TGT
TARGET CORP
Consumer Discretionary • CIK: 0000027419
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Market Cap
$42.19B
P/E (TTM)
11.2x
Rev Growth (TTM)
-2.2%
Net Margin (TTM)
3.6%
FCF Yield (TTM)
7.1%
FCF Margin (TTM)
2.9%
Cash Flow Health
Free Cash Flow7/8 positive
TTM$3.0B
Q3 '26
$149M-85%
Q2 '26
$1.0B+296%
FCF Margin
TTM2.9%
Q3 '260.6%-85%
Sector: 4.9%Below Avg
OCF Margin6.4%
OCF/NI1.80x
CapEx Coverage1.8x
FCF Yield7.1%
FCF Growth (2Y)–
Cash Conversion Cycle
3 days
DSO: 0+DIO: 65−DPO: 61
Capital Allocation & Returns
Shareholder Friendly
Total Shareholder YieldTTM
TTM7.0%
Div Yield4.9%
+Buyback (TTM)2.2%
Strong capital returns to shareholders
Dividend & Payout Metrics
Dividend Yield (TTM)4.9%
FCF Payout Ratio68.4%
Free Cash Flow (TTM)$3.0B
Stock Repurchases (TTM)$909.0M
Capital Return / FCF98.3%
Est. Dividends Paid (TTM)$2.1B
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
15.6%
Stable
-0.2% YoY-8.6%
P25MedianP75
75th pctl (med: 0.2%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
3.8%
8Q: 4.1%
Asset Turnover
1.82x
8Q: 1.78x
Leverage (1+D/E)
1.99x
D/E: 0.99x
DuPont: 13.9% ≈ 15.6% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
3.16x
8Q:3.05x
-84.9%
Invested Cap Turn
4.08x
8Q:4.09x
-132.1%
CapEx Intensity
14.6%
8Q:13.1%
CapEx/Depreciation
1.22x
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2025 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $105.2B | $25.3B↑0.2% | $25.2B↑5.7% | $23.8B↓22.9% | $30.9B↑20.4% | $25.7B↑0.8% | $25.5B↑3.8% | $24.5B↓23.1% | $31.9B |
Operating Income | $5.2B | $948.0M↓28.0% | $1.3B↓10.5% | $1.5B↑0.3% | $1.5B↑25.6% | $1.2B↓28.6% | $1.6B↑26.2% | $1.3B↓30.5% | $1.9B |
Net Income | $3.8B | $689.0M↓26.3% | $935.0M↓9.7% | $1.0B↓6.1% | $1.1B↑29.2% | $854.0M↓28.4% | $1.2B↑26.5% | $942.0M↓31.8% | $1.4B |
Operating Cash Flow | $6.8B | $1.1B↓45.9% | $2.1B↑657.5% | $275.0M↓91.6% | $3.3B↑345.1% | $739.0M↓67.0% | $2.2B↑103.3% | $1.1B↓66.5% | $3.3B |
Free Cash Flow | $3.0B | $149.0M↓85.2% | $1.0B↑295.9% | $-515.0M↓121.8% | $2.4B↑2716.7% | $84.0M↓94.7% | $1.6B↑274.5% | $427.0M↓82.5% | $2.4B |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
11.2x
Valuation Lenses
Earnings
11.2x
vs – sector
Cash Flow
20.9x
EV/FCF vs –
Growth-Adj
–PEG
N/A
Quality-Adj
0.7P/E per %ROIC
ROIC: 15.6%
Shareholder Returns
Dividend
4.9%
Buyback
2.2%
Total Yield
7.0%
Market Cap$42.19B
EV–
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
96/100
Exceptional
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Above Avg
25.1%
8Q:–
Return on Invested Capital (ROIC)Top 25%
15.6%
8Q:–
-8.6%
vs Sector:0.2%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 3.8%
Asset Turnover: 1.82x
Earnings Quality
Cash Conversion
1.80x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin27.8%
Capital Efficiency
Invested Capital Turnover4.08x
Working Capital
Cash Conversion Cycle3 days
Growth Quality & Momentum
Low Quality
Growth Quality Score
48/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
-2.2%
OpInc Growth YoY
-18.8%
EPS Growth YoY
-12.6%
FCF 3Y CAGR
N/A
Growth Quality Analysis
⚠Sustainability Index: 3.0/10 - Growth sustainability concerns
Margin Quality & Sustainability
Moderate
Profitability Cascade
Gross
27.8%
Operating
4.9%
Below Avg in sector
Net
3.6%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
-0.7 pts
FCF: 2.9% | Net: 3.6%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Adequate
Net Debt / EBITDA
–Net Debt: $11.54B
Interest Coverage
–
Leverage Metrics
Debt-to-Equity
0.99x
Balance sheet risk & solvency analysis