TJX Companies, Inc. (The)
NYSE: TJX
+$0,83 (+0,52%)
Precio Histórico
+$35,82 (+28,47%) en 1 Año
Estimaciones de Analistas
Precio Objetivo
$172,17
$107,00 - $193,00
$175,00
Consenso de Analistas
Estimaciones a Futuro
$5,11
$5,68
$67,56B
Indicadores en vivo
Indicadores que cambian con el precio actual (P/E, P/FCF, dividend yield, beta) y cifras del último período. Se actualizan en tiempo real. Los valores en verde indican métricas favorables.
EPS
5,29
P/E Ratio
30,40
P/FCF
17,08
Dividend Yield
1,23%
Profit Margin
9,40%
Beta
0,62
Ingresos
$61,58B
EBITDA
$8,84B
FCF
$4,31B
Análisis con IA
Reporte ejecutivo generado a partir de los datos de la empresaDesbloqueá el análisis con IA de TJX
Tesis ejecutiva de la situación de la empresa
Fortalezas, debilidades y riesgos materiales
Valuación frente a sus pares y calidad de balance
Lectura del momentum de resultados, todo enmarcado en datos
Análisis fundamental detallado
Ratios estructurales de valuación, rentabilidad, solvencia y crecimiento, tomados del último balance reportado. Los valores en verde indican métricas favorables.
Valuación
P/B
16,71
EV/EBITDA
21,16
PEG
3,43
P/S
2,82
Rentabilidad
ROE
59,13%
ROIC
N/A
ROA
13,29%
Margen Bruto
30,96%
Margen Operativo
13,27%
Solvencia
Deuda / Patrimonio
1,32
Current Ratio
1,14
Quick Ratio
0,51
Caja Total
$6,23B
Deuda Total
$13,49B
Crecimiento
Crec. Ingresos
8,50%
Crec. Ganancias
27,90%
Análisis del 10-K
Warren AI leyó el último 10-K de TJX Companies, Inc. (The), el informe anual auditado que toda empresa que cotiza en Estados Unidos presenta ante la SEC (Securities and Exchange Commission, el regulador del mercado). Acá va lo que importa de ese documento: cómo gana plata la empresa, qué riesgos declara ella misma y cómo explicó el management el año.
Filing presentado el 31/03/2026, año fiscal cerrado el 31/01/2026. Ver el documento original en SEC EDGAREl negocio: cómo gana plata
TJX is the leading off-price apparel and home fashions retailer in the United States and worldwide, operating over 5,200 stores and six branded e-commerce sites that offer a rapidly changing assortment of quality, brand name and designer merchandise at prices generally 20% to 60% below full-price retailers' regular prices on comparable merchandise.
Los segmentos del negocio
Así se reparte la operación según el propio filing:
Marmaxx (TJ Maxx and Marshalls in the U.S., including Sierra): Collectively the largest off-price retailer in the U.S. with 2,603 stores selling family apparel (including footwear), accessories (including beauty and jewelry), home fashions, and other merchandise. Operates e-commerce sites tjmaxx.com and marshalls.com. Sierra (145 stores plus sierra.com) is an off-price retailer of brand name active and outdoor apparel, footwear, gear, home fashions and pet, included with the Marmaxx segment.
HomeGoods (U.S.): Operates HomeGoods (963 stores), the leading off-price retailer of home fashions in the U.S., offering furniture, rugs, lighting, soft home, decorative accessories, tabletop and cookware, and expanded pet and gourmet food departments; plus Homesense (79 stores) with a differentiated mix including large furniture, ceiling lighting, rugs, and an entertaining marketplace.
TJX Canada: Operates Winners (316 stores, leading off-price family apparel and home fashions retailer in Canada), HomeSense (162 stores, off-price home decor, furniture, and seasonal home merchandise), and Marshalls in Canada (111 stores, off-price family apparel, footwear, and home fashions).
TJX International (Europe and Australia): Operates TK Maxx in Europe (673 stores in the U.K., Ireland, Germany, Poland, Austria, the Netherlands, and, starting in March 2026, Spain) and Australia (88 stores), plus Homesense in Europe (74 stores in the U.K. and Ireland). TK Maxx offers a merchandise mix similar to TJ Maxx; Homesense offers home fashions similar to HomeGoods. Also operates tkmaxx.com, tkmaxx.de and tkmaxx.at.
Ventajas competitivas con evidencia
No es una lista de deseos: son las ventajas que el propio documento respalda con datos.
Leading off-price apparel and home fashions retailer in the U.S. and worldwide with over 5,200 stores and approximately 31 million square feet of distribution centers in six countries. Substantial buying power leveraged across global vendor relationships and a buying organization of over 1,400 Associates with offices across the globe buying from more than 100 countries.
Operates with a low cost structure compared to traditional retailers: advertising focuses on banners rather than individual products (keeping ad budget low as a percentage of sales), stores are designed without heavy spending on fixtures, and the distribution network is designed to run cost effectively.
Opportunistic buying model differentiates TJX from traditional retailers: buyers stay in the market year-round acquiring closeouts, special production, order cancellations and manufacturer overruns, often close to need, providing better visibility into trends and pricing and reducing markdown exposure. Flexible store layouts without walls between departments and free of permanent fixtures allow easy expansion/contraction of departments.
Attractive channel for vendors because TJX is typically willing to purchase less-than-full assortments, accepts quantities ranging from small to very large, disperses merchandise across a geographically diverse network, pays promptly per terms, does not request typical retail concessions (advertising, promotional, markdown allowances), delivery concessions, or performance-based return privileges, and has an excellent credit rating.
Holds principal trademarks and service marks including TJ Maxx, Marshalls, HomeGoods, Winners, Homesense/HomeSense, TK Maxx and Sierra in relevant countries, with rights expected to endure as long as TJX continues to use them.
Specialized inventory planning, purchasing, monitoring and markdown systems combined with distribution center storage, processing, handling and shipping systems enable tailoring of store merchandise to local preferences and demographics and rapid in-store inventory turnover across a vast array of products.
As of January 31, 2026, TJX had approximately 377,000 Associates, with approximately 86% working in retail stores. The Company operates four reportable segments (Marmaxx, HomeGoods, TJX Canada, TJX International) plus Sierra (reported within Marmaxx). Fiscal 2026 was a 52-week year ended January 31, 2026. TJX practices not engaging in promotional pricing such as sales or coupons. Some product is bought as 'packaway' for storage and sale in future seasons. A small percentage of product mix is in-house brands or licensed brands developed in part by TJX. Long-term store growth potential disclosed: Marmaxx 3,000; HomeGoods 1,800; Sierra 325; TJX Canada 650; TJX International 1,225 (reflecting TK Maxx in current geographies plus expansion into Spain, and Homesense in the U.K. and Ireland); TJX Total 7,000. TK Maxx is launching in Spain starting in March 2026. The retail apparel and home fashion business is highly competitive, competing with local, regional, national and international department, specialty, off-price, discount, warehouse and outlet stores as well as other retailers. Executive Chairman Carol Meyrowitz and CEO Ernie Herrman are among the disclosed executive officers.
Los riesgos que declara la propia empresa
Todo 10-K trae una sección de factores de riesgo, y la mayoría es boilerplate legal que aparece en cualquier filing. Estos son los que de verdad distinguen a TJX Companies, Inc. (The), ordenados por materialidad:
1. Opportunistic buying and inventory mismatch risk
TJX's off-price model relies on merchants buying the right merchandise at the right time, in the right mix and quantities, with lean inventory and frequent turns. Misjudging trends, allocation, or value gap versus conventional retailers directly hits sales and margins through markdowns or stock-outs.
Si se materializa: Sales, gross margins, inventory turns, and value-gap positioning across banners, categories, and geographies
2. Tariff and trade policy shock with IEEPA uncertainty
TJX sources globally (notably China, India, southeastern Asia) and faces volatile U.S. tariff policy. A February 2026 Supreme Court ruling invalidated IEEPA tariffs but a subsequent executive order imposed a new global tariff on top of existing non-IEEPA tariffs, leaving sourcing economics and potential refunds highly uncertain.
Si se materializa: Cost of sourcing, merchandise margins, pricing/value positioning, and revenue
3. Inventory shrink and organized retail crime exposure
Theft (including organized retail crime and professional theft) and the enforcement environment have already hurt TJX's financial performance and may continue to do so, while also creating in-store safety incidents during theft events.
Si se materializa: Gross margin via shrink accruals, store-level safety, and customer/Associate experience
4. Cybersecurity compromise of IT systems and third parties
TJX depends on internal and third-party IT systems that are constant targets of increasingly sophisticated (AI-assisted) attacks including ransomware, deepfakes, payment-card skimmers, and nation-state activity. The company explicitly notes that internal controls vary in maturity and that logging may be insufficient to investigate the root cause of incidents.
Si se materializa: Operating results, regulatory enforcement (class actions, contract liability), customer and supplier trust, and reputation
5. International expansion and joint-venture execution risk
TJX is expanding into Spain, operates a Mexico joint venture and a minority equity investment in the Middle East, while also exposed to operations near Russia/Ukraine and Red Sea shipping disruptions. Past divestiture of the Russia minority stake already produced a partial write-down, and new geographies bring FCPA/U.K. Bribery Act, currency, and political-instability exposure.
Si se materializa: Returns on international investments, goodwill/intangible impairment, repatriation of cash, and operational continuity
El año según el management
El MD&A (Management's Discussion and Analysis) es la parte del 10-K donde la dirección explica los resultados con sus propias palabras. La lectura del año fiscal:
TJX delivered a strong fiscal 2026 with 7% net sales growth to $60.4 billion, a 5% consolidated comp sales increase, and pre-tax profit margin expansion to 12.1%, supported by favorable merchandise margin, expense leverage, and a net benefit from a credit card interchange fees litigation settlement.
Qué empujó los resultados
- Consolidated comp sales increase driven by a higher average basket and an increase in customer transactions (5% comp sales increase). Segmento: Consolidated
- Non-comp sales contribution from new stores (2% increase from non-comp sales). Segmento: Consolidated
- Store base and selling square footage expansion (approximately 3% increase in both store count and selling square footage). Segmento: Consolidated
- Favorable merchandise margin reflecting lower freight costs and lower inventory shrink expense (Cost of sales ratio decreased 0.4 percentage points to 69.0%). Segmento: Consolidated
- Net benefit from the credit card interchange fees litigation settlement and related expenses ($0.14 net benefit on diluted EPS; gain of $419 million net of $51 million legal expenses recognized within SG&A). Segmento: U.S. segments benefitted from gain; expenses impacted all segments
- Marmaxx comp sales growth with strength in the South region (4% comp sales; net sales up 6% to $36.6 billion; segment profit margin 15.1% vs 14.1%). Segmento: Marmaxx
- HomeGoods comp sales growth with strength in West, South and Midwest (5% comp sales; net sales up 8% to $10.2 billion; segment profit margin 12.2% vs 10.9%). Segmento: HomeGoods
- TJX Canada comp sales growth driven by customer transactions and higher average basket (7% comp sales; net sales up 8% to $5.6 billion). Segmento: TJX Canada
- TJX International growth aided by positive foreign currency exchange rate impact and higher merchandise margin (higher markon), favorable store occupancy costs and lower administrative costs (Net sales up 11% to $8 billion; 4% comp sales; 5% positive FX; segment profit margin 7.0% vs 5.9%). Segmento: TJX International
- Benefit from acquisition of federal tax credits lowering effective tax rate (Effective income tax rate 24.7% vs 25.0%). Segmento: Consolidated
Qué jugó en contra
- Decrease in interest income driven primarily by a decrease in prevailing rates (Interest (income) expense, net decreased to $(121) million from $(181) million; interest income fell to $195 million from $257 million). Segmento: Consolidated
- Higher markdowns at Marmaxx partially offsetting merchandise margin gains (Not quantified). Segmento: Marmaxx
- Lower merchandise margin at TJX Canada due to negative impact of transactional foreign exchange on cost of merchandise, more than offsetting higher markon (Segment profit margin decreased to 13.4% from 13.5%). Segmento: TJX Canada
- Expenses related to the credit card interchange fees litigation settlement (incentive compensation and discretionary bonus) ($116 million incentive compensation and $82 million discretionary bonus). Segmento: All segments
- Higher general corporate expense driven by higher administrative costs, unfavorable year-over-year mark-to-market adjustments on inventory hedges, litigation settlement related expenses and charitable contributions (General corporate expense rose to $911 million from $739 million). Segmento: Corporate
- Negative foreign currency exchange rate impact on TJX Canada net sales (1% negative FX impact). Segmento: TJX Canada
- Tariff-related volatility in the global economy and uncertainty regarding direct/indirect imports, vendor and competitor pricing, consumer demand, tariff pass-throughs and retaliatory tariffs (Not quantified). Segmento: Consolidated
- Foreign currency impact on diluted EPS ($0.01 negative impact in fiscal 2026 vs $0.01 positive in fiscal 2025). Segmento: Consolidated
- Higher merchandise inventories net of accounts payable partially offsetting operating cash flow gains (Per-store inventories up 10% at end of fiscal 2026). Segmento: Consolidated
Qué hizo con la plata
La asignación de capital del año: a dónde fue el efectivo que generó el negocio.
Recompras de acciones: Paid $2.5 billion to repurchase and retire 18.5 million shares in fiscal 2026 (vs $2.5 billion / 22.3 million shares in fiscal 2025). In January 2026 the Board approved a new $3 billion repurchase authorization; approximately $4.1 billion remained available under existing repurchase programs as of January 31, 2026. Plan to repurchase approximately $2.5 billion to $2.75 billion in fiscal 2027.
Dividendos: Declared quarterly dividends totaling $1.70 per share in fiscal 2026 (vs $1.50 in fiscal 2025). Cash dividend payments were $1.8 billion in fiscal 2026 vs $1.6 billion in fiscal 2025. A $0.425 per share dividend was declared in Q4 fiscal 2026 and paid in March 2026. Total capital returned to shareholders via buybacks and dividends in fiscal 2026 was $4.3 billion.
Capex (inversión en activos): Total capital expenditures of $1,957 million in fiscal 2026 vs $1,918 million in fiscal 2025: new stores $185 million, store renovations and improvements $921 million, office and distribution centers $851 million. Expected fiscal 2027 capex of approximately $2.2 to $2.3 billion (approximately $1 billion store renovations, approximately $992 million offices/DCs including IT, approximately $222 million new stores).
Deuda: No short-term bank borrowings or commercial paper outstanding as of January 31, 2026. $1.5 billion available under credit facilities. 2.25% ten-year Notes due September 2026 included in current maturities of long-term debt and will mature in Q3 fiscal 2027.
Caja al cierre: Held $6.2 billion in cash as of January 31, 2026, with approximately $2 billion held by foreign subsidiaries ($1.5 billion in countries where undistributed earnings are indefinitely reinvested).
Resumen generado por Warren AI a partir del texto del 10-K presentado ante la SEC. Un resumen nunca reemplaza al documento: si una cifra pesa en tu decisión, verificala en el filing original. Esto es material educativo y no constituye una recomendación de inversión.
Dividendos
Pagos por acción registrados. 77 pagos desde 09/05/2006.
Dividendo anual por acción
Pagos recientes
| Ex-date | Pago | Monto |
|---|---|---|
| 12/02/2026 | N/A | $0,425 |
| 13/11/2025 | N/A | $0,425 |
| 14/08/2025 | N/A | $0,425 |
| 15/05/2025 | N/A | $0,425 |
| 13/02/2025 | N/A | $0,375 |
| 14/11/2024 | N/A | $0,375 |
| 15/08/2024 | N/A | $0,375 |
| 15/05/2024 | N/A | $0,375 |