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

TJX Cos. Inc. (NYSE:TJX)

Analysis of Solvency Ratios

Beginner level

Solvency Ratios (Summary)

TJX Cos. Inc., solvency ratios

Microsoft Excel LibreOffice Calc
Jan 30, 2021 Feb 1, 2020 Feb 2, 2019 Feb 3, 2018 Jan 28, 2017 Jan 30, 2016
Debt Ratios
Debt to equity 1.04 0.38 0.44 0.43 0.49 0.38
Debt to equity (including operating lease liability) 2.66 1.93 0.44 0.43 0.49 0.38
Debt to capital 0.51 0.27 0.31 0.30 0.33 0.27
Debt to capital (including operating lease liability) 0.73 0.66 0.31 0.30 0.33 0.27
Debt to assets 0.20 0.09 0.16 0.16 0.17 0.14
Debt to assets (including operating lease liability) 0.50 0.47 0.16 0.16 0.17 0.14
Financial leverage 5.28 4.06 2.84 2.73 2.86 2.67
Coverage Ratios
Interest coverage 1.46 75.57 65.36 60.98 61.37 61.70
Fixed charge coverage 1.04 3.43 3.39 3.35 3.51 3.59

Based on: 10-K (filing date: 2021-03-31), 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).

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. TJX Cos. Inc.’s debt to equity ratio improved from 2019 to 2020 but then deteriorated significantly from 2020 to 2021.
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.’s debt to equity ratio (including operating lease liability) deteriorated from 2019 to 2020 and from 2020 to 2021.
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. TJX Cos. Inc.’s debt to capital ratio improved from 2019 to 2020 but then deteriorated significantly from 2020 to 2021.
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.’s debt to capital ratio (including operating lease liability) deteriorated from 2019 to 2020 and from 2020 to 2021.
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. TJX Cos. Inc.’s debt to assets ratio improved from 2019 to 2020 but then deteriorated significantly from 2020 to 2021.
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.’s debt to assets ratio (including operating lease liability) deteriorated from 2019 to 2020 and from 2020 to 2021.
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. TJX Cos. Inc.’s financial leverage ratio increased from 2019 to 2020 and from 2020 to 2021.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. TJX Cos. Inc.’s interest coverage ratio improved from 2019 to 2020 but then deteriorated significantly from 2020 to 2021.
Fixed charge coverage ratio A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. TJX Cos. Inc.’s fixed charge coverage ratio improved from 2019 to 2020 but then deteriorated significantly from 2020 to 2021.

Debt to Equity

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

Microsoft Excel LibreOffice Calc
Jan 30, 2021 Feb 1, 2020 Feb 2, 2019 Feb 3, 2018 Jan 28, 2017 Jan 30, 2016
Selected Financial Data (US$ in thousands)
Current portion of long-term debt 749,684  —  —  —  —  — 
Long-term debt, exclusive of current installments 5,332,921  2,236,625  2,233,616  2,230,607  2,227,599  1,624,054 
Total debt 6,082,605  2,236,625  2,233,616  2,230,607  2,227,599  1,624,054 
 
Shareholders’ equity 5,832,684  5,948,212  5,048,606  5,148,309  4,510,599  4,307,075 
Solvency Ratio
Debt to equity1 1.04 0.38 0.44 0.43 0.49 0.38
Benchmarks
Debt to Equity, Competitors2
Amazon.com Inc. 0.66 0.83 0.97 1.41 0.92
Costco Wholesale Corp. 0.42 0.45 0.51 0.62 0.43
Dollar General Corp. 0.62 0.43 0.45 0.49 0.59 0.55
Home Depot Inc. 11.29 18.59 5.45 3.37
Lowe’s Cos. Inc. 15.16 9.79 4.45 2.89 2.44 1.65
Target Corp. 0.88 0.97 1.00 0.99 1.16 0.98
Walmart Inc. 0.60 0.73 0.80 0.60 0.59 0.62
Debt to Equity, Sector
General Retailers 0.91 1.02 0.95 1.01 0.84
Debt to Equity, Industry
Consumer Services 1.22 1.24 1.27 1.10 0.99

Based on: 10-K (filing date: 2021-03-31), 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).

1 2021 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity
= 6,082,605 ÷ 5,832,684 = 1.04

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.’s debt to equity ratio improved from 2019 to 2020 but then deteriorated significantly from 2020 to 2021.

Debt to Equity (including Operating Lease Liability)

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

Microsoft Excel LibreOffice Calc
Jan 30, 2021 Feb 1, 2020 Feb 2, 2019 Feb 3, 2018 Jan 28, 2017 Jan 30, 2016
Selected Financial Data (US$ in thousands)
Current portion of long-term debt 749,684  —  —  —  —  — 
Long-term debt, exclusive of current installments 5,332,921  2,236,625  2,233,616  2,230,607  2,227,599  1,624,054 
Total debt 6,082,605  2,236,625  2,233,616  2,230,607  2,227,599  1,624,054 
Current portion of operating lease liabilities 1,677,605  1,411,216  —  —  —  — 
Long-term operating lease liabilities, exclusive of current portion 7,743,216  7,816,633  —  —  —  — 
Total debt (including operating lease liability) 15,503,426  11,464,474  2,233,616  2,230,607  2,227,599  1,624,054 
 
Shareholders’ equity 5,832,684  5,948,212  5,048,606  5,148,309  4,510,599  4,307,075 
Solvency Ratio
Debt to equity (including operating lease liability)1 2.66 1.93 0.44 0.43 0.49 0.38
Benchmarks
Debt to Equity (including Operating Lease Liability), Competitors2
Amazon.com Inc. 1.08 1.25 0.97 1.41 0.92
Costco Wholesale Corp. 0.57 0.45 0.51 0.62 0.43
Dollar General Corp. 2.04 1.75 0.45 0.49 0.59 0.55
Home Depot Inc. 13.16 18.59 5.45 3.37
Lowe’s Cos. Inc. 18.24 12.04 4.45 2.89 2.44 1.65
Target Corp. 1.05 1.18 1.19 0.99 1.16 0.98
Walmart Inc. 0.78 0.97 0.80 0.60 0.59 0.62
Debt to Equity (including Operating Lease Liability), Sector
General Retailers 1.34 1.18 0.95 1.01 0.84
Debt to Equity (including Operating Lease Liability), Industry
Consumer Services 1.53 1.39 1.27 1.10 0.99

Based on: 10-K (filing date: 2021-03-31), 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).

1 2021 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Shareholders’ equity
= 15,503,426 ÷ 5,832,684 = 2.66

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.’s debt to equity ratio (including operating lease liability) deteriorated from 2019 to 2020 and from 2020 to 2021.

Debt to Capital

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

Microsoft Excel LibreOffice Calc
Jan 30, 2021 Feb 1, 2020 Feb 2, 2019 Feb 3, 2018 Jan 28, 2017 Jan 30, 2016
Selected Financial Data (US$ in thousands)
Current portion of long-term debt 749,684  —  —  —  —  — 
Long-term debt, exclusive of current installments 5,332,921  2,236,625  2,233,616  2,230,607  2,227,599  1,624,054 
Total debt 6,082,605  2,236,625  2,233,616  2,230,607  2,227,599  1,624,054 
Shareholders’ equity 5,832,684  5,948,212  5,048,606  5,148,309  4,510,599  4,307,075 
Total capital 11,915,289  8,184,837  7,282,222  7,378,916  6,738,198  5,931,129 
Solvency Ratio
Debt to capital1 0.51 0.27 0.31 0.30 0.33 0.27
Benchmarks
Debt to Capital, Competitors2
Amazon.com Inc. 0.40 0.45 0.49 0.59 0.48
Costco Wholesale Corp. 0.29 0.31 0.34 0.38 0.30
Dollar General Corp. 0.38 0.30 0.31 0.33 0.37 0.36
Home Depot Inc. 0.92 1.11 1.07 0.95 0.84 0.77
Lowe’s Cos. Inc. 0.94 0.91 0.82 0.74 0.71 0.62
Target Corp. 0.47 0.49 0.50 0.50 0.54 0.50
Walmart Inc. 0.38 0.42 0.44 0.37 0.37 0.38
Debt to Capital, Sector
General Retailers 0.48 0.51 0.49 0.50 0.46
Debt to Capital, Industry
Consumer Services 0.55 0.55 0.56 0.52 0.50

Based on: 10-K (filing date: 2021-03-31), 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).

1 2021 Calculation
Debt to capital = Total debt ÷ Total capital
= 6,082,605 ÷ 11,915,289 = 0.51

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.’s debt to capital ratio improved from 2019 to 2020 but then deteriorated significantly from 2020 to 2021.

Debt to Capital (including Operating Lease Liability)

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

Microsoft Excel LibreOffice Calc
Jan 30, 2021 Feb 1, 2020 Feb 2, 2019 Feb 3, 2018 Jan 28, 2017 Jan 30, 2016
Selected Financial Data (US$ in thousands)
Current portion of long-term debt 749,684  —  —  —  —  — 
Long-term debt, exclusive of current installments 5,332,921  2,236,625  2,233,616  2,230,607  2,227,599  1,624,054 
Total debt 6,082,605  2,236,625  2,233,616  2,230,607  2,227,599  1,624,054 
Current portion of operating lease liabilities 1,677,605  1,411,216  —  —  —  — 
Long-term operating lease liabilities, exclusive of current portion 7,743,216  7,816,633  —  —  —  — 
Total debt (including operating lease liability) 15,503,426  11,464,474  2,233,616  2,230,607  2,227,599  1,624,054 
Shareholders’ equity 5,832,684  5,948,212  5,048,606  5,148,309  4,510,599  4,307,075 
Total capital (including operating lease liability) 21,336,110  17,412,686  7,282,222  7,378,916  6,738,198  5,931,129 
Solvency Ratio
Debt to capital (including operating lease liability)1 0.73 0.66 0.31 0.30 0.33 0.27
Benchmarks
Debt to Capital (including Operating Lease Liability), Competitors2
Amazon.com Inc. 0.52 0.56 0.49 0.59 0.48
Costco Wholesale Corp. 0.36 0.31 0.34 0.38 0.30
Dollar General Corp. 0.67 0.64 0.31 0.33 0.37 0.36
Home Depot Inc. 0.93 1.09 1.07 0.95 0.84 0.77
Lowe’s Cos. Inc. 0.95 0.92 0.82 0.74 0.71 0.62
Target Corp. 0.51 0.54 0.54 0.50 0.54 0.50
Walmart Inc. 0.44 0.49 0.44 0.37 0.37 0.38
Debt to Capital (including Operating Lease Liability), Sector
General Retailers 0.57 0.54 0.49 0.50 0.46
Debt to Capital (including Operating Lease Liability), Industry
Consumer Services 0.60 0.58 0.56 0.52 0.50

Based on: 10-K (filing date: 2021-03-31), 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).

1 2021 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 15,503,426 ÷ 21,336,110 = 0.73

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.’s debt to capital ratio (including operating lease liability) deteriorated from 2019 to 2020 and from 2020 to 2021.

Debt to Assets

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

Microsoft Excel LibreOffice Calc
Jan 30, 2021 Feb 1, 2020 Feb 2, 2019 Feb 3, 2018 Jan 28, 2017 Jan 30, 2016
Selected Financial Data (US$ in thousands)
Current portion of long-term debt 749,684  —  —  —  —  — 
Long-term debt, exclusive of current installments 5,332,921  2,236,625  2,233,616  2,230,607  2,227,599  1,624,054 
Total debt 6,082,605  2,236,625  2,233,616  2,230,607  2,227,599  1,624,054 
 
Total assets 30,813,555  24,145,003  14,326,029  14,058,015  12,883,808  11,499,482 
Solvency Ratio
Debt to assets1 0.20 0.09 0.16 0.16 0.17 0.14
Benchmarks
Debt to Assets, Competitors2
Amazon.com Inc. 0.19 0.23 0.26 0.30 0.21
Costco Wholesale Corp. 0.14 0.15 0.16 0.18 0.16
Dollar General Corp. 0.16 0.13 0.22 0.24 0.28 0.26
Home Depot Inc. 0.53 0.61 0.66 0.61 0.55 0.50
Lowe’s Cos. Inc. 0.47 0.49 0.47 0.48 0.46 0.40
Target Corp. 0.25 0.27 0.27 0.30 0.34 0.32
Walmart Inc. 0.19 0.23 0.26 0.23 0.23 0.25
Debt to Assets, Sector
General Retailers 0.24 0.28 0.28 0.29 0.27
Debt to Assets, Industry
Consumer Services 0.33 0.34 0.37 0.34 0.32

Based on: 10-K (filing date: 2021-03-31), 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).

1 2021 Calculation
Debt to assets = Total debt ÷ Total assets
= 6,082,605 ÷ 30,813,555 = 0.20

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.’s debt to assets ratio improved from 2019 to 2020 but then deteriorated significantly from 2020 to 2021.

Debt to Assets (including Operating Lease Liability)

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

Microsoft Excel LibreOffice Calc
Jan 30, 2021 Feb 1, 2020 Feb 2, 2019 Feb 3, 2018 Jan 28, 2017 Jan 30, 2016
Selected Financial Data (US$ in thousands)
Current portion of long-term debt 749,684  —  —  —  —  — 
Long-term debt, exclusive of current installments 5,332,921  2,236,625  2,233,616  2,230,607  2,227,599  1,624,054 
Total debt 6,082,605  2,236,625  2,233,616  2,230,607  2,227,599  1,624,054 
Current portion of operating lease liabilities 1,677,605  1,411,216  —  —  —  — 
Long-term operating lease liabilities, exclusive of current portion 7,743,216  7,816,633  —  —  —  — 
Total debt (including operating lease liability) 15,503,426  11,464,474  2,233,616  2,230,607  2,227,599  1,624,054 
 
Total assets 30,813,555  24,145,003  14,326,029  14,058,015  12,883,808  11,499,482 
Solvency Ratio
Debt to assets (including operating lease liability)1 0.50 0.47 0.16 0.16 0.17 0.14
Benchmarks
Debt to Assets (including Operating Lease Liability), Competitors2
Amazon.com Inc. 0.31 0.34 0.26 0.30 0.21
Costco Wholesale Corp. 0.19 0.15 0.16 0.18 0.16
Dollar General Corp. 0.53 0.51 0.22 0.24 0.28 0.26
Home Depot Inc. 0.62 0.73 0.66 0.61 0.55 0.50
Lowe’s Cos. Inc. 0.56 0.60 0.47 0.48 0.46 0.40
Target Corp. 0.29 0.33 0.33 0.30 0.34 0.32
Walmart Inc. 0.25 0.31 0.26 0.23 0.23 0.25
Debt to Assets (including Operating Lease Liability), Sector
General Retailers 0.35 0.32 0.28 0.29 0.27
Debt to Assets (including Operating Lease Liability), Industry
Consumer Services 0.41 0.39 0.37 0.34 0.32

Based on: 10-K (filing date: 2021-03-31), 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).

1 2021 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 15,503,426 ÷ 30,813,555 = 0.50

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.’s debt to assets ratio (including operating lease liability) deteriorated from 2019 to 2020 and from 2020 to 2021.

Financial Leverage

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

Microsoft Excel LibreOffice Calc
Jan 30, 2021 Feb 1, 2020 Feb 2, 2019 Feb 3, 2018 Jan 28, 2017 Jan 30, 2016
Selected Financial Data (US$ in thousands)
Total assets 30,813,555  24,145,003  14,326,029  14,058,015  12,883,808  11,499,482 
Shareholders’ equity 5,832,684  5,948,212  5,048,606  5,148,309  4,510,599  4,307,075 
Solvency Ratio
Financial leverage1 5.28 4.06 2.84 2.73 2.86 2.67
Benchmarks
Financial Leverage, Competitors2
Amazon.com Inc. 3.44 3.63 3.73 4.74 4.32
Costco Wholesale Corp. 3.04 2.98 3.19 3.37 2.75
Dollar General Corp. 3.88 3.41 2.06 2.04 2.16 2.09
Home Depot Inc. 21.39 30.63 9.92 6.74
Lowe’s Cos. Inc. 32.52 20.02 9.47 6.01 5.35 4.08
Target Corp. 3.55 3.62 3.65 3.33 3.42 3.11
Walmart Inc. 3.12 3.17 3.02 2.63 2.56 2.48
Financial Leverage, Sector
General Retailers 3.79 3.66 3.36 3.42 3.05
Financial Leverage, Industry
Consumer Services 3.75 3.61 3.48 3.19 3.09

Based on: 10-K (filing date: 2021-03-31), 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).

1 2021 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity
= 30,813,555 ÷ 5,832,684 = 5.28

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.’s financial leverage ratio increased from 2019 to 2020 and from 2020 to 2021.

Interest Coverage

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

Microsoft Excel LibreOffice Calc
Jan 30, 2021 Feb 1, 2020 Feb 2, 2019 Feb 3, 2018 Jan 28, 2017 Jan 30, 2016
Selected Financial Data (US$ in thousands)
Net income 90,470  3,272,193  3,059,798  2,607,948  2,298,234  2,277,658 
Add: Income tax expense (1,207) 1,133,990  1,113,413  1,248,640  1,424,809  1,380,642 
Add: Interest expense, excluding capitalized interest 193,654  59,086  64,839  64,295  61,671  60,269 
Earnings before interest and tax (EBIT) 282,917  4,465,269  4,238,050  3,920,883  3,784,714  3,718,569 
Solvency Ratio
Interest coverage1 1.46 75.57 65.36 60.98 61.37 61.70
Benchmarks
Interest Coverage, Competitors2
Amazon.com Inc. 15.69 9.73 8.95 5.48 8.84
Costco Wholesale Corp. 34.54 32.77 28.94 31.14 28.21
Dollar General Corp. 23.64 22.89 21.18 20.66 21.09 22.31
Home Depot Inc. 13.60 13.25 14.85 13.96 13.85 12.99
Lowe’s Cos. Inc. 9.88 8.83 6.21 9.46 8.92 8.95
Target Corp. 6.68 9.78 8.97 6.47 4.95 9.11
Walmart Inc. 9.88 8.74 5.88 7.49 9.66 9.49
Interest Coverage, Sector
General Retailers 12.61 10.03 10.23 10.07 11.18
Interest Coverage, Industry
Consumer Services 6.20 6.64 7.01 8.27 8.92

Based on: 10-K (filing date: 2021-03-31), 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).

1 2021 Calculation
Interest coverage = EBIT ÷ Interest expense
= 282,917 ÷ 193,654 = 1.46

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.’s interest coverage ratio improved from 2019 to 2020 but then deteriorated significantly from 2020 to 2021.

Fixed Charge Coverage

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

Microsoft Excel LibreOffice Calc
Jan 30, 2021 Feb 1, 2020 Feb 2, 2019 Feb 3, 2018 Jan 28, 2017 Jan 30, 2016
Selected Financial Data (US$ in thousands)
Net income 90,470  3,272,193  3,059,798  2,607,948  2,298,234  2,277,658 
Add: Income tax expense (1,207) 1,133,990  1,113,413  1,248,640  1,424,809  1,380,642 
Add: Interest expense, excluding capitalized interest 193,654  59,086  64,839  64,295  61,671  60,269 
Earnings before interest and tax (EBIT) 282,917  4,465,269  4,238,050  3,920,883  3,784,714  3,718,569 
Add: Operating lease cost 1,820,396  1,752,122  1,678,400  1,574,300  1,421,700  1,350,800 
Earnings before fixed charges and tax 2,103,313  6,217,391  5,916,450  5,495,183  5,206,414  5,069,369 
 
Interest expense, excluding capitalized interest 193,654  59,086  64,839  64,295  61,671  60,269 
Operating lease cost 1,820,396  1,752,122  1,678,400  1,574,300  1,421,700  1,350,800 
Fixed charges 2,014,050  1,811,208  1,743,239  1,638,595  1,483,371  1,411,069 
Solvency Ratio
Fixed charge coverage1 1.04 3.43 3.39 3.35 3.51 3.59
Benchmarks
Fixed Charge Coverage, Competitors2
Amazon.com Inc. 4.63 3.65 3.34 2.25 3.01
Costco Wholesale Corp. 14.03 12.40 11.48 11.30 10.45
Dollar General Corp. 3.22 2.61 2.60 2.62 2.89 2.96
Home Depot Inc. 8.97 8.26 7.80 7.49 7.39 6.99
Lowe’s Cos. Inc. 6.05 5.04 3.68 5.31 5.31 5.29
Target Corp. 5.24 6.48 6.16 5.10 4.29 7.12
Walmart Inc. 5.16 4.82 3.14 3.89 5.13 5.29
Fixed Charge Coverage, Sector
General Retailers 5.10 4.19 4.38 4.64 5.12
Fixed Charge Coverage, Industry
Consumer Services 3.67 3.87 3.98 4.49 4.73

Based on: 10-K (filing date: 2021-03-31), 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).

1 2021 Calculation
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= 2,103,313 ÷ 2,014,050 = 1.04

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.’s fixed charge coverage ratio improved from 2019 to 2020 but then deteriorated significantly from 2020 to 2021.