TGTTarget Corporation
Is the business good?
A genuinely good business: earnings fully cash-backed (1.9×) and margins widening.
Mixed fundamental signals. Nine pass/fail tests of year-over-year health from the filings.
Operating profit is fully backed by cash. Conversion is improving vs a year ago.
Positive operating leverage, operating profit is growing faster than sales, so margins widen as the business scales.
A balanced mix of margins, efficiency, and leverage. ROE 23% = margin × turnover × leverage.
Unless marked, from derived.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is TGT?
Target Corporation earns 17% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
Return on invested capital · cost of capital 9.0% · 8.1 points above what the capital costs: growth creates value
- Operating margin
- 5.6%
Operating margin · Discount Stores median 4.5% · 12 months to Q2 2026
- Cash conversion
- 1.87×
Cash conversion · 1.53× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- +0.22%
Share count, year on year · flat: no meaningful dilution
| Year | Operating margin |
|---|---|
| FY2020 | 7.0% |
| FY2021 | 8.4% |
| FY2022 | 3.5% |
| FY2023 | 5.3% |
| FY2024 | 5.2% |
| FY2025 | 4.9% |
Details›
- Gross margin12 months to Q2 2026
- 29%
- Operating margin12 months to Q2 2026
- 5.6%
- Net margin12 months to Q2 2026
- 4.1%
- Free cash flow margin
- 4.1%
- Revenue, trailing twelve months
- $107.7B
- Free cash flow, trailing twelve months
- $4.46B
- Net income, trailing twelve months
- $4.39B
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 17%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Customers and suppliers
Who buys from TGT and who it buys from, as the companies report it.
None disclosed.
- HNSTHonest Company, Inc.28%
TGT is 28% of its revenue · FY2025 10-K
- JAKKJakks Pacific Inc27%
TGT is 27% of its revenue · FY2025 10-K
- ELFe.l.f. Beauty, Inc.18%
TGT is 18% of its revenue · FY2026 10-K
- HELEHelen of Troy Ltd12%
TGT is 12% of its revenue · FY2026 10-K
- JBSSSanfilippo John B & Son Inc12%
TGT is 12% of its revenue · FY2026 10-K
- MATMattel, Inc.12%
TGT is 12% of its revenue · FY2025 10-K
A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; TGT’s own figures are from its FY2025 10-K. Smaller customers and suppliers go unreported.
Consumer Defensive
Ranks #36 of 126 by RyuScore