Discounted Cash Flow

TJX Companies Inc. /De/

TJX · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2017 $33.2b $2.3b $2.6b 6.9% $1.75
2018 $35.9b (8.1%) $2.6b (13.5%) $2.0b (-23.6%) 7.3% (5.0%) $2.05 (16.8%)
2019 $39.0b (8.7%) $3.1b (17.3%) $3.0b (50.6%) 7.9% (8.0%) $2.47 (20.5%)
2020 $41.7b (7.0%) $3.3b (6.9%) $2.8b (-4.0%) 7.8% (-0.1%) $2.71 (9.7%)
2021 $32.1b (-23.0%) $90.5m (-97.2%) $4.0b (40.5%) 0.3% (-96.4%) $0.08 (-97.0%)
2022 $48.5b (51.1%) $3.3b (3528.6%) $2.0b (-49.6%) 6.8% (2301.9%) $2.74 (3325.0%)
2023 $49.9b (2.9%) $3.5b (6.6%) $2.6b (30.5%) 7.0% (3.6%) $3.00 (9.5%)
2024 $54.2b (8.6%) $4.5b (27.9%) $4.3b (65.0%) 8.3% (17.8%) $3.90 (30.0%)
2025 $56.4b (4.0%) $4.9b (8.7%) $4.2b (-3.2%) 8.6% (4.6%) $4.31 (10.5%)
2026 $60.4b (7.1%) $5.5b (13.0%) $4.9b (17.1%) 9.1% (5.4%) $4.93 (14.4%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Values abbreviated: b = billions, m = millions, k = thousands.

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model