Target Corporation
TGTFinancial Analysis · Updated May 12, 2026 · Coverage 2026-Q2
Latest Q Revenue
$30.0B
Q4 FY2025 · -1% YoY
TTM ROIC
13.8%
FY2025 · NOPAT / Invested Capital (Total Debt + Equity − Cash); company-disclosed figure used as primary · WACC ~9.2% · Moat spread +4.6pp
Financial Snapshot
ticker: TGT step: 04 generated: 2026-05-12 source: quick-research
Target Corporation (TGT) — Financial Snapshot
Income Statement Summary
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | YoY (25) |
|---|---|---|---|---|---|
| Revenue | $109.1B | $107.4B | $106.6B | $106.6B | -0.8% |
| Comp Sales | +2.2% | -3.7% | +0.1% | -1.0% | |
| Operating Margin | 3.5% | 5.3% | 5.2% | 4.8% | |
| Operating Income | $3.85B | $5.71B | $5.57B | $5.13B | -8% |
| GAAP EPS | $5.98 | $8.94 | $8.86 | $8.13 | -8% |
| Adjusted EPS | $6.02 | $8.94 | $8.86 | $7.57 | -15% |
FY2025 (Fiscal Year ending Feb 2026) showed comparable sales decline -1.0% reflecting -2.5% in Q4. Discretionary categories pressuring overall comp. Operating margin -40 bps YoY.
Cash Flow & Balance Sheet (FY2024 = fiscal year ending Feb 2025)
| Metric | Value |
|---|---|
| Operating Cash Flow | ~$7.4B |
| Capex | ~$3.0B |
| Free Cash Flow | ~$4.4B |
| Cash & Equivalents | ~$4.4B |
| Total Debt | ~$15.7B |
| Dividend | $4.48/share (~3.9% yield) |
Key Ratios (approximate)
- P/E: ~13x | EV/EBITDA: ~8x | FCF Yield: ~9%
- Revenue Growth (TTM): -0.8% | Op Margin: ~4.8%
- Dividend Yield: ~3.9% | Buybacks: ~$1B annual
Growth Profile
Revenue declining for 2 years on weak discretionary + customer trade-down. Long-term plan: $15B+ sales growth by 2030 via Target Circle 360 + Target Plus marketplace + Roundel media + grocery + store remodels + ~20 new stores/yr. Trading at distressed valuation (~13x P/E, 9% FCF yield) reflecting market skepticism.
Forward Estimates
- FY 2025 (ending Feb 2026): Comp sales -1% to flat; adj EPS $7.50-8.00
- FY 2026 (ending Feb 2027): Initial guide flat to +1% comp; adj EPS ~$8.00-8.50
- Fiddelke's $5B investment in remodels/AI/supply chain to drive multi-year recovery
- 53rd consecutive year of dividend increases (Dividend King)
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $TGT.
Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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