TJX Cos. Inc., FCFE calculation

US$ in millions

12 months ended:	Feb 1, 2025	Feb 3, 2024	Jan 28, 2023	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020
Net income	4,864)	4,474)	3,498)	3,283)	90)	3,272)
Net noncash charges	1,225)	1,136)	1,407)	1,248)	1,052)	909)
Changes in assets and liabilities	27)	447)	(821)	(1,474)	3,420)	(114)
Net cash provided by operating activities	6,116)	6,057)	4,084)	3,057)	4,562)	4,067)
Property additions	(1,918)	(1,722)	(1,457)	(1,045)	(568)	(1,223)
Payments on revolving credit facilities	—)	—)	—)	—)	(1,000)	—)
Proceeds from long-term debt including revolving credit facilities	—)	—)	—)	—)	5,987)	—)
Repayment of debt	—)	(500)	—)	(2,976)	(1,418)	—)
Free cash flow to equity (FCFE)	4,198)	3,835)	2,627)	(963)	7,562)	2,843)

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).

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Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to TJX Cos. Inc. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	TJX Cos. Inc. FCFE increased from 2023 to 2024 and from 2024 to 2025.

TJX Cos. Inc., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	1,117,100,487
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	4,198)
FCFE per share	3.76
Current share price (P)	128.03
Valuation Ratio
P/FCFE	34.07
Benchmarks
P/FCFE, Competitors¹
Amazon.com Inc.	73.35
Home Depot Inc.	14.21
Lowe’s Cos. Inc.	17.47
P/FCFE, Sector
Consumer Discretionary Distribution & Retail	45.29
P/FCFE, Industry
Consumer Discretionary	32.97

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.

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 price^1, 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.

² See details »

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.

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Valuation ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders’ equity.	TJX Cos. Inc. P/FCFE ratio decreased from 2023 to 2024 but then increased from 2024 to 2025 not reaching 2023 level.

TJX Cos. Inc. (NYSE:TJX)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical