Debt to Equity
since 2005
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TJX Cos. Inc. pages available for free this week:
- Income Statement
- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Capital Asset Pricing Model (CAPM)
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Aggregate Accruals
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Calculation
TJX Cos. Inc., debt to equity, long-term trends, calculation
| Debt to equity | = | Total debt1 | ÷ | Shareholders’ equity1 | |
|---|---|---|---|---|---|
| Jan 31, 2026 | = | ÷ | |||
| Feb 1, 2025 | = | ÷ | |||
| Feb 3, 2024 | = | ÷ | |||
| Jan 28, 2023 | = | ÷ | |||
| Jan 29, 2022 | = | ÷ | |||
| Jan 30, 2021 | = | ÷ | |||
| Feb 1, 2020 | = | ÷ | |||
| Feb 2, 2019 | = | ÷ | |||
| Feb 3, 2018 | = | ÷ | |||
| Jan 28, 2017 | = | ÷ | |||
| Jan 30, 2016 | = | ÷ | |||
| Jan 31, 2015 | = | ÷ | |||
| Feb 1, 2014 | = | ÷ | |||
| Feb 2, 2013 | = | ÷ | |||
| Jan 28, 2012 | = | ÷ | |||
| Jan 29, 2011 | = | ÷ | |||
| Jan 30, 2010 | = | ÷ | |||
| Jan 31, 2009 | = | ÷ | |||
| Jan 26, 2008 | = | ÷ | |||
| Jan 27, 2007 | = | ÷ | |||
| Jan 28, 2006 | = | ÷ | |||
| Jan 29, 2005 | = | ÷ |
Based on: 10-K (reporting date: 2026-01-31), 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), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03), 10-K (reporting date: 2017-01-28), 10-K (reporting date: 2016-01-30), 10-K (reporting date: 2015-01-31), 10-K (reporting date: 2014-02-01), 10-K (reporting date: 2013-02-02), 10-K (reporting date: 2012-01-28), 10-K (reporting date: 2011-01-29), 10-K (reporting date: 2010-01-30), 10-K (reporting date: 2009-01-31), 10-K (reporting date: 2008-01-26), 10-K (reporting date: 2007-01-27), 10-K (reporting date: 2006-01-28), 10-K (reporting date: 2005-01-29).
1 US$ in millions
The debt to equity ratio for the analyzed period demonstrates considerable fluctuation. Initially, the ratio exhibited a relatively stable pattern before experiencing a period of significant change. A general observation is that the company’s reliance on debt financing, relative to equity, has varied considerably over the years.
- Initial Stability (2005-2007)
- From 2005 to 2007, the debt to equity ratio remained within a narrow range, fluctuating between 0.35 and 0.43. This suggests a consistent financial structure during this period, with a moderate level of debt relative to shareholder equity. A slight decrease is observed from 2006 to 2007.
- Moderate Fluctuations (2008-2010)
- Between 2008 and 2010, the ratio continued to fluctuate, but remained below 0.40. A decrease to 0.27 in 2010 represents the lowest point in the observed period up to that time, indicating a strengthening of the equity position relative to debt.
- Gradual Increase (2011-2017)
- From 2011 through 2017, a general upward trend in the debt to equity ratio is apparent. The ratio increased from 0.25 to 0.49, suggesting an increasing reliance on debt financing. The most significant increase occurred between 2014 and 2015, and again between 2016 and 2017.
- Significant Spike and Subsequent Decline (2018-2024)
- The ratio experienced a dramatic increase in 2021, reaching 1.04, indicating that debt exceeded shareholder equity. This was followed by a substantial decrease in subsequent years, falling to 0.28 by 2024. The increase in 2021 is a notable outlier compared to the preceding and following years. The values for 2018 through 2020 show a more moderate range between 0.38 and 0.56. The decline from 2021 to 2024 suggests a deliberate effort to reduce debt or a significant increase in equity.
- Projected Trend (2025)
- The projected value for 2025 indicates a continued low debt to equity ratio of 0.28, suggesting the trend of reducing debt relative to equity is expected to continue.
Overall, the company’s capital structure has undergone notable shifts during the analyzed period. While initially stable, the ratio has experienced periods of both increasing and decreasing debt leverage, with a particularly significant spike in 2021 followed by a return to lower levels. The recent trend suggests a preference for a more conservative capital structure.
Comparison to Competitors
TJX Cos. Inc., debt to equity, long-term trends, comparison to competitors
| TJX Cos. Inc. | Amazon.com Inc. | Home Depot Inc. | Lowe’s Cos. Inc. | |
|---|---|---|---|---|
| Jan 31, 2026 | ||||
| Feb 1, 2025 | ||||
| Feb 3, 2024 | ||||
| Jan 28, 2023 | ||||
| Jan 29, 2022 | ||||
| Jan 30, 2021 | ||||
| Feb 1, 2020 | ||||
| Feb 2, 2019 | ||||
| Feb 3, 2018 | ||||
| Jan 28, 2017 | ||||
| Jan 30, 2016 | ||||
| Jan 31, 2015 | ||||
| Feb 1, 2014 | ||||
| Feb 2, 2013 | ||||
| Jan 28, 2012 | ||||
| Jan 29, 2011 | ||||
| Jan 30, 2010 | ||||
| Jan 31, 2009 | ||||
| Jan 26, 2008 | ||||
| Jan 27, 2007 | ||||
| Jan 28, 2006 | ||||
| Jan 29, 2005 |
Based on: 10-K (reporting date: 2026-01-31), 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), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03), 10-K (reporting date: 2017-01-28), 10-K (reporting date: 2016-01-30), 10-K (reporting date: 2015-01-31), 10-K (reporting date: 2014-02-01), 10-K (reporting date: 2013-02-02), 10-K (reporting date: 2012-01-28), 10-K (reporting date: 2011-01-29), 10-K (reporting date: 2010-01-30), 10-K (reporting date: 2009-01-31), 10-K (reporting date: 2008-01-26), 10-K (reporting date: 2007-01-27), 10-K (reporting date: 2006-01-28), 10-K (reporting date: 2005-01-29).
Comparison to Sector (Consumer Discretionary Distribution & Retail)
TJX Cos. Inc., debt to equity, long-term trends, comparison to sector (consumer discretionary distribution & retail)
| TJX Cos. Inc. | Consumer Discretionary Distribution & Retail | |
|---|---|---|
| Jan 31, 2026 | ||
| Feb 1, 2025 | ||
| Feb 3, 2024 | ||
| Jan 28, 2023 | ||
| Jan 29, 2022 | ||
| Jan 30, 2021 | ||
| Feb 1, 2020 | ||
| Feb 2, 2019 | ||
| Feb 3, 2018 | ||
| Jan 28, 2017 | ||
| Jan 30, 2016 | ||
| Jan 31, 2015 | ||
| Feb 1, 2014 | ||
| Feb 2, 2013 | ||
| Jan 28, 2012 | ||
| Jan 29, 2011 | ||
| Jan 30, 2010 | ||
| Jan 31, 2009 | ||
| Jan 26, 2008 | ||
| Jan 27, 2007 | ||
| Jan 28, 2006 | ||
| Jan 29, 2005 |
Based on: 10-K (reporting date: 2026-01-31), 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), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03), 10-K (reporting date: 2017-01-28), 10-K (reporting date: 2016-01-30), 10-K (reporting date: 2015-01-31), 10-K (reporting date: 2014-02-01), 10-K (reporting date: 2013-02-02), 10-K (reporting date: 2012-01-28), 10-K (reporting date: 2011-01-29), 10-K (reporting date: 2010-01-30), 10-K (reporting date: 2009-01-31), 10-K (reporting date: 2008-01-26), 10-K (reporting date: 2007-01-27), 10-K (reporting date: 2006-01-28), 10-K (reporting date: 2005-01-29).
Comparison to Industry (Consumer Discretionary)
TJX Cos. Inc., debt to equity, long-term trends, comparison to industry (consumer discretionary)
| TJX Cos. Inc. | Consumer Discretionary | |
|---|---|---|
| Jan 31, 2026 | ||
| Feb 1, 2025 | ||
| Feb 3, 2024 | ||
| Jan 28, 2023 | ||
| Jan 29, 2022 | ||
| Jan 30, 2021 | ||
| Feb 1, 2020 | ||
| Feb 2, 2019 | ||
| Feb 3, 2018 | ||
| Jan 28, 2017 | ||
| Jan 30, 2016 | ||
| Jan 31, 2015 | ||
| Feb 1, 2014 | ||
| Feb 2, 2013 | ||
| Jan 28, 2012 | ||
| Jan 29, 2011 | ||
| Jan 30, 2010 | ||
| Jan 31, 2009 | ||
| Jan 26, 2008 | ||
| Jan 27, 2007 | ||
| Jan 28, 2006 | ||
| Jan 29, 2005 |
Based on: 10-K (reporting date: 2026-01-31), 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), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03), 10-K (reporting date: 2017-01-28), 10-K (reporting date: 2016-01-30), 10-K (reporting date: 2015-01-31), 10-K (reporting date: 2014-02-01), 10-K (reporting date: 2013-02-02), 10-K (reporting date: 2012-01-28), 10-K (reporting date: 2011-01-29), 10-K (reporting date: 2010-01-30), 10-K (reporting date: 2009-01-31), 10-K (reporting date: 2008-01-26), 10-K (reporting date: 2007-01-27), 10-K (reporting date: 2006-01-28), 10-K (reporting date: 2005-01-29).