Home Depot (The)

Revenue is tied to repair and remodel and less to new construction, supporting through‑cycle resiliency, but still cyclical via housing turnover, rates and large project confidence. After a post‑pandemic normalization, comps stabilized in 2025 with modest positive prints, though big‑ticket softness persists.

Online sales at 15.1% and store‑fulfilled networks keep demand stickier through convenience and immediacy. The broad store base across three countries and a growing Pro distribution platform diversify local shocks. Risk factors include macro rate sensitivity, weather volatility, and integration execution.

Overall, we view mid single‑digit long‑term growth as reasonable, with variability around cycles.