Target Corporation (TGT) 10-Year Financial Performance & Capital Metrics

TGT •

Consumer DefensiveDiscount StoresWarehouse Clubs and Supercenters

AboutTarget Corporation operates as a general merchandise retailer in the United States. The company offers food assortments, including perishables, dry grocery, dairy, and frozen items; apparel, accessories, home décor products, electronics, toys, seasonal offerings, food, and other merchandise; and beauty and household essentials. It also provides in-store amenities, such as Target Café, Target Optical, Starbucks, and other food service offerings. The company sells its products through its stores; and digital channels, including Target.com. As of March 09, 2022, the company operated approximately 2,000 stores. Target Corporation was incorporated in 1902 and is headquartered in Minneapolis, Minnesota.Show more

Revenue $106.57B -0.8%
EBITDA $8.62B
Net Income $4.09B -1.1%
EPS (Diluted) 8.86 -0.9%
Gross Margin 25.84% +1.8%
EBITDA Margin 8.08% +0.9%
Operating Margin 5.29% -2.2%
Net Margin 3.84% -0.4%
ROE 29.12% -13.2%
ROIC 13.43% -11.6%
Debt/Equity 1.36 -7.3%
Interest Coverage 13.71 +18.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 28.6%
✓Strong Piotroski F-Score: 7/9
✓21 consecutive years of dividend growth
✓High quality earnings: Operating CF exceeds net income
✓Healthy dividend yield of 3.9%
✓Efficient asset utilization: 1.8x turnover

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y3.91%

5Y6.41%

3Y0.18%

TTM-2.05%

Profit (Net Income) CAGR

10Y-

5Y4.51%

3Y-16.18%

TTM-7.44%

EPS CAGR

10Y-

5Y6.86%

3Y-14.35%

TTM-6.36%

ROCE

10Y Avg18.11%

5Y Avg19.1%

3Y Avg14.64%

Latest15.43%

Peer Comparison

Warehouse Clubs and Supercenters

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
COSTCostco Wholesale Corporation	448.02B	1010.79	55.51	8.17%	2.96%	27.4%	1.75%	0.28
WMTWalmart Inc.	1.02T	127.95	46.87	4.73%	3.26%	22.35%	4.08%	0.67
PSMTPriceSmart, Inc.	5.07B	154.62	32.08	7.25%	2.73%	11.3%	2.03%	0.26
BJBJ's Wholesale Club Holdings, Inc.	13B	98.79	24.70	2.67%	2.72%	26.48%	2.41%	1.54
TGTTarget Corporation	51.84B	113.79	12.84	-0.79%	3.84%	26.1%	8.63%	1.36

Profit & Loss

	Jan 2016	Jan 2017	Jan 2018	Jan 2019	Jan 2020	Jan 2021	Jan 2022	Jan 2023	Jan 2024	Feb 2025
Sales/Revenue+	73.78B	69.5B	72.71B	75.36B	78.11B	93.56B	106B	109.12B	107.41B	106.57B
Revenue Growth %	1.61%	-5.81%	4.63%	3.63%	3.66%	19.78%	13.3%	2.94%	-1.57%	-0.79%
Cost of Goods Sold+	52.24B	51.17B	53.35B	55.52B	57.22B	68.18B	77.31B	84.61B	80.15B	79.03B
COGS % of Revenue	70.8%	73.63%	73.37%	73.68%	73.26%	72.87%	72.93%	77.54%	74.62%	74.16%
Gross Profit+	21.54B	18.32B	19.36B	19.83B	20.89B	25.38B	28.7B	24.51B	27.26B	27.54B
Gross Margin %	29.2%	26.37%	26.63%	26.32%	26.74%	27.13%	27.07%	22.46%	25.38%	25.84%
Gross Profit Growth %	12.14%	-14.94%	5.67%	2.42%	5.33%	21.49%	13.07%	-14.61%	11.24%	1.01%
Operating Expenses+	16.01B	13.95B	15.05B	15.63B	16.21B	18.55B	19.66B	20.59B	21.45B	21.9B
OpEx % of Revenue	21.7%	20.07%	20.7%	20.74%	20.75%	19.83%	18.55%	18.87%	19.97%	20.55%
Selling, General & Admin	14.47B	13.95B	15.05B	15.63B	16.21B	18.55B	19.66B	20.59B	21.45B	21.9B
SG&A % of Revenue	19.62%	20.07%	20.7%	20.74%	20.75%	19.83%	18.55%	18.87%	19.97%	20.55%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	1.54B	0	0	0	0	0	0	0	0	0
Operating Income+	5.53B	4.38B	4.32B	4.2B	4.68B	6.83B	9.03B	3.91B	5.81B	5.63B
Operating Margin %	7.49%	6.3%	5.93%	5.58%	5.99%	7.3%	8.52%	3.59%	5.41%	5.29%
Operating Income Growth %	32.46%	-20.8%	-1.48%	-2.62%	11.4%	45.84%	32.31%	-56.67%	48.42%	-3.01%
EBITDA+	7.74B	6.68B	6.79B	6.68B	7.29B	9.31B	11.68B	6.61B	8.61B	8.62B
EBITDA Margin %	10.49%	9.61%	9.34%	8.86%	9.33%	9.95%	11.01%	6.06%	8.02%	8.08%
EBITDA Growth %	22.83%	-13.75%	1.69%	-1.69%	9.12%	27.82%	25.38%	-43.35%	30.18%	0.06%
D&A (Non-Cash Add-back)	2.21B	2.3B	2.48B	2.47B	2.6B	2.48B	2.64B	2.7B	2.8B	2.98B
EBIT	5.1B	4.58B	4.17B	4.13B	4.66B	6.01B	9.33B	3.9B	5.82B	5.7B
Net Interest Income+	-607M	-991M	-653M	-461M	-477M	-977M	-421M	-478M	-502M	-411M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	607M	991M	653M	461M	477M	977M	421M	478M	502M	411M
Other Income/Expense	-607M	-415M	-685M	-526M	-491M	-1.28B	-126M	-496M	-512M	-373M
Pretax Income+	4.92B	3.96B	3.63B	3.68B	4.19B	5.55B	8.91B	3.42B	5.3B	5.26B
Pretax Margin %	6.67%	5.71%	4.99%	4.88%	5.36%	5.93%	8.4%	3.13%	4.93%	4.94%
Income Tax+	1.6B	1.3B	722M	746M	921M	1.18B	1.96B	638M	1.16B	1.17B
Effective Tax Rate %	68.31%	69.03%	80.28%	79.9%	78.31%	78.76%	77.98%	81.33%	78.12%	77.76%
Net Income+	3.36B	2.74B	2.91B	2.94B	3.28B	4.37B	6.95B	2.78B	4.14B	4.09B
Net Margin %	4.56%	3.94%	4.01%	3.9%	4.2%	4.67%	6.55%	2.55%	3.85%	3.84%
Net Income Growth %	305.56%	-18.61%	6.47%	0.79%	11.71%	33.13%	59.02%	-59.98%	48.85%	-1.14%
Net Income (Continuing)	3.32B	2.67B	2.91B	2.93B	3.27B	4.37B	6.95B	2.78B	4.14B	4.09B
Discontinued Operations	42M	68M	6M	7M	12M	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	5.31	4.70	5.29	5.51	6.36	8.64	14.10	5.98	8.94	8.86
EPS Growth %	307.42%	-11.49%	12.55%	4.16%	15.43%	35.85%	63.19%	-57.59%	49.5%	-0.89%
EPS (Basic)	5.35	4.74	5.32	5.56	6.42	8.73	14.23	6.02	8.96	8.89
Diluted Shares Outstanding	632.9M	582.5M	550.85M	533.2M	515.6M	505.4M	492.7M	464.7M	462.8M	461.8M
Basic Shares Outstanding	627.7M	577.6M	547.74M	528.6M	510.9M	500.6M	488.1M	462.1M	461.5M	460.4M
Dividend Payout Ratio	40.5%	49.25%	45.92%	45.45%	40.54%	30.75%	22.29%	66.04%	48.6%	50.01%

Balance Sheet

	Jan 2016	Jan 2017	Jan 2018	Jan 2019	Jan 2020	Jan 2021	Jan 2022	Jan 2023	Jan 2024	Feb 2025
Total Current Assets+	14.13B	11.99B	12.54B	12.52B	12.9B	20.76B	21.57B	17.85B	17.5B	19.45B
Cash & Short-Term Investments	4.05B	2.51B	2.64B	1.56B	2.58B	8.51B	5.91B	2.23B	3.81B	4.76B
Cash Only	4.05B	2.51B	2.64B	1.56B	767M	8.51B	5.91B	2.23B	3.81B	869M
Short-Term Investments	0	0	0	0	1.81B	0	0	0	0	3.89B
Accounts Receivable	779M	749M	929M	1.1B	962M	1.14B	1.35B	1.7B	1.4B	1.54B
Days Sales Outstanding	3.85	3.93	4.66	5.33	4.5	4.43	4.66	5.67	4.77	5.28
Inventory	8.6B	8.31B	8.6B	9.5B	8.99B	10.65B	13.9B	13.5B	11.89B	12.74B
Days Inventory Outstanding	60.09	59.27	58.82	62.43	57.36	57.03	65.64	58.23	54.13	58.84
Other Current Assets	490M	213M	214M	209M	217M	286M	237M	235M	202M	185M
Total Non-Current Assets+	26.13B	25.44B	27.76B	28.77B	29.88B	30.49B	32.24B	35.49B	37.86B	38.31B
Property, Plant & Equipment	25.22B	24.66B	26.42B	27.5B	28.52B	29.11B	30.74B	34.17B	36.46B	36.78B
Fixed Asset Turnover	2.93x	2.82x	2.75x	2.74x	2.74x	3.21x	3.45x	3.19x	2.95x	2.90x
Goodwill	133M	133M	630M	633M	633M	631M	631M	631M	631M	631M
Intangible Assets	144M	126M	79M	66M	53M	37M	25M	14M	0	0
Long-Term Investments	308M	345M	383M	380M	418M	450M	470M	440M	0	540M
Other Non-Current Assets	330M	179M	251M	194M	254M	268M	375M	235M	769M	359M
Total Assets+	40.26B	37.43B	40.3B	41.29B	42.78B	51.25B	53.81B	53.34B	55.36B	57.77B
Asset Turnover	1.83x	1.86x	1.80x	1.83x	1.83x	1.83x	1.97x	2.05x	1.94x	1.84x
Asset Growth %	-2.21%	-7.03%	7.67%	2.45%	3.61%	19.8%	5%	-0.88%	3.79%	4.36%
Total Current Liabilities+	12.62B	12.71B	13.05B	15.01B	14.49B	20.13B	21.75B	19.5B	19.3B	20.8B
Accounts Payable	7.42B	7.25B	8.68B	9.76B	8.38B	12.86B	15.48B	13.49B	12.1B	13.05B
Days Payables Outstanding	51.83	51.73	59.36	64.17	53.43	68.84	73.08	58.18	55.09	60.28
Short-Term Debt	815M	1.72B	281M	1.05B	1.91B	1.14B	171M	130M	1.12B	1.64B
Deferred Revenue (Current)	0	0	0	0	0	0	1.2B	1.24B	1.16B	1.21B
Other Current Liabilities	1.75B	1.52B	1.66B	1.81B	2.89B	2.71B	1.48B	1.67B	1.49B	2.49B
Current Ratio	1.12x	0.94x	0.96x	0.83x	0.89x	1.03x	0.99x	0.92x	0.91x	0.94x
Quick Ratio	0.44x	0.29x	0.30x	0.20x	0.27x	0.50x	0.35x	0.22x	0.29x	0.32x
Cash Conversion Cycle	12.12	11.47	4.12	3.59	8.42	-7.38	-2.78	5.72	3.81	3.83
Total Non-Current Liabilities+	14.68B	13.77B	15.6B	14.98B	16.46B	16.68B	19.24B	22.6B	22.62B	22.3B
Long-Term Debt	11.95B	11.03B	11.12B	10.22B	10.04B	11.54B	13.55B	16.01B	14.92B	14.3B
Capital Lease Obligations	0	0	1.92B	2B	3.58B	2.22B	2.49B	2.64B	3.28B	3.58B
Deferred Tax Liabilities	823M	861M	693M	972M	1.12B	990M	1.57B	2.2B	2.48B	2.3B
Other Non-Current Liabilities	1.25B	1.25B	1.27B	1.21B	1.19B	1.43B	1.15B	1.31B	1.52B	1.73B
Total Liabilities	27.3B	26.48B	28.65B	29.99B	30.95B	36.81B	40.98B	42.1B	41.92B	43.1B
Total Debt+	12.76B	12.75B	13.47B	13.45B	15.52B	15.11B	16.47B	19.07B	19.65B	19.88B
Net Debt	8.71B	10.24B	10.83B	11.89B	14.75B	6.6B	10.56B	16.84B	15.84B	19.01B
Debt / Equity	0.98x	1.16x	1.16x	1.19x	1.31x	1.05x	1.28x	1.70x	1.46x	1.36x
Debt / EBITDA	1.65x	1.91x	1.98x	2.01x	2.13x	1.62x	1.41x	2.88x	2.28x	2.31x
Net Debt / EBITDA	1.13x	1.53x	1.59x	1.78x	2.02x	0.71x	0.90x	2.55x	1.84x	2.21x
Interest Coverage	9.11x	4.42x	6.61x	9.11x	9.81x	6.99x	21.46x	8.19x	11.57x	13.71x
Total Equity+	12.96B	10.95B	11.65B	11.3B	11.83B	14.44B	12.83B	11.23B	13.43B	14.67B
Equity Growth %	-7.43%	-15.47%	6.37%	-3.04%	4.74%	22.03%	-11.17%	-12.43%	19.59%	9.19%
Book Value per Share	20.47	18.80	21.15	21.19	22.95	28.57	26.03	24.17	29.02	31.76
Total Shareholders' Equity	12.96B	10.95B	11.65B	11.3B	11.83B	14.44B	12.83B	11.23B	13.43B	14.67B
Common Stock	50M	46M	45M	43M	42M	42M	39M	38M	38M	38M
Retained Earnings	8.19B	5.88B	6.5B	6.02B	6.43B	8.82B	6.92B	5B	7.09B	8.09B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-629M	-638M	-747M	-805M	-868M	-756M	-553M	-419M	-460M	-458M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Jan 2016	Jan 2017	Jan 2018	Jan 2019	Jan 2020	Jan 2021	Jan 2022	Jan 2023	Jan 2024	Feb 2025
Cash from Operations+	5.84B	5.44B	6.92B	5.97B	7.12B	10.53B	8.63B	4.02B	8.62B	7.37B
Operating CF Margin %	7.92%	7.82%	9.52%	7.93%	9.11%	11.25%	8.14%	3.68%	8.03%	6.91%
Operating CF Growth %	31.65%	-6.98%	27.35%	-13.72%	19.15%	47.89%	-18.05%	-53.41%	114.56%	-14.55%
Net Income	3.32B	2.67B	2.93B	2.93B	3.28B	4.37B	6.95B	2.78B	4.14B	4.09B
Depreciation & Amortization	2.21B	2.3B	2.44B	2.47B	2.6B	2.48B	2.64B	2.7B	2.8B	2.98B
Stock-Based Compensation	115M	113M	112M	132M	147M	200M	228M	220M	251M	304M
Deferred Taxes	-322M	41M	-192M	322M	178M	-184M	522M	582M	298M	-180M
Other Non-Cash Items	72M	529M	389M	98M	45M	598M	-268M	172M	94M	26M
Working Capital Changes	445M	-214M	1.24B	17M	862M	3.06B	-1.45B	-2.44B	1.04B	145M
Change in Receivables	0	0	794M	2.29B	0	0	0	0	0	0
Change in Inventory	-316M	293M	-348M	-900M	505M	-1.66B	-3.25B	403M	1.61B	-854M
Change in Payables	534M	-543M	1.31B	1.13B	140M	2.92B	2.63B	-2.24B	-1.22B	1.01B
Cash from Investing+	508M	-1.47B	-3.08B	-3.42B	-2.94B	-2.59B	-3.15B	-5.5B	-4.76B	-2.86B
Capital Expenditures	-1.44B	-1.55B	-2.53B	-3.52B	-3.03B	-2.65B	-3.54B	-5.53B	-4.81B	-2.89B
CapEx % of Revenue	1.95%	2.23%	3.48%	4.67%	3.88%	2.83%	3.34%	5.07%	4.47%	2.71%
Acquisitions	1.88B	46M	-518M	85M	63M	42M	356M	8M	0	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	71M	0	31M	0	83M	58M	34M	24M	46M	31M
Cash from Financing+	-4.52B	-5.5B	-3.72B	-3.64B	-3.15B	-2B	-8.07B	-2.2B	-2.29B	-3.55B
Debt Issued (Net)	-85M	-664M	-1.45B	-281M	-330M	65M	825M	2.46B	-147M	-398M
Equity Issued (Net)	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Dividends Paid	-1.36B	-1.35B	-1.34B	-1.33B	-1.33B	-1.34B	-1.55B	-1.84B	-2.01B	-2.05B
Share Repurchases	-3.48B	-3.71B	-1.05B	-2.12B	-1.56B	-745M	-7.19B	-2.65B	-127M	-1.01B
Other Financing	414M	221M	108M	96M	73M	23M	8M	4M	0	-99M
Net Change in Cash	1.84B	-1.53B	131M	-1.09B	1.02B	5.93B	-2.6B	-3.68B	1.58B	957M
Free Cash Flow+	4.41B	3.89B	4.39B	2.46B	4.09B	7.88B	5.08B	-1.51B	3.81B	4.48B
FCF Margin %	5.97%	5.6%	6.04%	3.26%	5.24%	8.42%	4.79%	-1.38%	3.55%	4.2%
FCF Growth %	66.08%	-11.73%	12.88%	-44.03%	66.46%	92.57%	-35.49%	-129.72%	352.65%	17.33%
FCF per Share	6.96	6.68	7.97	4.61	7.93	15.58	10.31	-3.25	8.24	9.69
FCF Conversion (FCF/Net Income)	1.74x	1.99x	2.38x	2.03x	2.17x	2.41x	1.24x	1.45x	2.08x	1.80x
Interest Paid	604M	999M	678M	476M	492M	939M	414M	449M	605M	615M
Taxes Paid	127M	1.51B	934M	373M	696M	1.03B	2.06B	213M	374M	1.05B

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	24.95%	22.89%	25.78%	25.6%	28.37%	33.25%	50.95%	23.11%	33.55%	29.12%
Return on Invested Capital (ROIC)	17.96%	15.33%	14.82%	13.8%	14.11%	21.5%	30.5%	11.41%	15.19%	13.43%
Gross Margin	29.2%	26.37%	26.63%	26.32%	26.74%	27.13%	27.07%	22.46%	25.38%	25.84%
Net Margin	4.56%	3.94%	4.01%	3.9%	4.2%	4.67%	6.55%	2.55%	3.85%	3.84%
Debt / Equity	0.98x	1.16x	1.16x	1.19x	1.31x	1.05x	1.28x	1.70x	1.46x	1.36x
Interest Coverage	9.11x	4.42x	6.61x	9.11x	9.81x	6.99x	21.46x	8.19x	11.57x	13.71x
FCF Conversion	1.74x	1.99x	2.38x	2.03x	2.17x	2.41x	1.24x	1.45x	2.08x	1.80x
Revenue Growth	1.61%	-5.81%	4.63%	3.63%	3.66%	19.78%	13.3%	2.94%	-1.57%	-0.79%

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Target Corporation (TGT) 10-Year Financial Performance & Capital Metrics

TGT •

Consumer DefensiveDiscount StoresWarehouse Clubs and Supercenters

Revenue $106.57B -0.8%
EBITDA $8.62B
Net Income $4.09B -1.1%
EPS (Diluted) 8.86 -0.9%
Gross Margin 25.84% +1.8%
EBITDA Margin 8.08% +0.9%
Operating Margin 5.29% -2.2%
Net Margin 3.84% -0.4%
ROE 29.12% -13.2%
ROIC 13.43% -11.6%
Debt/Equity 1.36 -7.3%
Interest Coverage 13.71 +18.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 28.6%
✓Strong Piotroski F-Score: 7/9
✓21 consecutive years of dividend growth
✓High quality earnings: Operating CF exceeds net income
✓Healthy dividend yield of 3.9%
✓Efficient asset utilization: 1.8x turnover

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y3.91%

5Y6.41%

3Y0.18%

TTM-2.05%

Profit (Net Income) CAGR

10Y-

5Y4.51%

3Y-16.18%

TTM-7.44%

EPS CAGR

10Y-

5Y6.86%

3Y-14.35%

TTM-6.36%

ROCE

10Y Avg18.11%

5Y Avg19.1%

3Y Avg14.64%

Latest15.43%

Peer Comparison

Warehouse Clubs and Supercenters

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
COSTCostco Wholesale Corporation	448.02B	1010.79	55.51	8.17%	2.96%	27.4%	1.75%	0.28
WMTWalmart Inc.	1.02T	127.95	46.87	4.73%	3.26%	22.35%	4.08%	0.67
PSMTPriceSmart, Inc.	5.07B	154.62	32.08	7.25%	2.73%	11.3%	2.03%	0.26
BJBJ's Wholesale Club Holdings, Inc.	13B	98.79	24.70	2.67%	2.72%	26.48%	2.41%	1.54
TGTTarget Corporation	51.84B	113.79	12.84	-0.79%	3.84%	26.1%	8.63%	1.36

Profit & Loss

	Jan 2016	Jan 2017	Jan 2018	Jan 2019	Jan 2020	Jan 2021	Jan 2022	Jan 2023	Jan 2024	Feb 2025
Sales/Revenue+	73.78B	69.5B	72.71B	75.36B	78.11B	93.56B	106B	109.12B	107.41B	106.57B
Revenue Growth %	1.61%	-5.81%	4.63%	3.63%	3.66%	19.78%	13.3%	2.94%	-1.57%	-0.79%
Cost of Goods Sold+	52.24B	51.17B	53.35B	55.52B	57.22B	68.18B	77.31B	84.61B	80.15B	79.03B
COGS % of Revenue	70.8%	73.63%	73.37%	73.68%	73.26%	72.87%	72.93%	77.54%	74.62%	74.16%
Gross Profit+	21.54B	18.32B	19.36B	19.83B	20.89B	25.38B	28.7B	24.51B	27.26B	27.54B
Gross Margin %	29.2%	26.37%	26.63%	26.32%	26.74%	27.13%	27.07%	22.46%	25.38%	25.84%
Gross Profit Growth %	12.14%	-14.94%	5.67%	2.42%	5.33%	21.49%	13.07%	-14.61%	11.24%	1.01%
Operating Expenses+	16.01B	13.95B	15.05B	15.63B	16.21B	18.55B	19.66B	20.59B	21.45B	21.9B
OpEx % of Revenue	21.7%	20.07%	20.7%	20.74%	20.75%	19.83%	18.55%	18.87%	19.97%	20.55%
Selling, General & Admin	14.47B	13.95B	15.05B	15.63B	16.21B	18.55B	19.66B	20.59B	21.45B	21.9B
SG&A % of Revenue	19.62%	20.07%	20.7%	20.74%	20.75%	19.83%	18.55%	18.87%	19.97%	20.55%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	1.54B	0	0	0	0	0	0	0	0	0
Operating Income+	5.53B	4.38B	4.32B	4.2B	4.68B	6.83B	9.03B	3.91B	5.81B	5.63B
Operating Margin %	7.49%	6.3%	5.93%	5.58%	5.99%	7.3%	8.52%	3.59%	5.41%	5.29%
Operating Income Growth %	32.46%	-20.8%	-1.48%	-2.62%	11.4%	45.84%	32.31%	-56.67%	48.42%	-3.01%
EBITDA+	7.74B	6.68B	6.79B	6.68B	7.29B	9.31B	11.68B	6.61B	8.61B	8.62B
EBITDA Margin %	10.49%	9.61%	9.34%	8.86%	9.33%	9.95%	11.01%	6.06%	8.02%	8.08%
EBITDA Growth %	22.83%	-13.75%	1.69%	-1.69%	9.12%	27.82%	25.38%	-43.35%	30.18%	0.06%
D&A (Non-Cash Add-back)	2.21B	2.3B	2.48B	2.47B	2.6B	2.48B	2.64B	2.7B	2.8B	2.98B
EBIT	5.1B	4.58B	4.17B	4.13B	4.66B	6.01B	9.33B	3.9B	5.82B	5.7B
Net Interest Income+	-607M	-991M	-653M	-461M	-477M	-977M	-421M	-478M	-502M	-411M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	607M	991M	653M	461M	477M	977M	421M	478M	502M	411M
Other Income/Expense	-607M	-415M	-685M	-526M	-491M	-1.28B	-126M	-496M	-512M	-373M
Pretax Income+	4.92B	3.96B	3.63B	3.68B	4.19B	5.55B	8.91B	3.42B	5.3B	5.26B
Pretax Margin %	6.67%	5.71%	4.99%	4.88%	5.36%	5.93%	8.4%	3.13%	4.93%	4.94%
Income Tax+	1.6B	1.3B	722M	746M	921M	1.18B	1.96B	638M	1.16B	1.17B
Effective Tax Rate %	68.31%	69.03%	80.28%	79.9%	78.31%	78.76%	77.98%	81.33%	78.12%	77.76%
Net Income+	3.36B	2.74B	2.91B	2.94B	3.28B	4.37B	6.95B	2.78B	4.14B	4.09B
Net Margin %	4.56%	3.94%	4.01%	3.9%	4.2%	4.67%	6.55%	2.55%	3.85%	3.84%
Net Income Growth %	305.56%	-18.61%	6.47%	0.79%	11.71%	33.13%	59.02%	-59.98%	48.85%	-1.14%
Net Income (Continuing)	3.32B	2.67B	2.91B	2.93B	3.27B	4.37B	6.95B	2.78B	4.14B	4.09B
Discontinued Operations	42M	68M	6M	7M	12M	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	5.31	4.70	5.29	5.51	6.36	8.64	14.10	5.98	8.94	8.86
EPS Growth %	307.42%	-11.49%	12.55%	4.16%	15.43%	35.85%	63.19%	-57.59%	49.5%	-0.89%
EPS (Basic)	5.35	4.74	5.32	5.56	6.42	8.73	14.23	6.02	8.96	8.89
Diluted Shares Outstanding	632.9M	582.5M	550.85M	533.2M	515.6M	505.4M	492.7M	464.7M	462.8M	461.8M
Basic Shares Outstanding	627.7M	577.6M	547.74M	528.6M	510.9M	500.6M	488.1M	462.1M	461.5M	460.4M
Dividend Payout Ratio	40.5%	49.25%	45.92%	45.45%	40.54%	30.75%	22.29%	66.04%	48.6%	50.01%

Balance Sheet

	Jan 2016	Jan 2017	Jan 2018	Jan 2019	Jan 2020	Jan 2021	Jan 2022	Jan 2023	Jan 2024	Feb 2025
Total Current Assets+	14.13B	11.99B	12.54B	12.52B	12.9B	20.76B	21.57B	17.85B	17.5B	19.45B
Cash & Short-Term Investments	4.05B	2.51B	2.64B	1.56B	2.58B	8.51B	5.91B	2.23B	3.81B	4.76B
Cash Only	4.05B	2.51B	2.64B	1.56B	767M	8.51B	5.91B	2.23B	3.81B	869M
Short-Term Investments	0	0	0	0	1.81B	0	0	0	0	3.89B
Accounts Receivable	779M	749M	929M	1.1B	962M	1.14B	1.35B	1.7B	1.4B	1.54B
Days Sales Outstanding	3.85	3.93	4.66	5.33	4.5	4.43	4.66	5.67	4.77	5.28
Inventory	8.6B	8.31B	8.6B	9.5B	8.99B	10.65B	13.9B	13.5B	11.89B	12.74B
Days Inventory Outstanding	60.09	59.27	58.82	62.43	57.36	57.03	65.64	58.23	54.13	58.84
Other Current Assets	490M	213M	214M	209M	217M	286M	237M	235M	202M	185M
Total Non-Current Assets+	26.13B	25.44B	27.76B	28.77B	29.88B	30.49B	32.24B	35.49B	37.86B	38.31B
Property, Plant & Equipment	25.22B	24.66B	26.42B	27.5B	28.52B	29.11B	30.74B	34.17B	36.46B	36.78B
Fixed Asset Turnover	2.93x	2.82x	2.75x	2.74x	2.74x	3.21x	3.45x	3.19x	2.95x	2.90x
Goodwill	133M	133M	630M	633M	633M	631M	631M	631M	631M	631M
Intangible Assets	144M	126M	79M	66M	53M	37M	25M	14M	0	0
Long-Term Investments	308M	345M	383M	380M	418M	450M	470M	440M	0	540M
Other Non-Current Assets	330M	179M	251M	194M	254M	268M	375M	235M	769M	359M
Total Assets+	40.26B	37.43B	40.3B	41.29B	42.78B	51.25B	53.81B	53.34B	55.36B	57.77B
Asset Turnover	1.83x	1.86x	1.80x	1.83x	1.83x	1.83x	1.97x	2.05x	1.94x	1.84x
Asset Growth %	-2.21%	-7.03%	7.67%	2.45%	3.61%	19.8%	5%	-0.88%	3.79%	4.36%
Total Current Liabilities+	12.62B	12.71B	13.05B	15.01B	14.49B	20.13B	21.75B	19.5B	19.3B	20.8B
Accounts Payable	7.42B	7.25B	8.68B	9.76B	8.38B	12.86B	15.48B	13.49B	12.1B	13.05B
Days Payables Outstanding	51.83	51.73	59.36	64.17	53.43	68.84	73.08	58.18	55.09	60.28
Short-Term Debt	815M	1.72B	281M	1.05B	1.91B	1.14B	171M	130M	1.12B	1.64B
Deferred Revenue (Current)	0	0	0	0	0	0	1.2B	1.24B	1.16B	1.21B
Other Current Liabilities	1.75B	1.52B	1.66B	1.81B	2.89B	2.71B	1.48B	1.67B	1.49B	2.49B
Current Ratio	1.12x	0.94x	0.96x	0.83x	0.89x	1.03x	0.99x	0.92x	0.91x	0.94x
Quick Ratio	0.44x	0.29x	0.30x	0.20x	0.27x	0.50x	0.35x	0.22x	0.29x	0.32x
Cash Conversion Cycle	12.12	11.47	4.12	3.59	8.42	-7.38	-2.78	5.72	3.81	3.83
Total Non-Current Liabilities+	14.68B	13.77B	15.6B	14.98B	16.46B	16.68B	19.24B	22.6B	22.62B	22.3B
Long-Term Debt	11.95B	11.03B	11.12B	10.22B	10.04B	11.54B	13.55B	16.01B	14.92B	14.3B
Capital Lease Obligations	0	0	1.92B	2B	3.58B	2.22B	2.49B	2.64B	3.28B	3.58B
Deferred Tax Liabilities	823M	861M	693M	972M	1.12B	990M	1.57B	2.2B	2.48B	2.3B
Other Non-Current Liabilities	1.25B	1.25B	1.27B	1.21B	1.19B	1.43B	1.15B	1.31B	1.52B	1.73B
Total Liabilities	27.3B	26.48B	28.65B	29.99B	30.95B	36.81B	40.98B	42.1B	41.92B	43.1B
Total Debt+	12.76B	12.75B	13.47B	13.45B	15.52B	15.11B	16.47B	19.07B	19.65B	19.88B
Net Debt	8.71B	10.24B	10.83B	11.89B	14.75B	6.6B	10.56B	16.84B	15.84B	19.01B
Debt / Equity	0.98x	1.16x	1.16x	1.19x	1.31x	1.05x	1.28x	1.70x	1.46x	1.36x
Debt / EBITDA	1.65x	1.91x	1.98x	2.01x	2.13x	1.62x	1.41x	2.88x	2.28x	2.31x
Net Debt / EBITDA	1.13x	1.53x	1.59x	1.78x	2.02x	0.71x	0.90x	2.55x	1.84x	2.21x
Interest Coverage	9.11x	4.42x	6.61x	9.11x	9.81x	6.99x	21.46x	8.19x	11.57x	13.71x
Total Equity+	12.96B	10.95B	11.65B	11.3B	11.83B	14.44B	12.83B	11.23B	13.43B	14.67B
Equity Growth %	-7.43%	-15.47%	6.37%	-3.04%	4.74%	22.03%	-11.17%	-12.43%	19.59%	9.19%
Book Value per Share	20.47	18.80	21.15	21.19	22.95	28.57	26.03	24.17	29.02	31.76
Total Shareholders' Equity	12.96B	10.95B	11.65B	11.3B	11.83B	14.44B	12.83B	11.23B	13.43B	14.67B
Common Stock	50M	46M	45M	43M	42M	42M	39M	38M	38M	38M
Retained Earnings	8.19B	5.88B	6.5B	6.02B	6.43B	8.82B	6.92B	5B	7.09B	8.09B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-629M	-638M	-747M	-805M	-868M	-756M	-553M	-419M	-460M	-458M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Jan 2016	Jan 2017	Jan 2018	Jan 2019	Jan 2020	Jan 2021	Jan 2022	Jan 2023	Jan 2024	Feb 2025
Cash from Operations+	5.84B	5.44B	6.92B	5.97B	7.12B	10.53B	8.63B	4.02B	8.62B	7.37B
Operating CF Margin %	7.92%	7.82%	9.52%	7.93%	9.11%	11.25%	8.14%	3.68%	8.03%	6.91%
Operating CF Growth %	31.65%	-6.98%	27.35%	-13.72%	19.15%	47.89%	-18.05%	-53.41%	114.56%	-14.55%
Net Income	3.32B	2.67B	2.93B	2.93B	3.28B	4.37B	6.95B	2.78B	4.14B	4.09B
Depreciation & Amortization	2.21B	2.3B	2.44B	2.47B	2.6B	2.48B	2.64B	2.7B	2.8B	2.98B
Stock-Based Compensation	115M	113M	112M	132M	147M	200M	228M	220M	251M	304M
Deferred Taxes	-322M	41M	-192M	322M	178M	-184M	522M	582M	298M	-180M
Other Non-Cash Items	72M	529M	389M	98M	45M	598M	-268M	172M	94M	26M
Working Capital Changes	445M	-214M	1.24B	17M	862M	3.06B	-1.45B	-2.44B	1.04B	145M
Change in Receivables	0	0	794M	2.29B	0	0	0	0	0	0
Change in Inventory	-316M	293M	-348M	-900M	505M	-1.66B	-3.25B	403M	1.61B	-854M
Change in Payables	534M	-543M	1.31B	1.13B	140M	2.92B	2.63B	-2.24B	-1.22B	1.01B
Cash from Investing+	508M	-1.47B	-3.08B	-3.42B	-2.94B	-2.59B	-3.15B	-5.5B	-4.76B	-2.86B
Capital Expenditures	-1.44B	-1.55B	-2.53B	-3.52B	-3.03B	-2.65B	-3.54B	-5.53B	-4.81B	-2.89B
CapEx % of Revenue	1.95%	2.23%	3.48%	4.67%	3.88%	2.83%	3.34%	5.07%	4.47%	2.71%
Acquisitions	1.88B	46M	-518M	85M	63M	42M	356M	8M	0	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	71M	0	31M	0	83M	58M	34M	24M	46M	31M
Cash from Financing+	-4.52B	-5.5B	-3.72B	-3.64B	-3.15B	-2B	-8.07B	-2.2B	-2.29B	-3.55B
Debt Issued (Net)	-85M	-664M	-1.45B	-281M	-330M	65M	825M	2.46B	-147M	-398M
Equity Issued (Net)	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Dividends Paid	-1.36B	-1.35B	-1.34B	-1.33B	-1.33B	-1.34B	-1.55B	-1.84B	-2.01B	-2.05B
Share Repurchases	-3.48B	-3.71B	-1.05B	-2.12B	-1.56B	-745M	-7.19B	-2.65B	-127M	-1.01B
Other Financing	414M	221M	108M	96M	73M	23M	8M	4M	0	-99M
Net Change in Cash	1.84B	-1.53B	131M	-1.09B	1.02B	5.93B	-2.6B	-3.68B	1.58B	957M
Free Cash Flow+	4.41B	3.89B	4.39B	2.46B	4.09B	7.88B	5.08B	-1.51B	3.81B	4.48B
FCF Margin %	5.97%	5.6%	6.04%	3.26%	5.24%	8.42%	4.79%	-1.38%	3.55%	4.2%
FCF Growth %	66.08%	-11.73%	12.88%	-44.03%	66.46%	92.57%	-35.49%	-129.72%	352.65%	17.33%
FCF per Share	6.96	6.68	7.97	4.61	7.93	15.58	10.31	-3.25	8.24	9.69
FCF Conversion (FCF/Net Income)	1.74x	1.99x	2.38x	2.03x	2.17x	2.41x	1.24x	1.45x	2.08x	1.80x
Interest Paid	604M	999M	678M	476M	492M	939M	414M	449M	605M	615M
Taxes Paid	127M	1.51B	934M	373M	696M	1.03B	2.06B	213M	374M	1.05B

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	24.95%	22.89%	25.78%	25.6%	28.37%	33.25%	50.95%	23.11%	33.55%	29.12%
Return on Invested Capital (ROIC)	17.96%	15.33%	14.82%	13.8%	14.11%	21.5%	30.5%	11.41%	15.19%	13.43%
Gross Margin	29.2%	26.37%	26.63%	26.32%	26.74%	27.13%	27.07%	22.46%	25.38%	25.84%
Net Margin	4.56%	3.94%	4.01%	3.9%	4.2%	4.67%	6.55%	2.55%	3.85%	3.84%
Debt / Equity	0.98x	1.16x	1.16x	1.19x	1.31x	1.05x	1.28x	1.70x	1.46x	1.36x
Interest Coverage	9.11x	4.42x	6.61x	9.11x	9.81x	6.99x	21.46x	8.19x	11.57x	13.71x
FCF Conversion	1.74x	1.99x	2.38x	2.03x	2.17x	2.41x	1.24x	1.45x	2.08x	1.80x
Revenue Growth	1.61%	-5.81%	4.63%	3.63%	3.66%	19.78%	13.3%	2.94%	-1.57%	-0.79%

Target Corporation (TGT) 10-Year Financial Performance & Capital Metrics

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Target Corporation (TGT) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare TGT vs Peers

vs WMT

vs COST

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