Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
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- Statement of Comprehensive Income
- Cash Flow Statement
- Common-Size Income Statement
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to FCFF (EV/FCFF)
- Return on Assets (ROA) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
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Target Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity
Based on: 10-K (reporting date: 2026-01-31), 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).
The composition of liabilities and shareholders’ investment exhibited several notable shifts between January 2021 and January 2026. Overall, the proportion of total liabilities decreased slightly over the period, while the proportion of shareholders’ investment increased. Current liabilities demonstrated fluctuation, while noncurrent liabilities initially increased and then decreased.
- Current Liabilities
- Current liabilities as a percentage of the total initially rose from 39.27% in January 2021 to 40.41% in January 2022, before declining to 34.87% in February 2024. A slight recovery to 35.69% was observed in January 2026. Within this category, accounts payable consistently represented the largest portion, decreasing from 25.09% to 21.22% over the period. Accrued and other current liabilities remained relatively stable, fluctuating between 10.58% and 11.95%. A significant increase in the current portion of long-term debt and other borrowings was observed between February 2024 (2.02%) and January 2026 (3.58%).
- Noncurrent Liabilities
- Noncurrent liabilities increased substantially from 32.55% in January 2021 to 42.38% in January 2023, driven primarily by increases in long-term debt and other borrowings (excluding current portion) and noncurrent operating lease liabilities. However, these liabilities then decreased, falling to 37.14% in January 2026. Deferred income taxes also contributed to the initial increase and subsequent decline, moving from 1.93% to 3.81% over the period. Workers’ compensation and general liability within the noncurrent portion showed a consistent increase.
- Shareholders’ Investment
- Shareholders’ investment as a percentage of the total increased from 28.18% in January 2021 to 27.17% in January 2026. This increase was primarily attributable to a rise in retained earnings, which grew from 17.22% to 15.63% over the period, and an increase in additional paid-in-capital, which remained relatively stable. Common stock remained a small and consistent portion of shareholders’ investment. Accumulated other comprehensive loss decreased in absolute value, becoming less negative over time.
- Specific Liability Accounts
- Gift card liability, net of estimated breakage, remained relatively stable, fluctuating between 2.01% and 2.32%. Wages and benefits decreased consistently, falling from 3.27% to 2.63%. Real estate, sales, and other taxes payable showed a consistent decline. Income tax payable was not reported for the earlier periods but increased from 0.20% to 0.74% between February 2024 and January 2026, suggesting a potential change in tax obligations or reporting practices.
In summary, the liability structure experienced dynamic changes, with a shift away from some current liabilities and a moderate decrease in overall liabilities, coupled with a corresponding increase in shareholders’ investment. The fluctuations in specific liability accounts suggest ongoing adjustments in operational and financial management.