Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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Historical Valuation Ratios (Summary)
Target Corp., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2026-08-01), 10-Q (reporting date: 2026-05-02), 10-K (reporting date: 2026-01-31), 10-Q (reporting date: 2025-11-01), 10-Q (reporting date: 2025-08-02), 10-Q (reporting date: 2025-05-03), 10-K (reporting date: 2025-02-01), 10-Q (reporting date: 2024-11-02), 10-Q (reporting date: 2024-08-03), 10-Q (reporting date: 2024-05-04), 10-K (reporting date: 2024-02-03), 10-Q (reporting date: 2023-10-28), 10-Q (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-K (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01).
The valuation metrics exhibit a cyclical pattern characterized by an initial peak in early 2023, followed by a significant contraction through the first half of 2025, and a subsequent partial recovery heading into late 2026.
- Price to Earnings (P/E) Ratio
- The P/E ratio experienced substantial volatility, starting at 18.16 and reaching a peak of 27.08 in January 2023. This was followed by a steady decline to a period low of 10.21 in May 2025. A recovery phase is observed throughout 2026, with the ratio climbing back to 16.88 by August 2026, indicating a return toward historical averages.
- Price to Operating Profit (P/OP) Ratio
- Closely mirroring the P/E trend, the P/OP ratio peaked at 19.56 in January 2023 before descending to a minimum of 7.44 in May 2025. The ratio ended the observed period at 12.31, suggesting a consistent correlation between the valuation of net earnings and operating profitability.
- Price to Sales (P/S) Ratio
- A prolonged downward trend is evident in the P/S ratio, which decreased from 1.14 in May 2021 to a low of 0.39 in November 2025. This sustained compression indicates a reduction in the market premium attributed to revenue generation. A notable recovery occurred in 2026, with the ratio returning to 0.69 by August 2026.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio shows a consistent decline from a peak of 8.63 in October 2021 to a low of 2.62 in November 2025. This trajectory suggests a significant reduction in the premium investors were willing to pay over the net asset value. The ratio improved to 4.15 by August 2026, although it remained substantially lower than the levels seen in 2021.
Overall, the analysis reveals a broad valuation reset occurring between 2023 and 2025 across all tracked metrics. The synchronized recovery observed across all four ratios starting in early 2026 suggests a general improvement in market sentiment or a positive shift in the company's perceived value proposition.
Price to Earnings (P/E)
Target Corp., historical P/E calculation (quarterly data)
| Aug 1, 2026 | May 2, 2026 | Jan 31, 2026 | Nov 1, 2025 | Aug 2, 2025 | May 3, 2025 | Feb 1, 2025 | Nov 2, 2024 | Aug 3, 2024 | May 4, 2024 | Feb 3, 2024 | Oct 28, 2023 | Jul 29, 2023 | Apr 29, 2023 | Jan 28, 2023 | Oct 29, 2022 | Jul 30, 2022 | Apr 30, 2022 | Jan 29, 2022 | Oct 30, 2021 | Jul 31, 2021 | May 1, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Net earnings (in millions) | |||||||||||||||||||||||||||||
| Earnings per share (EPS)2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/E ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Costco Wholesale Corp. | |||||||||||||||||||||||||||||
| Walmart Inc. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-08-01), 10-Q (reporting date: 2026-05-02), 10-K (reporting date: 2026-01-31), 10-Q (reporting date: 2025-11-01), 10-Q (reporting date: 2025-08-02), 10-Q (reporting date: 2025-05-03), 10-K (reporting date: 2025-02-01), 10-Q (reporting date: 2024-11-02), 10-Q (reporting date: 2024-08-03), 10-Q (reporting date: 2024-05-04), 10-K (reporting date: 2024-02-03), 10-Q (reporting date: 2023-10-28), 10-Q (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-K (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01).
1 Data adjusted for splits and stock dividends.
2 Q2 2027 Calculation
EPS
= (Net earningsQ2 2027
+ Net earningsQ1 2027
+ Net earningsQ4 2026
+ Net earningsQ3 2026)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Target Corp. Quarterly or Annual Report.
4 Q2 2027 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The valuation of common stock exhibited significant volatility between May 2021 and August 2026, characterized by a distinct shift in the Price to Earnings (P/E) ratio reflecting diverging trends between share price and earnings per share (EPS).
- Valuation Surge and Earnings Erosion
- Between early 2021 and early 2023, a substantial increase in the P/E ratio was observed, reaching a peak of 27.08 in January 2023. This expansion in the multiple was primarily driven by a sharp contraction in earnings per share, which fell from a high of 15.02 in January 2022 to 6.04 by January 2023. During this period, the decline in earnings significantly outpaced the decline in share price, resulting in an artificially inflated P/E ratio.
- Valuation Compression Phase
- Following the peak in early 2023, the P/E ratio entered a period of sustained compression. From July 2023 through May 2025, the ratio declined from 16.67 to a low of 10.21. This downward trend was closely aligned with a continuing decline in the share price, which reached its lowest valuation of 94.01 in May 2025. This phase represents a market recalibration where the stock price adjusted downward to align more closely with depressed earnings levels.
- Recovery and Multiple Expansion
- A reversal in the valuation trend occurred between November 2025 and August 2026. The P/E ratio climbed from 10.81 to 16.88, supported by a strong recovery in the share price from 89.80 to 163.18. This increase in the multiple suggests a restoration of investor confidence and a return to the valuation ranges observed during the 2021 period, even as earnings per share remained lower than the 2022 peaks.
Price to Operating Profit (P/OP)
Target Corp., historical P/OP calculation (quarterly data)
| Aug 1, 2026 | May 2, 2026 | Jan 31, 2026 | Nov 1, 2025 | Aug 2, 2025 | May 3, 2025 | Feb 1, 2025 | Nov 2, 2024 | Aug 3, 2024 | May 4, 2024 | Feb 3, 2024 | Oct 28, 2023 | Jul 29, 2023 | Apr 29, 2023 | Jan 28, 2023 | Oct 29, 2022 | Jul 30, 2022 | Apr 30, 2022 | Jan 29, 2022 | Oct 30, 2021 | Jul 31, 2021 | May 1, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Operating income (in millions) | |||||||||||||||||||||||||||||
| Operating profit per share2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/OP ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Costco Wholesale Corp. | |||||||||||||||||||||||||||||
| Walmart Inc. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-08-01), 10-Q (reporting date: 2026-05-02), 10-K (reporting date: 2026-01-31), 10-Q (reporting date: 2025-11-01), 10-Q (reporting date: 2025-08-02), 10-Q (reporting date: 2025-05-03), 10-K (reporting date: 2025-02-01), 10-Q (reporting date: 2024-11-02), 10-Q (reporting date: 2024-08-03), 10-Q (reporting date: 2024-05-04), 10-K (reporting date: 2024-02-03), 10-Q (reporting date: 2023-10-28), 10-Q (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-K (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01).
1 Data adjusted for splits and stock dividends.
2 Q2 2027 Calculation
Operating profit per share
= (Operating incomeQ2 2027
+ Operating incomeQ1 2027
+ Operating incomeQ4 2026
+ Operating incomeQ3 2026)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Target Corp. Quarterly or Annual Report.
4 Q2 2027 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The Price to Operating Profit (P/OP) ratio exhibits significant volatility over the analyzed period, reflecting shifting market sentiment and fluctuations in operational efficiency. The ratio transitioned from a period of relative stability to a sharp valuation peak in early 2023, followed by a prolonged decline and a subsequent recovery phase starting in 2026.
- Share Price Trends
- A primary downward trajectory is observed from a peak of 249.18 USD in July 2021 to a cyclical low of 89.80 USD in November 2025. A recovery trend emerged in early 2026, with the price ascending to 163.18 USD by August 2026.
- Operating Profit per Share Trends
- Operating profits reached a maximum of 19.35 USD in January 2022 before experiencing a sharp contraction to 8.30 USD by April 2023. Following this trough, profits stabilized and gradually recovered, oscillating between 10.52 USD and 13.27 USD through August 2026.
- P/OP Ratio Analysis
- The P/OP ratio peaked at 19.56 in January 2023, a movement driven primarily by the collapse in operating profit per share while the share price remained relatively elevated. This represents a period where the market valuation was highest relative to actual operating performance.
- A valuation trough occurred between February 2025 and November 2025, with the ratio dropping to a minimum of 7.44. During this interval, the share price reached its lowest points despite the operating profit per share remaining stable, suggesting an undervalued state or decreased investor confidence.
- The final period shows a return to historical norms, with the ratio climbing from 7.81 in November 2025 to 12.31 by August 2026, mirroring the recovery in share price as operating profits remained consistent.
Price to Sales (P/S)
Target Corp., historical P/S calculation (quarterly data)
| Aug 1, 2026 | May 2, 2026 | Jan 31, 2026 | Nov 1, 2025 | Aug 2, 2025 | May 3, 2025 | Feb 1, 2025 | Nov 2, 2024 | Aug 3, 2024 | May 4, 2024 | Feb 3, 2024 | Oct 28, 2023 | Jul 29, 2023 | Apr 29, 2023 | Jan 28, 2023 | Oct 29, 2022 | Jul 30, 2022 | Apr 30, 2022 | Jan 29, 2022 | Oct 30, 2021 | Jul 31, 2021 | May 1, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Net sales (in millions) | |||||||||||||||||||||||||||||
| Sales per share2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/S ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Costco Wholesale Corp. | |||||||||||||||||||||||||||||
| Walmart Inc. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-08-01), 10-Q (reporting date: 2026-05-02), 10-K (reporting date: 2026-01-31), 10-Q (reporting date: 2025-11-01), 10-Q (reporting date: 2025-08-02), 10-Q (reporting date: 2025-05-03), 10-K (reporting date: 2025-02-01), 10-Q (reporting date: 2024-11-02), 10-Q (reporting date: 2024-08-03), 10-Q (reporting date: 2024-05-04), 10-K (reporting date: 2024-02-03), 10-Q (reporting date: 2023-10-28), 10-Q (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-K (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01).
1 Data adjusted for splits and stock dividends.
2 Q2 2027 Calculation
Sales per share
= (Net salesQ2 2027
+ Net salesQ1 2027
+ Net salesQ4 2026
+ Net salesQ3 2026)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Target Corp. Quarterly or Annual Report.
4 Q2 2027 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The valuation of Target Corp. as measured by the Price to Sales (P/S) ratio demonstrates a prolonged period of contraction followed by a recent recovery phase. Between May 2021 and November 2025, the P/S ratio shifted from a high of 1.21 to a low of 0.39, indicating a significant compression in the market's valuation of the company's revenue stream.
- Valuation Trend Analysis
- The P/S ratio peaked at 1.21 in July 2021 and remained above 1.10 through October 2021. A sharp decline began in early 2022, with the ratio falling below 1.00 by January 2022 and continuing a downward trajectory for several years. This compression reached its nadir in November 2025, when the ratio hit 0.39.
- Correlation Between Share Price and Sales per Share
- The decline in the P/S ratio was driven primarily by a substantial decrease in share price rather than a failure in revenue generation. Sales per share remained relatively resilient, growing from 198.38 US$ in May 2021 to a peak of 237.03 US$ in January 2023, and maintaining a range between 231 and 237 US$ through August 2026. Consequently, the contraction in the P/S ratio reflects a decrease in investor sentiment or market multiples rather than a decline in operational sales efficiency.
- Recent Recovery Phase
- A reversal in the valuation trend is evident starting in January 2026. The P/S ratio rose from 0.51 in January 2026 to 0.69 by August 2026. This recovery aligns with a rebound in the share price, which climbed from 118.78 US$ in January 2026 to 163.18 US$ by August 2026, while sales per share continued to show incremental growth, reaching 237.08 US$.
In summary, the data reveals that while the company successfully increased and maintained its sales per share over the analyzed period, the market valuation of those sales experienced a severe multi-year decline before beginning a moderate recovery in 2026.
Price to Book Value (P/BV)
Target Corp., historical P/BV calculation (quarterly data)
| Aug 1, 2026 | May 2, 2026 | Jan 31, 2026 | Nov 1, 2025 | Aug 2, 2025 | May 3, 2025 | Feb 1, 2025 | Nov 2, 2024 | Aug 3, 2024 | May 4, 2024 | Feb 3, 2024 | Oct 28, 2023 | Jul 29, 2023 | Apr 29, 2023 | Jan 28, 2023 | Oct 29, 2022 | Jul 30, 2022 | Apr 30, 2022 | Jan 29, 2022 | Oct 30, 2021 | Jul 31, 2021 | May 1, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Shareholders’ investment (in millions) | |||||||||||||||||||||||||||||
| Book value per share (BVPS)2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/BV ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Costco Wholesale Corp. | |||||||||||||||||||||||||||||
| Walmart Inc. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-08-01), 10-Q (reporting date: 2026-05-02), 10-K (reporting date: 2026-01-31), 10-Q (reporting date: 2025-11-01), 10-Q (reporting date: 2025-08-02), 10-Q (reporting date: 2025-05-03), 10-K (reporting date: 2025-02-01), 10-Q (reporting date: 2024-11-02), 10-Q (reporting date: 2024-08-03), 10-Q (reporting date: 2024-05-04), 10-K (reporting date: 2024-02-03), 10-Q (reporting date: 2023-10-28), 10-Q (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-K (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01).
1 Data adjusted for splits and stock dividends.
2 Q2 2027 Calculation
BVPS = Shareholders’ investment ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Target Corp. Quarterly or Annual Report.
4 Q2 2027 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The price-to-book value (P/BV) ratio exhibits a distinct cyclical pattern over the analyzed period, characterized by an initial peak, a prolonged contraction, and a subsequent recovery phase.
- Valuation Compression and Trend Analysis
- The P/BV ratio reached its maximum of 8.63 in October 2021, reflecting a high market premium relative to the book value. Following this peak, a sustained downward trend occurred, with the ratio compressing to a low of 2.62 by November 2025. This compression was primarily driven by a significant decline in the share price, which fell from a high of 249.18 in July 2021 to 89.80 in November 2025.
- Book Value Per Share Dynamics
- Book value per share (BVPS) experienced an initial decline from 30.24 in May 2021 to a trough of 23.01 in July 2022. However, from late 2022 onward, BVPS demonstrated a consistent and steady increase, reaching 39.28 by August 2026. The inverse relationship between the falling share price and the rising BVPS between 2022 and 2025 accelerated the decline of the P/BV ratio.
- Recent Recovery and Revaluation
- Starting in January 2026, a reversal in the valuation trend is evident. The P/BV ratio rose from 3.33 in January 2026 to 4.15 by August 2026. This recovery coincides with a sharp rebound in the share price, which climbed from 118.78 to 163.18 during the same interval, indicating a renewed market premium despite the higher underlying book value.