Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
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- Common-Size Balance Sheet: Assets
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Debt
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Long-term Activity Ratios (Summary)
TJX Cos. Inc., long-term (investment) activity ratios (quarterly data)
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).
- Net fixed asset turnover
- The net fixed asset turnover ratio began at 7.83 in February 2020 and showed a declining trend through May 2020 reaching a low of 6.38. Afterward, the ratio increased steadily, peaking at 9.43 in January 2023. Subsequently, it exhibited a gradual decline, falling to 7.54 by May 2025. This pattern indicates an initial decrease in efficiency in utilizing fixed assets, followed by an improvement, and then a slight reduction in the most recent quarters.
- Net fixed asset turnover (including operating lease, right-of-use asset)
- Starting at 2.90 in February 2020, this ratio experienced a downward trend until May 2020 at 2.29. From there, it recovered continuously, reaching a high of 3.47 in January 2023. In the following periods, a moderate decrease occurred, finishing at 3.26 in May 2025. This trend mirrors the net fixed asset turnover changes but at a lower scale due to the inclusion of operating lease assets.
- Total asset turnover
- The total asset turnover ratio showed a decreasing trend from 1.73 in February 2020 to 1.04 in May 2020, reflecting a significant decline in asset utilization. Thereafter, it improved steadily, reaching 1.83 by July 2022. Minor fluctuations were observed after this peak, but the ratio remained relatively stable around 1.7 to 1.8 through May 2025, indicating a recovery and stabilization in asset turnover efficiency.
- Equity turnover
- Equity turnover started at 7.01 in February 2020 and initially increased, peaking at 9.20 in April 2022. After this peak, a consistent downward trend developed, with the ratio declining to 6.70 by May 2025. This suggests that the company initially improved its efficiency in generating sales from equity but faced diminishing turnover in recent quarters.
Net Fixed Asset Turnover
TJX Cos. Inc., net fixed asset turnover calculation (quarterly data)
| 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) | |||||||||||||||||||||||||||||||||
| Net sales | |||||||||||||||||||||||||||||||||
| Net property at cost | |||||||||||||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||||||
| Net fixed asset turnover1 | |||||||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||||||||||||||
| Amazon.com Inc. | |||||||||||||||||||||||||||||||||
| Home Depot Inc. | |||||||||||||||||||||||||||||||||
| Lowe’s Cos. Inc. | |||||||||||||||||||||||||||||||||
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
Net fixed asset turnover
= (Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025
+ Net salesQ2 2025)
÷ Net property at cost
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The financial data reveals several notable trends across net sales, net property at cost, and net fixed asset turnover over multiple quarters from 2019 to 2025.
- Net Sales
- Net sales exhibited a generally increasing trend over the observed periods, with a notable decline in early 2020. Specifically, sales increased steadily from 9,278 million USD in May 2019 to 12,206 million USD by February 2020, followed by a sharp decline to 4,409 million USD in May 2020, likely reflecting an external disruptive event. Afterward, net sales recovered substantially, climbing to 16,411 million USD in February 2024 before showing some fluctuations between 13,111 million USD and 16,350 million USD through May 2025. This pattern indicates resilience with strong recovery momentum despite interim setbacks.
- Net Property at Cost
- The net property at cost demonstrated a gradual and consistent upward trajectory throughout the periods. Beginning at 5,019 million USD in May 2019, the asset base increased incrementally each quarter, reaching 7,554 million USD by May 2025. This steady increase suggests continued investment in property and capital assets, implying potential growth initiatives or maintenance of operating capacity.
- Net Fixed Asset Turnover
- Net fixed asset turnover ratios started being reported mid-2019 and showed variations correlating with changes in net sales and asset base. The ratio declined from 7.83 to a low around 6.38 during mid-2020, corresponding with the sales decrease noted earlier. Post-2020, the turnover improved, peaking near 9.43 by April 2022, suggesting enhanced asset utilization efficiency. Following this peak, a gradual downtrend occurred, falling to approximately 7.54 by May 2025. Overall, this indicates fluctuations in how effectively the company generates sales from its fixed assets, with a strong recovery after the mid-2020 dip but a recent slight decrease in efficiency.
In summary, the data reflects a company experiencing disruption in mid-2020 with a subsequent recovery and growth across net sales and asset base. While investments in property steadily increased, asset turnover efficiency demonstrated some volatility but remained relatively strong over the long term.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
TJX Cos. Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation (quarterly data)
| 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) | |||||||||||||||||||||||||||||||||
| Net sales | |||||||||||||||||||||||||||||||||
| Net property at cost | |||||||||||||||||||||||||||||||||
| Operating lease right of use assets | |||||||||||||||||||||||||||||||||
| Net property at cost (including operating lease, right-of-use asset) | |||||||||||||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | |||||||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | |||||||||||||||||||||||||||||||||
| Amazon.com Inc. | |||||||||||||||||||||||||||||||||
| Home Depot Inc. | |||||||||||||||||||||||||||||||||
| Lowe’s Cos. Inc. | |||||||||||||||||||||||||||||||||
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
Net fixed asset turnover (including operating lease, right-of-use asset)
= (Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025
+ Net salesQ2 2025)
÷ Net property at cost (including operating lease, right-of-use asset)
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The net sales demonstrate a fluctuating but generally increasing trend over the observed periods. Initially, net sales increased steadily from 9,278 million US dollars in May 2019 to 12,206 million in February 2020. However, a notable decline occurred in May 2020, dropping sharply to 4,409 million, likely indicative of an external disruption impacting sales during that quarter. Following this dip, net sales gradually recovered and resumed an upward trajectory, rising to 16,411 million by February 2024, though some periodic fluctuations are apparent. Noteworthy is the recurring seasonal pattern where certain quarters experience sales dips before rebounding in subsequent periods.
Regarding net property at cost, including operating lease right-of-use assets, the values exhibit a continuous incremental increase across all periods from 13,829 million US dollars in May 2019 to 17,478 million in May 2025. This steady growth indicates ongoing investment or acquisition of property and fixed assets over time, with no observed declines or volatility suggesting asset disposals or impairments.
The net fixed asset turnover ratio, available starting from February 2020, reflects how efficiently the company utilizes its fixed assets to generate sales. Initial values around 2.9 declined to approximately 2.29 in January 2021, coinciding with the period of suppressed sales observed earlier. Afterwards, the ratio progressively increased, reaching a peak of around 3.47 in April 2022. Post-peak, the ratio stabilized, fluctuating modestly in the range of approximately 3.2 to 3.4 through May 2025. This trend suggests improved asset utilization efficiency following the period of sales suppression, which then leveled off, indicating a mature and steady operational performance in asset management.
- Net Sales
- Experienced initial growth followed by a sharp decline in Q2 2020, then a recovery and overall increasing trend punctuated by seasonal fluctuations.
- Net Property at Cost
- Displayed consistent and steady growth, reflecting ongoing investment in fixed assets over the full period without interruptions.
- Net Fixed Asset Turnover Ratio
- Decreased initially during the sales downturn, then improved significantly, reaching a high point in 2022, and subsequently stabilized, indicating enhanced and sustained asset efficiency.
In summary, the financial data reflects a company that faced a notable sales disruption around early 2020, but managed a strong recovery with continuous asset investment and improved asset utilization efficiency. The patterns suggest resilience and a capacity to adapt operational effectiveness in response to market challenges.
Total Asset Turnover
TJX Cos. Inc., total asset turnover calculation (quarterly data)
| 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) | |||||||||||||||||||||||||||||||||
| Net sales | |||||||||||||||||||||||||||||||||
| Total assets | |||||||||||||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||||||
| Total asset turnover1 | |||||||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||||||||||||
| Amazon.com Inc. | |||||||||||||||||||||||||||||||||
| Home Depot Inc. | |||||||||||||||||||||||||||||||||
| Lowe’s Cos. Inc. | |||||||||||||||||||||||||||||||||
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
Total asset turnover
= (Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025
+ Net salesQ2 2025)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The analyzed data reveals several noteworthy trends in the quarterly financial performance and asset utilization over the period considered.
- Net Sales
- Net sales exhibit significant fluctuations throughout the quarters. Starting from a level of approximately 9,278 million USD in early 2019, sales showed a steady upward trajectory reaching over 12,206 million USD by early 2020. A marked decline is observed in the quarter ending May 2020, falling to 4,409 million USD, corresponding with a potential market disruption. Subsequently, sales recover progressively, reaching a peak of 16,411 million USD by early 2024, reflecting a strong rebound. Towards the most recent quarters, net sales maintain elevated levels, ranging between approximately 13,000 to 16,000 million USD, indicating sustained revenue generation at a higher level compared to earlier periods.
- Total Assets
- Total assets increase steadily from around 22,489 million USD in early 2019 to a peak nearing 31,566 million USD in late 2020. Following this peak, assets undergo minor fluctuations but mostly remain in the 27,000 to 32,000 million USD range through subsequent periods. The data suggests an overall growth in asset base over the time horizon, albeit with some volatility. Notably, total assets decreased slightly after the late 2020 peak, before stabilizing above previous levels.
- Total Asset Turnover
- The total asset turnover ratio, available from early 2020 onwards, reflects changes in how efficiently the company utilizes its asset base to generate sales. Initially, the ratio declines from 1.73 to approximately 1.04 by early 2021, indicating reduced efficiency during this phase. After this decline, a consistent upward trend occurs, with the ratio climbing to a peak of around 1.85 by mid-2024, before a modest decrease in the following quarters. Overall, improvements in asset turnover suggest enhanced operational efficiency and better utilization of assets to generate revenue over time.
In summary, the company experienced a temporary downturn in net sales and asset turnover around early 2020, with net sales decreasing sharply and asset turnover ratio dipping concurrently. Following this period, a robust recovery is observed: net sales surpass previous highs and asset turnover improves significantly, implying stronger revenue generation relative to assets. Despite fluctuations in total assets, the overall asset base grows, supporting the increased sales volumes. The combination of growing assets and rising asset turnover ratios translates to improved operational efficiency and financial performance in recent quarters.
Equity Turnover
TJX Cos. Inc., equity turnover calculation (quarterly data)
| 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) | |||||||||||||||||||||||||||||||||
| Net sales | |||||||||||||||||||||||||||||||||
| Shareholders’ equity | |||||||||||||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||||||
| Equity turnover1 | |||||||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||||||||||||||
| Amazon.com Inc. | |||||||||||||||||||||||||||||||||
| Home Depot Inc. | |||||||||||||||||||||||||||||||||
| Lowe’s Cos. Inc. | |||||||||||||||||||||||||||||||||
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
Equity turnover
= (Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025
+ Net salesQ2 2025)
÷ Shareholders’ equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The quarterly financial data indicates several significant trends across net sales, shareholders’ equity, and equity turnover.
- Net Sales
- Net sales exhibit a cyclical yet generally upward trend over the reported periods. From May 2019 to February 2020, net sales increased steadily from 9,278 million USD to a peak of 12,206 million USD. A considerable drop is observed in May 2020 to 4,409 million USD, likely reflecting the impact of external disruptive factors such as market conditions or economic events. Subsequently, there is a recovery and growth phase where sales rebound to values around or exceeding previous highs, reaching 16,411 million USD by February 2024, indicating strong market performance and effective sales strategy. Toward the latest periods, net sales slightly pull back but maintain elevated levels compared to the initial data points.
- Shareholders’ Equity
- Shareholders’ equity demonstrates a steady increase over the analyzed time span. Beginning at 5,132 million USD in May 2019, equity rises to 8,503 million USD by May 2025. Although there are minor fluctuations—such as a decrease around mid-2020 reflecting the downturn during the same period as the sales drop—the overall trend is positive, showing strengthening financial stability and potentially retained earnings or capital inflows supporting the equity base.
- Equity Turnover Ratio
- Equity turnover ratios are absent in the earliest periods but commence reporting from May 2020, displaying high values starting at 7.01 and peaking at 9.2 in October 2022. After peaking, the ratio follows a downward but still relatively high trend, fluctuating between approximately 6.7 and 8.9 toward early 2025. This suggests efficient utilization of shareholders’ equity to generate revenues, though with some variability likely tied to shifts in sales volume and equity adjustments over time.
In summary, the data presents a resilient sales recovery post-early 2020 disruption, solid growth in equity indicating a strengthening capital structure, and generally high equity turnover ratios reflecting effective asset utilization. The interplay between these factors points to overall improving financial health with some variability attributable to cyclical or external market influences.