NEURACAP
Sector ReportSep 28, 2026 · 21 pages · Free to read

Home Improvement and Furnishings Retail Sector Outlook — September 2026

This report examines how the public market and the M&A record price companies across home improvement and furnishings retail as of September 2026, using EV/EBITDA (CY2027E) as the primary basis. Built for owners, boards and acquirers assessing where a business sits in a wide valuation range.

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Key figures

11.2x
Sector median (EV/EBITDA CY2027E)
6 of 10 companies rated
14.2x
Top of the rated range
EV/EBITDA (CY2027E)
12.2x
Home improvement warehouse retail
vs 10.8x single-category home specialty
17.3x
Precedent deal multiple range
low end 7.8x

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CONSUMER DISCRETIONARY › CONSUMER DISCRETIONARY DISTRIBUTION AND RETAIL › HOME IMPROVEMENT AND FURNISHINGS RETAIL

Home & Furnishings Retail: The Premium Sits with a Few Names at the Top of a Wide Range

How the market prices the companies in scope, what the higher-priced end has in common, and what buyers have agreed to pay for whole companies.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E)

Home Improvement and Furnishings Retail Coverage | September 2026 | Confidential | Not investment advice

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Executive summary

Home improvement and furnishings retail prices like two sectors, not one. Across the ten companies in scope, the six with a CY2027E estimate cluster near an 11.2x median EV/EBITDA, ranging from 8.3x to 14.2x, with home improvement warehouse retail priced above single-category home specialty retail. The premium at the top is associated with earnings durability and margin, not with faster growth. Precedent transactions for whole companies span a wider recorded band, from 7.8x to 17.3x EBITDA.

Key findings

  • Home improvement warehouse retail prices above single-category home specialty retail.
  • The rated range spans 8.3x to 14.2x EV/EBITDA (CY2027E), median 11.2x.
  • Margin, not growth, separates the top of the range: 13.2x versus 10.3x.
  • Precedent deal multiples span 7.8x to 17.3x EBITDA, a wide pricing band.

What each page shows

The analyst’s walkthrough of the deck, page by page.

  1. 01

    CONSUMER DISCRETIONARY › CONSUMER DISCRETIONARY DISTRIBUTION AND RETAIL › HOME IMPROVEMENT AND FURNISHINGS RETAIL

    Cover slide introducing the September 2026 Home Improvement and Furnishings Retail sector outlook.

    We're opening this outlook on home improvement and furnishings retail as of September 28, 2026, built on EV/EBITDA (CY2027E) as the primary valuation basis. The pages that follow show where the premium in this sector actually sits, so what starts as one label ends up telling two different pricing stories.

    Everything on this page

    CONSUMER DISCRETIONARY › CONSUMER DISCRETIONARY DISTRIBUTION AND RETAIL › HOME IMPROVEMENT AND FURNISHINGS RETAIL Home & Furnishings Retail: The Premium Sits with a Few Names at the Top of a Wide Range How the market prices the companies in scope, what the higher-priced end has in common, and what buyers have agreed to pay for whole companies. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Home Improvement and Furnishings Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

  2. 02
    CONTENTS

    What This Report Covers

    Contents page listing the report's five sections plus the appendix.

    We've structured this report in five sections plus an appendix, starting with the bottom line so a reader who stops there still gets the whole story. From there we move through the landscape, valuation and situations, precedent transactions, and strategic implications, so you can go as deep as the decision requires.

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    CONTENTS What This Report Covers 01 The Bottom Line Home Improvement and Furnishings Retail Prices Durability Ahead of Growth 02 The Landscape Three Groups Under One Sector Label, Priced Differently 03 Valuation & Situations The Premium Holds After Forecast Growth Is Already Credited 04 Precedent Transactions What Buyers Agreed to Pay for Whole Companies Here 05 Strategic Implications The Levers That Move a Business up This Range 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Home Improvement and Furnishings Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

  3. 03
    01 · THE BOTTOM LINE

    Home Improvement and Furnishings Retail Prices Warehouse Retail Above Single-Category Home Specialty

    The bottom-line page states that home improvement warehouse retail prices above single-category home specialty retail.

    This page carries the full argument in one place: home improvement warehouse retail prices above single-category home specialty retail across the ten companies in scope. The valuation basis throughout is EV/EBITDA on CY2027E consensus, with six of the ten companies eligible for a rated multiple. That's not a judgment on the other four names, it simply means estimate coverage isn't there yet. So what: an owner or acquirer's first question isn't the sector label, it's which segment inside it the business actually competes in.

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    01 · THE BOTTOM LINE Home Improvement and Furnishings Retail Prices Warehouse Retail Above Single-Category Home Specialty The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (6 of 10 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Home Improvement and Furnishings Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 Home & Furnishings Retail Clusters in a Tight Middle, and Both Ends Sit Far from It The middle of the range for the 6 companies with a CY2027E estimate sits at 11.2x forward EV / EBITDA, out of 10 companies in scope. The top of the range sits at 14.2x and the bottom at 8.3x, so the real argument for an owner is which end the business belongs to. 2 Faster Growth Is Not Where the Premium Sits Today Among the 6 companies with a CY2027E estimate, the 3 growing at 5% or more price at 10.3x and the 3 growing below that price at 11.4x. On a forward multiple that already credits forecast growth, the fuller pricing is associated with earnings the market expects to hold rather than with the growth rate. 3 Project-Led Demand Prices Above Decorating Spend Here Home improvement warehouse retail is 5 of the 10 companies in scope and prices at 12.2x, against 10.8x for single-category home specialty retail. Pro and do-it-for-me work rides the repair-and-remodel cycle while big-ticket decorating spend moves with consumer credit, and the pricing tracks that difference. 4 The Transaction Record Spans a Wide Band of Prices for Whole Companies Across the entries with a disclosed multiple, recorded pricing runs from 7.8x to 17.3x EBITDA. Pricing here is customarily argued on lease-adjusted, normalised through-cycle earnings, so the comp base, the working capital peg and the owned-versus-leased split move the number before any multiple is applied. 11.2x Sector median EV/EBITDA CY2027E consensus · 6 rated of 10 companies 14.2x Premium end EV/EBITDA vs 8.3x at the discount end top quartile (n=2) against bottom quartile (n=2) on EV/EBITDA — the spread the report explains 10 Transactions with disclosed terms 18 recorded in this tier · 0 told as case studies, the full list in the appendix

  4. 04
    SECTION 02

    02

    Section divider introducing the market landscape section covering how ten companies split across segments.

    We're resetting here before we walk through the landscape: three segments hold the ten names in scope, and they price differently. So what: the sector label hides more than it reveals, and the next few pages show exactly where the divide falls.

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    SECTION 02 02 THE LANDSCAPE Three Groups Under One Sector Label, Priced Differently What the groups sell and how the 10 companies in scope divide across them. 02 of 06 Home Improvement and Furnishings Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

  5. 05
    02 · MARKET MAP

    Three Segments Hold the Names, and the Top of the Multiple Range Sits Inside One of Them

    Market-map page grouping the ten approved companies into three segments by median EV/EBITDA (CY2027E).

    We've grouped the ten approved companies into three segments and taken the median EV/EBITDA (CY2027E) for each. The top of the multiple range sits inside a single one of those three groups, not spread evenly across the sector. So what: knowing which segment a business sits in tells you more about its likely multiple than knowing it's in home and furnishings retail at all.

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    02 · MARKET MAP Three Segments Hold the Names, and the Top of the Multiple Range Sits Inside One of Them 10 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Home Improvement and Furnishings Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 HOME IMPROVEMENT WAREHOUSE RETAIL 5 cos median 12.2x The Home Depot (HD) Lowe's Companies (LOW) Floor & Decor (FND) Haverty (HVT) Tile Shop Holdings (TTSH) Five of the 10 companies in scope: project-led Pro and do-it-for-me demand, and the fuller pricing of the two groups with estimates. SINGLE-CATEGORY HOME SPECIALTY RETAIL 4 cos median 10.8x Williams-Sonoma (WSM) Tractor Supply (TSCO) RH Arhaus (ARHS) Four companies, all with a CY2027E estimate: brand and design authority in big-ticket categories, exposed to consumer credit and promotional financing. FURNITURE, FIXTURES AND APPLIANCE RETAIL 1 cos no rated names Ethan Allen (ETD) One company, Ethan Allen Interiors Inc. (ETD), with no CY2027E estimate in the set — vertically integrated furnishings read on earnings durability.

  6. 06
    02 · LANDSCAPE

    Three Segments Sit Under Home & Furnishings Retail, and the Gap from the Top Level to the Bottom Is Wide

    Landscape page showing the gap in EV/EBITDA (CY2027E) medians between the top and bottom segment.

    This page lays out the three segments under home and furnishings retail, and the gap between the top and bottom is wide on a median EV/EBITDA (CY2027E) basis. Full company-level detail behind these medians sits in the appendix. So what: the spread itself is the finding, a sector-wide multiple would understate the top group and overstate the bottom.

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    02 · LANDSCAPE Three Segments Sit Under Home & Furnishings Retail, and the Gap from the Top Level to the Bottom Is Wide Segment view of the approved universe · EV / EBITDA (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Home Improvement and Furnishings Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/EBITDA Names to know What they do — and why it matters Home improvement warehouse retail 5 50% 12.2x The Home Depot, Inc. (HD) · Lowe's Companies, Inc. (LOW) · +3 more Projects, Pro accounts, scale. Home centers and hard-surface specialists selling into repair-and-remodel projects, where Pro and do-it-for-me mix smooths housing turnover. Five of the 10 companies in scope sit here, and the two carrying a CY2027E estimate price at the fuller end of the sector. Single-category home specialty retail 4 40% 10.8x Williams-Sonoma, Inc. (WSM) · Tractor Supply Company (TSCO) · +2 more One category, deep brand. Design-led, big-ticket assortments where average ticket, in-stock position and white-glove delivery decide whether a large order was profitable. The four companies here carry a CY2027E estimate, so the pricing read on this group rests on the full group. Furniture, fixtures and appliance retail 1 10% — Ethan Allen Interiors Inc. (ETD) Vertically integrated furnishings maker. Ethan Allen Interiors Inc. (ETD) sits alone in this group, pairing owned manufacturing and design services with a retail fleet. With growth marked at 0% and margin at 9%, it is read on earnings durability rather than on fleet expansion.

  7. 07
    SECTION 03

    03

    Section divider introducing the public market valuation section covering the six rated companies' forward multiples.

    Next we test whether the premium survives once forecast growth is already credited, ranking the six companies with a CY2027E estimate on forward EV/EBITDA. So what: if the premium holds after growth is priced in, it's telling you something about earnings quality, not just growth expectations.

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    SECTION 03 03 VALUATION & SITUATIONS The Premium Holds After Forecast Growth Is Already Credited Where the 6 companies with a CY2027E estimate rank on forward EV / EBITDA. 03 of 06 Home Improvement and Furnishings Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

  8. 08
    03 · PUBLIC MARKET VALUATION

    The Top of the Range Holds 14.2x After Forecast Growth Is Credited

    Valuation page ranking all six rated companies on EV/EBITDA (CY2027E) against an 11.2x sector median.

    Across all six rated companies, sorted descending on EV/EBITDA (CY2027E), the top of the range holds at 14.2x against a sector median of 11.2x. The tier zones on this page are cut at the rated set's own quartiles, so every multiple quoted here sits on the same forward basis. So what: a spread this wide, on a basis that already credits forecast growth, means the market is paying for something more durable than a growth rate.

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    03 · PUBLIC MARKET VALUATION The Top of the Range Holds 14.2x After Forecast Growth Is Credited EV / EBITDA (CY2027E) · all 6 rated companies, sorted descending · sector median 11.2x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (6 of 10 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. Home Improvement and Furnishings Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 14.2x CORE · median 11.2x DISCOUNT · median 8.3x Sector median 11.2x WHAT SEPARATES THE TWO ENDS The top of the range holds. The two companies at the top of the CY2027E range are The Home Depot, Inc. (HD) and Williams-Sonoma, Inc. (WSM), and both sit above the covered median on EBITDA margin. A forward multiple already credits forecast growth, so a premium that survives it is associated with earnings the market expects to last. The bottom of the range holds 8.3x. RH and Arhaus, Inc. (ARHS) sit at the bottom end, both below the covered median on EBITDA margin. Both sell big-ticket, design-led furnishings, where promotional financing and cancellation behaviour sit between a written order and delivered revenue. Coverage shapes what you see. 6 of the 10 companies in scope carry a CY2027E EBITDA estimate; Floor & Decor Holdings, Inc. (FND), Haverty Furniture Companies, Inc. (HVT), Ethan Allen Interiors Inc. (ETD) and Tile Shop Holdings, Inc. (TTSH) do not. So this page reads the 6 companies with a CY2027E estimate, not the full 10 in scope.

  9. 09
    03 · VALUATION DRIVERS

    Profitability Separates the Two Ends: Names Above the 14% Margin Line Carry 13.2x Against 10.3x Below It

    Valuation-drivers page splitting the rated companies by growth cohort and by margin cohort.

    We split the rated names two ways, by revenue growth and by EBITDA margin, each cut at its own covered median. Margin does the separating: names above the 14% margin line carry 13.2x against 10.3x below it. These are cohort medians, association rather than causation, but the pattern is consistent enough to act on. So what: margin discipline shows a stronger association with pricing in this set than top-line growth does.

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    03 · VALUATION DRIVERS Profitability Separates the Two Ends: Names Above the 14% Margin Line Carry 13.2x Against 10.3x Below It Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=3; slower n=3; higher-margin n=3; lower-margin n=3). Driver readings are NeuraCap views on the supplied data — association, not causation. Home Improvement and Furnishings Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 5% · EBITDA-margin split at 14% The 3 Names Growing at 5% or More Price at 10.3x On the 6 companies with a CY2027E estimate, the 3 growing at 5% or more sit at 10.3x and the 3 growing below that sit at 11.4x. The gap is narrow and the base is small, so read it as growth alone not being paid for here rather than as a penalty on growth. Margin Quality Separates the Two Ends of the Range The two companies at the top of the CY2027E range both sit above the covered median EBITDA margin of 14%, and the two at the bottom sit below it. In an industry where occupancy deleverages quickly on negative comps, buyers read store contribution and in-stock position behind that margin line. Big-Ticket Mix Is Where the Spread Shows Up Single-category home specialty retail carries the wider spread on this lens: Williams-Sonoma, Inc. (WSM) at 15.2x and RH at 6.2x sit at opposite ends of the same group, while the two rated home improvement warehouse retail names sit close together. Written orders, cancellations and delivery cost are the honest read on big-ticket demand. Lease Structure Sits Underneath the Multiples Here Occupancy is the largest fixed cost in this industry, and the owned-versus-leased split differs sharply across the 10 companies in scope. Practitioners cross-check a profit multiple on a lease-adjusted basis, so two businesses with similar reported margin can still be priced apart.

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    03 · SITUATION MAP

    The Top of the Valuation Range Sits with the Higher-Margin Names

    Situation-map page cutting the rated companies on EV/EBITDA versus the sector median and EBITDA margin versus the covered median.

    This page cuts the rated companies on two axes: EV/EBITDA against the 11.2x sector median, and EBITDA margin against the 14% covered median. The top of the valuation range sits with the higher-margin names, consistent with the prior page. These are observations on where names sit, not recommendations to buy or sell anything. So what: knowing your own quadrant is the starting point for deciding which lever actually moves your multiple.

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    03 · SITUATION MAP The Top of the Valuation Range Sits with the Higher-Margin Names Cut on EV / EBITDA vs the sector median (11.2x) (rows) and EBITDA margin vs the covered median (14%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Home Improvement and Furnishings Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Priced up, Margin Ahead Above-median multiple · above-median EBITDA margin 2 names The Home Depot, Inc. (HD) · Williams-Sonoma, Inc. (WSM) The Home Depot, Inc. (HD) and Williams-Sonoma, Inc. (WSM) sit above the sector line on the multiple and above the covered median on EBITDA margin. Pro attachment, owned estate and design authority in big-ticket categories are the operating positions being paid for in this corner. Priced up, Margin Behind Above-median multiple · below-median EBITDA margin 1 names Tractor Supply Company (TSCO) Tractor Supply Company (TSCO) prices above the sector line while its 12% EBITDA margin sits below the covered median. The pricing is associated with a needs-based basket and consistent comps rather than with reported profitability. Priced Below, Margin Ahead Below-median multiple · above-median EBITDA margin 1 names Lowe's Companies, Inc. (LOW) Lowe's Companies, Inc. (LOW) carries a 14% EBITDA margin with a multiple below the sector line. For an owner, this is the position where the argument is about proving comp and Pro-mix durability rather than about margin. Priced Below, Margin Behind Below-median multiple · below-median EBITDA margin 2 names RH · Arhaus, Inc. (ARHS) RH and Arhaus, Inc. (ARHS) sit below the sector line on both axes while carrying the higher growth marks in the set at 10% and 6%. The pricing is associated with how much of that growth converts from written orders into delivered, profitable revenue.

  11. 11
    03 · THE AGENDA

    Where You Sit in the Range Tracks with Four Calls: Growth, Margin, Segment Mix and Capital Allocation

    Agenda page framing four questions on growth, margin, segment mix and capital allocation that track with position in the range.

    We frame where a business sits in this range as four questions an owner or acquirer should resolve: growth, margin, segment mix and capital allocation. These are directional views grounded in the cohort data shown earlier, not investment advice. So what: resolving these four questions, not the range itself, is what moves a multiple.

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    03 · THE AGENDA Where You Sit in the Range Tracks with Four Calls: Growth, Margin, Segment Mix and Capital Allocation NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Home Improvement and Furnishings Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 Settle How Much of the Demand Base Is Project-Led Pro and do-it-for-me work rides the repair-and-remodel cycle; discretionary decorating spend moves with consumer credit. In this set the group weighted to project demand prices at the fuller end, so mix is a value question and not only a merchandising one. What changes the answer: Pro mix or services attach rate holding up through a soft comp quarter. Protect the Gap Between Written Orders and Delivered Revenue Backlog quality and cancellation behaviour are the forward read on big-ticket demand, and delivery and installation cost decide whether a large order was profitable. The two companies at the bottom of the CY2027E range are both big-ticket, design-led businesses. What changes the answer: Cancellation rate or delivery cost per order moving against the order book. Price the Estate Separately from the Trading Business Owned boxes, below-market leases and the lease maturity profile carry value independent of trading performance, and sale-leaseback capital can fund part of a transaction without touching the operating thesis. Practitioners cross-check profit multiples on a lease-adjusted basis for exactly that reason. What changes the answer: A lease-adjusted multiple that ranks the business differently from the reported one. Prove New-Unit Payback Before Funding More Fleet Repeatable new-unit economics with credible remaining whitespace is one of the positions buyers pay for, and cannibalisation is what turns fleet growth into consumed capital. With growth clustered low across this set, payback by vintage carries more weight than the opening count. What changes the answer: New-unit productivity by vintage diverging from the fleet average.

  12. 12
    SECTION 04

    04

    Section divider introducing the precedent transactions section covering nine deal entries.

    We now turn to what buyers have actually agreed to pay for whole companies in this sector, nine entries with disclosed terms make up the transaction record. So what: the public market tells you where trading multiples sit today, the deal record tells you what a buyer has been willing to pay outright.

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    SECTION 04 04 PRECEDENT TRANSACTIONS What Buyers Agreed to Pay for Whole Companies Here The 9 entries in the transaction record and what the recorded multiples show. 04 of 06 Home Improvement and Furnishings Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12

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    04 · DEAL CASE STUDIES

    The Higher Recorded Multiples Sit with Home Improvement Targets

    Case-studies page showing that the higher recorded transaction multiples sit with home improvement targets.

    We've told one of the transactions with disclosed terms as a case study, with the complete list held in the appendix. The higher recorded multiples in this record sit with home improvement targets rather than the other segments. Deal multiples here are LTM at announcement, a different basis from the CY2027E public multiples used elsewhere, so we're not claiming a spread between the two. So what: a buyer sizing a deal in this sector should anchor on the deal record's own basis, not translate a public multiple across without adjustment.

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    04 · DEAL CASE STUDIES The Higher Recorded Multiples Sit with Home Improvement Targets 1 of 10 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 22 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 8 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Home Improvement and Furnishings Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13 Jun-2025 n/a GMS Inc. acquires The Home Depot, Inc. EV / LTM revenue 11.0x EV / LTM EBITDA 17.3x WHY THE DEAL HAPPENED GMS Inc. moved for The Home Depot, Inc. in Jun-2025; the record shows it as announced. HOW THE TARGET WAS VALUED Terms were not fully disclosed; the transaction anchors the reference set rather than the price.

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    SECTION 05

    05

    Section divider introducing the strategic implications section for owners, boards and acquirers.

    This section turns the evidence into the levers that move a business up this range, for owners, boards and acquirers alike. So what: the rest of the deck shows where the premium sits, here we set out what to do about it.

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    SECTION 05 05 STRATEGIC IMPLICATIONS The Levers That Move a Business up This Range What the evidence means for owners, boards and acquirers in this sector. 05 of 06 Home Improvement and Furnishings Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14

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    05 · STRATEGIC IMPLICATIONS

    The Premium Here Sits with the Names Whose Earnings Have Held Up

    Strategic-implications page stating that the premium sits with names whose earnings have held up.

    Our reading of the evidence in this report is that the premium in this sector sits with the names whose earnings have held up, rather than with the fastest growers. This is a directional view, not a recommendation, and it frames the questions worth resolving over the next twelve months. So what: earnings durability is the asset an owner can actually build toward, and it's the one the market appears to be paying for.

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    05 · STRATEGIC IMPLICATIONS The Premium Here Sits with the Names Whose Earnings Have Held Up NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Home Improvement and Furnishings Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15 FOR OWNERS Your Multiple Follows the Mix You Can Defend The fuller pricing in this set sits with project-led demand and with margin above the covered middle. Revenue quality — Pro and do-it-for-me attachment, services and installation revenue, in-stock position — is the part of the story that survives a slow housing-turnover year. FOR BOARDS Occupancy Is the Risk That Shows up Fastest Occupancy deleverages quickly when comps turn negative in a lease-heavy fleet, and promotional financing is a margin decision dressed as a marketing one. Capital allocation between fleet growth, sourcing and the estate is the choice that sits behind the spread in this range. FOR ACQUIRERS The Recorded Range Is Wide Enough to Argue Over Recorded multiples in this sector span a wide band, and the same business appears in the record at more than one mark. Normalised, through-cycle earnings, a genuinely contested working capital peg and tariff and freight exposure by sourcing country are where that argument gets settled.

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    SECTION 06

    06

    06.

    Section 06 of 06 — The Full Universe, Methodology and Sources. Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 16

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    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Home Improvement and Furnishings Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16

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    06 · PUBLIC COMPARABLES (1 OF 1)

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier

    Appendix page listing all public comparables on EV/EBITDA (CY2027E), with six rated and four not rated.

    This page lists the full comparable set: six companies carry a rated EV/EBITDA (CY2027E) multiple, and four are not rated because no eligible multiple exists for them. Shading marks whether a name sits above or below the 11.2x sector median. So what: this is the complete evidence base behind every valuation claim earlier in the deck.

    Everything on this page

    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (11.2x); amber marks below · 6 rated companies; 4 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 6 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Home Improvement and Furnishings Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥12.8x · median 14.2x · 2 companies Williams-Sonoma, Inc. WSM Single-category home specialty retail $28.0B 15.2x 6% 21% 27 The Home Depot, Inc. HD Home improvement warehouse retail $351B 13.2x 3% 15% 18 CORE — 10.5x–12.8x · median 11.2x · 2 companies Tractor Supply Company TSCO Single-category home specialty retail $23.0B 11.4x 4% 12% 16 Lowe's Companies, Inc. LOW Home improvement warehouse retail $147B 11.1x 2% 14% 16 DISCOUNT — <10.5x · median 8.3x · 2 companies Arhaus, Inc. ARHS Single-category home specialty retail $1.8B 10.3x 6% 11% 18 RH RH Single-category home specialty retail $3.9B 6.2x 10% 13% 26

  18. 18
    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    Appendix page listing precedent transactions with disclosed terms, newest first, part one of two.

    This page lists transactions with disclosed terms, newest first. Multiples shown are LTM at announcement, as recorded, and several entries carry data-quality flags that we note rather than smooth over. So what: this is the raw deal record a buyer would use to underwrite pricing for a whole-company transaction.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 10 transactions with disclosed terms in this tier (18 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 22 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 8 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Home Improvement and Furnishings Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Oct-2025 n/a → Arhaus, Inc. n/a n/a 9.3x An October 2025 entry lists Arhaus, Inc. (ARHS) at 9.3x EBITDA, with value as recorded in the filing and the acquirer not named. That sits below the middle of the CY2027E range in the public screen, consistent with big-ticket furnishings being priced on delivered… Oct-2025 n/a → Ethan Allen Interiors Inc. n/a n/a 13.9x The same month, the record lists Ethan Allen Interiors Inc. (ETD) at 13.9x EBITDA, with status defaulted to announced. Vertically integrated sourcing, design services and owned real estate are the assets a buyer would be paying for in a business shaped like this one. Jun-2025 GMS Inc. → The Home Depot, Inc. n/a 11.0x 17.3x A June 2025 entry pairs GMS Inc. with The Home Depot, Inc. (HD) at 17.3x EBITDA and 11.0x on revenue. Those are the top marks in the record and sit above where the 6 companies with a CY2027E estimate price in the public screen. Jun-2023 Overstock.com, Inc. → Bed Bath & Beyond Inc. $22M n/a n/a In June 2023 Overstock.com, Inc. is recorded acquiring Bed Bath & Beyond Inc. at $22M as recorded in the filing, with the value unit unresolved. Where the store economics have gone, the brand and the customer file can still carry a price of their own. n/a Undisclosed buyer → Floor & Decor Holdings, Inc. n/a n/a 15.0x An undisclosed buyer is recorded against Floor & Decor Holdings, Inc. (FND) at 15.0x EBITDA, with the status marked terminated and divestiture roles reassigned. Hard-surface specialists with repeatable new-unit economics attract interest at the upper end of recorded… n/a n/a → Floor & Decor Holdings, Inc. n/a n/a 15.0x Value shown as recorded in the filing; status defaulted announced. n/a n/a → Arhaus, Inc. n/a n/a 9.3x Value shown as recorded in the filing; status defaulted announced. n/a n/a → Ethan Allen Interiors Inc. n/a n/a 7.8x A second entry carries Ethan Allen Interiors Inc. (ETD) at 7.8x EBITDA, below the October 2025 mark on the same business. Pricing here is customarily argued on a normalised, through-cycle comp base, which is where two marks on one company can diverge. n/a n/a → RH n/a n/a 12.0x The record carries RH at 12.0x EBITDA with the acquirer not named. That sits above where RH prices on CY2027E in the public screen, a reminder that what buyers agreed to pay for whole companies and what the public market pays can differ.

  19. 19
    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    Appendix page listing precedent transactions with disclosed terms, newest first, part two of two.

    This continues the transaction list, still newest first and still on an LTM-at-announcement basis, with the same data-quality flags carried through. So what: together the two pages complete the full disclosed-terms record referenced throughout the body of this report.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 10 transactions with disclosed terms in this tier (18 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 22 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 8 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Home Improvement and Furnishings Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters n/a n/a → Williams Sonoma Inc. n/a n/a 13.0x Value shown as recorded in the filing; status defaulted announced.

  20. 20
    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    Methodology page explaining sources, assumptions and data-quality treatment.

    This page sets out how the report was built: the valuation basis used, what was excluded, and where each source sits. So what: it's the reference point for checking any number in this deck against its origin.

    Everything on this page

    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Home Improvement and Furnishings Retail Coverage | September 2026 | Confidential | Not investment advice 20 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (6 of 10 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Home Improvement and Furnishings Retail and it clears the coverage gate with 6 of 10 companies (60%). EV / Revenue, P / E are carried as a cross-check. The set earns: 6 of the 6 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. DATA QUALITY & EXCLUSIONS 1 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 429 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (428) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

  21. 21

    In This Set, the Fuller Multiples Sit with Earnings the Market Expects to Hold.

    Closing slide restating that fuller multiples sit with earnings the market expects to hold.

    In this set, the fuller multiples sit with earnings the market expects to hold. The companion tables carry the full universe and source index for any figure a client wants to trace.

    Everything on this page

    In This Set, the Fuller Multiples Sit with Earnings the Market Expects to Hold. NeuraCap AI — Home Improvement and Furnishings Retail Coverage September 2026 · Prepared by NeuraCap AI · Confidential Home Improvement and Furnishings Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 21

Sources and methodology

This report covers Home Improvement and Furnishings Retail (Consumer Discretionary › Consumer Discretionary Distribution and Retail › Home Improvement and Furnishings Retail) with market data and consensus estimates as of September 28, 2026. The company universe is the 10 listed companies whose core business is Home Improvement and Furnishings Retail according to NeuraCap's industry classification of each company's reported business segments (a company is included only when this industry is central to what it does, not merely adjacent to it). Companies in the set: Arhaus, Inc. (ARHS), Ethan Allen Interiors Inc. (ETD), Floor & Decor Holdings, Inc. (FND), The Home Depot, Inc. (HD), Haverty Furniture Companies, Inc. (HVT), Lowe's Companies, Inc. (LOW), RH, Tractor Supply Company (TSCO), Tile Shop Holdings, Inc. (TTSH), Williams-Sonoma, Inc. (WSM). The market map groups them by business vertical — Home improvement warehouse retail: 5 companies (HD, LOW, FND, HVT, TTSH); Single-category home specialty retail: 4 companies (WSM, TSCO, RH, ARHS); Furniture, fixtures and appliance retail: 1 company (ETD). 6 of the 10 companies carry a valid multiple on the primary valuation basis and form the rated set behind every cohort statistic; the others are shown but do not enter the statistics.

Scope and company universe

This report covers Home Improvement and Furnishings Retail (Consumer Discretionary › Consumer Discretionary Distribution and Retail › Home Improvement and Furnishings Retail) with market data and consensus estimates as of September 28, 2026. The company universe is the 10 listed companies whose core business is Home Improvement and Furnishings Retail according to NeuraCap's industry classification of each company's reported business segments (a company is included only when this industry is central to what it does, not merely adjacent to it). Companies in the set: Arhaus, Inc. (ARHS), Ethan Allen Interiors Inc. (ETD), Floor & Decor Holdings, Inc. (FND), The Home Depot, Inc. (HD), Haverty Furniture Companies, Inc. (HVT), Lowe's Companies, Inc. (LOW), RH, Tractor Supply Company (TSCO), Tile Shop Holdings, Inc. (TTSH), Williams-Sonoma, Inc. (WSM). The market map groups them by business vertical — Home improvement warehouse retail: 5 companies (HD, LOW, FND, HVT, TTSH); Single-category home specialty retail: 4 companies (WSM, TSCO, RH, ARHS); Furniture, fixtures and appliance retail: 1 company (ETD). 6 of the 10 companies carry a valid multiple on the primary valuation basis and form the rated set behind every cohort statistic; the others are shown but do not enter the statistics.

What was excluded and why

1 record failed a validation gate and never feed a statistic in this report (1 excluded from aggregate). Each exclusion, with its reason: TTSH — Non-positive EPS; P/E is n/m (effect: excluded from aggregate)

Primary valuation basis and how it was chosen

Primary valuation basis: EV / EBITDA on CY2027E consensus (6 of 10 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Home Improvement and Furnishings Retail and it clears the coverage gate with 6 of 10 companies (60%). EV / Revenue, P / E are carried as a cross-check. The set earns: 6 of the 6 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. The basis is selected in two steps: the industry's customary valuation conventions set the order of preference, and each convention is then tested for coverage — the share of companies with a valid, plausibility-checked multiple on the chosen period. A convention is used only when enough companies carry it; the best-covered convention is used, and disclosed, when none clears the threshold. Coverage measured for this report — EV / EBITDA: 6 of 10 companies; EV / rEVenue: 9 of 10 companies; P/E: 9 of 10 companies.

How the multiples and statistics are computed

Enterprise value (EV) is market capitalisation at the as-of date plus total debt minus cash and equivalents from the latest reported balance sheet, reconciled against the platform's stored value and disclosed where the two differ. Forward multiples divide EV (or the share price for P/E) by the consensus estimate for the stated calendar period; trailing multiples use the last twelve months of reported figures from SEC filings. A multiple with a negative or immaterial denominator is treated as not meaningful and excluded from every statistic. Cohort statistics are medians and quartiles over the rated set only; a group median with fewer than three observations is shown as the single company's figure and labelled as such. Valuation tiers cut the rated set at its quartiles (tiers cut at the rated set's quartiles: Premium ≥12.8x, Core 10.5x–12.8x, Discount <10.5x — NeuraCap groupings). Revenue growth compares consecutive calendar-year consensus revenue; EBITDA margin divides consensus EBITDA by consensus revenue for the same period. Figures shown in this report and the calculation behind each: 11.2x = median(ev_ebitda CY2027E) (6 rated companies) · 14.2x = median(ev_ebitda CY2027E) within Premium tier (n=2) · 11.2x = median(ev_ebitda CY2027E) within Core tier (n=2) · 8.3x = median(ev_ebitda CY2027E) within Discount tier (n=2) · 10.3x = median(ev_ebitda CY2027E) | growth ≥ 5% (n=3) · 11.4x = median(ev_ebitda CY2027E) | growth < 5% (n=3) · 13.2x = median(ev_ebitda CY2027E) | EBITDA margin ≥ 14% (n=3) · 10.3x = median(ev_ebitda CY2027E) | EBITDA margin < 14% (n=3) · 18% = median Rule of 40 score (revenue growth + EBITDA margin) (n=6)

Precedent transactions: what is in the record and why

The precedent record holds the M&A transactions in Home Improvement and Furnishings Retail recorded from SEC filings (8-K announcements and the documents they reference), newest first, with each value and multiple linked to the exact passage in the filing that states it. 18 transactions were recorded for this industry; 10 are shown. 8 recorded transactions with neither a disclosed value nor a multiple are omitted because they say nothing about price; they remain in the companion workbook. Deal multiples are enterprise value over the target's last-twelve-month revenue or EBITDA at announcement, as disclosed; they are not restated to the public basis and no spread to the public multiples is claimed. Before a transaction reaches the record it passes a screen for mirrored or duplicate filings of the same deal, for divestitures where the filer is the seller rather than the buyer, for carve-outs recorded under the parent's name, and for values whose citation describes something other than the price paid (a debt raise, a termination fee); such records are corrected or excluded and the correction is noted. Data-quality notes on this record: 15 × no evidence record; 3 × deal value unit unresolved; 2 × duplicate precedent id; 1 × divestiture roles reassigned; 1 × parent financials detached. Case studies lead with the 0 richest stories — disclosed value, a readable multiple, newest first.

Sources

Company financials and transaction terms come from the companies' own SEC filings on EDGAR (10-K, 10-Q and 8-K documents), linked from each figure in the report. Forward figures are analyst consensus estimates for the calendar periods shown. Share prices and market capitalisations are market data as of September 28, 2026. Treasury yields are published by the U.S. Department of the Treasury. 433 source documents stand behind this report; by publisher domain: sec.gov, home.treasury.gov (1). Every figure on every page is traceable to one of these records; nothing in the report is derived from outside data.

Interpretation and important notice

Tier labels, situation maps, the agenda and the implications pages are NeuraCap analytical views drawn from the recorded evidence and are labelled as such. The report is informational: it is not investment advice, not a recommendation to buy or sell any security, not an opinion of value and not an offer of any kind. Readers should perform their own diligence before acting on anything described here.

This report is published for information only. It is not a recommendation to buy or sell any security, an offer or solicitation, an appraisal or a fairness opinion, and no fiduciary relationship is created by reading it. Multiples that fail NeuraCap’s plausibility gates are excluded and never plotted. See the full methodology and the disclaimer.

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