Home Depot (The)

Leadership continuity is a strength. CEO Ted Decker and CFO Richard McPhail have maintained disciplined communication, steady margins and cash returns through a challenging demand backdrop. Governance is conventional for a large U.S. blue chip.

Management has been clear on Pro strategy, credit, delivery and assortment, and on capital deployment sequencing. ROIC remains best‑in‑class for big box retail at 31.3% in fiscal 2024 and 26.3% on a trailing basis through Q3 2025 after absorbing acquisition capital, illustrating attention to returns even as invested capital rises.

We see management as conservative stewards with pragmatic expectations.