Target Corp., FCFE 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)
Net noncash charges	3,444)	3,674)	3,124)	3,099)	2,956)	3,016)
Changes in operating accounts	1,039)	(2,436)	(1,445)	3,058)	862)	17)
Cash provided by operating activities	8,621)	4,018)	8,625)	10,525)	7,099)	5,970)
Expenditures for property and equipment	(4,806)	(5,528)	(3,544)	(2,649)	(3,027)	(3,516)
Proceeds from disposal of property and equipment	24)	8)	27)	42)	63)	85)
Additions to long-term debt	—)	2,625)	1,972)	2,480)	1,739)	—)
Reductions of long-term debt	(147)	(163)	(1,147)	(2,415)	(2,069)	(281)
Free cash flow to equity (FCFE)	3,692)	960)	5,933)	7,983)	3,805)	2,258)

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
FCFE	Free cash flow to equity is the cash flow available to Target Corp. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	Target Corp. FCFE decreased from 2022 to 2023 but then increased from 2023 to 2024 not reaching 2022 level.

Target Corp., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	460,674,666
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	3,692)
FCFE per share	8.01
Current share price (P)	156.00
Valuation Ratio
P/FCFE	19.47
Benchmarks
P/FCFE, Competitors¹
Costco Wholesale Corp.	69.60
Dollar General Corp.	25.41
Walmart Inc.	41.85
P/FCFE, Sector
Consumer Staples Distribution & Retail	47.81
P/FCFE, Industry
Consumer Staples	27.53

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

¹ Click competitor name to see calculations.

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

Target Corp., historical P/FCFE calculation, comparison to benchmarks

	Feb 3, 2024	Jan 28, 2023	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020	Feb 2, 2019
No. shares of common stock outstanding¹	461,690,206	460,363,991	462,418,075	498,616,180	500,961,951	516,333,213
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	3,692)	960)	5,933)	7,983)	3,805)	2,258)
FCFE per share³	8.00	2.09	12.83	16.01	7.60	4.37
Share price^1, 4	166.67	163.51	216.00	178.58	105.58	77.12
Valuation Ratio
P/FCFE⁵	20.84	78.41	16.84	11.15	13.90	17.63
Benchmarks
P/FCFE, Competitors⁶
Costco Wholesale Corp.	68.03	39.36	82.66	37.82	23.41	36.68
Dollar General Corp.	50.04	13.90	28.47	11.51	23.85	24.07
Walmart Inc.	29.40	25.97	122.02	18.26	23.39	9.30
P/FCFE, Sector
Consumer Staples Distribution & Retail	—	29.82	56.14	18.79	22.03	12.95
P/FCFE, Industry
Consumer Staples	—	21.00	25.12	22.89	17.29	18.06

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 Data adjusted for splits and stock dividends.

² See details »

³ 2024 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 3,692,000,000 ÷ 461,690,206 = 8.00

⁴ Closing price as at the filing date of Target Corp. Annual Report.

⁵ 2024 Calculation
P/FCFE = Share price ÷ FCFE per share
= 166.67 ÷ 8.00 = 20.84

⁶ Click competitor name to see calculations.

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Valuation ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders’ equity.	Target Corp. P/FCFE ratio increased from 2022 to 2023 but then slightly decreased from 2023 to 2024 not reaching 2022 level.

Target Corp. (NYSE:TGT)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical