Stock Analysis on Net

TJX Cos. Inc. (NYSE:TJX)

Common-Size Balance Sheet: Assets 

TJX Cos. Inc., common-size consolidated balance sheet: assets

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Feb 1, 2025 Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020
Cash and cash equivalents 16.80 18.83 19.32 21.88 33.98 13.32
Accounts receivable, net 1.73 1.78 1.99 1.82 1.50 1.60
Merchandise inventories 20.22 20.05 20.53 20.95 14.08 20.18
Prepaid expenses and other current assets 1.94 1.72 1.69 1.54 1.41 1.52
Federal, state and foreign income taxes recoverable 0.22 0.20 0.42 0.40 0.12 0.19
Current assets 40.92% 42.57% 43.94% 46.58% 51.08% 36.82%
Net property at cost 23.14 22.09 20.40 18.52 16.34 22.05
Non-current deferred income taxes, net 0.47 0.58 0.56 0.65 0.41 0.05
Operating lease right of use assets 30.37 31.59 32.05 31.11 29.18 37.52
Goodwill 0.30 0.32 0.34 0.34 0.32 0.40
Other assets 4.82 2.85 2.71 2.80 2.67 3.15
Long-term assets 59.08% 57.43% 56.06% 53.42% 48.92% 63.18%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2025-02-01), 10-K (reporting date: 2024-02-03), 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01).


The analysis of the presented financial data reveals various trends in the composition of assets over multiple annual periods.

Cash and Cash Equivalents
There was a significant increase from 13.32% in 2020 to a peak of 33.98% in 2021, followed by a steady decline over subsequent years, reaching 16.8% by 2025. This indicates an initial accumulation of liquid assets with a gradual reduction thereafter.
Accounts Receivable, Net
This component remained relatively stable, fluctuating narrowly between 1.5% and 1.99% over the years, suggesting consistency in credit sales and collections proportional to total assets.
Merchandise Inventories
The proportion dipped notably from 20.18% in 2020 to 14.08% in 2021, then rebounded and stabilized around 20% in later years. This pattern may reflect inventory management adjustments after 2020, possibly in response to market or supply chain conditions.
Prepaid Expenses and Other Current Assets
A gradual increase is observed from 1.52% in 2020 to 1.94% in 2025, indicating a mild but consistent rise in prepayments or similar assets relative to total assets.
Federal, State and Foreign Income Taxes Recoverable
The percentage remained low and exhibited some fluctuations, peaking at 0.42% in 2023 before decreasing again, reflecting typical tax-related asset volatility.
Current Assets
Current assets as a percentage of total assets experienced a sharp rise from 36.82% in 2020 to 51.08% in 2021, then declined steadily to 40.92% by 2025. This suggests a temporary increase in short-term assets in 2021, followed by a normalization.
Net Property at Cost
The share decreased from 22.05% in 2020 to 16.34% in 2021, then showed a consistent upward trend, reaching 23.14% in 2025, overtaking the initial level. This may indicate capital investment or asset acquisition activity after 2021.
Non-Current Deferred Income Taxes, Net
This asset type increased initially from 0.05% in 2020 to 0.65% in 2022, then slightly decreased but remained above initial levels, suggesting changes in deferred tax asset recognition.
Operating Lease Right-of-Use Assets
There was a notable decline from 37.52% in 2020 to 29.18% in 2021, followed by moderate fluctuations around 30-32% in subsequent years, indicating a reduction and later stabilization in leased asset capitalization.
Goodwill
The proportion of goodwill remained minor and relatively stable, slightly decreasing from 0.4% in 2020 to 0.3% in 2025, indicating limited changes in intangible asset acquisitions.
Other Assets
A decreasing trend from 3.15% in 2020 to 2.67% in 2021 was followed by a gradual increase, doubling to 4.82% by 2025. This shows diversification or growth in miscellaneous assets.
Long-Term Assets
The share of long-term assets declined sharply in 2021 from 63.18% to 48.92%, then progressively increased, reaching 59.08% by 2025. This aligns with observed movements in net property and deferred tax assets, denoting asset mix adjustments toward long-term holdings over time.

Overall, the data reflects a dynamic asset allocation, with a notable liquidity spike in 2021 followed by increased investment in net property and long-term assets. The reduction in operating lease assets and the fluctuating inventory levels indicate responsive adjustments to operational strategies and possibly market conditions during the analyzed periods.