Target Corp. (NYSE:TGT)

Net Fixed Asset Turnover

The net fixed asset turnover ratio began to be recorded starting from February 2020 at 2.97. It showed a gradual increasing trend through the year 2021, peaking at 3.76 in April 2022. After this peak, the ratio experienced a slow decline, dropping to 3.15 by August 2025. This suggests that the efficiency in using fixed assets to generate sales improved notably until mid-2022, followed by a moderate decrease over the next three years.

Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)

This ratio followed a similar pattern to the standard net fixed asset turnover but at slightly lower values overall. Starting at 2.74 in February 2020, it increased to a high of 3.45 in April 2022. Post this peak, there was a steady decline down to 2.84 by August 2025. The inclusion of operating lease assets appears to reduce the turnover ratio slightly, indicating these assets have a dilutive effect on turnover but follow the same overall trend.

Total Asset Turnover

Total asset turnover showed initial values of 1.83 in February 2020, followed by a slight decline through late 2020 to 1.75 in February 2021. Thereafter, it demonstrated a recovery and upward trend, reaching a peak of 2.10 in April and October 2022. After this, the ratio fluctuated, ending at 1.83 in August 2025. This pattern indicates that asset utilization efficiency improved significantly during 2021 and 2022 but returned to prior levels in subsequent years.

Equity Turnover

The equity turnover ratio exhibited notable growth from 6.60 in February 2020 to a peak of 10.18 in April 2022, indicating increased efficiency in generating revenue from shareholders' equity during this time. Following the peak, the ratio steadily declined, reaching 6.85 in August 2025. This decline could suggest changes in capital structure, decreased revenue relative to equity, or increased equity base diluting turnover efficiency over the later period.

Net Sales

The net sales figures demonstrate variability with an overall upward trend punctuated by periodic fluctuations. Starting from approximately $17.6 billion in May 2019, sales peak repeatedly around $31 billion by early 2025. Notable increases occur in February 2020, January 2021, and late 2024, indicative of possible seasonality or promotional activity. Some declines follow these peaks, suggesting cyclicality in revenue generation.

Property and Equipment, Net

Property and equipment, net, remains relatively stable with gradual growth over the period. Valued at around $25.7 billion in May 2019, the amount modestly rises to approximately $33.6 billion by mid-2025. The steady increase indicates ongoing investment or capital expenditures. The incremental changes reflect a consistent asset base expansion rather than abrupt shifts.

Net Fixed Asset Turnover Ratio

The net fixed asset turnover ratio starts at about 2.97 in early 2020 and shows a rising trend that peaks near 3.76 in April 2022. This indicates improving efficiency in utilizing fixed assets to generate sales during that time. Following this peak, the ratio gradually declines to approximately 3.15 by August 2025. The initial increase suggests enhanced asset productivity or sales gains outpacing asset growth, while the later decline possibly reflects slower sales growth relative to asset base expansion or decreased asset utilization efficiency.

Net Sales

Net sales exhibit a fluctuating but generally upward trend over the observed periods. Starting at 17,627 million USD in May 2019, sales saw intermittent increases and declines, with notable peaks in February 2021 (28,339 million USD), January 2023 (31,395 million USD), and February 2024 (31,919 million USD). Despite these peaks, some quarters such as May 2020, May 2022, and May 2025 experienced significant reductions compared to preceding quarters. This pattern suggests seasonality or external influences impacting sales performance periodically.

Property and Equipment, Net (Including Operating Lease, Right-of-Use Asset)

This asset category shows a consistent and steady increase throughout the timeline. From 27,725 million USD in May 2019, the net property and equipment value rose incrementally each period, reaching 37,262 million USD by August 2025. The growth appears linear without any significant fluctuations, indicating ongoing investment or capitalization in property and equipment assets.

Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)

The net fixed asset turnover ratio was only reported starting February 2020 at 2.74 and demonstrated a gradual increase through early 2022, peaking around 3.45 in April 2022, which signifies an improved efficiency in utilizing fixed assets to generate sales. From that peak, the ratio experiences a steady decline, moving down to approximately 2.84 by August 2025. This downtrend suggests decreasing asset utilization efficiency after 2022, potentially due to increased asset base without proportional sales growth or other operational factors.

Net Sales

The net sales figures exhibit a cyclical pattern with notable fluctuations over the periods analyzed. From May 2019 to February 2020, net sales rose from approximately 17.6 billion USD to nearly 23.4 billion USD, indicating substantial growth. However, the period immediately following saw some declines and recoveries, with sales oscillating between roughly 19.6 billion and 31.4 billion USD in subsequent quarters. The highest sales values tend to occur near the first quarter of each year, suggesting seasonal factors. Towards the later part of the dataset, from early 2023 to mid-2025, net sales maintain a somewhat steady range generally oscillating between 23.8 billion USD and 31.9 billion USD, with no consistent upward or downward trend but rather short-term variations.

Total Assets

Total assets steadily increased from approximately 40.6 billion USD in May 2019 to a peak of around 58.5 billion USD by late 2024. Despite minor fluctuations, the overall trajectory is upward, indicating asset base expansion. Small dips are observed around mid-2022 and early 2024, but these are temporary and followed by rebounds. This steady growth in assets reflects ongoing investment or accumulation of resources over the analyzed quarters.

Total Asset Turnover

The total asset turnover ratio, available starting from November 2019, generally remains within the range of approximately 1.75 to 2.1. It demonstrates relative stability with mild oscillations. The ratio peaks around mid-2022 to early 2023, reaching values close to 2.1, implying higher efficiency in generating sales from assets during that period. Afterward, the turnover ratio slightly decreases, settling closer to 1.83 towards mid-2025, indicating a marginal reduction in asset utilization efficiency.

Overall Insights

Combining the trends, the company shows consistent growth in total assets over time with net sales exhibiting seasonal and cyclical fluctuations but no definitive long-term upward or downward trend in the most recent periods. The asset turnover ratio’s stability around 2.0 suggests the company maintains steady operational efficiency in leveraging its asset base to generate revenue, though some decline is evident at the end of the dataset. The rise in assets without proportionate sustained growth in sales in some recent quarters may warrant monitoring the efficiency of asset use going forward.

The financial data for the periods spanning from May 2019 to August 2025 reveal several notable trends across net sales, shareholders’ investment, and equity turnover ratio.

Net Sales

Net sales display a pattern of fluctuations with a generally upward trajectory interrupted by intermittent decreases. Initially, sales progress from approximately $17.6 billion in May 2019 to just over $23.3 billion by February 2020, marking a significant increase. However, a decline appears in May 2020, dropping to around $19.6 billion, likely reflecting external disruptions during that time. Sales recover thereafter, peaking at nearly $31 billion in January 2022, followed by recurring oscillations around the mid-$25 billion to mid-$30 billion range. The highest sales figure reaches approximately $31.9 billion in February 2024, before softening again in the subsequent quarters. This indicates resilience but with sensitivity to periodic market or operational factors.

Shareholders’ Investment

Shareholders’ investment steadily increases over the observed timeframe with some periods of minor contraction. Starting at about $11.1 billion in May 2019, investment rises moderately to exceed $14.4 billion by January 2021. A slight decline is evident between early 2021 and mid-2022, falling from approximately $14.8 billion to $10.6 billion, suggesting possible share repurchases, dividends, or write-downs. The trend reverses post-mid-2022 with continuous growth, reaching around $15.4 billion by August 2025. Overall, this suggests gradual strengthening of the equity base despite intermittent reductions.

Equity Turnover Ratio

The equity turnover ratio exhibits a general increasing trend from the first available figure around November 2019 through early 2022, escalating from 6.6 to a peak near 10.18 by October 2021. This rise reflects enhanced efficiency in generating sales relative to shareholders’ equity during that period. Post peak, the ratio begins a steady decline, descending to approximately 6.85 by August 2025. This decline may indicate a reduction in sales relative to the equity base or an expansion in equity outpacing sales growth in the later years.

In summary, net sales fluctuate with notable peaks and declines likely attributable to market conditions, while shareholders’ investment shows an overall upward trend interrupted by moderate decreases. The equity turnover ratio signals a period of increasing operational efficiency until 2021, followed by a gradual decline, suggesting changing dynamics in sales performance relative to equity levels. These patterns collectively point to a business cycle influenced by both external factors and internal capital management decisions over the analyzed period.