Common-Size Balance Sheet: Assets
Quarterly Data
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TJX Cos. Inc. pages available for free this week:
- Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Dividend Discount Model (DDM)
- Current Ratio since 2005
- Analysis of Revenues
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TJX Cos. Inc., common-size consolidated balance sheet: assets (quarterly data)
Based on: 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 relative to total assets exhibited considerable fluctuation over the examined periods. Initial values were below 10%, which sharply increased from early 2020, peaking above 33% around late 2020 and early 2021. After the peak, this ratio generally trended downwards until early 2023, when a moderate recovery occurred. The values stabilized around the mid-to-high teens in the most recent quarters, indicating a maintained liquidity buffer after a period of significant accumulation.
- Accounts receivable, net
- This item remained relatively stable, hovering mostly between 1.5% and 2.1% of total assets throughout the periods. Slight increases were noted around mid-2021 and again in early 2023, but no major volatility or sustained trend changes occurred, suggesting consistent credit sales and collection policies.
- Merchandise inventories
- Merchandise inventories as a percentage of total assets displayed notable variability. Initially above 22%, there was a decline through 2020 reaching a trough near 14%, corresponding with periods of operational adjustments likely influenced by external disruptions. Subsequently, a marked increase occurred from late 2021 onwards, peaking close to 29% in late 2022 and early 2023 before moderating somewhat in 2024 and 2025. This pattern may reflect adaptive inventory management and replenishment responsive to changing demand and supply conditions.
- Prepaid expenses and other current assets
- This category remained stable around 1.5% to 2.0% of total assets, with minor fluctuations but no significant upward or downward trends. This indicates steady prepayments and other current asset balances relative to the total asset base.
- Federal, state and foreign income taxes recoverable
- This item emerged starting in early 2020 with small but variable proportions, generally remaining below 0.6% of total assets. This suggests occasional tax recoverable amounts, with no clear trend but periodic fluctuations likely related to timing of tax payments and refunds.
- Current assets
- The overall share of current assets relative to total assets rose notably during 2020, peaking above 52% at late 2020, reflecting a liquidity build-up. Following this peak, there was a gradual decrease with some oscillations, settling around 40% in the most recent periods. This decline corresponds with the normalization of cash and inventory ratios as operational activity stabilized.
- Net property at cost
- Net property as a percentage of total assets showed a slight downward trend from around 22% in 2019 towards a low near 15.8% in late 2020, followed by a steady recovery back to approximately 23-24% by mid-2025. These movements suggest capital expenditure adjustments and depreciation effects, with an eventual rebuilding of the property asset base after a period of underinvestment or asset disposals.
- Non-current deferred income taxes, net
- This category increased noticeably from near zero in 2019 to about 0.6% by early 2021, then exhibited a slow decline to around 0.4% in subsequent periods. The initial rise may be linked to deferred tax asset recognition during volatile earnings phases, with the decline indicating gradual realization or adjustments over time.
- Operating lease right of use assets
- The right of use assets under operating leases consistently represented a substantial proportion of total assets, starting near 39% in 2019 and decreasing to around 28-30% in late 2020. Following this dip, a moderate recovery was observed, maintaining a stable range near 30-32% through 2024 and early 2025. These trends could reflect lease portfolio modifications, including lease terminations, renewals, or new leases aligned with strategic property usage.
- Goodwill
- Goodwill maintained a low and relatively steady share, consistently below 0.5% of total assets, with a slight declining tendency from 0.43% in 2019 to approximately 0.29-0.3% in recent periods. This stability suggests limited new acquisitions impacting goodwill or consistent impairment adjustments matching goodwill balances.
- Other assets
- Other assets showed an increasing trend over the periods, moving from around 2.2% in 2019 to nearly 5% of total assets by early 2025. This growth indicates either accumulation of miscellaneous long-term assets or reclassification of asset components not accounted for in major categories.
- Long-term assets
- The portion of long-term assets to total assets decreased from about 64% in early 2019 to a low near 47% in late 2020, aligning with the spike in current assets and cash holdings. Subsequently, a recovery took place, with long-term assets increasing back above 59% by early 2025. This reflects shifts in asset composition likely driven by operational responses to external factors and subsequent normalization.
- Total assets
- As expected, total assets serve as the base of 100%, with item percentages reflecting their relative composition and shifts over time.