NYSE · Consumer Defensive

Target Corporation

TGT · Discount Stores

$127.67

▼ -1.22 (-0.95%)

Data cached · refreshes every 10 min

Mr. Market is currently offering Target Corporation at $127.67.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

Overall Grade

Defensive

Enterprising

Profitability D

Gross Profit Margin 27.9%

Operating Margin 4.9%

Net Income Margin 3.5%

Fin. Health F

Years to Pay Off Debt 5.5 yrs

Working Capital vs Long-Term Debt -$15.6B

Working Capital -$1.2B

Valuation F

Margin of Safety 0.0%

Price-to-Book 3.59x

Cash Flow C

Free Cash Flow $2.8B

CapEx % of Net Income 100.6%

Owner Earnings $10.6B

4/7

Graham Score

Enterprising

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $58.0B

Enterprise Value $73.2B

P/E (TTM) 15.70

Dividend Yield 3.51%

Exchange NYSE

Key Margins

Gross Profit 27.9%

Operating Margin 4.9%

Net Margin 3.5%

Company Info

Sector Consumer Defensive

Industry Discount Stores

Employees 415000

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Target Corporation at $127.67.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

At $127.67, the stock trades at a 58% premium to its Graham Number of $80.69. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: This stock is better suited for Graham's Enterprising investor — one willing to devote time and skill to security selection.

About Target Corporation

Target Corporation operates as a general merchandise retailer in the United States. It offers apparel for women, men, young adults, kids, toddlers, and babies, as well as jewelry, accessories, and shoes; and beauty products, such as skin and bath care, cosmetics, hair care, oral care, deodorant, and shaving products. The company also provides food and beverage products comprising dry and perishable grocery, including snacks, candy, beverages, deli, bakery, meat, produce, and food service; electronics which includes video games and consoles, toys, sporting goods, entertainment, and luggage; bed and bath, home décor, school/office supplies, storage, small appliances, kitchenware, greeting cards, party supplies, furniture, lighting, home improvement, and seasonal merchandise; and household essentials, such as household cleaning, paper products, over-the-counter healthcare, vitamins and supplements, baby gear, and pet supplies. In addition, it sells merchandise through periodic design and creative partnerships, and shop-in-shop experience; and in-store amenities. The company sells its products through its stores; and digital channels, including Target.com. Target Corporation was incorporated in 1902 and is headquartered in Minneapolis, Minnesota.

Showing Key Metrics

Income Highlights

Metric	2026	2025	2024	2023	2022
Gross Profit %	27.9% ▼	28.2%	27.5%	24.6%	N/A
Operating Margin %	4.9% ▼	5.2%	5.3%	3.5%	N/A
Net Income %	3.5% ▼	3.8%	3.9%	2.5%	N/A
Diluted EPS	8.13 ▼	8.86	8.94	5.98	N/A

Balance Sheet Highlights

Metric	2026	2025	2024	2023	2022
Total Assets	$59.5B	$57.8B	$55.4B	$53.3B	N/A
Total Debt	$20.3B ↑	$19.9B	$19.6B	$19.1B	N/A
Working Capital	-$1.2B ▲	-$1.3B	-$1.8B	-$1.7B	N/A
Years to Pay Debt	5.48	4.86	4.75	6.86	N/A

Cash Flow Highlights

Metric	2026	2025	2024	2023	2022
Free Cash Flow	$2.8B ▼	$4.5B	$3.8B	-$1.5B	N/A
Owner Earnings	$10.6B	$10.0B	$11.7B	$11.0B	N/A
CapEx % of Net Income	100.6%	70.7%	116.1%	198.8%	N/A

Income Statement

	2026	2025	2024	2023
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	8,346,000	8,653,000	8,600,000	6,596,000
Net Income From Continuing Operation Net Minority Interest	3,705,000	4,091,000	4,138,000	2,780,000
Reconciled Depreciation	3,134,000	2,981,000	2,801,000	2,700,000
Reconciled Cost Of Revenue	74,994,000	76,050,000	77,442,000	81,991,000
EBITDA	8,346,000	8,653,000	8,600,000	6,596,000
EBIT	5,212,000	5,672,000	5,799,000	3,896,000
Net Interest Income	-445,000	-411,000	-502,000	-478,000
Interest Expense	445,000	411,000	502,000	478,000
Normalized Income	3,705,000	4,091,000	4,138,000	2,780,000
Net Income From Continuing And Discontinued Operation	3,705,000	4,091,000	4,138,000	2,780,000
Total Expenses	99,663,000	101,000,000	101,705,000	105,272,000
Total Operating Income As Reported	5,117,000	5,566,000	5,707,000	3,848,000
Diluted Average Shares	455,600	461,800	462,800	464,700
Basic Average Shares	454,100	460,400	461,500	462,100
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	3,705,000	4,091,000	4,138,000	2,780,000
Net Income Common Stockholders	3,705,000	4,091,000	4,138,000	2,780,000
Net Income	3,705,000	4,091,000	4,138,000	2,780,000
Net Income Including Noncontrolling Interests	3,705,000	4,091,000	4,138,000	2,780,000
Net Income Continuous Operations	3,705,000	4,091,000	4,138,000	2,780,000
Tax Provision	1,062,000	1,170,000	1,159,000	638,000
Pretax Income	4,767,000	5,261,000	5,297,000	3,418,000
Other Income Expense	95,000	106,000	92,000	48,000
Other Non Operating Income Expenses	95,000	106,000	92,000	48,000
Net Non Operating Interest Income Expense	-445,000	-411,000	-502,000	-478,000
Interest Expense Non Operating	445,000	411,000	502,000	478,000
Operating Income	5,117,000	5,566,000	5,707,000	3,848,000
Operating Expense	24,152,000	24,498,000	23,877,000	22,966,000
Depreciation Amortization Depletion Income Statement	2,617,000	2,529,000	2,415,000	2,385,000
Depreciation And Amortization In Income Statement	2,617,000	2,529,000	2,415,000	2,385,000
Selling General And Administration	21,535,000	21,969,000	21,462,000	20,581,000
Gross Profit	29,269,000	30,064,000	29,584,000	26,814,000
Cost Of Revenue	75,511,000	76,502,000	77,828,000	82,306,000
Total Revenue	104,780,000	106,566,000	107,412,000	109,120,000
Operating Revenue	104,780,000	106,566,000	107,412,000	109,120,000

Balance Sheet

	2026	2025	2024	2023	2022
Ordinary Shares Number	452,840	455,567	461,675	460,347
Share Issued	452,840	455,567	461,675	460,347
Net Debt	10,968,000	11,178,000	12,233,000	13,910,000
Total Debt	20,290,000	19,875,000	19,646,000	19,073,000
Tangible Book Value	15,534,000	14,035,000	12,801,000	10,587,000
Invested Capital	32,621,000	30,606,000	29,470,000	27,371,000
Working Capital	-1,225,000	-1,345,000	-1,806,000	-1,654,000
Net Tangible Assets	15,534,000	14,035,000	12,801,000	10,587,000
Capital Lease Obligations	3,834,000	3,935,000	3,608,000	2,934,000
Common Stock Equity	16,165,000	14,666,000	13,432,000	11,232,000
Total Capitalization	30,491,000	28,970,000	28,354,000	27,241,000
Total Equity Gross Minority Interest	16,165,000	14,666,000	13,432,000	11,232,000
Stockholders Equity	16,165,000	14,666,000	13,432,000	11,232,000
Gains Losses Not Affecting Retained Earnings	-417,000	-458,000	-460,000	-419,000
Other Equity Adjustments	-417,000	-458,000	-460,000	-419,000
Retained Earnings	9,297,000	8,090,000	7,093,000	5,005,000
Additional Paid In Capital	7,247,000	6,996,000	6,761,000	6,608,000
Capital Stock	38,000	38,000	38,000	38,000
Common Stock	38,000	38,000	38,000	38,000
Total Liabilities Net Minority Interest	43,325,000	43,103,000	41,924,000	42,103,000
Total Non Current Liabilities Net Minority Interest	22,095,000	22,304,000	22,620,000	22,603,000
Other Non Current Liabilities	123,000	200,000	181,000	169,000
Derivative Product Liabilities					77,000
Employee Benefits	571,000	561,000	491,000	424,000
Non Current Pension And Other Postretirement Benefit Plans		31,000	33,000	37,000	45,000
Tradeand Other Payables Non Current	340,000	338,000	272,000	168,000
Non Current Deferred Liabilities	3,273,000	3,319,000	3,475,000	3,195,000
Non Current Deferred Revenue	358,000	388,000	419,000	449,000
Non Current Deferred Taxes Liabilities	2,265,000	2,303,000	2,480,000	2,196,000
Long Term Debt And Capital Lease Obligation	17,788,000	17,886,000	18,201,000	18,647,000
Long Term Capital Lease Obligation	3,462,000	3,582,000	3,279,000	2,638,000
Long Term Debt	14,326,000	14,304,000	14,922,000	16,009,000
Current Liabilities	21,230,000	20,799,000	19,304,000	19,500,000
Other Current Liabilities	1,236,000	1,062,000	1,302,000	1,492,000
Current Deferred Liabilities	1,197,000	1,209,000	1,162,000	1,240,000
Current Deferred Revenue	1,197,000	1,209,000	1,162,000	1,240,000
Current Debt And Capital Lease Obligation	2,502,000	1,989,000	1,445,000	426,000
Current Capital Lease Obligation	372,000	353,000	329,000	296,000
Current Debt	2,130,000	1,636,000	1,116,000	130,000
Other Current Borrowings	2,130,000	1,636,000	1,116,000	130,000
Pensionand Other Post Retirement Benefit Plans Current	310,000	211,000	192,000	173,000
Payables And Accrued Expenses	15,985,000	16,328,000	15,203,000	16,169,000
Current Accrued Expenses	1,703,000	1,723,000	1,657,000	1,413,000
Interest Payable	138,000	126,000	122,000	94,000
Payables	14,282,000	14,605,000	13,546,000	14,756,000
Dividends Payable	516,000	510,000	508,000	497,000
Total Tax Payable	1,144,000	1,042,000	940,000	772,000
Income Tax Payable	440,000	334,000	113,000
Accounts Payable	12,622,000	13,053,000	12,098,000	13,487,000
Total Assets	59,490,000	57,769,000	55,356,000	53,335,000
Total Non Current Assets	39,485,000	38,315,000	37,858,000	35,489,000
Other Non Current Assets	571,000	238,000	229,000	160,000
Defined Pension Benefit	831,000	661,000	540,000	515,000
Investments And Advances				440,000	470,000
Goodwill And Other Intangible Assets	631,000	631,000	631,000	645,000
Other Intangible Assets					25,000
Goodwill	631,000	631,000	631,000		631,000
Net PPE	37,452,000	36,785,000	36,458,000	34,169,000
Accumulated Depreciation	-28,390,000	-26,277,000	-24,413,000	-22,631,000
Gross PPE	65,842,000	63,062,000	60,871,000	56,800,000
Construction In Progress	1,303,000	1,185,000	1,703,000	2,688,000
Other Properties	3,703,000	3,763,000	3,362,000	2,657,000
Machinery Furniture Equipment	13,395,000	12,627,000	12,193,000	10,478,000
Buildings And Improvements	40,418,000	38,752,000	37,066,000	34,746,000
Land And Improvements	7,023,000	6,735,000	6,547,000	6,231,000
Current Assets	20,005,000	19,454,000	17,498,000	17,846,000
Other Current Assets	183,000	185,000	202,000	235,000
Prepaid Assets	223,000	226,000	201,000	188,000
Inventory	12,304,000	12,740,000	11,886,000	13,499,000
Inventories Adjustments Allowances	-201,000	-183,000	-153,000
Other Inventories	12,505,000	12,923,000	12,039,000
Receivables	1,807,000	1,541,000	1,404,000	1,695,000
Other Receivables	542,000	543,000	513,000	526,000
Accounts Receivable	1,265,000	998,000	891,000	1,169,000
Cash Cash Equivalents And Short Term Investments	5,488,000	4,762,000	3,805,000	2,229,000
Other Short Term Investments				1,343,000	4,985,000
Cash And Cash Equivalents	5,488,000	4,762,000	3,805,000	2,229,000
Cash Equivalents	5,238,000	4,486,000	3,517,000	1,943,000
Cash Financial	250,000	276,000	288,000	286,000

Cash Flow

	2026	2025	2024	2023	2022
Free Cash Flow	2,835,000	4,476,000	3,815,000	-1,510,000
Repurchase Of Capital Stock	-408,000	-1,007,000	0	-2,646,000
Repayment Of Debt	-1,643,000	-1,139,000	-147,000	-163,000
Issuance Of Debt	1,984,000	741,000	0	2,625,000
Capital Expenditure	-3,727,000	-2,891,000	-4,806,000	-5,528,000
Interest Paid Supplemental Data	629,000	615,000	605,000	449,000
Income Tax Paid Supplemental Data	1,091,000	1,055,000	374,000	213,000
End Cash Position	5,488,000	4,762,000	3,805,000	2,229,000
Beginning Cash Position	4,762,000	3,805,000	2,229,000	5,911,000
Changes In Cash	726,000	957,000	1,576,000	-3,682,000
Financing Cash Flow	-2,187,000	-3,550,000	-2,285,000	-2,196,000
Cash Flow From Continuing Financing Activities	-2,187,000	-3,550,000	-2,285,000	-2,196,000
Net Other Financing Charges	-67,000	-99,000	-127,000	-180,000
Proceeds From Stock Option Exercised		0	0	4,000	8,000
Cash Dividends Paid	-2,053,000	-2,046,000	-2,011,000	-1,836,000
Common Stock Dividend Paid	-2,053,000	-2,046,000	-2,011,000	-1,836,000
Net Common Stock Issuance	-408,000	-1,007,000	0	-2,646,000
Common Stock Payments	-408,000	-1,007,000	0	-2,646,000
Net Issuance Payments Of Debt	341,000	-398,000	-147,000	2,462,000
Net Long Term Debt Issuance	341,000	-398,000	-147,000	2,462,000
Long Term Debt Payments	-1,643,000	-1,139,000	-147,000	-163,000
Long Term Debt Issuance	1,984,000	741,000	0	2,625,000
Investing Cash Flow	-3,649,000	-2,860,000	-4,760,000	-5,504,000
Cash Flow From Continuing Investing Activities	-3,649,000	-2,860,000	-4,760,000	-5,504,000
Net Other Investing Changes	78,000	31,000	46,000
Net Investment Purchase And Sale		28,000	22,000	16,000	7,000
Net Business Purchase And Sale			0	0	356,000
Sale Of Business			0	0	356,000
Net PPE Purchase And Sale		3,000	24,000	8,000	27,000
Sale Of PPE		3,000	24,000	8,000	27,000
Capital Expenditure Reported	-3,727,000	-2,891,000	-4,806,000	-5,528,000
Operating Cash Flow	6,562,000	7,367,000	8,621,000	4,018,000
Cash Flow From Continuing Operating Activities	6,562,000	7,367,000	8,621,000	4,018,000
Change In Working Capital	-403,000	145,000	1,039,000	-2,436,000
Change In Other Current Assets	-494,000	-308,000	-85,000	22,000
Change In Payables And Accrued Expense	-345,000	1,307,000	-489,000	-2,861,000
Change In Accrued Expense	156,000	299,000	727,000	-624,000
Change In Payable	-501,000	1,008,000	-1,216,000	-2,237,000
Change In Account Payable	-501,000	1,008,000	-1,216,000	-2,237,000
Change In Inventory	436,000	-854,000	1,613,000	403,000
Other Non Cash Items	-100,000	26,000	94,000	172,000
Stock Based Compensation	281,000	304,000	251,000	220,000
Deferred Tax	-55,000	-180,000	298,000	582,000
Deferred Income Tax	-55,000	-180,000	298,000	582,000
Depreciation Amortization Depletion	3,134,000	2,981,000	2,801,000	2,700,000
Depreciation And Amortization	3,134,000	2,981,000	2,801,000	2,700,000
Operating Gains Losses					-335,000
Gain Loss On Sale Of Business			0	0	-335,000
Net Income From Continuing Operations	3,705,000	4,091,000	4,138,000	2,780,000

These metrics estimate what Target Corporation is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$80.69

Margin of Safety

Market Cap ÷ Company Value

1.89

P/B Ratio

3.59

Warren's Owner Earnings

$10.6B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

4/7 — Enterprising Investor

✅ Adequate Size

$104.8B

vs > $1.5B revenue

❌ Strong Financial Condition

0.94x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

3.51%

vs Uninterrupted dividends

✅ Earnings Growth

+36.0% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

15.7x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

3.59x P/B (P/E×P/B: 56.3)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-51.35

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$125.18

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2026	2025	2024	2023	2022
Capital Expenditure % of Net Income	100.6%	70.7%	116.1%	198.8%	N/A
Repurchase of Capital Stock	-$408M	-$1.0B	$0M	-$2.6B	N/A
Free Cash Flow	$2.8B ▼	$4.5B ▲	$3.8B ▲	-$1.5B •	N/A •
Warren's Owner Earnings	$10.6B	$10.0B	$11.7B	$11.0B	N/A

Peers & Industry

No auto-detected peers for Discount Stores. You can manually compare TGT against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.28%

Low — management has little skin in the game

Return on Equity (ROE)

22.9%

Excellent — management generates strong returns on equity

Return on Assets (ROA)

6.2%

Strong — management uses assets efficiently

Share Buybacks (Latest Year)

$408M

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+2.1% YoY

Debt is roughly stable

Leadership Team

Michael Fiddelke

CEO & Director

Age 48

Pay: $1,726,311

0.047% of net income

James Lee

Executive VP & CFO

Age 49

Pay: $1,303,933

0.035% of net income

Lisa Roath

Executive VP & COO

Age 47

John Hulbert

Vice President of Investor Relations

Joe Contrucci

Senior Vice President of Stores Operations

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	12.82%	58,212,397
State Street Corporation	8.32%	37,772,533
Blackrock Inc.	7.66%	34,774,082
Charles Schwab Investment Management, Inc.	3.76%	17,065,926
FMR, LLC	3.70%	16,796,000
Geode Capital Management, LLC	2.27%	10,299,351
Morgan Stanley	1.77%	8,058,019
Franklin Resources, Inc.	1.36%	6,194,448

⚠️ Current ratio below 1 — liquidity risk

Risk Analysis

Beta (Market Risk)

1.01

Moderate volatility — moves slightly more than market

Short Interest

3.6% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

1.26x

Moderate leverage

Current Ratio