Target - Public Comps and Valuation Multiples

Target Overview

About Target

Target serves as the nation’s seventh-largest retailer, with its strategy predicated on delivering a gratifying in-store shopping experience and a wide product assortment of trendy apparel, home goods, and household essentials at competitive prices. Target’s upscale and stylish image began to carry national merit in the 1990s—a decade in which the brand saw its top line grow threefold to almost $30 billion—and has since cemented itself as a leading US retailer.Today, Target operates over 1,950 stores in the United States, generates over $100 billion in sales, and fulfills over 2 billion customer orders annually. The firm’s vast footprint is typically concentrated in urban and suburban markets as the firm seeks to attract a more affluent consumer base.

Founded

1902

HQ

Employees

415K+

Website

corporate.target.com

Sectors

Department Stores
Supermarkets

Financials

LTM Revenue $106B

LTM EBITDA $8.4B

EV

$72.9B

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Target Financials

Target has a last 12-month revenue of $106B and a last 12-month EBITDA of $8.4B.

In the most recent fiscal year, Target achieved revenue of $107B and an EBITDA of $8.6B.

Target expects next 12-month revenue of XXX and NTM EBITDA of XXX

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Target P&L

	FY 2022	FY 2023	FY 2024	LTM	NTM
Revenue	$106B	$109B	$107B	$106B	XXX
Gross Profit	$31.0B	$26.9B	$29.7B	XXX	XXX
Gross Margin	29%	25%	28%	XXX	XXX
EBITDA	$12.0B	$6.6B	$8.6B	$8.4B	XXX
EBITDA Margin	11%	6%	8%	8%	XXX
Net Profit	$6.9B	$2.8B	$4.1B	XXX	XXX
Net Margin	7%	3%	4%	XXX	XXX
Net Debt	$7.8B	$13.9B	$12.2B	XXX	XXX

Financial data powered by Morningstar, Inc.

Target Stock Performance

As of February 21, 2025, Target's stock price is $124.

Target has current market cap of $56.9B, and EV of $72.9B.

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Target Stock Data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$72.9B	$56.9B	XXX	XXX	XXX	XXX	$8.72

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Target Valuation Multiples

As of February 21, 2025, Target has market cap of $56.9B and EV of $72.9B.

Target's trades at 0.7x LTM EV/Revenue multiple, and 8.7x LTM EBITDA.

Analysts estimate Target's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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Target Financial Valuation Multiples

	FY 2024	FY 2025E	FY 2026E	FY 2027E
EV	$72.9B	XXX	XXX	XXX
EV/Revenue	0.7x	XXX	XXX	XXX
EV/EBITDA	8.7x	XXX	XXX	XXX
P/E	14.1x	XXX	XXX	XXX
P/E/Growth	2.3x	XXX	XXX	XXX
EV/FCF	17.1x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Target Valuation Multiples

Target's NTM/LTM revenue growth is 3%

Target's revenue per employee for the last fiscal year averaged $0.3M, while opex per employee averaged $0.1M for the same period.

Over next 12 months, Target's ratio of sales and marketing spend to revenue is estimated to be XXX , while its R&D spend to revenue to be XXX .

Analysts estimate Target's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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Target Operational Valuation Multiples

	FY 2024	NTM	FY 2025E	FY 2026E	FY 2027E
Revenue Growth	-2%	XXX	XXX	XXX	XXX
EBITDA Margin	8%	XXX	XXX	XXX	XXX
EBITDA Growth	30%	XXX	XXX	XXX	XXX
Rule of 40 (SaaS-only)	11%	XXX	XXX	XXX	XXX
Revenue per Employee	$0.3M	XXX	XXX	XXX	XXX
Opex per Employee	$0.1M	XXX	XXX	XXX	XXX
S&M Expenses to Revenue	n/a	XXX	XXX	XXX	XXX
G&A Expenses to Revenue	n/a	XXX	XXX	XXX	XXX
R&D Expenses to Revenue	n/a	XXX	XXX	XXX	XXX
Opex to Revenue	22%	XXX	XXX	XXX	XXX

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