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Target (TGT) Financials

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$102.36 +2.57 (+2.58%)
Closing price 08/5/2025 03:59 PM Eastern
Extended Trading
$102.42 +0.06 (+0.05%)
As of 08/5/2025 07:47 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Polygon.io. Learn more.
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Annual Income Statements for Target

Annual Income Statements for Target

This table shows Target's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 1/31/2015 1/30/2016 1/28/2017 2/3/2018 2/2/2019 2/1/2020 1/30/2021 1/29/2022 1/28/2023 2/3/2024 2/1/2025
Net Income / (Loss) Attributable to Common Shareholders		 -1,636 3,363 2,734 2,914 2,937 3,281 4,368 6,946 2,780 4,138 4,091
Consolidated Net Income / (Loss)		 -1,636 3,363 2,734 2,914 2,937 3,281 4,368 6,946 2,780 4,138 4,091
Net Income / (Loss) Continuing Operations		 2,449 3,321 2,666 2,908 2,930 3,269 4,368 6,946 2,780 4,138 4,091
Total Pre-Tax Income 		3,653 4,923 3,961 3,630 3,676 4,190 5,546 8,907 3,418 5,297 5,261
Total Operating Income		 4,535 5,530 4,864 4,224 4,110 4,658 6,539 8,946 3,848 5,707 5,566
Total Gross Profit		 21,340 21,544 21,126 21,589 22,057 23,248 27,384 31,042 26,814 29,584 30,064
Total Revenue		 72,618 73,785 70,271 72,714 75,356 78,112 93,561 106,005 109,120 107,412 106,566
Operating Revenue		 72,618 73,785 70,271 72,714 75,356 78,112 93,561 106,005 109,120 107,412 106,566
Total Cost of Revenue		 51,278 52,241 49,145 51,125 53,299 54,864 66,177 74,963 82,306 77,828 76,502
Operating Cost of Revenue		 51,278 52,241 49,145 51,125 53,299 54,864 66,177 74,963 82,306 77,828 76,502
Total Operating Expenses		 16,805 16,014 16,262 17,365 17,947 18,590 20,845 22,096 22,966 23,877 24,498
Selling, General & Admin Expense		 14,676 14,665 14,217 15,140 15,723 16,233 18,615 19,752 20,581 21,462 21,969
Depreciation Expense		 2,129 1,969 2,045 2,225 2,224 2,357 2,230 2,344 2,385 2,415 2,529
Total Other Income / (Expense), net		 -882 -607 -903 -594 -434 -468 -993 -39 -430 -410 -305
Interest Expense		 882 607 991 653 461 477 977 421 478 502 411
Other Income / (Expense), net		 - - 88 59 27 9.00 -16 382 48 92 106
Income Tax Expense		 1,204 1,602 1,295 722 746 921 1,178 1,961 638 1,159 1,170
Basic Earnings per Share		 ($2.58) $5.35 $4.73 $5.32 $5.55 $6.42 $8.72 $14.23 $6.02 $8.96 $8.89
Weighted Average Basic Shares Outstanding		 634.70M 627.70M 577.60M 546.80M 528.60M 510.90M 500.60M 488.10M 462.10M 461.50M 460.40M
Diluted Earnings per Share		 ($2.56) $5.31 $4.69 $5.29 $5.51 $6.36 $8.64 $14.10 $5.98 $8.94 $8.86
Weighted Average Diluted Shares Outstanding		 640.10M 632.90M 582.50M 550.30M 533.20M 515.60M 505.40M 492.70M 464.70M 462.80M 461.80M
Weighted Average Basic & Diluted Shares Outstanding		 634.10M 628.60M 577.40M 543.70M 529.20M 500.96M 498.62M 462.42M 460.36M 461.69M 455.58M
Cash Dividends to Common per Share		 $1.99 $2.20 $2.36 $2.46 $2.54 $2.62 $2.70 $3.38 $4.14 $4.38 $4.46

Quarterly Income Statements for Target

This table shows Target's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Period end date 10/29/2022 1/28/2023 4/29/2023 7/29/2023 10/28/2023 2/3/2024 5/4/2024 8/3/2024 11/2/2024 2/1/2025 5/3/2025
Net Income / (Loss) Attributable to Common Shareholders		 712 876 950 835 971 1,382 942 1,192 854 1,103 1,036
Consolidated Net Income / (Loss)		 712 876 950 835 971 1,382 942 1,192 854 1,103 1,036
Net Income / (Loss) Continuing Operations		 712 876 950 835 971 1,382 942 1,192 854 1,103 1,036
Total Pre-Tax Income 		909 1,043 1,204 1,072 1,235 1,786 1,219 1,545 1,091 1,406 1,382
Total Operating Income		 1,022 1,159 1,328 1,197 1,317 1,865 1,296 1,635 1,168 1,467 1,472
Total Gross Profit		 6,838 7,372 6,936 6,975 7,249 8,424 7,060 7,653 7,293 8,036 6,720
Total Revenue		 26,518 31,395 25,322 24,773 25,398 31,919 24,531 25,452 25,668 30,915 23,848
Operating Revenue		 26,518 31,395 25,322 24,773 25,398 31,919 24,531 25,452 25,668 30,915 23,848
Total Cost of Revenue		 19,680 24,023 18,386 17,798 18,149 23,495 17,471 17,799 18,375 22,879 17,128
Operating Cost of Revenue		 19,680 24,023 18,386 17,798 18,149 23,495 17,471 17,799 18,375 22,879 17,128
Total Operating Expenses		 5,816 6,213 5,608 5,778 5,932 6,559 5,764 6,018 6,125 6,569 5,246
Selling, General & Admin Expense		 5,219 5,598 5,025 5,184 5,316 5,937 5,146 5,392 5,486 5,923 4,591
Depreciation Expense		 597 615 583 594 616 622 618 626 639 646 655
Total Other Income / (Expense), net		 -113 -116 -124 -125 -82 -79 -77 -90 -77 -61 -90
Interest Expense		 125 129 147 141 107 107 106 110 105 90 116
Other Income / (Expense), net		 12 13 23 16 25 28 29 20 28 29 26
Income Tax Expense		 197 167 254 237 264 404 277 353 237 303 346
Basic Earnings per Share		 $1.55 $1.90 $2.06 $1.81 $2.10 $2.99 $2.04 $2.58 $1.86 $2.41 $2.28
Weighted Average Basic Shares Outstanding		 460.30M 462.10M 460.90M 461.60M 461.60M 461.50M 462.20M 462.50M 460.10M 460.40M 455M
Diluted Earnings per Share		 $1.54 $1.89 $2.05 $1.80 $2.10 $2.99 $2.03 $2.57 $1.85 $2.41 $2.27
Weighted Average Diluted Shares Outstanding		 462.50M 464.70M 462.90M 462.50M 462.60M 462.80M 463.90M 463.50M 461.50M 461.80M 456.50M
Weighted Average Basic & Diluted Shares Outstanding		 460.31M 460.36M 461.56M 461.61M 461.66M 461.69M 462.64M 460.67M 458.21M 455.58M 454.37M
Cash Dividends to Common per Share		 $1.08 - $1.08 $1.10 $1.10 - $1.10 $1.12 $1.12 - $1.12

Annual Cash Flow Statements for Target

This table details how cash moves in and out of Target's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 1/31/2015 1/30/2016 1/28/2017 2/3/2018 2/2/2019 2/1/2020 1/30/2021 1/29/2022 1/28/2023 2/3/2024 2/1/2025
Net Change in Cash & Equivalents		 1,515 1,836 -1,534 131 -1,087 1,021 5,934 -2,600 -3,682 1,576 957
Net Cash From Operating Activities		 4,465 5,958 5,444 6,935 5,973 7,117 10,525 8,625 4,018 8,621 7,367
Net Cash From Continuing Operating Activities		 5,157 5,254 5,337 6,861 5,970 7,099 10,525 8,625 4,018 8,621 7,367
Net Income / (Loss) Continuing Operations		 2,449 3,321 2,666 2,908 2,930 3,269 4,368 6,946 2,780 4,138 4,091
Consolidated Net Income / (Loss)		 -1,636 3,363 2,734 2,914 2,937 3,281 4,368 6,946 2,780 4,138 4,091
Depreciation Expense		 2,129 2,213 2,318 2,476 2,474 2,604 2,485 2,642 2,700 2,801 2,981
Non-Cash Adjustments To Reconcile Net Income		 396 -448 524 443 227 186 798 -40 392 345 330
Changes in Operating Assets and Liabilities, net		 183 168 -171 1,034 339 1,040 2,874 -923 -1,854 1,337 -35
Net Cash From Investing Activities		 -1,926 508 -1,473 -3,075 -3,416 -2,944 -2,591 -3,154 -5,504 -4,760 -2,860
Net Cash From Continuing Investing Activities		 -1,605 489 -1,473 -3,075 -3,416 -2,944 -2,591 -3,154 -5,504 -4,760 -2,860
Purchase of Property, Plant & Equipment		 -1,786 -1,438 -1,547 -2,533 -3,516 -3,027 -2,649 -3,544 -5,528 -4,806 -2,891
Sale of Property, Plant & Equipment		 95 28 46 31 85 63 42 27 8.00 24 3.00
Other Investing Activities, net		 106 24 28 -55 15 20 16 7.00 16 22 28
Net Cash From Financing Activities		 -1,024 -4,630 -5,505 -3,729 -3,644 -3,152 -2,000 -8,071 -2,196 -2,285 -3,550
Net Cash From Continuing Financing Activities		 -1,024 -4,630 -5,505 -3,729 -3,644 -3,152 -2,000 -8,071 -2,196 -2,285 -3,550
Repayment of Debt		 -2,159 -85 -2,649 -2,192 -281 -2,069 -2,415 -1,147 -163 -147 -1,139
Repurchase of Common Equity		 -26 -3,483 -3,706 -1,046 -2,124 -1,565 -745 -7,188 -2,646 0.00 -1,007
Payment of Dividends		 -1,205 -1,362 -1,348 -1,338 -1,335 -1,330 -1,343 -1,548 -1,836 -2,011 -2,046
Issuance of Debt		 1,993 0.00 1,977 739 0.00 1,739 2,480 1,972 2,625 0.00 741
Other Financing Activities, net		 373 300 - - - - 23 -160 -176 -127 -99
Cash Interest Paid		 871 604 999 678 476 492 939 414 449 605 615
Cash Income Taxes Paid		 1,251 -127 1,514 934 373 696 1,031 2,063 213 374 1,055

Quarterly Cash Flow Statements for Target

This table details how cash moves in and out of Target's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Period end date 10/29/2022 1/28/2023 4/29/2023 7/29/2023 10/28/2023 2/3/2024 5/4/2024 8/3/2024 11/2/2024 2/1/2025 5/3/2025
Net Change in Cash & Equivalents		 -163 1,275 -908 296 293 1,895 -201 -107 -64 1,329 -1,875
Net Cash From Operating Activities		 599 3,466 1,265 2,133 1,934 3,289 1,101 2,238 739 3,289 275
Net Cash From Continuing Operating Activities		 599 3,466 1,265 2,133 1,934 3,289 1,101 2,238 739 3,289 275
Net Income / (Loss) Continuing Operations		 712 876 950 835 971 1,382 942 1,192 854 1,103 1,036
Consolidated Net Income / (Loss)		 712 876 950 835 971 1,382 942 1,192 854 1,103 1,036
Depreciation Expense		 675 696 667 683 722 729 718 743 754 766 787
Non-Cash Adjustments To Reconcile Net Income		 88 74 32 86 159 68 41 130 57 102 65
Changes in Operating Assets and Liabilities, net		 -876 1,820 -384 529 82 1,110 -600 173 -926 1,318 -1,613
Net Cash From Investing Activities		 -1,785 -1,201 -1,602 -1,219 -1,089 -850 -671 -634 -637 -918 -787
Net Cash From Continuing Investing Activities		 -1,785 -1,201 -1,602 -1,219 -1,089 -850 -671 -634 -637 -918 -787
Purchase of Property, Plant & Equipment		 -1,800 -1,205 -1,605 -1,220 -1,127 -854 -674 -639 -655 -923 -790
Other Investing Activities, net		 15 - 1.00 -3.00 20 4.00 3.00 4.00 18 4.00 3.00
Net Cash From Financing Activities		 1,023 -990 -571 -618 -552 -544 -631 -1,711 -166 -1,042 -1,363
Net Cash From Continuing Financing Activities		 1,023 -990 -571 -618 -552 -544 -631 -1,711 -166 -1,042 -1,363
Repayment of Debt		 -26 -24 -46 -26 -42 -33 -32 -1,044 -36 -27 -1,534
Repurchase of Common Equity		 - - - - - - 0.00 - -351 -501 -250
Payment of Dividends		 -497 -497 -497 -499 -507 -508 -508 -509 -516 -513 -510
Issuance of Debt		 1,550 -470 90 - - - 0.00 - - - 991
Other Financing Activities, net		 -4.00 1.00 -118 -3.00 -3.00 -3.00 -91 -3.00 -4.00 -1.00 -60

Annual Balance Sheets for Target

This table presents Target's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 1/31/2015 1/30/2016 1/28/2017 2/3/2018 2/2/2019 2/1/2020 1/30/2021 1/29/2022 1/28/2023 2/3/2024 2/1/2025
Total Assets		 41,172 40,262 37,431 40,303 41,290 42,779 51,248 53,811 53,335 55,356 57,769
Total Current Assets		 13,624 14,130 11,990 12,540 12,519 12,902 20,756 21,573 17,846 17,498 19,454
Cash & Equivalents		 2,210 4,046 2,512 2,643 1,556 2,577 8,511 - 2,229 3,805 4,762
Inventories, net		 8,282 8,601 8,309 8,597 9,497 8,992 10,653 13,902 13,499 11,886 12,740
Other Current Assets		 2,074 1,161 1,169 1,300 1,466 1,333 1,592 7,671 2,118 1,807 1,952
Plant, Property, & Equipment, net		 25,952 25,217 24,658 24,536 25,533 26,283 26,879 28,181 31,512 33,096 33,022
Total Noncurrent Assets		 1,596 915 783 3,227 3,238 3,594 3,613 4,057 3,977 4,762 5,293
Other Noncurrent Operating Assets		 879 840 783 3,227 3,238 3,594 3,613 4,057 3,977 4,762 5,293
Total Liabilities & Shareholders' Equity		 41,172 40,262 37,431 40,303 41,290 42,779 51,248 53,811 53,335 55,356 57,769
Total Liabilities		 27,175 27,305 26,478 28,652 29,993 30,946 36,808 40,984 42,103 41,924 43,103
Total Current Liabilities		 11,736 12,622 12,707 13,052 15,014 14,487 20,125 21,747 19,500 19,304 20,799
Short-Term Debt		 91 815 1,718 281 1,052 161 1,144 171 130 1,116 1,636
Accounts Payable		 7,759 7,418 7,252 8,677 9,761 9,920 12,859 15,478 13,487 12,098 13,053
Accrued Expenses		 3,783 4,236 3,737 4,094 4,201 4,406 6,122 6,098 5,883 6,090 6,110
Total Noncurrent Liabilities		 15,439 14,683 13,771 15,600 14,979 16,459 16,683 19,237 22,603 22,620 22,304
Long-Term Debt		 12,634 11,945 11,031 11,117 10,223 11,338 11,536 13,549 16,009 14,922 14,304
Noncurrent Deferred & Payable Income Tax Liabilities		 1,160 823 861 693 972 1,122 990 1,566 2,196 2,480 2,303
Other Noncurrent Operating Liabilities		 1,452 1,897 1,879 3,790 1,780 3,999 4,157 4,122 4,398 5,218 5,697
Total Equity & Noncontrolling Interests		 13,997 12,957 10,953 11,651 11,297 11,833 14,440 12,827 11,232 13,432 14,666
Total Preferred & Common Equity		 13,997 12,957 10,953 11,651 11,297 11,833 14,440 12,827 11,232 13,432 14,666
Total Common Equity		 13,997 12,957 10,953 11,651 11,297 11,833 14,440 12,827 11,232 13,432 14,666
Common Stock		 4,952 5,398 5,707 5,903 6,085 6,268 6,371 6,460 6,646 6,799 7,034
Retained Earnings		 9,644 8,188 5,884 6,495 6,017 6,433 8,825 6,920 5,005 7,093 8,090
Accumulated Other Comprehensive Income / (Loss)		 -599 -629 -638 -747 -805 -868 -756 -553 -419 -460 -458

Quarterly Balance Sheets for Target

This table presents Target's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Period end date 10/29/2022 1/28/2023 4/29/2023 7/29/2023 10/28/2023 2/3/2024 5/4/2024 8/3/2024 11/2/2024 2/1/2025 5/3/2025
Total Assets		 55,615 53,335 52,150 53,206 56,229 55,356 55,117 55,995 58,531 57,769 56,185
Total Current Assets		 20,393 17,846 15,773 16,098 18,599 17,498 17,078 17,918 20,554 19,454 17,759
Cash & Equivalents		 954 2,229 1,321 1,617 1,910 3,805 3,604 3,497 3,433 4,762 2,887
Inventories, net		 17,117 13,499 12,616 12,684 14,731 11,886 11,730 12,604 15,165 12,740 13,048
Other Current Assets		 2,322 2,118 1,836 1,797 1,958 1,807 1,744 1,817 1,956 1,952 1,824
Plant, Property, & Equipment, net		 30,921 31,512 32,396 32,947 33,168 33,096 33,114 33,075 32,931 33,022 33,182
Total Noncurrent Assets		 4,301 3,977 3,981 4,161 4,462 4,762 4,925 5,002 5,046 5,293 5,244
Other Noncurrent Operating Assets		 4,301 3,977 3,981 4,161 4,462 4,762 4,925 5,002 5,046 5,293 5,244
Total Liabilities & Shareholders' Equity		 55,615 53,335 52,150 53,206 56,229 55,356 55,117 55,995 58,531 57,769 56,185
Total Liabilities		 44,596 42,103 40,545 41,216 43,715 41,924 41,277 41,566 44,042 43,103 41,238
Total Current Liabilities		 23,783 19,500 17,867 19,332 21,502 19,304 19,859 19,984 21,792 20,799 18,991
Short-Term Debt		 2,207 130 200 1,106 1,112 1,116 2,614 1,640 1,635 1,636 1,139
Accounts Payable		 15,438 13,487 11,935 12,278 14,291 12,098 11,561 12,595 14,419 13,053 11,823
Accrued Expenses		 6,138 5,883 5,732 5,948 6,099 6,090 5,684 5,749 5,738 6,110 6,029
Total Noncurrent Liabilities		 20,813 22,603 22,678 21,884 22,213 22,620 21,418 21,582 22,250 22,304 22,247
Long-Term Debt		 14,237 16,009 16,010 14,926 14,883 14,922 13,487 13,654 14,346 14,304 14,334
Noncurrent Deferred & Payable Income Tax Liabilities		 2,240 2,196 2,289 2,334 2,447 2,480 2,543 2,495 2,419 2,303 2,338
Other Noncurrent Operating Liabilities		 4,336 4,398 4,379 4,624 4,883 5,218 5,388 5,433 5,485 5,697 5,575
Total Equity & Noncontrolling Interests		 11,019 11,232 11,605 11,990 12,514 13,432 13,840 14,429 14,489 14,666 14,947
Total Preferred & Common Equity		 11,019 11,232 11,605 11,990 12,514 13,432 13,840 14,429 14,489 14,666 14,947
Total Common Equity		 11,019 11,232 11,605 11,990 12,514 13,432 13,840 14,429 14,489 14,666 14,947
Common Stock		 6,596 6,646 6,579 6,648 6,719 6,799 6,786 6,869 6,954 7,034 7,049
Retained Earnings		 4,631 5,005 5,448 5,767 6,225 7,093 7,519 8,030 8,009 8,090 8,360
Accumulated Other Comprehensive Income / (Loss)		 -208 -419 -422 -425 -430 -460 -465 -470 -474 -458 -462

Annual Metrics And Ratios for Target

This table displays calculated financial ratios and metrics derived from Target's official financial filings.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 1/31/2015 1/30/2016 1/28/2017 2/3/2018 2/2/2019 2/1/2020 1/30/2021 1/29/2022 1/28/2023 2/3/2024 2/1/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 1.88% 1.61% -4.76% 3.48% 3.63% 3.66% 19.78% 13.30% 2.94% -1.57% -0.79%
EBITDA Growth		 -7.01% 16.19% -6.11% -7.03% -2.19% 9.98% 23.89% 32.88% -44.90% 30.38% 0.62%
EBIT Growth		 -12.28% 21.94% -10.45% -13.51% -3.41% 12.81% 39.77% 43.00% -58.23% 48.85% -2.19%
NOPAT Growth		 -10.04% 22.70% -12.24% 3.36% -3.19% 10.93% 41.71% 35.46% -55.14% 42.45% -2.92%
Net Income Growth		 -183.00% 305.56% -18.70% 6.58% 0.79% 11.71% 33.13% 59.02% -59.98% 48.85% -1.14%
EPS Growth		 -183.39% 307.42% -11.68% 12.79% 4.16% 15.43% 35.85% 63.19% -57.59% 49.50% -0.89%
Operating Cash Flow Growth		 -31.52% 33.44% -8.63% 27.39% -13.87% 19.15% 47.89% -18.05% -53.41% 114.56% -14.55%
Free Cash Flow Firm Growth		 -45.45% 37.38% -33.65% 18.11% -84.12% 791.21% 23.68% -113.18% 571.59% -13.22% 5.43%
Invested Capital Growth		 -3.48% -6.89% -1.19% -3.70% 12.81% -9.84% -10.34% 42.66% -5.29% 2.08% 0.70%
Revenue Q/Q Growth		 2.18% -0.17% -0.23% 2.13% -0.01% 0.54% 5.58% 2.57% 0.37% 0.49% -0.93%
EBITDA Q/Q Growth		 -2.12% 8.42% -9.57% -0.30% -0.57% 1.34% 7.20% 2.91% -12.51% 9.61% -3.99%
EBIT Q/Q Growth		 -6.99% 11.81% -14.49% -1.27% -0.46% 0.97% 11.39% 3.15% -19.59% 14.20% -6.54%
NOPAT Q/Q Growth		 -7.32% 14.44% -17.42% 12.93% -9.29% 1.94% 11.19% 2.07% -16.67% 11.78% -6.32%
Net Income Q/Q Growth		 -207.28% 578.38% -18.29% 10.34% -8.96% 1.11% 14.29% 2.42% -19.37% 13.93% -6.38%
EPS Q/Q Growth		 -207.11% 578.38% -15.50% 11.84% -7.71% 1.60% 14.59% 3.83% -18.42% 14.03% -6.14%
Operating Cash Flow Q/Q Growth		 -27.15% -4.73% 8.88% -1.74% -1.50% 9.36% 5.23% -4.99% 12.23% -2.01% 0.00%
Free Cash Flow Firm Q/Q Growth		 -58.40% 44.69% -31.55% -12.76% -73.95% 83.72% 5.19% -116.12% 333.60% 0.94% -0.79%
Invested Capital Q/Q Growth		 -4.87% -9.88% -6.26% -2.00% 5.14% -6.71% -6.69% 27.56% -5.16% -3.51% -4.41%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 29.39% 29.20% 30.06% 29.69% 29.27% 29.76% 29.27% 29.28% 24.57% 27.54% 28.21%
EBITDA Margin		 9.18% 10.49% 10.35% 9.30% 8.77% 9.31% 9.63% 11.29% 6.04% 8.01% 8.12%
Operating Margin		 6.25% 7.49% 6.92% 5.81% 5.45% 5.96% 6.99% 8.44% 3.53% 5.31% 5.22%
EBIT Margin		 6.25% 7.49% 7.05% 5.89% 5.49% 5.97% 6.97% 8.80% 3.57% 5.40% 5.32%
Profit (Net Income) Margin		 -2.25% 4.56% 3.89% 4.01% 3.90% 4.20% 4.67% 6.55% 2.55% 3.85% 3.84%
Tax Burden Percent		 -44.79% 68.31% 69.02% 80.28% 79.90% 78.31% 78.76% 77.98% 81.33% 78.12% 77.76%
Interest Burden Percent		 80.55% 89.02% 79.99% 84.75% 88.86% 89.78% 85.02% 95.49% 87.73% 91.34% 92.75%
Effective Tax Rate		 32.96% 32.54% 32.69% 19.89% 20.29% 21.98% 21.24% 22.02% 18.67% 21.88% 22.24%
Return on Invested Capital (ROIC)		 12.97% 16.77% 15.36% 16.27% 15.09% 16.60% 26.17% 30.90% 12.11% 17.55% 16.81%
ROIC Less NNEP Spread (ROIC-NNEP)		 -43.14% 12.58% 9.59% 11.32% 11.78% 13.18% 14.22% 30.56% 9.58% 15.10% 14.78%
Return on Net Nonoperating Assets (RNNOA)		 -23.79% 8.18% 7.51% 9.51% 10.51% 11.77% 7.08% 20.05% 11.00% 16.01% 12.31%
Return on Equity (ROE)		 -10.82% 24.95% 22.87% 25.78% 25.60% 28.37% 33.25% 50.95% 23.11% 33.56% 29.12%
Cash Return on Invested Capital (CROIC)		 16.51% 23.92% 16.55% 20.04% 3.05% 26.95% 37.07% -4.26% 17.55% 15.49% 16.11%
Operating Return on Assets (OROA)		 10.58% 13.58% 12.75% 11.02% 10.14% 11.10% 13.87% 17.76% 7.27% 10.67% 10.03%
Return on Assets (ROA)		 -3.82% 8.26% 7.04% 7.50% 7.20% 7.81% 9.29% 13.22% 5.19% 7.61% 7.23%
Return on Common Equity (ROCE)		 -10.82% 24.95% 22.87% 25.78% 25.60% 28.37% 33.25% 50.95% 23.11% 33.56% 29.12%
Return on Equity Simple (ROE_SIMPLE)		 -11.69% 25.96% 24.96% 25.01% 26.00% 27.73% 30.25% 54.15% 24.75% 30.81% 27.89%
Net Operating Profit after Tax (NOPAT)		 3,040 3,730 3,274 3,384 3,276 3,634 5,150 6,976 3,130 4,458 4,328
NOPAT Margin		 4.19% 5.06% 4.66% 4.65% 4.35% 4.65% 5.50% 6.58% 2.87% 4.15% 4.06%
Net Nonoperating Expense Percent (NNEP)		 56.11% 4.19% 5.77% 4.95% 3.31% 3.42% 11.95% 0.34% 2.53% 2.45% 2.03%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - - 11.43% 15.13% 14.14%
Cost of Revenue to Revenue		 70.61% 70.80% 69.94% 70.31% 70.73% 70.24% 70.73% 70.72% 75.43% 72.46% 71.79%
SG&A Expenses to Revenue		 20.21% 19.88% 20.23% 20.82% 20.87% 20.78% 19.90% 18.63% 18.86% 19.98% 20.62%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 23.14% 21.70% 23.14% 23.88% 23.82% 23.80% 22.28% 20.84% 21.05% 22.23% 22.99%
Earnings before Interest and Taxes (EBIT)		 4,535 5,530 4,952 4,283 4,137 4,667 6,523 9,328 3,896 5,799 5,672
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 6,664 7,743 7,270 6,759 6,611 7,271 9,008 11,970 6,596 8,600 8,653
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 2.53 2.67 2.62 2.85 2.84 4.23 5.71 7.50 6.44 4.82 4.27
Price to Tangible Book Value (P/TBV)		 2.53 2.67 2.62 2.85 2.84 4.23 5.71 7.50 6.44 4.82 4.27
Price to Revenue (P/Rev)		 0.49 0.47 0.41 0.46 0.43 0.64 0.88 0.91 0.66 0.60 0.59
Price to Earnings (P/E)		 0.00 10.30 10.49 11.38 10.92 15.25 18.89 13.84 26.03 15.63 15.32
Dividend Yield		 3.42% 3.84% 4.54% 4.00% 4.10% 2.63% 1.63% 1.57% 3.21% 3.11% 3.25%
Earnings Yield		 0.00% 9.71% 9.53% 8.79% 9.15% 6.56% 5.29% 7.22% 3.84% 6.40% 6.53%
Enterprise Value to Invested Capital (EV/IC)		 1.99 2.02 1.84 2.05 1.90 2.84 4.66 4.14 3.43 3.00 2.86
Enterprise Value to Revenue (EV/Rev)		 0.63 0.59 0.55 0.58 0.58 0.75 0.93 1.04 0.79 0.72 0.69
Enterprise Value to EBITDA (EV/EBITDA)		 6.89 5.60 5.35 6.20 6.63 8.11 9.62 9.18 13.08 8.94 8.53
Enterprise Value to EBIT (EV/EBIT)		 10.12 7.84 7.86 9.78 10.59 12.63 13.29 11.78 22.14 13.26 13.02
Enterprise Value to NOPAT (EV/NOPAT)		 15.10 11.62 11.89 12.38 13.37 16.22 16.83 15.75 27.56 17.25 17.06
Enterprise Value to Operating Cash Flow (EV/OCF)		 10.28 7.28 7.15 6.04 7.33 8.28 8.23 12.74 21.47 8.92 10.02
Enterprise Value to Free Cash Flow (EV/FCFF)		 11.86 8.15 11.03 10.05 66.18 9.99 11.88 0.00 19.02 19.54 17.80
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.91 0.98 1.16 0.98 1.18 0.97 0.88 1.07 1.44 1.19 1.09
Long-Term Debt to Equity		 0.90 0.92 1.01 0.95 1.08 0.96 0.80 1.06 1.43 1.11 0.98
Financial Leverage		 0.55 0.65 0.78 0.84 0.89 0.89 0.50 0.66 1.15 1.06 0.83
Leverage Ratio		 2.84 3.02 3.25 3.44 3.56 3.63 3.58 3.85 4.45 4.41 4.03
Compound Leverage Factor		 2.28 2.69 2.60 2.91 3.16 3.26 3.04 3.68 3.91 4.03 3.73
Debt to Total Capital		 47.62% 49.62% 53.79% 49.45% 54.03% 49.28% 46.76% 51.68% 58.96% 54.42% 52.08%
Short-Term Debt to Total Capital		 0.34% 3.17% 7.25% 1.22% 4.28% 0.69% 4.22% 0.64% 0.48% 3.79% 5.35%
Long-Term Debt to Total Capital		 47.28% 46.45% 46.54% 48.23% 49.75% 48.59% 42.54% 51.04% 58.49% 50.63% 46.74%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 52.38% 50.38% 46.21% 50.55% 45.97% 50.72% 53.24% 48.32% 41.04% 45.58% 47.92%
Debt to EBITDA		 1.91 1.65 1.75 1.69 2.01 1.58 1.41 1.15 2.45 1.86 1.84
Net Debt to EBITDA		 1.58 1.13 1.41 1.30 1.77 1.23 0.46 1.15 2.11 1.42 1.29
Long-Term Debt to EBITDA		 1.90 1.54 1.52 1.64 1.85 1.56 1.28 1.13 2.43 1.74 1.65
Debt to NOPAT		 4.19 3.42 3.89 3.37 4.05 3.16 2.46 1.97 5.16 3.60 3.68
Net Debt to NOPAT		 3.46 2.34 3.13 2.59 3.58 2.46 0.81 1.97 4.44 2.74 2.58
Long-Term Debt to NOPAT		 4.16 3.20 3.37 3.29 3.73 3.12 2.24 1.94 5.12 3.35 3.30
Altman Z-Score		 3.29 3.38 3.16 3.06 2.93 3.32 3.85 4.13 3.41 3.35 3.21
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.16 1.12 0.94 0.96 0.83 0.89 1.03 0.99 0.92 0.91 0.94
Quick Ratio		 0.19 0.32 0.20 0.20 0.10 0.18 0.42 0.00 0.11 0.20 0.23
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 3,871 5,318 3,529 4,168 662 5,899 7,296 -962 4,535 3,935 4,149
Operating Cash Flow to CapEx		 264.04% 422.55% 362.69% 277.18% 174.09% 240.11% 403.72% 245.24% 72.79% 180.28% 255.09%
Free Cash Flow to Firm to Interest Expense		 4.39 8.76 3.56 6.38 1.44 12.37 7.47 -2.28 9.49 7.84 10.10
Operating Cash Flow to Interest Expense		 5.06 9.82 5.49 10.62 12.96 14.92 10.77 20.49 8.41 17.17 17.92
Operating Cash Flow Less CapEx to Interest Expense		 3.15 7.49 3.98 6.79 5.51 8.71 8.10 12.13 -3.14 7.65 10.90
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 1.69 1.81 1.81 1.87 1.85 1.86 1.99 2.02 2.04 1.98 1.88
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Inventory Turnover		 6.19 6.19 5.81 6.05 5.89 5.93 6.74 6.11 6.01 6.13 6.21
Fixed Asset Turnover		 2.77 2.88 2.82 2.96 3.01 3.02 3.52 3.85 3.66 3.33 3.22
Accounts Payable Turnover		 6.79 6.88 6.70 6.42 5.78 5.58 5.81 5.29 5.68 6.08 6.08
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 58.94 58.98 62.80 60.35 61.96 61.50 54.18 59.78 60.76 59.53 58.75
Days Payable Outstanding (DPO)		 53.72 53.02 54.48 56.86 63.13 65.47 62.82 68.99 64.23 59.99 60.00
Cash Conversion Cycle (CCC)		 5.22 5.96 8.32 3.49 -1.18 -3.97 -8.64 -9.21 -3.47 -0.47 -1.25
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 23,033 21,445 21,190 20,406 23,020 20,755 18,609 26,547 25,142 25,665 25,844
Invested Capital Turnover		 3.10 3.32 3.30 3.50 3.47 3.57 4.75 4.70 4.22 4.23 4.14
Increase / (Decrease) in Invested Capital		 -831 -1,588 -255 -784 2,614 -2,265 -2,146 7,938 -1,405 523 179
Enterprise Value (EV)		 45,904 43,356 38,930 41,902 43,805 58,941 86,672 109,862 86,264 76,913 73,836
Market Capitalization		 35,389 34,642 28,693 33,147 32,082 50,019 82,503 96,142 72,354 64,680 62,658
Book Value per Share		 $21.97 $21.03 $19.50 $21.43 $21.65 $23.35 $28.84 $26.77 $24.40 $29.09 $32.01
Tangible Book Value per Share		 $21.97 $21.03 $19.50 $21.43 $21.65 $23.35 $28.84 $26.77 $24.40 $29.09 $32.01
Total Capital		 26,722 25,717 23,702 23,049 24,576 23,332 27,120 26,547 27,371 29,470 30,606
Total Debt		 12,725 12,760 12,749 11,398 13,279 11,499 12,680 13,720 16,139 16,038 15,940
Total Long-Term Debt		 12,634 11,945 11,031 11,117 12,227 11,338 11,536 13,549 16,009 14,922 14,304
Net Debt		 10,515 8,714 10,237 8,755 11,723 8,922 4,169 13,720 13,910 12,233 11,178
Capital Expenditures (CapEx)		 1,691 1,410 1,501 2,502 3,431 2,964 2,607 3,517 5,520 4,782 2,888
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -231 -1,723 -1,511 -2,874 -2,999 -4,001 -6,736 -3.00 -3,753 -4,495 -4,471
Debt-free Net Working Capital (DFNWC)		 1,979 2,323 1,001 -231 -1,443 -1,424 1,775 -3.00 -1,524 -690 291
Net Working Capital (NWC)		 1,888 1,508 -717 -512 -2,495 -1,585 631 -174 -1,654 -1,806 -1,345
Net Nonoperating Expense (NNE)		 4,676 367 540 470 339 353 782 30 350 320 237
Net Nonoperating Obligations (NNO)		 9,036 8,488 10,237 8,755 11,723 8,922 4,169 13,720 13,910 12,233 11,178
Total Depreciation and Amortization (D&A)		 2,129 2,213 2,318 2,476 2,474 2,604 2,485 2,642 2,700 2,801 2,981
Debt-free, Cash-free Net Working Capital to Revenue		 -0.32% -2.34% -2.15% -3.95% -3.98% -5.12% -7.20% 0.00% -3.44% -4.18% -4.20%
Debt-free Net Working Capital to Revenue		 2.73% 3.15% 1.42% -0.32% -1.91% -1.82% 1.90% 0.00% -1.40% -0.64% 0.27%
Net Working Capital to Revenue		 2.60% 2.04% -1.02% -0.70% -3.31% -2.03% 0.67% -0.16% -1.52% -1.68% -1.26%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $5.55 $6.42 $8.72 $14.23 $6.02 $8.96 $8.89
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 0.00 0.00 528.60M 510.90M 500.60M 488.10M 462.10M 461.50M 460.40M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $5.51 $6.36 $8.64 $14.10 $5.98 $8.94 $8.86
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 0.00 0.00 533.20M 515.60M 505.40M 492.70M 464.70M 462.80M 461.80M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 0.00 0.00 516.33M 500.96M 498.62M 462.42M 460.36M 461.69M 455.58M
Normalized Net Operating Profit after Tax (NOPAT)		 3,040 3,312 3,274 3,384 3,276 3,634 5,150 6,976 3,130 4,458 4,328
Normalized NOPAT Margin		 4.19% 4.49% 4.66% 4.65% 4.35% 4.65% 5.50% 6.58% 2.87% 4.15% 4.06%
Pre Tax Income Margin		 5.03% 6.67% 5.64% 4.99% 4.88% 5.36% 5.93% 8.40% 3.13% 4.93% 4.94%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 5.14 9.11 5.00 6.56 8.97 9.78 6.68 22.16 8.15 11.55 13.80
NOPAT to Interest Expense		 3.45 6.15 3.30 5.18 7.11 7.62 5.27 16.57 6.55 8.88 10.53
EBIT Less CapEx to Interest Expense		 3.22 6.79 3.48 2.73 1.53 3.57 4.01 13.80 -3.40 2.03 6.77
NOPAT Less CapEx to Interest Expense		 1.53 3.82 1.79 1.35 -0.34 1.40 2.60 8.22 -5.00 -0.64 3.50
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 -73.66% 40.50% 49.31% 45.92% 45.45% 40.54% 30.75% 22.29% 66.04% 48.60% 50.01%
Augmented Payout Ratio		 -75.24% 144.07% 184.86% 81.81% 117.77% 88.24% 47.80% 125.77% 161.22% 48.60% 74.63%

Quarterly Metrics And Ratios for Target

This table displays calculated financial ratios and metrics derived from Target's official financial filings.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Period end date 10/29/2022 1/28/2023 4/29/2023 7/29/2023 10/28/2023 2/3/2024 5/4/2024 8/3/2024 11/2/2024 2/1/2025 5/3/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 3.38% 1.29% 0.60% -4.85% -4.22% 1.67% -3.12% 2.74% 1.06% -3.15% -2.78%
EBITDA Growth		 -35.94% -33.55% -1.08% 93.67% 20.77% 40.36% 1.24% 26.48% -5.52% -13.73% 11.85%
EBIT Growth		 -48.71% -44.74% -0.73% 268.69% 29.79% 61.52% -1.92% 36.44% -10.88% -20.97% 13.06%
NOPAT Growth		 -48.85% -39.30% -3.63% 244.42% 29.35% 48.25% -4.42% 35.29% -11.70% -20.25% 10.18%
Net Income Growth		 -52.15% -43.26% -5.85% 356.28% 36.38% 57.76% -0.84% 42.75% -12.05% -20.19% 9.98%
EPS Growth		 -49.34% -41.67% -5.09% 361.54% 36.36% 58.20% -0.98% 42.78% -11.90% -19.40% 11.82%
Operating Cash Flow Growth		 -72.46% 14.47% 190.75% 58.35% 222.87% -5.11% -12.96% 4.92% -61.79% 0.00% -75.02%
Free Cash Flow Firm Growth		 -802.42% 137.55% 59.10% 77.81% 119.31% -61.31% 188.02% 260.83% -49.63% 5.62% -107.99%
Invested Capital Growth		 27.37% -5.29% 9.80% 7.44% 0.34% 2.08% -0.59% -0.68% 1.65% 0.70% 4.54%
Revenue Q/Q Growth		 1.85% 18.39% -19.34% -2.17% 2.52% 25.68% -23.15% 3.75% 0.85% 20.44% -22.86%
EBITDA Q/Q Growth		 74.57% 9.30% 8.03% -6.05% 8.86% 27.03% -22.08% 17.38% -18.68% 16.00% 1.02%
EBIT Q/Q Growth		 214.29% 13.35% 15.27% -10.21% 10.63% 41.06% -30.01% 24.91% -27.73% 25.08% 0.13%
NOPAT Q/Q Growth		 195.71% 21.60% 7.64% -11.02% 11.06% 39.37% -30.60% 25.95% -27.52% 25.88% -4.12%
Net Income Q/Q Growth		 289.07% 23.03% 8.45% -12.11% 16.29% 42.33% -31.84% 26.54% -28.36% 29.16% -6.07%
EPS Q/Q Growth		 294.87% 22.73% 8.47% -12.20% 16.67% 42.38% -32.11% 26.60% -28.02% 30.27% -5.81%
Operating Cash Flow Q/Q Growth		 -55.53% 478.63% -63.50% 68.62% -9.33% 70.06% -66.52% 103.27% -66.98% 345.06% -91.64%
Free Cash Flow Firm Q/Q Growth		 -21.34% 148.57% -155.34% 31.95% 205.56% -2.68% 25.91% 24.34% -66.94% 104.05% -109.52%
Invested Capital Q/Q Growth		 7.86% -5.16% 5.38% -0.34% 0.73% -3.51% 2.62% -0.42% 3.09% -4.41% 6.54%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 25.79% 23.48% 27.39% 28.16% 28.54% 26.39% 28.87% 30.07% 28.41% 25.99% 28.18%
EBITDA Margin		 6.44% 5.95% 7.97% 7.65% 8.13% 8.21% 8.33% 9.42% 7.60% 7.32% 9.58%
Operating Margin		 3.85% 3.69% 5.24% 4.83% 5.19% 5.84% 5.28% 6.42% 4.55% 4.75% 6.17%
EBIT Margin		 3.90% 3.73% 5.34% 4.90% 5.28% 5.93% 5.40% 6.50% 4.66% 4.84% 6.28%
Profit (Net Income) Margin		 2.69% 2.79% 3.75% 3.37% 3.82% 4.33% 3.84% 4.68% 3.33% 3.57% 4.34%
Tax Burden Percent		 78.33% 83.99% 78.90% 77.89% 78.62% 77.38% 77.28% 77.15% 78.28% 78.45% 74.96%
Interest Burden Percent		 87.91% 88.99% 89.12% 88.38% 92.03% 94.35% 92.00% 93.35% 91.22% 93.98% 92.26%
Effective Tax Rate		 21.67% 16.01% 21.10% 22.11% 21.38% 22.62% 22.72% 22.85% 21.72% 21.55% 25.04%
Return on Invested Capital (ROIC)		 13.87% 13.09% 17.86% 15.95% 16.41% 19.12% 16.48% 20.21% 14.29% 15.40% 18.19%
ROIC Less NNEP Spread (ROIC-NNEP)		 13.08% 12.39% 17.17% 15.26% 15.98% 18.65% 16.04% 19.68% 13.83% 14.99% 17.65%
Return on Net Nonoperating Assets (RNNOA)		 11.86% 14.22% 21.67% 19.19% 20.08% 19.77% 17.27% 19.52% 13.65% 12.49% 15.38%
Return on Equity (ROE)		 25.73% 27.32% 39.54% 35.14% 36.49% 38.88% 33.75% 39.73% 27.93% 27.90% 33.57%
Cash Return on Invested Capital (CROIC)		 -8.20% 17.55% 2.87% 7.56% 14.68% 15.49% 17.30% 18.70% 15.59% 16.11% 12.01%
Operating Return on Assets (OROA)		 7.71% 7.60% 11.32% 10.01% 10.10% 11.72% 10.74% 12.78% 8.74% 9.12% 11.95%
Return on Assets (ROA)		 5.31% 5.68% 7.96% 6.89% 7.31% 8.56% 7.63% 9.20% 6.24% 6.72% 8.27%
Return on Common Equity (ROCE)		 25.73% 27.32% 39.54% 35.14% 36.49% 38.88% 33.75% 39.73% 27.93% 27.90% 33.57%
Return on Equity Simple (ROE_SIMPLE)		 31.29% 0.00% 23.45% 28.13% 29.02% 0.00% 29.84% 31.10% 30.16% 0.00% 28.00%
Net Operating Profit after Tax (NOPAT)		 801 973 1,048 932 1,035 1,443 1,002 1,261 914 1,151 1,103
NOPAT Margin		 3.02% 3.10% 4.14% 3.76% 4.08% 4.52% 4.08% 4.96% 3.56% 3.72% 4.63%
Net Nonoperating Expense Percent (NNEP)		 0.79% 0.71% 0.69% 0.69% 0.44% 0.47% 0.43% 0.53% 0.45% 0.41% 0.54%
Return On Investment Capital (ROIC_SIMPLE)		 - 3.56% - - - 4.90% - - - 3.76% 3.63%
Cost of Revenue to Revenue		 74.21% 76.52% 72.61% 71.84% 71.46% 73.61% 71.13% 69.93% 71.59% 74.01% 71.82%
SG&A Expenses to Revenue		 19.68% 17.83% 19.84% 20.93% 20.93% 18.60% 21.07% 21.19% 21.37% 19.16% 19.25%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 21.93% 19.79% 22.15% 23.32% 23.36% 20.55% 23.59% 23.64% 23.86% 21.25% 22.00%
Earnings before Interest and Taxes (EBIT)		 1,034 1,172 1,351 1,213 1,342 1,893 1,325 1,655 1,196 1,496 1,498
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 1,709 1,868 2,018 1,896 2,064 2,622 2,043 2,398 1,950 2,262 2,285
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 6.59 6.44 5.97 4.99 3.80 4.82 5.20 4.43 4.76 4.27 2.93
Price to Tangible Book Value (P/TBV)		 6.59 6.44 5.97 4.99 3.80 4.82 5.20 4.43 4.76 4.27 2.93
Price to Revenue (P/Rev)		 0.67 0.66 0.63 0.55 0.45 0.60 0.67 0.60 0.64 0.59 0.41
Price to Earnings (P/E)		 21.06 26.03 25.45 17.73 13.10 15.63 17.41 14.24 15.79 15.32 10.48
Dividend Yield		 3.08% 3.21% 3.47% 4.17% 5.26% 3.11% 2.81% 3.19% 2.95% 3.25% 4.63%
Earnings Yield		 4.75% 3.84% 3.93% 5.64% 7.63% 6.40% 5.74% 7.02% 6.33% 6.53% 9.54%
Enterprise Value to Invested Capital (EV/IC)		 3.32 3.43 3.18 2.81 2.32 3.00 3.20 2.89 3.02 2.86 2.05
Enterprise Value to Revenue (EV/Rev)		 0.81 0.79 0.77 0.69 0.58 0.72 0.79 0.71 0.76 0.69 0.53
Enterprise Value to EBITDA (EV/EBITDA)		 11.69 13.08 12.80 9.91 7.86 8.94 9.79 8.29 9.05 8.53 6.35
Enterprise Value to EBIT (EV/EBIT)		 18.18 22.14 21.65 15.56 12.14 13.26 14.62 12.18 13.44 13.02 9.66
Enterprise Value to NOPAT (EV/NOPAT)		 23.46 27.56 27.23 19.77 15.46 17.25 19.13 15.96 17.65 17.06 12.74
Enterprise Value to Operating Cash Flow (EV/OCF)		 24.61 21.47 12.60 9.95 7.01 8.92 9.98 8.84 11.07 10.02 8.63
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 19.02 115.94 38.53 15.82 19.54 18.47 15.38 19.50 17.80 17.45
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 1.49 1.44 1.40 1.34 1.28 1.19 1.16 1.06 1.10 1.09 1.04
Long-Term Debt to Equity		 1.29 1.43 1.38 1.24 1.19 1.11 0.97 0.95 0.99 0.98 0.96
Financial Leverage		 0.91 1.15 1.26 1.26 1.26 1.06 1.08 0.99 0.99 0.83 0.87
Leverage Ratio		 4.43 4.45 4.60 4.68 4.75 4.41 4.22 4.13 4.25 4.03 3.87
Compound Leverage Factor		 3.90 3.96 4.10 4.14 4.37 4.16 3.88 3.86 3.88 3.78 3.57
Debt to Total Capital		 59.88% 58.96% 58.28% 57.21% 56.11% 54.42% 53.78% 51.46% 52.45% 52.08% 50.86%
Short-Term Debt to Total Capital		 8.04% 0.48% 0.72% 3.95% 3.90% 3.79% 8.73% 5.52% 5.37% 5.35% 3.74%
Long-Term Debt to Total Capital		 51.84% 58.49% 57.56% 53.27% 52.20% 50.63% 45.05% 45.94% 47.08% 46.74% 47.12%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 40.12% 41.04% 41.72% 42.79% 43.89% 45.58% 46.22% 48.54% 47.55% 47.92% 49.14%
Debt to EBITDA		 2.18 2.45 2.47 2.14 2.04 1.86 1.87 1.68 1.77 1.84 1.74
Net Debt to EBITDA		 2.05 2.11 2.26 1.92 1.80 1.42 1.45 1.29 1.39 1.29 1.42
Long-Term Debt to EBITDA		 1.89 2.43 2.44 1.99 1.90 1.74 1.56 1.50 1.59 1.65 1.61
Debt to NOPAT		 4.38 5.16 5.25 4.27 4.01 3.60 3.65 3.23 3.46 3.68 3.49
Net Debt to NOPAT		 4.12 4.44 4.82 3.84 3.53 2.74 2.83 2.49 2.72 2.58 2.84
Long-Term Debt to NOPAT		 3.79 5.12 5.18 3.98 3.73 3.35 3.06 2.88 3.11 3.30 3.24
Altman Z-Score		 3.04 3.24 3.30 3.05 2.73 3.12 3.19 3.09 3.01 2.97 2.79
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.86 0.92 0.88 0.83 0.87 0.91 0.86 0.90 0.94 0.94 0.94
Quick Ratio		 0.04 0.11 0.07 0.08 0.09 0.20 0.18 0.18 0.16 0.23 0.15
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -4,896 2,378 -1,316 -896 945 920 1,159 1,440 476 972 -93
Operating Cash Flow to CapEx		 33.28% 288.59% 78.91% 175.41% 174.39% 385.13% 163.60% 350.78% 112.82% 356.72% 34.81%
Free Cash Flow to Firm to Interest Expense		 -39.17 18.44 -8.95 -6.35 8.84 8.60 10.93 13.09 4.54 10.80 -0.80
Operating Cash Flow to Interest Expense		 4.79 26.87 8.61 15.13 18.07 30.74 10.39 20.35 7.04 36.54 2.37
Operating Cash Flow Less CapEx to Interest Expense		 -9.61 17.56 -2.30 6.50 7.71 22.76 4.04 14.55 0.80 26.30 -4.44
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 1.98 2.04 2.12 2.04 1.91 1.98 1.99 1.97 1.87 1.88 1.90
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Inventory Turnover		 5.05 6.01 5.93 5.70 4.92 6.13 6.31 6.07 5.15 6.21 6.15
Fixed Asset Turnover		 3.70 3.66 3.58 3.44 3.34 3.33 3.26 3.25 3.25 3.22 3.19
Accounts Payable Turnover		 5.12 5.68 6.32 5.88 5.27 6.08 6.54 6.18 5.37 6.08 6.51
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 72.23 60.76 61.53 64.04 74.25 59.53 57.85 60.09 70.83 58.75 59.38
Days Payable Outstanding (DPO)		 71.36 64.23 57.73 62.13 69.31 59.99 55.83 59.11 68.02 60.00 56.04
Cash Conversion Cycle (CCC)		 0.87 -3.47 3.80 1.91 4.94 -0.47 2.02 0.99 2.81 -1.25 3.34
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 26,509 25,142 26,494 26,405 26,599 25,665 26,337 26,226 27,037 25,844 27,533
Invested Capital Turnover		 4.60 4.22 4.32 4.24 4.03 4.23 4.04 4.08 4.01 4.14 3.93
Increase / (Decrease) in Invested Capital		 5,697 -1,405 2,364 1,828 90 523 -157 -179 438 179 1,196
Enterprise Value (EV)		 88,094 86,264 84,134 74,230 61,664 76,913 84,401 75,683 81,537 73,836 56,444
Market Capitalization		 72,604 72,354 69,245 59,815 47,579 64,680 71,904 63,886 68,989 62,658 43,858
Book Value per Share		 $23.94 $24.40 $25.21 $25.98 $27.11 $29.09 $29.98 $31.19 $31.45 $32.01 $32.81
Tangible Book Value per Share		 $23.94 $24.40 $25.21 $25.98 $27.11 $29.09 $29.98 $31.19 $31.45 $32.01 $32.81
Total Capital		 27,463 27,371 27,815 28,022 28,509 29,470 29,941 29,723 30,470 30,606 30,420
Total Debt		 16,444 16,139 16,210 16,032 15,995 16,038 16,101 15,294 15,981 15,940 15,473
Total Long-Term Debt		 14,237 16,009 16,010 14,926 14,883 14,922 13,487 13,654 14,346 14,304 14,334
Net Debt		 15,490 13,910 14,889 14,415 14,085 12,233 12,497 11,797 12,548 11,178 12,586
Capital Expenditures (CapEx)		 1,800 1,201 1,603 1,216 1,109 854 673 638 655 922 790
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -2,137 -3,753 -3,215 -3,745 -3,701 -4,495 -3,771 -3,923 -3,036 -4,471 -2,980
Debt-free Net Working Capital (DFNWC)		 -1,183 -1,524 -1,894 -2,128 -1,791 -690 -167 -426 397 291 -93
Net Working Capital (NWC)		 -3,390 -1,654 -2,094 -3,234 -2,903 -1,806 -2,781 -2,066 -1,238 -1,345 -1,232
Net Nonoperating Expense (NNE)		 89 97 98 97 64 61 60 69 60 48 67
Net Nonoperating Obligations (NNO)		 15,490 13,910 14,889 14,415 14,085 12,233 12,497 11,797 12,548 11,178 12,586
Total Depreciation and Amortization (D&A)		 675 696 667 683 722 729 718 743 754 766 787
Debt-free, Cash-free Net Working Capital to Revenue		 -1.97% -3.44% -2.94% -3.47% -3.46% -4.18% -3.54% -3.66% -2.82% -4.20% -2.81%
Debt-free Net Working Capital to Revenue		 -1.09% -1.40% -1.73% -1.97% -1.68% -0.64% -0.16% -0.40% 0.37% 0.27% -0.09%
Net Working Capital to Revenue		 -3.12% -1.52% -1.92% -2.99% -2.72% -1.68% -2.61% -1.93% -1.15% -1.26% -1.16%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.55 $1.90 $2.06 $1.81 $2.10 $2.99 $2.04 $2.58 $1.86 $2.41 $2.28
Adjusted Weighted Average Basic Shares Outstanding		 460.30M 462.10M 460.90M 461.60M 461.60M 461.50M 462.20M 462.50M 460.10M 460.40M 455M
Adjusted Diluted Earnings per Share		 $1.54 $1.89 $2.05 $1.80 $2.10 $2.99 $2.03 $2.57 $1.85 $2.41 $2.27
Adjusted Weighted Average Diluted Shares Outstanding		 462.50M 464.70M 462.90M 462.50M 462.60M 462.80M 463.90M 463.50M 461.50M 461.80M 456.50M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 460.31M 460.36M 461.56M 461.61M 461.66M 461.69M 462.64M 460.67M 458.21M 455.58M 454.37M
Normalized Net Operating Profit after Tax (NOPAT)		 801 973 1,048 932 1,035 1,443 1,002 1,261 914 1,151 1,103
Normalized NOPAT Margin		 3.02% 3.10% 4.14% 3.76% 4.08% 4.52% 4.08% 4.96% 3.56% 3.72% 4.63%
Pre Tax Income Margin		 3.43% 3.32% 4.75% 4.33% 4.86% 5.60% 4.97% 6.07% 4.25% 4.55% 5.79%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 8.27 9.09 9.19 8.60 12.54 17.69 12.50 15.05 11.39 16.62 12.91
NOPAT to Interest Expense		 6.40 7.55 7.13 6.61 9.68 13.49 9.45 11.47 8.71 12.79 9.51
EBIT Less CapEx to Interest Expense		 -6.13 -0.22 -1.71 -0.02 2.18 9.71 6.15 9.25 5.15 6.38 6.10
NOPAT Less CapEx to Interest Expense		 -8.00 -1.76 -3.78 -2.01 -0.69 5.51 3.10 5.67 2.47 2.54 2.70
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 51.36% 66.04% 70.16% 59.00% 55.07% 48.60% 48.96% 45.29% 46.70% 50.01% 48.94%
Augmented Payout Ratio		 190.34% 161.22% 70.16% 59.00% 55.07% 48.60% 48.96% 48.74% 58.28% 74.63% 78.97%

Key Financial Trends

Target Corp (NYSE: TGT) has shown a mixed but generally stable financial performance over the past few years through Q4 2024. Here are the most important points to consider for retail investors:

  • Revenue Growth: Target's total revenue increased from about $25.32 billion in Q1 2023 to $30.92 billion in Q4 2024, showing steady growth over the last eight quarters.
  • Net Income Improvement: Net income rose from approximately $950 million in Q1 2023 to $1.1 billion in Q4 2024, indicating improving profitability.
  • Increasing Operating Income: Operating income increased to $1.47 billion in Q4 2024 from $1.33 billion in Q1 2023, helping support the bottom line growth.
  • Consistent Dividends: Dividend per share has increased gradually from $1.08 in early 2023 to $1.12 in late 2024, reflecting stable dividend policy.
  • Operating Cash Flow Growth: Net cash from operating activities increased substantially from $1.27 billion in Q1 2023 to $3.29 billion in Q4 2024, showing stronger cash generation capabilities.
  • Stable Capital Expenditures: Purchase of property, plant, and equipment remained relatively consistent (around $600 million to $1.6 billion quarterly), indicating ongoing investments but no major spikes.
  • Inventory Levels: Inventories fluctuated, rising notably in mid-2023 and Q3 2024 (up to $15.2 billion), which could be due to stocking up but may impact working capital.
  • Debt Levels: Long-term debt stayed relatively stable around $13.4-$16 billion quarters over quarters, with consistent repayments offsetting some issuances.
  • Rising Operating Costs: Total cost of revenue increased alongside revenue, but gross profit margins slightly declined from around 30% in 2022 to closer to 26% in 2024, pointing toward margin pressure.
  • Increasing Interest Expense: Interest expense rose from about $129 million in Q4 2022 to $90-110 million quarterly during 2023-2024, impacting net income slightly.

Summary: Target has demonstrated steady revenue and net income growth over the past few years, with strong cash flows from operations and a stable dividend policy supporting shareholder returns. However, upward pressure on operating costs and interest expenses suggest margin and profitability could face challenges moving forward. Investors should watch inventory management and debt servicing costs, though current financial health remains solid with ample liquidity and consistent earnings.

08/06/25 12:44 AMAI Generated. May Contain Errors.

Frequently Asked Questions About Target's Financials

When does Target's financial year end?

According to the most recent income statement we have on file, Target's fiscal year ends in February. Their fiscal year 2025 ended on February 1, 2025.

How has Target's net income changed over the last 10 years?

Target's net income appears to be on an upward trend, with a most recent value of $4.09 billion in 2024, falling from -$1.64 billion in 2014. The previous period was $4.14 billion in 2023. See where experts think Target is headed by visiting Target's forecast page.

What is Target's operating income?
Target's total operating income in 2024 was $5.57 billion, based on the following breakdown:
  • Total Gross Profit: $30.06 billion
  • Total Operating Expenses: $24.50 billion
How has Target's revenue changed over the last 10 years?

Over the last 10 years, Target's total revenue changed from $72.62 billion in 2014 to $106.57 billion in 2024, a change of 46.7%.

How much debt does Target have?

Target's total liabilities were at $43.10 billion at the end of 2024, a 2.8% increase from 2023, and a 58.6% increase since 2014.

How much cash does Target have?

In the past 10 years, Target's cash and equivalents has ranged from $0.00 in 2021 to $8.51 billion in 2020, and is currently $4.76 billion as of their latest financial filing in 2024.

How has Target's book value per share changed over the last 10 years?

Over the last 10 years, Target's book value per share changed from 21.97 in 2014 to 32.01 in 2024, a change of 45.7%.


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This page (NYSE:TGT) was last updated on 8/6/2025 by MarketBeat.com Staff
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