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 3, 2024	Jan 28, 2023	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020	Feb 2, 2019
Net earnings	4,138)	2,780)	6,946)	4,368)	3,281)	2,937)
Less: Discontinued operations, net of tax	—)	—)	—)	—)	12)	7)
Add: Income tax expense	1,159)	638)	1,961)	1,178)	921)	746)
Earnings before tax (EBT)	5,297)	3,418)	8,907)	5,546)	4,190)	3,676)
Add: Net interest expense	502)	478)	421)	977)	477)	461)
Earnings before interest and tax (EBIT)	5,799)	3,896)	9,328)	6,523)	4,667)	4,137)
Add: Depreciation and amortization	2,801)	2,700)	2,642)	2,485)	2,604)	2,474)
Earnings before interest, tax, depreciation and amortization (EBITDA)	8,600)	6,596)	11,970)	9,008)	7,271)	6,611)

Based on: 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), 10-K (reporting date: 2019-02-02).

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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 decreased from 2022 to 2023 but then slightly increased from 2023 to 2024.

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

Selected Financial Data (US$ in millions)
Enterprise value (EV)	70,944)
Earnings before interest, tax, depreciation and amortization (EBITDA)	8,600)
Valuation Ratio
EV/EBITDA	8.25
Benchmarks
EV/EBITDA, Competitors¹
Costco Wholesale Corp.	37.51
Walmart Inc.	22.66
EV/EBITDA, Sector
Consumer Staples Distribution & Retail	28.45
EV/EBITDA, Industry
Consumer Staples	22.21

Based on: 10-K (reporting date: 2024-02-03).

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 3, 2024	Jan 28, 2023	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020	Feb 2, 2019
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	89,183)	89,184)	107,691)	93,212)	61,814)	49,539)
Earnings before interest, tax, depreciation and amortization (EBITDA)²	8,600)	6,596)	11,970)	9,008)	7,271)	6,611)
Valuation Ratio
EV/EBITDA³	10.37	13.52	9.00	10.35	8.50	7.49
Benchmarks
EV/EBITDA, Competitors⁴
Costco Wholesale Corp.	32.85	22.66	21.19	22.64	21.69	20.13
Walmart Inc.	14.63	13.92	13.94	12.01	11.12	13.73
EV/EBITDA, Sector
Consumer Staples Distribution & Retail	—	15.84	14.18	13.50	12.30	—
EV/EBITDA, Industry
Consumer Staples	—	16.39	16.42	15.65	14.89	—

Based on: 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), 10-K (reporting date: 2019-02-02).

¹ See details »

² See details »

³ 2024 Calculation
EV/EBITDA = EV ÷ EBITDA
= 89,183 ÷ 8,600 = 10.37

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 increased from 2022 to 2023 but then slightly decreased from 2023 to 2024 not reaching 2022 level.

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