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GuruFocus Financial Strength Rank measures how strong a company’s financial situation is. It is based on these factors

1. The debt burden that the company has as measured by its Interest coverage (current year).
2. Debt to revenue ratio. The lower, the better
3. Altman Z-score.

A company ranks high with financial strength is likely to withstand any business slowdowns and recessions.

Financial Strength : 8/10

vs
industry
vs
history
Cash to Debt 1.78
TJX's Cash to Debt is ranked higher than
65% of the 1083 Companies
in the Global Apparel Stores industry.

( Industry Median: 2.50 vs. TJX: 1.78 )
TJX' s 10-Year Cash to Debt Range
Min: 0.04   Max: 2.64
Current: 1.78

0.04
2.64
Equity to Asset 0.39
TJX's Equity to Asset is ranked higher than
54% of the 1073 Companies
in the Global Apparel Stores industry.

( Industry Median: 0.52 vs. TJX: 0.39 )
TJX' s 10-Year Equity to Asset Range
Min: 0.26   Max: 0.45
Current: 0.39

0.26
0.45
Interest Coverage 76.08
TJX's Interest Coverage is ranked higher than
74% of the 776 Companies
in the Global Apparel Stores industry.

( Industry Median: 34.17 vs. TJX: 76.08 )
TJX' s 10-Year Interest Coverage Range
Min: 4.24   Max: 415.12
Current: 76.08

4.24
415.12
F-Score: 8
Z-Score: 8.08
M-Score: -2.63
GuruFocus Profitability Rank ranks how profitable a company is and how likely the company’s business will stay that way. It is based on these factors:

1. Operating Margin
2. Trend of the Operating Margin (5-year average). The company with an uptrend profit margin has a higher rank.
••3. Consistency of the profitability
4. Piotroski F-Score
5. Predictability Rank•

The maximum rank is 10. A rank of 7 or higher means a higher profitability and may stay that way. A rank of 3 or lower indicates that the company has had trouble to make a profit.

Profitability Rank is not directly related to the Financial Strength Rank. But if a company is consistently profitable, its financial strength will be stronger.

Profitability & Growth : 9/10

vs
industry
vs
history
Operating margin (%) 12.00
TJX's Operating margin (%) is ranked higher than
88% of the 1074 Companies
in the Global Apparel Stores industry.

( Industry Median: 5.56 vs. TJX: 12.00 )
TJX' s 10-Year Operating margin (%) Range
Min: 4.08   Max: 12
Current: 12

4.08
12
Net-margin (%) 7.37
TJX's Net-margin (%) is ranked higher than
85% of the 1073 Companies
in the Global Apparel Stores industry.

( Industry Median: 3.91 vs. TJX: 7.37 )
TJX' s 10-Year Net-margin (%) Range
Min: 0.66   Max: 7.37
Current: 7.37

0.66
7.37
ROE (%) 52.01
TJX's ROE (%) is ranked higher than
99% of the 1056 Companies
in the Global Apparel Stores industry.

( Industry Median: 9.28 vs. TJX: 52.01 )
TJX' s 10-Year ROE (%) Range
Min: 3.44   Max: 52.01
Current: 52.01

3.44
52.01
ROA (%) 20.05
TJX's ROA (%) is ranked higher than
97% of the 1072 Companies
in the Global Apparel Stores industry.

( Industry Median: 4.70 vs. TJX: 20.05 )
TJX' s 10-Year ROA (%) Range
Min: 0.96   Max: 20.05
Current: 20.05

0.96
20.05
ROC (Joel Greenblatt) (%) 96.38
TJX's ROC (Joel Greenblatt) (%) is ranked higher than
95% of the 1073 Companies
in the Global Apparel Stores industry.

( Industry Median: 20.54 vs. TJX: 96.38 )
TJX' s 10-Year ROC (Joel Greenblatt) (%) Range
Min: 15.22   Max: 96.38
Current: 96.38

15.22
96.38
Revenue Growth (%) 13.40
TJX's Revenue Growth (%) is ranked higher than
86% of the 785 Companies
in the Global Apparel Stores industry.

( Industry Median: 6.50 vs. TJX: 13.40 )
TJX' s 10-Year Revenue Growth (%) Range
Min: 9.8   Max: 19.3
Current: 13.4

9.8
19.3
EBITDA Growth (%) 19.40
TJX's EBITDA Growth (%) is ranked higher than
85% of the 669 Companies
in the Global Apparel Stores industry.

( Industry Median: 9.40 vs. TJX: 19.40 )
TJX' s 10-Year EBITDA Growth (%) Range
Min: 9.8   Max: 57.9
Current: 19.4

9.8
57.9
EPS Growth (%) 21.50
TJX's EPS Growth (%) is ranked higher than
82% of the 619 Companies
in the Global Apparel Stores industry.

( Industry Median: 11.30 vs. TJX: 21.50 )
TJX' s 10-Year EPS Growth (%) Range
Min: 8.5   Max: 100
Current: 21.5

8.5
100
» TJX's 10-Y Financials

Financials


Revenue & Net Income
Cash & Debt
Oprt. Cash Flow & Free Cash Flow

» Details

Guru Trades

Q1 2013

TJX Guru Trades in Q1 2013

Jim Simons 3,642,000 sh (New)
Jean-Marie Eveillard 1,190,845 sh (+25.07%)
Diamond Hill Capital 3,587,863 sh (+14.08%)
Scott Black 12,152 sh (+0.8%)
Ruane Cunniff 31,909,919 sh (+0.39%)
Robert Olstein 58,000 sh (unchged)
John Hussman 250,000 sh (unchged)
Tom Russo 1,000 sh (unchged)
Donald Yacktman Sold Out
Paul Tudor Jones Sold Out
Chris Davis Sold Out
Pioneer Investments 1,555,254 sh (-1.04%)
Mario Gabelli 17,775 sh (-1.33%)
PRIMECAP Management 12,745,396 sh (-1.71%)
Jeremy Grantham 2,401,726 sh (-4.46%)
Steven Cohen 441,395 sh (-12.35%)
Joel Greenblatt 73,191 sh (-26.11%)
Ray Dalio 15,678 sh (-82.1%)
» More
Q2 2013

TJX Guru Trades in Q2 2013

Louis Moore Bacon 25,000 sh (New)
Jim Simons 4,638,800 sh (+27.37%)
Robert Olstein 58,000 sh (unchged)
John Hussman Sold Out
Tom Russo Sold Out
Ruane Cunniff 31,882,238 sh (-0.09%)
PRIMECAP Management 12,726,296 sh (-0.15%)
Mario Gabelli 17,635 sh (-0.79%)
Scott Black 11,606 sh (-4.49%)
Jean-Marie Eveillard 1,114,372 sh (-6.42%)
Pioneer Investments 1,451,154 sh (-6.69%)
Diamond Hill Capital 3,303,306 sh (-7.93%)
Ray Dalio 13,199 sh (-15.81%)
Jeremy Grantham 1,879,731 sh (-21.73%)
Steven Cohen 194,156 sh (-56.01%)
Joel Greenblatt 17,149 sh (-76.57%)
» More
Q3 2013

TJX Guru Trades in Q3 2013

Chris Davis 98,170 sh (New)
Caxton Associates 138,750 sh (New)
Ray Dalio 150,068 sh (+1036.96%)
Mario Gabelli 25,650 sh (+45.45%)
Jim Simons 5,013,800 sh (+8.08%)
Joel Greenblatt 17,558 sh (+2.38%)
Scott Black 11,606 sh (unchged)
Jean-Marie Eveillard Sold Out
Louis Moore Bacon Sold Out
Ruane Cunniff 31,806,794 sh (-0.24%)
PRIMECAP Management 12,676,696 sh (-0.39%)
Steven Cohen 192,701 sh (-0.75%)
Jeremy Grantham 1,864,789 sh (-0.79%)
Diamond Hill Capital 3,265,979 sh (-1.13%)
Pioneer Investments 1,432,253 sh (-1.3%)
Robert Olstein 55,000 sh (-5.17%)
» More
Q4 2013

TJX Guru Trades in Q4 2013

Ken Fisher 3,402 sh (New)
Joel Greenblatt 34,467 sh (+96.3%)
Mario Gabelli 27,550 sh (+7.41%)
Chris Davis 99,642 sh (+1.5%)
Scott Black 11,606 sh (unchged)
PRIMECAP Management 12,656,396 sh (-0.16%)
Pioneer Investments 1,423,172 sh (-0.63%)
Ruane Cunniff 31,508,583 sh (-0.94%)
Diamond Hill Capital 3,211,503 sh (-1.67%)
Jeremy Grantham 1,768,418 sh (-5.17%)
Jim Simons 4,151,900 sh (-17.19%)
Robert Olstein 38,000 sh (-30.91%)
Ray Dalio 67,868 sh (-54.78%)
Caxton Associates 14,000 sh (-89.91%)
Steven Cohen 10,011 sh (-94.8%)
» More
» Details

Insider Trades

Latest Guru Trades with TJX

GuruDate Trades Impact to Portfolio Price Range * (?) Current Price Change from Average Current Shares
Ray Dalio 2013-12-31 Reduce -54.78%0.04%$54.67 - $63.99 $ 58.7-3%67868
Joel Greenblatt 2013-12-31 Add 96.3%0.03%$54.67 - $63.99 $ 58.7-3%34467
Jean-Marie Eveillard 2013-09-30 Sold Out 0.17%$50.24 - $56.84 $ 58.710%0
Ray Dalio 2013-09-30 Add 1036.96%0.06%$50.24 - $56.84 $ 58.710%150068
Mario Gabelli 2013-09-30 Add 45.45%$50.24 - $56.84 $ 58.710%25650
John Hussman 2013-06-30 Sold Out 0.43%$46.7 - $51.72 $ 58.719%0
Joel Greenblatt 2013-06-30 Reduce -76.57%0.13%$46.7 - $51.72 $ 58.719%17149
Joel Greenblatt 2013-03-31 Reduce -26.11%0.06%$42.45 - $47.12 $ 58.731%73191
Jean-Marie Eveillard 2013-03-31 Add 25.07%0.04%$42.45 - $47.12 $ 58.731%1190845
Ray Dalio 2013-03-31 Reduce -82.1%0.03%$42.45 - $47.12 $ 58.731%15678
Donald Yacktman 2013-03-31 Sold Out 0.0018%$42.45 - $47.12 $ 58.731%0
Premium More recent guru trades are included for Premium Members only!!
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Guru Investment Theses on TJX Companies

Sequoia Fund's Discussion of TJX - Mar 07, 2014

TJX had another fine year. While full year results are not yet available, we expect that sales rose 5%-6% and that EPS (absent one-time items) grew about 16% to $2.85. All four store divisions are performing well and the European operation is getting close to matching the profit margin at the more mature North American business.



Given the extent by which TJX’s stock price gain has outpaced its earnings growth in recent years, including 2013, it is clear that the stock has been re-rated. For many years, TJX shares traded at below-average multiples of earnings, despite an EPS growth rate that has averaged 16% for the past 15 years. The company also generates very high returns on invested capital and churns out ample free cash flow, most of which is returned to stockholders in the form of dividends and share repurchases. We believe there is room to grow the store base by roughly 4%-5% per year and the company typically repurchases 3%-4% of its shares annually. TJX has reported same store sales growth in 29 of the past 30 years. As a result, we continue to expect the company to grow EPS at low double digit rates even if operating margins stop expanding.



TJX is the largest off-price apparel and home goods retailer in the United States, Canada and the UK and has a growing presence in Poland and Germany. As US department stores struggle to remain relevant to shoppers, apparel vendors have been forced to search for new channels of growth. We believe TJX is now the largest customer for many apparel vendors and is a trusted partner to them.



Source: Sequoia Fund's 2013 Annual Report - Management's Discussion of Fund Performance



Check out Sequoia Fund latest stock trades

Top Ranked Articles about TJX Companies

Sequoia Fund's Discussion of TJX
TJX had another fine year. While full year results are not yet available, we expect that sales rose 5%-6% and that EPS (absent one-time items) grew about 16% to $2.85. All four store divisions are performing well and the European operation is getting close to matching the profit margin at the more mature North American business. Read more...

Ratios

vs
industry
vs
history
P/E(ttm) 19.80
TJX's P/E(ttm) is ranked higher than
57% of the 885 Companies
in the Global Apparel Stores industry.

( Industry Median: 17.70 vs. TJX: 19.80 )
TJX' s 10-Year P/E(ttm) Range
Min: 9.51   Max: 22.38
Current: 19.8

9.51
22.38
P/B 10.20
TJX's P/B is ranked lower than
76% of the 1036 Companies
in the Global Apparel Stores industry.

( Industry Median: 1.70 vs. TJX: 10.20 )
TJX' s 10-Year P/B Range
Min: 3.75   Max: 11.1
Current: 10.2

3.75
11.1
P/S 1.56
TJX's P/S is ranked lower than
67% of the 1100 Companies
in the Global Apparel Stores industry.

( Industry Median: 0.73 vs. TJX: 1.56 )
TJX' s 10-Year P/S Range
Min: 0.45   Max: 1.71
Current: 1.56

0.45
1.71
PFCF 26.20
TJX's PFCF is ranked lower than
51% of the 593 Companies
in the Global Apparel Stores industry.

( Industry Median: 19.33 vs. TJX: 26.20 )
TJX' s 10-Year PFCF Range
Min: 8.47   Max: 46.29
Current: 26.2

8.47
46.29
EV-to-EBIT 12.20
TJX's EV-to-EBIT is ranked higher than
63% of the 965 Companies
in the Global Apparel Stores industry.

( Industry Median: 13.30 vs. TJX: 12.20 )
TJX' s 10-Year EV-to-EBIT Range
Min: 6.1   Max: 14.5
Current: 12.2

6.1
14.5
PEG 0.90
TJX's PEG is ranked higher than
74% of the 521 Companies
in the Global Apparel Stores industry.

( Industry Median: 1.29 vs. TJX: 0.90 )
TJX' s 10-Year PEG Range
Min: 0.72   Max: 1.94
Current: 0.9

0.72
1.94
Shiller P/E 30.60
TJX's Shiller P/E is ranked lower than
60% of the 541 Companies
in the Global Apparel Stores industry.

( Industry Median: 21.42 vs. TJX: 30.60 )
TJX' s 10-Year Shiller P/E Range
Min: 12.14   Max: 33.19
Current: 30.6

12.14
33.19

Dividend & Buy Back

vs
industry
vs
history
Dividend Yield 0.99
TJX's Dividend Yield is ranked lower than
79% of the 743 Companies
in the Global Apparel Stores industry.

( Industry Median: 2.03 vs. TJX: 0.99 )
TJX' s 10-Year Dividend Yield Range
Min: 0.42   Max: 2.12
Current: 0.99

0.42
2.12
Dividend Payout 0.19
TJX's Dividend Payout is ranked higher than
81% of the 645 Companies
in the Global Apparel Stores industry.

( Industry Median: 0.32 vs. TJX: 0.19 )
TJX' s 10-Year Dividend Payout Range
Min: 0.02   Max: 1.13
Current: 0.19

0.02
1.13
Dividend growth (3y) 13.70
TJX's Dividend growth (3y) is ranked higher than
80% of the 394 Companies
in the Global Apparel Stores industry.

( Industry Median: 7.70 vs. TJX: 13.70 )
TJX' s 10-Year Dividend growth (3y) Range
Min: -2.2   Max: 40.2
Current: 13.7

-2.2
40.2
Yield on cost (5-Year) 2.91
TJX's Yield on cost (5-Year) is ranked higher than
62% of the 768 Companies
in the Global Apparel Stores industry.

( Industry Median: 2.34 vs. TJX: 2.91 )
TJX' s 10-Year Yield on cost (5-Year) Range
Min: 1.22   Max: 6.17
Current: 2.91

1.22
6.17
Share Buyback Rate 4.40
TJX's Share Buyback Rate is ranked higher than
94% of the 654 Companies
in the Global Apparel Stores industry.

( Industry Median: -0.60 vs. TJX: 4.40 )
TJX' s 10-Year Share Buyback Rate Range
Min: 6.1   Max: -5.6
Current: 4.4

Valuation & Return

vs
industry
vs
history
Price/Tangible Book 11.00
TJX's Price/Tangible Book is ranked lower than
79% of the 953 Companies
in the Global Apparel Stores industry.

( Industry Median: 2.00 vs. TJX: 11.00 )
TJX' s 10-Year Price/Tangible Book Range
Min: 2.05   Max: 11.41
Current: 11

2.05
11.41
Price/DCF (Projected) 1.80
TJX's Price/DCF (Projected) is ranked lower than
54% of the 560 Companies
in the Global Apparel Stores industry.

( Industry Median: 1.20 vs. TJX: 1.80 )
TJX' s 10-Year Price/DCF (Projected) Range
Min: 0.76   Max: 3.66
Current: 1.8

0.76
3.66
Price/Median PS Value 1.90
TJX's Price/Median PS Value is ranked lower than
72% of the 1025 Companies
in the Global Apparel Stores industry.

( Industry Median: 1.00 vs. TJX: 1.90 )
TJX' s 10-Year Price/Median PS Value Range
Min: 0.24   Max: 1.96
Current: 1.9

0.24
1.96
Price/Peter Lynch Fair Value 1.00
TJX's Price/Peter Lynch Fair Value is ranked higher than
67% of the 324 Companies
in the Global Apparel Stores industry.

( Industry Median: 1.00 vs. TJX: 1.00 )
TJX' s 10-Year Price/Peter Lynch Fair Value Range
Min: 0.38   Max: 1.75
Current: 1

0.38
1.75
Price/Graham Number 3.10
TJX's Price/Graham Number is ranked lower than
69% of the 788 Companies
in the Global Apparel Stores industry.

( Industry Median: 1.40 vs. TJX: 3.10 )
TJX' s 10-Year Price/Graham Number Range
Min: 0.92   Max: 3.27
Current: 3.1

0.92
3.27
Earnings Yield (Greenblatt) 8.20
TJX's Earnings Yield (Greenblatt) is ranked higher than
66% of the 983 Companies
in the Global Apparel Stores industry.

( Industry Median: 7.40 vs. TJX: 8.20 )
TJX' s 10-Year Earnings Yield (Greenblatt) Range
Min: 6.9   Max: 16.4
Current: 8.2

6.9
16.4
Forward Rate of Return (Yacktman) 23.20
TJX's Forward Rate of Return (Yacktman) is ranked higher than
88% of the 724 Companies
in the Global Apparel Stores industry.

( Industry Median: 10.57 vs. TJX: 23.20 )
TJX' s 10-Year Forward Rate of Return (Yacktman) Range
Min: 12.9   Max: 25.4
Current: 23.2

12.9
25.4

Business Description

Industry: Retail - Apparel & Specialty » Apparel Stores
Compare:IDEXY, ARO, FRCOF, ROST, SSI » details
Traded in other countries:TJX.Germany
TJX Companies is an off-price apparel and home fashions retailer in the United States and worldwide. It has over 3,000 stores offer a rapidly changing assortment of quality, fashionable, brand-name and designer merchandise at discounts prices every day. The Company operates its business in four major divisions: Marmaxx and HomeGoods, both in the U.S., TJX Canada and TJX Europe. Its T.J. Maxx and Marshalls chains in the United States (The Marmaxx Group) are off-price retailer in the United States with a total of 1,940 stores. Both chains sell family apparel (including footwear and accessories), home fashions (including home basics, accent furniture, lamps, rugs, wall décor, decorative accessories and giftware) and other merchandise. It mainly differentiate T.J. Maxx and Marshalls through different product assortment (including an expanded assortment of fine jewelry and accessories and a designer section called The Runway at T.J. Maxx and a full line of footwear, a broader men's offering and a juniors' department called The Cube at Marshalls) and in-store initiatives. Its HomeGoods chain is an off-price retailer of home fashions in the U.S. Through its 415 stores, HomeGoods offers an array of home basics, giftware, accent furniture, lamps, rugs, wall décor, decorative accessories from around the world, seasonal and other merchandise. Its TJX Canada division operates the Winners, Marshalls and HomeSense chains in Canada. Acquired in 1990, Winners is the leading off-price apparel and home fashions retailer in Canada. The merchandise offering at its 222 stores across Canada is comparable to T.J. Maxx. Its TJX Europe division operates the T.K. Maxx and HomeSense chains in Europe. T.K. Maxx introduced off-price to Europe and remains Europe's only major off-price retailer of apparel and home ashions. With 343 stores, T.K. Maxx operates in the U.K., Ireland, Germany and Poland. Through its stores and, for the U.K, an online website, T.K. Maxx offers a merchandise mix similar to T.J. Maxx, Marshalls and Winners. It brought the off-price home fashions concept to Europe, opening HomeSense in the U.K. in 2008. Its 24 stores in the U.K. offer a merchandise mix of home fashions similar to that of HomeGoods in the U.S. and HomeSense in Canada. The Company competes with local, regional, national and international department, specialty, off-price, discount, warehouse and outlet stores as well as other retailers that sell apparel, home fashions and other merchandise that it sells, whether in stores, through catalogues, on-line or other media. The Company is subject to federal, state, provincial and local laws, rules and regulations in the United States and other countries, any of which may change from time to time, as well as orders and assurances.

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