Stock Analysis on Net

Target Corp. (NYSE:TGT)

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Enterprise Value (EV)

Microsoft Excel

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Current Enterprise Value (EV)

Target Corp., current enterprise value calculation

Microsoft Excel
Current share price (P)
No. shares of common stock outstanding
US$ in millions
Common equity (market value)1
Total equity
Add: Current portion of long-term debt and other borrowings (per books)
Add: Long-term debt and other borrowings, excluding current portion (per books)
Total equity and debt
Less: Cash and cash equivalents
Enterprise value (EV)

Based on: 10-K (reporting date: 2025-02-01).

1 Common equity (market value) = Share price × No. shares of common stock outstanding
= ×


Historical Enterprise Value (EV)

Target Corp., EV calculation

Microsoft Excel
Feb 1, 2025 Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020
Share price1, 2
No. shares of common stock outstanding1
US$ in millions
Common equity (market value)3
Total equity
Add: Current portion of long-term debt and other borrowings (book value)
Add: Long-term debt and other borrowings, excluding current portion (book value)
Total equity and debt
Less: Cash and cash equivalents
Enterprise value (EV)

Based on: 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).

1 Data adjusted for splits and stock dividends.

2 Closing price as at the filing date of Target Corp. Annual Report.

3 2025 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= ×


Common equity and total equity trends
Both common equity (market value) and total equity exhibit similar patterns, starting at approximately $52.9 billion in early 2020 and increasing substantially to reach nearly $100 billion by early 2022. Following this peak, a notable decline occurs, dropping to about $75 billion in early 2023. Slight fluctuations are observed thereafter, with a minor recovery to approximately $77 billion in early 2024, before falling sharply to around $48.9 billion by early 2025.
Total equity and debt
Total equity and debt rise from about $64.4 billion in early 2020 to a peak of roughly $113.6 billion by early 2022, reflecting an overall growth phase. However, from 2022 onward, the combined figure diminishes steadily, reaching approximately $64.8 billion by early 2025, which reflects a substantial contraction.
Enterprise value (EV)
Enterprise value follows a somewhat parallel trajectory to total equity and debt. Initially, it increases from about $61.8 billion in early 2020 to approximately $107.7 billion in early 2022. After the 2022 peak, the EV declines, reaching about $89.2 billion in early 2023 and 2024, before sharply falling to about $60.1 billion by early 2025.
General observations
The company experienced significant growth in equity and overall valuation through early 2022. Thereafter, there is a marked and continuous decline across all key financial metrics, with values in early 2025 roughly returning to levels observed in early 2020. This suggests a period of expansion followed by a contraction phase in market valuation, equity base, and enterprise value over the five-year span.