TJX Cos. Inc., FCFF calculation

US$ in millions

12 months ended:	Feb 3, 2024	Jan 28, 2023	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020	Feb 2, 2019
Net income	4,474)	3,498)	3,283)	90)	3,272)	3,060)
Net noncash charges	1,136)	1,407)	1,248)	1,052)	909)	873)
Changes in assets and liabilities	447)	(821)	(1,474)	3,420)	(114)	156)
Net cash provided by operating activities	6,057)	4,084)	3,057)	4,562)	4,067)	4,088)
Cash paid for interest on debt, net of tax¹	60)	65)	103)	121)	42)	48)
Capitalized interest, net of tax²	2)	5)	3)	4)	2)	3)
Property additions	(1,722)	(1,457)	(1,045)	(568)	(1,223)	(1,125)
Free cash flow to the firm (FCFF)	4,397)	2,697)	2,119)	4,119)	2,887)	3,014)

Based on: 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), 10-K (reporting date: 2019-02-02).

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Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the TJX Cos. Inc. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	TJX Cos. Inc. FCFF increased from 2022 to 2023 and from 2023 to 2024.

TJX Cos. Inc., interest paid, net of tax calculation

US$ in millions

12 months ended:	Feb 3, 2024	Jan 28, 2023	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020	Feb 2, 2019
Effective Income Tax Rate (EITR)
EITR¹	25.00%	24.50%	25.40%	21.00%	25.70%	25.20%
Interest Paid, Net of Tax
Cash paid for interest on debt, before tax	80)	86)	139)	153)	56)	64)
Less: Cash paid for interest on debt, tax²	20)	21)	35)	32)	14)	16)
Cash paid for interest on debt, net of tax	60)	65)	103)	121)	42)	48)
Interest Costs Capitalized, Net of Tax
Capitalized interest, before tax	3)	7)	4)	5)	2)	4)
Less: Capitalized interest, tax³	1)	2)	1)	1)	1)	1)
Capitalized interest, net of tax	2)	5)	3)	4)	2)	3)

Based on: 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), 10-K (reporting date: 2019-02-02).

¹ See details »

² 2024 Calculation
Cash paid for interest on debt, tax = Cash paid for interest on debt × EITR
= 80 × 25.00% = 20

³ 2024 Calculation
Capitalized interest, tax = Capitalized interest × EITR
= 3 × 25.00% = 1

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TJX Cos. Inc., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	132,110)
Free cash flow to the firm (FCFF)	4,397)
Valuation Ratio
EV/FCFF	30.04
Benchmarks
EV/FCFF, Competitors¹
Amazon.com Inc.	55.40
Home Depot Inc.	23.45
Lowe’s Cos. Inc.	24.93
EV/FCFF, Sector
Consumer Discretionary Distribution & Retail	47.47
EV/FCFF, Industry
Consumer Discretionary	40.30

Based on: 10-K (reporting date: 2024-02-03).

¹ Click competitor name to see calculations.

If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.

TJX Cos. Inc., historical EV/FCFF calculation, comparison to benchmarks

	Feb 3, 2024	Jan 28, 2023	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020	Feb 2, 2019
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	107,478)	86,111)	69,992)	75,388)	55,072)	63,783)
Free cash flow to the firm (FCFF)²	4,397)	2,697)	2,119)	4,119)	2,887)	3,014)
Valuation Ratio
EV/FCFF³	24.44	31.93	33.03	18.30	19.08	21.16
Benchmarks
EV/FCFF, Competitors⁴
Amazon.com Inc.	—	45.92	—	—	78.83	74.39
Home Depot Inc.	21.94	27.17	25.12	20.22	19.11	21.30
Lowe’s Cos. Inc.	24.69	19.56	19.56	14.88	20.95	18.88
EV/FCFF, Sector
Consumer Discretionary Distribution & Retail	—	38.32	111.04	130.00	51.35	42.44
EV/FCFF, Industry
Consumer Discretionary	—	32.71	50.20	59.78	45.72	30.57

Based on: 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), 10-K (reporting date: 2019-02-02).

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² See details »

³ 2024 Calculation
EV/FCFF = EV ÷ FCFF
= 107,478 ÷ 4,397 = 24.44

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/FCFF	Enterprise value to free cash flow to the firm is whole company valuation indicator.	TJX Cos. Inc. EV/FCFF ratio decreased from 2022 to 2023 and from 2023 to 2024.

TJX Cos. Inc. (NYSE:TJX)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical