Home Depot (HD) shares trade near $300, down about 26% over the past year, while the S&P 500 returned about 17%. Housing turnover has sat at historic lows for four years, and investors doubt the quality of Home Depot's reported profit. One number argues the other way. The stock trades at 1.8 times trailing sales, against a ten-year range of 1.7 to 2.9. Is Home Depot's Profit Really Flattered By A Tariff Refund? In the second quarter of fiscal 2026, tariff refunds cut Home Depot's cost of goods sold by $685 million. Take that away and the reported profit looks thinner. Management's answer is that part of it went straight back out.
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