Explain this page
Arphra AIPlain-English read on Target Corporation’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 2026 | 2027E | 2028E | 2029E | 2030E |
|---|---|---|---|---|---|---|---|---|---|
| Headline | |||||||||
| Market cap | — | — | — | — | — | — | — | — | — |
| Enterprise value | — | — | — | — | — | — | — | — | — |
| Multiples | |||||||||
| P / E | — | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — |
| Yields | |||||||||
| Earnings yield | — | — | — | — | — | — | — | — | — |
| Free cash flow yield | — | — | — | — | — | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 2026 | 2027E | 2028E | 2029E | 2030E |
|---|---|---|---|---|---|---|---|---|---|
| Margins | |||||||||
| Gross margin | +29.28% | +24.57% | +27.54% | +28.21% | +27.93% | +28.26% | +27.21% | +27.86% | +28.38% |
| Operating margin | +8.44% | +3.53% | +5.31% | +5.22% | +4.88% | +5.26% | +5.06% | +5.00% | +5.26% |
| EBITDA margin | +11.29% | +6.04% | +8.01% | +8.12% | +7.97% | +7.80% | +7.81% | +7.81% | +7.95% |
| EBIT margin | +8.80% | +3.57% | +5.40% | +5.32% | +4.97% | +5.35% | +5.14% | +5.18% | +5.29% |
| Pre-tax margin | +8.40% | +3.13% | +4.93% | +4.94% | +4.55% | +4.84% | +4.78% | +4.91% | +4.91% |
| Net margin | +6.55% | +2.55% | +3.85% | +3.84% | +3.54% | +3.77% | +3.77% | +3.74% | +3.81% |
| Cost structure | |||||||||
| Cost of revenue / sales | +70.72% | +75.43% | +72.46% | +71.79% | +72.07% | +74.11% | +73.51% | +70.29% | +71.36% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | +18.63% | +18.86% | +19.98% | +20.62% | +20.55% | +20.84% | +20.18% | +20.97% | +19.98% |
| Effective tax rate | +22.02% | +18.67% | +21.88% | +22.24% | +22.28% | +21.57% | +22.36% | +22.29% | +21.53% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 2026 | 2027E | 2028E | 2029E | 2030E |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| Return on equity (ROE) | +54.15% | +24.75% | +30.81% | +27.89% | +22.92% | +27.77% | +27.85% | +26.81% | +26.96% |
| Return on assets (ROA) | +12.91% | +5.21% | +7.48% | +7.08% | +6.23% | +7.07% | +7.01% | +7.07% | +6.90% |
| Return on capital (ROC) | +30.54% | +12.70% | +17.25% | +16.11% | +14.04% | +16.52% | +15.53% | +15.01% | +15.78% |
| Return on invested capital (ROIC) | +23.71% | +9.17% | +12.51% | +11.84% | +10.16% | +11.84% | +11.57% | +11.24% | +11.43% |
| Asset turnover | +197.00% | +204.59% | +194.04% | +184.47% | +176.13% | +187.53% | +185.80% | +188.91% | +180.89% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +6.55% | +2.55% | +3.85% | +3.84% | +3.54% | +3.77% | +3.77% | +3.74% | +3.81% |
| Asset turnover (× revenue / assets) | +197.00% | +204.59% | +194.04% | +184.47% | +176.13% | +187.53% | +185.80% | +188.91% | +180.89% |
| Equity multiplier (× assets / equity) | +419.51% | +474.85% | +412.12% | +393.90% | +368.02% | +392.77% | +397.49% | +379.25% | +391.00% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 2026 | 2027E | 2028E | 2029E | 2030E |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | |||||||||
| Asset turnover | 1.97 | 2.05 | 1.94 | 1.84 | 1.76 | 1.88 | 1.86 | 1.89 | 1.81 |
| Fixed-asset turnover | 3.45 | 3.19 | 2.95 | 2.90 | 2.80 | — | — | — | — |
| Inventory turnover | 5.39 | 6.10 | 6.55 | 6.00 | 6.14 | — | — | — | — |
| Receivables turnover | 78.35 | 64.38 | 76.50 | 69.15 | 57.99 | — | — | — | — |
| Payables turnover | 4.84 | 6.10 | 6.43 | 5.86 | 5.98 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 4.66 | 5.67 | 4.77 | 5.28 | 6.29 | — | — | — | — |
| Days inventory outstanding (DIO) | 67.69 | 59.86 | 55.74 | 60.78 | 59.47 | — | — | — | — |
| Days payables outstanding (DPO) | 75.36 | 59.81 | 56.74 | 62.28 | 61.01 | — | — | — | — |
| Cash conversion cycle | -3.01 | 5.72 | 3.78 | 3.78 | 4.76 | — | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 2026 | 2027E | 2028E | 2029E | 2030E |
|---|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 1.24 | 1.45 | 2.08 | 1.80 | 1.77 | 1.88 | 1.93 | 1.92 | 1.86 |
| FCF / Net income | 0.73 | -0.54 | 0.92 | 1.09 | 0.77 | 0.95 | 0.91 | 0.96 | 0.92 |
| FCF margin | +4.79% | -1.38% | +3.55% | +4.20% | +2.71% | +3.58% | +3.43% | +3.58% | +3.51% |
| OCF margin | +8.14% | +3.68% | +8.03% | +6.91% | +6.26% | +7.10% | +7.26% | +7.17% | +7.10% |
| CapEx / Revenue | +3.34% | +5.07% | +4.47% | +2.71% | +3.56% | +3.57% | +3.66% | +3.63% | +3.62% |
| CapEx / D&A | 1.34 | 2.05 | 1.72 | 0.97 | 1.19 | — | — | — | — |
| Stock-based comp / Revenue | +0.22% | +0.20% | +0.23% | +0.29% | +0.27% | — | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 2026 | 2027E | 2028E | 2029E | 2030E |
|---|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 14.10 | 5.98 | 8.94 | 8.86 | 8.13 | 8.38 | 8.96 | 9.39 | 10.17 |
| EPS · basic | 14.23 | 6.02 | 8.96 | 8.89 | 8.16 | 8.29 | 8.95 | 9.32 | 10.12 |
| Book value / share | 26.03 | 24.17 | 29.02 | 31.76 | 35.48 | 32.20 | 33.58 | 35.38 | 36.68 |
| Tangible BV / share | 24.70 | 22.78 | 27.66 | 30.39 | 34.10 | 32.20 | 33.58 | 35.38 | 36.68 |
| Sales / share | 215.15 | 234.82 | 232.09 | 230.76 | 229.98 | 237.19 | 247.98 | 253.50 | 259.42 |
| Operating CF / share | 17.51 | 8.65 | 18.63 | 15.95 | 14.40 | 16.84 | 18.01 | 18.18 | 18.43 |
| Free cash flow / share | 10.31 | -3.25 | 8.24 | 9.69 | 6.22 | 8.48 | 8.49 | 9.07 | 9.10 |
| Dividends / share | 3.14 | 3.95 | 4.35 | 4.43 | 4.51 | 4.62 | 4.82 | 4.84 | 4.99 |
| Payout ratio | +22.29% | +66.04% | +48.60% | +50.01% | +55.41% | +51.64% | +51.59% | +51.07% | +50.46% |
| Retention ratio | +77.71% | +33.96% | +51.40% | +49.99% | +44.59% | +48.36% | +48.41% | +48.93% | +49.54% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 2026 | 2027E | 2028E | 2029E | 2030E | 8y CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Top-line | ||||||||||
| Revenue · YoY | — | +2.94% | -1.57% | -0.79% | -1.68% | +3.89% | +3.06% | +3.16% | +2.80% | +1.45% |
| Gross profit · YoY | — | -13.62% | +10.33% | +1.62% | -2.64% | +5.11% | -0.78% | +5.62% | +4.72% | +1.05% |
| Profit | ||||||||||
| Operating income · YoY | — | -56.99% | +48.31% | -2.47% | -8.07% | +11.91% | -0.86% | +1.83% | +8.28% | -4.36% |
| EBITDA · YoY | — | -44.90% | +30.38% | +0.62% | -3.55% | +1.77% | +3.18% | +3.18% | +4.56% | -2.91% |
| Net income · YoY | — | -59.98% | +48.85% | -1.14% | -9.44% | +10.78% | +3.07% | +2.38% | +4.72% | -5.19% |
| Operating | ||||||||||
| EBIT · YoY | — | -58.23% | +48.84% | -2.19% | -8.11% | +11.75% | -0.94% | +4.01% | +4.90% | -4.80% |
| R&D · YoY | — | — | — | — | — | — | — | — | — | — |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | -57.59% | +49.50% | -0.89% | -8.24% | +3.13% | +6.89% | +4.82% | +8.25% | -4.00% |
| EPS · basic · YoY | — | -57.70% | +48.84% | -0.78% | -8.21% | +1.65% | +7.89% | +4.13% | +8.58% | -4.17% |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 2026 | 2027E | 2028E | 2029E | 2030E |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | |||||||||
| Total debt | $16.47B | $19.07B | $19.65B | $19.88B | $20.29B | $19.88B | $21.37B | $22.37B | $22.85B |
| Net debt | $10.56B | $16.84B | $15.84B | $15.11B | $14.8B | $15.21B | $16.27B | $17.36B | $17.53B |
| Net debt / EBITDA | 0.88 | 2.55 | 1.84 | 1.75 | 1.77 | 1.79 | 1.86 | 1.92 | 1.85 |
| Debt / equity | 1.28 | 1.70 | 1.46 | 1.36 | 1.26 | 1.35 | 1.41 | 1.38 | 1.36 |
| Debt / assets | +30.60% | +35.76% | +35.49% | +34.40% | +34.11% | +34.25% | +35.39% | +36.52% | +34.74% |
| Equity / assets | +23.84% | +21.06% | +24.26% | +25.39% | +27.17% | +25.46% | +25.16% | +26.37% | +25.58% |
| Coverage | |||||||||
| EBITDA / interest expense | 28.43 | 13.80 | 17.13 | 21.05 | 18.76 | 17.86 | 17.88 | 18.16 | 18.34 |
| Operating income / interest | 21.25 | 8.05 | 11.37 | 13.54 | 11.50 | 12.04 | 11.58 | 11.61 | 12.14 |
| Interest expense | $421M | $478M | $502M | $411M | $445M | $475.46M | $490.07M | $498.07M | $515.65M |
| Liquidity | |||||||||
| Current ratio | 0.99 | 0.92 | 0.91 | 0.94 | 0.94 | — | — | — | — |
| Quick ratio | 0.33 | 0.20 | 0.27 | 0.30 | 0.34 | — | — | — | — |
| Cash ratio | 0.27 | 0.11 | 0.20 | 0.23 | 0.26 | — | — | — | — |
| Working capital | -$174M | -$1.65B | -$1.81B | -$1.35B | -$1.23B | — | — | — | — |
| Working capital / revenue | -0.16% | -1.52% | -1.68% | -1.26% | -1.17% | — | — | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).