One-glance verdict
Within fair range
$120.17 our estimate vs market $132.08
Wall Street consensus: $169.80 (41.3% higher than our fair-value estimate)
10% above our estimate
Fundamentals snapshot
The TJX Companies, Inc.
TJX · NYQ · Consumer Cyclical · Apparel Retail
Current price
$132.08
52-week range
$130.15 - $170.00
Market cap
$145.28B
Balance sheet
Watch
97.00x Strong cushion
Net debt $8.31B. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
1 Risk
3 rewards · 1 risks
- Reward Revenue grew 2.5% last year.
- Reward Returns 62.2% on equity, ahead of 75% of its peers.
- Reward Free cash flow was positive in 10/10 years.
- Risk Insider ownership is only 0.2% (peer median: 2.1%).
What this company does
The TJX Companies, Inc.
The TJX Companies is the parent company of popular off-price stores like T.J. Maxx, Marshalls, and HomeGoods, selling brand-name clothing and home decor for less than traditional retailers. The company makes money by using its global supply chain (the network for finding and buying products) to purchase excess inventory from thousands of brands at a discount. This "treasure hunt" shopping experience, offering quality goods for a lower price, is why shoppers visit its stores.
How the company got here
The TJX Companies' story began in 1977 with the opening of the first T.J. Maxx stores in Massachusetts. The company was formed from the Zayre chain of discount stores and focused on a new 'off-price' idea: selling brand-name items for less than department stores. A major turning point was acquiring its main competitor, Marshalls, in 1995, which greatly expanded its presence in the U.S. Over the years, it grew by launching new store chains like HomeGoods for home furnishings in 1992 and expanding internationally with Winners in Canada and T.K. Maxx in Europe.
What it actually does
TJX operates a variety of retail stores that sell brand-name clothing, footwear, accessories, and home fashions at prices generally 20% to 60% below typical retailers. The company's business is built on an 'off-price' model, where its team of buyers finds and purchases excess inventory, manufacturer overruns, or canceled orders from thousands of vendors worldwide. This creates a constantly changing selection of goods, giving shoppers a 'treasure hunt' experience that encourages them to visit often to see what's new.
Marmaxx
This is the company's largest business division and operates in the United States, making up the majority of its sales. It includes the well-known T.J. Maxx and Marshalls stores, which sell a wide variety of family apparel, shoes, accessories, and home items. While very similar, the stores are differentiated slightly, with Marshalls often having a larger men's and footwear selection. This segment also includes the company's e-commerce sites like tjmaxx.com and the outdoor-focused retailer Sierra.
HomeGoods
This segment focuses specifically on home fashions and is a significant part of the company's business in the U.S. You'll find furniture, rugs, lighting, cookware, and decorative accessories at its HomeGoods and Homesense stores. The company created HomeGoods in 1992 because home products were selling so well in its T.J. Maxx stores. This division has been growing rapidly as the company sees a big opportunity to expand its share of the home furnishings market.
TJX Canada
This part of the company operates three main store brands in Canada: Winners, HomeSense, and Marshalls. Winners is the leading off-price retailer in Canada for family clothing and home fashions, similar to T.J. Maxx in the U.S. HomeSense is the Canadian version of HomeGoods, focusing on home decor and furniture. The company expanded into Canada by acquiring the Winners chain back in 1990.
TJX International
This division handles the company's operations in Europe and Australia. In Europe, it operates T.K. Maxx, which is the European version of T.J. Maxx, and Homesense stores. T.K. Maxx was first launched in the United Kingdom and Ireland in 1994 and has since expanded into several other European countries. This segment also includes the T.K. Maxx chain in Australia, which was established through the acquisition of the Trade Secret retailer in 2015.
What management is betting on now
The company's main focus is on growing its number of physical stores around the world, believing it can significantly increase its store count in the long term. It is also focused on gaining more market share (a company's portion of total sales in an industry) by attracting more customers with its value prices, especially when shoppers are looking to save money. Management is also investing in partnerships in new regions like Mexico and the Middle East to further expand its global reach. A key part of their strategy is to keep the in-store experience exciting with a constantly changing product mix to encourage frequent customer visits.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2025 Q4
$624.00M
FY2026 Q1
$2.19B
FY2026 Q2
$-103.00M
FY2026 Q3
$1.33B
FY2026 Q4
$1.00B
FY2027 Q2
$457.00M
FY2027 Q3
$1.73B
Revenue
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Net income
$1.52B
Diluted EPS
1.36
Operating cash flow
$2.23B
Free cash flow
$1.73B
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Sources
Revenue
—
Net income
$1.33B
Diluted EPS
1.19
Operating cash flow
$1.12B
Free cash flow
$457.00M
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Sources
Revenue
—
Net income
$1.44B
Diluted EPS
1.28
Operating cash flow
$1.53B
Free cash flow
$1.00B
Fetching…
Sources
Revenue
—
Net income
$1.24B
Diluted EPS
1.10
Operating cash flow
$1.79B
Free cash flow
$1.33B
Fetching…
Sources
Revenue
—
Net income
$1.04B
Diluted EPS
0.92
Operating cash flow
$394.00M
Free cash flow
$-103.00M
Fetching…
Sources
Revenue
—
Net income
$1.40B
Diluted EPS
1.23
Operating cash flow
$2.70B
Free cash flow
$2.19B
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Sources
Revenue
—
Net income
$1.30B
Diluted EPS
1.14
Operating cash flow
$1.05B
Free cash flow
$624.00M
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Sources
Is it cheap or expensive?
Fair value $120.17 vs current price $132.08
Wall Street consensus is the average analyst price target: $169.80 (41.3% higher than our fair-value estimate).
Our most-likely fair value is $120.17 a share — about 9.0% away from today's price of $132.08, so the stock currently looks fairly priced.
Is it drowning in debt?
Watch
Net debt $8.3B. Interest coverage 97.0x.
Net debt
$8.31B
Interest coverage
97.00x
The TJX Companies, Inc.'s profit covers its interest bill about 97.0 times over. which is stronger than every peer shown here.
Watch
Worse cushion
Baseline
Better cushion
TJX
BASELINE
The TJX Companies, Inc.
Total debt $14.32B Interest coverage 97.00x This is the baseline the peer rows are being compared against.
Total debt $4.74B Interest coverage 71.36x -26% vs TJX Carries about 1.4x less debt cushion than TJX.
Total debt $5.91B Interest coverage 11.89x -88% vs TJX Carries about 8.2x less debt cushion than TJX.
Total debt $6.42B Interest coverage 1.77x -98% vs TJX Carries about 54.8x less debt cushion than TJX.
What you should know
The case for and against TJX
3 Rewards
1 Risk
Rewards
-
Revenue grew 2.5% last year.
-
Returns 62.2% on equity, ahead of 75% of its peers.
-
Free cash flow was positive in 10/10 years.
Risks
-
Insider ownership is only 0.2% (peer median: 2.1%).
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
24.46x
Forward P/E
22.88x
P/B
14.03x
P/S
2.33x
EV/EBITDA
17.25x
PEG ratio
2.83x
Profitability
How much profit each dollar creates
Gross margin
31.5%
Operating margin
10.9%
Net margin
9.7%
ROE
62.2%
ROA
13.5%
Health
Liquidity and balance-sheet strength
Debt / equity
1.34x
Current ratio
1.15x
Quick ratio
0.50x
Total debt
$14.32B
Total cash
$6.00B
Growth
How the business has been compounding
Revenue TTM
$36.77B
Revenue 5Y CAGR
6.9%
EPS TTM
5.40
EPS 5Y CAGR
17.9%
Cash flow
How much cash the business throws off
Operating CF TTM
$8.03B
Free CF TTM
$4.92B
FCF margin
13.4%
Dividend
Shareholder payout
Yield
1.5%
Payout ratio
32.5%
Last ex-div date
2026-08-13