Stock Analysis on Net
Stock Analysis on Net

TJX Cos. Inc. (NYSE:TJX)

Adjusted Financial Ratios

Microsoft Excel

Adjusted Financial Ratios (Summary)

TJX Cos. Inc., adjusted financial ratios

Microsoft Excel
Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020 Feb 2, 2019
Activity Ratio
Total Asset Turnover
Reported 1.82 1.76 1.71 1.04 1.73 2.72
Adjusted 1.83 1.77 1.72 1.05 1.73 1.68
Solvency Ratios
Debt to Equity
Reported 0.39 0.53 0.56 1.04 0.38 0.44
Adjusted 1.56 1.81 1.91 2.45 1.74 1.97
Debt to Capital
Reported 0.28 0.35 0.36 0.51 0.27 0.31
Adjusted 0.61 0.64 0.66 0.71 0.64 0.66
Financial Leverage
Reported 4.07 4.45 4.74 5.28 4.06 2.84
Adjusted 3.67 4.00 4.32 4.86 3.67 4.11
Profitability Ratios
Net Profit Margin
Reported 8.25% 7.00% 6.76% 0.28% 7.84% 7.85%
Adjusted 8.46% 7.36% 6.71% 0.00% 7.84% 7.25%
Return on Equity (ROE)
Reported 61.27% 54.97% 54.69% 1.55% 55.01% 60.61%
Adjusted 57.04% 52.15% 49.89% 0.01% 49.76% 50.04%
Return on Assets (ROA)
Reported 15.04% 12.34% 11.53% 0.29% 13.55% 21.36%
Adjusted 15.53% 13.05% 11.55% 0.00% 13.56% 12.18%

Based on: 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).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. TJX Cos. Inc. adjusted total asset turnover ratio improved from 2022 to 2023 and from 2023 to 2024.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. TJX Cos. Inc. adjusted debt-to-equity ratio improved from 2022 to 2023 and from 2023 to 2024.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. TJX Cos. Inc. adjusted debt-to-capital ratio improved from 2022 to 2023 and from 2023 to 2024.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 TJX Cos. Inc. adjusted financial leverage ratio decreased from 2022 to 2023 and from 2023 to 2024.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. TJX Cos. Inc. adjusted net profit margin ratio improved from 2022 to 2023 and from 2023 to 2024.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. TJX Cos. Inc. adjusted ROE improved from 2022 to 2023 and from 2023 to 2024.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. TJX Cos. Inc. adjusted ROA improved from 2022 to 2023 and from 2023 to 2024.

TJX Cos. Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Microsoft Excel
Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020 Feb 2, 2019
Reported
Selected Financial Data (US$ in millions)
Net sales 54,217 49,936 48,550 32,137 41,717 38,973
Total assets 29,747 28,349 28,461 30,814 24,145 14,326
Activity Ratio
Total asset turnover1 1.82 1.76 1.71 1.04 1.73 2.72
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net sales2 54,269 49,972 48,659 32,212 41,768 39,017
Adjusted total assets3 29,575 28,191 28,276 30,686 24,133 23,216
Activity Ratio
Adjusted total asset turnover4 1.83 1.77 1.72 1.05 1.73 1.68

Based on: 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).

1 2024 Calculation
Total asset turnover = Net sales ÷ Total assets
= 54,217 ÷ 29,747 = 1.82

2 Adjusted net sales. See details »

3 Adjusted total assets. See details »

4 2024 Calculation
Adjusted total asset turnover = Adjusted net sales ÷ Adjusted total assets
= 54,269 ÷ 29,575 = 1.83

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. TJX Cos. Inc. adjusted total asset turnover ratio improved from 2022 to 2023 and from 2023 to 2024.

Adjusted Debt to Equity

Microsoft Excel
Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020 Feb 2, 2019
Reported
Selected Financial Data (US$ in millions)
Total debt 2,862 3,359 3,355 6,083 2,237 2,234
Shareholders’ equity 7,302 6,364 6,003 5,833 5,948 5,049
Solvency Ratio
Debt to equity1 0.39 0.53 0.56 1.04 0.38 0.44
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 12,542 12,744 12,507 15,503 11,464 11,130
Adjusted shareholders’ equity3 8,051 7,054 6,547 6,319 6,579 5,651
Solvency Ratio
Adjusted debt to equity4 1.56 1.81 1.91 2.45 1.74 1.97

Based on: 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).

1 2024 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity
= 2,862 ÷ 7,302 = 0.39

2 Adjusted total debt. See details »

3 Adjusted shareholders’ equity. See details »

4 2024 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted shareholders’ equity
= 12,542 ÷ 8,051 = 1.56

Solvency ratio Description The company
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. TJX Cos. Inc. adjusted debt-to-equity ratio improved from 2022 to 2023 and from 2023 to 2024.

Adjusted Debt to Capital

Microsoft Excel
Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020 Feb 2, 2019
Reported
Selected Financial Data (US$ in millions)
Total debt 2,862 3,359 3,355 6,083 2,237 2,234
Total capital 10,164 9,723 9,358 11,915 8,185 7,282
Solvency Ratio
Debt to capital1 0.28 0.35 0.36 0.51 0.27 0.31
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 12,542 12,744 12,507 15,503 11,464 11,130
Adjusted total capital3 20,593 19,798 19,054 21,822 18,044 16,780
Solvency Ratio
Adjusted debt to capital4 0.61 0.64 0.66 0.71 0.64 0.66

Based on: 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).

1 2024 Calculation
Debt to capital = Total debt ÷ Total capital
= 2,862 ÷ 10,164 = 0.28

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2024 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 12,542 ÷ 20,593 = 0.61

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. TJX Cos. Inc. adjusted debt-to-capital ratio improved from 2022 to 2023 and from 2023 to 2024.

Adjusted Financial Leverage

Microsoft Excel
Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020 Feb 2, 2019
Reported
Selected Financial Data (US$ in millions)
Total assets 29,747 28,349 28,461 30,814 24,145 14,326
Shareholders’ equity 7,302 6,364 6,003 5,833 5,948 5,049
Solvency Ratio
Financial leverage1 4.07 4.45 4.74 5.28 4.06 2.84
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 29,575 28,191 28,276 30,686 24,133 23,216
Adjusted shareholders’ equity3 8,051 7,054 6,547 6,319 6,579 5,651
Solvency Ratio
Adjusted financial leverage4 3.67 4.00 4.32 4.86 3.67 4.11

Based on: 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).

1 2024 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity
= 29,747 ÷ 7,302 = 4.07

2 Adjusted total assets. See details »

3 Adjusted shareholders’ equity. See details »

4 2024 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted shareholders’ equity
= 29,575 ÷ 8,051 = 3.67

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 TJX Cos. Inc. adjusted financial leverage ratio decreased from 2022 to 2023 and from 2023 to 2024.

Adjusted Net Profit Margin

Microsoft Excel
Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020 Feb 2, 2019
Reported
Selected Financial Data (US$ in millions)
Net income 4,474 3,498 3,283 90 3,272 3,060
Net sales 54,217 49,936 48,550 32,137 41,717 38,973
Profitability Ratio
Net profit margin1 8.25% 7.00% 6.76% 0.28% 7.84% 7.85%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 4,592 3,679 3,267 1 3,273 2,827
Adjusted net sales3 54,269 49,972 48,659 32,212 41,768 39,017
Profitability Ratio
Adjusted net profit margin4 8.46% 7.36% 6.71% 0.00% 7.84% 7.25%

Based on: 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).

1 2024 Calculation
Net profit margin = 100 × Net income ÷ Net sales
= 100 × 4,474 ÷ 54,217 = 8.25%

2 Adjusted net income. See details »

3 Adjusted net sales. See details »

4 2024 Calculation
Adjusted net profit margin = 100 × Adjusted net income ÷ Adjusted net sales
= 100 × 4,592 ÷ 54,269 = 8.46%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. TJX Cos. Inc. adjusted net profit margin ratio improved from 2022 to 2023 and from 2023 to 2024.

Adjusted Return on Equity (ROE)

Microsoft Excel
Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020 Feb 2, 2019
Reported
Selected Financial Data (US$ in millions)
Net income 4,474 3,498 3,283 90 3,272 3,060
Shareholders’ equity 7,302 6,364 6,003 5,833 5,948 5,049
Profitability Ratio
ROE1 61.27% 54.97% 54.69% 1.55% 55.01% 60.61%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 4,592 3,679 3,267 1 3,273 2,827
Adjusted shareholders’ equity3 8,051 7,054 6,547 6,319 6,579 5,651
Profitability Ratio
Adjusted ROE4 57.04% 52.15% 49.89% 0.01% 49.76% 50.04%

Based on: 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).

1 2024 Calculation
ROE = 100 × Net income ÷ Shareholders’ equity
= 100 × 4,474 ÷ 7,302 = 61.27%

2 Adjusted net income. See details »

3 Adjusted shareholders’ equity. See details »

4 2024 Calculation
Adjusted ROE = 100 × Adjusted net income ÷ Adjusted shareholders’ equity
= 100 × 4,592 ÷ 8,051 = 57.04%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. TJX Cos. Inc. adjusted ROE improved from 2022 to 2023 and from 2023 to 2024.

Adjusted Return on Assets (ROA)

Microsoft Excel
Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020 Feb 2, 2019
Reported
Selected Financial Data (US$ in millions)
Net income 4,474 3,498 3,283 90 3,272 3,060
Total assets 29,747 28,349 28,461 30,814 24,145 14,326
Profitability Ratio
ROA1 15.04% 12.34% 11.53% 0.29% 13.55% 21.36%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 4,592 3,679 3,267 1 3,273 2,827
Adjusted total assets3 29,575 28,191 28,276 30,686 24,133 23,216
Profitability Ratio
Adjusted ROA4 15.53% 13.05% 11.55% 0.00% 13.56% 12.18%

Based on: 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).

1 2024 Calculation
ROA = 100 × Net income ÷ Total assets
= 100 × 4,474 ÷ 29,747 = 15.04%

2 Adjusted net income. See details »

3 Adjusted total assets. See details »

4 2024 Calculation
Adjusted ROA = 100 × Adjusted net income ÷ Adjusted total assets
= 100 × 4,592 ÷ 29,575 = 15.53%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. TJX Cos. Inc. adjusted ROA improved from 2022 to 2023 and from 2023 to 2024.