Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
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Target Corp. pages available for free this week:
- Income Statement
- Cash Flow Statement
- Analysis of Liquidity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Current Ratio since 2005
- Analysis of Debt
- Aggregate Accruals
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Target Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity
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).
- Accounts Payable
- Accounts payable as a percentage of total liabilities and shareholders’ investment showed a general increase from 23.19% in 2020 to a peak of 28.76% in 2022, followed by a decline to 21.85% in 2024 and a slight rise to 22.6% in 2025. This indicates fluctuating reliance on trade credit over the years, with a reduction in the last two periods.
- Wages and Benefits
- The proportion of wages and benefits to total liabilities and shareholders’ investment rose from 2.71% in 2020 to a maximum of 3.27% in 2021, then gradually declined to 2.47% by 2023, followed by a moderate increase close to 2.77% in 2024 and 2025. This suggests some volatility but relative stability in labor-related liabilities.
- Gift Card Liability
- The gift card liability remained relatively stable throughout the periods, fluctuating narrowly between 2.02% and 2.32%, showing steady management of this liability component.
- Real Estate, Sales, and Other Taxes Payable
- This liability category experienced growth from 1.40% in 2020 to 2.15% in 2021, followed by a decline to 1.23% in 2025, indicating variability in tax-related obligations possibly influenced by changing business operations or tax conditions.
- Dividends Payable
- Dividends payable remained quite stable, generally hovering around 0.67% to 0.93% with minor fluctuations, suggesting consistent dividend payout practices relative to the company’s capital structure.
- Operating Lease Liabilities (Current and Noncurrent)
- Current portion of operating lease liabilities showed a gradual upward trend from 0.47% in 2020 to 0.61% in 2025. Noncurrent operating lease liabilities also increased from 5.32% to 6.20% over the same period. Together, these suggest an increasing commitment to lease obligations over time.
- Income Tax Payable
- Data for income tax payable was absent before 2024 but showed a rising trend from 0.20% to 0.58% between 2024 and 2025, indicating increased tax liabilities in recent years.
- Workers’ Compensation and General Liability
- There were two entries with similar names, likely distinct components of this category. The current liability fluctuated slightly but remained around 0.31% to 0.37%, while the noncurrent portion increased steadily from 0.72% to 0.97%, signaling a gradual rise in long-term liability exposure for these risks.
- Interest Payable
- Interest payable remained low and relatively stable, increasing slightly from 0.16% to 0.22%, reflecting marginal changes in short-term interest obligations.
- Accrued and Other Current Liabilities
- This category maintained a consistent proportion of total liabilities and shareholders’ investment around 10% to 12%, suggesting stable accrual management.
- Current Portion of Long-Term Debt and Other Borrowings
- This item fluctuated notably, from 0.38% in 2020 to a peak of 2.83% in 2025, indicating varying short-term debt repayments or reclassifications influencing liquidity positions.
- Current Liabilities Overall
- Current liabilities as a proportion of the total showed an increase from 33.86% in 2020 to a high of 40.41% in 2022, before declining to 34.87% in 2024 and a slight increase to 36% in 2025, reflecting shifting short-term financial obligations.
- Long-Term Debt and Other Borrowings
- Long-term debt excluding current portion declined from 26.5% in 2020 to 22.51% in 2021, then increased to 30.02% in 2023 before reducing again to 24.76% in 2025, implying active debt management and refinancing activities.
- Deferred Income Taxes
- Deferred income tax liabilities grew notably from 2.62% in 2020 to 4.48% in 2024, declining slightly to 3.99% in 2025, showing increased deferred tax obligations potentially linked to timing differences in income recognition.
- Deferred Compensation and Deferred Occupancy Income
- Deferred compensation remained steady around 1%, while deferred occupancy income steadily decreased from 1.26% in 2020 to 0.67% in 2025, possibly reflecting declining advance payments or lease incentives.
- Income and Other Taxes Payable
- These tax obligations fluctuated, with a low of 0.26% in 2022 and increasing to 0.59% in 2025, indicating variable tax settlement timing or obligations.
- Pension Benefits
- This liability steadily decreased from 0.25% in 2020 to 0.05% in 2025, suggesting a reduced pension-related burden or changes in pension plan structures.
- Other Noncurrent Liabilities
- Other noncurrent liabilities decreased from 4.03% in 2020 to 3.03% in 2022, then gradually increased to 3.66% in 2025, reflecting moderate shifts in miscellaneous long-term obligations.
- Total Liabilities
- Total liabilities as a share of total financing increased from 72.34% in 2020 to 78.94% in 2023, before declining to 74.61% in 2025. This indicates overall leverage rose for several years before modest deleveraging.
- Shareholders' Investment
- Shareholders’ investment showed a decline from 27.66% in 2020 to a low of 21.06% in 2023, followed by a recovery to 25.39% in 2025, reflecting fluctuations in equity financing or retained earnings impacting the capital structure.
- Common Stock and Additional Paid-in Capital
- Common stock remained nearly constant at about 0.07%-0.10%, while additional paid-in capital decreased moderately from 14.55% in 2020 to around 12.11% in 2025, implying limited new equity issuance or buyback effects.
- Retained Earnings
- Retained earnings saw a notable drop from 17.22% in 2021 to 9.38% in 2023, then recovered to 14% by 2025, indicating fluctuating profitability or dividend distributions impacting accumulated earnings.
- Accumulated Other Comprehensive Loss
- Comprehensive loss narrowed from -2.03% in 2020 to about -0.79% in 2023 onwards, signaling improvements in other comprehensive income components.