Stock Analysis on Net
Stock Analysis on Net
Microsoft Excel LibreOffice Calc

TJX Cos. Inc. (NYSE:TJX)

Adjusted Financial Ratios

Advanced level

Adjusted Financial Ratios (Summary)

TJX Cos. Inc., adjusted financial ratios

Microsoft Excel LibreOffice Calc
Feb 1, 2020 Feb 2, 2019 Feb 3, 2018 Jan 28, 2017 Jan 30, 2016 Jan 31, 2015
Activity Ratio
Total Asset Turnover
Reported 1.73 2.72 2.55 2.58 2.69 2.61
Adjusted 1.73 1.68 1.58 1.61 1.68 1.66
Liquidity Ratio
Current Ratio
Reported 1.24 1.53 1.66 1.63 1.54 1.71
Adjusted 1.24 1.53 1.66 1.63 1.54 1.67
Solvency Ratios
Debt to Equity
Reported 0.38 0.44 0.43 0.49 0.38 0.38
Adjusted 1.89 2.14 2.02 2.07 1.87 1.82
Debt to Capital
Reported 0.27 0.31 0.30 0.33 0.27 0.28
Adjusted 0.65 0.68 0.67 0.67 0.65 0.65
Financial Leverage
Reported 4.06 2.84 2.73 2.86 2.67 2.61
Adjusted 3.97 4.46 4.22 4.28 4.03 3.88
Profitability Ratios
Net Profit Margin
Reported 7.84% 7.85% 7.27% 6.93% 7.36% 7.62%
Adjusted 7.73% 7.14% 7.59% 6.83% 7.09% 6.75%
Return on Equity (ROE)
Reported 55.01% 60.61% 50.66% 50.95% 52.88% 51.95%
Adjusted 53.02% 53.53% 50.67% 47.02% 47.95% 43.37%
Return on Assets (ROA)
Reported 13.55% 21.36% 18.55% 17.84% 19.81% 19.91%
Adjusted 13.35% 11.99% 12.01% 10.99% 11.91% 11.17%

Based on: 10-K (filing date: 2020-03-27), 10-K (filing date: 2019-04-03), 10-K (filing date: 2018-04-04), 10-K (filing date: 2017-03-28), 10-K (filing date: 2016-03-29), 10-K (filing date: 2015-03-31).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. TJX Cos. Inc.’s adjusted total asset turnover ratio improved from 2018 to 2019 and from 2019 to 2020.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. TJX Cos. Inc.’s adjusted current ratio deteriorated from 2018 to 2019 and from 2019 to 2020.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. TJX Cos. Inc.’s adjusted debt-to-equity ratio deteriorated from 2018 to 2019 but then improved from 2019 to 2020 exceeding 2018 level.
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.’s adjusted debt-to-capital ratio deteriorated from 2018 to 2019 but then improved from 2019 to 2020 exceeding 2018 level.
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.’s adjusted financial leverage ratio increased from 2018 to 2019 but then decreased significantly from 2019 to 2020.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. TJX Cos. Inc.’s adjusted net profit margin ratio deteriorated from 2018 to 2019 but then improved from 2019 to 2020 exceeding 2018 level.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. TJX Cos. Inc.’s adjusted ROE improved from 2018 to 2019 but then slightly deteriorated from 2019 to 2020.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. TJX Cos. Inc.’s adjusted ROA deteriorated from 2018 to 2019 but then improved from 2019 to 2020 exceeding 2018 level.

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


Adjusted Total Asset Turnover

Microsoft Excel LibreOffice Calc
Feb 1, 2020 Feb 2, 2019 Feb 3, 2018 Jan 28, 2017 Jan 30, 2016 Jan 31, 2015
Reported
Selected Financial Data (US$ in thousands)
Net sales 41,716,977  38,972,934  35,864,664  33,183,744  30,944,938  29,078,407 
Total assets 24,145,003  14,326,029  14,058,015  12,883,808  11,499,482  11,128,381 
Activity Ratio
Total asset turnover1 1.73 2.72 2.55 2.58 2.69 2.61
Adjusted
Selected Financial Data (US$ in thousands)
Net sales 41,716,977  38,972,934  35,864,664  33,183,744  30,944,938  29,078,407 
Adjusted total assets2 24,132,871  23,215,509  22,671,195  20,616,028  18,437,503  17,563,798 
Activity Ratio
Adjusted total asset turnover3 1.73 1.68 1.58 1.61 1.68 1.66

Based on: 10-K (filing date: 2020-03-27), 10-K (filing date: 2019-04-03), 10-K (filing date: 2018-04-04), 10-K (filing date: 2017-03-28), 10-K (filing date: 2016-03-29), 10-K (filing date: 2015-03-31).

1 2020 Calculation
Total asset turnover = Net sales ÷ Total assets
= 41,716,977 ÷ 24,145,003 = 1.73

2 Adjusted total assets. See details »

3 2020 Calculation
Adjusted total asset turnover = Net sales ÷ Adjusted total assets
= 41,716,977 ÷ 24,132,871 = 1.73

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. TJX Cos. Inc.’s adjusted total asset turnover ratio improved from 2018 to 2019 and from 2019 to 2020.

Adjusted Current Ratio

Microsoft Excel LibreOffice Calc
Feb 1, 2020 Feb 2, 2019 Feb 3, 2018 Jan 28, 2017 Jan 30, 2016 Jan 31, 2015
Reported
Selected Financial Data (US$ in thousands)
Current assets 8,890,622  8,469,222  8,485,727  7,750,774  6,772,560  6,715,061 
Current liabilities 7,150,247  5,531,374  5,125,537  4,757,656  4,402,230  3,929,634 
Liquidity Ratio
Current ratio1 1.24 1.53 1.66 1.63 1.54 1.71
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted current assets2 8,890,622  8,469,222  8,485,727  7,750,774  6,772,560  6,577,444 
Current liabilities 7,150,247  5,531,374  5,125,537  4,757,656  4,402,230  3,929,634 
Liquidity Ratio
Adjusted current ratio3 1.24 1.53 1.66 1.63 1.54 1.67

Based on: 10-K (filing date: 2020-03-27), 10-K (filing date: 2019-04-03), 10-K (filing date: 2018-04-04), 10-K (filing date: 2017-03-28), 10-K (filing date: 2016-03-29), 10-K (filing date: 2015-03-31).

1 2020 Calculation
Current ratio = Current assets ÷ Current liabilities
= 8,890,622 ÷ 7,150,247 = 1.24

2 Adjusted current assets. See details »

3 2020 Calculation
Adjusted current ratio = Adjusted current assets ÷ Current liabilities
= 8,890,622 ÷ 7,150,247 = 1.24

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. TJX Cos. Inc.’s adjusted current ratio deteriorated from 2018 to 2019 and from 2019 to 2020.

Adjusted Debt to Equity

Microsoft Excel LibreOffice Calc
Feb 1, 2020 Feb 2, 2019 Feb 3, 2018 Jan 28, 2017 Jan 30, 2016 Jan 31, 2015
Reported
Selected Financial Data (US$ in thousands)
Total debt 2,236,625  2,233,616  2,230,607  2,227,599  1,624,054  1,623,864 
Shareholders’ equity 5,948,212  5,048,606  5,148,309  4,510,599  4,307,075  4,264,230 
Solvency Ratio
Debt to equity1 0.38 0.44 0.43 0.49 0.38 0.38
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total debt2 11,464,474  11,129,563  10,850,345  9,966,012  8,575,906  8,221,444 
Adjusted shareholders’ equity3 6,078,250  5,200,330  5,374,808  4,818,406  4,578,346  4,524,583 
Solvency Ratio
Adjusted debt to equity4 1.89 2.14 2.02 2.07 1.87 1.82

Based on: 10-K (filing date: 2020-03-27), 10-K (filing date: 2019-04-03), 10-K (filing date: 2018-04-04), 10-K (filing date: 2017-03-28), 10-K (filing date: 2016-03-29), 10-K (filing date: 2015-03-31).

1 2020 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity
= 2,236,625 ÷ 5,948,212 = 0.38

2 Adjusted total debt. See details »

3 Adjusted shareholders’ equity. See details »

4 2020 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted shareholders’ equity
= 11,464,474 ÷ 6,078,250 = 1.89

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.’s adjusted debt-to-equity ratio deteriorated from 2018 to 2019 but then improved from 2019 to 2020 exceeding 2018 level.

Adjusted Debt to Capital

Microsoft Excel LibreOffice Calc
Feb 1, 2020 Feb 2, 2019 Feb 3, 2018 Jan 28, 2017 Jan 30, 2016 Jan 31, 2015
Reported
Selected Financial Data (US$ in thousands)
Total debt 2,236,625  2,233,616  2,230,607  2,227,599  1,624,054  1,623,864 
Total capital 8,184,837  7,282,222  7,378,916  6,738,198  5,931,129  5,888,094 
Solvency Ratio
Debt to capital1 0.27 0.31 0.30 0.33 0.27 0.28
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total debt2 11,464,474  11,129,563  10,850,345  9,966,012  8,575,906  8,221,444 
Adjusted total capital3 17,542,724  16,329,893  16,225,153  14,784,418  13,154,252  12,746,027 
Solvency Ratio
Adjusted debt to capital4 0.65 0.68 0.67 0.67 0.65 0.65

Based on: 10-K (filing date: 2020-03-27), 10-K (filing date: 2019-04-03), 10-K (filing date: 2018-04-04), 10-K (filing date: 2017-03-28), 10-K (filing date: 2016-03-29), 10-K (filing date: 2015-03-31).

1 2020 Calculation
Debt to capital = Total debt ÷ Total capital
= 2,236,625 ÷ 8,184,837 = 0.27

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2020 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 11,464,474 ÷ 17,542,724 = 0.65

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.’s adjusted debt-to-capital ratio deteriorated from 2018 to 2019 but then improved from 2019 to 2020 exceeding 2018 level.

Adjusted Financial Leverage

Microsoft Excel LibreOffice Calc
Feb 1, 2020 Feb 2, 2019 Feb 3, 2018 Jan 28, 2017 Jan 30, 2016 Jan 31, 2015
Reported
Selected Financial Data (US$ in thousands)
Total assets 24,145,003  14,326,029  14,058,015  12,883,808  11,499,482  11,128,381 
Shareholders’ equity 5,948,212  5,048,606  5,148,309  4,510,599  4,307,075  4,264,230 
Solvency Ratio
Financial leverage1 4.06 2.84 2.73 2.86 2.67 2.61
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total assets2 24,132,871  23,215,509  22,671,195  20,616,028  18,437,503  17,563,798 
Adjusted shareholders’ equity3 6,078,250  5,200,330  5,374,808  4,818,406  4,578,346  4,524,583 
Solvency Ratio
Adjusted financial leverage4 3.97 4.46 4.22 4.28 4.03 3.88

Based on: 10-K (filing date: 2020-03-27), 10-K (filing date: 2019-04-03), 10-K (filing date: 2018-04-04), 10-K (filing date: 2017-03-28), 10-K (filing date: 2016-03-29), 10-K (filing date: 2015-03-31).

1 2020 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity
= 24,145,003 ÷ 5,948,212 = 4.06

2 Adjusted total assets. See details »

3 Adjusted shareholders’ equity. See details »

4 2020 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted shareholders’ equity
= 24,132,871 ÷ 6,078,250 = 3.97

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.’s adjusted financial leverage ratio increased from 2018 to 2019 but then decreased significantly from 2019 to 2020.

Adjusted Net Profit Margin

Microsoft Excel LibreOffice Calc
Feb 1, 2020 Feb 2, 2019 Feb 3, 2018 Jan 28, 2017 Jan 30, 2016 Jan 31, 2015
Reported
Selected Financial Data (US$ in thousands)
Net income 3,272,193  3,059,798  2,607,948  2,298,234  2,277,658  2,215,128 
Net sales 41,716,977  38,972,934  35,864,664  33,183,744  30,944,938  29,078,407 
Profitability Ratio
Net profit margin1 7.84% 7.85% 7.27% 6.93% 7.36% 7.62%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net income2 3,222,934  2,783,501  2,723,190  2,265,639  2,195,354  1,962,345 
Net sales 41,716,977  38,972,934  35,864,664  33,183,744  30,944,938  29,078,407 
Profitability Ratio
Adjusted net profit margin3 7.73% 7.14% 7.59% 6.83% 7.09% 6.75%

Based on: 10-K (filing date: 2020-03-27), 10-K (filing date: 2019-04-03), 10-K (filing date: 2018-04-04), 10-K (filing date: 2017-03-28), 10-K (filing date: 2016-03-29), 10-K (filing date: 2015-03-31).

1 2020 Calculation
Net profit margin = 100 × Net income ÷ Net sales
= 100 × 3,272,193 ÷ 41,716,977 = 7.84%

2 Adjusted net income. See details »

3 2020 Calculation
Adjusted net profit margin = 100 × Adjusted net income ÷ Net sales
= 100 × 3,222,934 ÷ 41,716,977 = 7.73%

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.’s adjusted net profit margin ratio deteriorated from 2018 to 2019 but then improved from 2019 to 2020 exceeding 2018 level.

Adjusted Return on Equity (ROE)

Microsoft Excel LibreOffice Calc
Feb 1, 2020 Feb 2, 2019 Feb 3, 2018 Jan 28, 2017 Jan 30, 2016 Jan 31, 2015
Reported
Selected Financial Data (US$ in thousands)
Net income 3,272,193  3,059,798  2,607,948  2,298,234  2,277,658  2,215,128 
Shareholders’ equity 5,948,212  5,048,606  5,148,309  4,510,599  4,307,075  4,264,230 
Profitability Ratio
ROE1 55.01% 60.61% 50.66% 50.95% 52.88% 51.95%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net income2 3,222,934  2,783,501  2,723,190  2,265,639  2,195,354  1,962,345 
Adjusted shareholders’ equity3 6,078,250  5,200,330  5,374,808  4,818,406  4,578,346  4,524,583 
Profitability Ratio
Adjusted ROE4 53.02% 53.53% 50.67% 47.02% 47.95% 43.37%

Based on: 10-K (filing date: 2020-03-27), 10-K (filing date: 2019-04-03), 10-K (filing date: 2018-04-04), 10-K (filing date: 2017-03-28), 10-K (filing date: 2016-03-29), 10-K (filing date: 2015-03-31).

1 2020 Calculation
ROE = 100 × Net income ÷ Shareholders’ equity
= 100 × 3,272,193 ÷ 5,948,212 = 55.01%

2 Adjusted net income. See details »

3 Adjusted shareholders’ equity. See details »

4 2020 Calculation
Adjusted ROE = 100 × Adjusted net income ÷ Adjusted shareholders’ equity
= 100 × 3,222,934 ÷ 6,078,250 = 53.02%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. TJX Cos. Inc.’s adjusted ROE improved from 2018 to 2019 but then slightly deteriorated from 2019 to 2020.

Adjusted Return on Assets (ROA)

Microsoft Excel LibreOffice Calc
Feb 1, 2020 Feb 2, 2019 Feb 3, 2018 Jan 28, 2017 Jan 30, 2016 Jan 31, 2015
Reported
Selected Financial Data (US$ in thousands)
Net income 3,272,193  3,059,798  2,607,948  2,298,234  2,277,658  2,215,128 
Total assets 24,145,003  14,326,029  14,058,015  12,883,808  11,499,482  11,128,381 
Profitability Ratio
ROA1 13.55% 21.36% 18.55% 17.84% 19.81% 19.91%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net income2 3,222,934  2,783,501  2,723,190  2,265,639  2,195,354  1,962,345 
Adjusted total assets3 24,132,871  23,215,509  22,671,195  20,616,028  18,437,503  17,563,798 
Profitability Ratio
Adjusted ROA4 13.35% 11.99% 12.01% 10.99% 11.91% 11.17%

Based on: 10-K (filing date: 2020-03-27), 10-K (filing date: 2019-04-03), 10-K (filing date: 2018-04-04), 10-K (filing date: 2017-03-28), 10-K (filing date: 2016-03-29), 10-K (filing date: 2015-03-31).

1 2020 Calculation
ROA = 100 × Net income ÷ Total assets
= 100 × 3,272,193 ÷ 24,145,003 = 13.55%

2 Adjusted net income. See details »

3 Adjusted total assets. See details »

4 2020 Calculation
Adjusted ROA = 100 × Adjusted net income ÷ Adjusted total assets
= 100 × 3,222,934 ÷ 24,132,871 = 13.35%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. TJX Cos. Inc.’s adjusted ROA deteriorated from 2018 to 2019 but then improved from 2019 to 2020 exceeding 2018 level.