Can Home Depot Stock Really Go?	10/17/2025
5	How Does Home Depot Stock Stack Up Against Its Peers?	08/13/2025
6	Better Bet Than HD Stock: Pay Less Than Home Depot To Get More From UNH, ADBE	08/12/2025
7	Better Bet Than HD Stock: Pay Less Than Home Depot To Get More From YUM, CCL	08/12/2025
8	[7/13/2025] Better Bet Than HD Stock: Pay Less Than Home Depot To Get More From Sector Peers ROST, CCL, GM, BABA, HMC	07/13/2025
9	ARTICLES
10	Home Depot Stock’s Upside Case Now Runs Through A Business It Bought	08/26/2026
11	The Toughest Questions HD Faced On Its Latest Call	08/21/2026
12	Home Depot’s Tariff Refund Never Made It To The Guide	08/20/2026
13	How Will Home Depot Stock React To Its Upcoming Earnings?	08/17/2026
14	Home Depot Paid Shareholders $68 Billion. The Stock Still Lagged.	08/14/2026

	Title
0	DASHBOARDS
1	Home Depot Earnings Notes
2	Home Depot Stock Hands $68 Bil Back - Worth a Look?
3	Should You Buy Home Depot Stock?
4	How Low Can Home Depot Stock Really Go?
5	How Does Home Depot Stock Stack Up Against Its Peers?
6	Better Bet Than HD Stock: Pay Less Than Home Depot To Get More From UNH, ADBE
7	Better Bet Than HD Stock: Pay Less Than Home Depot To Get More From YUM, CCL
8	[7/13/2025] Better Bet Than HD Stock: Pay Less Than Home Depot To Get More From Sector Peers ROST, CCL, GM, BABA, HMC
9	ARTICLES
10	Home Depot Stock’s Upside Case Now Runs Through A Business It Bought
11	The Toughest Questions HD Faced On Its Latest Call
12	Home Depot’s Tariff Refund Never Made It To The Guide
13	How Will Home Depot Stock React To Its Upcoming Earnings?
14	Home Depot Paid Shareholders $68 Billion. The Stock Still Lagged.

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Peer Comparisons

Peers to compare with:

Financials

	HD	AMZN	WMT	COST	LOW	BBBY	Median
Name	Home Dep.	Amazon.c.	Walmart	Costco W.	Lowe's C.	Bed Bath.
Mkt Price	319.77	254.92	105.92	939.96	200.05	-	254.92
Mkt Cap	317.9	2,745.2	842.5	417.3	111.8	-	417.3
Rev LTM	169,176	775,680	735,840	293,587	90,432	-	293,587
Op Inc LTM	21,022	93,712	32,280	11,225	10,292	-	21,022
FCF LTM	15,099	-11,625	13,509	8,806	7,000	-	8,806
FCF 3Y Avg	15,369	16,732	13,082	7,847	7,423	-	13,082
CFO LTM	18,779	161,403	42,923	15,000	9,263	-	18,779
CFO 3Y Avg	18,841	130,164	38,414	13,177	9,557	-	18,841

Growth & Margins

	HD	AMZN	WMT	COST	LOW	BBBY	Median
Name	Home Dep.	Amazon.c.	Walmart	Costco W.	Lowe's C.	Bed Bath.
Rev Chg LTM	2.5%	15.8%	6.2%	9.2%	8.2%	-	8.2%
Rev Chg 3Y Avg	3.1%	13.0%	5.3%	7.6%	-0.7%	-	5.3%
Rev Chg Q	5.7%	19.6%	5.9%	11.6%	8.3%	-	8.3%
QoQ Delta Rev Chg LTM	1.6%	4.4%	1.5%	2.6%	2.3%	-	2.3%
Op Inc Chg LTM	-2.7%	23.0%	11.4%	11.3%	-0.4%	-	11.3%
Op Inc Chg 3Y Avg	-2.9%	90.0%	14.5%	12.8%	1.7%	-	12.8%
Op Mgn LTM	12.4%	12.1%	4.4%	3.8%	11.4%	-	11.4%
Op Mgn 3Y Avg	13.1%	10.8%	4.3%	3.7%	12.1%	-	10.8%
QoQ Delta Op Mgn LTM	-0.0%	0.6%	0.2%	0.0%	-0.2%	-	0.0%
CFO/Rev LTM	11.1%	20.8%	5.8%	5.1%	10.2%	-	10.2%
CFO/Rev 3Y Avg	11.7%	18.9%	5.5%	4.8%	11.1%	-	11.1%
FCF/Rev LTM	8.9%	-1.5%	1.8%	3.0%	7.7%	-	3.0%
FCF/Rev 3Y Avg	9.5%	2.8%	1.9%	2.9%	8.7%	-	2.9%

Valuation

	HD	AMZN	WMT	COST	LOW	BBBY	Median
Name	Home Dep.	Amazon.c.	Walmart	Costco W.	Lowe's C.	Bed Bath.
Mkt Cap	317.9	2,745.2	842.5	417.3	111.8	-	417.3
P/S	1.9	3.5	1.1	1.4	1.2	-	1.4
P/Op Inc	15.1	29.3	26.1	37.2	10.9	-	26.1
P/EBIT	15.0	15.4	26.6	35.1	10.8	-	15.4
P/E	22.3	20.3	38.2	47.2	16.8	-	22.3
P/CFO	16.9	17.0	19.6	27.8	12.1	-	17.0
Total Yield	7.4%	4.9%	3.5%	2.7%	8.3%	-	4.9%
Dividend Yield	2.9%	0.0%	0.9%	0.6%	2.4%	-	0.9%
FCF Yield 3Y Avg	4.4%	0.8%	1.8%	1.9%	6.0%	-	1.9%
D/E	0.2	0.1	0.1	0.0	0.4	-	0.1
Net D/E	0.2	0.0	0.1	-0.0	0.3	-	0.1

Returns

	HD	AMZN	WMT	COST	LOW	BBBY	Median
Name	Home Dep.	Amazon.c.	Walmart	Costco W.	Lowe's C.	Bed Bath.
1M Rtn	-3.7%	-6.1%	-4.5%	-1.3%	-3.7%	-	-3.7%
3M Rtn	3.4%	-0.6%	-6.1%	-1.3%	-2.6%	-	-1.3%
6M Rtn	-11.6%	22.1%	-16.7%	-6.4%	-21.5%	-	-11.6%
12M Rtn	-19.3%	11.3%	10.1%	0.2%	-20.9%	-	0.2%
3Y Rtn	2.9%	84.6%	103.0%	79.7%	-8.6%	-	79.7%
1M Excs Rtn	-6.4%	-10.7%	-4.5%	-1.9%	-6.1%	-	-6.1%
3M Excs Rtn	3.1%	-0.9%	-6.4%	-1.6%	-2.9%	-	-1.6%
6M Excs Rtn	-23.6%	10.2%	-28.6%	-18.4%	-33.5%	-	-23.6%
12M Excs Rtn	-37.4%	-6.8%	-8.0%	-17.9%	-39.0%	-	-17.9%
3Y Excs Rtn	-66.4%	18.1%	34.6%	9.9%	-78.0%	-	9.9%

Comparison Analyses

	Title
0	How Does Home Depot Stock Stack Up Against Its Peers?
1	Home Depot vs. Procter & Gamble: With Return Forecast Of 12%, Home Depot Is A Better Bet
2	Home Depot vs. Johnson & Johnson: Both Seem Similar Bets
3	Home Depot vs. Coca-Cola: With Return Forecast Of 12%, Home Depot Is A Better Bet
4	Home Depot vs. Lowe's Companies: With Return Forecast Of 12%, Home Depot Is A Better Bet
5	Home Depot vs. Walmart: With Return Forecast Of 12%, Home Depot Is A Better Bet
6	Home Depot vs. Amazon.com: With Return Forecast Of 23%, Amazon.com Is A Better Bet
7	Home Depot vs. Costco Wholesale: Both Seem Similar Bets
8	Home Depot vs. Marathon Petroleum: Both Seem Similar Bets
9	Home Depot vs. Elevance Health: With Return Forecast Of 38%, Elevance Health Is A Better Bet

FDIC Bank Data

Bank Capital

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Bank Deposits

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Bank Assets

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Bank Loans

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FDA Approved Drugs Data

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Clinical Pipeline

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Financials

Annual
Quarterly

$ Mil \| FY: 2/1	LTM	2026	2025	2024	2023	2022	2021
Period End	8/2/2026	2/1/2026	2/2/2025	1/28/2024	1/29/2023	1/30/2022	1/31/2021
Filing Date	8/25/2026	3/18/2026	3/21/2025	3/13/2024	3/15/2023	3/23/2022	3/24/2021
Key Financials
Total Revenue	169,176	164,683	159,514	152,669	157,403	151,157	132,110
Gross Profit	56,177	54,865	53,308	50,960	52,778	50,832	44,853
EBITDA	25,474	25,135	25,488	25,114	27,069	25,946	20,844
Operating Income	21,022	20,890	21,526	21,689	24,039	23,040	18,278
Net Income	14,227	14,156	14,806	15,143	17,105	16,433	12,866
EPS	14.32	14.26	14.96	15.16	16.74	15.59	11.98
Growth Rates
Total Revenue Growth	2.5%	3.2%	4.5%	-3.0%	4.1%	14.4%	19.9%
EBITDA Growth	-0.9%	-1.4%	1.5%	-7.2%	4.3%	24.5%	14.5%
Operating Income Growth	-2.7%	-3.0%	-0.8%	-9.8%	4.3%	26.1%	15.4%
Net Income Growth	-2.7%	-4.4%	-2.2%	-11.5%	4.1%	27.7%	14.4%
Margins
Gross Margin	33.2%	33.3%	33.4%	33.4%	33.5%	33.6%	34.0%
EBITDA Margin	15.1%	15.3%	16.0%	16.4%	17.2%	17.2%	15.8%
Operating Income Margin	12.4%	12.7%	13.5%	14.2%	15.3%	15.2%	13.8%
Net Income Margin	8.4%	8.6%	9.3%	9.9%	10.9%	10.9%	9.7%
Cash & Debt
Total Cash	2,085	1,389	1,659	3,760	2,757	2,343	7,895
Total Debt	62,567	65,350	62,290	52,243	50,364	46,269	43,422
Net Debt / (Cash)	60,482	63,961	60,631	48,483	47,607	43,926	35,527
Cash Flows & CapEx
Net Cash from Operations	18,779	16,325	19,810	21,172	14,615	16,571	18,839
Total CapEx	-3,680	-3,679	-3,485	-3,226	-3,119	-2,566	-2,463
Free Cash from Operations	15,099	12,646	16,325	17,946	11,496	14,005	16,376
Returns to Shareholders
Dividends	9,221	9,152	8,929	8,383	7,789	6,985	6,451
Share Repurchases	-0	-0	649	7,951	6,696	14,809	791

$ Mil \| FY: 2/1	2027Q2	2027Q1	2026Q4	2026Q3	2026Q2	2026Q1	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3
Period End	8/2/2026	5/3/2026	2/1/2026	11/2/2025	8/3/2025	5/4/2025	2/2/2025	10/27/2024	7/28/2024	4/28/2024	1/28/2024	10/29/2023
Filing Date	8/25/2026	5/27/2026	3/18/2026	11/25/2025	8/26/2025	5/28/2025	3/21/2025	11/19/2024	8/20/2024	5/21/2024	3/13/2024	11/21/2023
Key Financials Quarterly
Total Revenue	47,861	41,765	38,198	41,352	45,277	39,856	39,704	40,217	43,175	36,418	34,786	37,710
Ebitda	8,005	6,069	4,971	6,429	7,584	6,151	5,534	6,443	7,538	5,973	5,030	6,282
Operating Income	6,839	4,981	3,849	5,353	6,555	5,133	4,495	5,418	6,534	5,079	4,143	5,406
Net Income	4,766	3,289	2,571	3,601	4,551	3,433	2,997	3,648	4,561	3,600	2,801	3,810
EPS	4.79	3.31	2.59	3.63	4.59	3.46	3.02	3.68	4.61	3.64	2.83	3.83
Key Financials TTM
Total Revenue TTM	169,176	166,592	164,683	166,189	165,054	162,952	159,514	154,596	152,089	151,830	152,669	153,714
Ebitda TTM	25,474	25,053	25,135	25,698	25,712	25,666	25,488	24,984	24,823	24,710	25,114	25,638
Operating Income TTM	21,022	20,738	20,890	21,536	21,601	21,580	21,526	21,174	21,162	21,217	21,689	22,298
Net Income TTM	14,227	14,012	14,156	14,582	14,629	14,639	14,806	14,610	14,772	14,870	15,143	15,704
Growth Rates Quarterly
Total Revenue Growth	5.7%	4.8%	-3.8%	2.8%	4.9%	9.4%	14.1%	6.6%	0.6%	-2.3%	-2.9%	-3.0%
EBITDA Growth	5.6%	-1.3%	-10.2%	-0.2%	0.6%	3.0%	10.0%	2.6%	1.5%	-6.3%	-9.4%	-8.9%
Operating Income Growth	4.3%	-3.0%	-14.4%	-1.2%	0.3%	1.1%	8.5%	0.2%	-0.8%	-8.5%	-12.8%	-12.1%
Net Income Growth	4.7%	-4.2%	-14.2%	-1.3%	-0.2%	-4.6%	7.0%	-4.3%	-2.1%	-7.0%	-16.7%	-12.2%
Margins Quarterly
EBITDA Margin	16.7%	14.5%	13.0%	15.5%	16.8%	15.4%	13.9%	16.0%	17.5%	16.4%	14.5%	16.7%
Operating Income Margin	14.3%	11.9%	10.1%	12.9%	14.5%	12.9%	11.3%	13.5%	15.1%	13.9%	11.9%	14.3%
Net Income Margin	10.0%	7.9%	6.7%	8.7%	10.1%	8.6%	7.5%	9.1%	10.6%	9.9%	8.1%	10.1%
Cash & Debt
Total Cash	2,085	1,601	1,389	1,684	2,804	1,369	1,659	1,531	1,613	4,264	3,760	2,058
Total Debt	62,567	63,157	65,350	65,417	61,321	61,291	62,290	63,378	64,612	51,011	52,243	49,255
Net Debt / (Cash)	60,482	61,556	63,961	63,733	58,517	59,922	60,631	61,847	62,999	46,747	48,483	47,197
Cash Flows Quarterly
FCF from Operations	5,390	6,032	3,347	4,010	4,643	4,325	4,671	4,233	5,409	5,497	4,733	4,234
Cash Flows TTM
FCF from Operations TTM	18,779	18,032	16,325	17,649	17,872	18,638	19,810	19,872	19,873	21,055	21,172	21,033
Returns to Shareholders Quarterly
Dividends	2,323	2,320	2,289	2,289	2,288	2,286	2,235	2,234	2,231	2,229	2,079	2,089
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	649	1,486	1,511
Return on Invested Capital (ROIC) Quarterly
ROIC	34.1%	24.3%	18.8%	25.4%	34.0%	25.9%	22.9%	26.5%	31.3%	33.6%	26.0%	35.1%
Return on Invested Capital (ROIC) TTM
ROIC TTM	26.4%	25.6%	24.9%	25.7%	28.0%	27.3%	27.1%	26.0%	25.6%	34.7%	34.0%	36.0%

Segment Financials

Revenue by Segment

$ Mil	2026	2025	2024	2023	2022
Primary Segment	151,966	153,108	152,669	157,403
Other	12,717	6,406	0	0
Single Segment					151,157
Total	164,683	159,514	152,669	157,403	151,157

Operating Income by Segment

$ Mil	2026	2025	2007
Primary Segment	20,574	21,313
Other	316	213
HD Supply			800
Retail			9,024
Total	20,890	21,526	9,824

Assets by Segment

$ Mil	2007
Retail	42,094
HD Supply	10,021
Total	52,115

Price Behavior

Price Behavior

Market Price	$319.77
Market Cap ($ Bil)	317.9
First Trading Date	09/22/1981
Distance from 52W High	-22.9%
	50 Days	200 Days
DMA Price	$340.21	$341.65
DMA Trend	down	up
Distance from DMA	-6.0%	-6.4%
	3M	1YR
Volatility	28.1%	25.3%
Downside Capture	52.09	69.35
Upside Capture	67.41	30.15
Correlation (SPY)	28.7%	34.6%

HD Betas & Captures as of 8/31/2026

	1M	2M	3M	6M	1Y	3Y
Beta	1.13	0.84	0.57	0.88	0.69	0.72
Up Beta	1.89	0.02	0.40	1.34	1.16	0.81
Down Beta	1.86	1.70	0.92	1.12	0.78	0.49
Up Capture	39%	56%	55%	33%	22%	40%
Bmk +ve Days	10	21	32	68	138	427
Stock +ve Days	10	19	33	61	119	367
Down Capture	102%	139%	44%	89%	74%	95%
Bmk -ve Days	11	21	32	59	113	324
Stock -ve Days	11	23	31	66	132	383

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with HD
HD	-19.4%	25.3%	-0.89	-
Sector ETF (XLY)	-0.5%	19.4%	-0.15	57.5%
Equity (SPY)	19.2%	12.8%	1.10	35.2%
Gold (GLD)	24.8%	29.2%	0.76	11.3%
Commodities (DBC)	44.0%	20.4%	1.67	-40.1%
Real Estate (VNQ)	8.5%	13.7%	0.35	47.5%
Bitcoin (BTCUSD)	-27.6%	43.5%	-0.62	-0.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with HD
HD	2.2%	24.5%	0.06	-
Sector ETF (XLY)	5.6%	24.1%	0.19	63.2%
Equity (SPY)	12.7%	17.2%	0.56	58.0%
Gold (GLD)	18.7%	18.7%	0.81	8.7%
Commodities (DBC)	11.0%	19.5%	0.44	-0.7%
Real Estate (VNQ)	2.0%	18.9%	-0.00	60.2%
Bitcoin (BTCUSD)	10.5%	52.6%	0.38	19.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 10-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with HD
HD	11.6%	25.1%	0.45	-
Sector ETF (XLY)	12.0%	22.2%	0.50	70.3%
Equity (SPY)	15.1%	17.9%	0.72	67.7%
Gold (GLD)	12.0%	16.3%	0.60	9.1%
Commodities (DBC)	7.9%	18.1%	0.35	14.0%
Real Estate (VNQ)	4.9%	20.7%	0.20	61.8%
Bitcoin (BTCUSD)	63.2%	66.1%	1.03	15.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date	8142026
Short Interest: Shares Quantity	10.3 Mil
Short Interest: % Change Since 7312026	-16.1%
Average Daily Volume	3.2 Mil
Days-to-Cover Short Interest	3.3 days
Basic Shares Quantity	994.0 Mil
Short % of Basic Shares	1.0%

Returns Analyses

	Title
0	How Low Can Home Depot Stock Really Go?
1	Home Depot During 2008 Recession vs. 2022 Inflation Shock: HD Stock Has 9% Upside If It Recovers To Pre-Inflation Shock Levels
2	Home Depot (HD) Stock Has 61% Chance Of Rise In The Next One Month
3	Home Depot Stock Return Comparison
4	[10/2/2021] Home Depot (HD) Stock Price Forecast: AI Forecasts HD Stock Price To Be Around $339 In A Month (Up 2.9%)
5	Home Depot Total Shareholder Return (TSR): 38.3% in 2022 and 29.0% 3-yr returns (above peer average)

Earnings Returns History

Updated 8/27/2026

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
8/18/2026	-0.1%	-0.1%
5/19/2026	0.9%	3.6%	10.0%
2/24/2026	2.0%	-1.6%	-11.6%
11/18/2025	-6.0%	-6.0%	-0.2%
8/19/2025	3.2%	3.6%	6.2%
5/20/2025	-0.6%	-2.4%	-8.0%
2/25/2025	2.8%	1.9%	-5.0%
11/12/2024	-1.3%	0.5%	3.7%
...
SUMMARY STATS
# Positive	12	10	12
# Negative	13	15	12
Median Positive	1.8%	3.4%	6.0%
Median Negative	-2.2%	-2.2%	-4.9%
Max Positive	5.7%	10.2%	20.0%
Max Negative	-8.9%	-8.9%	-11.6%

Collapse to Preview

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
8/18/2026	-0.1%	-0.1%
5/19/2026	0.9%	3.6%	10.0%
2/24/2026	2.0%	-1.6%	-11.6%
11/18/2025	-6.0%	-6.0%	-0.2%
8/19/2025	3.2%	3.6%	6.2%
5/20/2025	-0.6%	-2.4%	-8.0%
2/25/2025	2.8%	1.9%	-5.0%
11/12/2024	-1.3%	0.5%	3.7%
8/13/2024	1.2%	5.0%	7.8%
5/14/2024	-0.1%	-0.9%	1.6%
2/20/2024	0.1%	2.6%	5.3%
11/14/2023	5.4%	7.0%	20.0%
8/15/2023	0.7%	-1.8%	-0.6%
5/16/2023	-2.2%	0.7%	4.6%
2/21/2023	-7.1%	-6.9%	-8.3%
11/15/2022	1.6%	3.2%	9.3%
8/16/2022	4.1%	-0.8%	-11.6%
5/17/2022	1.7%	-3.4%	-4.9%
2/22/2022	-8.9%	-8.9%	-4.4%
11/16/2021	5.7%	10.2%	10.4%
8/17/2021	-4.3%	-2.2%	0.0%
5/18/2021	-1.0%	-1.6%	-4.9%
2/23/2021	-3.1%	-5.2%	5.8%
11/17/2020	-2.5%	-2.9%	-3.0%
8/18/2020	-1.1%	-0.5%	-1.8%
SUMMARY STATS
# Positive	12	10	12
# Negative	13	15	12
Median Positive	1.8%	3.4%	6.0%
Median Negative	-2.2%	-2.2%	-4.9%
Max Positive	5.7%	10.2%	20.0%
Max Negative	-8.9%	-8.9%	-11.6%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
07/31/2026	08/25/2026	10-Q
04/30/2026	05/27/2026	10-Q
01/31/2026	03/18/2026	10-K
10/31/2025	11/25/2025	10-Q
07/31/2025	08/26/2025	10-Q
04/30/2025	05/28/2025	10-Q
01/31/2025	03/21/2025	10-K
10/31/2024	11/19/2024	10-Q
07/31/2024	08/20/2024	10-Q
04/30/2024	05/21/2024	10-Q
01/31/2024	03/13/2024	10-K
10/31/2023	11/21/2023	10-Q
07/31/2023	08/22/2023	10-Q
04/30/2023	05/23/2023	10-Q
01/31/2023	03/15/2023	10-K
10/31/2022	11/22/2022	10-Q

Collapse to Preview

Report Date	Filing Date	Filing
07/31/2026	08/25/2026	10-Q
04/30/2026	05/27/2026	10-Q
01/31/2026	03/18/2026	10-K
10/31/2025	11/25/2025	10-Q
07/31/2025	08/26/2025	10-Q
04/30/2025	05/28/2025	10-Q
01/31/2025	03/21/2025	10-K
10/31/2024	11/19/2024	10-Q
07/31/2024	08/20/2024	10-Q
04/30/2024	05/21/2024	10-Q
01/31/2024	03/13/2024	10-K
10/31/2023	11/21/2023	10-Q
07/31/2023	08/22/2023	10-Q
04/30/2023	05/23/2023	10-Q
01/31/2023	03/15/2023	10-K
10/31/2022	11/22/2022	10-Q
07/31/2022	08/23/2022	10-Q
04/30/2022	05/24/2022	10-Q
01/31/2022	03/23/2022	10-K
10/31/2021	11/23/2021	10-Q
07/31/2021	08/24/2021	10-Q
04/30/2021	05/25/2021	10-Q
01/31/2021	03/24/2021	10-K
10/31/2020	11/24/2020	10-Q
07/31/2020	08/25/2020	10-Q
04/30/2020	05/27/2020	10-Q
01/31/2020	03/25/2020	10-K
10/31/2019	11/26/2019	10-Q

Recent Forward Guidance

Updated 8/19/2026

Latest: Q2 2026 Earnings Reported 8/18/2026

Forward Guidance					Guidance Change
Metric	Source	Low	Mid	High	% Chg	% Delta	Change	Prior
2026 Comparable Sales Growth	Reported	0.0%	1.0%	2.0%		0.0%	Affirmed	Guidance: 1.0% for 2026
2026 New Stores	Reported		15		0.0%		Affirmed	Guidance: 15 for 2026
2026 Total Sales Growth	Reported	2.5%	3.5%	4.5%		0.0%	Affirmed	Guidance: 3.5% for 2026
2026 Gross Margin	Reported		33.1%			0.0%	Affirmed	Guidance: 33.1% for 2026
2026 Operating Margin	Reported	12.4%	12.5%	12.6%		0.0%	Affirmed	Guidance: 12.5% for 2026
2026 Adjusted Operating Margin	Reported	12.8%	12.9%	13.0%		0.0%	Affirmed	Guidance: 12.9% for 2026
2026 Net Interest Expense	Reported		2.30 Bil		0.0%		Affirmed	Guidance: 2.30 Bil for 2026
2026 Effective Tax Rate	Reported		24.3%			0.0%	Affirmed	Guidance: 24.3% for 2026
2026 Diluted EPS Growth	Reported	0.0%	2.0%	4.0%		0.0%	Affirmed	Guidance: 2.0% for 2026
2026 Capital Expenditures	Reported		0.03			0.0%	Affirmed	Guidance: 0.03 for 2026

Prior: Q1 2026 Earnings Reported 5/19/2026

Forward Guidance					Guidance Change
Metric	Source	Low	Mid	High	% Chg	% Delta	Change	Prior
2026 Comparable sales growth	Reported	0.0%	1.0%	2.0%		0.0%	Affirmed	Guidance: 1.0% for 2026
2026 New stores	Reported		15		0.0%		Affirmed	Guidance: 15 for 2026
2026 Diluted earnings-per-share growth	Reported	0.0%	2.0%	4.0%		0.0%	Affirmed	Guidance: 2.0% for 2026
2026 Adjusted diluted earnings-per-share growth	Reported	0.0%	2.0%	4.0%		0.0%	Affirmed	Guidance: 2.0% for 2026
2026 Total sales growth	Reported	2.5%	3.5%	4.5%		0.0%	Affirmed	Guidance: 3.5% for 2026
2026 Gross margin	Reported		33.1%			0.0%	Affirmed	Guidance: 33.1% for 2026
2026 Operating margin	Reported	12.4%	12.5%	12.6%		0.0%	Affirmed	Guidance: 12.5% for 2026
2026 Adjusted operating margin	Reported	12.8%	12.9%	13.0%		0.0%	Affirmed	Guidance: 12.9% for 2026
2026 Net interest expense	Reported		2.30 Bil		0.0%		Affirmed	Guidance: 2.30 Bil for 2026
2026 Effective tax rate	Reported		24.3%			0.0%	Affirmed	Guidance: 24.3% for 2026
2026 Capital expenditures	Reported		0.03			0.0%	Affirmed	Guidance: 0.03 for 2026

Q4 2025 Earnings Reported 2/24/2026

Forward Guidance					Guidance Change
Metric	Source	Low	Mid	High	% Chg	% Delta	Change	Prior
2026 Comparable Sales Growth	Reported	0.0%	1.0%	2.0%
2026 New Stores	Reported		15
2026 Total Sales Growth	Reported	2.5%	3.5%	4.5%		0.5%	Higher New	Actual: 3.0% for 2025
2026 Gross Margin	Reported		33.1%			-0.1%	Lower New	Actual: 33.2% for 2025
2026 Operating Margin	Reported	12.4%	12.5%	12.6%		-0.1%	Lower New	Actual: 12.6% for 2025
2026 Adjusted Operating Margin	Reported	12.8%	12.9%	13.0%		-0.1%	Lower New	Actual: 13.0% for 2025
2026 Net Interest Expense	Reported		2.30 Bil		0.0%		Same New	Actual: 2.30 Bil for 2025
2026 Effective Tax Rate	Reported		24.3%			-0.2%	Lower New	Actual: 24.5% for 2025
2026 Diluted EPS Growth	Reported	0.0%	2.0%	4.0%		8.0%	Higher New	Actual: -6.0% for 2025
2026 Adjusted Diluted EPS Growth	Reported	0.0%	2.0%	4.0%		7.0%	Higher New	Actual: -5.0% for 2025
2026 Capital Expenditures	Reported		0.03			0.0%	Same New	Actual: 0.03 for 2025

Q3 2025 Earnings Reported 11/18/2025

Forward Guidance					Guidance Change
Metric	Source	Low	Mid	High	% Chg	% Delta	Change	Prior
2025 Total Sales Growth	Reported		3.0%			0.2%	Raised	Guidance: 2.8% for 2025
2025 GMS Incremental Sales	Reported		2.00 Bil
2025 Gross Margin	Reported		33.2%			-0.2%	Lowered	Guidance: 33.4% for 2025
2025 Operating Margin	Reported		12.6%			-0.4%	Lowered	Guidance: 13.0% for 2025
2025 Adjusted Operating Margin	Reported		13.0%			-0.4%	Lowered	Guidance: 13.4% for 2025
2025 Net Interest Expense	Reported		2.30 Bil		4.5%		Lowered	Guidance: 2.20 Bil for 2025
2025 Tax Rate	Reported		24.5%			0	Affirmed	Guidance: 24.5% for 2025
2025 Diluted EPS Growth	Reported		-6.0%			-3.0%	Lowered	Guidance: -3.0% for 2025
2025 Adjusted Diluted EPS Growth	Reported		-5.0%			-3.0%	Lowered	Guidance: -2.0% for 2025
2025 Capital Expenditures	Reported		0.03			0	Affirmed	Guidance: 0.03 for 2025

Insider Activity

Updated 8/31/2026

Expand for More

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Roseborough, Teresa Wynn	EVP, Gen. Counsel & Corp. Sec.	Direct	Sell	8312026	328.77	2,455	807,130	4,622,815	Form
2	Rowe, Michael F	EVP, Pro	Direct	Sell	8272026	336.76	710	239,100	2,302,922	Form
3	McPhail, Richard V	EVP & CFO	Direct	Sell	8212026	348.40	5,989	2,086,568	16,759,269	Form
4	McPhail, Richard V	EVP & CFO	Direct	Sell	3052026	368.89	2,550	940,670	16,440,122	Form
5	Deaton, John A	EVP - Supply Chain & Prod. Dev	Direct	Sell	3052026	369.00	1,793	661,617	5,213,603	Form

Collapse to Preview

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Roseborough, Teresa Wynn	EVP, Gen. Counsel & Corp. Sec.	Direct	Sell	8312026	328.77	2,455	807,130	4,622,815	Form
2	Rowe, Michael F	EVP, Pro	Direct	Sell	8272026	336.76	710	239,100	2,302,922	Form
3	McPhail, Richard V	EVP & CFO	Direct	Sell	8212026	348.40	5,989	2,086,568	16,759,269	Form
4	McPhail, Richard V	EVP & CFO	Direct	Sell	3052026	368.89	2,550	940,670	16,440,122	Form
5	Deaton, John A	EVP - Supply Chain & Prod. Dev	Direct	Sell	3052026	369.00	1,793	661,617	5,213,603	Form
6	Roseborough, Teresa Wynn	EVP, Gen. Counsel & Corp. Sec.	Direct	Sell	12302025	348.52	2,872	1,000,961	4,599,217	Form
7	Brown, Angie	EVP & CIO	Direct	Sell	12152025	357.63	1,946	695,948	1,409,503	Form
8	Campbell, Ann Marie	Senior EVP	by Charitable Remainder Trust	Sell	12122025	358.26	145	51,948	4,413,763	Form
9	Bastek, William D	EVP, Merchandising	Direct	Sell	9152025	423.12	2,303	974,445	10,254,432	Form

Investor Activity (13F)

Updated Sep 2, 2026

13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active Manager	Value	% of Portfolio	Total Positions	QoQ	Filing
Agave Capital Management Ltd	$55.7 Mil	9.0%	8	New	13F
MFF Capital Investments Ltd	$107.8 Mil	7.1%	19	Hold	13F
Dorsal Capital Management, LP	$164.4 Mil	6.5%	25	Hold	13F
Provident Trust Co	$248.7 Mil	5.2%	22	TRIM -14.7%	13F
Teewinot Capital Advisers, L.L.C.	$52.7 Mil	4.2%	33	ADD +19.3%	13F
Hamlin Capital Management, LLC	$134.1 Mil	3.2%	30	ADD +8.7%	13F
Westchester Capital Management, Inc.	$12.9 Mil	2.6%	45	Hold	13F
Cincinnati Specialty Underwriters Insurance CO	$10.5 Mil	2.6%	46	Hold	13F
Focused Investors LLC	$68.2 Mil	2.2%	22	Hold	13F
Smead Capital Management, Inc.	$101.1 Mil	2.2%	32	TRIM -12.9%	13F
Kinsale Capital Group, Inc.	$11.0 Mil	1.8%	41	ADD +5.7%	13F
Saratoga Research & Investment Management	$29.2 Mil	1.7%	46	Hold	13F
Benchstone Capital Management LP	$10.0 Mil	1.2%	38	TRIM -60.1%	13F

Active Manager	Value	% of Portfolio	Total Positions	QoQ	Filing
Agave Capital Management Ltd	$55.7 Mil	9.0%	8	New	13F
Teewinot Capital Advisers, L.L.C.	$52.7 Mil	4.2%	33	ADD +19.3%	13F
Hamlin Capital Management, LLC	$134.1 Mil	3.2%	30	ADD +8.7%	13F
Kinsale Capital Group, Inc.	$11.0 Mil	1.8%	41	ADD +5.7%	13F

Active Manager	Value	% of Portfolio	Total Positions	QoQ	As Of	Filing
SRS Investment Management, LLC	$62.0 Mil	0.7%	31	Exited	Dec 31, 2025	13F
Range Rock Capital, LLC	$26.4 Mil	9.2%	26	Exited	Dec 31, 2025	13F
ADAPT Investment Managers SA	$20.8 Mil	4.2%	28	Exited	Dec 31, 2025	13F
Regents Gate Capital LLP	$10.7 Mil	3.4%	37	Exited	Dec 31, 2025	13F
Napean Trading & Investment Co (Singapore) PTE Ltd	$6.0 Mil	1.2%	37	Exited	Dec 31, 2025	13F
Benchstone Capital Management LP	$10.0 Mil	1.2%	38	TRIM -60.1%	Mar 31, 2026	13F
Provident Trust Co	$248.7 Mil	5.2%	22	TRIM -14.7%	Mar 31, 2026	13F
Smead Capital Management, Inc.	$101.1 Mil	2.2%	32	TRIM -12.9%	Mar 31, 2026	13F

Active Manager	Value	% of Portfolio	Total Positions	QoQ	Filing
Provident Trust Co	$248.7 Mil	5.2%	22	TRIM -14.7%	13F
Dorsal Capital Management, LP	$164.4 Mil	6.5%	25	Hold	13F
Hamlin Capital Management, LLC	$134.1 Mil	3.2%	30	ADD +8.7%	13F
MFF Capital Investments Ltd	$107.8 Mil	7.1%	19	Hold	13F
Smead Capital Management, Inc.	$101.1 Mil	2.2%	32	TRIM -12.9%	13F
Focused Investors LLC	$68.2 Mil	2.2%	22	Hold	13F
Agave Capital Management Ltd	$55.7 Mil	9.0%	8	New	13F
Teewinot Capital Advisers, L.L.C.	$52.7 Mil	4.2%	33	ADD +19.3%	13F
Saratoga Research & Investment Management	$29.2 Mil	1.7%	46	Hold	13F
Westchester Capital Management, Inc.	$12.9 Mil	2.6%	45	Hold	13F
Kinsale Capital Group, Inc.	$11.0 Mil	1.8%	41	ADD +5.7%	13F
Cincinnati Specialty Underwriters Insurance CO	$10.5 Mil	2.6%	46	Hold	13F
Benchstone Capital Management LP	$10.0 Mil	1.2%	38	TRIM -60.1%	13F

HD Trade Sentinel

Stock Conviction

Constructive

CONVICTION RATIONALE

Conviction is constructive as the company is successfully executing a strategic pivot toward professional customers, evidenced by Pro sales outperforming DIY. While the housing market is a headwind, resilient demand for smaller projects drove a 1.7% comparable sales increase last quarter. The primary uncertainty is the margin impact from this strategic mix shift.

STOCK ARCHETYPE

Transactional Retail & Distribution

(Number of Customer Transactions) x (Average Ticket Value) Growth of high-margin services and private-label products within the core retail segment, and the scaling of the advertising platform, offset by the dilutive mix-shift towards the lower-margin professional distribution business.

Looking for high-conviction positions with a better risk/reward profile? See what's currently in the Trefis High Quality Portfolio.

INVESTMENT THESIS

Can the Pro ecosystem strategy reignite growth?

Evidence suggests the strategy to dominate the professional contractor market is working, offsetting a mature consumer business amid housing headwinds.

Mechanism: By acquiring specialty distributors, the company is capturing a larger share of a $1.2 trillion market, with Pro sales recently posting positive comps and outperforming the DIY segment.

Supporting Evidence:

Pro segment posted positive comparable sales and outperformed DIY in Q2 2026.
Total addressable market expanded to $1.2 trillion following recent acquisitions.
Comparable sales growth accelerated to 1.7% in Q2 2026 from 0.6% in Q1.
Online sales grew 11.0% in Q2, the fifth consecutive double-digit increase.

PRIMARY RISK

Macro pressure and margin dilution

A prolonged housing downturn could depress both consumer and professional demand, while the strategic shift to lower-margin distribution services permanently compresses profitability without delivering sufficient offsetting growth.

Mechanism: A miss on the full-year operating margin guidance of 12.4% to 12.6%.

Supporting Evidence:

Comparable customer transactions declined 1.0% in the most recent quarter.
Operating margin of 12.4% is down from a five-year peak.
Management notes housing affordability continues to pressure larger projects.
Accounts receivable grew 18.5% in Q2, far outpacing 5.7% revenue growth.

Key KPI Watchlist

KPI	Status	Rationale
Comparable Sales Growth	+1.7% for the second quarter of fiscal 2026 - Accelerating	Comparable sales growth has shown a clear accelerating trend over the past several quarters, moving from near-flat to +1.7%. Management noted that Q2 results exceeded their expectations, driven by broad-based demand as customers engaged in smaller projects.
Online Sales Growth	+11.0% for the second quarter of fiscal 2026 - Stable	Management attributes the sustained double-digit growth to ongoing investments in the interconnected platform and faster delivery speeds, which are resonating with customers. The company recently launched a nationwide Express Delivery service.
Comparable Customer Transactions Growth	-1.0% (Q2 2026)	Indicates the change in the number of customer transactions, serving as a proxy for customer traffic.
Comparable Average Ticket Growth	+2.8% (Q2 2026)	Represents the change in the average price paid per transaction, reflecting a combination of price inflation, product mix, and number of items per basket.

Core Investment Debate

Pro Growth Engine vs. Margin Mix-Down

BULL VIEW

The rapid growth of the new distribution arm is successfully capturing market share in a $1.2 trillion fragmented market, creating a new growth vector for the company.

CORE TENSION

Can accelerating Pro-focused growth offset the margin dilution from its business mix, especially as core customer transactions of -1.0% remain negative?

PREVAILING SENTIMENT

CAUTIOUSLY BULLISH

The latest evidence favors the bulls. The market reacted positively to Q2 results, rewarding the 1.7% comparable sales beat and reaffirmed guidance despite the known margin pressures.

BEAR VIEW

The shift to the structurally lower-margin distribution business will permanently impair profitability, a trade-off the market will not reward in a slow-growth housing environment.

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch
September 17, 2026	Quarterly Dividend Payment Watch: The company will pay its quarterly cash dividend of $2.72 per share.
10/28/2026	Peer Amazon Earnings Watch: Peer Amazon.com (AMZN) is scheduled to report earnings.
11/17/2026	Negative Earnings Surprise Watch: Comparable sales growth versus the 12.4% to 12.6% guidance range and any revision to the full-year outlook.
11/17/2026	Next Earnings Report Watch: The company is scheduled to report its next quarterly earnings.
11/18/2026	Peer Weakness Confirms Sector Slowdown Watch: Lowe's comparable sales results, gross margin trends, and forward guidance for the home improvement market.
11/19/2026	Peer Walmart Earnings Watch: Peer Walmart (WMT) is scheduled to report earnings.
No set date	Continued Margin Erosion Watch: Reported operating margin relative to the full-year guidance range of 12.4% to 12.6%.

Key Events in Last 6 Months

Date	Event	Stock Impact
2026-08-18	Q2 FY26 Earnings Beat Details: Reported second quarter sales of $47.9 billion, a 5.7% increase, and comparable sales growth of 1.7%. The company reaffirmed its fiscal 2026 guidance.	+1.9% $337.88 -> $344.30
2026-08-12	CEO Takes Medical Leave Details: The company announced that CEO Ted Decker would take a temporary medical leave of absence, with an expected return within a few months.	-3.6% $354.48 -> $341.70
2026-07-30	Organizational Realignment Announced Details: The company announced leadership portfolio changes to accelerate innovation and capture share of a total addressable market stated to be worth $1.2 trillion.	-1.9% $338.27 -> $331.96
2026-05-19	Q1 FY26 Earnings Report Details: First quarter results were in line with expectations, with comparable sales increasing 0.6%. The two-day stock reaction around the earnings call was 4.0%.	+3.6% $297.58 -> $308.27
2026-04-17	SIMPL Automation Acquisition Details: The company acquired SIMPL Automation to support its same-day and next-day fulfillment strategy, using advanced engineering and artificial intelligence technology.	+4.1% $334.64 -> $348.38
2026-02-24	Q4 FY25 Earnings Beat Details: The company beat Wall Street projections for the fourth quarter, reporting adjusted earnings of $2.72 per share. The stock reaction around the earnings call was 0.0%.	-0.4% $371.70 -> $370.30

Risk Management

Position Sizing

5% - 7%

NORMAL POSITION

Sizing is volatility-based: HD trades at roughly 26% annualized options-implied volatility versus about 13% for the S&P 500 (2.0x the market), around the 51st percentile of its own trailing year. A 5% - 7% position keeps a single-name swing of that size within a diversified portfolio's risk budget.

Diversification Alternatives

LOW - Lowe's Companies

Direct Peer Exposure

Lowe's offers a pure-play exposure to the home improvement retail market without the complexity and margin dilution of the recent distribution acquisitions undertaken by its larger peer.

Core Thesis: A direct investment in the consumer and professional home improvement market, with a similar gross margin profile of 33.3%.

AMZN - a business partner

Diversified E-commerce Leader

Amazon provides exposure to broader consumer spending and logistics innovation, insulated from the specific cyclicality of the housing market. Its scale is 4.6 times larger.

Core Thesis: An investment in the structural growth of e-commerce, cloud computing, and advanced logistics.

How Is The Market Pricing HD?

A mature retail giant bolting on a lower-margin, higher-growth professional distribution business to capture a larger share of the total home improvement market.

Home Depot is a highly profitable, market-leading retailer facing a mature core market pressured by housing affordability. To drive new growth, the company is aggressively acquiring specialty distributors (SRS, GMS) to build a second engine focused on professional contractors. This strategy accelerates top-line growth but is dilutive to consolidated margins. The central question for investors is whether the promised synergies and cross-selling between the retail and distribution arms can create a durable competitive advantage and eventually lift overall profitability.

What will confirm the thesis

Sustained positive organic growth in the 'Other' (SRS) segment, concrete examples of cross-selling revenue between the retail and distribution businesses, and continued market share gains in a challenging macro environment.

What will damage the thesis

Persistent margin compression without a corresponding acceleration in overall revenue growth, signs of integration challenges with acquired companies, or market share losses to key competitors.

Noise: Real but irrelevant to thesis

Short-term fluctuations in commodity prices like lumber, monthly housing start data, and general retail sentiment not specific to home improvement.

Repricing Catalyst

Evidence that the integration of SRS and GMS is successfully driving market share gains and creating a unique, defensible ecosystem for professional customers, justifying the margin trade-off.

What HD Makes & Who Pays

TTM figures based on the twelve months through fiscal Q3 2027

Primary Segment

$153.1B TTM (90% of Total) · 14% Margin

What It Is

This segment sells a wide assortment of home improvement products, building materials, lawn and garden products, and décor items through its retail stores and online platforms. It serves both consumers (DIY and DIFM) and professional customers across the U.S., Canada, and Mexico.

Who Pays & How

Consumers and professional contractors pay for products and services for home improvement projects. They are attracted by the company's brand, customer service, product authority, scale, and integrated physical and digital shopping experience.

Transactional revenue from the sale of individual products and services.

Competition

Lowe's Companies (LOW) is a named peer. The industry is highly fragmented, with competition from other home improvement retailers, hardware stores, lumber yards, specialty design stores, warehouse clubs, and online retailers.

The company's moat is built on its distinct competitive advantages, including its brand, scale, premier real estate portfolio, interconnected digital experience, and extensive supply chain network.

Other

$16.1B TTM (10% of Total) · 2% Margin

What It Is

This segment consists of the SRS distribution business, a specialty trade distributor of roofing, building products, interior construction products (drywall, ceilings), landscape supplies, pool supplies, and HVAC equipment. It sells directly to professional specialty trade contractors like roofers, landscapers, and pool contractors.

Who Pays & How

Professional specialty trade contractors pay for bulk and specialized materials for their jobs. This segment aims to be a leading, multi-category building materials distributor to serve as a preferred partner for Pros across their entire project.

Transactional revenue from the sale of products, often involving trade credit offerings for professional customers.

Competition

National and local wholesale supply distributors.

The company is building a moat through scale and by integrating this distribution network into the broader Home Depot ecosystem, creating a comprehensive offering for professional customers.

HD Evolution: Price Return by Era

Through Fiscal 2023 · Core Retail Dominance

+13%

The company operated primarily as a single-segment home improvement retailer, focusing on its vast network of stores and growing e-commerce presence to serve both DIY and Pro customers.

Fiscal 2024 - Present · Building the Pro Distribution Engine

+1%

Beginning with the acquisition of SRS in fiscal 2024, Home Depot strategically entered the specialty distribution market to better serve professional contractors. This was rapidly scaled with the acquisitions of GMS in fiscal 2025 and Mingledorff's in fiscal 2026, creating a new, distinct 'Other' segment focused on capturing a larger share of the professional market.

Market Appears To Be Skeptical Of Core Thesis

Price structure is damaged. The price has broken key levels and the trend is no longer supportive. Relative to SPY: Mildly ahead of the market but 'relative strength' trend is softening; monitor for rotation out. Volume and momentum show mild distribution. The selling pressure is present but not overwhelming. Earnings history is mildly cautionary. The reaction or drift are negative, and the market is beginning to push back on the thesis.

① Structure

-2

Structural pillar score (-4 to +4). Driven by trend regime, SMA cross events, proximity to 52W high, and relative strength vs SPY.

② Volume / Momentum

-1

Volume/Momentum pillar score (-4 to +4). Driven by institutional footprint score, OBV divergence, and momentum character.

③ Catalyst

-1

Catalyst pillar score (-4 to +4). Driven by earnings day reaction, 20D post-earnings drift, and post-earnings volume character.

Combined Score

-4 / 12

1 Price Structure & Trend Potential Bottoming · - ▾

2 Momentum Pausing ▾

3 Relative Strength vs. SPY Facing Relative Strength ▾

4 Institutional Footprint & Volume Neutral / Mixed ▾

5 Volatility Normal ▾

6 Key Price Levels Range · Vol Falling ▾

7 Earnings Reaction History Inconsistent ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	-2
② Vol / Mom	-1
③ Catalyst	-1

ℹ Bull Pillars: 0 · Bear Pillars: 3 · Combined Score: -4 → Market Appears To Be Skeptical Of Core Thesis

Home Depot — Investor Video Playlist

Investor / Analyst

Home Depot Q2 FY26 Earnings Call | $HD | 🔴 WATCH LIVE

Benzinga · 2026-08-19

Products & Services

How-To Workshops - How To Prep Your Lawn For Fall | The Home Depot

The Home Depot · 2026-06-18

Products & Services

Stay Cool and Save More This Summer ❄️| The Home Depot

The Home Depot · 2026-05-27

Investor / Analyst

Home Depot Q1 FY26 Earnings Call | $HD | 🔴 WATCH LIVE

Benzinga · 2026-05-20

Products & Services

Grilling 101 – Find the Right Grill for You | The Home Depot

The Home Depot · 2026-05-15

Products & Services

How-To Workshops - How to Replace a Vanity | The Home Depot

The Home Depot · 2026-04-30

Products & Services

We Built The Backyard Garden Of Our Dreams - Full Tour | From Scratch with @epicgardening Ep. 8

The Home Depot · 2026-04-24

Industry Resources

Consumer Discretionary Resources

Retail Dive

Business of Fashion (BoF)

WWD (Women's Wear Daily)

National Retail Federation (NRF)

McKinsey & Company - Consumer

Mintel Consumer Trends

Home Improvement Retail Resources

HBS Dealer

Hardware Retailing

ProSales

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Core Cache Last Updated: 9/1/2026

Home Depot (HD)

Market Price (9/2/2026): $320.13 | Market Cap: $318.2 BilInvestor Relations ↗Sector: Consumer Discretionary | Industry: Home Improvement Retail

Home Depot (HD)

Market Price (9/2/2026): $320.13Market Cap: $318.2 BilSector: Consumer DiscretionaryIndustry: Home Improvement Retail

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

HD in ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

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In The Past

Preserve Wealth

Asset Allocation

About Home Depot (HD)

Share Repurchases

Share Issuance

Outbound Investments

Capital Expenditures

Interactive Breakdown

Better Bets vs. Home Depot (HD)

INDUSTRY: Home Improvement Retail

Higher Rev Chg 3Y Avg | Lower P/S (Values for HD: 3.1% | 1.9x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for HD: 3.1% | 15.1x)

Higher Rev Chg LTM (Value for HD: 2.5%)

Higher Rev Chg 3Y Avg (Value for HD: 3.1%)

Higher Total Yield (Value for HD: 7.4%)

SECTOR: Consumer Discretionary

Higher Rev Chg 3Y Avg | Lower P/S (Values for HD: 3.1% | 1.9x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for HD: 3.1% | 15.1x)

Higher Rev Chg LTM (Value for HD: 2.5%)

Higher Rev Chg 3Y Avg (Value for HD: 3.1%)

Higher Op Mgn LTM (Value for HD: 12.4%)

Higher CFO/Rev LTM (Value for HD: 11.1%)

Higher FCF/Rev LTM (Value for HD: 8.9%)

Higher Total Yield (Value for HD: 7.4%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for HD: 3.1% | 1.9x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for HD: 3.1% | 15.1x)

Higher Rev Chg LTM (Value for HD: 2.5%)

Higher Rev Chg 3Y Avg (Value for HD: 3.1%)

Higher Op Mgn LTM (Value for HD: 12.4%)

Higher CFO/Rev LTM (Value for HD: 11.1%)

Higher FCF/Rev LTM (Value for HD: 8.9%)

Higher Total Yield (Value for HD: 7.4%)

Best Bets in Consumer Discretionary

P/EBIT (Value for HD: 15.0x)

P/E (Value for HD: 22.3x)

Rev Chg 3Y Avg (Value for HD: 3.1%)

Rev Chg LTM (Value for HD: 2.5%)

Rev Chg Q (Value for HD: 5.7%)

FCF/Rev 3Y Avg (Value for HD: 9.5%)

Peer Outperformance in Home Improvement Retail

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Wealth Management

Market Price (9/2/2026): $320.13 | Market Cap: $318.2 BilInvestor Relations Sector: Consumer Discretionary | Industry: Home Improvement Retail

Market Price (9/2/2026): $320.13
Market Cap: $318.2 Bil
Sector: Consumer Discretionary
Industry: Home Improvement Retail