Financial statement analysis and common stock valuation

Balance Sheet: Assets
Quarterly Data

The assets reports major classes and amounts of resources owned or controlled by TJX Cos. Inc..

Common-Size Income Statement

Income statement components (revenues and expenses) shown as percentage of total sales.

Analysis of Geographic Areas

TJX Cos. Inc. operates in 3 regions: United States; Canada; and International.

• Area Asset Turnover
• Long-lived tangible assets
• Net sales

Balance Sheet: Assets

The assets reports major classes and amounts of resources owned or controlled by TJX Cos. Inc..

Cash Flow Statement
Quarterly Data

The cash flow statement provides information about TJX Cos. Inc. cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on TJX Cos. Inc. balance sheet.

Analysis of Long-term (Investment) Activity Ratios

Measures how efficiently TJX Cos. Inc. generates revenues from its investments in fixed or total assets.

• Long-term Activity Ratios (Summary)
• Net Fixed Asset Turnover
• Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
• Total Asset Turnover
• Equity Turnover

Capital Asset Pricing Model (CAPM)

CAPM is a theory concentrated with deriving the expected rates of return on risky assets based on the assets’ systematic risk levels. Systematic risk is the variability of returns that is due to macroeconomic factors that affect all risky assets. It cannot be eliminated by diversification.

• Rates of Return
• Variance and Covariance
• Systematic Risk (β) Estimation
• Expected Rate of Return

Analysis of Short-term (Operating) Activity Ratios
Quarterly Data

Evaluates revenues and output generated by the TJX Cos. Inc. assets. Operating performance ratios describe the relationship between the TJX Cos. Inc. level of operations and the assets needed to sustain operating activities.

• Short-term Activity Ratios (Summary)
• Inventory Turnover
• Receivables Turnover
• Payables Turnover
• Working Capital Turnover
• Average Inventory Processing Period
• Average Receivable Collection Period
• Operating Cycle
• Average Payables Payment Period
• Cash Conversion Cycle

Analysis of Solvency Ratios
Quarterly Data

Examines TJX Cos. Inc. capital structure in terms of the mix of its financing sources and the ability of the firm to satisfy its longer-term debt and investment obligations.

• Solvency Ratios (Summary)
• Debt to Equity
• Debt to Equity (including Operating Lease Liability)
• Debt to Capital
• Debt to Capital (including Operating Lease Liability)
• Debt to Assets
• Debt to Assets (including Operating Lease Liability)
• Financial Leverage

Common-Size Balance Sheet: Assets

Assets components shown as percentage of total assets.

Analysis of Long-term (Investment) Activity Ratios
Quarterly Data

Measures how efficiently TJX Cos. Inc. generates revenues from its investments in fixed or total assets.

• Long-term Activity Ratios (Summary)
• Net Fixed Asset Turnover
• Total Asset Turnover
• Equity Turnover

Analysis of Liquidity Ratios
Quarterly Data

Measures the adequacy of a TJX Cos. Inc. cash resources to meet its near-term cash obligations.

• Liquidity Ratios (Summary)
• Current Ratio
• Quick Ratio
• Cash Ratio