TargetTGT

TargetTGT

Revenue: is the business selling more than it used to?

$104.8B−4% YoYFY 2025

→Revenue reached $104.8B in 2025, compounding -1% a year since 2022 though the pace has cooled. The trailing twelve months are already running at $107.7B, ahead of the last full year.

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-01

TargetTGT

Net income: how much of that revenue becomes profit?

$3.7B+33% YoYFY 2025

→Net income was $3.7B in 2025, compounding +10% a year over three years. Trailing twelve-month profit stands at $4.4B.

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-01

TargetTGT

How fast is it growing, year by year?

-4.0%revenue growth, FY 2025

→Revenue grew -4% in 2025 against a five-year average of +8%. Earnings grew faster (+33%), so each new dollar of sales is arriving more profitably.

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-01

TargetTGT

Revenue per share: is your slice growing as fast as the company?

$229.98revenue per share, FY 2025

→Revenue per share reached $229.98 in 2025, compounding -1% a year - in line with TGT's own -1%, so the share count is not distorting your slice. Free cash flow per share stands at $6.22.

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-01

TargetTGT

Free cash flow: what is left in real cash after everything?

$2.8BFY 2025

→Free cash flow was $2.8B in 2025. The trailing twelve months stand at $4.5B.

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-01

TargetTGT

How much of every sales dollar ends up as free cash?

→3 cents of every sales dollar became free cash in 2025, up 4 points since 2022.

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-01

TargetTGT

What does staying competitive cost, per dollar of sales?

→The biggest claim on each sales dollar is capital spending, at 4% of revenue (stock compensation 0%). That share has fallen since 2022, so the cost of competing is easing.

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-01

TargetTGT

When sales grow, do profits grow faster?

→Operating profit outgrew revenue in 3 of the last 5 years, most recently +33% against -4%. Each additional dollar of sales is landing more profitably than the last - the definition of operating leverage.

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-01

TargetTGT

Margins: of every $1 of sales, how much survives each cost layer?

→Operating margin has held near 5% since 2022. After everything, 4 cents of each sales dollar reaches net profit.

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-01

TargetTGT

What does it earn on the money it uses?

→ROE of 25% sits well above ROCE of 13%. A meaningful share of the shareholder return is manufactured with leverage rather than operations.

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-01

TargetTGT

What has the market paid for TGT over time?

17.1xP/E today

→At 17.1x earnings, the market is paying +27% more than TGT's own 6-year median of 13.4x. Expectations are elevated, so more has to go right to justify the price.

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-01

TargetTGT

What cash return does the business throw off per dollar of market value?

6.0%FCF yield today

→Every dollar of market value currently buys 6.0% of annual free cash flow, less than its 6-year median of 12.4% - you are paying up for the same cash.

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-01

TargetTGT

Could it handle its debt if things went wrong?

→Debt of $14.2B sits against $5.4B of cash, or 0.8x shareholders' equity. Earnings cover the interest bill 14 times over, so the debt is comfortably serviced.

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-01

TargetTGT

Is the company's own capital growing?

→The company's own capital grew from $13.4B in 2023 to $17.8B (+33%). The business is building book value rather than consuming it.

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-01

TargetTGT

How much goes back, and how much leaks out as stock comp?

→Shareholders received $408M in buybacks and $2.1B in dividends in 2025. Stock compensation issued $281M of new shares in the same year, offsetting 11% of that.

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-01

TargetTGT

How fast is your ownership being diluted - or concentrated?

→The share count shrank 2.0% in 2025, averaging 3.4% a year over three years. Buybacks are concentrating your ownership: the same business, split fewer ways.

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-01

TargetTGT

Is the dividend cheque growing?

→The dividend per share reached $4.51 in 2025, compounding +11% a year since 2020.

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-01

TargetTGT

Can it afford the dividend?

→The dividend consumed 55% of profit and 72% of free cash flow in 2025. That leaves room to keep paying through a weak year.

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-01

TargetTGT

Does TGT earn more on its capital than that capital costs?

→TGT earns 13.4% on the capital it employs, comfortably above the 10% most investors treat as the cost of capital. It was 11.4% in 2022, so the trend is up, though the path has been bumpy.

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-01

TargetTGT

TGT has issued or retired shares - did shareholders end up better off?

→TGT has shrunk its share count -41% from 2008 to 2025, so each remaining share owns more of the business. Revenue per share is +174% over the same years.

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-01

TargetTGT

Are the people running it buying or selling?

→Insiders sold $20M on the open market and bought nothing. Many sales are pre-scheduled diversification rather than a view on the price. A further 52 filings were grants, option exercises or tax withholding, which say nothing either way.

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-01