Dollar Amounts
USD (Millions)
Balance sheet data in USD (millions)
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Over the five-year period TJX’s balance sheet shows a modest expansion in total assets but a clearer improvement in capitalization. Assets fell from $30,813m in 2021 to $28,461m in 2022 (≈‑7.6%), held roughly flat in 2023, then recovered to $31,749m by 2025 — a net rise of about 3.0% versus 2021. Liabilities declined more steadily early in the period (from $24,981m in 2021 to $21,985m in 2023) before edging up to $23,356m in 2025, representing an overall reduction of ≈6.5% since 2021. Meanwhile stockholders’ equity rose consistently from $5,833m to $8,393m (≈+44% over the period), driving a noticeable shift in balance-sheet mix. The result is materially lower leverage and stronger solvency metrics: the liabilities-to-assets ratio moved from roughly 81.1% in 2021 to about 73.5% in 2025, while equity/assets improved from ~18.9% to ~26.4%. That pattern suggests earnings retention and/or capital generation exceeding balance-sheet growth, giving the company more financial flexibility for investment, dividends or share actions. In an off-price retail context (where inventory and working capital management are critical), the mid-period asset dip followed by recovery could reflect inventory adjustments and then restocking as demand normalized post-pandemic; the reduction in leverage is consistent with a conservative response to a higher-rate environment and industry volatility.
This analysis is for informational purposes only and does not constitute financial advice or recommendations for any investment decisions. Please consult with a qualified financial professional for personalized guidance.