Can Lowe’s Stock Keep Surging From Here?
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Lowe’s Companies (LOW) stock climbed 25.7% in the month to November 10, 2026, while the S&P 500 lost 3.6%. Anyone tempted to buy now may worry about paying for a move that has already happened. Management did give one firm signal in August: it moved its full-year outlook to the bottom end of its earlier range. So what do the latest results say about the business behind the stock?
What Do Lowe’s Latest Results Show?
Lowe’s is selling more but keeping a little less of each dollar as profit. In the quarter that ended July 31, 2026, sales rose 8.3% from a year earlier to $26.0 billion, yet comparable sales rose just 0.2%. Lowe’s was also integrating two businesses it had bought, Foundation Building Materials and Artisan Design Group. The operating margin for that quarter was 13.7%, down from 14.5% a year earlier, and over the past twelve months it was 11.4%, against 19.0% for the S&P 500.
The stock is priced below the market on earnings. Lowe’s trades at 19.5 times its past twelve months of earnings, against 22.3 for the S&P 500, and those earnings, $6.64 billion, were slightly lower than the $6.86 billion of the twelve months before. If profit keeps falling, that multiple will rise unless the price falls too.
Is Lowe’s Do-It-Yourself Demand Coming Back?
Not as of the August 19 call, when management said discretionary DIY demand remains under pressure as customers stay cautious with their spending. In a Lowe’s survey, its core Pro customers said their backlogs are steady, but they see homeowners choosing smaller repair and maintenance jobs over larger remodels.
There is growth elsewhere in the business. Online sales grew 15.7% in that quarter, and management said strong performance in Pro and Home Services also helped offset softer DIY spending.
Rivals added more pressure. Management said competitors used tariff refunds to cut prices in July, mainly on seasonal goods such as grills and patio products, and Lowe’s chose not to match some of those promotions. Management called that pressure transitory.
Lowe’s Fell More Than The Market In Most Shocks
In the 2022 inflation and Fed tightening shock, Lowe’s fell 32% against 25% for the S&P 500. In the 2023 regional banking crisis it fell 12% against 6.8%, and in the summer-fall 2023 five percent yield shock it fell 21%, while the index fell 9.9%. The 2025 tariff shock was the exception: Lowe’s fell 14%, less than the 19% for the S&P 500. So in three of these four shocks, owning Lowe’s meant a deeper fall than owning the S&P 500, which is worth weighing before buying after this climb.
What Does Lowe’s Need To Show In November?
Lowe’s is expected to report third-quarter results on November 18, 2026, and management has already guided for a weaker quarter. It expects adjusted earnings per share, its own measure, about 7% below a year earlier, with comparable sales in line with its outlook of roughly flat for the year. Management also expects fuel and transportation costs to be a bit more elevated in the second half, and its outlook includes no further tariff refunds. Lowe’s itself recorded about $80 million of tariff refunds in the July quarter, and management said higher fuel and transportation costs largely offset them.
A buyer after the climb since October is betting that DIY demand returns and that rivals’ price cuts fade, as management expects. Comparable sales, along with what management says about DIY demand, are the measures to watch in that report.
Not Sure Lowe’s Companies Is Worth It At This Price?
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