Loading…
Largest off-price retailer, selling discounted brand-name apparel and home goods through T.J. Maxx, Marshalls and HomeGoods.
Largest off-price retailer, selling discounted brand-name apparel and home goods through T.J. Maxx, Marshalls and HomeGoods.
Buys excess and late-season brand-name goods from vendors at a discount and resells them at lower prices, so what is on the shelf changes constantly, which drives frequent visits. Profit is the gap between what it pays and sells for, helped by fast inventory turnover. Stores span the US, Canada, Europe and Australia.
Moat: wide (scale, cost advantage, distribution). Scale buying power and a flexible off-price sourcing model are very difficult for competitors to replicate.
Headquarters: Framingham, Massachusetts, US · Founded: 1976 · Employees: 377,000
Size TJX Companies (TJX) is a United States Consumer Discretionary company (Apparel/Footwear Retail) with a market value of $149B, the 81st largest of 3,117 United States companies the cockpit tracks. Shares closed at $135.30 on 6 Nov 2026.
Performance Over six months the shares fell 11.5%, against +10.6% for the median peer and -1.1% for the United States market (cap-weighted) — 4th lowest of 21 in its peer set.
Growth Revenue grew 7.7% over the last twelve months (peer median +10.9%); the operating margin is 12.4% (peer median 11.4%).
Valuation It trades at 25.1× forward earnings against a peer median of 20.5× (8th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 4% a year for seven years (Req g). Recent delivered growth is +13%, so the hurdle is -10 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 24.8 points above its cost of capital (7.5% WACC).
Credit TJX Companies has 4 bonds outstanding ($1.88B), rated A by the agencies and trading like AA- at a weighted spread of 55 bp.
Short interest Short interest is 1.5% of the free float (15 Oct 2026).
Next results Next results expected around 18 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $62.4B | $60.4B | $56.4B | $54.2B | $49.9B |
| Revenue growth | — | +7% | +4% | +9% | — |
| Gross profit | $19.9B | $18.8B | $17.2B | $16.3B | $13.7B |
| EBITDA | $9.09B | $8.47B | $7.35B | $6.76B | $5.62B |
| Net income | $6.07B | $5.49B | $4.86B | $4.47B | $3.50B |
| Free cash flow | $5.88B | $4.92B | $4.20B | $4.33B | $2.63B |
| Capital expenditure | $2.16B | $1.96B | $1.92B | $1.72B | $1.46B |
| Total debt | $14.3B | $13.5B | $12.8B | $12.5B | $12.7B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| TJX Companies TJX | $149B | -11% | +8% | 12% | 25.1× | 3.7% |
| Ross Stores ROST | $73.8B | +3% | +14% | 13% | 27.0× | 11.0% |
| Burlington Stores BURL | $15.5B | -19% | +11% | 8% | 20.5× | 18.2% |
| Macy's M | $6.03B | +18% | 0% | 4% | 10.8× | -1.1% |
| Kohl's KSS | $2.61B | +59% | -3% | 4% | 15.3× | 0.0% |
| Ollie's Bargain Outlet OLLI | $5.37B | +10% | +14% | 12% | 19.8× | 1.5% |
| Target TGT | $72.0B | +28% | +2% | 6% | 17.1× | 4.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | TJX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -2.5% | +7.1% | 4th lowest of 21 |
| 6-month return | -11.5% | +10.6% | 4th lowest of 21 |
| Distance from 52-week high | -20.4% | -10.6% | 6th lowest of 21 |
| Revenue growth (TTM) | +7.7% | +10.9% | 7th lowest of 21 |
| Operating margin | 12.4% | 11.4% | 10th highest of 21 |
| Forward P/E | 25.1× | 20.5× | 8th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 3.7% | 14.3% | 6th least demanding of 20 |
| Growth delivered (Del g) | +13.4% | +13.2% | 10th highest of 20 |
| Hurdle (Req g minus delivered) | -9.8 pp | -1.7 pp | 5th least demanding of 20 |
| ROIC minus cost of capital | +24.8 pp | +6.0 pp | 4th highest of 21 |
| EV / EBITDA | 17.3× | 13.7× | 7th most expensive of 20 |
| Net debt / EBITDA | 0.9× | 0.7× | 10th most indebted of 20 |
| Bond spread | 55 bp | 118 bp | 2nd tightest of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| TJX Companies TJX | United States | $149B | -11% | +8% | 12% | 25.1× | 3.7% | +13.4% |
| Fast Retailing 9983.T | Japan | $155B | +6% | +17% | 18% | 41.2× | 23.8% | +13.2% |
| Industria de Diseno Textil ITX.MC | Spain | $206B | +20% | +6% | 20% | 27.3× | 15.3% | +14.3% |
| Ross Stores ROST | United States | $73.8B | +3% | +14% | 13% | 27.0× | 11.0% | +12.7% |
| H&M Hennes & Mauritz HM-B.ST | Sweden | $29.1B | +12% | -4% | 9% | 22.3× | 4.5% | +4.1% |
| Tapestry TPR | United States | $26.4B | 0% | +14% | 24% | 15.8× | 9.0% | +6.9% |
| Trent TRENT.NS | India | $17.4B | +8% | +18% | 12% | 75.1× | 60.1% | +50.6% |
| Allegro.eu ALE.WA | Poland | $15.5B | +97% | +8% | 20% | 30.8× | 22.1% | +23.4% |
| Burlington Stores BURL | United States | $15.5B | -19% | +11% | 8% | 20.5× | 18.2% | +14.9% |
| Lpp LPP.WA | Poland | $13.0B | +36% | +15% | 13% | 17.4× | 17.5% | +24.1% |
| Aritzia ATZ.TO | Canada | $12.5B | +9% | +40% | 16% | 27.1× | 22.0% | +34.0% |
| Meesho MEESHO.NS | India | $11.4B | +17% | +34% | -9% | n/a | n/a | n/a |
| Victoria's Secret & VSXY | United States | $8.62B | +125% | +10% | 8% | 21.4× | 20.0% | +3.9% |
| Gap GAP | United States | $7.55B | -8% | +1% | 11% | 8.4× | -2.3% | +2.2% |
| Urban Outfitters URBN | United States | $7.26B | +18% | +11% | 10% | 13.1× | 6.9% | +12.3% |
| Abercrombie & Fitch ANF | United States | $6.35B | +57% | +5% | 14% | 12.1× | -2.7% | +11.0% |
| JD Sports Fashion JD..L | United Kingdom | $6.03B | +37% | +2% | 7% | 9.0× | 1.4% | +15.5% |
| SHIMAMURA 8227.T | Japan | $4.69B | +2% | +5% | 9% | 14.3× | -9.9% | +5.2% |
| Vishal Mega Mart VMM.NS | India | $4.67B | -25% | +18% | 9% | 43.8× | 32.3% | +19.4% |
| Boot Barn BOOT | United States | $3.92B | -20% | +17% | 14% | 14.6× | 14.3% | +20.3% |
| American Eagle Outfitters AEO | United States | $3.34B | +19% | +8% | 9% | 11.1× | 0.9% | +8.1% |
TJX Companies has 4 bonds outstanding with $1.88B face value. The agencies rate it A; its bonds trade like AA-. Weighted yield 5.22%, a spread of 55 bp over government bonds.