Inventory Turnover › Lowe's
Lowe's Inventory Turnover: Multi-Year 10-K History
Lowe's Companies Inc (LOW) reported 3.3x inventory turnover in fiscal 2025 (year ended January 30, 2026), holding in the low-3x band it has run since FY23. The structural gap to Home Depot (4.5x in FY25) reflects Lowe's DIY-heavy customer mix, the mirror image of Home Depot's Pro strategy. Source: Lowe's 10-K filings on SEC EDGAR.
Quick answer: Lowe's fiscal 2024 and 2025 10-K inventory turnover ratio
Fiscal 2024 (10-K)
3.3x for the year ended January 31, 2025. $55.80B COGS over roughly $17.15B average inventory ($16.89B opening, $17.41B closing).
Fiscal 2025 (10-K)
3.3x for the year ended January 30, 2026. $57.40B COGS over roughly $17.4B average inventory. Held flat in the low-3x band.
Turnover = COGS / average inventory (mean of opening and closing balance-sheet inventory). Figures taken from Lowe's 10-K filings on SEC EDGAR (CIK 0000060667), verified June 2026.
FY21 - FY25 turnover history
| Fiscal Year | COGS | Inv (start) | Inv (end) | Turnover |
|---|---|---|---|---|
| FY21 (ended Jan 2022) | $64.19B | $16.19B | $17.61B | 3.8x |
| FY22 (ended Feb 2023) | $64.80B | $17.61B | $18.53B | 3.6x |
| FY23 (ended Feb 2024) | $57.53B | $18.53B | $16.89B | 3.2x |
| FY24 (ended Jan 2025) | $55.80B | $16.89B | $17.41B | 3.3x |
| FY25 (ended Jan 2026) | $57.40B | $17.41B | $17.30B | 3.3x |
Turnover = COGS / average inventory, where average inventory is the mean of the year's opening and closing balance-sheet inventory. COGS and inventory taken directly from Lowe's 10-K filings (Lowe's tags COGS as Cost of Goods and Services Sold in its XBRL). FY22 was a 53-week fiscal year.
Lowe's vs Home Depot: the structural turn gap
Lowe's and Home Depot are operationally near-twins on store format, footprint and category structure. The persistent turnover gap (3.3x vs 4.5x in FY25) is a measurable result of who walks through the door:
- DIY-heavy mix. Lowe's runs roughly 75-80% DIY, with the Pro customer around 20-25% of sales. Home Depot is closer to 50% Pro. DIY shoppers buy smaller baskets less frequently, so individual SKU exit velocity is lower and stock sits longer.
- Fewer pallet-quantity buys. The Pro contractor who buys in pallet quantities is the single biggest accelerant of turnover in home improvement. Lowe's thinner Pro base means less of that high-velocity volume per square foot of shelf.
- Pro growth is the stated lever. Lowe's has made Pro penetration its explicit growth priority, reporting U.S. Pro penetration above 23% in fiscal 2025 (up more than 500 basis points since 2019). Closing the turnover gap to Home Depot runs through that mix shift.
The roughly 1.2-turn gap means Home Depot cycles its stock materially faster than Lowe's for the same balance-sheet investment. On Lowe's roughly $17B average inventory, each additional turn would run about $17B more COGS through the same capital base. That is why the Pro-versus-DIY mix question is, at bottom, a turnover and working-capital question.
Why turnover compressed after FY21
Lowe's turnover slid from 3.8x in FY21 to a 3.2-3.3x band from FY23 onward. The drivers visible in the 10-K filings:
- DIY demand normalised. The pandemic-era surge in homeowner projects faded; big-ticket discretionary categories (appliances, flooring, outdoor) softened first, and those are slower-turning to begin with.
- Higher rates cooled projects. Mortgage and financing costs lengthened homeowner decision cycles, pushing out the repeat-purchase cadence that drives turnover.
- Inventory discipline, not a velocity rebound. The recovery to 3.3x came from holding inventory roughly flat against returning sales, not from a structural acceleration in how fast stock moves.
The result is a company parked firmly in the low-3x band, structurally below Home Depot's low-to-mid 4x. Until the Pro mix moves materially, that gap is the baseline.
Frequently asked questions
What was Lowe's fiscal 2024 10-K inventory turnover ratio?
Lowe's inventory turnover was 3.3x in fiscal 2024, the year ended January 31, 2025. That is $55.80B cost of goods sold divided by roughly $17.15B average inventory (the mean of the $16.89B opening and $17.41B closing balances) from its 10-K. It stayed at 3.3x in fiscal 2025 (ended January 30, 2026).
What was Lowe's inventory turnover in fiscal 2025?
Lowe's turned its inventory 3.3x in fiscal 2025 (the year ended January 30, 2026), on $57.40B cost of goods sold over roughly $17.4B average inventory. Turnover has held in the low-3x band since fiscal 2023.
How is Lowe's inventory turnover calculated from the 10-K?
Divide cost of goods sold by average inventory, where average inventory is the mean of the opening and closing balance-sheet inventory for the fiscal year. Both figures come straight from the Lowe's 10-K income statement and balance sheet on SEC EDGAR; Lowe's tags COGS as Cost of Goods and Services Sold in its XBRL data.
Why is Lowe's inventory turnover lower than Home Depot's?
The roughly 1.2-turn gap (3.3x vs Home Depot's 4.5x in fiscal 2025) tracks customer mix. Home Depot runs near 50% Pro revenue; Lowe's is closer to 25%. Pro contractors buy in case and pallet quantities and visit weekly, so their SKUs exit faster than the casual-project DIY baskets that weigh more heavily on Lowe's.