FirmAtlas
Company handbook · TGT · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
TGT · CIK 27419 · LATEST FILING: 10-Q AUG '26 · FILED AUG 28, 2026
TARGET CORPORATION
$154.26
−2.37 (−1.51%)
Close, Oct 16, 2026 · 52-week $83–171
Target runs general merchandise stores across the U.S. that sell food and household essentials, clothing, home goods, beauty products, electronics and toys, many under its own brands. It also sells online, with same-day pickup and delivery from its stores.
Business
- ProductsFood And Beverage 23% · Household Essentials 17% · Hardlines 15% · Apparel And Accessories 15% · Home Furnishings And Decor 15% · Beauty 13% · Advertising Revenue 1% · Other Other Revenue 1% · Credit Card Profit Sharing 0% · Other Product 0% (FY25)
- CustomersConsumers in the U.S.; its own stores, website and app
- Cash useFY24–FY25: capex $6.6B · dividends $4.1B · buybacks $1.4B
Reinvested 48% of operating cash flow · returned 75% of free cash flow
Last fiscal year
TARGET CORPORATION reported revenue of $104.8B for the year ended Jan 31, 2026 (FY25), down 1.7% from FY24. Net income was $3.7B, operating cash flow $6.6B and free cash flow $2.8B. Source: 10-K filed Mar 11, 2026.
Market cap
$69.9B
P/E
15.9
EV/EBITDA
9.5x
P/B
3.9
Div yield
2.97%
ROIC
16.2%
Revenue 1Y
−1.7%/yr
EPS 1Y
−8.2%/yr
Shares 1Y
−0.6%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOMichael Fiddelke
HQMinneapolis, MN
AuditorErnst & Young LLP
Year endsFebruary
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
8.5%
−8.9%
11.5%
71.3%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$12.1B deployed
Capex
$6.6B
54.5%
Dividends
$4.1B
33.8%
Buybacks
$1.4B
11.7%
Operating cash flow over the period: $13.9B. Total debt changed by +$22M.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · FY25 = year ended Jan 31, 2026 · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Aug '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
106,566
104,780−1.7%
107,705
YoY
−1.7%
Operating income
5,566
5,117−8.1%
6,023
Operating margin
5.2%
4.9%−0.3 pp
—
EBITDA
8,547
8,251−3.5%
—
EBITDA margin
8.0%
7.9%−0.1 pp
—
Interest expense
411
445+8.3%
—
Interest coverage
20.80x
18.54x−2.25x
—
Net income
4,091
3,705−9.4%
4,392
YoY
−9.4%
Net margin
3.8%
3.5%−0.3 pp
—
EPS (diluted, $)
8.86
8.13−8.2%
9.64
YoY
−8.2%
Balance sheet
Total assets
57,769
59,490+3.0%
61,235
Cash & short-term investments
4,762
5,488+15.2%
—
Accounts receivable
998
1,265+26.8%
—
Inventory
12,740
12,304−3.4%
—
Net PP&E
33,022
33,749+2.2%
—
Other assets
6,247
6,684+7.0%
—
Total liabilities
43,103
43,325+0.5%
43,392
Accounts payable
13,053
12,622−3.3%
—
Total debt
14,304
14,326+0.2%
14,221
Other liabilities
15,746
16,377+4.0%
—
Shareholders’ equity
14,666
16,165+10.2%
17,843
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
7,367
6,562−10.9%
8,723
Net income
4,091
3,705−9.4%
—
Depreciation & amortization
2,981
3,134+5.1%
—
Stock-based compensation
304
281−7.6%
—
Working capital & other
(9)
(558)n/m
—
Cash from investing
(2,860)
(3,649)n/m
—
Capex
(2,891)
(3,727)n/m
—
PP&E sold
3
—
—
Other investing
28
78+178.6%
—
Cash from financing
(3,550)
(2,187)n/m
—
Debt raised
741
1,984+167.7%
—
Debt repaid
(1,139)
(1,643)n/m
—
Dividends
(2,046)
(2,053)n/m
—
Buybacks
(1,007)
(408)n/m
—
Shares issued
0
—
—
Other financing
(99)
(67)n/m
—
Net change in cash
957
726−24.1%
—
Free cash flow (OCF − capex)
4,476
2,835−36.7%
4,456
Where the cash went
Operating cash flow
7,367
6,562−10.9%
8,723
Reinvested in the business
2,891
3,727+28.9%
—
% of operating cash flow
39.2%
56.8%
Capex
2,891
3,727+28.9%
4,267
Free cash flow
4,476
2,835−36.7%
4,456
YoY
−36.7%
Returned to shareholders
3,053
2,461−19.4%
—
% of free cash flow
68.2%
86.8%
Dividends
2,046
2,053+0.3%
—
Buybacks
1,007
408−59.5%
—
Change in total debt
—
22
—
Cash left over
—
396
—
FCF conversion (FCF ÷ net income)
109.4%
76.5%−32.9 pp
—
Owner earnings
—
2,850
—
Owner earnings margin
—
2.7%
—
Buyback yield
1.6%
0.9%−0.7 pp
—
Returns & ratios
ROIC (all capital)
17.9%
16.2%−1.7 pp
—
ROIC (operating)
12.8%
11.6%−1.2 pp
—
Net debt / EBITDA
1.12x
1.07x−0.05x
—
Debt / equity
0.98x
0.89x−0.09x
—
Cash conversion cycle (days)
2
3+1 d
—
ROE
27.9%
22.9%−5.0 pp
—
ROA
7.1%
6.2%−0.9 pp
—
ROCE
15.1%
13.4%−1.7 pp
—
NOPAT
4,328
3,977−8.1%
—
Invested capital (operating)
33,707
34,696+2.9%
—
Invested capital (all)
24,208
25,003+3.3%
—
Reinvestment rate
—
24.9%
—
Debtor days
3
4+1 d
—
Inventory days
44
43−1 d
—
Days payable
45
44−1 d
—
Income
Nov '25
Jan '26
May '26
Aug '26
Revenue
25,270
30,453
25,443
26,539
vs year-ago quarter
Operating income
948
1,380
1,135
2,560
Net income
689
1,045
781
1,877
vs year-ago quarter
Net margin
2.7%
3.4%
3.1%
7.1%
EPS (diluted, $)
1.51
2.31
1.71
4.11
vs year-ago quarter
Balance sheet
Nov '25
Jan '26
May '26
Aug '26
Total assets
59,991
59,490
58,010
61,235
Cash & equivalents
3,822
5,488
3,534
5,411
Total debt
15,366
14,326
14,282
14,221
Shareholders’ equity
15,501
16,165
16,395
17,843
Cash flow
Nov '25
Jan '26
May '26
Aug '26
Operating cash flow
1,127
3,077
716
3,803
Capex
978
885
1,035
1,369
Free cash flow
149
2,192
(319)
2,434
vs year-ago quarter