NYSE · Consumer Cyclical

The TJX Companies, Inc.

TJX · Apparel Retail

$154.62

▼ -2.21 (-1.41%)

Data cached · refreshes every 10 min

Mr. Market is currently offering The TJX Companies, Inc. at $154.62.

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

Overall Grade

Defensive

Enterprising

Profitability C

Gross Profit Margin 31.0%

Operating Margin 11.9%

Net Income Margin 9.1%

Fin. Health C

Years to Pay Off Debt 2.5 yrs

Working Capital vs Long-Term Debt -$29M

Working Capital $1.8B

Valuation F

Margin of Safety 0.0%

Price-to-Book 16.79x

Cash Flow B

Free Cash Flow $4.9B

CapEx % of Net Income 35.6%

Owner Earnings $8.7B

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 $171.7B

Enterprise Value $180.8B

P/E (TTM) 31.68

Dividend Yield 1.08%

Exchange NYSE

Key Margins

Gross Profit 31.0%

Operating Margin 11.9%

Net Margin 9.1%

Company Info

Sector Consumer Cyclical

Industry Apparel Retail

Employees 377000

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering The TJX Companies, Inc. at $154.62.

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

At $154.62, the stock trades at a 387% premium to its Graham Number of $31.76. 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 The TJX Companies, Inc.

The TJX Companies, Inc., together with its subsidiaries, operates as an off-price apparel and home fashions retailer worldwide. It operates through four segments: Marmaxx, HomeGoods, TJX Canada, and TJX International. The company provides family apparel comprising footwear; accessories, such as beauty and jewelry; home fashion products, including home basics, decorative accessories and giftware, as well as furniture, rugs, lighting, soft home, decorative accessories, tabletop, and cookware; pet and gourmet food; and other merchandise. It also offers home decor, furniture, and seasonal home merchandise. The company sells its products through stores and e-commerce sites. The TJX Companies, Inc. was incorporated in 1962 and is headquartered in Framingham, Massachusetts.

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	1,114,000	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

These metrics estimate what The TJX Companies, Inc. 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

$31.76

Margin of Safety

Market Cap ÷ Company Value

1.18

P/B Ratio

16.79

Warren's Owner Earnings

$8.7B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

4/7 — Enterprising Investor

✅ Adequate Size

$60.4B

vs > $1.5B revenue

❌ Strong Financial Condition

1.14x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

1.08%

vs Uninterrupted dividends

✅ Earnings Growth

+64.0% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

31.7x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

16.79x P/B (P/E×P/B: 532.1)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-9.37

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

$72.06

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

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 Apparel Retail. 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

Capital Allocation & Alignment

Insider Ownership

0.18%

Low — management has little skin in the game

Return on Equity (ROE)

53.9%

Excellent — management generates strong returns on equity

Return on Assets (ROA)

15.4%

Strong — management uses assets efficiently

Share Buybacks (Latest Year)

$2.5B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+5.6% YoY

Debt is roughly stable

Leadership Team

Carol Meyrowitz

Executive Chairman

Age 71

Pay: $4,546,504

0.083% of net income

Ernie Herrman

CEO, President & Director

Age 64

Pay: $9,289,284

0.169% of net income

John Klinger

Senior Executive VP & CFO

Age 60

Pay: $2,628,574

0.048% of net income

Kenneth Canestrari

Senior EVP & Group President

Age 63

Pay: $3,583,423

0.065% of net income

Douglas Mizzi

Senior EVP & Group President

Age 65

Pay: $3,842,106

0.070% of net income

Top Institutional Holders

Institution	% Owned	Shares
Blackrock Inc.	9.56%	105,776,556
Vanguard Group Inc	9.28%	102,733,668
State Street Corporation	4.40%	48,708,519
FMR, LLC	2.70%	29,866,877
Geode Capital Management, LLC	2.44%	27,011,104
Morgan Stanley	2.40%	26,541,902
Bank of America Corporation	2.31%	25,620,925
JPMORGAN CHASE & CO	1.59%	17,563,008

Risk Analysis

Beta (Market Risk)

0.64

Low volatility — more stable than the market

Short Interest

1.0% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

1.32x

Moderate leverage

Current Ratio