Stock Analysis on Net

TJX Cos. Inc. (NYSE:TJX)

Analysis of Debt 

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Total Debt (Carrying Amount)

TJX Cos. Inc., balance sheet: debt

US$ in millions

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Feb 1, 2025 Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020
Current portion of long-term debt 500 750
Long-term debt, excluding current portion 2,866 2,862 2,859 3,355 5,333 2,237
Total long-term debt, inclusive of current maturities (carrying amount) 2,866 2,862 3,359 3,355 6,083 2,237

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).

Debt item Description The company
Total long-term debt, inclusive of current maturities (carrying amount) Sum of the carrying values as of the balance sheet date of all debt plus capital lease obligations. TJX Cos. Inc. total debt decreased from 2023 to 2024 but then slightly increased from 2024 to 2025.

Total Debt (Fair Value)

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Feb 1, 2025
Selected Financial Data (US$ in millions)
Current maturities of long-term debt
Long-term debt, exclusive of current maturities 2,634
Total long-term debt, inclusive of current maturities (fair value) 2,634
Financial Ratio
Debt, fair value to carrying amount ratio 0.92

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


Weighted-average Interest Rate on Debt

Weighted-average effective interest rate on debt: 2.56%

Interest rate Debt amount1 Interest rate × Debt amount Weighted-average interest rate2
2.32% 998 23
1.18% 500 6
3.89% 496 19
1.61% 500 8
4.52% 383 17
Total 2,877 74
2.56%

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

1 US$ in millions

2 Weighted-average interest rate = 100 × 74 ÷ 2,877 = 2.56%


Interest Costs Incurred

TJX Cos. Inc., interest costs incurred

US$ in millions

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12 months ended: Feb 1, 2025 Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020
Interest expense, excluding capitalized interest 76 79 84 120 194 59
Capitalized interest 2 3 7 4 5 2
Interest expense 78 82 91 123 199 61

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).

Debt item Description The company
Interest expense, excluding capitalized interest Amount of the cost of borrowed funds accounted for as interest expense for debt. TJX Cos. Inc. interest expense, excluding capitalized interest decreased from 2023 to 2024 and from 2024 to 2025.
Capitalized interest Amount of interest costs capitalized disclosed as an adjusting item to interest costs incurred. TJX Cos. Inc. capitalized interest decreased from 2023 to 2024 and from 2024 to 2025.
Interest expense Total interest costs incurred during the period and either capitalized or charged against earnings. TJX Cos. Inc. interest expense decreased from 2023 to 2024 and from 2024 to 2025.

Adjusted Interest Coverage Ratio

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Feb 1, 2025 Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020
Selected Financial Data (US$ in millions)
Net income 4,864 4,474 3,498 3,283 90 3,272
Add: Income tax expense 1,619 1,493 1,138 1,115 (1) 1,134
Add: Interest expense, excluding capitalized interest 76 79 84 120 194 59
Earnings before interest and tax (EBIT) 6,559 6,046 4,720 4,517 283 4,465
 
Interest expense 78 82 91 123 199 61
Financial Ratio With and Without Capitalized Interest
Interest coverage ratio (without capitalized interest)1 86.30 76.53 56.19 37.80 1.46 75.57
Adjusted interest coverage ratio (with capitalized interest)2 84.09 73.73 51.87 36.67 1.42 72.72

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).

2025 Calculations

1 Interest coverage ratio (without capitalized interest) = EBIT ÷ Interest expense, excluding capitalized interest
= 6,559 ÷ 76 = 86.30

2 Adjusted interest coverage ratio (with capitalized interest) = EBIT ÷ Interest expense
= 6,559 ÷ 78 = 84.09


Solvency ratio Description The company
Adjusted interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments (including capitalized interest). TJX Cos. Inc. adjusted interest coverage ratio improved from 2023 to 2024 and from 2024 to 2025.