Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
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 (quarterly data)
Based on: 10-Q (reporting date: 2024-11-02), 10-Q (reporting date: 2024-08-03), 10-Q (reporting date: 2024-05-04), 10-K (reporting date: 2024-02-03), 10-Q (reporting date: 2023-10-28), 10-Q (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-K (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-K (reporting date: 2021-01-30), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-08-01), 10-Q (reporting date: 2020-05-02), 10-K (reporting date: 2020-02-01), 10-Q (reporting date: 2019-11-02), 10-Q (reporting date: 2019-08-03), 10-Q (reporting date: 2019-05-04), 10-K (reporting date: 2019-02-02), 10-Q (reporting date: 2018-11-03), 10-Q (reporting date: 2018-08-04), 10-Q (reporting date: 2018-05-05).
| 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 improved from Q1 2025 to Q2 2025 and from Q2 2025 to Q3 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) improved from Q1 2025 to Q2 2025 and from Q2 2025 to Q3 2025. |
| Total asset turnover | An activity ratio calculated as total revenue divided by total assets. | Target Corp. total asset turnover ratio deteriorated from Q1 2025 to Q2 2025 and from Q2 2025 to Q3 2025. |
| Equity turnover | An activity ratio calculated as total revenue divided by shareholders’ equity. | Target Corp. equity turnover ratio deteriorated from Q1 2025 to Q2 2025 and from Q2 2025 to Q3 2025. |
Net Fixed Asset Turnover
Target Corp., net fixed asset turnover calculation (quarterly data)
| Nov 2, 2024 | Aug 3, 2024 | May 4, 2024 | Feb 3, 2024 | Oct 28, 2023 | Jul 29, 2023 | Apr 29, 2023 | Jan 28, 2023 | Oct 29, 2022 | Jul 30, 2022 | Apr 30, 2022 | Jan 29, 2022 | Oct 30, 2021 | Jul 31, 2021 | May 1, 2021 | Jan 30, 2021 | Oct 31, 2020 | Aug 1, 2020 | May 2, 2020 | Feb 1, 2020 | Nov 2, 2019 | Aug 3, 2019 | May 4, 2019 | Feb 2, 2019 | Nov 3, 2018 | Aug 4, 2018 | May 5, 2018 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||||||
| Sales | 25,228) | 25,021) | 24,143) | 31,467) | 25,004) | 24,384) | 24,948) | 30,983) | 26,122) | 25,653) | 24,830) | 30,616) | 25,290) | 24,826) | 23,879) | 27,997) | 22,336) | 22,696) | 19,371) | 23,132) | 18,414) | 18,183) | 17,401) | 22,735) | 17,590) | 17,552) | 16,556) | ||||||||
| Property and equipment, net | 32,931) | 33,075) | 33,114) | 33,096) | 33,168) | 32,947) | 32,396) | 31,512) | 30,921) | 29,820) | 28,670) | 28,181) | 27,915) | 27,244) | 26,804) | 26,879) | 26,773) | 26,739) | 26,589) | 26,283) | 26,384) | 26,012) | 25,706) | 25,533) | 25,607) | 25,172) | 24,767) | ||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||||||||
| Net fixed asset turnover1 | 3.21 | 3.19 | 3.17 | 3.20 | 3.18 | 3.23 | 3.32 | 3.41 | 3.47 | 3.57 | 3.68 | 3.71 | 3.65 | 3.64 | 3.62 | 3.44 | 3.27 | 3.13 | 2.97 | 2.93 | 2.91 | 2.92 | 2.93 | 2.92 | — | — | — | ||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||||||||||||||||
| Costco Wholesale Corp. | — | — | 8.65 | 8.60 | 8.87 | 8.84 | 8.87 | 8.91 | 8.91 | 8.94 | 9.02 | 9.04 | 8.84 | 8.57 | 8.34 | 8.18 | 7.89 | 7.77 | 7.60 | 7.48 | 7.31 | 7.21 | 7.12 | 7.15 | — | — | — | ||||||||
| Walmart Inc. | 5.44 | 5.48 | 5.53 | 5.51 | 5.59 | 5.67 | 5.74 | 5.73 | 5.82 | 5.79 | 5.75 | 5.74 | 5.88 | 5.87 | 5.88 | 5.77 | 5.08 | 5.08 | 4.98 | 4.74 | 4.77 | 4.73 | 4.72 | 4.58 | — | — | — | ||||||||
Based on: 10-Q (reporting date: 2024-11-02), 10-Q (reporting date: 2024-08-03), 10-Q (reporting date: 2024-05-04), 10-K (reporting date: 2024-02-03), 10-Q (reporting date: 2023-10-28), 10-Q (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-K (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-K (reporting date: 2021-01-30), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-08-01), 10-Q (reporting date: 2020-05-02), 10-K (reporting date: 2020-02-01), 10-Q (reporting date: 2019-11-02), 10-Q (reporting date: 2019-08-03), 10-Q (reporting date: 2019-05-04), 10-K (reporting date: 2019-02-02), 10-Q (reporting date: 2018-11-03), 10-Q (reporting date: 2018-08-04), 10-Q (reporting date: 2018-05-05).
1 Q3 2025 Calculation
Net fixed asset turnover
= (SalesQ3 2025
+ SalesQ2 2025
+ SalesQ1 2025
+ SalesQ4 2024)
÷ Property and equipment, net
= (25,228 + 25,021 + 24,143 + 31,467)
÷ 32,931 = 3.21
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 improved from Q1 2025 to Q2 2025 and from Q2 2025 to Q3 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 (quarterly data)
| Nov 2, 2024 | Aug 3, 2024 | May 4, 2024 | Feb 3, 2024 | Oct 28, 2023 | Jul 29, 2023 | Apr 29, 2023 | Jan 28, 2023 | Oct 29, 2022 | Jul 30, 2022 | Apr 30, 2022 | Jan 29, 2022 | Oct 30, 2021 | Jul 31, 2021 | May 1, 2021 | Jan 30, 2021 | Oct 31, 2020 | Aug 1, 2020 | May 2, 2020 | Feb 1, 2020 | Nov 2, 2019 | Aug 3, 2019 | May 4, 2019 | Feb 2, 2019 | Nov 3, 2018 | Aug 4, 2018 | May 5, 2018 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||||||
| Sales | 25,228) | 25,021) | 24,143) | 31,467) | 25,004) | 24,384) | 24,948) | 30,983) | 26,122) | 25,653) | 24,830) | 30,616) | 25,290) | 24,826) | 23,879) | 27,997) | 22,336) | 22,696) | 19,371) | 23,132) | 18,414) | 18,183) | 17,401) | 22,735) | 17,590) | 17,552) | 16,556) | ||||||||
| Property and equipment, net | 32,931) | 33,075) | 33,114) | 33,096) | 33,168) | 32,947) | 32,396) | 31,512) | 30,921) | 29,820) | 28,670) | 28,181) | 27,915) | 27,244) | 26,804) | 26,879) | 26,773) | 26,739) | 26,589) | 26,283) | 26,384) | 26,012) | 25,706) | 25,533) | 25,607) | 25,172) | 24,767) | ||||||||
| Operating lease assets | 3,513) | 3,545) | 3,486) | 3,362) | 3,086) | 2,840) | 2,640) | 2,657) | 2,596) | 2,542) | 2,571) | 2,556) | 2,539) | 2,503) | 2,362) | 2,227) | 2,208) | 2,233) | 2,235) | 2,236) | 2,151) | 2,062) | 2,019) | 1,965) | 1,997) | 1,976) | 1,958) | ||||||||
| Property and equipment, net (including operating lease, right-of-use asset) | 36,444) | 36,620) | 36,600) | 36,458) | 36,254) | 35,787) | 35,036) | 34,169) | 33,517) | 32,362) | 31,241) | 30,737) | 30,454) | 29,747) | 29,166) | 29,106) | 28,981) | 28,972) | 28,824) | 28,519) | 28,535) | 28,074) | 27,725) | 27,498) | 27,604) | 27,148) | 26,725) | ||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 2.90 | 2.88 | 2.87 | 2.90 | 2.91 | 2.97 | 3.07 | 3.15 | 3.20 | 3.29 | 3.38 | 3.40 | 3.35 | 3.33 | 3.32 | 3.17 | 3.02 | 2.89 | 2.74 | 2.70 | 2.69 | 2.70 | 2.72 | 2.71 | — | — | — | ||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | |||||||||||||||||||||||||||||||||||
| Costco Wholesale Corp. | — | — | 7.97 | 7.89 | 8.11 | 8.04 | 8.08 | 8.09 | 8.04 | 8.05 | 8.12 | 8.12 | 7.94 | 7.67 | 7.43 | 7.28 | 7.02 | 6.88 | 6.75 | 6.64 | 6.48 | 6.43 | 6.35 | 7.15 | — | — | — | ||||||||
| Walmart Inc. | 4.89 | 4.93 | 4.96 | 4.93 | 4.99 | 5.04 | 5.09 | 5.08 | 5.15 | 5.09 | 5.04 | 5.04 | 5.14 | 5.13 | 5.14 | 5.05 | 4.38 | 4.38 | 4.30 | 4.09 | 4.12 | 4.08 | 4.09 | 4.58 | — | — | — | ||||||||
Based on: 10-Q (reporting date: 2024-11-02), 10-Q (reporting date: 2024-08-03), 10-Q (reporting date: 2024-05-04), 10-K (reporting date: 2024-02-03), 10-Q (reporting date: 2023-10-28), 10-Q (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-K (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-K (reporting date: 2021-01-30), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-08-01), 10-Q (reporting date: 2020-05-02), 10-K (reporting date: 2020-02-01), 10-Q (reporting date: 2019-11-02), 10-Q (reporting date: 2019-08-03), 10-Q (reporting date: 2019-05-04), 10-K (reporting date: 2019-02-02), 10-Q (reporting date: 2018-11-03), 10-Q (reporting date: 2018-08-04), 10-Q (reporting date: 2018-05-05).
1 Q3 2025 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (SalesQ3 2025
+ SalesQ2 2025
+ SalesQ1 2025
+ SalesQ4 2024)
÷ Property and equipment, net (including operating lease, right-of-use asset)
= (25,228 + 25,021 + 24,143 + 31,467)
÷ 36,444 = 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) improved from Q1 2025 to Q2 2025 and from Q2 2025 to Q3 2025. |
Total Asset Turnover
Target Corp., total asset turnover calculation (quarterly data)
| Nov 2, 2024 | Aug 3, 2024 | May 4, 2024 | Feb 3, 2024 | Oct 28, 2023 | Jul 29, 2023 | Apr 29, 2023 | Jan 28, 2023 | Oct 29, 2022 | Jul 30, 2022 | Apr 30, 2022 | Jan 29, 2022 | Oct 30, 2021 | Jul 31, 2021 | May 1, 2021 | Jan 30, 2021 | Oct 31, 2020 | Aug 1, 2020 | May 2, 2020 | Feb 1, 2020 | Nov 2, 2019 | Aug 3, 2019 | May 4, 2019 | Feb 2, 2019 | Nov 3, 2018 | Aug 4, 2018 | May 5, 2018 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||||||
| Sales | 25,228) | 25,021) | 24,143) | 31,467) | 25,004) | 24,384) | 24,948) | 30,983) | 26,122) | 25,653) | 24,830) | 30,616) | 25,290) | 24,826) | 23,879) | 27,997) | 22,336) | 22,696) | 19,371) | 23,132) | 18,414) | 18,183) | 17,401) | 22,735) | 17,590) | 17,552) | 16,556) | ||||||||
| Total assets | 58,531) | 55,995) | 55,117) | 55,356) | 56,229) | 53,206) | 52,150) | 53,335) | 55,615) | 52,470) | 50,842) | 53,811) | 54,411) | 51,385) | 50,471) | 51,248) | 50,661) | 48,000) | 44,806) | 42,779) | 43,741) | 41,566) | 40,619) | 41,290) | 43,572) | 39,996) | 38,929) | ||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||||||||
| Total asset turnover1 | 1.81 | 1.89 | 1.91 | 1.91 | 1.87 | 2.00 | 2.07 | 2.02 | 1.93 | 2.03 | 2.08 | 1.94 | 1.87 | 1.93 | 1.92 | 1.80 | 1.73 | 1.74 | 1.77 | 1.80 | 1.75 | 1.83 | 1.85 | 1.80 | — | — | — | ||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||||||||||||||
| Costco Wholesale Corp. | — | — | 3.46 | 3.57 | 3.66 | 3.68 | 3.27 | 3.45 | 3.46 | 3.44 | 3.43 | 3.47 | 3.34 | 3.27 | 3.10 | 3.24 | 3.19 | 3.19 | 2.81 | 2.94 | 3.04 | 3.18 | 2.94 | 3.29 | — | — | — | ||||||||
| Walmart Inc. | 2.53 | 2.59 | 2.56 | 2.55 | 2.44 | 2.45 | 2.52 | 2.49 | 2.40 | 2.36 | 2.32 | 2.32 | 2.32 | 2.35 | 2.36 | 2.20 | 2.17 | 2.27 | 2.28 | 2.20 | 2.16 | 2.19 | 2.18 | 2.33 | — | — | — | ||||||||
Based on: 10-Q (reporting date: 2024-11-02), 10-Q (reporting date: 2024-08-03), 10-Q (reporting date: 2024-05-04), 10-K (reporting date: 2024-02-03), 10-Q (reporting date: 2023-10-28), 10-Q (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-K (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-K (reporting date: 2021-01-30), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-08-01), 10-Q (reporting date: 2020-05-02), 10-K (reporting date: 2020-02-01), 10-Q (reporting date: 2019-11-02), 10-Q (reporting date: 2019-08-03), 10-Q (reporting date: 2019-05-04), 10-K (reporting date: 2019-02-02), 10-Q (reporting date: 2018-11-03), 10-Q (reporting date: 2018-08-04), 10-Q (reporting date: 2018-05-05).
1 Q3 2025 Calculation
Total asset turnover
= (SalesQ3 2025
+ SalesQ2 2025
+ SalesQ1 2025
+ SalesQ4 2024)
÷ Total assets
= (25,228 + 25,021 + 24,143 + 31,467)
÷ 58,531 = 1.81
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 Q1 2025 to Q2 2025 and from Q2 2025 to Q3 2025. |
Equity Turnover
Target Corp., equity turnover calculation (quarterly data)
| Nov 2, 2024 | Aug 3, 2024 | May 4, 2024 | Feb 3, 2024 | Oct 28, 2023 | Jul 29, 2023 | Apr 29, 2023 | Jan 28, 2023 | Oct 29, 2022 | Jul 30, 2022 | Apr 30, 2022 | Jan 29, 2022 | Oct 30, 2021 | Jul 31, 2021 | May 1, 2021 | Jan 30, 2021 | Oct 31, 2020 | Aug 1, 2020 | May 2, 2020 | Feb 1, 2020 | Nov 2, 2019 | Aug 3, 2019 | May 4, 2019 | Feb 2, 2019 | Nov 3, 2018 | Aug 4, 2018 | May 5, 2018 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||||||
| Sales | 25,228) | 25,021) | 24,143) | 31,467) | 25,004) | 24,384) | 24,948) | 30,983) | 26,122) | 25,653) | 24,830) | 30,616) | 25,290) | 24,826) | 23,879) | 27,997) | 22,336) | 22,696) | 19,371) | 23,132) | 18,414) | 18,183) | 17,401) | 22,735) | 17,590) | 17,552) | 16,556) | ||||||||
| Shareholders’ investment | 14,489) | 14,429) | 13,840) | 13,432) | 12,514) | 11,990) | 11,605) | 11,232) | 11,019) | 10,592) | 10,774) | 12,827) | 13,803) | 14,860) | 14,959) | 14,440) | 13,319) | 12,578) | 11,169) | 11,833) | 11,545) | 11,836) | 11,117) | 11,297) | 11,080) | 11,167) | 11,158) | ||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||||||||
| Equity turnover1 | 7.31 | 7.32 | 7.59 | 7.88 | 8.42 | 8.88 | 9.28 | 9.58 | 9.73 | 10.04 | 9.80 | 8.16 | 7.39 | 6.66 | 6.48 | 6.40 | 6.57 | 6.65 | 7.08 | 6.52 | 6.65 | 6.41 | 6.77 | 6.59 | — | — | — | ||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||||||||||||||||
| Costco Wholesale Corp. | — | — | 10.38 | 10.57 | 11.43 | 11.76 | 9.22 | 9.49 | 9.80 | 10.09 | 10.56 | 10.79 | 10.69 | 10.62 | 10.78 | 10.93 | 11.10 | 11.18 | 11.40 | 8.93 | 9.37 | 9.32 | 9.54 | 9.80 | — | — | — | ||||||||
| Walmart Inc. | 7.58 | 7.81 | 8.02 | 7.66 | 7.97 | 7.86 | 8.52 | 7.90 | 8.23 | 7.51 | 7.42 | 6.82 | 6.89 | 6.98 | 7.13 | 6.86 | 6.69 | 7.14 | 7.78 | 6.96 | 7.22 | 7.31 | 7.50 | 7.04 | — | — | — | ||||||||
Based on: 10-Q (reporting date: 2024-11-02), 10-Q (reporting date: 2024-08-03), 10-Q (reporting date: 2024-05-04), 10-K (reporting date: 2024-02-03), 10-Q (reporting date: 2023-10-28), 10-Q (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-K (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-K (reporting date: 2021-01-30), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-08-01), 10-Q (reporting date: 2020-05-02), 10-K (reporting date: 2020-02-01), 10-Q (reporting date: 2019-11-02), 10-Q (reporting date: 2019-08-03), 10-Q (reporting date: 2019-05-04), 10-K (reporting date: 2019-02-02), 10-Q (reporting date: 2018-11-03), 10-Q (reporting date: 2018-08-04), 10-Q (reporting date: 2018-05-05).
1 Q3 2025 Calculation
Equity turnover
= (SalesQ3 2025
+ SalesQ2 2025
+ SalesQ1 2025
+ SalesQ4 2024)
÷ Shareholders’ investment
= (25,228 + 25,021 + 24,143 + 31,467)
÷ 14,489 = 7.31
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 Q1 2025 to Q2 2025 and from Q2 2025 to Q3 2025. |