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Target (TGT) Financials

$98.31 +0.32 (+0.33%)

As of 05/20/2025 03:58 PM Eastern

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

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

Metric	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	2/1/2025	11/2/2024	8/3/2024	5/4/2024	2/3/2024	10/28/2023	7/29/2023	4/29/2023	1/28/2023	10/29/2022
Net Income / (Loss) Attributable to Common Shareholders	1,103	854	1,192	942	1,382	971	835	950	876	712
Consolidated Net Income / (Loss)	1,103	854	1,192	942	1,382	971	835	950	876	712
Net Income / (Loss) Continuing Operations	1,103	854	1,192	942	1,382	971	835	950	876	712
Total Pre-Tax Income	1,406	1,091	1,545	1,219	1,786	1,235	1,072	1,204	1,043	909
Total Operating Income	1,467	1,168	1,635	1,296	1,865	1,317	1,197	1,328	1,159	1,022
Total Gross Profit	8,036	7,293	7,653	7,082	8,424	7,249	6,975	6,936	7,372	6,838
Total Revenue	30,915	25,668	25,452	24,531	31,919	25,398	24,773	25,322	31,395	26,518
Operating Revenue	30,915	25,668	25,452	24,531	31,919	25,398	24,773	25,322	31,395	26,518
Total Cost of Revenue	22,879	18,375	17,799	17,449	23,495	18,149	17,798	18,386	24,023	19,680
Operating Cost of Revenue	22,879	18,375	17,799	17,449	23,495	18,149	17,798	18,386	24,023	19,680
Total Operating Expenses	6,569	6,125	6,018	5,786	6,559	5,932	5,778	5,608	6,213	5,816
Selling, General & Admin Expense	5,923	5,486	5,392	5,168	5,937	5,316	5,184	5,025	5,598	5,219
Depreciation Expense	646	639	626	618	622	616	594	583	615	597
Total Other Income / (Expense), net	-61	-77	-90	-77	-79	-82	-125	-124	-116	-113
Interest Expense	90	105	110	106	107	107	141	147	129	125
Other Income / (Expense), net	29	28	20	29	28	25	16	23	13	12
Income Tax Expense	303	237	353	277	404	264	237	254	167	197
Basic Earnings per Share	$2.41	$1.86	$2.58	$2.04	$2.99	$2.10	$1.81	$2.06	$1.90	$1.55
Weighted Average Basic Shares Outstanding	460.40M	460.10M	462.50M	462.20M	461.50M	461.60M	461.60M	460.90M	462.10M	460.30M
Diluted Earnings per Share	$2.41	$1.85	$2.57	$2.03	$2.99	$2.10	$1.80	$2.05	$1.89	$1.54
Weighted Average Diluted Shares Outstanding	461.80M	461.50M	463.50M	463.90M	462.80M	462.60M	462.50M	462.90M	464.70M	462.50M
Weighted Average Basic & Diluted Shares Outstanding	455.58M	458.21M	460.67M	462.64M	461.69M	461.66M	461.61M	461.56M	460.36M	460.31M

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

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	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	2/1/2025	11/2/2024	8/3/2024	5/4/2024	2/3/2024	10/28/2023	7/29/2023	4/29/2023	1/28/2023	10/29/2022
Net Change in Cash & Equivalents	1,329	-64	-107	-201	1,895	293	296	-908	1,275	-163
Net Cash From Operating Activities	3,289	739	2,238	1,101	3,289	1,934	2,133	1,265	3,466	599
Net Cash From Continuing Operating Activities	3,289	739	2,238	1,101	3,289	1,934	2,133	1,265	3,466	599
Net Income / (Loss) Continuing Operations	1,103	854	1,192	942	1,382	971	835	950	876	712
Consolidated Net Income / (Loss)	1,103	854	1,192	942	1,382	971	835	950	876	712
Depreciation Expense	766	754	743	718	729	722	683	667	696	675
Non-Cash Adjustments To Reconcile Net Income	102	57	130	41	68	159	86	32	74	88
Changes in Operating Assets and Liabilities, net	1,318	-926	173	-600	1,110	82	529	-384	1,820	-876
Net Cash From Investing Activities	-918	-637	-634	-671	-850	-1,089	-1,219	-1,602	-1,201	-1,785
Net Cash From Continuing Investing Activities	-918	-637	-634	-671	-850	-1,089	-1,219	-1,602	-1,201	-1,785
Purchase of Property, Plant & Equipment	-923	-655	-639	-674	-854	-1,127	-1,220	-1,605	-1,205	-1,800
Sale of Property, Plant & Equipment	1.00	-	1.00	1.00	-	18	4.00	2.00	4.00	-
Other Investing Activities, net	4.00	18	4.00	2.00	4.00	20	-3.00	1.00	-	15
Net Cash From Financing Activities	-1,042	-166	-1,711	-631	-544	-552	-618	-571	-990	1,023
Net Cash From Continuing Financing Activities	-1,042	-166	-1,711	-631	-544	-552	-618	-571	-990	1,023
Repayment of Debt	-27	-36	-1,044	-32	-33	-42	-26	-46	-24	-26
Repurchase of Common Equity	-501	-351	-	-	-	-	-	-	-	-
Payment of Dividends	-513	-516	-509	-508	-508	-507	-499	-497	-497	-497
Other Financing Activities, net	-1.00	-4.00	-3.00	-91	-3.00	-3.00	-3.00	-118	1.00	-4.00

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	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	2/1/2025	2/3/2024	1/28/2023	1/29/2022	1/30/2021	2/1/2020	2/2/2019	2/3/2018	1/28/2017	1/30/2016
Total Assets	57,769	55,356	53,335	53,811	51,248	42,779	41,290	40,303	37,431	40,262
Total Current Assets	19,454	17,498	17,846	21,573	20,756	12,902	12,519	12,540	11,990	14,130
Cash & Equivalents	4,762	3,805	2,229	-	8,511	2,577	1,556	2,643	2,512	4,046
Inventories, net	12,740	11,886	13,499	13,902	10,653	8,992	9,497	8,597	8,309	8,601
Other Current Assets	1,952	1,807	2,118	7,671	1,592	1,333	1,466	1,300	1,169	1,161
Plant, Property, & Equipment, net	33,022	33,096	31,512	28,181	26,879	26,283	25,533	24,536	24,658	25,217
Plant, Property & Equipment, gross	59,299	57,509	54,143	49,318	47,157	45,947	44,220	42,934	42,071	41,463
Accumulated Depreciation	26,277	24,413	22,631	21,137	20,278	19,664	18,687	18,398	17,413	16,246
Total Noncurrent Assets	5,293	4,762	3,977	4,057	3,613	3,594	3,238	3,227	783	915
Other Noncurrent Operating Assets	5,293	4,762	3,977	4,057	3,613	3,594	3,238	3,227	783	840
Total Liabilities & Shareholders' Equity	57,769	55,356	53,335	53,811	51,248	42,779	41,290	40,303	37,431	40,262
Total Liabilities	43,103	41,924	42,103	40,984	36,808	30,946	29,993	28,652	26,478	27,305
Total Current Liabilities	20,799	19,304	19,500	21,747	20,125	14,487	15,014	13,052	12,707	12,622
Short-Term Debt	1,636	1,116	130	171	1,144	161	1,052	281	1,718	815
Accounts Payable	13,053	12,098	13,487	15,478	12,859	9,920	9,761	8,677	7,252	7,418
Accrued Expenses	6,110	6,090	5,883	6,098	6,122	4,406	4,201	4,094	3,737	4,236
Total Noncurrent Liabilities	22,304	22,620	22,603	19,237	16,683	16,459	14,979	15,600	13,771	14,683
Long-Term Debt	14,304	14,922	16,009	13,549	11,536	11,338	10,223	11,117	11,031	11,945
Noncurrent Deferred & Payable Income Tax Liabilities	2,303	2,480	2,196	1,566	990	1,122	972	693	861	823
Other Noncurrent Operating Liabilities	5,697	5,218	4,398	4,122	4,157	3,999	1,780	3,790	1,879	1,897
Total Equity & Noncontrolling Interests	14,666	13,432	11,232	12,827	14,440	11,833	11,297	11,651	10,953	12,957
Total Preferred & Common Equity	14,666	13,432	11,232	12,827	14,440	11,833	11,297	11,651	10,953	12,957
Total Common Equity	14,666	13,432	11,232	12,827	14,440	11,833	11,297	11,651	10,953	12,957
Common Stock	7,034	6,799	6,646	6,460	6,371	6,268	6,085	5,903	5,707	5,398
Retained Earnings	8,090	7,093	5,005	6,920	8,825	6,433	6,017	6,495	5,884	8,188
Accumulated Other Comprehensive Income / (Loss)	-458	-460	-419	-553	-756	-868	-805	-747	-638	-629

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	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	2/1/2025	11/2/2024	8/3/2024	5/4/2024	2/3/2024	10/28/2023	7/29/2023	4/29/2023	1/28/2023	10/29/2022
Total Assets	57,769	58,531	55,995	55,117	55,356	56,229	53,206	52,150	53,335	55,615
Total Current Assets	19,454	20,554	17,918	17,078	17,498	18,599	16,098	15,773	17,846	20,393
Cash & Equivalents	4,762	3,433	3,497	3,604	3,805	1,910	1,617	1,321	2,229	954
Inventories, net	12,740	15,165	12,604	11,730	11,886	14,731	12,684	12,616	13,499	17,117
Other Current Assets	1,952	1,956	1,817	1,744	1,807	1,958	1,797	1,836	2,118	2,322
Plant, Property, & Equipment, net	33,022	32,931	33,075	33,114	33,096	33,168	32,947	32,396	31,512	30,921
Plant, Property & Equipment, gross	59,299	58,479	57,926	57,275	57,509	56,949	56,148	55,053	54,143	52,934
Accumulated Depreciation	26,277	25,548	24,851	24,161	24,413	23,781	23,201	22,657	22,631	22,013
Total Noncurrent Assets	5,293	5,046	5,002	4,925	4,762	4,462	4,161	3,981	3,977	4,301
Other Noncurrent Operating Assets	5,293	5,046	5,002	4,925	4,762	4,462	4,161	3,981	3,977	4,301
Total Liabilities & Shareholders' Equity	57,769	58,531	55,995	55,117	55,356	56,229	53,206	52,150	53,335	55,615
Total Liabilities	43,103	44,042	41,566	41,277	41,924	43,715	41,216	40,545	42,103	44,596
Total Current Liabilities	20,799	21,792	19,984	19,859	19,304	21,502	19,332	17,867	19,500	23,783
Short-Term Debt	1,636	1,635	1,640	2,614	1,116	1,112	1,106	200	130	2,207
Accounts Payable	13,053	14,419	12,595	11,561	12,098	14,291	12,278	11,935	13,487	15,438
Accrued Expenses	6,110	5,738	5,749	5,684	6,090	6,099	5,948	5,732	5,883	6,138
Total Noncurrent Liabilities	22,304	22,250	21,582	21,418	22,620	22,213	21,884	22,678	22,603	20,813
Long-Term Debt	14,304	14,346	13,654	13,487	14,922	14,883	14,926	16,010	16,009	14,237
Noncurrent Deferred & Payable Income Tax Liabilities	2,303	2,419	2,495	2,543	2,480	2,447	2,334	2,289	2,196	2,240
Other Noncurrent Operating Liabilities	5,697	5,485	5,433	5,388	5,218	4,883	4,624	4,379	4,398	4,336
Total Equity & Noncontrolling Interests	14,666	14,489	14,429	13,840	13,432	12,514	11,990	11,605	11,232	11,019
Total Preferred & Common Equity	14,666	14,489	14,429	13,840	13,432	12,514	11,990	11,605	11,232	11,019
Total Common Equity	14,666	14,489	14,429	13,840	13,432	12,514	11,990	11,605	11,232	11,019
Common Stock	7,034	6,954	6,869	6,786	6,799	6,719	6,648	6,579	6,646	6,596
Retained Earnings	8,090	8,009	8,030	7,519	7,093	6,225	5,767	5,448	5,005	4,631
Accumulated Other Comprehensive Income / (Loss)	-458	-474	-470	-465	-460	-430	-425	-422	-419	-208

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

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

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

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

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. Check out Target's forecast to explore projected trends and price targets.

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%.

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This page (NYSE:TGT) was last updated on 5/21/2025 by MarketBeat.com Staff

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Target (TGT) Financials

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Target (TGT) Financials

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