Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
EV to EBITDA Ratio, Current
EV to EBITDA Ratio, Historical

Target Corp., EBITDA calculation

US$ in millions

12 months ended:	Feb 1, 2025	Feb 3, 2024	Jan 28, 2023	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020
Net earnings	4,091)	4,138)	2,780)	6,946)	4,368)	3,281)
Less: Discontinued operations, net of tax	—)	—)	—)	—)	—)	12)
Add: Income tax expense	1,170)	1,159)	638)	1,961)	1,178)	921)
Earnings before tax (EBT)	5,261)	5,297)	3,418)	8,907)	5,546)	4,190)
Add: Net interest expense	411)	502)	478)	421)	977)	477)
Earnings before interest and tax (EBIT)	5,672)	5,799)	3,896)	9,328)	6,523)	4,667)
Add: Depreciation and amortization	2,981)	2,801)	2,700)	2,642)	2,485)	2,604)
Earnings before interest, tax, depreciation and amortization (EBITDA)	8,653)	8,600)	6,596)	11,970)	9,008)	7,271)

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).

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Item	Description	The company
EBITDA	To calculate EBITDA analysts start with net earnings. To that earnings number, interest, taxes, depreciation, and amortization are added. EBITDA as a pre-interest number is a flow to all providers of capital.	Target Corp. EBITDA increased from 2023 to 2024 and from 2024 to 2025.

Target Corp., current EV/EBITDA calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	53,597)
Earnings before interest, tax, depreciation and amortization (EBITDA)	8,653)
Valuation Ratio
EV/EBITDA	6.19
Benchmarks
EV/EBITDA, Competitors¹
Costco Wholesale Corp.	36.02
Walmart Inc.	18.82
EV/EBITDA, Sector
Consumer Staples Distribution & Retail	22.46
EV/EBITDA, Industry
Consumer Staples	20.00

Based on: 10-K (reporting date: 2025-02-01).

¹ Click competitor name to see calculations.

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

Target Corp., historical EV/EBITDA 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)
Enterprise value (EV)¹	60,052)	89,183)	89,184)	107,691)	93,212)	61,814)
Earnings before interest, tax, depreciation and amortization (EBITDA)²	8,653)	8,600)	6,596)	11,970)	9,008)	7,271)
Valuation Ratio
EV/EBITDA³	6.94	10.37	13.52	9.00	10.35	8.50
Benchmarks
EV/EBITDA, Competitors⁴
Costco Wholesale Corp.	—	32.85	22.66	21.19	22.64	21.69
Walmart Inc.	17.31	14.63	13.92	13.94	12.01	11.12
EV/EBITDA, Sector
Consumer Staples Distribution & Retail	—	17.87	15.84	14.18	13.50	12.30
EV/EBITDA, Industry
Consumer Staples	—	17.62	16.39	16.42	15.65	14.89

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 See details »

² See details »

³ 2025 Calculation
EV/EBITDA = EV ÷ EBITDA
= 60,052 ÷ 8,653 = 6.94

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/EBITDA	Enterprise value to earnings before interest, tax, depreciation and amortization is a valuation indicator for the overall company rather than common stock.	Target Corp. EV/EBITDA ratio decreased from 2023 to 2024 and from 2024 to 2025.

Target Corp. (NYSE:TGT)

Enterprise Value to EBITDA (EV/EBITDA)

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Enterprise Value to EBITDA Ratio, Current

Enterprise Value to EBITDA Ratio, Historical