Common-Size Balance Sheet: Assets
Quarterly Data
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TJX Cos. Inc. pages available for free this week:
- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Analysis of Geographic Areas
- Return on Assets (ROA) since 2005
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Based on: 10-Q (reporting date: 2025-11-01), 10-Q (reporting date: 2025-08-02), 10-Q (reporting date: 2025-05-03), 10-K (reporting date: 2025-02-01), 10-Q (reporting date: 2024-11-02), 10-Q (reporting date: 2024-08-03), 10-Q (reporting date: 2024-05-04), 10-K (reporting date: 2024-02-03), 10-Q (reporting date: 2023-10-28), 10-Q (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-K (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-K (reporting date: 2021-01-30), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-08-01), 10-Q (reporting date: 2020-05-02), 10-K (reporting date: 2020-02-01), 10-Q (reporting date: 2019-11-02), 10-Q (reporting date: 2019-08-03), 10-Q (reporting date: 2019-05-04).
- Cash and cash equivalents
- The proportion of cash and cash equivalents experienced notable growth from 9.94% in early May 2019, reaching a peak of 33.98% in early 2021. Following this peak, the percentage gradually declined but remained elevated compared to the initial periods, fluctuating between approximately 13% and 19% from 2023 onwards. This suggests a strategic accumulation of liquidity in 2020 and early 2021, possibly as a response to market uncertainty, with subsequent normalization to moderate levels.
- Accounts receivable, net
- Accounts receivable as a percentage of total assets remained relatively stable, fluctuating mostly between 1.5% and 2.1% across the periods. Minor deviations occurred without any clear upward or downward trend, indicating consistent credit sales or collection policies maintained by the company over time.
- Merchandise inventories
- Inventory levels exhibited significant variability. Initial values were around 22-26%, then decreased to lows near 14% in mid-2020, likely reflecting inventory reduction. Subsequently, inventory percentages rose sharply, peaking at 29.3% by late 2022 and early 2023, followed by oscillations between approximately 20% and 27%. This suggests fluctuating inventory management possibly influenced by supply chain dynamics or demand changes.
- Prepaid expenses and other current assets
- This category remained fairly stable, generally ranging between 1.3% and 2.1%, with minor short-term fluctuations. There is no distinct trend, indicating consistent levels of prepaid costs relative to total assets over the observed timeframe.
- Federal, state and foreign income taxes recoverable
- The data are sporadic but show an increase from no reported values initially to fluctuations mostly between 0.1% and 0.5%. This component remains a relatively minor part of total assets, reflecting typical recoverable income tax balances.
- Current assets
- The proportion of current assets saw an overall growth from about 36% in mid-2019 to a peak near 53% by late 2020, before gradually declining to a range between 39% and 44% in recent periods. This pattern mirrors the changes in cash, inventories, and other current components, reflecting dynamic asset management and possibly working capital adjustments.
- Net property at cost
- Net property showed a gradual decrease from 22.32% in mid-2019 to approximately 15.86% by late 2020, followed by a recovery trend to values between 20% and 23% in subsequent years. This suggests a phase of asset disposals or depreciation followed by reinvestments or asset growth in later periods.
- Non-current deferred income taxes, net
- This category increased marginally from near zero in 2019 to around 0.6-0.65% by 2021, then exhibited a slight downward drift to around 0.4% in recent quarters. The changes are minor, indicating steady deferred tax asset/liability balances relative to total assets.
- Operating lease right of use assets
- Operating lease assets as a percentage of total assets declined from roughly 39% in 2019 to a low of 28.6% by late 2020, then fluctuated between approximately 28.5% and 33% thereafter. This decrease during 2020 aligns with broader asset shifts, potentially reflecting changes in leasing arrangements or modifications in lease accounting practices.
- Goodwill
- Goodwill remained a small and stable proportion, decreasing slightly from about 0.43% in 2019 to around 0.27% by late 2025. This minor decline suggests no significant acquisitions adding to goodwill or impairment write-downs affecting this asset category.
- Other assets
- Other assets were relatively stable around 2-3% through early 2022 but increased notably from 3.5% in early 2024 to nearly 5% by late 2025. This uptick warrants further examination to determine the nature of these additional assets and their impact on overall asset composition.
- Long-term assets
- Long-term assets as a proportion of total assets decreased from about 64% in early 2019 to less than 48% by late 2020, then rebounded steadily to reach approximately 60% in late 2025. This ebb and flow reflect shifts in fixed assets and operating leases, indicating changing investment strategies or balance sheet restructuring over the years.
- Total assets
- The data consistently sum to 100%, confirming that all asset components are expressed as percentages of total assets, enabling direct comparison across categories and time periods.