Stock Analysis on Net

Target Corp. (NYSE:TGT)

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Common-Size Balance Sheet: Liabilities and Stockholders’ Equity

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Target Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity

Microsoft Excel
Feb 1, 2025 Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020
Accounts payable
Wages and benefits
Gift card liability, net of estimated breakage
Real estate, sales, and other taxes payable
Dividends payable
Current portion of operating lease liabilities
Income tax payable
Workers’ compensation and general liability
Interest payable
Other
Accrued and other current liabilities
Current portion of long-term debt and other borrowings
Current liabilities
Long-term debt and other borrowings, excluding current portion
Noncurrent operating lease liabilities
Deferred income taxes
Deferred compensation
Workers’ compensation and general liability
Deferred occupancy income
Income and other taxes payable
Pension benefits
Other
Other noncurrent liabilities
Noncurrent liabilities
Total liabilities
Common stock
Additional paid-in-capital
Retained earnings
Accumulated other comprehensive loss
Shareholders’ investment
Total liabilities and shareholders’ investment

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.