Home Depot (NYSE: HD) has been one of the best-performing retailers in the market over the last decade.
The company's strong position in home-improvement products, an area that's been mostly protected from the disruption of e-commerce, and a housing boom have helped drive the stock up more than 600% over the last 10 years. That impressive performance has come almost entirely because of profit growth as the stock's price-to-earnings multiple has held steady. Today, it trades at a P/E of 21.2.
Will Home Depot's winning streak continue over the next five years? That depends on a few factors. Let's take a look at what we know and don't know about the company's direction to explore where the retailer will be in 2024.