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Target Corp. (TGT) | Short-term (Operating) Activity Analysis

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Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.


Ratios (Summary)

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Target Corp., short-term (operating) activity ratios

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    Jan 28, 2012 Jan 29, 2011 Jan 30, 2010 Jan 31, 2009 Feb 2, 2008 Feb 3, 2007
  Turnover Ratios
chart Inventory turnover
chart Receivables turnover
chart Payables turnover
chart Working capital turnover
  Average No. of Days
chart Average inventory processing period
chart Add: Average receivable collection period
chart Operating cycle
chart Less: Average payables payment period
chart Cash conversion cycle

Source: Based on data from Target Corp. Annual Reports

Ratio Description The company
Inventory turnover An activity ratio calculated as revenue divided by inventory. Target Corp.'s inventory turnover deteriorated from 2010 to 2011 and from 2011 to 2012.
Receivables turnover An activity ratio equal to revenue divided by receivables. Target Corp.'s receivables turnover improved from 2010 to 2011 and from 2011 to 2012.
Payables turnover An activity ratio calculated as revenue divided by payables. Target Corp.'s payables turnover increased from 2010 to 2011 and from 2011 to 2012.
Working capital turnover An activity ratio calculated as revenue divided by working capital. Target Corp.'s working capital turnover improved from 2010 to 2011 and from 2011 to 2012.
Average inventory processing period An activity ratio equal to the number of days in the period divided by inventory turnover over the period. Target Corp.'s average inventory processing period deteriorated from 2010 to 2011 and from 2011 to 2012.
Average receivable collection period An activity ratio equal to the number of days in the period divided by receivables turnoverd. Target Corp.'s average receivable collection period improved from 2010 to 2011 and from 2011 to 2012.
Operating cycle Equal to average inventory processing period plus average receivables collection period. Target Corp.'s operating cycle improved from 2010 to 2011 and from 2011 to 2012.
Average payables payment period An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period. Target Corp.'s average payables payment period declined from 2010 to 2011 and from 2011 to 2012.
Cash conversion cycle A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period. Target Corp.'s cash conversion cycle improved from 2010 to 2011 and from 2011 to 2012.

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Inventory Turnover

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    Jan 28, 2012 Jan 29, 2011 Jan 30, 2010 Jan 31, 2009 Feb 2, 2008 Feb 3, 2007
  Selected Financial Data (USD $ in millions)
chart Revenues
chart Inventory
  Inventory Turnover, Comparison to Industry
chart Target Corp.1
  Industry, Consumer Services

Source: Based on data from Target Corp. Annual Reports

2012 Calculations

1 Inventory turnover = Revenues ÷ Inventory
= ÷ =

Ratio Description The company
Inventory turnover An activity ratio calculated as revenue divided by inventory. Target Corp.'s inventory turnover deteriorated from 2010 to 2011 and from 2011 to 2012.

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Receivables Turnover

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    Jan 28, 2012 Jan 29, 2011 Jan 30, 2010 Jan 31, 2009 Feb 2, 2008 Feb 3, 2007
  Selected Financial Data (USD $ in millions)
chart Revenues
chart Credit card receivables, net of allowance
  Receivables Turnover, Comparison to Industry
chart Target Corp.1
  Industry, Consumer Services

Source: Based on data from Target Corp. Annual Reports

2012 Calculations

1 Receivables turnover = Revenues ÷ Credit card receivables, net of allowance
= ÷ =

Ratio Description The company
Receivables turnover An activity ratio equal to revenue divided by receivables. Target Corp.'s receivables turnover improved from 2010 to 2011 and from 2011 to 2012.

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Payables Turnover

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    Jan 28, 2012 Jan 29, 2011 Jan 30, 2010 Jan 31, 2009 Feb 2, 2008 Feb 3, 2007
  Selected Financial Data (USD $ in millions)
chart Revenues
chart Accounts payable
  Payables Turnover, Comparison to Industry
chart Target Corp.1
  Industry, Consumer Services

Source: Based on data from Target Corp. Annual Reports

2012 Calculations

1 Payables turnover = Revenues ÷ Accounts payable
= ÷ =

Ratio Description The company
Payables turnover An activity ratio calculated as revenue divided by payables. Target Corp.'s payables turnover increased from 2010 to 2011 and from 2011 to 2012.

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Working Capital Turnover

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    Jan 28, 2012 Jan 29, 2011 Jan 30, 2010 Jan 31, 2009 Feb 2, 2008 Feb 3, 2007
  Selected Financial Data (USD $ in millions)
chart Revenues
chart Working capital
  Working Capital Turnover, Comparison to Industry
chart Target Corp.1
  Industry, Consumer Services

Source: Based on data from Target Corp. Annual Reports

2012 Calculations

1 Working capital turnover = Revenues ÷ Working capital
= ÷ =

Ratio Description The company
Working capital turnover An activity ratio calculated as revenue divided by working capital. Target Corp.'s working capital turnover improved from 2010 to 2011 and from 2011 to 2012.

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Average Inventory Processing Period

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    Jan 28, 2012 Jan 29, 2011 Jan 30, 2010 Jan 31, 2009 Feb 2, 2008 Feb 3, 2007
  Selected Financial Data
chart Inventory turnover
  Average Inventory Processing Period (no. of days), Comparison to Industry
chart Target Corp.1
  Industry, Consumer Services

Source: Based on data from Target Corp. Annual Reports

2012 Calculations

1 Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ =

Ratio Description The company
Average inventory processing period An activity ratio equal to the number of days in the period divided by inventory turnover over the period. Target Corp.'s average inventory processing period deteriorated from 2010 to 2011 and from 2011 to 2012.

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Average Receivable Collection Period

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    Jan 28, 2012 Jan 29, 2011 Jan 30, 2010 Jan 31, 2009 Feb 2, 2008 Feb 3, 2007
  Selected Financial Data
chart Receivables turnover
  Average Receivable Collection Period (no. of days), Comparison to Industry
chart Target Corp.1
  Industry, Consumer Services

Source: Based on data from Target Corp. Annual Reports

2012 Calculations

1 Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ =

Ratio Description The company
Average receivable collection period An activity ratio equal to the number of days in the period divided by receivables turnoverd. Target Corp.'s average receivable collection period improved from 2010 to 2011 and from 2011 to 2012.

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Operating Cycle

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No. of days

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    Jan 28, 2012 Jan 29, 2011 Jan 30, 2010 Jan 31, 2009 Feb 2, 2008 Feb 3, 2007
  Selected Financial Data
chart Average inventory processing period
chart Average receivable collection period
  Operating Cycle, Comparison to Industry
chart Target Corp.1
  Industry, Consumer Services

Source: Based on data from Target Corp. Annual Reports

2012 Calculations

1 Operating cycle = Average inventory processing period + Average receivable collection period
= + =

Ratio Description The company
Operating cycle Equal to average inventory processing period plus average receivables collection period. Target Corp.'s operating cycle improved from 2010 to 2011 and from 2011 to 2012.

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Average Payables Payment Period

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    Jan 28, 2012 Jan 29, 2011 Jan 30, 2010 Jan 31, 2009 Feb 2, 2008 Feb 3, 2007
  Selected Financial Data
chart Payables turnover
  Average Payables Payment Period (no. of days), Comparison to Industry
chart Target Corp.1
  Industry, Consumer Services

Source: Based on data from Target Corp. Annual Reports

2012 Calculations

1 Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ =

Ratio Description The company
Average payables payment period An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period. Target Corp.'s average payables payment period declined from 2010 to 2011 and from 2011 to 2012.

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Cash Conversion Cycle

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No. of days

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    Jan 28, 2012 Jan 29, 2011 Jan 30, 2010 Jan 31, 2009 Feb 2, 2008 Feb 3, 2007
  Selected Financial Data
chart Average inventory processing period
chart Average receivable collection period
chart Average payables payment period
  Cash Conversion Cycle, Comparison to Industry
chart Target Corp.1
  Industry, Consumer Services

Source: Based on data from Target Corp. Annual Reports

2012 Calculations

1 Cash conversion cycle = Average inventory processing period + Average receivable collection period – Average payables payment period
= + – =

Ratio Description The company
Cash conversion cycle A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period. Target Corp.'s cash conversion cycle improved from 2010 to 2011 and from 2011 to 2012.

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