Stock Analysis on Net

TJX Cos. Inc. (NYSE:TJX)

Analysis of Solvency Ratios 
Quarterly Data

Microsoft Excel

Solvency Ratios (Summary)

TJX Cos. Inc., solvency ratios (quarterly data)

Microsoft Excel
May 3, 2025 Feb 1, 2025 Nov 2, 2024 Aug 3, 2024 May 4, 2024 Feb 3, 2024 Oct 28, 2023 Jul 29, 2023 Apr 29, 2023 Jan 28, 2023 Oct 29, 2022 Jul 30, 2022 Apr 30, 2022 Jan 29, 2022 Oct 30, 2021 Jul 31, 2021 May 1, 2021 Jan 30, 2021 Oct 31, 2020 Aug 1, 2020 May 2, 2020 Feb 1, 2020 Nov 2, 2019 Aug 3, 2019 May 4, 2019
Debt Ratios
Debt to equity 0.34 0.34 0.35 0.37 0.38 0.39 0.42 0.43 0.52 0.53 0.59 0.62 0.60 0.56 0.52 0.52 0.87 1.04 1.11 1.33 1.52 0.38 0.40 0.42 0.44
Debt to equity (including operating lease liability) 1.54 1.52 1.56 1.63 1.69 1.72 1.83 1.90 2.00 2.00 2.23 2.34 2.27 2.08 1.99 2.01 2.42 2.66 2.81 3.36 3.48 1.93 2.07 2.14 2.18
Debt to capital 0.25 0.25 0.26 0.27 0.28 0.28 0.30 0.30 0.34 0.35 0.37 0.38 0.37 0.36 0.34 0.34 0.46 0.51 0.53 0.57 0.60 0.27 0.29 0.30 0.30
Debt to capital (including operating lease liability) 0.61 0.60 0.61 0.62 0.63 0.63 0.65 0.66 0.67 0.67 0.69 0.70 0.69 0.68 0.67 0.67 0.71 0.73 0.74 0.77 0.78 0.66 0.67 0.68 0.69
Debt to assets 0.09 0.09 0.09 0.09 0.10 0.10 0.09 0.10 0.12 0.12 0.12 0.12 0.12 0.12 0.11 0.12 0.18 0.20 0.20 0.23 0.28 0.09 0.09 0.10 0.10
Debt to assets (including operating lease liability) 0.41 0.40 0.39 0.41 0.43 0.42 0.41 0.43 0.45 0.45 0.44 0.47 0.46 0.44 0.43 0.45 0.49 0.50 0.50 0.59 0.65 0.47 0.47 0.50 0.50
Financial leverage 3.75 3.78 3.97 3.93 3.96 4.07 4.44 4.38 4.47 4.45 5.02 5.02 4.95 4.74 4.67 4.49 4.94 5.28 5.67 5.70 5.36 4.06 4.38 4.31 4.38

Based on: 10-Q (reporting date: 2025-05-03), 10-K (reporting date: 2025-02-01), 10-Q (reporting date: 2024-11-02), 10-Q (reporting date: 2024-08-03), 10-Q (reporting date: 2024-05-04), 10-K (reporting date: 2024-02-03), 10-Q (reporting date: 2023-10-28), 10-Q (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-K (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-K (reporting date: 2021-01-30), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-08-01), 10-Q (reporting date: 2020-05-02), 10-K (reporting date: 2020-02-01), 10-Q (reporting date: 2019-11-02), 10-Q (reporting date: 2019-08-03), 10-Q (reporting date: 2019-05-04).


Debt to equity
The debt to equity ratio experienced a significant increase in the period ending May 2, 2020, rising sharply to 1.52 from 0.38 in the prior period. Following this peak, a gradual decrease was observed through subsequent quarters, reaching a lower level of 0.34 by May 3, 2025. This indicates an initial rise in leverage which was steadily reduced over time.
Debt to equity (including operating lease liability)
The ratio including operating lease liabilities started at 2.18 and rose to a high of 3.48 in May 2, 2020, mirroring the trend seen in the conventional debt to equity ratio. After this peak, the ratio trended downward with some fluctuations, eventually settling near 1.54 by May 3, 2025. Despite the decrease, the ratio remained significantly higher than the values prior to 2020.
Debt to capital
This ratio also spiked in the May 2, 2020 quarter to 0.60 from 0.27, indicating increased reliance on debt financing relative to total capital. Over the following years, it showed a consistent downward trend to 0.25 by the end of the observation period, signifying improved capital structure with less debt proportion.
Debt to capital (including operating lease liability)
The inclusion of operating lease liabilities raised the debt to capital ratio considerably, peaking at 0.78 in May 2020. Subsequently, this ratio declined gradually but remained elevated compared to pre-2020 levels, marking a shift in debt composition and overall leverage strategy that partially persisted through the observed periods.
Debt to assets
The debt to assets ratio followed a similar pattern, rising from approximately 0.09-0.10 pre-2020 to 0.28 at the May 2020 peak, then declining steadily to around 0.09 by May 2025. This reflects a temporary increase in debt relative to total assets, followed by a normalization back to earlier levels.
Debt to assets (including operating lease liability)
Including operating lease liabilities, this ratio was consistently higher, starting at 0.50, peaking at 0.65 in May 2020, and then gradually decreasing to near 0.41 by May 2025. The reduction over time suggests a deleveraging process, though the impact of operating leases on leverage remained significant throughout.
Financial leverage
The financial leverage ratio exhibited increased values during 2020, reaching a peak of 5.70 in the August 1, 2020 quarter. Since then, it trended downward, indicating a reduction in the ratio of total assets to equity. By May 2025, the ratio decreased to 3.75, highlighting a gradual strengthening of equity relative to assets over the period following the 2020 peak.

Debt Ratios


Debt to Equity

TJX Cos. Inc., debt to equity calculation (quarterly data)

Microsoft Excel
May 3, 2025 Feb 1, 2025 Nov 2, 2024 Aug 3, 2024 May 4, 2024 Feb 3, 2024 Oct 28, 2023 Jul 29, 2023 Apr 29, 2023 Jan 28, 2023 Oct 29, 2022 Jul 30, 2022 Apr 30, 2022 Jan 29, 2022 Oct 30, 2021 Jul 31, 2021 May 1, 2021 Jan 30, 2021 Oct 31, 2020 Aug 1, 2020 May 2, 2020 Feb 1, 2020 Nov 2, 2019 Aug 3, 2019 May 4, 2019
Selected Financial Data (US$ in millions)
Current portion of long-term debt 500 500 500 500 750 749 749
Long-term debt, exclusive of current installments 2,867 2,866 2,865 2,864 2,863 2,862 2,861 2,861 2,860 2,859 2,858 2,857 3,356 3,355 3,354 3,353 5,335 5,333 5,447 5,445 7,192 2,237 2,236 2,235 2,234
Total debt 2,867 2,866 2,865 2,864 2,863 2,862 2,861 2,861 3,360 3,359 3,358 3,357 3,356 3,355 3,354 3,353 5,335 6,083 6,197 6,195 7,192 2,237 2,236 2,235 2,234
 
Shareholders’ equity 8,503 8,393 8,173 7,782 7,502 7,302 6,833 6,608 6,422 6,364 5,665 5,397 5,595 6,003 6,445 6,406 6,139 5,833 5,567 4,661 4,739 5,948 5,543 5,303 5,132
Solvency Ratio
Debt to equity1 0.34 0.34 0.35 0.37 0.38 0.39 0.42 0.43 0.52 0.53 0.59 0.62 0.60 0.56 0.52 0.52 0.87 1.04 1.11 1.33 1.52 0.38 0.40 0.42 0.44
Benchmarks
Debt to Equity, Competitors2
Amazon.com Inc. 0.22 0.24 0.27 0.31 0.36 0.39 0.43 0.48 0.54 0.59 0.58 0.62 0.53 0.54 0.63 0.67 0.58 0.66 0.73 0.83 0.78
Home Depot Inc. 6.57 8.04 9.43 12.61 23.53 42.25 29.32 31.54 116.72 27.65 33.10 173.11 37.82 17.48 20.52 11.29 23.01
Lowe’s Cos. Inc. 52.23 15.16 5.35 5.01 12.71 9.79 7.26 6.65 5.42

Based on: 10-Q (reporting date: 2025-05-03), 10-K (reporting date: 2025-02-01), 10-Q (reporting date: 2024-11-02), 10-Q (reporting date: 2024-08-03), 10-Q (reporting date: 2024-05-04), 10-K (reporting date: 2024-02-03), 10-Q (reporting date: 2023-10-28), 10-Q (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-K (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-K (reporting date: 2021-01-30), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-08-01), 10-Q (reporting date: 2020-05-02), 10-K (reporting date: 2020-02-01), 10-Q (reporting date: 2019-11-02), 10-Q (reporting date: 2019-08-03), 10-Q (reporting date: 2019-05-04).

1 Q1 2026 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity
= 2,867 ÷ 8,503 = 0.34

2 Click competitor name to see calculations.


The analysis of the quarterly financial data reveals several notable trends in the key balance sheet metrics observed over the evaluated periods.

Total Debt
The total debt exhibited relative stability from May 2019 through February 2020, maintaining values slightly above 2,200 million US dollars. A sharp increase occurred in May 2020, with debt peaking around 7,192 million US dollars, likely reflecting increased borrowing during this period. Following this spike, the debt level gradually declined throughout the remainder of 2020 and into 2021, reaching approximately 3,360 million US dollars by early 2023. Thereafter, a continued modest decline is observed, with total debt reducing to just above 2,860 million US dollars by May 2025.
Shareholders’ Equity
Shareholders’ equity displayed a generally upward trajectory over the timeframe. Initial values show a steady increase from about 5,132 million US dollars in May 2019 to nearly 5,948 million in February 2020. There was a noticeable dip coinciding with the increase in debt in May 2020, dropping to around 4,661 million US dollars. Subsequently, equity recovered and grew consistently, reaching over 6,600 million in early 2023 and continuing its rise to approximately 8,503 million US dollars by May 2025, indicating strengthening financial positioning.
Debt to Equity Ratio
The debt to equity ratio remained relatively low and stable from May 2019 to February 2020, fluctuating between 0.38 and 0.44. A significant surge occurred in May 2020, reaching a peak ratio of about 1.52, coinciding with the sharp rise in total debt and decline in equity. Afterward, a downward trend is noticeable, with the ratio steadily decreasing through the subsequent quarters. By early 2023, the ratio declined below 0.6 and continued to reduce further, reaching lows near 0.34 by May 2025. This trend suggests a deleveraging process and an improved balance sheet leverage position over time.

In summary, the data indicate a period of increased leverage and weakened equity around mid-2020, potentially associated with external pressures or financing needs. Since that point, the company appears to have prioritized strengthening the equity base and reducing debt levels, thereby lowering financial risk as expressed through the declining debt to equity ratio.


Debt to Equity (including Operating Lease Liability)

TJX Cos. Inc., debt to equity (including operating lease liability) calculation (quarterly data)

Microsoft Excel
May 3, 2025 Feb 1, 2025 Nov 2, 2024 Aug 3, 2024 May 4, 2024 Feb 3, 2024 Oct 28, 2023 Jul 29, 2023 Apr 29, 2023 Jan 28, 2023 Oct 29, 2022 Jul 30, 2022 Apr 30, 2022 Jan 29, 2022 Oct 30, 2021 Jul 31, 2021 May 1, 2021 Jan 30, 2021 Oct 31, 2020 Aug 1, 2020 May 2, 2020 Feb 1, 2020 Nov 2, 2019 Aug 3, 2019 May 4, 2019
Selected Financial Data (US$ in millions)
Current portion of long-term debt 500 500 500 500 750 749 749
Long-term debt, exclusive of current installments 2,867 2,866 2,865 2,864 2,863 2,862 2,861 2,861 2,860 2,859 2,858 2,857 3,356 3,355 3,354 3,353 5,335 5,333 5,447 5,445 7,192 2,237 2,236 2,235 2,234
Total debt 2,867 2,866 2,865 2,864 2,863 2,862 2,861 2,861 3,360 3,359 3,358 3,357 3,356 3,355 3,354 3,353 5,335 6,083 6,197 6,195 7,192 2,237 2,236 2,235 2,234
Current portion of operating lease liabilities 1,660 1,636 1,642 1,621 1,615 1,620 1,682 1,618 1,609 1,610 1,574 1,572 1,576 1,577 1,606 1,613 1,651 1,678 1,650 1,591 1,399 1,411 1,412 1,354 1,343
Long-term operating lease liabilities, exclusive of current portion 8,535 8,276 8,207 8,166 8,164 8,060 7,976 8,089 7,867 7,775 7,691 7,706 7,777 7,576 7,861 7,906 7,853 7,743 7,796 7,875 7,915 7,817 7,822 7,743 7,622
Total debt (including operating lease liability) 13,062 12,778 12,714 12,651 12,642 12,542 12,519 12,568 12,836 12,744 12,623 12,634 12,709 12,507 12,821 12,871 14,839 15,503 15,643 15,661 16,507 11,464 11,470 11,332 11,199
 
Shareholders’ equity 8,503 8,393 8,173 7,782 7,502 7,302 6,833 6,608 6,422 6,364 5,665 5,397 5,595 6,003 6,445 6,406 6,139 5,833 5,567 4,661 4,739 5,948 5,543 5,303 5,132
Solvency Ratio
Debt to equity (including operating lease liability)1 1.54 1.52 1.56 1.63 1.69 1.72 1.83 1.90 2.00 2.00 2.23 2.34 2.27 2.08 1.99 2.01 2.42 2.66 2.81 3.36 3.48 1.93 2.07 2.14 2.18
Benchmarks
Debt to Equity (including Operating Lease Liability), Competitors2
Amazon.com Inc. 0.49 0.52 0.58 0.64 0.71 0.77 0.84 0.91 1.00 1.06 1.05 1.08 0.97 0.96 1.07 1.07 0.98 1.08 1.16 1.23 1.20
Home Depot Inc. 7.70 9.38 10.95 14.62 28.03 50.04 34.44 37.07 136.54 32.24 38.30 199.91 43.73 20.47 23.99 13.16 26.74
Lowe’s Cos. Inc. 62.29 18.24 6.44 6.01 15.28 12.04 9.07 8.37 6.83

Based on: 10-Q (reporting date: 2025-05-03), 10-K (reporting date: 2025-02-01), 10-Q (reporting date: 2024-11-02), 10-Q (reporting date: 2024-08-03), 10-Q (reporting date: 2024-05-04), 10-K (reporting date: 2024-02-03), 10-Q (reporting date: 2023-10-28), 10-Q (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-K (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-K (reporting date: 2021-01-30), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-08-01), 10-Q (reporting date: 2020-05-02), 10-K (reporting date: 2020-02-01), 10-Q (reporting date: 2019-11-02), 10-Q (reporting date: 2019-08-03), 10-Q (reporting date: 2019-05-04).

1 Q1 2026 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Shareholders’ equity
= 13,062 ÷ 8,503 = 1.54

2 Click competitor name to see calculations.


Total Debt (including operating lease liability)
The total debt level showed an initial moderate increase from approximately $11.2 billion in early 2019 to a peak near $16.5 billion in May 2020. Following this peak, the debt gradually declined, stabilizing around $12.5 to $13 billion from mid-2021 through the first half of 2025. This pattern suggests a significant increase in debt likely related to external events impacting the business around early 2020, with a subsequent deleveraging or repayment phase and stable debt management thereafter.
Shareholders’ Equity
The shareholders’ equity increased steadily from about $5.1 billion in early 2019 to a peak near $6.4 billion in early 2021. This was followed by a decline to about $5.4 billion during mid-2022, after which the equity value resumed an upward trend, reaching approximately $8.5 billion by the first half of 2025. The overall trend indicates ongoing capital growth with some fluctuations likely due to earnings variability or other equity-affecting events within the period.
Debt to Equity Ratio (including operating lease liability)
The debt to equity ratio started around 2.18 in early 2019 and declined to about 1.93 by February 2020, indicating a modest improvement in leverage. However, it sharply increased to a peak of 3.48 by May 2020, in line with the highest total debt observed, suggesting a significant shift in capital structure during that period. Afterward, the ratio progressively decreased, moving below 2.0 by early 2021 and continuing its decline to stabilize around 1.5 by mid-2025. This reduction reflects improved balance sheet strength and lower leverage relative to equity in recent years.
Overall Insights
The data shows a pronounced impact possibly linked to events occurring in early 2020, such as increased borrowing leading to a substantial rise in total debt and leverage. Subsequently, the company engaged in deleveraging efforts, reducing debt and improving equity levels. The steady improvement in the debt to equity ratio after mid-2020 indicates stronger financial health and a more conservative capital structure, with increasing equity supporting ongoing operations. The gradual rise in shareholders’ equity in the later periods aligns with recovery and growth phases, suggesting effective management of financial resources and capital retention.

Debt to Capital

TJX Cos. Inc., debt to capital calculation (quarterly data)

Microsoft Excel
May 3, 2025 Feb 1, 2025 Nov 2, 2024 Aug 3, 2024 May 4, 2024 Feb 3, 2024 Oct 28, 2023 Jul 29, 2023 Apr 29, 2023 Jan 28, 2023 Oct 29, 2022 Jul 30, 2022 Apr 30, 2022 Jan 29, 2022 Oct 30, 2021 Jul 31, 2021 May 1, 2021 Jan 30, 2021 Oct 31, 2020 Aug 1, 2020 May 2, 2020 Feb 1, 2020 Nov 2, 2019 Aug 3, 2019 May 4, 2019
Selected Financial Data (US$ in millions)
Current portion of long-term debt 500 500 500 500 750 749 749
Long-term debt, exclusive of current installments 2,867 2,866 2,865 2,864 2,863 2,862 2,861 2,861 2,860 2,859 2,858 2,857 3,356 3,355 3,354 3,353 5,335 5,333 5,447 5,445 7,192 2,237 2,236 2,235 2,234
Total debt 2,867 2,866 2,865 2,864 2,863 2,862 2,861 2,861 3,360 3,359 3,358 3,357 3,356 3,355 3,354 3,353 5,335 6,083 6,197 6,195 7,192 2,237 2,236 2,235 2,234
Shareholders’ equity 8,503 8,393 8,173 7,782 7,502 7,302 6,833 6,608 6,422 6,364 5,665 5,397 5,595 6,003 6,445 6,406 6,139 5,833 5,567 4,661 4,739 5,948 5,543 5,303 5,132
Total capital 11,370 11,259 11,038 10,646 10,365 10,164 9,694 9,469 9,782 9,723 9,022 8,753 8,951 9,358 9,799 9,759 11,474 11,915 11,763 10,855 11,932 8,185 7,778 7,538 7,366
Solvency Ratio
Debt to capital1 0.25 0.25 0.26 0.27 0.28 0.28 0.30 0.30 0.34 0.35 0.37 0.38 0.37 0.36 0.34 0.34 0.46 0.51 0.53 0.57 0.60 0.27 0.29 0.30 0.30
Benchmarks
Debt to Capital, Competitors2
Amazon.com Inc. 0.18 0.19 0.21 0.24 0.26 0.28 0.30 0.32 0.35 0.37 0.37 0.38 0.35 0.35 0.39 0.40 0.37 0.40 0.42 0.45 0.44
Home Depot Inc. 0.87 0.89 0.90 0.93 0.96 0.98 0.97 0.97 0.99 0.97 0.97 0.99 1.04 1.04 0.97 0.95 0.95 0.92 0.96 1.01 1.11 1.11 1.04 1.04 1.08
Lowe’s Cos. Inc. 1.62 1.67 1.61 1.62 1.69 1.72 1.73 1.68 1.67 1.72 1.62 1.41 1.31 1.24 1.06 1.01 0.98 0.94 0.84 0.83 0.93 0.91 0.88 0.87 0.84

Based on: 10-Q (reporting date: 2025-05-03), 10-K (reporting date: 2025-02-01), 10-Q (reporting date: 2024-11-02), 10-Q (reporting date: 2024-08-03), 10-Q (reporting date: 2024-05-04), 10-K (reporting date: 2024-02-03), 10-Q (reporting date: 2023-10-28), 10-Q (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-K (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-K (reporting date: 2021-01-30), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-08-01), 10-Q (reporting date: 2020-05-02), 10-K (reporting date: 2020-02-01), 10-Q (reporting date: 2019-11-02), 10-Q (reporting date: 2019-08-03), 10-Q (reporting date: 2019-05-04).

1 Q1 2026 Calculation
Debt to capital = Total debt ÷ Total capital
= 2,867 ÷ 11,370 = 0.25

2 Click competitor name to see calculations.


The financial data reflect notable fluctuations in the company’s leverage and capital structure over the observed periods.

Total Debt
Total debt exhibited relative stability from May 2019 through February 2020, hovering around 2,230 million US dollars. However, a sharp increase occurred in May 2020, where total debt escalated to 7,192 million US dollars, indicating a significant rise likely linked to external events or strategic financing decisions. Following this peak, debt levels gradually decreased over subsequent quarters, reaching approximately 2,867 million US dollars by May 2025. This downward adjustment suggests active debt management and deleveraging efforts after the mid-2020 spike.
Total Capital
Total capital showed a steady upward trend from 7,366 million US dollars in May 2019 to over 11,370 million US dollars by May 2025, with some fluctuations. There was a notable increase in total capital during the May 2020 quarter alongside the debt spike, rising to 11,932 million US dollars. Afterward, the capital base experienced minor fluctuations but generally maintained an increasing trajectory, indicating potential growth in equity or other sources of capital supporting the company’s financial foundation.
Debt to Capital Ratio
The debt to capital ratio initially decreased slightly from 0.30 in May 2019 to 0.27 by February 2020, reflecting relatively stable leverage. A pronounced increase to 0.60 in May 2020 coincides with the surge in debt, marking a peak in relative indebtedness. Subsequently, the ratio steadily declined over the following years, falling to 0.25 by May 2025. This pattern illustrates a significant deleveraging phase post the May 2020 peak, with the company reducing its proportion of debt relative to total capital, thereby lowering financial risk over the long term.

Overall, the data reveal a considerable borrowing event or financial adjustment around mid-2020, followed by a consistent reduction in debt and improvement in capital structure stability. The trends suggest responsive financial management aimed at restoring a balanced leverage position while supporting capital growth.


Debt to Capital (including Operating Lease Liability)

TJX Cos. Inc., debt to capital (including operating lease liability) calculation (quarterly data)

Microsoft Excel
May 3, 2025 Feb 1, 2025 Nov 2, 2024 Aug 3, 2024 May 4, 2024 Feb 3, 2024 Oct 28, 2023 Jul 29, 2023 Apr 29, 2023 Jan 28, 2023 Oct 29, 2022 Jul 30, 2022 Apr 30, 2022 Jan 29, 2022 Oct 30, 2021 Jul 31, 2021 May 1, 2021 Jan 30, 2021 Oct 31, 2020 Aug 1, 2020 May 2, 2020 Feb 1, 2020 Nov 2, 2019 Aug 3, 2019 May 4, 2019
Selected Financial Data (US$ in millions)
Current portion of long-term debt 500 500 500 500 750 749 749
Long-term debt, exclusive of current installments 2,867 2,866 2,865 2,864 2,863 2,862 2,861 2,861 2,860 2,859 2,858 2,857 3,356 3,355 3,354 3,353 5,335 5,333 5,447 5,445 7,192 2,237 2,236 2,235 2,234
Total debt 2,867 2,866 2,865 2,864 2,863 2,862 2,861 2,861 3,360 3,359 3,358 3,357 3,356 3,355 3,354 3,353 5,335 6,083 6,197 6,195 7,192 2,237 2,236 2,235 2,234
Current portion of operating lease liabilities 1,660 1,636 1,642 1,621 1,615 1,620 1,682 1,618 1,609 1,610 1,574 1,572 1,576 1,577 1,606 1,613 1,651 1,678 1,650 1,591 1,399 1,411 1,412 1,354 1,343
Long-term operating lease liabilities, exclusive of current portion 8,535 8,276 8,207 8,166 8,164 8,060 7,976 8,089 7,867 7,775 7,691 7,706 7,777 7,576 7,861 7,906 7,853 7,743 7,796 7,875 7,915 7,817 7,822 7,743 7,622
Total debt (including operating lease liability) 13,062 12,778 12,714 12,651 12,642 12,542 12,519 12,568 12,836 12,744 12,623 12,634 12,709 12,507 12,821 12,871 14,839 15,503 15,643 15,661 16,507 11,464 11,470 11,332 11,199
Shareholders’ equity 8,503 8,393 8,173 7,782 7,502 7,302 6,833 6,608 6,422 6,364 5,665 5,397 5,595 6,003 6,445 6,406 6,139 5,833 5,567 4,661 4,739 5,948 5,543 5,303 5,132
Total capital (including operating lease liability) 21,565 21,171 20,887 20,433 20,144 19,844 19,352 19,176 19,258 19,108 18,288 18,031 18,304 18,510 19,266 19,278 20,978 21,336 21,209 20,321 21,246 17,413 17,013 16,634 16,331
Solvency Ratio
Debt to capital (including operating lease liability)1 0.61 0.60 0.61 0.62 0.63 0.63 0.65 0.66 0.67 0.67 0.69 0.70 0.69 0.68 0.67 0.67 0.71 0.73 0.74 0.77 0.78 0.66 0.67 0.68 0.69
Benchmarks
Debt to Capital (including Operating Lease Liability), Competitors2
Amazon.com Inc. 0.33 0.34 0.37 0.39 0.42 0.43 0.46 0.48 0.50 0.51 0.51 0.52 0.49 0.49 0.52 0.52 0.49 0.52 0.54 0.55 0.54
Home Depot Inc. 0.89 0.90 0.92 0.94 0.97 0.98 0.97 0.97 0.99 0.97 0.97 1.00 1.04 1.04 0.98 0.95 0.96 0.93 0.96 1.01 1.09 1.09 1.03 1.03 1.07
Lowe’s Cos. Inc. 1.52 1.56 1.51 1.52 1.57 1.60 1.61 1.57 1.57 1.60 1.51 1.34 1.26 1.20 1.05 1.01 0.98 0.95 0.87 0.86 0.94 0.92 0.90 0.89 0.87

Based on: 10-Q (reporting date: 2025-05-03), 10-K (reporting date: 2025-02-01), 10-Q (reporting date: 2024-11-02), 10-Q (reporting date: 2024-08-03), 10-Q (reporting date: 2024-05-04), 10-K (reporting date: 2024-02-03), 10-Q (reporting date: 2023-10-28), 10-Q (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-K (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-K (reporting date: 2021-01-30), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-08-01), 10-Q (reporting date: 2020-05-02), 10-K (reporting date: 2020-02-01), 10-Q (reporting date: 2019-11-02), 10-Q (reporting date: 2019-08-03), 10-Q (reporting date: 2019-05-04).

1 Q1 2026 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 13,062 ÷ 21,565 = 0.61

2 Click competitor name to see calculations.


The analysis of the quarterly financial data reveals several notable trends in the company's leverage and capital structure over the observed periods.

Total Debt (including operating lease liability)
The total debt experienced a general increase from May 2019 through early 2020, rising from approximately $11.2 billion to about $16.5 billion by May 2020. This represents a significant escalation, likely reflecting increased borrowing or lease obligations during that period. Following this peak, total debt gradually decreased, stabilizing around the $12.5 billion to $13 billion range from early 2021 through early 2025, with minor fluctuations but no substantial upward or downward trend. This pattern suggests a reduction in leverage or repayment of obligations post-peak, maintaining a relatively stable debt base in subsequent periods.
Total Capital (including operating lease liability)
Total capital showed a consistent growth trajectory from May 2019, starting at approximately $16.3 billion, and steadily increasing to around $21.6 billion by May 2025. Although there were some periods of slight decline or plateau, the overall trend reflects a steady increase in the company's capital base over the timeframe. Notably, after a dip in the capital amount around early 2022, the trend resumed its upward path, pointing towards organizational efforts to enhance capitalization or asset base.
Debt to Capital Ratio (including operating lease liability)
The debt to capital ratio decreased over the entire period, indicating an improvement in the company's leverage position. Starting at 0.69 in May 2019, the ratio escalated slightly to a peak of 0.78 by May 2020, corresponding with the earlier observed rise in total debt. After this peak, the ratio trended downward consistently, reaching a low of 0.60 by May 2024 before stabilizing slightly and ending near 0.61 by May 2025. This downward movement suggests the company improved its capital structure by either reducing debt levels relative to capital or increasing capital more rapidly than debt, thereby reducing financial risk.

In summary, the financial data indicates a period of elevated borrowing or lease liabilities in early 2020, followed by controlled debt reduction and steady capital growth. The improving debt to capital ratio confirms a strengthening balance sheet and potentially enhanced financial flexibility over the observed period.


Debt to Assets

TJX Cos. Inc., debt to assets calculation (quarterly data)

Microsoft Excel
May 3, 2025 Feb 1, 2025 Nov 2, 2024 Aug 3, 2024 May 4, 2024 Feb 3, 2024 Oct 28, 2023 Jul 29, 2023 Apr 29, 2023 Jan 28, 2023 Oct 29, 2022 Jul 30, 2022 Apr 30, 2022 Jan 29, 2022 Oct 30, 2021 Jul 31, 2021 May 1, 2021 Jan 30, 2021 Oct 31, 2020 Aug 1, 2020 May 2, 2020 Feb 1, 2020 Nov 2, 2019 Aug 3, 2019 May 4, 2019
Selected Financial Data (US$ in millions)
Current portion of long-term debt 500 500 500 500 750 749 749
Long-term debt, exclusive of current installments 2,867 2,866 2,865 2,864 2,863 2,862 2,861 2,861 2,860 2,859 2,858 2,857 3,356 3,355 3,354 3,353 5,335 5,333 5,447 5,445 7,192 2,237 2,236 2,235 2,234
Total debt 2,867 2,866 2,865 2,864 2,863 2,862 2,861 2,861 3,360 3,359 3,358 3,357 3,356 3,355 3,354 3,353 5,335 6,083 6,197 6,195 7,192 2,237 2,236 2,235 2,234
 
Total assets 31,858 31,749 32,436 30,555 29,679 29,747 30,351 28,922 28,681 28,349 28,428 27,091 27,710 28,461 30,071 28,783 30,301 30,814 31,566 26,568 25,415 24,145 24,289 22,855 22,489
Solvency Ratio
Debt to assets1 0.09 0.09 0.09 0.09 0.10 0.10 0.09 0.10 0.12 0.12 0.12 0.12 0.12 0.12 0.11 0.12 0.18 0.20 0.20 0.23 0.28 0.09 0.09 0.10 0.10
Benchmarks
Debt to Assets, Competitors2
Amazon.com Inc. 0.11 0.11 0.12 0.13 0.15 0.15 0.16 0.17 0.18 0.19 0.19 0.19 0.17 0.18 0.20 0.21 0.19 0.19 0.22 0.24 0.23
Home Depot Inc. 0.53 0.56 0.56 0.58 0.54 0.58 0.55 0.55 0.55 0.57 0.56 0.54 0.54 0.56 0.54 0.51 0.49 0.53 0.53 0.55 0.61 0.61 0.56 0.55 0.55
Lowe’s Cos. Inc. 0.77 0.82 0.79 0.80 0.79 0.86 0.84 0.82 0.80 0.78 0.71 0.62 0.58 0.55 0.53 0.49 0.45 0.47 0.43 0.42 0.48 0.49 0.45 0.43 0.41

Based on: 10-Q (reporting date: 2025-05-03), 10-K (reporting date: 2025-02-01), 10-Q (reporting date: 2024-11-02), 10-Q (reporting date: 2024-08-03), 10-Q (reporting date: 2024-05-04), 10-K (reporting date: 2024-02-03), 10-Q (reporting date: 2023-10-28), 10-Q (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-K (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-K (reporting date: 2021-01-30), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-08-01), 10-Q (reporting date: 2020-05-02), 10-K (reporting date: 2020-02-01), 10-Q (reporting date: 2019-11-02), 10-Q (reporting date: 2019-08-03), 10-Q (reporting date: 2019-05-04).

1 Q1 2026 Calculation
Debt to assets = Total debt ÷ Total assets
= 2,867 ÷ 31,858 = 0.09

2 Click competitor name to see calculations.


The financial data reveals several key trends concerning the company's debt and asset positions over the examined periods.

Total Debt
The total debt exhibits significant variability over time. Initially, debt remains relatively stable around US$2.2 billion from May 2019 through early 2020. A substantial increase is observed in May 2020, where debt jumps sharply to approximately US$7.2 billion, followed by a decline to around US$6.2 billion within the next two quarters. Thereafter, total debt consistently decreases, reaching approximately US$2.8 billion by mid-2023 and maintaining near this level through early 2025.
Total Assets
Total assets show a general upward trend, starting from about US$22.5 billion in early 2019 and gradually rising to a peak around US$31.6 billion by late 2020. Following this peak, asset values fluctuate somewhat but remain within a range of roughly US$27 billion to US$31 billion up to mid-2023. In the later periods, assets increase again, reaching over US$32 billion by late 2024, before slightly tapering off to approximately US$31.8 billion in early 2025.
Debt to Assets Ratio
The debt to assets ratio reflects the changes in debt relative to asset levels. The ratio begins near 0.10 in early 2019 and remains stable through early 2020. Corresponding to the sharp increase in debt, the ratio spikes to 0.28 in May 2020, indicating a temporary rise in leverage. Subsequently, the ratio declines steadily, falling back to approximately 0.12 by mid-2021 and maintaining this level with minor fluctuations until mid-2023. In the final periods, the ratio decreases further to around 0.09, suggesting a lower relative indebtedness as debt declines and assets remain stable or increase slightly.

Overall, the data indicates a period of elevated borrowing around mid-2020, likely reflecting specific financing needs or responses to external factors. Following this, the company appears to have actively reduced its debt burden while sustaining growth or stability in asset levels. The resulting leverage ratio signifies a conservative capital structure restored after the mid-2020 peak.


Debt to Assets (including Operating Lease Liability)

TJX Cos. Inc., debt to assets (including operating lease liability) calculation (quarterly data)

Microsoft Excel
May 3, 2025 Feb 1, 2025 Nov 2, 2024 Aug 3, 2024 May 4, 2024 Feb 3, 2024 Oct 28, 2023 Jul 29, 2023 Apr 29, 2023 Jan 28, 2023 Oct 29, 2022 Jul 30, 2022 Apr 30, 2022 Jan 29, 2022 Oct 30, 2021 Jul 31, 2021 May 1, 2021 Jan 30, 2021 Oct 31, 2020 Aug 1, 2020 May 2, 2020 Feb 1, 2020 Nov 2, 2019 Aug 3, 2019 May 4, 2019
Selected Financial Data (US$ in millions)
Current portion of long-term debt 500 500 500 500 750 749 749
Long-term debt, exclusive of current installments 2,867 2,866 2,865 2,864 2,863 2,862 2,861 2,861 2,860 2,859 2,858 2,857 3,356 3,355 3,354 3,353 5,335 5,333 5,447 5,445 7,192 2,237 2,236 2,235 2,234
Total debt 2,867 2,866 2,865 2,864 2,863 2,862 2,861 2,861 3,360 3,359 3,358 3,357 3,356 3,355 3,354 3,353 5,335 6,083 6,197 6,195 7,192 2,237 2,236 2,235 2,234
Current portion of operating lease liabilities 1,660 1,636 1,642 1,621 1,615 1,620 1,682 1,618 1,609 1,610 1,574 1,572 1,576 1,577 1,606 1,613 1,651 1,678 1,650 1,591 1,399 1,411 1,412 1,354 1,343
Long-term operating lease liabilities, exclusive of current portion 8,535 8,276 8,207 8,166 8,164 8,060 7,976 8,089 7,867 7,775 7,691 7,706 7,777 7,576 7,861 7,906 7,853 7,743 7,796 7,875 7,915 7,817 7,822 7,743 7,622
Total debt (including operating lease liability) 13,062 12,778 12,714 12,651 12,642 12,542 12,519 12,568 12,836 12,744 12,623 12,634 12,709 12,507 12,821 12,871 14,839 15,503 15,643 15,661 16,507 11,464 11,470 11,332 11,199
 
Total assets 31,858 31,749 32,436 30,555 29,679 29,747 30,351 28,922 28,681 28,349 28,428 27,091 27,710 28,461 30,071 28,783 30,301 30,814 31,566 26,568 25,415 24,145 24,289 22,855 22,489
Solvency Ratio
Debt to assets (including operating lease liability)1 0.41 0.40 0.39 0.41 0.43 0.42 0.41 0.43 0.45 0.45 0.44 0.47 0.46 0.44 0.43 0.45 0.49 0.50 0.50 0.59 0.65 0.47 0.47 0.50 0.50
Benchmarks
Debt to Assets (including Operating Lease Liability), Competitors2
Amazon.com Inc. 0.23 0.24 0.26 0.27 0.29 0.29 0.32 0.32 0.33 0.33 0.34 0.34 0.32 0.31 0.34 0.34 0.31 0.31 0.34 0.35 0.35
Home Depot Inc. 0.62 0.65 0.65 0.67 0.64 0.68 0.65 0.65 0.65 0.66 0.65 0.62 0.62 0.64 0.62 0.60 0.58 0.62 0.61 0.64 0.71 0.73 0.67 0.66 0.66
Lowe’s Cos. Inc. 0.86 0.92 0.89 0.90 0.89 0.96 0.94 0.91 0.88 0.87 0.81 0.72 0.68 0.66 0.63 0.58 0.54 0.56 0.52 0.51 0.57 0.60 0.56 0.54 0.51

Based on: 10-Q (reporting date: 2025-05-03), 10-K (reporting date: 2025-02-01), 10-Q (reporting date: 2024-11-02), 10-Q (reporting date: 2024-08-03), 10-Q (reporting date: 2024-05-04), 10-K (reporting date: 2024-02-03), 10-Q (reporting date: 2023-10-28), 10-Q (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-K (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-K (reporting date: 2021-01-30), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-08-01), 10-Q (reporting date: 2020-05-02), 10-K (reporting date: 2020-02-01), 10-Q (reporting date: 2019-11-02), 10-Q (reporting date: 2019-08-03), 10-Q (reporting date: 2019-05-04).

1 Q1 2026 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 13,062 ÷ 31,858 = 0.41

2 Click competitor name to see calculations.


Total Debt (Including Operating Lease Liability)
The total debt experienced a notable increase starting from May 2020, rising to 16,507 million US dollars from approximately 11,464 million US dollars in February 2020. Following this peak, total debt gradually decreased over subsequent periods, stabilizing around the 12,500 to 13,000 million US dollars range from mid-2021 through early 2024. However, a slight upward trend is observable towards the most recent periods, culminating in an increase to 13,062 million US dollars by May 2025.
Total Assets
Total assets generally trended upward throughout the observed periods. There was steady growth from roughly 22,489 million US dollars in May 2019 to a peak of approximately 31,566 million US dollars in October 2020. After this peak, the asset base fluctuated somewhat but maintained levels above 27,000 million US dollars. From early 2023 onwards, there was a renewed upward trajectory reaching over 31,800 million US dollars by May 2025. This indicates an overall expansion of the company’s asset base over the longer term despite some volatility.
Debt to Assets Ratio (Including Operating Lease Liability)
The debt to assets ratio initially remained stable around 0.5 through early 2020 before experiencing a significant jump to 0.65 in May 2020, coinciding with the spike in total debt. This was followed by a gradual decline in the ratio, decreasing to about 0.39-0.41 in the latest periods, which reflects improved balance sheet leverage and a reduction in relative debt levels against total assets. The trend suggests effective management of debt relative to asset growth after the peak leverage observed in mid-2020.
Summary
Overall, the data reveal a period of increased leverage and debt load around mid-2020, potentially reflecting responses to external pressures or strategic financing decisions. Subsequently, the company has managed to reduce its relative debt burden while growing its asset base. The debt to assets ratio’s decline indicates improved financial stability and a strengthening balance sheet in recent quarters. Although total debt sees a minor uptick toward the end of the examined period, the relative leverage remains at a healthier level compared to mid-2020 peaks.

Financial Leverage

TJX Cos. Inc., financial leverage calculation (quarterly data)

Microsoft Excel
May 3, 2025 Feb 1, 2025 Nov 2, 2024 Aug 3, 2024 May 4, 2024 Feb 3, 2024 Oct 28, 2023 Jul 29, 2023 Apr 29, 2023 Jan 28, 2023 Oct 29, 2022 Jul 30, 2022 Apr 30, 2022 Jan 29, 2022 Oct 30, 2021 Jul 31, 2021 May 1, 2021 Jan 30, 2021 Oct 31, 2020 Aug 1, 2020 May 2, 2020 Feb 1, 2020 Nov 2, 2019 Aug 3, 2019 May 4, 2019
Selected Financial Data (US$ in millions)
Total assets 31,858 31,749 32,436 30,555 29,679 29,747 30,351 28,922 28,681 28,349 28,428 27,091 27,710 28,461 30,071 28,783 30,301 30,814 31,566 26,568 25,415 24,145 24,289 22,855 22,489
Shareholders’ equity 8,503 8,393 8,173 7,782 7,502 7,302 6,833 6,608 6,422 6,364 5,665 5,397 5,595 6,003 6,445 6,406 6,139 5,833 5,567 4,661 4,739 5,948 5,543 5,303 5,132
Solvency Ratio
Financial leverage1 3.75 3.78 3.97 3.93 3.96 4.07 4.44 4.38 4.47 4.45 5.02 5.02 4.95 4.74 4.67 4.49 4.94 5.28 5.67 5.70 5.36 4.06 4.38 4.31 4.38
Benchmarks
Financial Leverage, Competitors2
Amazon.com Inc. 2.10 2.19 2.26 2.35 2.45 2.61 2.66 2.83 3.01 3.17 3.12 3.19 3.07 3.04 3.17 3.14 3.13 3.44 3.41 3.50 3.39
Home Depot Inc. 12.46 14.48 16.81 21.91 43.53 73.30 52.85 57.22 211.01 48.94 59.22 319.94 70.56 34.20 41.51 21.39 43.60
Lowe’s Cos. Inc. 115.06 32.52 12.49 11.88 26.71 20.02 16.18 15.41 13.36

Based on: 10-Q (reporting date: 2025-05-03), 10-K (reporting date: 2025-02-01), 10-Q (reporting date: 2024-11-02), 10-Q (reporting date: 2024-08-03), 10-Q (reporting date: 2024-05-04), 10-K (reporting date: 2024-02-03), 10-Q (reporting date: 2023-10-28), 10-Q (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-K (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-K (reporting date: 2021-01-30), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-08-01), 10-Q (reporting date: 2020-05-02), 10-K (reporting date: 2020-02-01), 10-Q (reporting date: 2019-11-02), 10-Q (reporting date: 2019-08-03), 10-Q (reporting date: 2019-05-04).

1 Q1 2026 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity
= 31,858 ÷ 8,503 = 3.75

2 Click competitor name to see calculations.


The analysis of the quarterly financial data reveals several noteworthy trends related to total assets, shareholders' equity, and financial leverage over the observed periods.

Total Assets
Total assets exhibit a general upward trend from May 2019 through November 2024, increasing from approximately $22.5 billion to a peak of about $32.4 billion in November 2024. Following this peak, a slight decline is observed in early 2025, with total assets reducing to roughly $31.9 billion by May 2025. Initial growth appears steady with some fluctuations, particularly a notable jump between August 2020 and October 2020, where assets rose from $26.6 billion to $31.6 billion. Post-2021, the asset base remained relatively stable with moderate growth and occasional minor decreases.
Shareholders' Equity
Shareholders’ equity shows consistent growth throughout the time frame, starting near $5.1 billion in May 2019 and rising steadily to approximately $8.5 billion by May 2025. Despite some minor fluctuations, including a dip around May and July 2020, equity levels rebounded strongly thereafter, maintaining a positive trajectory. The equity increase is relatively smooth with periodic incremental advances every quarter, reflecting sustained capital accumulation or retained earnings growth over the periods analyzed.
Financial Leverage
Financial leverage, calculated as the ratio of total assets to shareholders' equity, demonstrates a dynamic pattern over time. Initially, leverage hovered around 4.3 to 4.4 but spiked significantly to above 5.3 during the mid-2020 period, peaking near 5.7 in August 2020. This increase indicates heavier reliance on debt or liabilities during this phase. Following this peak, leverage begins a gradual decline, descending to below 4.0 by early 2025. This downward trend in leverage suggests a strengthening equity base relative to assets or a reduction in liabilities over recent periods, implying a more conservative or balanced capital structure towards the end of the observed interval.