Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
EV to EBITDA Ratio, Current
EV to EBITDA Ratio, Historical

Target Corp., EBITDA calculation

US$ in millions

12 months ended:	Jan 30, 2021	Feb 1, 2020	Feb 2, 2019	Feb 3, 2018	Jan 28, 2017	Jan 30, 2016
Net earnings	4,368	3,281	2,937	2,934	2,737	3,363
Less: Discontinued operations, net of tax	—	12	7	6	68	42
Add: Income tax expense	1,178	921	746	718	1,296	1,602
Earnings before tax (EBT)	5,546	4,190	3,676	3,646	3,965	4,923
Add: Net interest expense	977	477	461	666	1,004	607
Earnings before interest and tax (EBIT)	6,523	4,667	4,137	4,312	4,969	5,530
Add: Depreciation and amortization	2,485	2,604	2,474	2,445	2,298	2,213
Earnings before interest, tax, depreciation and amortization (EBITDA)	9,008	7,271	6,611	6,757	7,267	7,743

Based on: 10-K (filing date: 2021-03-10), 10-K (filing date: 2020-03-11), 10-K (filing date: 2019-03-13), 10-K (filing date: 2018-03-14), 10-K (filing date: 2017-03-08), 10-K (filing date: 2016-03-11).

Item	Description	The company
EBITDA	To calculate EBITDA analysts start with net earnings. To that earnings number, interest, taxes, depreciation, and amortization are added. EBITDA as a pre-interest number is a flow to all providers of capital.	Target Corp.’s EBITDA increased from 2019 to 2020 and from 2020 to 2021.

Target Corp., current EV/EBITDA calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	124,085
Earnings before interest, tax, depreciation and amortization (EBITDA)	9,008
Valuation Ratio
EV/EBITDA	13.77
Benchmarks
EV/EBITDA, Competitors¹
Amazon.com Inc.	33.34
Booking Holdings Inc.	76.16
Home Depot Inc.	19.15
Lowe’s Cos. Inc.	16.50
TJX Cos. Inc.	63.27
EV/EBITDA, Sector
Retailing	28.37
EV/EBITDA, Industry
Consumer Discretionary	31.35

Based on: 10-K (filing date: 2021-03-10).

¹ Click competitor name to see calculations.

If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.

Target Corp., historical EV/EBITDA calculation, comparison to benchmarks

	Jan 30, 2021	Feb 1, 2020	Feb 2, 2019	Feb 3, 2018	Jan 28, 2017	Jan 30, 2016
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	93,212	61,814	49,539	47,010	40,645	57,835
Earnings before interest, tax, depreciation and amortization (EBITDA)²	9,008	7,271	6,611	6,757	7,267	7,743
Valuation Ratio
EV/EBITDA³	10.35	8.50	7.49	6.96	5.59	7.47
Benchmarks
EV/EBITDA, Competitors⁴
Amazon.com Inc.	—	32.20	26.68	28.54	43.43	31.19
Booking Holdings Inc.	—	73.17	10.49	15.94	18.77	25.72
Home Depot Inc.	16.53	12.34	13.36	13.46	12.90	13.23
Lowe’s Cos. Inc.	14.41	8.98	18.22	11.22	11.41	12.17
TJX Cos. Inc.	65.35	10.33	12.61	11.11	11.16	11.83
EV/EBITDA, Sector
Retailing	—	23.70	19.22	18.70	20.97	17.50
EV/EBITDA, Industry
Consumer Discretionary	—	27.02	17.74	16.09	16.61	14.33

Based on: 10-K (filing date: 2021-03-10), 10-K (filing date: 2020-03-11), 10-K (filing date: 2019-03-13), 10-K (filing date: 2018-03-14), 10-K (filing date: 2017-03-08), 10-K (filing date: 2016-03-11).

¹ See details »

² See details »

³ 2021 Calculation
EV/EBITDA = EV ÷ EBITDA
= 93,212 ÷ 9,008 = 10.35

⁴ Click competitor name to see calculations.

Valuation ratio	Description	The company
EV/EBITDA	Enterprise value to earnings before interest, tax, depreciation and amortization is a valuation indicator for the overall company rather than common stock.	Target Corp.’s EV/EBITDA ratio increased from 2019 to 2020 and from 2020 to 2021.

Target Corp. (NYSE:TGT)

Enterprise Value to EBITDA (EV/EBITDA)

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Enterprise Value to EBITDA Ratio, Current

Enterprise Value to EBITDA Ratio, Historical