Stock Analysis on Net
Stock Analysis on Net

Target Corp. (NYSE:TGT)

Adjusted Financial Ratios

Microsoft Excel

Adjusted Financial Ratios (Summary)

Target Corp., adjusted financial ratios

Microsoft Excel
Feb 1, 2025 Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020
Activity Ratio
Total Asset Turnover
Reported 1.84 1.94 2.05 1.97 1.83 1.83
Adjusted 1.85 1.94 2.05 1.97 1.83 1.83
Solvency Ratios
Debt to Equity
Reported 1.09 1.19 1.44 1.07 0.88 0.97
Adjusted 1.17 1.24 1.42 1.14 0.98 1.08
Debt to Capital
Reported 0.52 0.54 0.59 0.52 0.47 0.49
Adjusted 0.54 0.55 0.59 0.53 0.50 0.52
Financial Leverage
Reported 3.94 4.12 4.75 4.20 3.55 3.62
Adjusted 3.41 3.48 3.97 3.74 3.32 3.30
Profitability Ratios
Net Profit Margin
Reported 3.84% 3.85% 2.55% 6.55% 4.67% 4.20%
Adjusted 3.67% 4.09% 3.20% 7.24% 4.59% 4.33%
Return on Equity (ROE)
Reported 27.89% 30.81% 24.75% 54.15% 30.25% 27.73%
Adjusted 23.07% 27.63% 26.05% 53.32% 27.88% 26.14%
Return on Assets (ROA)
Reported 7.08% 7.48% 5.21% 12.91% 8.52% 7.67%
Adjusted 6.77% 7.94% 6.56% 14.26% 8.39% 7.91%

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).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Target Corp. adjusted total asset turnover ratio deteriorated from 2023 to 2024 and from 2024 to 2025.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Target Corp. adjusted debt-to-equity ratio improved from 2023 to 2024 and from 2024 to 2025.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Target Corp. adjusted debt-to-capital ratio improved from 2023 to 2024 and from 2024 to 2025.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Target Corp. adjusted financial leverage ratio decreased from 2023 to 2024 and from 2024 to 2025.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Target Corp. adjusted net profit margin ratio improved from 2023 to 2024 but then slightly deteriorated from 2024 to 2025.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Target Corp. adjusted ROE improved from 2023 to 2024 but then deteriorated significantly from 2024 to 2025.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Target Corp. adjusted ROA improved from 2023 to 2024 but then slightly deteriorated from 2024 to 2025 not reaching 2023 level.

Target Corp., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Microsoft Excel
Feb 1, 2025 Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020
Reported
Selected Financial Data (US$ in millions)
Net sales 106,566 107,412 109,120 106,005 93,561 78,112
Total assets 57,769 55,356 53,335 53,811 51,248 42,779
Activity Ratio
Total asset turnover1 1.84 1.94 2.05 1.97 1.83 1.83
Adjusted
Selected Financial Data (US$ in millions)
Net sales 106,566 107,412 109,120 106,005 93,561 78,112
Adjusted total assets2 57,759 55,348 53,329 53,805 51,228 42,771
Activity Ratio
Adjusted total asset turnover3 1.85 1.94 2.05 1.97 1.83 1.83

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).

1 2025 Calculation
Total asset turnover = Net sales ÷ Total assets
= 106,566 ÷ 57,769 = 1.84

2 Adjusted total assets. See details »

3 2025 Calculation
Adjusted total asset turnover = Net sales ÷ Adjusted total assets
= 106,566 ÷ 57,759 = 1.85

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Target Corp. adjusted total asset turnover ratio deteriorated from 2023 to 2024 and from 2024 to 2025.

Adjusted Debt to Equity

Microsoft Excel
Feb 1, 2025 Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020
Reported
Selected Financial Data (US$ in millions)
Total debt 15,940 16,038 16,139 13,720 12,680 11,499
Shareholders’ investment 14,666 13,432 11,232 12,827 14,440 11,833
Solvency Ratio
Debt to equity1 1.09 1.19 1.44 1.07 0.88 0.97
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 19,875 19,646 19,073 16,467 15,109 13,974
Adjusted shareholders’ investment3 16,959 15,904 13,422 14,388 15,410 12,947
Solvency Ratio
Adjusted debt to equity4 1.17 1.24 1.42 1.14 0.98 1.08

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).

1 2025 Calculation
Debt to equity = Total debt ÷ Shareholders’ investment
= 15,940 ÷ 14,666 = 1.09

2 Adjusted total debt. See details »

3 Adjusted shareholders’ investment. See details »

4 2025 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted shareholders’ investment
= 19,875 ÷ 16,959 = 1.17

Solvency ratio Description The company
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Target Corp. adjusted debt-to-equity ratio improved from 2023 to 2024 and from 2024 to 2025.

Adjusted Debt to Capital

Microsoft Excel
Feb 1, 2025 Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020
Reported
Selected Financial Data (US$ in millions)
Total debt 15,940 16,038 16,139 13,720 12,680 11,499
Total capital 30,606 29,470 27,371 26,547 27,120 23,332
Solvency Ratio
Debt to capital1 0.52 0.54 0.59 0.52 0.47 0.49
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 19,875 19,646 19,073 16,467 15,109 13,974
Adjusted total capital3 36,834 35,550 32,495 30,855 30,519 26,921
Solvency Ratio
Adjusted debt to capital4 0.54 0.55 0.59 0.53 0.50 0.52

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).

1 2025 Calculation
Debt to capital = Total debt ÷ Total capital
= 15,940 ÷ 30,606 = 0.52

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2025 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 19,875 ÷ 36,834 = 0.54

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Target Corp. adjusted debt-to-capital ratio improved from 2023 to 2024 and from 2024 to 2025.

Adjusted Financial Leverage

Microsoft Excel
Feb 1, 2025 Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020
Reported
Selected Financial Data (US$ in millions)
Total assets 57,769 55,356 53,335 53,811 51,248 42,779
Shareholders’ investment 14,666 13,432 11,232 12,827 14,440 11,833
Solvency Ratio
Financial leverage1 3.94 4.12 4.75 4.20 3.55 3.62
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 57,759 55,348 53,329 53,805 51,228 42,771
Adjusted shareholders’ investment3 16,959 15,904 13,422 14,388 15,410 12,947
Solvency Ratio
Adjusted financial leverage4 3.41 3.48 3.97 3.74 3.32 3.30

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).

1 2025 Calculation
Financial leverage = Total assets ÷ Shareholders’ investment
= 57,769 ÷ 14,666 = 3.94

2 Adjusted total assets. See details »

3 Adjusted shareholders’ investment. See details »

4 2025 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted shareholders’ investment
= 57,759 ÷ 16,959 = 3.41

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Target Corp. adjusted financial leverage ratio decreased from 2023 to 2024 and from 2024 to 2025.

Adjusted Net Profit Margin

Microsoft Excel
Feb 1, 2025 Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020
Reported
Selected Financial Data (US$ in millions)
Net earnings 4,091 4,138 2,780 6,946 4,368 3,281
Net sales 106,566 107,412 109,120 106,005 93,561 78,112
Profitability Ratio
Net profit margin1 3.84% 3.85% 2.55% 6.55% 4.67% 4.20%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net earnings2 3,913 4,395 3,496 7,671 4,296 3,384
Net sales 106,566 107,412 109,120 106,005 93,561 78,112
Profitability Ratio
Adjusted net profit margin3 3.67% 4.09% 3.20% 7.24% 4.59% 4.33%

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).

1 2025 Calculation
Net profit margin = 100 × Net earnings ÷ Net sales
= 100 × 4,091 ÷ 106,566 = 3.84%

2 Adjusted net earnings. See details »

3 2025 Calculation
Adjusted net profit margin = 100 × Adjusted net earnings ÷ Net sales
= 100 × 3,913 ÷ 106,566 = 3.67%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Target Corp. adjusted net profit margin ratio improved from 2023 to 2024 but then slightly deteriorated from 2024 to 2025.

Adjusted Return on Equity (ROE)

Microsoft Excel
Feb 1, 2025 Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020
Reported
Selected Financial Data (US$ in millions)
Net earnings 4,091 4,138 2,780 6,946 4,368 3,281
Shareholders’ investment 14,666 13,432 11,232 12,827 14,440 11,833
Profitability Ratio
ROE1 27.89% 30.81% 24.75% 54.15% 30.25% 27.73%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net earnings2 3,913 4,395 3,496 7,671 4,296 3,384
Adjusted shareholders’ investment3 16,959 15,904 13,422 14,388 15,410 12,947
Profitability Ratio
Adjusted ROE4 23.07% 27.63% 26.05% 53.32% 27.88% 26.14%

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).

1 2025 Calculation
ROE = 100 × Net earnings ÷ Shareholders’ investment
= 100 × 4,091 ÷ 14,666 = 27.89%

2 Adjusted net earnings. See details »

3 Adjusted shareholders’ investment. See details »

4 2025 Calculation
Adjusted ROE = 100 × Adjusted net earnings ÷ Adjusted shareholders’ investment
= 100 × 3,913 ÷ 16,959 = 23.07%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Target Corp. adjusted ROE improved from 2023 to 2024 but then deteriorated significantly from 2024 to 2025.

Adjusted Return on Assets (ROA)

Microsoft Excel
Feb 1, 2025 Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020
Reported
Selected Financial Data (US$ in millions)
Net earnings 4,091 4,138 2,780 6,946 4,368 3,281
Total assets 57,769 55,356 53,335 53,811 51,248 42,779
Profitability Ratio
ROA1 7.08% 7.48% 5.21% 12.91% 8.52% 7.67%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net earnings2 3,913 4,395 3,496 7,671 4,296 3,384
Adjusted total assets3 57,759 55,348 53,329 53,805 51,228 42,771
Profitability Ratio
Adjusted ROA4 6.77% 7.94% 6.56% 14.26% 8.39% 7.91%

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).

1 2025 Calculation
ROA = 100 × Net earnings ÷ Total assets
= 100 × 4,091 ÷ 57,769 = 7.08%

2 Adjusted net earnings. See details »

3 Adjusted total assets. See details »

4 2025 Calculation
Adjusted ROA = 100 × Adjusted net earnings ÷ Adjusted total assets
= 100 × 3,913 ÷ 57,759 = 6.77%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Target Corp. adjusted ROA improved from 2023 to 2024 but then slightly deteriorated from 2024 to 2025 not reaching 2023 level.