Target (TGT) Financials

$96.70 -0.21 (-0.22%)

As of 03:59 PM Eastern

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	3,363	2,734	2,914	2,937	3,281	4,368	6,946	2,780	4,138	4,091
Consolidated Net Income / (Loss)	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	3,321	2,666	2,908	2,930	3,269	4,368	6,946	2,780	4,138	4,091
Total Pre-Tax Income	4,923	3,961	3,630	3,676	4,190	5,546	8,907	3,418	5,297	5,261
Total Operating Income	5,530	4,864	4,224	4,110	4,658	6,539	8,946	3,848	5,707	5,566
Total Gross Profit	21,544	21,126	21,589	22,057	23,248	27,384	31,042	26,814	29,584	30,064
Total Revenue	73,785	70,271	72,714	75,356	78,112	93,561	106,005	109,120	107,412	106,566
Operating Revenue	73,785	70,271	72,714	75,356	78,112	93,561	106,005	109,120	107,412	106,566
Total Cost of Revenue	52,241	49,145	51,125	53,299	54,864	66,177	74,963	82,306	77,828	76,502
Operating Cost of Revenue	52,241	49,145	51,125	53,299	54,864	66,177	74,963	82,306	77,828	76,502
Total Operating Expenses	16,014	16,262	17,365	17,947	18,590	20,845	22,096	22,966	23,877	24,498
Selling, General & Admin Expense	14,665	14,217	15,140	15,723	16,233	18,615	19,752	20,581	21,462	21,969
Depreciation Expense	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	-607	-903	-594	-434	-468	-993	-39	-430	-410	-305
Interest Expense	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	1,602	1,295	722	746	921	1,178	1,961	638	1,159	1,170
Basic Earnings per Share	$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	627.70M	577.60M	546.80M	528.60M	510.90M	500.60M	488.10M	462.10M	461.50M	460.40M
Diluted Earnings per Share	$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	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	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	$2.20	$2.36	$2.46	$2.54	$2.62	$2.70	$3.38	$4.14	$4.38	$4.46

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
Net Income / (Loss) Attributable to Common Shareholders	712	876	950	835	971	1,382	942	1,192	854	1,103
Consolidated Net Income / (Loss)	712	876	950	835	971	1,382	942	1,192	854	1,103
Net Income / (Loss) Continuing Operations	712	876	950	835	971	1,382	942	1,192	854	1,103
Total Pre-Tax Income	909	1,043	1,204	1,072	1,235	1,786	1,219	1,545	1,091	1,406
Total Operating Income	1,022	1,159	1,328	1,197	1,317	1,865	1,296	1,635	1,168	1,467
Total Gross Profit	6,838	7,372	6,936	6,975	7,249	8,424	7,082	7,653	7,293	8,036
Total Revenue	26,518	31,395	25,322	24,773	25,398	31,919	24,531	25,452	25,668	30,915
Operating Revenue	26,518	31,395	25,322	24,773	25,398	31,919	24,531	25,452	25,668	30,915
Total Cost of Revenue	19,680	24,023	18,386	17,798	18,149	23,495	17,449	17,799	18,375	22,879
Operating Cost of Revenue	19,680	24,023	18,386	17,798	18,149	23,495	17,449	17,799	18,375	22,879
Total Operating Expenses	5,816	6,213	5,608	5,778	5,932	6,559	5,786	6,018	6,125	6,569
Selling, General & Admin Expense	5,219	5,598	5,025	5,184	5,316	5,937	5,168	5,392	5,486	5,923
Depreciation Expense	597	615	583	594	616	622	618	626	639	646
Total Other Income / (Expense), net	-113	-116	-124	-125	-82	-79	-77	-90	-77	-61
Interest Expense	125	129	147	141	107	107	106	110	105	90
Other Income / (Expense), net	12	13	23	16	25	28	29	20	28	29
Income Tax Expense	197	167	254	237	264	404	277	353	237	303
Basic Earnings per Share	$1.55	$1.90	$2.06	$1.81	$2.10	$2.99	$2.04	$2.58	$1.86	$2.41
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
Diluted Earnings per Share	$1.54	$1.89	$2.05	$1.80	$2.10	$2.99	$2.03	$2.57	$1.85	$2.41
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
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

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

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
Net Change in Cash & Equivalents	-163	1,275	-908	296	293	1,895	-201	-107	-64	1,329
Net Cash From Operating Activities	599	3,466	1,265	2,133	1,934	3,289	1,101	2,238	739	3,289
Net Cash From Continuing Operating Activities	599	3,466	1,265	2,133	1,934	3,289	1,101	2,238	739	3,289
Net Income / (Loss) Continuing Operations	712	876	950	835	971	1,382	942	1,192	854	1,103
Consolidated Net Income / (Loss)	712	876	950	835	971	1,382	942	1,192	854	1,103
Depreciation Expense	675	696	667	683	722	729	718	743	754	766
Non-Cash Adjustments To Reconcile Net Income	88	74	32	86	159	68	41	130	57	102
Changes in Operating Assets and Liabilities, net	-876	1,820	-384	529	82	1,110	-600	173	-926	1,318
Net Cash From Investing Activities	-1,785	-1,201	-1,602	-1,219	-1,089	-850	-671	-634	-637	-918
Net Cash From Continuing Investing Activities	-1,785	-1,201	-1,602	-1,219	-1,089	-850	-671	-634	-637	-918
Purchase of Property, Plant & Equipment	-1,800	-1,205	-1,605	-1,220	-1,127	-854	-674	-639	-655	-923
Sale of Property, Plant & Equipment	-	4.00	2.00	4.00	18	-	1.00	1.00	-	1.00
Other Investing Activities, net	15	-	1.00	-3.00	20	4.00	2.00	4.00	18	4.00
Net Cash From Financing Activities	1,023	-990	-571	-618	-552	-544	-631	-1,711	-166	-1,042
Net Cash From Continuing Financing Activities	1,023	-990	-571	-618	-552	-544	-631	-1,711	-166	-1,042
Repayment of Debt	-26	-24	-46	-26	-42	-33	-32	-1,044	-36	-27
Repurchase of Common Equity	-	-	-	-	-	-	-	-	-351	-501
Payment of Dividends	-497	-497	-497	-499	-507	-508	-508	-509	-516	-513
Other Financing Activities, net	-4.00	1.00	-118	-3.00	-3.00	-3.00	-91	-3.00	-4.00	-1.00

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Total Assets	40,262	37,431	40,303	41,290	42,779	51,248	53,811	53,335	55,356	57,769
Total Current Assets	14,130	11,990	12,540	12,519	12,902	20,756	21,573	17,846	17,498	19,454
Cash & Equivalents	4,046	2,512	2,643	1,556	2,577	8,511	-	2,229	3,805	4,762
Inventories, net	8,601	8,309	8,597	9,497	8,992	10,653	13,902	13,499	11,886	12,740
Other Current Assets	1,161	1,169	1,300	1,466	1,333	1,592	7,671	2,118	1,807	1,952
Plant, Property, & Equipment, net	25,217	24,658	24,536	25,533	26,283	26,879	28,181	31,512	33,096	33,022
Plant, Property & Equipment, gross	41,463	42,071	42,934	44,220	45,947	47,157	49,318	54,143	57,509	59,299
Accumulated Depreciation	16,246	17,413	18,398	18,687	19,664	20,278	21,137	22,631	24,413	26,277
Total Noncurrent Assets	915	783	3,227	3,238	3,594	3,613	4,057	3,977	4,762	5,293
Other Noncurrent Operating Assets	840	783	3,227	3,238	3,594	3,613	4,057	3,977	4,762	5,293
Total Liabilities & Shareholders' Equity	40,262	37,431	40,303	41,290	42,779	51,248	53,811	53,335	55,356	57,769
Total Liabilities	27,305	26,478	28,652	29,993	30,946	36,808	40,984	42,103	41,924	43,103
Total Current Liabilities	12,622	12,707	13,052	15,014	14,487	20,125	21,747	19,500	19,304	20,799
Short-Term Debt	815	1,718	281	1,052	161	1,144	171	130	1,116	1,636
Accounts Payable	7,418	7,252	8,677	9,761	9,920	12,859	15,478	13,487	12,098	13,053
Accrued Expenses	4,236	3,737	4,094	4,201	4,406	6,122	6,098	5,883	6,090	6,110
Total Noncurrent Liabilities	14,683	13,771	15,600	14,979	16,459	16,683	19,237	22,603	22,620	22,304
Long-Term Debt	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	823	861	693	972	1,122	990	1,566	2,196	2,480	2,303
Other Noncurrent Operating Liabilities	1,897	1,879	3,790	1,780	3,999	4,157	4,122	4,398	5,218	5,697
Total Equity & Noncontrolling Interests	12,957	10,953	11,651	11,297	11,833	14,440	12,827	11,232	13,432	14,666
Total Preferred & Common Equity	12,957	10,953	11,651	11,297	11,833	14,440	12,827	11,232	13,432	14,666
Total Common Equity	12,957	10,953	11,651	11,297	11,833	14,440	12,827	11,232	13,432	14,666
Common Stock	5,398	5,707	5,903	6,085	6,268	6,371	6,460	6,646	6,799	7,034
Retained Earnings	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)	-629	-638	-747	-805	-868	-756	-553	-419	-460	-458

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
Total Assets	55,615	53,335	52,150	53,206	56,229	55,356	55,117	55,995	58,531	57,769
Total Current Assets	20,393	17,846	15,773	16,098	18,599	17,498	17,078	17,918	20,554	19,454
Cash & Equivalents	954	2,229	1,321	1,617	1,910	3,805	3,604	3,497	3,433	4,762
Inventories, net	17,117	13,499	12,616	12,684	14,731	11,886	11,730	12,604	15,165	12,740
Other Current Assets	2,322	2,118	1,836	1,797	1,958	1,807	1,744	1,817	1,956	1,952
Plant, Property, & Equipment, net	30,921	31,512	32,396	32,947	33,168	33,096	33,114	33,075	32,931	33,022
Plant, Property & Equipment, gross	52,934	54,143	55,053	56,148	56,949	57,509	57,275	57,926	58,479	59,299
Accumulated Depreciation	22,013	22,631	22,657	23,201	23,781	24,413	24,161	24,851	25,548	26,277
Total Noncurrent Assets	4,301	3,977	3,981	4,161	4,462	4,762	4,925	5,002	5,046	5,293
Other Noncurrent Operating Assets	4,301	3,977	3,981	4,161	4,462	4,762	4,925	5,002	5,046	5,293
Total Liabilities & Shareholders' Equity	55,615	53,335	52,150	53,206	56,229	55,356	55,117	55,995	58,531	57,769
Total Liabilities	44,596	42,103	40,545	41,216	43,715	41,924	41,277	41,566	44,042	43,103
Total Current Liabilities	23,783	19,500	17,867	19,332	21,502	19,304	19,859	19,984	21,792	20,799
Short-Term Debt	2,207	130	200	1,106	1,112	1,116	2,614	1,640	1,635	1,636
Accounts Payable	15,438	13,487	11,935	12,278	14,291	12,098	11,561	12,595	14,419	13,053
Accrued Expenses	6,138	5,883	5,732	5,948	6,099	6,090	5,684	5,749	5,738	6,110
Total Noncurrent Liabilities	20,813	22,603	22,678	21,884	22,213	22,620	21,418	21,582	22,250	22,304
Long-Term Debt	14,237	16,009	16,010	14,926	14,883	14,922	13,487	13,654	14,346	14,304
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
Other Noncurrent Operating Liabilities	4,336	4,398	4,379	4,624	4,883	5,218	5,388	5,433	5,485	5,697
Total Equity & Noncontrolling Interests	11,019	11,232	11,605	11,990	12,514	13,432	13,840	14,429	14,489	14,666
Total Preferred & Common Equity	11,019	11,232	11,605	11,990	12,514	13,432	13,840	14,429	14,489	14,666
Total Common Equity	11,019	11,232	11,605	11,990	12,514	13,432	13,840	14,429	14,489	14,666
Common Stock	6,596	6,646	6,579	6,648	6,719	6,799	6,786	6,869	6,954	7,034
Retained Earnings	4,631	5,005	5,448	5,767	6,225	7,093	7,519	8,030	8,009	8,090
Accumulated Other Comprehensive Income / (Loss)	-208	-419	-422	-425	-430	-460	-465	-470	-474	-458

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	1.61%	-4.76%	3.48%	3.63%	3.66%	19.78%	13.30%	2.94%	-1.57%	-0.79%
EBITDA Growth	16.19%	-6.11%	-7.03%	-2.19%	9.98%	23.89%	32.88%	-44.90%	30.38%	0.62%
EBIT Growth	21.94%	-10.45%	-13.51%	-3.41%	12.81%	39.77%	43.00%	-58.23%	48.85%	-2.19%
NOPAT Growth	22.70%	-12.24%	3.36%	-3.19%	10.93%	41.71%	35.46%	-55.14%	42.45%	-2.92%
Net Income Growth	305.56%	-18.70%	6.58%	0.79%	11.71%	33.13%	59.02%	-59.98%	48.85%	-1.14%
EPS Growth	307.42%	-11.68%	12.79%	4.16%	15.43%	35.85%	63.19%	-57.59%	49.50%	-0.89%
Operating Cash Flow Growth	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	37.38%	-33.65%	18.11%	-84.12%	791.21%	23.68%	-113.18%	571.59%	-13.22%	5.43%
Invested Capital Growth	-6.89%	-1.19%	-3.70%	12.81%	-9.84%	-10.34%	42.66%	-5.29%	2.08%	0.70%
Revenue Q/Q Growth	-0.17%	-0.23%	2.13%	-0.01%	0.54%	5.58%	2.57%	0.37%	0.49%	-0.93%
EBITDA Q/Q Growth	8.42%	-9.57%	-0.30%	-0.57%	1.34%	7.20%	2.91%	-12.51%	9.61%	-3.99%
EBIT Q/Q Growth	11.81%	-14.49%	-1.27%	-0.46%	0.97%	11.39%	3.15%	-19.59%	14.20%	-6.54%
NOPAT Q/Q Growth	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	578.38%	-18.29%	10.34%	-8.96%	1.11%	14.29%	2.42%	-19.37%	13.93%	-6.38%
EPS Q/Q Growth	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	-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	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	-9.88%	-6.26%	-2.00%	5.14%	-6.71%	-6.69%	27.56%	-5.16%	-3.51%	-4.41%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	29.20%	30.06%	29.69%	29.27%	29.76%	29.27%	29.28%	24.57%	27.54%	28.21%
EBITDA Margin	10.49%	10.35%	9.30%	8.77%	9.31%	9.63%	11.29%	6.04%	8.01%	8.12%
Operating Margin	7.49%	6.92%	5.81%	5.45%	5.96%	6.99%	8.44%	3.53%	5.31%	5.22%
EBIT Margin	7.49%	7.05%	5.89%	5.49%	5.97%	6.97%	8.80%	3.57%	5.40%	5.32%
Profit (Net Income) Margin	4.56%	3.89%	4.01%	3.90%	4.20%	4.67%	6.55%	2.55%	3.85%	3.84%
Tax Burden Percent	68.31%	69.02%	80.28%	79.90%	78.31%	78.76%	77.98%	81.33%	78.12%	77.76%
Interest Burden Percent	89.02%	79.99%	84.75%	88.86%	89.78%	85.02%	95.49%	87.73%	91.34%	92.75%
Effective Tax Rate	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)	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)	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)	8.18%	7.51%	9.51%	10.51%	11.77%	7.08%	20.05%	11.00%	16.01%	12.31%
Return on Equity (ROE)	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)	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)	13.58%	12.75%	11.02%	10.14%	11.10%	13.87%	17.76%	7.27%	10.67%	10.03%
Return on Assets (ROA)	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)	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)	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)	3,730	3,274	3,384	3,276	3,634	5,150	6,976	3,130	4,458	4,328
NOPAT Margin	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)	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	70.80%	69.94%	70.31%	70.73%	70.24%	70.73%	70.72%	75.43%	72.46%	71.79%
SG&A Expenses to Revenue	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%
Operating Expenses to Revenue	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)	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)	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)	2.67	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)	2.67	2.62	2.85	2.84	4.23	5.71	7.50	6.44	4.82	4.27
Price to Revenue (P/Rev)	0.47	0.41	0.46	0.43	0.64	0.88	0.91	0.66	0.60	0.59
Price to Earnings (P/E)	10.30	10.49	11.38	10.92	15.25	18.89	13.84	26.03	15.63	15.32
Dividend Yield	3.84%	4.54%	4.00%	4.10%	2.63%	1.63%	1.57%	3.21%	3.11%	3.25%
Earnings Yield	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)	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)	0.59	0.55	0.58	0.58	0.75	0.93	1.04	0.79	0.72	0.69
Enterprise Value to EBITDA (EV/EBITDA)	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)	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)	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)	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)	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	0.98	1.16	0.98	1.18	0.97	0.88	1.07	1.44	1.19	1.09
Long-Term Debt to Equity	0.92	1.01	0.95	1.08	0.96	0.80	1.06	1.43	1.11	0.98
Financial Leverage	0.65	0.78	0.84	0.89	0.89	0.50	0.66	1.15	1.06	0.83
Leverage Ratio	3.02	3.25	3.44	3.56	3.63	3.58	3.85	4.45	4.41	4.03
Compound Leverage Factor	2.69	2.60	2.91	3.16	3.26	3.04	3.68	3.91	4.03	3.73
Debt to Total Capital	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	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	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%
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%
Common Equity to Total Capital	50.38%	46.21%	50.55%	45.97%	50.72%	53.24%	48.32%	41.04%	45.58%	47.92%
Debt to EBITDA	1.65	1.75	1.69	2.01	1.58	1.41	1.15	2.45	1.86	1.84
Net Debt to EBITDA	1.13	1.41	1.30	1.77	1.23	0.46	1.15	2.11	1.42	1.29
Long-Term Debt to EBITDA	1.54	1.52	1.64	1.85	1.56	1.28	1.13	2.43	1.74	1.65
Debt to NOPAT	3.42	3.89	3.37	4.05	3.16	2.46	1.97	5.16	3.60	3.68
Net Debt to NOPAT	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	3.20	3.37	3.29	3.73	3.12	2.24	1.94	5.12	3.35	3.30
Altman Z-Score	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%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.12	0.94	0.96	0.83	0.89	1.03	0.99	0.92	0.91	0.94
Quick Ratio	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)	5,318	3,529	4,168	662	5,899	7,296	-962	4,535	3,935	4,149
Operating Cash Flow to CapEx	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	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	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	7.49	3.98	6.79	5.51	8.71	8.10	12.13	-3.14	7.65	10.90
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.81	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
Inventory Turnover	6.19	5.81	6.05	5.89	5.93	6.74	6.11	6.01	6.13	6.21
Fixed Asset Turnover	2.88	2.82	2.96	3.01	3.02	3.52	3.85	3.66	3.33	3.22
Accounts Payable Turnover	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
Days Inventory Outstanding (DIO)	58.98	62.80	60.35	61.96	61.50	54.18	59.78	60.76	59.53	58.75
Days Payable Outstanding (DPO)	53.02	54.48	56.86	63.13	65.47	62.82	68.99	64.23	59.99	60.00
Cash Conversion Cycle (CCC)	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	21,445	21,190	20,406	23,020	20,755	18,609	26,547	25,142	25,665	25,844
Invested Capital Turnover	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	-1,588	-255	-784	2,614	-2,265	-2,146	7,938	-1,405	523	179
Enterprise Value (EV)	43,356	38,930	41,902	43,805	58,941	86,672	109,862	86,264	76,913	73,836
Market Capitalization	34,642	28,693	33,147	32,082	50,019	82,503	96,142	72,354	64,680	62,658
Book Value per Share	$21.03	$19.50	$21.43	$21.65	$23.35	$28.84	$26.77	$24.40	$29.09	$32.01
Tangible Book Value per Share	$21.03	$19.50	$21.43	$21.65	$23.35	$28.84	$26.77	$24.40	$29.09	$32.01
Total Capital	25,717	23,702	23,049	24,576	23,332	27,120	26,547	27,371	29,470	30,606
Total Debt	12,760	12,749	11,398	13,279	11,499	12,680	13,720	16,139	16,038	15,940
Total Long-Term Debt	11,945	11,031	11,117	12,227	11,338	11,536	13,549	16,009	14,922	14,304
Net Debt	8,714	10,237	8,755	11,723	8,922	4,169	13,720	13,910	12,233	11,178
Capital Expenditures (CapEx)	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)	-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)	2,323	1,001	-231	-1,443	-1,424	1,775	-3.00	-1,524	-690	291
Net Working Capital (NWC)	1,508	-717	-512	-2,495	-1,585	631	-174	-1,654	-1,806	-1,345
Net Nonoperating Expense (NNE)	367	540	470	339	353	782	30	350	320	237
Net Nonoperating Obligations (NNO)	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)	2,213	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	-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	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	2.04%	-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	$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	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	$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	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
Adjusted Weighted Average Basic & Diluted Shares Outstanding	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)	3,312	3,274	3,384	3,276	3,634	5,150	6,976	3,130	4,458	4,328
Normalized NOPAT Margin	4.49%	4.66%	4.65%	4.35%	4.65%	5.50%	6.58%	2.87%	4.15%	4.06%
Pre Tax Income Margin	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	9.11	5.00	6.56	8.97	9.78	6.68	22.16	8.15	11.55	13.80
NOPAT to Interest Expense	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	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	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	40.50%	49.31%	45.92%	45.45%	40.54%	30.75%	22.29%	66.04%	48.60%	50.01%
Augmented Payout Ratio	144.07%	184.86%	81.81%	117.77%	88.24%	47.80%	125.77%	161.22%	48.60%	74.63%

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
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	3.38%	1.29%	0.60%	-4.85%	-4.22%	1.67%	-3.12%	2.74%	1.06%	-3.15%
EBITDA Growth	-35.94%	-33.55%	-1.08%	93.67%	20.77%	40.36%	1.24%	26.48%	-5.52%	-13.73%
EBIT Growth	-48.71%	-44.74%	-0.73%	268.69%	29.79%	61.52%	-1.92%	36.44%	-10.88%	-20.97%
NOPAT Growth	-48.85%	-39.30%	-3.63%	244.42%	29.35%	48.25%	-4.42%	35.29%	-11.70%	-20.25%
Net Income Growth	-52.15%	-43.26%	-5.85%	356.28%	36.38%	57.76%	-0.84%	42.75%	-12.05%	-20.19%
EPS Growth	-49.34%	-41.67%	-5.09%	361.54%	36.36%	58.20%	-0.98%	42.78%	-11.90%	-19.40%
Operating Cash Flow Growth	-72.46%	14.47%	190.75%	58.35%	222.87%	-5.11%	-12.96%	4.92%	-61.79%	0.00%
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%
Invested Capital Growth	27.37%	-5.29%	9.80%	7.44%	0.34%	2.08%	-0.59%	-0.68%	1.65%	0.70%
Revenue Q/Q Growth	1.85%	18.39%	-19.34%	-2.17%	2.52%	25.68%	-23.15%	3.75%	0.85%	20.44%
EBITDA Q/Q Growth	74.57%	9.30%	8.03%	-6.05%	8.86%	27.03%	-22.08%	17.38%	-18.68%	16.00%
EBIT Q/Q Growth	214.29%	13.35%	15.27%	-10.21%	10.63%	41.06%	-30.01%	24.91%	-27.73%	25.08%
NOPAT Q/Q Growth	195.71%	21.60%	7.64%	-11.02%	11.06%	39.37%	-30.60%	25.95%	-27.52%	25.88%
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%
EPS Q/Q Growth	294.87%	22.73%	8.47%	-12.20%	16.67%	42.38%	-32.11%	26.60%	-28.02%	30.27%
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%
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%
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%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	25.79%	23.48%	27.39%	28.16%	28.54%	26.39%	28.87%	30.07%	28.41%	25.99%
EBITDA Margin	6.44%	5.95%	7.97%	7.65%	8.13%	8.21%	8.33%	9.42%	7.60%	7.32%
Operating Margin	3.85%	3.69%	5.24%	4.83%	5.19%	5.84%	5.28%	6.42%	4.55%	4.75%
EBIT Margin	3.90%	3.73%	5.34%	4.90%	5.28%	5.93%	5.40%	6.50%	4.66%	4.84%
Profit (Net Income) Margin	2.69%	2.79%	3.75%	3.37%	3.82%	4.33%	3.84%	4.68%	3.33%	3.57%
Tax Burden Percent	78.33%	83.99%	78.90%	77.89%	78.62%	77.38%	77.28%	77.15%	78.28%	78.45%
Interest Burden Percent	87.91%	88.99%	89.12%	88.38%	92.03%	94.35%	92.00%	93.35%	91.22%	93.98%
Effective Tax Rate	21.67%	16.01%	21.10%	22.11%	21.38%	22.62%	22.72%	22.85%	21.72%	21.55%
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%
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%
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%
Return on Equity (ROE)	25.73%	27.32%	39.54%	35.14%	36.49%	38.88%	33.75%	39.73%	27.93%	27.90%
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%
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%
Return on Assets (ROA)	5.31%	5.68%	7.96%	6.89%	7.31%	8.56%	7.63%	9.20%	6.24%	6.72%
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%
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%
Net Operating Profit after Tax (NOPAT)	801	973	1,048	932	1,035	1,443	1,002	1,261	914	1,151
NOPAT Margin	3.02%	3.10%	4.14%	3.76%	4.08%	4.52%	4.08%	4.96%	3.56%	3.72%
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%
Return On Investment Capital (ROIC_SIMPLE)	-	3.56%	-	-	-	4.90%	-	-	-	3.76%
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%
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%
R&D to Revenue	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%
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
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
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
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
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
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
Dividend Yield	3.08%	3.21%	3.47%	4.17%	5.26%	3.11%	2.81%	3.19%	2.95%	3.25%
Earnings Yield	4.75%	3.84%	3.93%	5.64%	7.63%	6.40%	5.74%	7.02%	6.33%	6.53%
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
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
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
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
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
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
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
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
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
Financial Leverage	0.91	1.15	1.26	1.26	1.26	1.06	1.08	0.99	0.99	0.83
Leverage Ratio	4.43	4.45	4.60	4.68	4.75	4.41	4.22	4.13	4.25	4.03
Compound Leverage Factor	3.90	3.96	4.10	4.14	4.37	4.16	3.88	3.86	3.88	3.78
Debt to Total Capital	59.88%	58.96%	58.28%	57.21%	56.11%	54.42%	53.78%	51.46%	52.45%	52.08%
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%
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%
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%
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%
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%
Debt to EBITDA	2.18	2.45	2.47	2.14	2.04	1.86	1.87	1.68	1.77	1.84
Net Debt to EBITDA	2.05	2.11	2.26	1.92	1.80	1.42	1.45	1.29	1.39	1.29
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
Debt to NOPAT	4.38	5.16	5.25	4.27	4.01	3.60	3.65	3.23	3.46	3.68
Net Debt to NOPAT	4.12	4.44	4.82	3.84	3.53	2.74	2.83	2.49	2.72	2.58
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
Altman Z-Score	3.04	3.24	3.30	3.05	2.73	3.12	3.19	3.09	3.01	2.97
Noncontrolling Interest Sharing Ratio	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
Quick Ratio	0.04	0.11	0.07	0.08	0.09	0.20	0.18	0.18	0.16	0.23
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-4,896	2,378	-1,316	-896	945	920	1,159	1,440	476	972
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%
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
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
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
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.98	2.04	2.12	2.04	1.91	1.98	1.99	1.97	1.87	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
Inventory Turnover	5.05	6.01	5.93	5.70	4.92	6.13	6.31	6.07	5.15	6.21
Fixed Asset Turnover	3.70	3.66	3.58	3.44	3.34	3.33	3.26	3.25	3.25	3.22
Accounts Payable Turnover	5.12	5.68	6.32	5.88	5.27	6.08	6.54	6.18	5.37	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
Days Inventory Outstanding (DIO)	72.23	60.76	61.53	64.04	74.25	59.53	57.85	60.09	70.83	58.75
Days Payable Outstanding (DPO)	71.36	64.23	57.73	62.13	69.31	59.99	55.83	59.11	68.02	60.00
Cash Conversion Cycle (CCC)	0.87	-3.47	3.80	1.91	4.94	-0.47	2.02	0.99	2.81	-1.25
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
Invested Capital Turnover	4.60	4.22	4.32	4.24	4.03	4.23	4.04	4.08	4.01	4.14
Increase / (Decrease) in Invested Capital	5,697	-1,405	2,364	1,828	90	523	-157	-179	438	179
Enterprise Value (EV)	88,094	86,264	84,134	74,230	61,664	76,913	84,401	75,683	81,537	73,836
Market Capitalization	72,604	72,354	69,245	59,815	47,579	64,680	71,904	63,886	68,989	62,658
Book Value per Share	$23.94	$24.40	$25.21	$25.98	$27.11	$29.09	$29.98	$31.19	$31.45	$32.01
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
Total Capital	27,463	27,371	27,815	28,022	28,509	29,470	29,941	29,723	30,470	30,606
Total Debt	16,444	16,139	16,210	16,032	15,995	16,038	16,101	15,294	15,981	15,940
Total Long-Term Debt	14,237	16,009	16,010	14,926	14,883	14,922	13,487	13,654	14,346	14,304
Net Debt	15,490	13,910	14,889	14,415	14,085	12,233	12,497	11,797	12,548	11,178
Capital Expenditures (CapEx)	1,800	1,201	1,603	1,216	1,109	854	673	638	655	922
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
Debt-free Net Working Capital (DFNWC)	-1,183	-1,524	-1,894	-2,128	-1,791	-690	-167	-426	397	291
Net Working Capital (NWC)	-3,390	-1,654	-2,094	-3,234	-2,903	-1,806	-2,781	-2,066	-1,238	-1,345
Net Nonoperating Expense (NNE)	89	97	98	97	64	61	60	69	60	48
Net Nonoperating Obligations (NNO)	15,490	13,910	14,889	14,415	14,085	12,233	12,497	11,797	12,548	11,178
Total Depreciation and Amortization (D&A)	675	696	667	683	722	729	718	743	754	766
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%
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%
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%
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
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
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
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
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
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
Normalized Net Operating Profit after Tax (NOPAT)	801	973	1,048	932	1,035	1,443	1,002	1,261	914	1,151
Normalized NOPAT Margin	3.02%	3.10%	4.14%	3.76%	4.08%	4.52%	4.08%	4.96%	3.56%	3.72%
Pre Tax Income Margin	3.43%	3.32%	4.75%	4.33%	4.86%	5.60%	4.97%	6.07%	4.25%	4.55%
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
NOPAT to Interest Expense	6.40	7.55	7.13	6.61	9.68	13.49	9.45	11.47	8.71	12.79
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
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
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%
Augmented Payout Ratio	190.34%	161.22%	70.16%	59.00%	55.07%	48.60%	48.96%	48.74%	58.28%	74.63%

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 9 years?

Target's net income appears to be on an upward trend, with a most recent value of $4.09 billion in 2024, rising from $3.36 billion in 2015. The previous period was $4.14 billion in 2023.

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 revenue changed over the last 9 years?

Over the last 9 years, Target's total revenue changed from $73.79 billion in 2015 to $106.57 billion in 2024, a change of 44.4%.

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 57.9% increase since 2015.

How much cash does Target have?

In the past 9 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 9 years?

Over the last 9 years, Target's book value per share changed from 21.03 in 2015 to 32.01 in 2024, a change of 52.2%.

Related Companies

This page (NYSE:TGT) was last updated on 4/30/2025 by MarketBeat.com Staff

From Our Partners

Get 30 Days of MarketBeat All Access for Free

Start Your 30-Day Trial

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Target (TGT) Financials

Frequently Asked Questions About Target's Financials

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

Target (TGT) Financials

Annual Income Statements for Target

Quarterly Income Statements for Target

Annual Cash Flow Statements for Target

Quarterly Cash Flow Statements for Target

Annual Balance Sheets for Target

Quarterly Balance Sheets for Target

Annual Metrics and Ratios for Target

Quarterly Metrics and Ratios for Target

Frequently Asked Questions About Target's Financials

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools