Consumer Staples · Consumer Staples Merchandise Retail · US stock · price as of 22 Oct 2026
Key indicators
Price
$158.11
52-week range
$83.44 – $170.75
Market cap
$72.2B
P/E (trailing)
16.4×
EV / EBITDA
9.2×
Free-cash-flow yield
6.2%
Dividend yield
2.9%
Revenue (last 12 months)
$107.7B
Revenue growth (3y a year)
−1.3%
Operating margin
5.6%
Return on invested capital
16.8%
Net debt / EBITDA
1.1×
Fair value
Fair value (average of valid models)$171.30 middle half of models $156 – $183
Versus priceFair+8% to fair value
P/E multiple
$157.67
P/B multiple
$183.41
P/S multiple
$182.30
EV/EBITDA multiple
$188.53
EV/EBIT multiple
$175.79
EV/revenue multiple
$177.53
10-year DCF, EBITDA exit
$153.12
5-year DCF, EBITDA exit
$157.99
10-year DCF, revenue exit
$152.18
5-year DCF, revenue exit
$156.68
10-year DCF, growth exit
$154.19
5-year DCF, growth exit
$159.39
Dividend discount, stable
$156.24
Dividend discount, multi-stage
$187.99
Earnings power value
$226.54
Model uncertainty
Low
X-Ray Score
55/ 100 · High confidence · ahead of 62% of sector peers
Valuation73
Growth38
Profitability61
Financial health41
Dividends58
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Target is a general merchandise retailer operating large stores and a significant online business across the United States. It sells groceries, apparel, home goods, electronics and household essentials, including a range of its own brands. Revenue comes from retail sales to consumers, with stores also serving as fulfillment points for pickup and delivery. It also earns smaller amounts from credit card programs and advertising.
Over the last twelve months Target Corp reported revenue of $107.7 billion, which fell 1.3% a year over the past three years. Its operating margin is 5.6% and its return on invested capital is 17%. Net debt to EBITDA is 1.1 times. The company pays a dividend with a yield of 2.9%.
StocksXray gives Target Corp an X-Ray Score of 55 out of 100 (high confidence), ahead of 62% of the S&P 500 stocks in its sector. Its strongest lens is valuation (73) and its weakest is growth (38).
Our fair value (the average of the valid models) is $171.30 (range $156.46 to $182.85). At $158.11 the stock trades 8% below that value, so the label is "Fair" with low model uncertainty. Fair value is a range, not a price target.
XStocksXray
Target Corp (TGT)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2022
FY2023
FY2024
FY2025
FY2026
Now
Price
$186.89
$147.74
$131.69
$128.53
$102.64
$158.11
Market cap
$92.1B
$68.7B
$60.9B
$59.4B
$46.8B
$72.2B
P/E
13.3×
24.7×
14.7×
14.5×
12.6×
16.4×
EV / revenue
0.9×
0.7×
0.7×
0.6×
0.5×
0.8×
EV / EBITDA
8.2×
12.4×
8.3×
7.8×
6.4×
9.2×
Price / free cash flow
18.1×
–
16.0×
13.3×
16.5×
16.2×
Free-cash-flow yield
5.5%
−2.2%
6.3%
7.5%
6.1%
6.2%
Price / book
7.2×
6.1×
4.5×
4.0×
2.9×
4.0×
Dividend yield
1.81%
2.80%
3.33%
3.47%
4.42%
2.90%
Fundamentals checklist ● 6 Good · ● 5 Average · ● 4 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−7.1%Good
Free-cash-flow yield6.2%Good
Risk models
Altman Z score1.6×Bad
Piotroski F-Score5 of 9Bad
Growth
EPS growth (3y)10.8%Good
Revenue growth (3y)−1.3%Bad
Growth consistency40%Bad
Balance sheet
Current ratio1.0×Average
Net debt / EBITDA1.1×Good
Interest cover14.0×Average
Valuation
Fair value vs price1.1×Average
EBIT / EV yield7.3%Good
Profitability
Return on invested capital16.8%Average
Operating margin5.6%Average
Gross profitability51.5%Good
XStocksXray
Target Corp (TGT)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY22
FY23
FY24
FY25
FY26
LTM
Revenue
106,005
109,120
107,412
106,566
104,780
107,705
Gross profit
31,042
26,814
29,584
30,064
29,269
31,561
Operating income
8,946
3,848
5,707
5,566
5,117
6,023
Net income
6,946
2,780
4,138
4,091
3,705
4,393
Diluted EPS ($)
14.10
5.98
8.94
8.86
8.13
9.64
Free cash flow
5,081
-1,510
3,815
4,476
2,835
4,456
Gross margin
29.3%
24.6%
27.5%
28.2%
27.9%
29.3%
Operating margin
8.4%
3.5%
5.3%
5.2%
4.9%
5.6%
Net margin
6.6%
2.5%
3.9%
3.8%
3.5%
4.1%
Balance sheet
FY22
FY23
FY24
FY25
FY26
LTM
Total assets
53,811
53,335
55,356
57,769
59,490
61,235
Cash
5,911
2,229
3,805
4,762
5,488
5,411
Total debt
13,720
16,139
16,038
15,940
16,456
15,357
Equity
12,827
11,232
13,432
14,666
16,165
17,843
Dividend per share ($)
3.38
4.14
4.38
4.46
4.54
4.58
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value is the average of up to 15 valuation models, most of them anchored to the company's own multiples, so it stays near the price and should be read as a range, not a point. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.
