Stock Analysis on Net

TJX Cos. Inc. (NYSE:TJX)

Analysis of Solvency Ratios 

Microsoft Excel

Solvency Ratios (Summary)

TJX Cos. Inc., solvency ratios

Microsoft Excel
Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020 Feb 2, 2019
Debt Ratios
Debt to equity 0.39 0.53 0.56 1.04 0.38 0.44
Debt to equity (including operating lease liability) 1.72 2.00 2.08 2.66 1.93 0.44
Debt to capital 0.28 0.35 0.36 0.51 0.27 0.31
Debt to capital (including operating lease liability) 0.63 0.67 0.68 0.73 0.66 0.31
Debt to assets 0.10 0.12 0.12 0.20 0.09 0.16
Debt to assets (including operating lease liability) 0.42 0.45 0.44 0.50 0.47 0.16
Financial leverage 4.07 4.45 4.74 5.28 4.06 2.84
Coverage Ratios
Interest coverage 76.53 56.19 37.80 1.46 75.57 65.36
Fixed charge coverage 3.85 3.31 3.17 1.04 3.43 3.39

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).

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. TJX Cos. Inc. debt to equity ratio improved from 2022 to 2023 and from 2023 to 2024.
Debt to equity ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. TJX Cos. Inc. debt to equity ratio (including operating lease liability) improved from 2022 to 2023 and from 2023 to 2024.
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. TJX Cos. Inc. debt to capital ratio improved from 2022 to 2023 and from 2023 to 2024.
Debt to capital ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. TJX Cos. Inc. debt to capital ratio (including operating lease liability) improved from 2022 to 2023 and from 2023 to 2024.
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. TJX Cos. Inc. debt to assets ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.
Debt to assets ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. TJX Cos. Inc. debt to assets ratio (including operating lease liability) deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. TJX Cos. Inc. financial leverage ratio decreased from 2022 to 2023 and from 2023 to 2024.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. TJX Cos. Inc. interest coverage ratio improved from 2022 to 2023 and from 2023 to 2024.
Fixed charge coverage ratio A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. TJX Cos. Inc. fixed charge coverage ratio improved from 2022 to 2023 and from 2023 to 2024.

Debt to Equity

TJX Cos. Inc., debt to equity calculation, comparison to benchmarks

Microsoft Excel
Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020 Feb 2, 2019
Selected Financial Data (US$ in millions)
Current portion of long-term debt 500 750
Long-term debt, excluding current portion 2,862 2,859 3,355 5,333 2,237 2,234
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
Benchmarks
Debt to Equity, Competitors2
Amazon.com Inc. 0.39 0.59 0.54 0.66 0.83
Home Depot Inc. 42.25 27.65 11.29
Lowe’s Cos. Inc. 15.16 9.79 4.45
Debt to Equity, Sector
Consumer Discretionary Distribution & Retail 0.82 1.06 0.93 1.17 1.44
Debt to Equity, Industry
Consumer Discretionary 1.37 1.54 1.52 2.37 2.78

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 Click competitor name to see calculations.

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

Debt to Equity (including Operating Lease Liability)

TJX Cos. Inc., debt to equity (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel
Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020 Feb 2, 2019
Selected Financial Data (US$ in millions)
Current portion of long-term debt 500 750
Long-term debt, excluding current portion 2,862 2,859 3,355 5,333 2,237 2,234
Total debt 2,862 3,359 3,355 6,083 2,237 2,234
Current portion of operating lease liabilities 1,620 1,610 1,577 1,678 1,411
Long-term operating lease liabilities, excluding current portion 8,060 7,775 7,576 7,743 7,817
Total debt (including operating lease liability) 12,542 12,744 12,507 15,503 11,464 2,234
 
Shareholders’ equity 7,302 6,364 6,003 5,833 5,948 5,049
Solvency Ratio
Debt to equity (including operating lease liability)1 1.72 2.00 2.08 2.66 1.93 0.44
Benchmarks
Debt to Equity (including Operating Lease Liability), Competitors2
Amazon.com Inc. 0.77 1.06 0.96 1.08 1.25
Home Depot Inc. 50.04 32.24 13.16
Lowe’s Cos. Inc. 18.24 12.04 4.45
Debt to Equity (including Operating Lease Liability), Sector
Consumer Discretionary Distribution & Retail 1.31 1.67 1.46 1.76 1.82
Debt to Equity (including Operating Lease Liability), Industry
Consumer Discretionary 1.72 1.94 1.90 2.84 3.08

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 (including operating lease liability) = Total debt (including operating lease liability) ÷ Shareholders’ equity
= 12,542 ÷ 7,302 = 1.72

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to equity ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. TJX Cos. Inc. debt to equity ratio (including operating lease liability) improved from 2022 to 2023 and from 2023 to 2024.

Debt to Capital

TJX Cos. Inc., debt to capital calculation, comparison to benchmarks

Microsoft Excel
Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020 Feb 2, 2019
Selected Financial Data (US$ in millions)
Current portion of long-term debt 500 750
Long-term debt, excluding current portion 2,862 2,859 3,355 5,333 2,237 2,234
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
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
Benchmarks
Debt to Capital, Competitors2
Amazon.com Inc. 0.28 0.37 0.35 0.40 0.45
Home Depot Inc. 0.98 0.97 1.04 0.92 1.11 1.07
Lowe’s Cos. Inc. 1.72 1.72 1.24 0.94 0.91 0.82
Debt to Capital, Sector
Consumer Discretionary Distribution & Retail 0.45 0.51 0.48 0.54 0.59
Debt to Capital, Industry
Consumer Discretionary 0.58 0.61 0.60 0.70 0.74

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 Click competitor name to see calculations.

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

Debt to Capital (including Operating Lease Liability)

TJX Cos. Inc., debt to capital (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel
Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020 Feb 2, 2019
Selected Financial Data (US$ in millions)
Current portion of long-term debt 500 750
Long-term debt, excluding current portion 2,862 2,859 3,355 5,333 2,237 2,234
Total debt 2,862 3,359 3,355 6,083 2,237 2,234
Current portion of operating lease liabilities 1,620 1,610 1,577 1,678 1,411
Long-term operating lease liabilities, excluding current portion 8,060 7,775 7,576 7,743 7,817
Total debt (including operating lease liability) 12,542 12,744 12,507 15,503 11,464 2,234
Shareholders’ equity 7,302 6,364 6,003 5,833 5,948 5,049
Total capital (including operating lease liability) 19,844 19,108 18,510 21,336 17,413 7,282
Solvency Ratio
Debt to capital (including operating lease liability)1 0.63 0.67 0.68 0.73 0.66 0.31
Benchmarks
Debt to Capital (including Operating Lease Liability), Competitors2
Amazon.com Inc. 0.43 0.51 0.49 0.52 0.56
Home Depot Inc. 0.98 0.97 1.04 0.93 1.09 1.07
Lowe’s Cos. Inc. 1.60 1.60 1.20 0.95 0.92 0.82
Debt to Capital (including Operating Lease Liability), Sector
Consumer Discretionary Distribution & Retail 0.57 0.63 0.59 0.64 0.65
Debt to Capital (including Operating Lease Liability), Industry
Consumer Discretionary 0.63 0.66 0.65 0.74 0.76

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 (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 12,542 ÷ 19,844 = 0.63

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to capital ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. TJX Cos. Inc. debt to capital ratio (including operating lease liability) improved from 2022 to 2023 and from 2023 to 2024.

Debt to Assets

TJX Cos. Inc., debt to assets calculation, comparison to benchmarks

Microsoft Excel
Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020 Feb 2, 2019
Selected Financial Data (US$ in millions)
Current portion of long-term debt 500 750
Long-term debt, excluding current portion 2,862 2,859 3,355 5,333 2,237 2,234
Total debt 2,862 3,359 3,355 6,083 2,237 2,234
 
Total assets 29,747 28,349 28,461 30,814 24,145 14,326
Solvency Ratio
Debt to assets1 0.10 0.12 0.12 0.20 0.09 0.16
Benchmarks
Debt to Assets, Competitors2
Amazon.com Inc. 0.15 0.19 0.18 0.19 0.23
Home Depot Inc. 0.58 0.57 0.56 0.53 0.61 0.66
Lowe’s Cos. Inc. 0.86 0.78 0.55 0.47 0.49 0.47
Debt to Assets, Sector
Consumer Discretionary Distribution & Retail 0.24 0.25 0.24 0.26 0.31
Debt to Assets, Industry
Consumer Discretionary 0.34 0.35 0.36 0.41 0.45

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 assets = Total debt ÷ Total assets
= 2,862 ÷ 29,747 = 0.10

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. TJX Cos. Inc. debt to assets ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.

Debt to Assets (including Operating Lease Liability)

TJX Cos. Inc., debt to assets (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel
Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020 Feb 2, 2019
Selected Financial Data (US$ in millions)
Current portion of long-term debt 500 750
Long-term debt, excluding current portion 2,862 2,859 3,355 5,333 2,237 2,234
Total debt 2,862 3,359 3,355 6,083 2,237 2,234
Current portion of operating lease liabilities 1,620 1,610 1,577 1,678 1,411
Long-term operating lease liabilities, excluding current portion 8,060 7,775 7,576 7,743 7,817
Total debt (including operating lease liability) 12,542 12,744 12,507 15,503 11,464 2,234
 
Total assets 29,747 28,349 28,461 30,814 24,145 14,326
Solvency Ratio
Debt to assets (including operating lease liability)1 0.42 0.45 0.44 0.50 0.47 0.16
Benchmarks
Debt to Assets (including Operating Lease Liability), Competitors2
Amazon.com Inc. 0.29 0.33 0.31 0.31 0.34
Home Depot Inc. 0.68 0.66 0.64 0.62 0.73 0.66
Lowe’s Cos. Inc. 0.96 0.87 0.66 0.56 0.60 0.47
Debt to Assets (including Operating Lease Liability), Sector
Consumer Discretionary Distribution & Retail 0.38 0.40 0.38 0.40 0.39
Debt to Assets (including Operating Lease Liability), Industry
Consumer Discretionary 0.43 0.44 0.45 0.50 0.50

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 assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 12,542 ÷ 29,747 = 0.42

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to assets ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. TJX Cos. Inc. debt to assets ratio (including operating lease liability) deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.

Financial Leverage

TJX Cos. Inc., financial leverage calculation, comparison to benchmarks

Microsoft Excel
Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020 Feb 2, 2019
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
Benchmarks
Financial Leverage, Competitors2
Amazon.com Inc. 2.61 3.17 3.04 3.44 3.63
Home Depot Inc. 73.30 48.94 21.39
Lowe’s Cos. Inc. 32.52 20.02 9.47
Financial Leverage, Sector
Consumer Discretionary Distribution & Retail 3.46 4.18 3.82 4.44 4.62
Financial Leverage, Industry
Consumer Discretionary 4.00 4.38 4.26 5.72 6.22

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 Click competitor name to see calculations.

Solvency ratio Description The company
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. TJX Cos. Inc. financial leverage ratio decreased from 2022 to 2023 and from 2023 to 2024.

Interest Coverage

TJX Cos. Inc., interest coverage calculation, comparison to benchmarks

Microsoft Excel
Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020 Feb 2, 2019
Selected Financial Data (US$ in millions)
Net income 4,474 3,498 3,283 90 3,272 3,060
Add: Income tax expense 1,493 1,138 1,115 (1) 1,134 1,113
Add: Interest expense, excluding capitalized interest 79 84 120 194 59 65
Earnings before interest and tax (EBIT) 6,046 4,720 4,517 283 4,465 4,238
Solvency Ratio
Interest coverage1 76.53 56.19 37.80 1.46 75.57 65.36
Benchmarks
Interest Coverage, Competitors2
Amazon.com Inc. 12.80 -1.51 22.09 15.69 9.73
Home Depot Inc. 11.25 14.90 17.14 13.60 13.25 14.85
Lowe’s Cos. Inc. 7.86 8.79 13.49 9.88 8.83 6.21
Interest Coverage, Sector
Consumer Discretionary Distribution & Retail 13.19 7.64 15.91 14.50 11.71
Interest Coverage, Industry
Consumer Discretionary 12.27 9.45 13.29 7.81 9.65

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
Interest coverage = EBIT ÷ Interest expense
= 6,046 ÷ 79 = 76.53

2 Click competitor name to see calculations.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. TJX Cos. Inc. interest coverage ratio improved from 2022 to 2023 and from 2023 to 2024.

Fixed Charge Coverage

TJX Cos. Inc., fixed charge coverage calculation, comparison to benchmarks

Microsoft Excel
Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020 Feb 2, 2019
Selected Financial Data (US$ in millions)
Net income 4,474 3,498 3,283 90 3,272 3,060
Add: Income tax expense 1,493 1,138 1,115 (1) 1,134 1,113
Add: Interest expense, excluding capitalized interest 79 84 120 194 59 65
Earnings before interest and tax (EBIT) 6,046 4,720 4,517 283 4,465 4,238
Add: Operating lease cost 2,015 1,927 1,906 1,820 1,752 1,678
Earnings before fixed charges and tax 8,061 6,647 6,423 2,103 6,217 5,916
 
Interest expense, excluding capitalized interest 79 84 120 194 59 65
Operating lease cost 2,015 1,927 1,906 1,820 1,752 1,678
Fixed charges 2,094 2,011 2,026 2,014 1,811 1,743
Solvency Ratio
Fixed charge coverage1 3.85 3.31 3.17 1.04 3.43 3.39
Benchmarks
Fixed Charge Coverage, Competitors2
Amazon.com Inc. 3.73 0.47 5.24 4.63 3.65
Home Depot Inc. 7.03 9.07 9.94 8.97 8.26 7.80
Lowe’s Cos. Inc. 5.82 5.77 8.02 6.05 5.04 3.68
Fixed Charge Coverage, Sector
Consumer Discretionary Distribution & Retail 4.61 2.82 5.29 5.11 4.46
Fixed Charge Coverage, Industry
Consumer Discretionary 4.98 3.70 5.63 3.72 4.20

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
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= 8,061 ÷ 2,094 = 3.85

2 Click competitor name to see calculations.

Solvency ratio Description The company
Fixed charge coverage ratio A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. TJX Cos. Inc. fixed charge coverage ratio improved from 2022 to 2023 and from 2023 to 2024.