Price to FCFE (P/FCFE)
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- Income Statement
- Cash Flow Statement
- Analysis of Liquidity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Current Ratio since 2005
- Analysis of Debt
- Aggregate Accruals
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Free Cash Flow to Equity (FCFE)
Target Corp., FCFE calculation
US$ in millions
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).
- Cash provided by operating activities
- The cash generated from operating activities experienced significant fluctuations over the observed periods. Initially, there was a notable rise from 7,099 million USD in early 2020 to a peak of 10,525 million USD in early 2021. This upward trend was followed by a decline to 8,625 million USD in early 2022, and a more pronounced drop to 4,018 million USD by early 2023. Subsequently, the figure rebounded to 8,621 million USD in early 2024 but decreased again to 7,367 million USD in early 2025. Overall, despite the fluctuations, the operating cash flow remains within a broad range, indicating variable but generally strong cash generation capacity over the period.
- Free cash flow to equity (FCFE)
- The free cash flow to equity showed a pattern of significant volatility. From 3,805 million USD in early 2020, there was a substantial increase to 7,983 million USD in early 2021. This was followed by declines to 5,933 million USD in early 2022 and a sharp drop to 960 million USD in early 2023, marking the lowest point during the timeframe. The FCFE then recovered to 3,692 million USD in early 2024 and further increased to 4,081 million USD in early 2025. Such variations suggest fluctuating availability of cash for equity holders, which may be influenced by changes in investment activities, financing decisions, or operating performance.
Price to FCFE Ratio, Current
Target Corp., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in millions) | |
| FCFE per share | |
| Current share price (P) | |
| Valuation Ratio | |
| P/FCFE | |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| Costco Wholesale Corp. | |
| Walmart Inc. | |
| P/FCFE, Sector | |
| Consumer Staples Distribution & Retail | |
| P/FCFE, Industry | |
| Consumer Staples | |
Based on: 10-K (reporting date: 2025-02-01).
1 Click competitor name to see calculations.
If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.
Price to FCFE Ratio, Historical
Target Corp., historical P/FCFE calculation, comparison to benchmarks
| Feb 1, 2025 | Feb 3, 2024 | Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | Feb 1, 2020 | ||
|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||
| Selected Financial Data (US$) | |||||||
| Free cash flow to equity (FCFE) (in millions)2 | |||||||
| FCFE per share3 | |||||||
| Share price1, 4 | |||||||
| Valuation Ratio | |||||||
| P/FCFE5 | |||||||
| Benchmarks | |||||||
| P/FCFE, Competitors6 | |||||||
| Costco Wholesale Corp. | |||||||
| Walmart Inc. | |||||||
| P/FCFE, Sector | |||||||
| Consumer Staples Distribution & Retail | |||||||
| P/FCFE, Industry | |||||||
| Consumer Staples | |||||||
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.
3 2025 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =
4 Closing price as at the filing date of Target Corp. Annual Report.
5 2025 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
- Share Price
- The share price exhibited significant volatility over the observed period. It increased substantially from $105.58 in early 2020 to a peak of $216 in early 2022. However, this was followed by a sharp decline to $163.51 in early 2023 and further to $166.67 in early 2024, before dropping markedly to $107.28 by early 2025. This pattern indicates a period of strong growth followed by a correction and subsequent stabilization at a lower level.
- Free Cash Flow to Equity (FCFE) per Share
- The FCFE per share demonstrated considerable fluctuations throughout the period. It rose from $7.60 in early 2020 to a high of $16.01 in early 2021, before decreasing to $12.83 in early 2022. Thereafter, the FCFE per share experienced a steep decline to $2.09 in early 2023. This was followed by a recovery to $8.00 in early 2024 and a further increase to $8.96 in early 2025. These movements suggest variability in the company's capacity to generate cash flows attributable to shareholders, with a notable trough in 2023.
- Price-to-Free Cash Flow to Equity (P/FCFE) Ratio
- The P/FCFE ratio has fluctuated in alignment with the changes in share price and FCFE. Starting at 13.9 in early 2020, the ratio decreased to 11.15 in early 2021, reflecting a price increase outpacing FCFE growth. It then rose to 16.84 in early 2022, coinciding with the share price peak. A pronounced spike to 78.41 occurred in early 2023, driven largely by the sharp decline in FCFE per share while the share price remained moderately elevated. Subsequently, the ratio decreased to 20.84 in early 2024 and further to 11.98 in early 2025, indicating a realignment of share price relative to cash flow performance. The elevated ratio in 2023 suggests a period of overvaluation relative to cash flow basis.
- Overall Trends and Insights
- The data reveals a period marked by initial growth in market valuation and cash flow generation, followed by a phase of volatility and correction. The year 2023 represents a significant inflection point, characterized by a sharp drop in free cash flow per share and an unusually high valuation multiple, indicating potential market overvaluation or operational challenges affecting cash flow generation. The partial recovery in both cash flow and price-to-cash flow ratio in subsequent years suggests an adjustment phase, with valuations returning to more historically consistent levels relative to FCFE. The final observed share price in early 2025 returned to levels similar to early 2020, despite fluctuations in cash flow, highlighting a complex interaction between market expectations and fundamental financial performance over the period.