The TJX Companies, Inc. (TJX) 10-Year Financial Performance & Capital Metrics

TJX • • Industrial / General

Consumer CyclicalApparel RetailValue & Off-Price Apparel RetailersOff-Price Department Stores

AboutThe TJX Companies, Inc., together with its subsidiaries, operates as an off-price apparel and home fashions retailer. It operates through four segments: Marmaxx, HomeGoods, TJX Canada, and TJX International. The company sells family apparel, including footwear and accessories; home fashions, such as home basics, furniture, rugs, lighting products, giftware, soft home products, decorative accessories, tabletop, and cookware, as well as expanded pet, kids, and gourmet food departments; jewelry and accessories; and other merchandise. As of February 23, 2022, it operated 1,284 T.J. Maxx, 1,148 Marshalls, 850 HomeGoods, 59 Sierra, and 39 Homesense stores, as well as tjmaxx.com, marshalls.com, and sierra.com in the United States; 293 Winners, 147 HomeSense, and 106 Marshalls stores in Canada; 618 T.K. Maxx and 77 Homesense stores, as well as tkmaxx.com in Europe; and 68 T.K. Maxx stores in Australia. The company was incorporated in 1962 and is headquartered in Framingham, Massachusetts.Show more

Revenue $56.36B +4.0%
EBITDA $7.41B +9.5%
Net Income $4.86B +8.7%
EPS (Diluted) 4.26 +10.4%
Gross Margin 30.6% +2.0%
EBITDA Margin 13.14% +5.4%
Operating Margin 11.18% +4.6%
Net Margin 8.63% +4.6%
ROE 61.98% -5.3%
ROIC 31.43% +0.7%
Debt/Equity 1.52 -11.4%
Interest Coverage 82.92 +13.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 61.3%
✓Strong Piotroski F-Score: 7/9
✓High quality earnings: Operating CF exceeds net income
✓Trading near 52-week high
✓Efficient asset utilization: 1.8x turnover

✗Weaknesses

✗Expensive at 21.5x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y6.84%

5Y6.2%

3Y5.1%

TTM4.14%

Profit (Net Income) CAGR

10Y8.18%

5Y8.25%

3Y14%

TTM4.43%

EPS CAGR

10Y10.43%

5Y9.79%

3Y16.42%

TTM6.04%

ROCE

10Y Avg34.92%

5Y Avg23.53%

3Y Avg29.83%

Latest31.48%

Peer Comparison

Off-Price Department Stores

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
BURLBurlington Stores, Inc.	19.53B	310.30	39.78	9.34%	5.01%	36.7%		3.92
TJXThe TJX Companies, Inc.	175.61B	158.14	37.12	3.95%	8.59%	56.1%	2.39%	1.52
ROSTRoss Stores, Inc.	62.5B	193.23	30.57	3.69%	9.47%	35.45%	2.62%	1.03

Profit & Loss

	Jan 2016	Jan 2017	Jan 2018	Jan 2019	Jan 2020	Jan 2021	Jan 2022	Jan 2023	Jan 2024	Jan 2025
Sales/Revenue+	30.94B	33.18B	35.86B	38.97B	41.72B	32.14B	48.55B	49.94B	54.22B	56.36B
Revenue Growth %	0.06%	0.07%	0.08%	0.09%	0.07%	-0.23%	0.51%	0.03%	0.09%	0.04%
Cost of Goods Sold+	22.03B	23.57B	25.5B	27.83B	29.85B	24.53B	34.71B	36.15B	37.95B	39.11B
COGS % of Revenue	0.71%	0.71%	0.71%	0.71%	0.72%	0.76%	0.72%	0.72%	0.7%	0.69%
Gross Profit+	8.91B	9.62B	10.36B	11.14B	11.87B	7.6B	13.84B	13.79B	16.27B	17.25B
Gross Margin %	0.29%	0.29%	0.29%	0.29%	0.28%	0.24%	0.28%	0.28%	0.3%	0.31%
Gross Profit Growth %	0.07%	0.08%	0.08%	0.08%	0.07%	-0.36%	0.82%	-0%	0.18%	0.06%
Operating Expenses+	5.21B	5.77B	6.38B	6.92B	7.45B	7.02B	9.08B	8.93B	10.47B	10.95B
OpEx % of Revenue	0.17%	0.17%	0.18%	0.18%	0.18%	0.22%	0.19%	0.18%	0.19%	0.19%
Selling, General & Admin	5.21B	5.77B	6.38B	6.92B	7.45B	7.02B	9.08B	8.93B	10.47B	10.95B
SG&A % of Revenue	0.17%	0.17%	0.18%	0.18%	0.18%	0.22%	0.19%	0.18%	0.19%	0.19%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0
Operating Income+	3.7B	3.85B	3.99B	4.22B	4.42B	582M	4.75B	4.86B	5.8B	6.3B
Operating Margin %	0.12%	0.12%	0.11%	0.11%	0.11%	0.02%	0.1%	0.1%	0.11%	0.11%
Operating Income Growth %	0.03%	0.04%	0.04%	0.06%	0.05%	-0.87%	7.17%	0.02%	0.19%	0.09%
EBITDA+	4.32B	4.51B	4.71B	5.04B	5.28B	1.45B	5.62B	5.75B	6.76B	7.41B
EBITDA Margin %	0.14%	0.14%	0.13%	0.13%	0.13%	0.05%	0.12%	0.12%	0.12%	0.13%
EBITDA Growth %	0.03%	0.04%	0.05%	0.07%	0.05%	-0.72%	2.87%	0.02%	0.18%	0.1%
D&A (Non-Cash Add-back)	616.7M	658.8M	725.96M	819.65M	867.3M	871M	868M	887M	964M	1.1B
EBIT	3.72B	3.78B	3.92B	4.24B	4.47B	283M	4.52B	4.72B	6.05B	6.56B
Net Interest Income+	-46.4M	-43.53M	-31.59M	-8.86M	-10.03M	-181M	-115M	-6M	170M	181M
Interest Income	13.87M	18.14M	32.71M	55.98M	49.06M	13M	4M	78M	249M	257M
Interest Expense	60.27M	61.67M	64.3M	64.84M	59.09M	194M	119M	84M	79M	76M
Other Income/Expense	-46.4M	-126.48M	-130.84M	-44.98M	-10.03M	-493M	-357M	-224M	170M	181M
Pretax Income+	3.66B	3.72B	3.86B	4.17B	4.41B	89M	4.4B	4.64B	5.97B	6.48B
Pretax Margin %	0.12%	0.11%	0.11%	0.11%	0.11%	0%	0.09%	0.09%	0.11%	0.12%
Income Tax+	1.38B	1.42B	1.25B	1.11B	1.13B	-1M	1.11B	1.14B	1.49B	1.62B
Effective Tax Rate %	0.62%	0.62%	0.68%	0.73%	0.74%	1.01%	0.75%	0.75%	0.75%	0.75%
Net Income+	2.28B	2.3B	2.61B	3.06B	3.27B	90M	3.28B	3.5B	4.47B	4.86B
Net Margin %	0.07%	0.07%	0.07%	0.08%	0.08%	0%	0.07%	0.07%	0.08%	0.09%
Net Income Growth %	0.03%	0.01%	0.13%	0.17%	0.07%	-0.97%	35.48%	0.07%	0.28%	0.09%
Net Income (Continuing)	2.28B	2.3B	2.61B	3.06B	3.27B	90M	3.28B	3.5B	4.47B	4.86B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	1.67	1.73	2.02	2.43	2.67	0.07	2.70	2.97	3.86	4.26
EPS Growth %	0.06%	0.04%	0.17%	0.2%	0.1%	-0.97%	35.24%	0.1%	0.3%	0.1%
EPS (Basic)	1.72	1.78	2.06	2.48	2.71	0.08	2.74	3.00	3.90	4.31
Diluted Shares Outstanding	1.37B	1.33B	1.29B	1.26B	1.23B	1.21B	1.22B	1.18B	1.16B	1.14B
Basic Shares Outstanding	1.33B	1.29B	1.27B	1.24B	1.21B	1.2B	1.2B	1.17B	1.15B	1.13B
Dividend Payout Ratio	0.24%	0.28%	0.29%	0.3%	0.33%	3.09%	0.38%	0.38%	0.33%	0.34%

Balance Sheet

	Jan 2016	Jan 2017	Jan 2018	Jan 2019	Jan 2020	Jan 2021	Jan 2022	Jan 2023	Jan 2024	Jan 2025
Total Current Assets+	6.77B	7.75B	8.49B	8.47B	8.89B	15.74B	13.26B	12.46B	12.66B	12.99B
Cash & Short-Term Investments	2.45B	3.47B	3.26B	3.03B	3.22B	10.47B	6.23B	5.48B	5.6B	5.33B
Cash Only	2.1B	2.93B	2.76B	3.03B	3.22B	10.47B	6.23B	5.48B	5.6B	5.33B
Short-Term Investments	352.31M	543.24M	506.17M	0	0	0	0	0	0	0
Accounts Receivable	238.07M	258.83M	327.17M	346.3M	386.26M	497.4M	633M	682M	588M	618M
Days Sales Outstanding	2.81	2.85	3.33	3.24	3.38	5.65	4.76	4.99	3.96	4
Inventory	3.7B	3.64B	4.19B	4.58B	4.87B	4.34B	5.96B	5.82B	5.96B	6.42B
Days Inventory Outstanding	61.21	56.46	59.93	60.05	59.59	64.53	62.69	58.76	57.37	59.92
Other Current Assets	0	0	0	0	46.97M	0	-1.1M	478M	511M	617M
Total Non-Current Assets+	4.72B	5.13B	5.57B	5.86B	15.25B	15.07B	15.2B	15.89B	17.08B	18.76B
Property, Plant & Equipment	4.14B	4.53B	5.01B	5.26B	14.39B	14.03B	14.13B	14.87B	15.97B	16.99B
Fixed Asset Turnover	7.48x	7.32x	7.16x	7.42x	2.90x	2.29x	3.44x	3.36x	3.40x	3.32x
Goodwill	193.91M	195.87M	100.07M	97.55M	95.55M	99M	97M	97M	95M	94M
Intangible Assets	0	0	0	0	0	0	0	0	0	108M
Long-Term Investments	0	0	0	0	0	0	0	0	0	551M
Other Non-Current Assets	372.55M	398.08M	459.61M	497.58M	761.32M	821.93M	795M	769M	849M	870M
Total Assets+	11.49B	12.88B	14.06B	14.33B	24.15B	30.81B	28.46B	28.35B	29.75B	31.75B
Asset Turnover	2.69x	2.58x	2.55x	2.72x	1.73x	1.04x	1.71x	1.76x	1.82x	1.78x
Asset Growth %	0.05%	0.12%	0.09%	0.02%	0.69%	0.28%	-0.08%	-0%	0.05%	0.07%
Total Current Liabilities+	4.4B	4.76B	5.13B	5.53B	7.15B	10.8B	10.47B	10.3B	10.45B	11.01B
Accounts Payable	2.2B	2.23B	2.49B	2.64B	2.67B	4.82B	4.46B	3.79B	3.86B	4.26B
Days Payables Outstanding	36.49	34.55	35.61	34.68	32.68	71.76	46.95	38.31	37.14	39.73
Short-Term Debt	0	0	0	0	0	749.68M	0	500M	0	0
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	1.08B	1.18B	1.4B	1.51B	1.66B	2.06B	2.4B	2.32B	2.8B	2.93B
Current Ratio	1.54x	1.63x	1.66x	1.53x	1.24x	1.46x	1.27x	1.21x	1.21x	1.18x
Quick Ratio	0.70x	0.86x	0.84x	0.70x	0.56x	1.06x	0.70x	0.64x	0.64x	0.60x
Cash Conversion Cycle	27.52	24.75	27.64	28.62	30.29	-1.58	20.5	25.43	24.18	24.2
Total Non-Current Liabilities+	2.78B	3.62B	3.78B	3.75B	11.05B	14.18B	11.99B	11.68B	11.99B	12.35B
Long-Term Debt	1.62B	2.23B	2.23B	2.23B	2.24B	5.33B	3.35B	2.86B	2.86B	2.87B
Capital Lease Obligations	85.21M	176.23M	221.92M	243.26M	7.82B	7.74B	7.58B	7.78B	8.06B	8.28B
Deferred Tax Liabilities	318.5M	350.71M	277.81M	393.66M	397.54M	301.27M	321M	362M	350M	377M
Other Non-Current Liabilities	762.4M	861.01M	1.05B	875.52M	595.75M	799.8M	738M	684M	722M	829M
Total Liabilities	7.18B	8.37B	8.91B	9.28B	18.2B	24.98B	22.46B	21.98B	22.45B	23.36B
Total Debt+	1.7B	2.4B	2.45B	2.48B	11.46B	15.5B	12.51B	12.74B	12.54B	12.78B
Net Debt	-395.26M	-526.02M	-305.95M	-553.36M	8.25B	5.03B	6.28B	7.27B	6.94B	7.44B
Debt / Equity	0.39x	0.53x	0.48x	0.49x	1.93x	2.66x	2.08x	2.00x	1.72x	1.52x
Debt / EBITDA	0.39x	0.53x	0.52x	0.49x	2.17x	10.67x	2.22x	2.22x	1.86x	1.73x
Net Debt / EBITDA	-0.09x	-0.12x	-0.06x	-0.11x	1.56x	3.46x	1.12x	1.26x	1.03x	1.00x
Interest Coverage	61.47x	62.42x	62.02x	65.06x	74.74x	3.00x	39.96x	57.86x	73.38x	82.92x
Total Equity+	4.31B	4.51B	5.15B	5.05B	5.95B	5.83B	6B	6.36B	7.3B	8.39B
Equity Growth %	0.01%	0.05%	0.14%	-0.02%	0.18%	-0.02%	0.03%	0.06%	0.15%	0.15%
Book Value per Share	3.15	3.39	3.98	4.01	4.85	4.80	4.94	5.40	6.30	7.35
Total Shareholders' Equity	4.31B	4.51B	5.15B	5.05B	5.95B	5.83B	6B	6.36B	7.3B	8.39B
Common Stock	663.5M	646.32M	1.26B	1.22B	1.2B	1.2B	1.18B	1.16B	1.13B	1.12B
Retained Earnings	4.31B	4.56B	4.33B	4.46B	5.42B	4.97B	5.51B	5.82B	6.7B	7.88B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-667.47M	-694.23M	-441.86M	-630.32M	-673.17M	-606.07M	-687M	-606M	-532M	-609M
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	Jan 2025
Cash from Operations+	2.96B	3.63B	3.03B	4.09B	4.07B	4.56B	3.06B	4.08B	6.06B	6.12B
Operating CF Margin %	0.1%	0.11%	0.08%	0.1%	0.1%	0.14%	0.06%	0.08%	0.11%	0.11%
Operating CF Growth %	-0.02%	0.23%	-0.17%	0.35%	-0.01%	0.12%	-0.33%	0.34%	0.48%	0.01%
Net Income	2.28B	2.3B	2.61B	3.06B	3.27B	90.5M	3.28B	3.5B	4.47B	4.86B
Depreciation & Amortization	616.7M	658.8M	726M	817.9M	867.3M	870.8M	868M	887M	964M	1.1B
Stock-Based Compensation	94.1M	102.3M	101.4M	103.6M	124.96M	59M	189M	122M	160M	183M
Deferred Taxes	31.2M	-5.5M	-137.4M	-88.59M	-6.23M	-230.69M	-44.5M	64M	-7M	28M
Other Non-Cash Items	-38.77M	9.56M	113.2M	39.8M	-47.42M	351.29M	234.2M	334M	19M	10M
Working Capital Changes	-21.02M	563.5M	-380.32M	156M	-144.1M	3.42B	-1.47B	-821M	447M	-73M
Change in Receivables	-27.36M	-32.8M	-62.36M	-8.08M	-94.3M	-60M	-28.8M	-124M	97M	-26M
Change in Inventory	-506.63M	11.9M	-450.38M	-465.4M	-296.5M	588.8M	-1.66B	58M	-145M	-539M
Change in Payables	216.3M	48.2M	205.1M	198.2M	29.3M	2.11B	-338.1M	-600M	64M	448M
Cash from Investing+	-1.06B	-1.21B	-1.01B	-623.55M	-1.46B	-578.6M	-1.05B	-1.47B	-1.72B	-2.48B
Capital Expenditures	-889.38M	-1.02B	-1.06B	-1.13B	-1.22B	-568M	-1.04B	-1.46B	-1.72B	-1.92B
CapEx % of Revenue	0.03%	0.03%	0.03%	0.03%	0.03%	0.02%	0.02%	0.03%	0.03%	0.03%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	4K	24K	37K	26.5M	7.4M	-568.02M	-1.04B	-1.46B	0	0
Cash from Financing+	-2.2B	-1.59B	-2.3B	-3.1B	-2.41B	3.23B	-6.2B	-3.31B	-4.21B	-3.84B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-544.27M	-650.99M	-764.04M	-922.6M	-1.07B	-278M	-1.25B	-1.34B	-1.48B	-1.65B
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	45.11M	32.96M	-19.27M	-23.13M	-23.42M	-72M	-25.79M	-33M	-32M	-43M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	2.07B	2.58B	1.97B	2.96B	2.84B	3.99B	2.01B	2.63B	4.33B	4.2B
FCF Margin %	0.07%	0.08%	0.05%	0.08%	0.07%	0.12%	0.04%	0.05%	0.08%	0.07%
FCF Growth %	-0.01%	0.25%	-0.24%	0.51%	-0.04%	0.4%	-0.5%	0.31%	0.65%	-0.03%
FCF per Share	1.51	1.94	1.52	2.35	2.32	3.29	1.66	2.23	3.74	3.68
FCF Conversion (FCF/Net Income)	1.30x	1.58x	1.16x	1.34x	1.24x	50.69x	0.93x	1.17x	1.35x	1.26x
Interest Paid	0	0	0	0	0	153M	139M	86M	80M	74M
Taxes Paid	0	0	0	0	0	146M	1.12B	1.23B	1.43B	1.63B

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	53.15%	52.13%	54%	60.01%	59.51%	1.53%	55.48%	56.57%	65.48%	61.98%
Return on Invested Capital (ROIC)	75.43%	73.13%	67.76%	67.76%	35.44%	3.48%	30.81%	28.13%	31.19%	31.43%
Gross Margin	28.79%	28.98%	28.89%	28.59%	28.46%	23.66%	28.5%	27.61%	30%	30.6%
Net Margin	7.36%	6.93%	7.27%	7.85%	7.84%	0.28%	6.76%	7%	8.25%	8.63%
Debt / Equity	0.39x	0.53x	0.48x	0.49x	1.93x	2.66x	2.08x	2.00x	1.72x	1.52x
Interest Coverage	61.47x	62.42x	62.02x	65.06x	74.74x	3.00x	39.96x	57.86x	73.38x	82.92x
FCF Conversion	1.30x	1.58x	1.16x	1.34x	1.24x	50.69x	0.93x	1.17x	1.35x	1.26x
Revenue Growth	6.42%	7.23%	8.08%	8.67%	7.04%	-22.96%	51.07%	2.85%	8.57%	3.95%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Marmaxx	19.95B	21.25B	22.25B	24.06B	25.66B	19.36B	29.48B	30.55B	33.41B	34.6B
Marmaxx Growth	-	6.51%	4.72%	8.13%	6.68%	-24.56%	52.27%	3.60%	9.39%	3.56%
HomeGoods	3.92B	4.4B	5.12B	5.79B	6.36B	6.1B	9B	8.26B	8.99B	9.39B
HomeGoods Growth	-	12.50%	16.16%	13.12%	9.82%	-4.08%	47.55%	-8.13%	8.79%	4.40%
TJX International	4.23B	4.36B	4.86B	5.26B	5.66B	3.84B	5.73B	6.21B	6.77B	7.18B
TJX International Growth	-	3.20%	11.35%	8.25%	7.74%	-32.18%	49.12%	8.48%	8.90%	6.10%
TJX Canada	2.85B	3.17B	3.64B	3.87B	4.03B	2.84B	4.34B	4.91B	5.05B	5.19B
TJX Canada Growth	-	11.09%	14.86%	6.25%	4.18%	-29.65%	53.12%	13.11%	2.73%	2.83%

Frequently Asked Questions

Valuation & Price

The TJX Companies, Inc. (TJX) has a price-to-earnings (P/E) ratio of 37.1x. This suggests investors expect higher future growth.

Growth & Financials

The TJX Companies, Inc. (TJX) reported $57.92B in revenue for fiscal year 2025. This represents a 150% increase from $23.19B in 2012.

The TJX Companies, Inc. (TJX) grew revenue by 4.0% over the past year. Growth has been modest.

Yes, The TJX Companies, Inc. (TJX) is profitable, generating $4.97B in net income for fiscal year 2025 (8.6% net margin).

Dividend & Returns

Yes, The TJX Companies, Inc. (TJX) pays a dividend with a yield of 0.91%. This makes it attractive for income-focused investors.

The TJX Companies, Inc. (TJX) has a return on equity (ROE) of 62.0%. This is excellent, indicating efficient use of shareholder capital.

The TJX Companies, Inc. (TJX) generated $4.04B in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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