Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin11.9%
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin9.1%
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Financial Health
C
Years to Pay Off Debt2.5 yrs
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt-$29M
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital$1.8B
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Valuation
N/A
Cash Flow
B
Free Cash Flow$4.9B
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
CapEx % of Net Income35.6%
Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.
Owner Earnings$8.7B
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
Metric Explanations
What each dimension measures and where the thresholds come from.
Gross Profit Margin
Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Years to Pay Off Debt
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Free Cash Flow
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
CapEx % of Net Income
Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.
Owner Earnings
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
Market Data
Key Margins
Gross Profit31.0%
Operating Margin11.9%
Net Margin9.1%
Company Info
Showing Key Metrics
Income Highlights
Metric
2026
2025
2024
2023
2022
Gross Profit %
31.0%▲
30.6%▲
30.0%▲
27.6%•
N/A
Operating Margin %
11.9%▲
11.2%▲
10.7%▲
9.7%•
N/A
Net Income %
9.1%▲
8.6%▲
8.3%▲
7.0%•
N/A
Diluted EPS
4.87▲
4.26▲
3.86▲
2.97•
N/A
Balance Sheet Highlights
Metric
2026
2025
2024
2023
2022
Total Assets
$35.8B
$31.7B
$29.7B
$28.3B
N/A
Total Debt
$13.5B▲
$12.8B▲
$12.5B▼
$12.7B•
N/A
Working Capital
$1.8B▼
$2.0B▼
$2.2B▲
$2.2B•
N/A
Years to Pay Debt
2.46
2.63
2.80
3.64
N/A
Cash Flow Highlights
Metric
2026
2025
2024
2023
2022
Free Cash Flow
$4.9B▲
$4.2B▼
$4.3B▲
$2.6B•
N/A
Owner Earnings
$8.7B
$7.9B
$7.2B
$5.8B
N/A
CapEx % of Net Income
35.6%
39.4%
38.5%
41.7%
N/A
Income Statement
2026
2025
2024
2023
2022
Tax Effect Of Unusual Items
0
0
0
-53,410
Tax Rate For Calcs
0
0
0
0
Normalized EBITDA
8,620,000
7,663,000
7,010,000
5,825,000
Total Unusual Items
0
0
-218,000
-242,000
Total Unusual Items Excluding Goodwill
0
0
-218,000
-242,000
Net Income From Continuing Operation Net Minority Interest
5,494,000
4,864,000
4,474,000
3,498,000
Reconciled Depreciation
1,247,000
1,104,000
964,000
887,000
Reconciled Cost Of Revenue
41,679,000
39,112,000
37,951,000
36,149,000
EBITDA
8,620,000
7,663,000
7,010,000
5,607,000
EBIT
7,373,000
6,559,000
6,046,000
4,720,000
Net Interest Income
121,000
181,000
170,000
-6,000
Interest Expense
74,000
76,000
79,000
84,000
Interest Income
195,000
257,000
249,000
78,000
Normalized Income
5,494,000
4,864,000
4,474,000
3,662,590
Net Income From Continuing And Discontinued Operation
5,494,000
4,864,000
4,474,000
3,498,000
Total Expenses
53,194,000
50,058,000
48,420,000
45,076,000
Diluted Average Shares
1,128,000
1,142,000
1,159,000
1,178,000
Basic Average Shares
1,107,088
1,119,334
1,133,587
1,155,438
Diluted EPS
0
0
0
0
Basic EPS
0
0
0
0
Diluted NI Availto Com Stockholders
5,494,000
4,864,000
4,474,000
3,498,000
Net Income Common Stockholders
5,494,000
4,864,000
4,474,000
3,498,000
Net Income
5,494,000
4,864,000
4,474,000
3,498,000
Net Income Including Noncontrolling Interests
5,494,000
4,864,000
4,474,000
3,498,000
Net Income Continuous Operations
5,494,000
4,864,000
4,474,000
3,498,000
Tax Provision
1,805,000
1,619,000
1,493,000
1,138,000
Pretax Income
7,299,000
6,483,000
5,967,000
4,636,000
Other Income Expense
-218,000
-242,000
Special Income Charges
0
0
-218,000
-242,000
Other Special Charges
242,000
Write Off
0
0
218,000
0
Net Non Operating Interest Income Expense
121,000
181,000
170,000
-6,000
Interest Expense Non Operating
74,000
76,000
79,000
84,000
Interest Income Non Operating
195,000
257,000
249,000
78,000
Operating Income
7,178,000
6,302,000
5,797,000
4,860,000
Operating Expense
11,515,000
10,946,000
10,469,000
8,927,000
Selling General And Administration
11,515,000
10,946,000
10,469,000
8,927,000
Gross Profit
18,693,000
17,248,000
16,266,000
13,787,000
Cost Of Revenue
41,679,000
39,112,000
37,951,000
36,149,000
Total Revenue
60,372,000
56,360,000
54,217,000
49,936,000
Operating Revenue
60,372,000
56,360,000
54,217,000
49,936,000
Balance Sheet
2026
2025
2024
2023
2022
Ordinary Shares Number
1,107,088
1,119,334
1,133,587
1,155,438
Share Issued
1,107,088
1,119,334
1,133,587
1,155,438
Total Debt
13,489,000
12,778,000
12,542,000
12,744,000
Tangible Book Value
10,094,000
8,299,000
7,207,000
6,267,000
Invested Capital
13,059,000
11,259,000
10,164,000
9,723,000
Working Capital
1,841,000
1,983,000
2,213,000
2,151,000
Net Tangible Assets
10,094,000
8,299,000
7,207,000
6,267,000
Capital Lease Obligations
10,620,000
9,912,000
9,680,000
9,385,000
Common Stock Equity
10,190,000
8,393,000
7,302,000
6,364,000
Total Capitalization
12,060,000
11,259,000
10,164,000
9,223,000
Total Equity Gross Minority Interest
10,190,000
8,393,000
7,302,000
6,364,000
Stockholders Equity
10,190,000
8,393,000
7,302,000
6,364,000
Gains Losses Not Affecting Retained Earnings
-351,000
-609,000
-532,000
-606,000
Other Equity Adjustments
-351,000
-609,000
-532,000
-606,000
Retained Earnings
9,434,000
7,883,000
6,700,000
5,815,000
Capital Stock
1,107,000
1,119,000
1,134,000
1,155,000
Common Stock
1,107,000
1,119,000
1,134,000
1,155,000
Total Liabilities Net Minority Interest
25,577,000
23,356,000
22,445,000
21,985,000
Total Non Current Liabilities Net Minority Interest
12,216,000
12,348,000
11,994,000
11,680,000
Other Non Current Liabilities
30,000
18,000
17,000
21,000
Employee Benefits
835,000
730,000
630,000
597,000
Non Current Deferred Liabilities
497,000
377,000
350,000
362,000
Non Current Deferred Taxes Liabilities
497,000
377,000
350,000
362,000
Long Term Debt And Capital Lease Obligation
10,764,000
11,142,000
10,922,000
10,634,000
Long Term Capital Lease Obligation
8,894,000
8,276,000
8,060,000
7,775,000
Long Term Debt
1,870,000
2,866,000
2,862,000
2,859,000
Long Term Provisions
90,000
81,000
75,000
66,000
Current Liabilities
13,361,000
11,008,000
10,451,000
10,305,000
Other Current Liabilities
1,833,000
1,558,000
1,399,000
1,350,000
Current Debt And Capital Lease Obligation
2,725,000
1,636,000
1,620,000
2,110,000
Current Capital Lease Obligation
1,726,000
1,636,000
1,620,000
1,610,000
Current Debt
999,000
500,000
Other Current Borrowings
999,000
500,000
Pensionand Other Post Retirement Benefit Plans Current
1,727,000
1,370,000
1,399,000
968,000
Payables And Accrued Expenses
7,076,000
6,444,000
6,033,000
5,877,000
Current Accrued Expenses
1,624,000
1,463,000
1,398,000
1,298,000
Payables
5,452,000
4,981,000
4,635,000
4,579,000
Dividends Payable
477,000
427,000
383,000
346,000
Total Tax Payable
400,000
297,000
390,000
439,000
Income Tax Payable
170,000
75,000
99,000
55,000
Accounts Payable
4,575,000
4,257,000
3,862,000
3,794,000
Total Assets
35,767,000
31,749,000
29,747,000
28,349,000
Total Non Current Assets
20,565,000
18,758,000
17,083,000
15,893,000
Other Non Current Assets
1,772,000
1,529,000
849,000
769,000
Non Current Deferred Assets
147,000
148,000
172,000
158,000
Non Current Deferred Taxes Assets
147,000
148,000
172,000
158,000
Goodwill And Other Intangible Assets
96,000
94,000
95,000
97,000
Goodwill
96,000
94,000
95,000
97,000
Net PPE
18,550,000
16,987,000
15,967,000
14,869,000
Accumulated Depreciation
-9,587,000
-8,636,000
-8,048,000
-7,534,000
Gross PPE
28,137,000
25,623,000
24,015,000
22,403,000
Leases
5,466,000
4,710,000
4,306,000
3,874,000
Other Properties
10,330,000
9,641,000
9,396,000
9,086,000
Machinery Furniture Equipment
9,519,000
8,714,000
8,134,000
7,400,000
Land And Improvements
2,822,000
2,558,000
2,179,000
2,043,000
Current Assets
15,202,000
12,991,000
12,664,000
12,456,000
Other Current Assets
1,065,000
617,000
511,000
478,000
Prepaid Assets
438,099
Inventory
7,297,000
6,421,000
5,965,000
5,819,000
Finished Goods
7,297,000
6,421,000
5,965,000
5,819,000
Receivables
610,000
618,000
588,000
682,000
Taxes Receivable
8,000
69,000
59,000
119,000
Accounts Receivable
602,000
549,000
529,000
563,000
Cash Cash Equivalents And Short Term Investments
6,230,000
5,335,000
5,600,000
5,477,000
Cash And Cash Equivalents
6,230,000
5,335,000
5,600,000
5,477,000
Cash Flow
2026
2025
2024
2023
2022
Free Cash Flow
4,917,000
4,198,000
4,335,000
2,627,000
Repurchase Of Capital Stock
-2,522,000
-2,513,000
-2,484,000
-2,255,000
Repayment Of Debt
0
0
-500,000
0
Issuance Of Capital Stock
311,000
366,000
285,000
321,000
Capital Expenditure
-1,957,000
-1,918,000
-1,722,000
-1,457,000
Interest Paid Supplemental Data
74,000
74,000
80,000
86,000
Income Tax Paid Supplemental Data
1,471,000
1,632,000
1,432,000
1,225,000
End Cash Position
6,230,000
5,335,000
5,600,000
5,477,000
Beginning Cash Position
5,335,000
5,600,000
5,477,000
6,227,000
Effect Of Exchange Rate Changes
120,000
-66,000
-2,000
-58,000
Changes In Cash
775,000
-199,000
125,000
-692,000
Financing Cash Flow
-4,118,000
-3,838,000
-4,215,000
-3,306,000
Cash Flow From Continuing Financing Activities
-4,118,000
-3,838,000
-4,215,000
-3,306,000
Net Other Financing Charges
-65,000
-43,000
-32,000
-33,000
Cash Dividends Paid
-1,842,000
-1,648,000
-1,484,000
-1,339,000
Common Stock Dividend Paid
-1,842,000
-1,648,000
-1,484,000
-1,339,000
Net Common Stock Issuance
-2,211,000
-2,147,000
-2,199,000
-1,934,000
Common Stock Payments
-2,522,000
-2,513,000
-2,484,000
-2,255,000
Common Stock Issuance
311,000
366,000
285,000
321,000
Net Issuance Payments Of Debt
0
0
-500,000
0
Net Long Term Debt Issuance
0
0
-500,000
0
Long Term Debt Payments
0
0
-500,000
0
Investing Cash Flow
-1,981,000
-2,477,000
-1,717,000
-1,470,000
Cash Flow From Continuing Investing Activities
-1,981,000
-2,477,000
-1,717,000
-1,470,000
Net Investment Purchase And Sale
-12,000
-8,000
5,000
-13,000
Sale Of Investment
26,000
27,000
33,000
18,000
Purchase Of Investment
-38,000
-35,000
-28,000
-31,000
Net Business Purchase And Sale
-12,000
-551,000
0
0
Purchase Of Business
-12,000
-551,000
0
0
Net PPE Purchase And Sale
-1,957,000
-1,918,000
-1,722,000
-1,457,000
Purchase Of PPE
-1,957,000
-1,918,000
-1,722,000
-1,457,000
Operating Cash Flow
6,874,000
6,116,000
6,057,000
4,084,000
Cash Flow From Continuing Operating Activities
6,874,000
6,116,000
6,057,000
4,084,000
Change In Working Capital
-127,000
27,000
447,000
-821,000
Change In Other Current Liabilities
4,000
-12,000
-18,000
-1,000
Change In Payables And Accrued Expense
1,041,000
645,000
553,000
-749,000
Change In Accrued Expense
628,000
228,000
443,000
-23,000
Change In Payable
413,000
417,000
110,000
-726,000
Change In Account Payable
239,000
448,000
64,000
-600,000
Change In Tax Payable
174,000
-31,000
46,000
-126,000
Change In Income Tax Payable
174,000
-31,000
46,000
-126,000
Change In Prepaid Assets
-468,000
-31,000
-40,000
-73,000
Change In Inventory
-724,000
-539,000
-145,000
58,000
Change In Receivables
20,000
-36,000
97,000
-56,000
Changes In Account Receivables
-41,000
-26,000
37,000
-51,000
Other Non Cash Items
-87,000
-100,000
-42,000
93,000
Stock Based Compensation
214,000
183,000
160,000
122,000
Asset Impairment Charge
0
0
218,000
0
Deferred Tax
112,000
28,000
-7,000
64,000
Deferred Income Tax
112,000
28,000
-7,000
64,000
Depreciation Amortization Depletion
1,247,000
1,104,000
964,000
887,000
Depreciation And Amortization
1,247,000
1,104,000
964,000
887,000
Operating Gains Losses
21,000
10,000
61,000
23,000
Gain Loss On Sale Of PPE
21,000
10,000
61,000
23,000
Net Income From Continuing Operations
5,494,000
4,864,000
4,474,000
3,498,000
3/5
Graham Score
Speculative Investor
Fails most of Graham's safety criteria. Treat with caution.
Graham's Fair Value
N/A
N/A — requires
positive EPS and positive book value per share. Check the Financials tab for earnings history.
Margin of Safety
—
Market Cap / Net Assets
N/A
Net Assets: $10.2B
Warren's Owner Earnings
$8.7B
Latest fiscal year
Graham's 7 Criteria
Defensive Investor Checklist
3/5 — Speculative Investor
✅
Adequate Size
Graham required companies large enough to withstand economic downturns. This threshold ($1.5B) is inflation-adjusted from Graham's original $100M — virtually all S&P 500 companies pass this today.
$60.4B
vs > $1.5B revenue
❌
Strong Financial Condition
Current assets must be at least twice current liabilities. Note: highly profitable companies (Apple, Domino's) often run negative or low working capital deliberately — they collect cash fast and stretch payables. A failing score here is not always a warning sign.
1.14x
vs Current Ratio > 2.0x
✅
Earnings Stability
Graham required uninterrupted positive earnings. Any loss year is a red flag for defensive investors. Growth companies and cyclicals may show occasional losses during investment cycles or downturns without being fundamentally unsound.
No loss years (4 yrs data)
vs No negative EPS years
❌
Dividend Record
Graham valued dividends as evidence of financial discipline and shareholder alignment. Many excellent modern businesses (Alphabet, Amazon, Berkshire Hathaway) pay no dividend, preferring to reinvest cash at high rates of return. Failing this criterion does not indicate a poor business — it may indicate a high-growth one.
No dividend
vs Uninterrupted dividends
✅
Earnings Growth
EPS grew from $2.97 to $4.87 over 3 years. Graham's 33% threshold was set over a 10-year period. Measured over fewer years (as here), the bar is proportionally lower. Share buybacks can also inflate EPS growth without reflecting underlying business improvement.
+64.0% EPS growth
vs > 33% EPS growth
Graham's 7 Criteria — Explained
What each criterion measures and why it matters.
✅ Adequate Size — $60.4Bvs > $1.5B revenue
Graham required companies large enough to withstand economic downturns. This threshold ($1.5B) is inflation-adjusted from Graham's original $100M — virtually all S&P 500 companies pass this today.
"The minimum size of an enterprise should be not less than $100 million of annual sales."
❌ Strong Financial Condition — 1.14xvs Current Ratio > 2.0x
Current assets must be at least twice current liabilities. Note: highly profitable companies (Apple, Domino's) often run negative or low working capital deliberately — they collect cash fast and stretch payables. A failing score here is not always a warning sign.
"For industrial companies, current assets should be at least twice current liabilities."
✅ Earnings Stability — No loss years (4 yrs data)vs No negative EPS years
Graham required uninterrupted positive earnings. Any loss year is a red flag for defensive investors. Growth companies and cyclicals may show occasional losses during investment cycles or downturns without being fundamentally unsound.
"The company should have shown no deficit in the past ten years."
❌ Dividend Record — No dividendvs Uninterrupted dividends
Graham valued dividends as evidence of financial discipline and shareholder alignment. Many excellent modern businesses (Alphabet, Amazon, Berkshire Hathaway) pay no dividend, preferring to reinvest cash at high rates of return. Failing this criterion does not indicate a poor business — it may indicate a high-growth one.
"Some current dividend payments — for at least the past 20 years."
EPS grew from $2.97 to $4.87 over 3 years. Graham's 33% threshold was set over a 10-year period. Measured over fewer years (as here), the bar is proportionally lower. Share buybacks can also inflate EPS growth without reflecting underlying business improvement.
"A minimum increase of at least one-third in per-share earnings over ten years."
These metrics estimate what TJX is worth based on fundamentals — independent of what the market prices it at.
Graham's Fair Value and NCAV are conservative floors.
EPV assumes zero growth. These are reference points, not price targets.
Net Current Asset Value
N/A
"Buy at two-thirds of net current assets." — Graham
Earnings Power Value
N/A
Per share, no-growth floor. Compare to current price.
ROIC — Return on Invested Capital
25.3%
Return on Invested Capital — Buffett's preferred measure for asset-light businesses. ROIC > 15% consistently signals a durable competitive advantage (moat). More meaningful than P/B for software, pharma, and consumer brand companies where most value is intangible and off-balance-sheet.
Cash Flow Analysis
Metric
2026
2025
2024
2023
2022
Capital Expenditure % of Net Income
35.6%
39.4%
38.5%
41.7%
N/A
Repurchase of Capital Stock
-$2.5B
-$2.5B
-$2.5B
-$2.3B
N/A
Free Cash Flow
$4.9B▲
$4.2B▼
$4.3B▲
$2.6B•
N/A•
Warren's Owner Earnings
$8.7B
$7.9B
$7.2B
$5.8B
N/A
Peers & Industry
No auto-detected peers for this industry. You can manually compare TJX 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
No management data available.
Risk Analysis
TJX (TJX) fundamental analysis — Overall grade C based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: N/A. Gross profit margin: 31.0%. Operating margin: 11.9%. Net margin: 9.1%. Analysis powered by 360investing — free fundamental stock analysis based on Benjamin Graham and Warren Buffett
principles.
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