Stock Analysis on Net
Stock Analysis on Net

Target Corp. (NYSE:TGT)

Adjusted Financial Ratios

Microsoft Excel

Adjusted Financial Ratios (Summary)

Target Corp., adjusted financial ratios

Microsoft Excel
Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020 Feb 2, 2019
Activity Ratio
Total Asset Turnover
Reported 1.91 2.02 1.94 1.80 1.80 1.80
Adjusted 1.91 2.02 1.94 1.80 1.80 1.80
Solvency Ratios
Debt to Equity
Reported 1.19 1.44 1.07 0.88 0.97 1.00
Adjusted 1.24 1.42 1.14 0.98 1.08 1.10
Debt to Capital
Reported 0.54 0.59 0.52 0.47 0.49 0.50
Adjusted 0.55 0.59 0.53 0.50 0.52 0.52
Financial Leverage
Reported 4.12 4.75 4.20 3.55 3.62 3.65
Adjusted 3.48 3.97 3.74 3.32 3.30 3.37
Profitability Ratios
Net Profit Margin
Reported 3.91% 2.58% 6.64% 4.73% 4.25% 3.95%
Adjusted 4.15% 3.25% 7.33% 4.65% 4.39% 4.29%
Return on Equity (ROE)
Reported 30.81% 24.75% 54.15% 30.25% 27.73% 26.00%
Adjusted 27.63% 26.05% 53.32% 27.88% 26.14% 26.06%
Return on Assets (ROA)
Reported 7.48% 5.21% 12.91% 8.52% 7.67% 7.11%
Adjusted 7.94% 6.56% 14.26% 8.39% 7.91% 7.74%

Based on: 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).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Target Corp. adjusted total asset turnover ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Target Corp. adjusted debt-to-equity ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 not reaching 2022 level.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Target Corp. adjusted debt-to-capital ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 not reaching 2022 level.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Target Corp. adjusted financial leverage ratio increased from 2022 to 2023 but then decreased significantly from 2023 to 2024.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Target Corp. adjusted net profit margin ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Target Corp. adjusted ROE deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Target Corp. adjusted ROA deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.

Target Corp., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Microsoft Excel
Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020 Feb 2, 2019
Reported
Selected Financial Data (US$ in millions)
Sales 105,803 107,588 104,611 92,400 77,130 74,433
Total assets 55,356 53,335 53,811 51,248 42,779 41,290
Activity Ratio
Total asset turnover1 1.91 2.02 1.94 1.80 1.80 1.80
Adjusted
Selected Financial Data (US$ in millions)
Sales 105,803 107,588 104,611 92,400 77,130 74,433
Adjusted total assets2 55,348 53,329 53,805 51,228 42,771 41,278
Activity Ratio
Adjusted total asset turnover3 1.91 2.02 1.94 1.80 1.80 1.80

Based on: 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).

1 2024 Calculation
Total asset turnover = Sales ÷ Total assets
= 105,803 ÷ 55,356 = 1.91

2 Adjusted total assets. See details »

3 2024 Calculation
Adjusted total asset turnover = Sales ÷ Adjusted total assets
= 105,803 ÷ 55,348 = 1.91

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Target Corp. adjusted total asset turnover ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.

Adjusted Debt to Equity

Microsoft Excel
Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020 Feb 2, 2019
Reported
Selected Financial Data (US$ in millions)
Total debt 16,038 16,139 13,720 12,680 11,499 11,275
Shareholders’ investment 13,432 11,232 12,827 14,440 11,833 11,297
Solvency Ratio
Debt to equity1 1.19 1.44 1.07 0.88 0.97 1.00
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 19,646 19,073 16,467 15,109 13,974 13,445
Adjusted shareholders’ investment3 15,904 13,422 14,388 15,410 12,947 12,257
Solvency Ratio
Adjusted debt to equity4 1.24 1.42 1.14 0.98 1.08 1.10

Based on: 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).

1 2024 Calculation
Debt to equity = Total debt ÷ Shareholders’ investment
= 16,038 ÷ 13,432 = 1.19

2 Adjusted total debt. See details »

3 Adjusted shareholders’ investment. See details »

4 2024 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted shareholders’ investment
= 19,646 ÷ 15,904 = 1.24

Solvency ratio Description The company
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Target Corp. adjusted debt-to-equity ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 not reaching 2022 level.

Adjusted Debt to Capital

Microsoft Excel
Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020 Feb 2, 2019
Reported
Selected Financial Data (US$ in millions)
Total debt 16,038 16,139 13,720 12,680 11,499 11,275
Total capital 29,470 27,371 26,547 27,120 23,332 22,572
Solvency Ratio
Debt to capital1 0.54 0.59 0.52 0.47 0.49 0.50
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 19,646 19,073 16,467 15,109 13,974 13,445
Adjusted total capital3 35,550 32,495 30,855 30,519 26,921 25,702
Solvency Ratio
Adjusted debt to capital4 0.55 0.59 0.53 0.50 0.52 0.52

Based on: 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).

1 2024 Calculation
Debt to capital = Total debt ÷ Total capital
= 16,038 ÷ 29,470 = 0.54

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2024 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 19,646 ÷ 35,550 = 0.55

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Target Corp. adjusted debt-to-capital ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 not reaching 2022 level.

Adjusted Financial Leverage

Microsoft Excel
Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020 Feb 2, 2019
Reported
Selected Financial Data (US$ in millions)
Total assets 55,356 53,335 53,811 51,248 42,779 41,290
Shareholders’ investment 13,432 11,232 12,827 14,440 11,833 11,297
Solvency Ratio
Financial leverage1 4.12 4.75 4.20 3.55 3.62 3.65
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 55,348 53,329 53,805 51,228 42,771 41,278
Adjusted shareholders’ investment3 15,904 13,422 14,388 15,410 12,947 12,257
Solvency Ratio
Adjusted financial leverage4 3.48 3.97 3.74 3.32 3.30 3.37

Based on: 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).

1 2024 Calculation
Financial leverage = Total assets ÷ Shareholders’ investment
= 55,356 ÷ 13,432 = 4.12

2 Adjusted total assets. See details »

3 Adjusted shareholders’ investment. See details »

4 2024 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted shareholders’ investment
= 55,348 ÷ 15,904 = 3.48

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Target Corp. adjusted financial leverage ratio increased from 2022 to 2023 but then decreased significantly from 2023 to 2024.

Adjusted Net Profit Margin

Microsoft Excel
Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020 Feb 2, 2019
Reported
Selected Financial Data (US$ in millions)
Net earnings 4,138 2,780 6,946 4,368 3,281 2,937
Sales 105,803 107,588 104,611 92,400 77,130 74,433
Profitability Ratio
Net profit margin1 3.91% 2.58% 6.64% 4.73% 4.25% 3.95%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net earnings2 4,395 3,496 7,671 4,296 3,384 3,194
Sales 105,803 107,588 104,611 92,400 77,130 74,433
Profitability Ratio
Adjusted net profit margin3 4.15% 3.25% 7.33% 4.65% 4.39% 4.29%

Based on: 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).

1 2024 Calculation
Net profit margin = 100 × Net earnings ÷ Sales
= 100 × 4,138 ÷ 105,803 = 3.91%

2 Adjusted net earnings. See details »

3 2024 Calculation
Adjusted net profit margin = 100 × Adjusted net earnings ÷ Sales
= 100 × 4,395 ÷ 105,803 = 4.15%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Target Corp. adjusted net profit margin ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.

Adjusted Return on Equity (ROE)

Microsoft Excel
Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020 Feb 2, 2019
Reported
Selected Financial Data (US$ in millions)
Net earnings 4,138 2,780 6,946 4,368 3,281 2,937
Shareholders’ investment 13,432 11,232 12,827 14,440 11,833 11,297
Profitability Ratio
ROE1 30.81% 24.75% 54.15% 30.25% 27.73% 26.00%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net earnings2 4,395 3,496 7,671 4,296 3,384 3,194
Adjusted shareholders’ investment3 15,904 13,422 14,388 15,410 12,947 12,257
Profitability Ratio
Adjusted ROE4 27.63% 26.05% 53.32% 27.88% 26.14% 26.06%

Based on: 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).

1 2024 Calculation
ROE = 100 × Net earnings ÷ Shareholders’ investment
= 100 × 4,138 ÷ 13,432 = 30.81%

2 Adjusted net earnings. See details »

3 Adjusted shareholders’ investment. See details »

4 2024 Calculation
Adjusted ROE = 100 × Adjusted net earnings ÷ Adjusted shareholders’ investment
= 100 × 4,395 ÷ 15,904 = 27.63%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Target Corp. adjusted ROE deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.

Adjusted Return on Assets (ROA)

Microsoft Excel
Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020 Feb 2, 2019
Reported
Selected Financial Data (US$ in millions)
Net earnings 4,138 2,780 6,946 4,368 3,281 2,937
Total assets 55,356 53,335 53,811 51,248 42,779 41,290
Profitability Ratio
ROA1 7.48% 5.21% 12.91% 8.52% 7.67% 7.11%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net earnings2 4,395 3,496 7,671 4,296 3,384 3,194
Adjusted total assets3 55,348 53,329 53,805 51,228 42,771 41,278
Profitability Ratio
Adjusted ROA4 7.94% 6.56% 14.26% 8.39% 7.91% 7.74%

Based on: 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).

1 2024 Calculation
ROA = 100 × Net earnings ÷ Total assets
= 100 × 4,138 ÷ 55,356 = 7.48%

2 Adjusted net earnings. See details »

3 Adjusted total assets. See details »

4 2024 Calculation
Adjusted ROA = 100 × Adjusted net earnings ÷ Adjusted total assets
= 100 × 4,395 ÷ 55,348 = 7.94%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Target Corp. adjusted ROA deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.