Price to FCFE (P/FCFE)
Free Cash Flow to Equity (FCFE)
TJX Cos. Inc., FCFE calculation
US$ in millions
Based on: 10-K (reporting date: 2025-02-01), 10-K (reporting date: 2024-02-03), 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01).
- Net cash provided by operating activities
- The net cash provided by operating activities exhibits variability over the examined periods. Starting at 4,067 million USD in early 2020, it showed an upward trend reaching 4,562 million USD in early 2021. However, a significant decline occurred in early 2022, dropping to 3,057 million USD. This was followed by a recovery to 4,084 million USD in early 2023. Subsequently, the metric increased substantially, surpassing previous values to reach 6,057 million USD in early 2024 and slightly rising further to 6,116 million USD in early 2025. Overall, the trend demonstrates resilience and growth in operating cash generation after a dip in 2022.
- Free cash flow to equity (FCFE)
- The free cash flow to equity displayed more pronounced fluctuations across the periods. It started at 2,843 million USD in early 2020, then markedly increased to 7,562 million USD in early 2021. Despite this strong performance, FCFE turned negative in early 2022, recording -963 million USD, indicating a considerable cash outflow or investment during that period. A recovery occurred in the following years; the FCFE reached 2,627 million USD in early 2023, then increased to 3,835 million USD in early 2024, and further to 4,198 million USD in early 2025. The large swing from positive to negative and back to positive suggests volatility in equity cash flows, potentially due to investment cycles, financing activities, or operational changes.
Price to FCFE Ratio, Current
TJX Cos. Inc., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | 1,115,615,624 |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in millions) | 4,198) |
| FCFE per share | 3.76 |
| Current share price (P) | 125.17 |
| Valuation Ratio | |
| P/FCFE | 33.26 |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| Amazon.com Inc. | 87.62 |
| Home Depot Inc. | 14.56 |
| Lowe’s Cos. Inc. | 17.63 |
| P/FCFE, Sector | |
| Consumer Discretionary Distribution & Retail | 52.12 |
| P/FCFE, Industry | |
| Consumer Discretionary | 36.50 |
Based on: 10-K (reporting date: 2025-02-01).
1 Click competitor name to see calculations.
If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.
Price to FCFE Ratio, Historical
TJX Cos. Inc., historical P/FCFE calculation, comparison to benchmarks
| Feb 1, 2025 | Feb 3, 2024 | Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | Feb 1, 2020 | ||
|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,117,100,487 | 1,132,973,879 | 1,152,568,938 | 1,175,228,119 | 1,205,970,255 | 1,197,698,188 | |
| Selected Financial Data (US$) | |||||||
| Free cash flow to equity (FCFE) (in millions)2 | 4,198) | 3,835) | 2,627) | (963) | 7,562) | 2,843) | |
| FCFE per share3 | 3.76 | 3.38 | 2.28 | -0.82 | 6.27 | 2.37 | |
| Share price1, 4 | 124.93 | 97.28 | 76.55 | 62.00 | 66.15 | 46.80 | |
| Valuation Ratio | |||||||
| P/FCFE5 | 33.24 | 28.74 | 33.59 | — | 10.55 | 19.71 | |
| Benchmarks | |||||||
| P/FCFE, Competitors6 | |||||||
| Amazon.com Inc. | — | 89.69 | 84.16 | 240.95 | — | 55.66 | |
| Home Depot Inc. | 13.90 | 20.12 | 19.60 | 19.87 | 15.41 | 14.99 | |
| Lowe’s Cos. Inc. | 18.22 | 18.03 | 7.08 | 13.55 | 12.28 | 8.69 | |
| P/FCFE, Sector | |||||||
| Consumer Discretionary Distribution & Retail | — | 53.08 | 41.58 | 51.89 | 59.10 | 38.09 | |
| P/FCFE, Industry | |||||||
| Consumer Discretionary | — | 39.60 | 30.84 | 36.19 | 82.92 | 32.04 | |
Based on: 10-K (reporting date: 2025-02-01), 10-K (reporting date: 2024-02-03), 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01).
1 Data adjusted for splits and stock dividends.
3 2025 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 4,198,000,000 ÷ 1,117,100,487 = 3.76
4 Closing price as at the filing date of TJX Cos. Inc. Annual Report.
5 2025 Calculation
P/FCFE = Share price ÷ FCFE per share
= 124.93 ÷ 3.76 = 33.24
6 Click competitor name to see calculations.
The data reveals notable developments in the share price, free cash flow to equity (FCFE) per share, and the price-to-FCFE ratio over the observed periods.
- Share Price
- The share price shows a consistent upward trend across the periods, beginning at $46.8 and progressively increasing each year up to $124.93. This steady appreciation reflects growing market valuation and investor confidence over time.
- FCFE per Share
- FCFE per share exhibits volatility. It starts at $2.37, rises strongly to $6.27, experiences a significant downturn to -$0.82, and then recovers to positive values of $2.28, $3.38, and $3.76 in the most recent periods. This pattern indicates fluctuations in cash generated available to equity shareholders, with a temporary negative cash flow period before stabilization and moderate growth.
- Price-to-FCFE (P/FCFE) Ratio
- The P/FCFE ratio exhibits considerable variability due to changes in FCFE per share and share price. Initially, the ratio decreases from 19.71 to 10.55, corresponding with increased FCFE per share and share price growth. Subsequently, the ratio was not calculable during the negative FCFE period, then climbed sharply to 33.59 and remained elevated around 28.74 to 33.24. The higher P/FCFE in later years suggests increased market premiums relative to free cash flow, potentially reflecting investor expectations of future growth despite more modest FCFE per share figures.
Overall, the financial indicators portray a scenario of rising share price and market valuation accompanied by some instability in free cash flow generation. After a period of negative FCFE, the company returned to positive cash flow levels, yet at lower amounts compared to earlier peaks. The elevated P/FCFE ratio in recent years signals heightened market optimism or a re-rating of the company's long-term cash flow prospects.