Debt to Equity
since 2005
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Target Corp. pages available for free this week:
- 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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Calculation
Target Corp., debt to equity, long-term trends, calculation
| Debt to equity | = | Total debt and other borrowings1 | ÷ | Shareholders’ investment1 | |
|---|---|---|---|---|---|
| Jan 31, 2026 | = | ÷ | |||
| Feb 1, 2025 | = | ÷ | |||
| Feb 3, 2024 | = | ÷ | |||
| Jan 28, 2023 | = | ÷ | |||
| Jan 29, 2022 | = | ÷ | |||
| Jan 30, 2021 | = | ÷ | |||
| Feb 1, 2020 | = | ÷ | |||
| Feb 2, 2019 | = | ÷ | |||
| Feb 3, 2018 | = | ÷ | |||
| Jan 28, 2017 | = | ÷ | |||
| Jan 30, 2016 | = | ÷ | |||
| Jan 31, 2015 | = | ÷ | |||
| Feb 1, 2014 | = | ÷ | |||
| Feb 2, 2013 | = | ÷ | |||
| Jan 28, 2012 | = | ÷ | |||
| Jan 29, 2011 | = | ÷ | |||
| Jan 30, 2010 | = | ÷ | |||
| Jan 31, 2009 | = | ÷ | |||
| Feb 2, 2008 | = | ÷ | |||
| Feb 3, 2007 | = | ÷ | |||
| Jan 28, 2006 | = | ÷ | |||
| Jan 29, 2005 | = | ÷ |
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), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03), 10-K (reporting date: 2017-01-28), 10-K (reporting date: 2016-01-30), 10-K (reporting date: 2015-01-31), 10-K (reporting date: 2014-02-01), 10-K (reporting date: 2013-02-02), 10-K (reporting date: 2012-01-28), 10-K (reporting date: 2011-01-29), 10-K (reporting date: 2010-01-30), 10-K (reporting date: 2009-01-31), 10-K (reporting date: 2008-02-02), 10-K (reporting date: 2007-02-03), 10-K (reporting date: 2006-01-28), 10-K (reporting date: 2005-01-29).
1 US$ in millions
The debt to equity ratio for the period examined demonstrates considerable fluctuation. Initially, the ratio exhibited a decreasing trend from 2005 to 2007, followed by a period of increase and then relative stabilization before another period of fluctuation. A significant increase is observed in 2008 and 2009, followed by a decrease in 2014, and then a rise again towards the end of the period.
- Initial Decreasing Trend (2005-2007)
- From 2005 to 2007, the debt to equity ratio decreased from 0.73 to 0.64. This indicates a strengthening of the shareholders’ investment relative to debt financing during this period. The company was relying less on debt and more on equity to finance its assets.
- Increase and Peak (2007-2009)
- Following the decreasing trend, the ratio increased substantially, peaking at 1.37 in 2009. This suggests a significant increase in debt relative to equity, potentially due to increased borrowing for expansion or to navigate economic challenges. The financial crisis of 2008-2009 likely contributed to this increase.
- Stabilization and Fluctuation (2009-2017)
- After 2009, the ratio experienced a period of fluctuation, generally remaining between 0.85 and 1.16. While not consistently increasing or decreasing, there were noticeable shifts year-to-year. This suggests a more dynamic approach to capital structure management, potentially responding to market conditions and investment opportunities.
- Recent Increases (2018-2024)
- From 2018 onwards, the debt to equity ratio shows a renewed upward trend, reaching 1.44 in 2022 before decreasing slightly to 1.02 in 2024. This indicates a recent increase in reliance on debt financing. The ratio in 2024 is still elevated compared to the earlier years of the examined period.
- Overall Volatility
- The overall pattern reveals a considerable degree of volatility in the debt to equity ratio. This suggests that the company’s capital structure has been actively managed and responsive to changing economic conditions and strategic initiatives. The fluctuations warrant further investigation to understand the underlying drivers of these changes.
The observed trends suggest a shift in financing strategies over the examined period. While initially prioritizing equity, the company has, at times, increased its reliance on debt, particularly during periods of economic stress or strategic investment. The recent increase in the ratio warrants monitoring to assess its potential impact on financial risk and stability.
Comparison to Competitors
Target Corp., debt to equity, long-term trends, comparison to competitors
| Target Corp. | Costco Wholesale Corp. | Walmart Inc. | |
|---|---|---|---|
| Jan 31, 2026 | |||
| Feb 1, 2025 | |||
| Feb 3, 2024 | |||
| Jan 28, 2023 | |||
| Jan 29, 2022 | |||
| Jan 30, 2021 | |||
| Feb 1, 2020 | |||
| Feb 2, 2019 | |||
| Feb 3, 2018 | |||
| Jan 28, 2017 | |||
| Jan 30, 2016 | |||
| Jan 31, 2015 | |||
| Feb 1, 2014 | |||
| Feb 2, 2013 | |||
| Jan 28, 2012 | |||
| Jan 29, 2011 | |||
| Jan 30, 2010 | |||
| Jan 31, 2009 | |||
| Feb 2, 2008 | |||
| Feb 3, 2007 | |||
| Jan 28, 2006 | |||
| Jan 29, 2005 |
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), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03), 10-K (reporting date: 2017-01-28), 10-K (reporting date: 2016-01-30), 10-K (reporting date: 2015-01-31), 10-K (reporting date: 2014-02-01), 10-K (reporting date: 2013-02-02), 10-K (reporting date: 2012-01-28), 10-K (reporting date: 2011-01-29), 10-K (reporting date: 2010-01-30), 10-K (reporting date: 2009-01-31), 10-K (reporting date: 2008-02-02), 10-K (reporting date: 2007-02-03), 10-K (reporting date: 2006-01-28), 10-K (reporting date: 2005-01-29).
Comparison to Sector (Consumer Staples Distribution & Retail)
Target Corp., debt to equity, long-term trends, comparison to sector (consumer staples distribution & retail)
| Target Corp. | Consumer Staples Distribution & Retail | |
|---|---|---|
| Jan 31, 2026 | ||
| Feb 1, 2025 | ||
| Feb 3, 2024 | ||
| Jan 28, 2023 | ||
| Jan 29, 2022 | ||
| Jan 30, 2021 | ||
| Feb 1, 2020 | ||
| Feb 2, 2019 | ||
| Feb 3, 2018 | ||
| Jan 28, 2017 | ||
| Jan 30, 2016 | ||
| Jan 31, 2015 | ||
| Feb 1, 2014 | ||
| Feb 2, 2013 | ||
| Jan 28, 2012 | ||
| Jan 29, 2011 | ||
| Jan 30, 2010 | ||
| Jan 31, 2009 | ||
| Feb 2, 2008 | ||
| Feb 3, 2007 | ||
| Jan 28, 2006 | ||
| Jan 29, 2005 |
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), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03), 10-K (reporting date: 2017-01-28), 10-K (reporting date: 2016-01-30), 10-K (reporting date: 2015-01-31), 10-K (reporting date: 2014-02-01), 10-K (reporting date: 2013-02-02), 10-K (reporting date: 2012-01-28), 10-K (reporting date: 2011-01-29), 10-K (reporting date: 2010-01-30), 10-K (reporting date: 2009-01-31), 10-K (reporting date: 2008-02-02), 10-K (reporting date: 2007-02-03), 10-K (reporting date: 2006-01-28), 10-K (reporting date: 2005-01-29).
Comparison to Industry (Consumer Staples)
Target Corp., debt to equity, long-term trends, comparison to industry (consumer staples)
| Target Corp. | Consumer Staples | |
|---|---|---|
| Jan 31, 2026 | ||
| Feb 1, 2025 | ||
| Feb 3, 2024 | ||
| Jan 28, 2023 | ||
| Jan 29, 2022 | ||
| Jan 30, 2021 | ||
| Feb 1, 2020 | ||
| Feb 2, 2019 | ||
| Feb 3, 2018 | ||
| Jan 28, 2017 | ||
| Jan 30, 2016 | ||
| Jan 31, 2015 | ||
| Feb 1, 2014 | ||
| Feb 2, 2013 | ||
| Jan 28, 2012 | ||
| Jan 29, 2011 | ||
| Jan 30, 2010 | ||
| Jan 31, 2009 | ||
| Feb 2, 2008 | ||
| Feb 3, 2007 | ||
| Jan 28, 2006 | ||
| Jan 29, 2005 |
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), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03), 10-K (reporting date: 2017-01-28), 10-K (reporting date: 2016-01-30), 10-K (reporting date: 2015-01-31), 10-K (reporting date: 2014-02-01), 10-K (reporting date: 2013-02-02), 10-K (reporting date: 2012-01-28), 10-K (reporting date: 2011-01-29), 10-K (reporting date: 2010-01-30), 10-K (reporting date: 2009-01-31), 10-K (reporting date: 2008-02-02), 10-K (reporting date: 2007-02-03), 10-K (reporting date: 2006-01-28), 10-K (reporting date: 2005-01-29).