Analysis of Long-term (Investment) Activity Ratios
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Long-term Activity Ratios (Summary)
Target Corp., long-term (investment) activity 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).
| Long-term activity ratio | Description | The company |
|---|---|---|
| Net fixed asset turnover | An activity ratio calculated as total revenue divided by net fixed assets. | Target Corp. net fixed asset turnover ratio deteriorated from 2023 to 2024 and from 2024 to 2025. |
| Net fixed asset turnover (including operating lease, right-of-use asset) | An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset). | Target Corp. net fixed asset turnover ratio (with operating lease, right-of-use asset) deteriorated from 2023 to 2024 and from 2024 to 2025. |
| Total asset turnover | An activity ratio calculated as total revenue divided by total assets. | Target Corp. total asset turnover ratio deteriorated from 2023 to 2024 and from 2024 to 2025. |
| Equity turnover | An activity ratio calculated as total revenue divided by shareholders’ equity. | Target Corp. equity turnover ratio deteriorated from 2023 to 2024 and from 2024 to 2025. |
Net Fixed Asset Turnover
Target Corp., net fixed asset turnover 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 sales | 106,566) | 107,412) | 109,120) | 106,005) | 93,561) | 78,112) | |
| Property and equipment, net | 33,022) | 33,096) | 31,512) | 28,181) | 26,879) | 26,283) | |
| Long-term Activity Ratio | |||||||
| Net fixed asset turnover1 | 3.23 | 3.25 | 3.46 | 3.76 | 3.48 | 2.97 | |
| Benchmarks | |||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||
| Costco Wholesale Corp. | — | 8.19 | 8.49 | 8.48 | 7.84 | 7.29 | |
| Walmart Inc. | 5.35 | 5.51 | 5.73 | 5.74 | 5.77 | 4.74 | |
| Net Fixed Asset Turnover, Sector | |||||||
| Consumer Staples Distribution & Retail | — | 5.55 | 5.77 | 5.85 | 5.70 | 4.81 | |
| Net Fixed Asset Turnover, Industry | |||||||
| Consumer Staples | — | 5.04 | 5.17 | 5.21 | 5.06 | 4.37 | |
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 fixed asset turnover = Net sales ÷ Property and equipment, net
= 106,566 ÷ 33,022 = 3.23
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Net fixed asset turnover | An activity ratio calculated as total revenue divided by net fixed assets. | Target Corp. net fixed asset turnover ratio deteriorated from 2023 to 2024 and from 2024 to 2025. |
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Target Corp., net fixed asset turnover (including operating lease, right-of-use asset) 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 sales | 106,566) | 107,412) | 109,120) | 106,005) | 93,561) | 78,112) | |
| Property and equipment, net | 33,022) | 33,096) | 31,512) | 28,181) | 26,879) | 26,283) | |
| Operating lease assets | 3,763) | 3,362) | 2,657) | 2,556) | 2,227) | 2,236) | |
| Property and equipment, net (including operating lease, right-of-use asset) | 36,785) | 36,458) | 34,169) | 30,737) | 29,106) | 28,519) | |
| Long-term Activity Ratio | |||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 2.90 | 2.95 | 3.19 | 3.45 | 3.21 | 2.74 | |
| Benchmarks | |||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | |||||||
| Costco Wholesale Corp. | — | 7.55 | 7.74 | 7.67 | 7.01 | 6.48 | |
| Walmart Inc. | 4.83 | 4.93 | 5.08 | 5.04 | 5.05 | 4.09 | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector | |||||||
| Consumer Staples Distribution & Retail | — | 5.00 | 5.17 | 5.20 | 5.06 | 4.21 | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry | |||||||
| Consumer Staples | — | 4.57 | 4.68 | 4.69 | 4.55 | 3.90 | |
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 fixed asset turnover (including operating lease, right-of-use asset) = Net sales ÷ Property and equipment, net (including operating lease, right-of-use asset)
= 106,566 ÷ 36,785 = 2.90
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Net fixed asset turnover (including operating lease, right-of-use asset) | An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset). | Target Corp. net fixed asset turnover ratio (with operating lease, right-of-use asset) deteriorated from 2023 to 2024 and from 2024 to 2025. |
Total Asset Turnover
Target Corp., total asset turnover 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 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) | |
| Long-term Activity Ratio | |||||||
| Total asset turnover1 | 1.84 | 1.94 | 2.05 | 1.97 | 1.83 | 1.83 | |
| Benchmarks | |||||||
| Total Asset Turnover, Competitors2 | |||||||
| Costco Wholesale Corp. | — | 3.57 | 3.45 | 3.47 | 3.24 | 2.94 | |
| Walmart Inc. | 2.59 | 2.55 | 2.49 | 2.32 | 2.20 | 2.20 | |
| Total Asset Turnover, Sector | |||||||
| Consumer Staples Distribution & Retail | — | 2.65 | 2.61 | 2.47 | 2.32 | 2.27 | |
| Total Asset Turnover, Industry | |||||||
| Consumer Staples | — | 1.56 | 1.51 | 1.47 | 1.41 | 1.32 | |
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 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Total asset turnover | An activity ratio calculated as total revenue divided by total assets. | Target Corp. total asset turnover ratio deteriorated from 2023 to 2024 and from 2024 to 2025. |
Equity Turnover
Target Corp., equity turnover 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 sales | 106,566) | 107,412) | 109,120) | 106,005) | 93,561) | 78,112) | |
| Shareholders’ investment | 14,666) | 13,432) | 11,232) | 12,827) | 14,440) | 11,833) | |
| Long-term Activity Ratio | |||||||
| Equity turnover1 | 7.27 | 8.00 | 9.72 | 8.26 | 6.48 | 6.60 | |
| Benchmarks | |||||||
| Equity Turnover, Competitors2 | |||||||
| Costco Wholesale Corp. | — | 10.57 | 9.49 | 10.79 | 10.93 | 8.93 | |
| Walmart Inc. | 7.41 | 7.66 | 7.90 | 6.82 | 6.86 | 6.96 | |
| Equity Turnover, Sector | |||||||
| Consumer Staples Distribution & Retail | — | 8.27 | 8.43 | 7.68 | 7.45 | 7.26 | |
| Equity Turnover, Industry | |||||||
| Consumer Staples | — | 5.66 | 5.62 | 5.26 | 5.06 | 4.98 | |
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
Equity turnover = Net sales ÷ Shareholders’ investment
= 106,566 ÷ 14,666 = 7.27
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Equity turnover | An activity ratio calculated as total revenue divided by shareholders’ equity. | Target Corp. equity turnover ratio deteriorated from 2023 to 2024 and from 2024 to 2025. |