Analysis of Solvency Ratios
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Common-Size Income Statement
- Analysis of Profitability Ratios
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Assets (ROA) since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
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Solvency Ratios (Summary)
Target Corp., solvency ratios
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).
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | Target Corp. debt to equity ratio improved from 2023 to 2024 and from 2024 to 2025. |
| Debt to equity ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. | Target Corp. debt to equity ratio (including operating lease liability) improved from 2023 to 2024 and from 2024 to 2025. |
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | Target Corp. debt to capital ratio improved from 2023 to 2024 and from 2024 to 2025. |
| Debt to capital ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | Target Corp. debt to capital ratio (including operating lease liability) improved from 2023 to 2024 and from 2024 to 2025. |
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Target Corp. debt to assets ratio improved from 2023 to 2024 and from 2024 to 2025. |
| Debt to assets ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | Target Corp. debt to assets ratio (including operating lease liability) improved from 2023 to 2024 and from 2024 to 2025. |
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Target Corp. financial leverage ratio decreased from 2023 to 2024 and from 2024 to 2025. |
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | Target Corp. interest coverage ratio improved from 2023 to 2024 and from 2024 to 2025. |
| Fixed charge coverage ratio | A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. | Target Corp. fixed charge coverage ratio improved from 2023 to 2024 but then slightly deteriorated from 2024 to 2025. |
Debt to Equity
Target Corp., debt to equity calculation, comparison to benchmarks
| Feb 1, 2025 | Feb 3, 2024 | Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | Feb 1, 2020 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Current portion of long-term debt and other borrowings | |||||||
| Long-term debt and other borrowings, excluding current portion | |||||||
| Total debt | |||||||
| Shareholders’ investment | |||||||
| Solvency Ratio | |||||||
| Debt to equity1 | |||||||
| Benchmarks | |||||||
| Debt to Equity, Competitors2 | |||||||
| Costco Wholesale Corp. | |||||||
| Walmart Inc. | |||||||
| Debt to Equity, Sector | |||||||
| Consumer Staples Distribution & Retail | |||||||
| Debt to Equity, Industry | |||||||
| Consumer Staples | |||||||
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
= ÷ =
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | Target Corp. debt to equity ratio improved from 2023 to 2024 and from 2024 to 2025. |
Debt to Equity (including Operating Lease Liability)
Target Corp., debt to equity (including operating lease liability) calculation, comparison to benchmarks
| Feb 1, 2025 | Feb 3, 2024 | Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | Feb 1, 2020 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Current portion of long-term debt and other borrowings | |||||||
| Long-term debt and other borrowings, excluding current portion | |||||||
| Total debt | |||||||
| Current portion of operating lease liabilities | |||||||
| Noncurrent operating lease liabilities | |||||||
| Total debt (including operating lease liability) | |||||||
| Shareholders’ investment | |||||||
| Solvency Ratio | |||||||
| Debt to equity (including operating lease liability)1 | |||||||
| Benchmarks | |||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | |||||||
| Costco Wholesale Corp. | |||||||
| Walmart Inc. | |||||||
| Debt to Equity (including Operating Lease Liability), Sector | |||||||
| Consumer Staples Distribution & Retail | |||||||
| Debt to Equity (including Operating Lease Liability), Industry | |||||||
| Consumer Staples | |||||||
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 (including operating lease liability) = Total debt (including operating lease liability) ÷ Shareholders’ investment
= ÷ =
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. | Target Corp. debt to equity ratio (including operating lease liability) improved from 2023 to 2024 and from 2024 to 2025. |
Debt to Capital
Target Corp., debt to capital calculation, comparison to benchmarks
| Feb 1, 2025 | Feb 3, 2024 | Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | Feb 1, 2020 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Current portion of long-term debt and other borrowings | |||||||
| Long-term debt and other borrowings, excluding current portion | |||||||
| Total debt | |||||||
| Shareholders’ investment | |||||||
| Total capital | |||||||
| Solvency Ratio | |||||||
| Debt to capital1 | |||||||
| Benchmarks | |||||||
| Debt to Capital, Competitors2 | |||||||
| Costco Wholesale Corp. | |||||||
| Walmart Inc. | |||||||
| Debt to Capital, Sector | |||||||
| Consumer Staples Distribution & Retail | |||||||
| Debt to Capital, Industry | |||||||
| Consumer Staples | |||||||
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
= ÷ =
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | Target Corp. debt to capital ratio improved from 2023 to 2024 and from 2024 to 2025. |
Debt to Capital (including Operating Lease Liability)
Target Corp., debt to capital (including operating lease liability) calculation, comparison to benchmarks
| Feb 1, 2025 | Feb 3, 2024 | Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | Feb 1, 2020 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Current portion of long-term debt and other borrowings | |||||||
| Long-term debt and other borrowings, excluding current portion | |||||||
| Total debt | |||||||
| Current portion of operating lease liabilities | |||||||
| Noncurrent operating lease liabilities | |||||||
| Total debt (including operating lease liability) | |||||||
| Shareholders’ investment | |||||||
| Total capital (including operating lease liability) | |||||||
| Solvency Ratio | |||||||
| Debt to capital (including operating lease liability)1 | |||||||
| Benchmarks | |||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | |||||||
| Costco Wholesale Corp. | |||||||
| Walmart Inc. | |||||||
| Debt to Capital (including Operating Lease Liability), Sector | |||||||
| Consumer Staples Distribution & Retail | |||||||
| Debt to Capital (including Operating Lease Liability), Industry | |||||||
| Consumer Staples | |||||||
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 (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= ÷ =
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | Target Corp. debt to capital ratio (including operating lease liability) improved from 2023 to 2024 and from 2024 to 2025. |
Debt to Assets
Target Corp., debt to assets calculation, comparison to benchmarks
| Feb 1, 2025 | Feb 3, 2024 | Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | Feb 1, 2020 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Current portion of long-term debt and other borrowings | |||||||
| Long-term debt and other borrowings, excluding current portion | |||||||
| Total debt | |||||||
| Total assets | |||||||
| Solvency Ratio | |||||||
| Debt to assets1 | |||||||
| Benchmarks | |||||||
| Debt to Assets, Competitors2 | |||||||
| Costco Wholesale Corp. | |||||||
| Walmart Inc. | |||||||
| Debt to Assets, Sector | |||||||
| Consumer Staples Distribution & Retail | |||||||
| Debt to Assets, Industry | |||||||
| Consumer Staples | |||||||
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 assets = Total debt ÷ Total assets
= ÷ =
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Target Corp. debt to assets ratio improved from 2023 to 2024 and from 2024 to 2025. |
Debt to Assets (including Operating Lease Liability)
Target Corp., debt to assets (including operating lease liability) calculation, comparison to benchmarks
| Feb 1, 2025 | Feb 3, 2024 | Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | Feb 1, 2020 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Current portion of long-term debt and other borrowings | |||||||
| Long-term debt and other borrowings, excluding current portion | |||||||
| Total debt | |||||||
| Current portion of operating lease liabilities | |||||||
| Noncurrent operating lease liabilities | |||||||
| Total debt (including operating lease liability) | |||||||
| Total assets | |||||||
| Solvency Ratio | |||||||
| Debt to assets (including operating lease liability)1 | |||||||
| Benchmarks | |||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | |||||||
| Costco Wholesale Corp. | |||||||
| Walmart Inc. | |||||||
| Debt to Assets (including Operating Lease Liability), Sector | |||||||
| Consumer Staples Distribution & Retail | |||||||
| Debt to Assets (including Operating Lease Liability), Industry | |||||||
| Consumer Staples | |||||||
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 assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= ÷ =
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | Target Corp. debt to assets ratio (including operating lease liability) improved from 2023 to 2024 and from 2024 to 2025. |
Financial Leverage
Target Corp., financial leverage calculation, comparison to benchmarks
| Feb 1, 2025 | Feb 3, 2024 | Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | Feb 1, 2020 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Total assets | |||||||
| Shareholders’ investment | |||||||
| Solvency Ratio | |||||||
| Financial leverage1 | |||||||
| Benchmarks | |||||||
| Financial Leverage, Competitors2 | |||||||
| Costco Wholesale Corp. | |||||||
| Walmart Inc. | |||||||
| Financial Leverage, Sector | |||||||
| Consumer Staples Distribution & Retail | |||||||
| Financial Leverage, Industry | |||||||
| Consumer Staples | |||||||
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
= ÷ =
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Target Corp. financial leverage ratio decreased from 2023 to 2024 and from 2024 to 2025. |
Interest Coverage
Target Corp., interest coverage calculation, comparison to benchmarks
| 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 earnings | |||||||
| Less: Discontinued operations, net of tax | |||||||
| Add: Income tax expense | |||||||
| Add: Net interest expense | |||||||
| Earnings before interest and tax (EBIT) | |||||||
| Solvency Ratio | |||||||
| Interest coverage1 | |||||||
| Benchmarks | |||||||
| Interest Coverage, Competitors2 | |||||||
| Costco Wholesale Corp. | |||||||
| Walmart Inc. | |||||||
| Interest Coverage, Sector | |||||||
| Consumer Staples Distribution & Retail | |||||||
| Interest Coverage, Industry | |||||||
| Consumer Staples | |||||||
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
Interest coverage = EBIT ÷ Interest expense
= ÷ =
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | Target Corp. interest coverage ratio improved from 2023 to 2024 and from 2024 to 2025. |
Fixed Charge Coverage
Target Corp., fixed charge coverage calculation, comparison to benchmarks
| 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 earnings | |||||||
| Less: Discontinued operations, net of tax | |||||||
| Add: Income tax expense | |||||||
| Add: Net interest expense | |||||||
| Earnings before interest and tax (EBIT) | |||||||
| Add: Operating lease cost | |||||||
| Earnings before fixed charges and tax | |||||||
| Net interest expense | |||||||
| Operating lease cost | |||||||
| Fixed charges | |||||||
| Solvency Ratio | |||||||
| Fixed charge coverage1 | |||||||
| Benchmarks | |||||||
| Fixed Charge Coverage, Competitors2 | |||||||
| Costco Wholesale Corp. | |||||||
| Walmart Inc. | |||||||
| Fixed Charge Coverage, Sector | |||||||
| Consumer Staples Distribution & Retail | |||||||
| Fixed Charge Coverage, Industry | |||||||
| Consumer Staples | |||||||
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
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= ÷ =
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Fixed charge coverage ratio | A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. | Target Corp. fixed charge coverage ratio improved from 2023 to 2024 but then slightly deteriorated from 2024 to 2025. |