Stock Analysis on Net

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity 
Quarterly Data

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

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May 3, 2025 Feb 1, 2025 Nov 2, 2024 Aug 3, 2024 May 4, 2024 Feb 3, 2024 Oct 28, 2023 Jul 29, 2023 Apr 29, 2023 Jan 28, 2023 Oct 29, 2022 Jul 30, 2022 Apr 30, 2022 Jan 29, 2022 Oct 30, 2021 Jul 31, 2021 May 1, 2021 Jan 30, 2021 Oct 31, 2020 Aug 1, 2020 May 2, 2020 Feb 1, 2020 Nov 2, 2019 Aug 3, 2019 May 4, 2019
Accounts payable 21.04 22.60 24.63 22.49 20.98 21.85 25.42 23.08 22.89 25.29 27.76 28.38 27.64 28.76 29.87 24.58 23.06 25.09 28.04 22.35 21.48 23.19 25.74 22.02 20.58
Accrued and other current liabilities 10.73 10.58 9.80 10.27 10.31 11.00 10.85 11.18 10.99 11.03 11.04 11.25 10.98 11.33 10.89 10.90 11.47 11.95 9.91 10.54 10.31 10.30 9.58 9.77 9.41
Current portion of long-term debt and other borrowings 2.03 2.83 2.79 2.93 4.74 2.02 1.98 2.08 0.38 0.24 3.97 3.14 2.14 0.32 2.16 2.32 2.32 2.23 0.26 0.23 0.37 0.38 2.65 2.77 2.60
Current liabilities 33.80% 36.00% 37.23% 35.69% 36.03% 34.87% 38.24% 36.33% 34.26% 36.56% 42.76% 42.78% 40.76% 40.41% 42.92% 37.80% 36.85% 39.27% 38.21% 33.11% 32.17% 33.86% 37.97% 34.56% 32.59%
Long-term debt and other borrowings, excluding current portion 25.51 24.76 24.51 24.38 24.47 26.96 26.47 28.05 30.70 30.02 25.60 25.64 26.31 25.18 21.29 22.55 22.80 22.51 24.65 29.56 31.41 26.50 24.03 24.94 27.96
Noncurrent operating lease liabilities 6.34 6.20 5.84 6.15 6.15 5.92 5.39 5.26 5.03 4.95 4.66 4.85 5.08 4.63 4.58 4.79 4.63 4.33 4.33 4.67 5.02 5.32 5.05 5.08 5.08
Deferred income taxes 4.16 3.99 4.13 4.46 4.61 4.48 4.35 4.39 4.39 4.12 4.03 3.55 3.45 2.91 2.29 2.23 2.32 1.93 2.31 2.34 2.50 2.62 2.78 2.60 2.55
Other noncurrent liabilities 3.58 3.66 3.53 3.55 3.62 3.50 3.29 3.43 3.37 3.30 3.14 3.00 3.21 3.03 3.55 3.71 3.76 3.78 4.20 4.13 3.97 4.03 3.78 4.35 4.45
Noncurrent liabilities 39.60% 38.61% 38.01% 38.54% 38.86% 40.86% 39.50% 41.13% 43.49% 42.38% 37.42% 37.04% 38.05% 35.75% 31.72% 33.28% 33.51% 32.55% 35.50% 40.69% 42.91% 38.47% 35.64% 36.97% 40.04%
Total liabilities 73.40% 74.61% 75.25% 74.23% 74.89% 75.74% 77.74% 77.46% 77.75% 78.94% 80.19% 79.81% 78.81% 76.16% 74.63% 71.08% 70.36% 71.82% 73.71% 73.80% 75.07% 72.34% 73.61% 71.52% 72.63%
Common stock 0.07 0.07 0.06 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.08 0.07 0.07 0.08 0.08 0.08 0.08 0.09 0.09 0.10 0.10 0.10 0.11
Additional paid-in-capital 12.48 12.11 11.82 12.20 12.24 12.21 11.88 12.42 12.54 12.39 11.79 12.39 11.00 11.93 11.73 12.32 12.42 12.35 12.41 13.02 13.85 14.55 13.73 14.71 14.54
Retained earnings 14.88 14.00 13.68 14.34 13.64 12.81 11.07 10.84 10.45 9.38 8.33 8.43 10.81 12.86 14.83 17.90 18.57 17.22 15.37 14.84 12.89 15.04 14.33 15.54 14.67
Accumulated other comprehensive loss -0.82 -0.79 -0.81 -0.84 -0.84 -0.83 -0.76 -0.80 -0.81 -0.79 -0.37 -0.70 -0.69 -1.03 -1.26 -1.39 -1.44 -1.48 -1.57 -1.74 -1.91 -2.03 -1.77 -1.88 -1.95
Shareholders’ investment 26.60% 25.39% 24.75% 25.77% 25.11% 24.26% 22.26% 22.54% 22.25% 21.06% 19.81% 20.19% 21.19% 23.84% 25.37% 28.92% 29.64% 28.18% 26.29% 26.20% 24.93% 27.66% 26.39% 28.48% 27.37%
Total liabilities and shareholders’ investment 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 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), 10-K (reporting date: 2020-02-01), 10-Q (reporting date: 2019-11-02), 10-Q (reporting date: 2019-08-03), 10-Q (reporting date: 2019-05-04).


Accounts payable
The proportion of accounts payable relative to total liabilities and shareholders’ investment showed fluctuation over the periods. Starting at 20.58% in May 2019, it peaked around 29.87% in October 2021 before declining to 21.04% by May 2025. This indicates a variable reliance on accounts payable in the company’s financing structure over time, with notable increases during the late 2020 to late 2021 period.
Accrued and other current liabilities
This item consistently comprised about 9.4% to 11.3% of total liabilities and shareholders' equity, showing relatively minor fluctuations. A slight upward trend occurred around 2021, peaking near 11.33%, followed by a gradual decline towards the mid-10% range by 2025, reflecting stable management of current liabilities beyond accounts payable.
Current portion of long-term debt and other borrowings
The current portion of long-term debt exhibited significant variability, fluctuating from around 2.6% in early 2019 down to as low as 0.23% in mid-2020, then periodically rising back above 4% in early 2024 before settling at approximately 2% by mid-2025. This pattern suggests intermittent refinancing or repayment activity affecting short-term debt obligations.
Current liabilities
Overall current liabilities as a percentage of total liabilities and shareholders’ investment ranged from about 32.6% to over 42.9%. The highest levels were observed between late 2020 and late 2021, indicating a temporary buildup of short-term obligations, which then declined to approximately 33.8% by May 2025, suggesting improved short-term liquidity management.
Long-term debt and other borrowings, excluding current portion
This category demonstrated fluctuations between approximately 22.3% and 31.4%, with an upward trend peaking around mid-2020 and early 2023 before declining again. This reflects periodic adjustments to long-term financing, possibly due to new debt issuances or repayments affecting the long-term leverage structure.
Noncurrent operating lease liabilities
Noncurrent lease liabilities showed a steady increase from 5.08% in early 2019 to 6.34% by May 2025. This gradual rise indicates a growing portion of the company’s commitments tied to operating leases, consistent with longer-term contractual obligations expanding over the five-year period.
Deferred income taxes
Deferred income taxes initially remained in the 2.5% range but showed a steady increase starting in late 2021, reaching above 4% by early 2024 and maintaining that level through mid-2025. This upward trend reflects increasing deferred tax liabilities, which could be associated with timing differences in revenue recognition or tax rate changes.
Other noncurrent liabilities
Other noncurrent liabilities remained relatively stable around 3% to 4%, with minor decreases and increases without a clear trend. This stability implies consistent levels of miscellaneous long-term obligations.
Noncurrent liabilities
The total noncurrent liabilities showed variation between about 32.5% and 43.5%, peaking notably in early 2023. This reflects overall shifts in long-term financial commitments, dominated by changes in long-term debt, lease liabilities, and deferred taxes.
Total liabilities
Total liabilities generally hovered between 70% and 80% of total liabilities and shareholders’ investment. The highest ratios appeared in 2022 and early 2023, surpassing 78%, followed by a modest decline towards 73.4% by May 2025. This indicates periods of increased leverage with a slight deleveraging trend in the most recent data.
Common stock
The proportion of common stock remained consistently minimal around 0.06% to 0.11%, showing no substantial change and affirming that common stock represents a small fraction of the equity base relative to liabilities and overall shareholders’ investment.
Additional paid-in capital
Additional paid-in capital exhibited a slow declining trend starting from approximately 14.5% in early 2019 to around 11.8%-12.5% by 2025. This decrease may reflect share repurchases, changes in capital structure, or adjustments in equity accounting.
Retained earnings
Retained earnings as a percentage declined notably from 17.22% in early 2021 to a low near 8.33% in late 2022, followed by a gradual recovery to close to 14.88% by mid-2025. This pattern suggests fluctuations in accumulated profits, possibly impacted by earnings volatility, dividends, or other equity adjustments.
Accumulated other comprehensive loss
This component remained negative, indicating a cumulative loss, but the magnitude diminished over time from -1.95% in 2019 to approximately -0.37% in late 2022, before stabilizing around -0.8% towards mid-2025. The trend indicates partial recovery in comprehensive income components, potentially due to foreign currency translation adjustments or other non-operational items.
Shareholders’ investment
Shareholders’ investment as a percentage exhibited a decline from near 29.64% in early 2021 to roughly 19.8% by late 2022, then demonstrated growth to 26.6% by mid-2025. This reflects periods of contraction and expansion in the equity base relative to the company’s financing mix, with strengthening equity position emerging in recent periods.
Total liabilities and shareholders’ investment
This sum remained constant at 100%, confirming that all presented proportions accurately partition the total capitalization structure.