TJX Cos. Inc. (NYSE:TJX)

Debt to Equity Ratio

The debt to equity ratio displayed a general increase from May 2019 to May 2020, peaking significantly at 1.52 in May 2020 from 0.44 in May 2019. Following this peak, the ratio declined steadily across subsequent periods, reaching lower levels around 0.32 by August 2025. This indicates an initial increase in leverage relative to equity, followed by a consistent deleveraging trend.

Debt to Equity Ratio Including Operating Lease Liability

Including operating lease liabilities, the debt to equity ratio started at 2.18 in May 2019 and increased sharply to 3.48 in May 2020. After the peak, it trended downward but more gradually, ending near 1.48 in August 2025. The ratio remains above historical levels prior to 2020, suggesting sustained higher leverage when factoring in lease obligations despite improvements.

Debt to Capital Ratio

The debt to capital ratio mirrored the debt to equity behavior, rising from about 0.30 in early 2019 to 0.60 in May 2020, before declining steadily to approximately 0.24 by mid-2025. This pattern represents an increased reliance on debt financing that was subsequently reduced, consistent with efforts to strengthen the capital structure.

Debt to Capital Ratio Including Operating Lease Liability

When including operating lease liabilities, this ratio was higher overall, starting near 0.69 and peaking around 0.78 in May 2020. Thereafter, it showed a gradual decline but remained elevated above 0.60 through 2025. This persistence suggests that while debt levels decreased, lease obligations continue to contribute substantially to total capital.

Debt to Assets Ratio

The debt to assets ratio increased notably from 0.10 in May 2019 to 0.28 in May 2020, then receded to about 0.09–0.10 by 2025. This reflects temporary higher debt relative to total assets during the 2020 period, with a return to lower leverage aligned with asset levels in subsequent years.

Debt to Assets Ratio Including Operating Lease Liability

Including operating leases, the debt to assets ratio remained markedly higher, rising from 0.50 in 2019 to a peak of 0.65 in May 2020, followed by a decline to around 0.40 by 2025. While the ratio has improved since the peak, it has not returned to the initial levels, indicating sustained lease-related liabilities affecting the asset base.

Financial Leverage Ratio

The financial leverage ratio was relatively stable around 4.3 to 4.4 prior to 2020, then increased sharply to a high of 5.7 in mid-2020. After this spike, the ratio declined gradually over time and approached approximately 3.7 by August 2025. This suggests a period of increased use of debt relative to equity, with a gradual retrenchment toward a moderate leverage position.

Overall Analysis

Across all leverage metrics, there was a clear inflection point around May 2020, when debt-related ratios peaked significantly. This may reflect strategic or external financial events prompting increased debt usage. Post-2020, a consistent trend of deleveraging and improved capital structure is evident, although measures including operating lease liabilities remain elevated compared to pre-2020 levels. This indicates ongoing financial commitments related to lease obligations, even as conventional debt levels decrease. The financial leverage trend corroborates these observations, revealing a transient increase in risk followed by measured reduction in financial reliance on debt.

The financial data reveals discernible trends regarding the company's leverage and equity position over the observed periods.

Total Debt

Total debt remained fairly stable during the initial periods, hovering around 2,234 to 2,237 million US dollars from May 2019 to February 2020. There was a sharp increase to 7,192 million US dollars by May 2020, likely reflecting an extraordinary event or financing activity. Subsequently, total debt trended downward, gradually declining to about 2,867 million US dollars by August 2025.

Shareholders’ Equity

Shareholders’ equity exhibited an overall increasing trend from 5,132 million US dollars in May 2019 to 8,866 million US dollars in August 2025. There was a slight dip around May to October 2020, coinciding with the period of elevated total debt, before resuming growth steadily through the succeeding periods.

Debt to Equity Ratio

The debt to equity ratio initially decreased slightly from 0.44 to 0.38 between May 2019 and February 2020, signifying a lower leverage position. This was followed by a sharp spike to 1.52 in May 2020, consistent with the increase in total debt. After May 2020, the ratio declined gradually with some fluctuation, eventually falling from about 0.6 in the 2021-2022 period to 0.32 by August 2025, indicating an improving equity base relative to debt and a reduction in financial leverage over the longer term.

In summary, the company experienced a significant increase in debt during mid-2020, which temporarily elevated financial leverage, but since then, has managed to reduce its debt levels while steadily growing shareholders’ equity. This has led to a notable improvement in the debt to equity ratio, reflecting strengthened financial stability and a conservative leverage profile approaching the later periods of the data.

The financial data reveals notable trends in the company's capital structure over the observed periods. Total debt, which includes operating lease liabilities, initially showed a moderate increase from May 2019 through early 2020, followed by a sharp rise in May 2020, suggesting a significant borrowing event or recognition of lease liabilities during that quarter. Subsequent quarters show a gradual decline and stabilization of total debt levels, maintaining a range between approximately $12.5 billion and $13.1 billion from mid-2021 onwards, indicating controlled debt management or reduction efforts.

Shareholders’ equity experienced a gradual increase from May 2019 through early 2020, reaching a peak around the first quarter of 2020, followed by a decline aligning with the spike in total debt. The decline in equity around mid-2020 could be attributed to the impacts of unusual financial or market conditions. Post mid-2020, equity values steadily increased with some fluctuations, rising from approximately $4.6 billion to $8.9 billion by August 2025. This upward trend in equity signals improvements in retained earnings or capital inflows, improving the company's net asset position over time.

The debt to equity ratio demonstrates significant variation reflective of the movements in both debt and equity. The ratio decreased from 2.18 in May 2019 to a low of 1.93 in early 2020, suggesting an improving leverage position initially. However, there was a pronounced peak at 3.48 in May 2020, indicating increased financial leverage and potentially higher risk. Following this peak, the debt to equity ratio consistently declined, stabilizing below 2 and reaching approximately 1.48 in August 2025. This trend highlights a strategic reduction in relative debt levels or strengthening of equity, improving the company's financial stability and creditworthiness across the later periods.

Overall, the data indicates a response to external or internal financial pressures around the 2020 period with elevated debt levels and reduced equity, followed by sustained efforts to enhance equity and manage debt prudently. The company appears to have achieved a healthier capital structure by gradually lowering leverage ratios, thereby potentially reducing financial risk.

The financial data reveals significant fluctuations in total debt, total capital, and the debt-to-capital ratio over the analyzed periods. Initially, total debt remained relatively stable around the 2,200 million US dollar mark from May 2019 through February 2020. However, there was a marked increase in May 2020, where total debt more than tripled reaching approximately 7,192 million US dollars. This elevated debt level decreased gradually in subsequent quarters, stabilizing around the 2,800 to 3,300 million US dollar range by mid-2023 and maintained modest increases thereafter.

Total capital exhibited a general upward trend throughout the periods. Starting at 7,366 million US dollars in May 2019, it increased steadily with minor fluctuations until May 2020, where it peaked at 11,932 million US dollars. After this peak, the total capital fluctuated slightly, showing some decline and recovery periods but staying in a range between approximately 8,700 million and 11,700 million US dollars for the following years. Toward the final observed periods, there is a gradual increase again, peaking at about 11,733 million US dollars by August 2025.

The debt-to-capital ratio mirrored the trends in total debt and capital, starting at 0.3 in May 2019, then dropping slightly to a low around 0.27 in early 2020. There was a sharp rise in this ratio in May 2020 to 0.6, reflecting the sudden increase in total debt. After this peak, the ratio declined steadily, indicating deleveraging or capital growth outpacing debt increases. By mid-2023, the ratio had fallen back to around 0.3, continuing a modest downward trend to 0.24 by August 2025. This decline suggests improved capital structure with relatively lower reliance on debt in recent periods.

Total Debt

Stable around 2,200 million US dollars until early 2020, then surged to over 7,100 million US dollars in May 2020, followed by a gradual decrease to the range of 2,800-3,300 million in later periods, stabilizing with slight increases towards mid-2025.

Total Capital

Generally increasing from about 7,366 million US dollars in early 2019 to a peak near 11,932 million US dollars in mid-2020; experienced fluctuations but remained robust above 8,700 million US dollars, trending upwards again near 11,700 million US dollars by mid-2025.

Debt-to-Capital Ratio

Maintained around 0.3 until early 2020; spiked to 0.6 in May 2020 due to higher debt levels; then steadily decreased to approximately 0.24 by mid-2025, reflecting a reduction in leverage relative to capital.

Overall, the data suggests significant financial adjustment occurred around the middle of 2020, marked by a sharp increase in debt and capital. Subsequently, the company reduced its relative debt load and strengthened its capital base, resulting in a more conservative debt-to-capital profile by recent periods.

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

Total Debt (Including Operating Lease Liability)

The total debt levels started at approximately $11,199 million in May 2019 and showed a gradual increase moving toward the beginning of 2020. A sharp rise is observed in May 2020 when debt increased significantly to around $16,507 million. Following this peak, total debt gradually declined and stabilized, fluctuating between approximately $12,500 million to $13,000 million through subsequent periods until mid-2023. From late 2023 onward, a slight upward trend is again visible as the debt increased to roughly $13,121 million by August 2025.

Total Capital (Including Operating Lease Liability)

Total capital exhibited an overall upward trajectory, starting at $16,331 million in May 2019 and advancing steadily toward May 2020 when a significant increase to $21,246 million is recorded. After this peak, capital levels showed some moderation and mild fluctuations, generally oscillating between $18,000 million and $20,000 million up to early 2023. Subsequently, capital rose steadily again, reaching an estimated $21,987 million by August 2025, reflecting solid growth over the entire timeframe.

Debt to Capital Ratio (Including Operating Lease Liability)

The debt-to-capital ratio initially decreased from 0.69 in May 2019 to 0.66 by February 2020, indicating a relative improvement in the capital structure. However, this ratio spiked sharply to 0.78 in May 2020, coinciding with the peak observed in total debt. After this spike, the ratio began a consistent decline with minor fluctuations, improving to 0.60 by August 2025. This trend suggests a strengthening capital position and reduced reliance on debt financing relative to the overall capital base during the later periods.

In summary, the data indicates that while the company experienced a notable increase in debt and capital around mid-2020, likely due to external factors causing increased leverage, subsequent periods have shown stabilization and improvement in the debt-to-capital ratio. This reflects an enhanced balance sheet position characterized by lower relative debt levels and steadily growing capital, highlighting prudent financial management in recent years.

The financial data reveals several notable trends in the company's leverage and asset base over the analyzed quarterly periods.

Total Debt

The total debt remained relatively stable around 2,234 million US dollars in the initial quarters from May 2019 to February 2020. There was a sharp increase in debt to 7,192 million in May 2020, followed by a gradual reduction, stabilizing between 2,860 and 3,360 million US dollars in the subsequent quarters until August 2025. This suggests a temporary increase in liabilities, potentially linked to external events or strategic financing needs, followed by a deliberate deleveraging or repayment phase.

Total Assets

The company's total assets showed a general upward trend from 22,489 million US dollars in May 2019 to 32,885 million in August 2025. Despite some fluctuations, the overall increase in assets indicates growth and expansion of the company's asset base over the period.

Debt to Assets Ratio

The debt to assets ratio exhibited an interesting pattern. It started at around 0.10 in early 2019, dropped slightly to 0.09 by late 2019 and early 2020, then surged to 0.28 in May 2020, corresponding with the spike in total debt. Afterwards, the ratio steadily decreased and stabilized near 0.09 to 0.12 over the following quarters, reflecting improved leverage management and reduced financial risk relative to the size of the asset base.

Overall, the data indicates that the company encountered a pronounced increase in debt during mid-2020, which was subsequently managed down, resulting in a stable leverage profile by the end of the period. Concurrently, the company expanded its total assets, contributing to a healthier debt-to-assets ratio in recent quarters. These trends suggest prudent financial management and possibly strategic investment or operational adjustments over the analyzed timeframe.

The analysis of the quarterly financial data reveals several important trends related to the company’s debt, assets, and overall leverage from May 2019 through August 2025.

Total debt (including operating lease liability)

The total debt level exhibits an initial gradual increase from approximately $11.2 billion in May 2019 to about $11.5 billion by February 2020. A sharp increase follows in May 2020, reaching nearly $16.5 billion, indicative of significant borrowing or lease liability recognition changes. Subsequently, total debt decreases moderately through 2021, fluctuating around $12.5 billion to $13 billion between October 2021 and August 2025, showing relative stability in the later periods with slight incremental rises towards mid-2025.

Total assets

Total assets show a general upward trajectory from $22.5 billion in May 2019, reaching a peak of approximately $31.6 billion by October 2020. This peak is followed by a decline into early 2022, bottoming near $27 billion, before recovering and oscillating in the range of approximately $29 billion to $32.9 billion through 2025. This pattern suggests asset growth potentially driven by acquisitions, capital expenditures, or revaluations followed by periods of normalization.

Debt to assets ratio (including operating lease liability)

The debt-to-assets ratio starts around 0.5, indicating debt comprises half of total assets initially. There is a marked increase to 0.65 in May 2020, aligning with the spike in total debt relative to assets, reflecting heightened leverage possibly due to pandemic-related financing. After this point, the ratio declines steadily to about 0.39-0.41 in the last reported quarters, indicating a reduction in leverage and improved balance sheet strength as debt levels decrease slightly while assets grow.

In summary, the data shows a significant increase in leverage and debt obligations in mid-2020, likely reflecting extraordinary financial needs or accounting changes. Since then, there has been a concerted trend toward deleveraging, with debt stabilizing and assets recovering, resulting in a meaningful decrease in the debt-to-assets ratio. The overall financial structure appears to strengthen over the latter periods, with improved asset base coupled with reduced relative debt exposure.

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

Total Assets

The total assets exhibited a generally increasing trajectory from May 4, 2019, starting at approximately $22.5 billion, to a peak around $32.9 billion by August 2, 2025. Notable fluctuations occurred, such as an increase from about $25.4 billion in May 2020 to $31.6 billion by October 31, 2020, followed by some periods of decline and stabilization thereafter. Despite these variations, the overall long-term trend indicates growth in asset base.

Shareholders’ Equity

Shareholders’ equity demonstrated a more variable pattern compared to total assets. Initially rising from $5.1 billion in May 2019 to nearly $6.0 billion by February 2020, it then experienced a decline to approximately $4.7 billion in May 2020. Subsequently, equity levels recovered and steadily increased, reaching about $8.9 billion by August 2025. This progression indicates a strengthening equity position in the latter periods, aligning with the asset growth trend.

Financial Leverage Ratio

The financial leverage ratio, defined as total assets divided by shareholders' equity, showed a declining trend over time here. Starting at a high level of about 4.38 in early 2019, it spiked in the mid-2020 period to values exceeding 5.5, reflecting higher leverage possibly due to the dip in equity or rapid asset increases. Subsequently, the ratio steadily decreased to approximately 3.7 by August 2025, suggesting a reduction in leverage and a relatively stronger equity base supporting the asset levels.

Overall, the data indicates an expanding asset base coupled with recovering and strengthening shareholders’ equity after mid-2020, leading to a gradual deleveraging trend. The period around mid-2020 stands out as a moment of heightened leverage, likely driven by market or operational impacts reflected in the equity drop and asset fluctuations. The subsequent consistent rise in equity and controlled leverage ratios point to improved financial stability and risk management in the later periods.