Home Depot's 45-year return

Business · Heat 1.0 / 10 · 2 shows · 5m airtime

The Acquired podcast's deep dive, released September 25, 2026, found Home Depot delivered the highest return of any S&P 500 stock over 45 years: $1,000 at its 1981 IPO would be worth about $16 million. The discussion covers the four-store Atlanta IPO, the equity given to tradespeople on the floor, and why stagnant housing turnover has left comparable sales up just 1.7%. The $16 million figure became the headline number, and on October 14 Morgan Stanley reiterated an overweight rating and $400 price target after touring an Atlanta store.

How 2 podcasts covered it

1. Morning Brew Daily, 2026-09-25 (19:23 to 23:16)
   Walks through the IPO and employee equity
   Walks through the Acquired deep dive: the 1981 IPO with four Atlanta stores, the equity that made 3,000 floor employees multi-millionaires, and the stagnant comparable sales now that housing turnover has stalled.
   New angle: A $1,000 investment in Home Depot's 1981 IPO would be worth about $16 million today.
2. Closing Bell, 2026-10-14 (34:41 to 36:07)
   Reports Morgan Stanley's reiterated overweight on Home Depot
   Morgan Stanley's Atlanta store tour and management meeting produce a reiterated overweight and $400 target on Home Depot, with the CFO calling housing frozen and analysts arguing share gains are showing up without a macro tailwind.
   New angle: Morgan Stanley reiterated an overweight rating and $400 price target on Home Depot after touring an Atlanta store.