TJX Cos. Inc., current enterprise value calculation

Current share price (P)	$152.75
No. shares of common stock outstanding	1,104,704,446
US$ in millions
Common equity (market value)¹	168,744)
Add: Preferred stock, par value $1, no shares issued (per books)	—)
Total equity	168,744)
Add: Current portion of long-term debt (per books)	999)
Add: Long-term debt, excluding current portion (per books)	1,870)
Total equity and debt	171,613)
Less: Cash and cash equivalents	6,230)
Enterprise value (EV)	165,383)

Based on: 10-K (reporting date: 2026-01-31).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 152.75 × 1,104,704,446

TJX Cos. Inc., EV calculation

	Jan 31, 2026	Feb 1, 2025	Feb 3, 2024	Jan 28, 2023	Jan 29, 2022	Jan 30, 2021
Share price^1, 2	$159.70	$124.93	$97.28	$76.55	$62.00	$66.15
No. shares of common stock outstanding¹	1,106,810,654	1,117,100,487	1,132,973,879	1,152,568,938	1,175,228,119	1,205,970,255
US$ in millions
Common equity (market value)³	176,758)	139,559)	110,216)	88,229)	72,864)	79,775)
Add: Preferred stock, par value $1, no shares issued (book value)	—)	—)	—)	—)	—)	—)
Total equity	176,758)	139,559)	110,216)	88,229)	72,864)	79,775)
Add: Current portion of long-term debt (book value)	999)	—)	—)	500)	—)	750)
Add: Long-term debt, excluding current portion (book value)	1,870)	2,866)	2,862)	2,859)	3,355)	5,333)
Total equity and debt	179,627)	142,425)	113,078)	91,588)	76,219)	85,858)
Less: Cash and cash equivalents	6,230)	5,335)	5,600)	5,477)	6,227)	10,470)
Enterprise value (EV)	173,397)	137,090)	107,478)	86,111)	69,992)	75,388)

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.

² Closing price as at the filing date of TJX Cos. Inc. Annual Report.

³ 2026 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 159.70 × 1,106,810,654

The enterprise value demonstrates a consistent upward trajectory over the observed period. From January 30, 2021, to January 31, 2026, the enterprise value increased from US$75.388 billion to US$173.397 billion. This growth appears to be correlated with increases in both total equity and total debt.

Enterprise Value Trend: The enterprise value experienced a slight decrease between January 30, 2021 (US$75.388 billion) and January 29, 2022 (US$69.992 billion). However, it then began a period of sustained growth, reaching US$86.111 billion on January 28, 2023, US$107.478 billion on February 3, 2024, US$137.090 billion on February 1, 2025, and culminating in US$173.397 billion on January 31, 2026. The rate of increase appears to accelerate in the later years of the period.
Relationship between Equity and Enterprise Value: Common equity and total equity values mirror each other exactly throughout the period, indicating no significant difference between these two measures. Both metrics show a similar pattern of a decrease in 2022, followed by consistent growth through 2026. The enterprise value generally tracks the equity values, but remains lower, suggesting a substantial contribution from debt financing.
Total Equity and Debt: Total equity and debt, representing the combined capital structure, also exhibits a consistent increase over the period, moving from US$85.858 billion in January 2021 to US$179.627 billion in January 2026. The difference between total equity and debt and the enterprise value is relatively small, indicating that the enterprise value is largely driven by the combined equity and debt components.

The consistent growth in enterprise value, coupled with the increases in both equity and debt, suggests a period of expansion and potentially increased investment activity. The accelerating growth rate in the later years warrants further investigation to determine the underlying drivers of this trend.

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TJX Cos. Inc. (NYSE:TJX)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)