Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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- Statement of Comprehensive Income
- Common-Size Balance Sheet: Assets
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
- Aggregate Accruals
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Target Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
Based on: 10-Q (reporting date: 2026-08-01), 10-Q (reporting date: 2026-05-02), 10-K (reporting date: 2026-01-31), 10-Q (reporting date: 2025-11-01), 10-Q (reporting date: 2025-08-02), 10-Q (reporting date: 2025-05-03), 10-K (reporting date: 2025-02-01), 10-Q (reporting date: 2024-11-02), 10-Q (reporting date: 2024-08-03), 10-Q (reporting date: 2024-05-04), 10-K (reporting date: 2024-02-03), 10-Q (reporting date: 2023-10-28), 10-Q (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-K (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-K (reporting date: 2021-01-30), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-08-01), 10-Q (reporting date: 2020-05-02).
The capital structure exhibits a high reliance on liabilities, which consistently constitute over 70% of the total financing. A period of increasing leverage peaked in October 2022, where total liabilities reached 80.19% of total liabilities and shareholders' investment. Following this peak, a steady deleveraging trend is observed, with total liabilities declining to 70.86% by August 2026.
- Current Liability Dynamics
- Current liabilities fluctuate between 32% and 43% of total funding. A pronounced seasonal pattern is evident in accounts payable, which typically peaks in October each year, reaching a high of 29.87% in October 2021. This cyclicality suggests a strategic increase in short-term obligations to fund inventory accumulation prior to peak retail periods. Recent data indicates a stabilization of current liabilities in the 33% to 35% range.
- Long-Term Debt and Noncurrent Obligations
- Long-term debt, excluding the current portion, has shown significant volatility, starting at 31.41% in May 2020 and reaching a low of 21.29% in October 2021, before spiking again to 30.70% in January 2023. By August 2026, this figure decreased to 23.22%, reflecting a reduction in long-term borrowing relative to the total capital base. Noncurrent operating lease liabilities have remained relatively stable, though a slight upward trend is noted from 5.02% in early 2020 to a plateau around 5.4% to 6.2% in later periods.
- Equity and Retained Earnings Trends
- Shareholders' investment experienced a notable contraction from a peak of 29.64% in May 2021 to a trough of 19.81% in October 2022. This decline was primarily driven by a sharp reduction in retained earnings, which dropped from 18.57% to 8.33% over the same period. However, a consistent recovery phase is observed from 2023 onward, with retained earnings climbing back to 17.78% and total shareholders' investment reaching 29.14% by August 2026, indicating strengthened internal capital accumulation.
- Other Liability Components
- Deferred income taxes have trended upward from approximately 2.3% to 4.1% over the analyzed period, suggesting changes in timing differences between accounting and taxable income. Other noncurrent liabilities have remained largely stagnant, fluctuating minimally between 3.0% and 4.2%.
Overall, the financial profile indicates a transition from a period of high leverage and equity erosion toward a more balanced capital structure. The reduction in total liabilities combined with the recovery of retained earnings suggests an improved solvency position and a shift toward self-funding growth.