Stock Analysis on Net
Stock Analysis on Net

Target Corp. (NYSE:TGT)

DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
Quarterly Data

Microsoft Excel

Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.

Two-Component Disaggregation of ROE

Target Corp., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = ROA × Financial Leverage
Feb 3, 2024 30.81% = 7.48% × 4.12
Oct 28, 2023 29.02% = 6.46% × 4.49
Jul 29, 2023 28.13% = 6.34% × 4.44
Apr 29, 2023 23.45% = 5.22% × 4.49
Jan 28, 2023 24.75% = 5.21% × 4.75
Oct 29, 2022 31.29% = 6.20% × 5.05
Jul 30, 2022 39.88% = 8.05% × 4.95
Apr 30, 2022 54.37% = 11.52% × 4.72
Jan 29, 2022 54.15% = 12.91% × 4.20
Oct 30, 2021 49.13% = 12.46% × 3.94
Jul 31, 2021 42.45% = 12.28% × 3.46
May 1, 2021 41.32% = 12.25% × 3.37
Jan 30, 2021 30.25% = 8.52% × 3.55
Oct 31, 2020 28.70% = 7.54% × 3.80
Aug 1, 2020 28.00% = 7.34% × 3.82
May 2, 2020 24.80% = 6.18% × 4.01
Feb 1, 2020 27.73% = 7.67% × 3.62
Nov 2, 2019 28.11% = 7.42% × 3.79
Aug 3, 2019 26.64% = 7.59% × 3.51
May 4, 2019 27.11% = 7.42% × 3.65
Feb 2, 2019 26.00% = 7.11% × 3.65
Nov 3, 2018 — = — × 3.93
Aug 4, 2018 — = — × 3.58
May 5, 2018 — = — × 3.49

Based on: 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), 10-K (reporting date: 2019-02-02), 10-Q (reporting date: 2018-11-03), 10-Q (reporting date: 2018-08-04), 10-Q (reporting date: 2018-05-05).

The primary reason for the increase in return on equity ratio (ROE) over Q4 2024 is the increase in profitability measured by return on assets ratio (ROA).

Three-Component Disaggregation of ROE

Target Corp., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Feb 3, 2024 30.81% = 3.91% × 1.91 × 4.12
Oct 28, 2023 29.02% = 3.45% × 1.87 × 4.49
Jul 29, 2023 28.13% = 3.17% × 2.00 × 4.44
Apr 29, 2023 23.45% = 2.53% × 2.07 × 4.49
Jan 28, 2023 24.75% = 2.58% × 2.02 × 4.75
Oct 29, 2022 31.29% = 3.22% × 1.93 × 5.05
Jul 30, 2022 39.88% = 3.97% × 2.03 × 4.95
Apr 30, 2022 54.37% = 5.55% × 2.08 × 4.72
Jan 29, 2022 54.15% = 6.64% × 1.94 × 4.20
Oct 30, 2021 49.13% = 6.65% × 1.87 × 3.94
Jul 31, 2021 42.45% = 6.37% × 1.93 × 3.46
May 1, 2021 41.32% = 6.38% × 1.92 × 3.37
Jan 30, 2021 30.25% = 4.73% × 1.80 × 3.55
Oct 31, 2020 28.70% = 4.37% × 1.73 × 3.80
Aug 1, 2020 28.00% = 4.21% × 1.74 × 3.82
May 2, 2020 24.80% = 3.50% × 1.77 × 4.01
Feb 1, 2020 27.73% = 4.25% × 1.80 × 3.62
Nov 2, 2019 28.11% = 4.23% × 1.75 × 3.79
Aug 3, 2019 26.64% = 4.15% × 1.83 × 3.51
May 4, 2019 27.11% = 4.00% × 1.85 × 3.65
Feb 2, 2019 26.00% = 3.95% × 1.80 × 3.65
Nov 3, 2018 — = — × — × 3.93
Aug 4, 2018 — = — × — × 3.58
May 5, 2018 — = — × — × 3.49

Based on: 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), 10-K (reporting date: 2019-02-02), 10-Q (reporting date: 2018-11-03), 10-Q (reporting date: 2018-08-04), 10-Q (reporting date: 2018-05-05).

The primary reason for the increase in return on equity ratio (ROE) over Q4 2024 is the increase in profitability measured by net profit margin ratio.

Five-Component Disaggregation of ROE

Target Corp., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
Feb 3, 2024 30.81% = 0.78 × 0.91 × 5.48% × 1.91 × 4.12
Oct 28, 2023 29.02% = 0.80 × 0.90 × 4.82% × 1.87 × 4.49
Jul 29, 2023 28.13% = 0.80 × 0.89 × 4.48% × 2.00 × 4.44
Apr 29, 2023 23.45% = 0.81 × 0.87 × 3.61% × 2.07 × 4.49
Jan 28, 2023 24.75% = 0.81 × 0.88 × 3.62% × 2.02 × 4.75
Oct 29, 2022 31.29% = 0.79 × 0.91 × 4.52% × 1.93 × 5.05
Jul 30, 2022 39.88% = 0.78 × 0.93 × 5.48% × 2.03 × 4.95
Apr 30, 2022 54.37% = 0.78 × 0.95 × 7.55% × 2.08 × 4.72
Jan 29, 2022 54.15% = 0.78 × 0.95 × 8.92% × 1.94 × 4.20
Oct 30, 2021 49.13% = 0.79 × 0.95 × 8.87% × 1.87 × 3.94
Jul 31, 2021 42.45% = 0.79 × 0.89 × 9.04% × 1.93 × 3.46
May 1, 2021 41.32% = 0.79 × 0.89 × 9.07% × 1.92 × 3.37
Jan 30, 2021 30.25% = 0.79 × 0.85 × 7.06% × 1.80 × 3.55
Oct 31, 2020 28.70% = 0.79 × 0.83 × 6.69% × 1.73 × 3.80
Aug 1, 2020 28.00% = 0.79 × 0.91 × 5.92% × 1.74 × 3.82
May 2, 2020 24.80% = 0.79 × 0.88 × 5.03% × 1.77 × 4.01
Feb 1, 2020 27.73% = 0.78 × 0.90 × 6.07% × 1.80 × 3.62
Nov 2, 2019 28.11% = 0.78 × 0.90 × 6.04% × 1.75 × 3.79
Aug 3, 2019 26.64% = 0.79 × 0.89 × 5.86% × 1.83 × 3.51
May 4, 2019 27.11% = 0.80 × 0.89 × 5.64% × 1.85 × 3.65
Feb 2, 2019 26.00% = 0.80 × 0.89 × 5.57% × 1.80 × 3.65
Nov 3, 2018 — = — × — × — × — × 3.93
Aug 4, 2018 — = — × — × — × — × 3.58
May 5, 2018 — = — × — × — × — × 3.49

Based on: 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), 10-K (reporting date: 2019-02-02), 10-Q (reporting date: 2018-11-03), 10-Q (reporting date: 2018-08-04), 10-Q (reporting date: 2018-05-05).

The primary reason for the increase in return on equity ratio (ROE) over Q4 2024 is the increase in operating profitability measured by EBIT margin ratio.

Two-Component Disaggregation of ROA

Target Corp., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Feb 3, 2024 7.48% = 3.91% × 1.91
Oct 28, 2023 6.46% = 3.45% × 1.87
Jul 29, 2023 6.34% = 3.17% × 2.00
Apr 29, 2023 5.22% = 2.53% × 2.07
Jan 28, 2023 5.21% = 2.58% × 2.02
Oct 29, 2022 6.20% = 3.22% × 1.93
Jul 30, 2022 8.05% = 3.97% × 2.03
Apr 30, 2022 11.52% = 5.55% × 2.08
Jan 29, 2022 12.91% = 6.64% × 1.94
Oct 30, 2021 12.46% = 6.65% × 1.87
Jul 31, 2021 12.28% = 6.37% × 1.93
May 1, 2021 12.25% = 6.38% × 1.92
Jan 30, 2021 8.52% = 4.73% × 1.80
Oct 31, 2020 7.54% = 4.37% × 1.73
Aug 1, 2020 7.34% = 4.21% × 1.74
May 2, 2020 6.18% = 3.50% × 1.77
Feb 1, 2020 7.67% = 4.25% × 1.80
Nov 2, 2019 7.42% = 4.23% × 1.75
Aug 3, 2019 7.59% = 4.15% × 1.83
May 4, 2019 7.42% = 4.00% × 1.85
Feb 2, 2019 7.11% = 3.95% × 1.80
Nov 3, 2018 — = — × —
Aug 4, 2018 — = — × —
May 5, 2018 — = — × —

Based on: 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), 10-K (reporting date: 2019-02-02), 10-Q (reporting date: 2018-11-03), 10-Q (reporting date: 2018-08-04), 10-Q (reporting date: 2018-05-05).

The primary reason for the increase in return on assets ratio (ROA) over Q4 2024 is the increase in profitability measured by net profit margin ratio.

Four-Component Disaggregation of ROA

Target Corp., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Feb 3, 2024 7.48% = 0.78 × 0.91 × 5.48% × 1.91
Oct 28, 2023 6.46% = 0.80 × 0.90 × 4.82% × 1.87
Jul 29, 2023 6.34% = 0.80 × 0.89 × 4.48% × 2.00
Apr 29, 2023 5.22% = 0.81 × 0.87 × 3.61% × 2.07
Jan 28, 2023 5.21% = 0.81 × 0.88 × 3.62% × 2.02
Oct 29, 2022 6.20% = 0.79 × 0.91 × 4.52% × 1.93
Jul 30, 2022 8.05% = 0.78 × 0.93 × 5.48% × 2.03
Apr 30, 2022 11.52% = 0.78 × 0.95 × 7.55% × 2.08
Jan 29, 2022 12.91% = 0.78 × 0.95 × 8.92% × 1.94
Oct 30, 2021 12.46% = 0.79 × 0.95 × 8.87% × 1.87
Jul 31, 2021 12.28% = 0.79 × 0.89 × 9.04% × 1.93
May 1, 2021 12.25% = 0.79 × 0.89 × 9.07% × 1.92
Jan 30, 2021 8.52% = 0.79 × 0.85 × 7.06% × 1.80
Oct 31, 2020 7.54% = 0.79 × 0.83 × 6.69% × 1.73
Aug 1, 2020 7.34% = 0.79 × 0.91 × 5.92% × 1.74
May 2, 2020 6.18% = 0.79 × 0.88 × 5.03% × 1.77
Feb 1, 2020 7.67% = 0.78 × 0.90 × 6.07% × 1.80
Nov 2, 2019 7.42% = 0.78 × 0.90 × 6.04% × 1.75
Aug 3, 2019 7.59% = 0.79 × 0.89 × 5.86% × 1.83
May 4, 2019 7.42% = 0.80 × 0.89 × 5.64% × 1.85
Feb 2, 2019 7.11% = 0.80 × 0.89 × 5.57% × 1.80
Nov 3, 2018 — = — × — × — × —
Aug 4, 2018 — = — × — × — × —
May 5, 2018 — = — × — × — × —

Based on: 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), 10-K (reporting date: 2019-02-02), 10-Q (reporting date: 2018-11-03), 10-Q (reporting date: 2018-08-04), 10-Q (reporting date: 2018-05-05).

The primary reason for the increase in return on assets ratio (ROA) over Q4 2024 is the increase in operating profitability measured by EBIT margin ratio.

Disaggregation of Net Profit Margin

Target Corp., decomposition of net profit margin ratio (quarterly data)

Microsoft Excel
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Feb 3, 2024 3.91% = 0.78 × 0.91 × 5.48%
Oct 28, 2023 3.45% = 0.80 × 0.90 × 4.82%
Jul 29, 2023 3.17% = 0.80 × 0.89 × 4.48%
Apr 29, 2023 2.53% = 0.81 × 0.87 × 3.61%
Jan 28, 2023 2.58% = 0.81 × 0.88 × 3.62%
Oct 29, 2022 3.22% = 0.79 × 0.91 × 4.52%
Jul 30, 2022 3.97% = 0.78 × 0.93 × 5.48%
Apr 30, 2022 5.55% = 0.78 × 0.95 × 7.55%
Jan 29, 2022 6.64% = 0.78 × 0.95 × 8.92%
Oct 30, 2021 6.65% = 0.79 × 0.95 × 8.87%
Jul 31, 2021 6.37% = 0.79 × 0.89 × 9.04%
May 1, 2021 6.38% = 0.79 × 0.89 × 9.07%
Jan 30, 2021 4.73% = 0.79 × 0.85 × 7.06%
Oct 31, 2020 4.37% = 0.79 × 0.83 × 6.69%
Aug 1, 2020 4.21% = 0.79 × 0.91 × 5.92%
May 2, 2020 3.50% = 0.79 × 0.88 × 5.03%
Feb 1, 2020 4.25% = 0.78 × 0.90 × 6.07%
Nov 2, 2019 4.23% = 0.78 × 0.90 × 6.04%
Aug 3, 2019 4.15% = 0.79 × 0.89 × 5.86%
May 4, 2019 4.00% = 0.80 × 0.89 × 5.64%
Feb 2, 2019 3.95% = 0.80 × 0.89 × 5.57%
Nov 3, 2018 — = — × — × —
Aug 4, 2018 — = — × — × —
May 5, 2018 — = — × — × —

Based on: 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), 10-K (reporting date: 2019-02-02), 10-Q (reporting date: 2018-11-03), 10-Q (reporting date: 2018-08-04), 10-Q (reporting date: 2018-05-05).

The primary reason for the increase in net profit margin ratio over Q4 2024 is the increase in operating profitability measured by EBIT margin ratio.