Price to FCFE (P/FCFE)
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- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Common Stock Valuation Ratios
- Return on Equity (ROE) since 2005
- Current Ratio since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Revenues
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Free Cash Flow to Equity (FCFE)
Target Corp., FCFE calculation
US$ in millions
Based on: 10-K (reporting date: 2026-01-31), 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).
The financial information reveals fluctuating performance in cash generation and subsequent free cash flow to equity over the observed period. Cash provided by operating activities and free cash flow to equity both demonstrate considerable volatility, with notable shifts year-over-year.
- Cash Flow from Operations
- Cash provided by operating activities experienced a substantial decrease from 2021 to 2022, falling from US$10,525 million to US$8,625 million. This was followed by a significant contraction in 2023, reaching US$4,018 million. A recovery was then observed in 2024, with cash from operations increasing to US$8,621 million. This upward trend moderated in subsequent years, with values of US$7,367 million and US$6,562 million reported for 2025 and 2026, respectively. A general pattern of decline is apparent when comparing the beginning and end of the period.
- Free Cash Flow to Equity
- Free cash flow to equity mirrored the trend in operating cash flow, exhibiting a decline from US$7,941 million in 2021 to US$5,906 million in 2022. A dramatic decrease occurred in 2023, with FCFE falling to US$952 million. A substantial recovery was seen in 2024, reaching US$3,668 million, and continued into 2025 with US$4,078 million. However, FCFE decreased again in 2026 to US$3,176 million. The period demonstrates a cyclical pattern, with peaks in 2021 and 2025, and a trough in 2023.
The correlation between cash provided by operating activities and free cash flow to equity is strong, suggesting that changes in operational cash generation are a primary driver of FCFE fluctuations. The significant drop in both metrics in 2023 warrants further investigation to understand the underlying causes. While recovery is observed in 2024 and 2025, the subsequent decline in 2026 indicates potential ongoing challenges in sustaining consistent cash flow generation.
Price to FCFE Ratio, Current
Target Corp., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| 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: 2026-01-31).
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
| Jan 31, 2026 | Feb 1, 2025 | Feb 3, 2024 | Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | ||
|---|---|---|---|---|---|---|---|
| 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: 2026-01-31), 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).
1 Data adjusted for splits and stock dividends.
3 2026 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 2026 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
The Price to Free Cash Flow to Equity (P/FCFE) ratio exhibits considerable fluctuation over the observed period. Initial values indicate a relatively moderate valuation, followed by a period of significant increase, and then a return towards more moderate levels. The share price demonstrates an initial increase, followed by a substantial decline and subsequent partial recovery.
- P/FCFE Ratio Trend
- The P/FCFE ratio began at 11.21 in January 2021 and increased to 16.91 by January 2022. A dramatic increase occurred in January 2023, reaching 79.07. This was followed by a substantial decrease to 20.98 in February 2024, and a further decline to 11.98 in February 2025. The ratio then increased slightly to 16.94 by January 2026. This pattern suggests periods of both investor optimism and pessimism regarding the company’s ability to generate cash flow relative to its market price.
- Share Price Trend
- The share price increased from US$178.58 in January 2021 to US$216.00 in January 2022. A significant decline then occurred, with the price falling to US$163.51 in January 2023. A modest recovery was observed in February 2024, reaching US$166.67, but this was followed by a substantial decrease to US$107.28 in February 2025. A partial recovery occurred by January 2026, with the price reaching US$118.78.
- FCFE per Share Trend
- FCFE per share decreased from US$15.93 in January 2021 to US$12.77 in January 2022. A sharp decline was then observed, falling to US$2.07 in January 2023. The FCFE per share recovered to US$7.94 in February 2024, and further increased to US$8.95 in February 2025, before decreasing to US$7.01 in January 2026. The volatility in FCFE per share likely contributes to the fluctuations observed in the P/FCFE ratio.
The substantial increase in the P/FCFE ratio in January 2023, coupled with the concurrent decline in FCFE per share, suggests a significant shift in investor sentiment. The subsequent decline in the P/FCFE ratio in February 2024 and February 2025, alongside a partial recovery in FCFE per share, indicates a potential re-evaluation of the company’s valuation. The final value in January 2026 suggests a stabilization, though at a level influenced by the earlier volatility.