TJX Cos. Inc., FCFE 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)
Property additions	(1,722)	(1,457)	(1,045)	(568)	(1,223)	(1,125)
Payments on revolving credit facilities	—)	—)	—)	(1,000)	—)	—)
Proceeds from long-term debt including revolving credit facilities	—)	—)	—)	5,987)	—)	—)
Repayment of debt	(500)	—)	(2,976)	(1,418)	—)	—)
Free cash flow to equity (FCFE)	3,835)	2,627)	(963)	7,562)	2,843)	2,963)

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
FCFE	Free cash flow to equity is the cash flow available to TJX Cos. Inc. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	TJX Cos. Inc. FCFE increased from 2022 to 2023 and from 2023 to 2024.

TJX Cos. Inc., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	1,124,158,029
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	3,835)
FCFE per share	3.41
Current share price (P)	122.00
Valuation Ratio
P/FCFE	35.76
Benchmarks
P/FCFE, Competitors¹
Amazon.com Inc.	111.53
Home Depot Inc.	20.89
Lowe’s Cos. Inc.	17.36
P/FCFE, Sector
Consumer Discretionary Distribution & Retail	55.33
P/FCFE, Industry
Consumer Discretionary	41.96

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

¹ Click competitor name to see calculations.

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

TJX Cos. Inc., historical P/FCFE calculation, comparison to benchmarks

	Feb 3, 2024	Jan 28, 2023	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020	Feb 2, 2019
No. shares of common stock outstanding¹	1,132,973,879	1,152,568,938	1,175,228,119	1,205,970,255	1,197,698,188	1,214,588,500
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	3,835)	2,627)	(963)	7,562)	2,843)	2,963)
FCFE per share³	3.38	2.28	-0.82	6.27	2.37	2.44
Share price^1, 4	97.28	76.55	62.00	66.15	46.80	53.17
Valuation Ratio
P/FCFE⁵	28.74	33.59	—	10.55	19.71	21.79
Benchmarks
P/FCFE, Competitors⁶
Amazon.com Inc.	—	84.16	240.95	—	55.66	63.35
Home Depot Inc.	20.12	19.60	19.87	15.41	14.99	16.61
Lowe’s Cos. Inc.	18.03	7.08	13.55	12.28	8.69	20.45
P/FCFE, Sector
Consumer Discretionary Distribution & Retail	—	41.58	51.89	59.10	38.09	38.19
P/FCFE, Industry
Consumer Discretionary	—	30.84	36.19	82.92	32.04	28.99

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 Data adjusted for splits and stock dividends.

² See details »

³ 2024 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 3,835,000,000 ÷ 1,132,973,879 = 3.38

⁴ Closing price as at the filing date of TJX Cos. Inc. Annual Report.

⁵ 2024 Calculation
P/FCFE = Share price ÷ FCFE per share
= 97.28 ÷ 3.38 = 28.74

⁶ Click competitor name to see calculations.

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TJX Cos. Inc. (NYSE:TJX)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical