The TJX Companies
TJXNYSEUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $136.92 Prior regular-session close from the quote source.
- $134.86–$136.77 Regular-session low and high so far today.
- 4.7M Regular-session shares traded · Nov 11, 4:04 PM ET.
- Not yet confirmed The company has not confirmed its next report date. Reported quarters are available in the chart’s Earnings view.
- $122.78–$170.00 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own TJX if TJX creates durable value by converting a high-turn, opportunistic buying model and low-cost, treasure-hunt retail experience into steady gross margins, strong operating cash flow, and recurring EPS growth.
TJX price history
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Investment thesis
What must happen next
TJX’s off‑price sourcing and assortment model will sustain gross margin rates as revenue grows because it accesses discounted branded inventory and sells it at an advantaged markup versus the brands’ full‑price channels.StrengtheningMateriality: High
gross_profit increased from 17,248,000,000 (period_end 2025-02-01, FY2025) to 18,693,000,000 (period_end 2026-01-31, FY2026) while revenue rose from 56,360,000,000 to 60,372,000,000, keeping gross margin around ~31%. If gross margins hold, revenue growth converts proportionally into profit and cash; if margins erode, incremental sales will not produce commensurate earnings or cash flow.
Watch: major brands materially restrict off‑price distribution or reduce overstock/resale channels, removing the supply advantage.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
gross_profit increased from 17,248,000,000 (period_end 2025-02-01, FY2025) to 18,693,000,000 (period_end 2026-01-31, FY2026) while revenue rose from 56,360,000,000 to 60,372,000,000, keeping.
Open source ↗TJX reliably converts incremental revenue into operating cash because the model is low capital intensity with high inventory turns and tight working capital management.StrengtheningMateriality: High
operating_cash_flow rose from 6,116,000,000 (FY2025) to 6,874,000,000 (FY2026) while revenue rose over the same period, demonstrating continued strong cash conversion. Strong cash conversion funds reinvestment, cushions downside, and supports EPS growth or capital returns without needing dilutive financing.
Watch: a sustained inventory build (e.g., inability to clear seasonal closeouts) that ties up cash and raises working capital.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
operating_cash_flow rose from 6,116,000,000 (FY2025) to 6,874,000,000 (FY2026) while revenue rose over the same period, demonstrating continued strong cash conversion.
Open source ↗Customer demand for off‑price merchandise (value oriented, treasure‑hunt shopping) will keep revenue growing because TJX’s assortment and store experience drive repeat visits and basket depth.StrengtheningMateriality: Medium
revenue increased from 49,936,000,000 (FY2023) → 56,360,000,000 (FY2025) → 60,372,000,000 (FY2026), showing multi‑year top‑line growth. Sustained customer demand underpins top‑line growth; without it, scale advantages and purchasing access weaken and cash generation falls.
Watch: a sustained macro consumer spending downturn concentrated in discretionary apparel and home categories that reduces visits and basket sizes.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
revenue increased from 49,936,000,000 (FY2023) → 56,360,000,000 (FY2025) → 60,372,000,000 (FY2026), showing multi‑year top‑line growth.
Open source ↗TJX will continue to grow EPS faster than revenue because margin expansion and operational leverage (plus capital allocation) convert revenue into rising net income per share.StrengtheningMateriality: Medium
eps_diluted rose from 2.97 (FY2023) → 4.26 (FY2025) → 4.87 (FY2026), outpacing raw revenue growth over the same multi‑year period. EPS growth drives shareholder returns and is the ultimate payoff; if EPS stalls despite revenue, total return suffers.
Watch: sustained gross margin pressure or higher SG&A to defend traffic that compresses net income.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
eps_diluted rose from 2.97 (FY2023) → 4.26 (FY2025) → 4.87 (FY2026), outpacing raw revenue growth over the same multi‑year period.
Open source ↗
Full investment case & evidence
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Original research
TJX’s off‑price sourcing and assortment model will sustain gross margin rates as revenue grows because it accesses discounted branded inventory and sells it at an advantaged markup versus the brands’ full‑price channels. If gross margins hold, revenue growth converts proportionally into profit and cash; if margins erode, incremental sales will not produce commensurate earnings or cash flow.
TJX reliably converts incremental revenue into operating cash because the model is low capital intensity with high inventory turns and tight working capital management. Strong cash conversion funds reinvestment, cushions downside, and supports EPS growth or capital returns without needing dilutive financing.
Customer demand for off‑price merchandise (value oriented, treasure‑hunt shopping) will keep revenue growing because TJX’s assortment and store experience drive repeat visits and basket depth. Sustained customer demand underpins top‑line growth; without it, scale advantages and purchasing access weaken and cash generation falls.
TJX will continue to grow EPS faster than revenue because margin expansion and operational leverage (plus capital allocation) convert revenue into rising net income per share. EPS growth drives shareholder returns and is the ultimate payoff; if EPS stalls despite revenue, total return suffers.
All standing thesis claims
Original report summary
TJX creates durable value by converting a high-turn, opportunistic buying model and low-cost, treasure-hunt retail experience into steady gross margins, strong operating cash flow, and recurring EPS growth.
Bull case and bear case
Bull case and bear case for TJX Companies
Where the evidence on TJX Companies stands: Strengthening on the latest evidence (Oct 13, 2026). Of its 4 thesis points, 4 strengthening.
Bull case: what the evidence supports
TJX’s off‑price sourcing and assortment model will sustain gross margin rates as revenue grows because it accesses discounted branded inventory and sells it at an advantaged markup versus the brands’ full‑price channels.
TJX reliably converts incremental revenue into operating cash because the model is low capital intensity with high inventory turns and tight working capital management.
Customer demand for off‑price merchandise (value oriented, treasure‑hunt shopping) will keep revenue growing because TJX’s assortment and store experience drive repeat visits and basket depth.
TJX will continue to grow EPS faster than revenue because margin expansion and operational leverage (plus capital allocation) convert revenue into rising net income per share.
Bear case: what would count against it
major brands materially restrict off‑price distribution or reduce overstock/resale channels, removing the supply advantage.
a sustained inventory build (e.g., inability to clear seasonal closeouts) that ties up cash and raises working capital.
a sustained macro consumer spending downturn concentrated in discretionary apparel and home categories that reduces visits and basket sizes.
Thesis-Break Engine
Thesis-break watch · TJX Companies
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MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedDirector or principal officer change.
TJX Companies filed an SEC 8-K on 2026-09-17: Director or principal officer change. It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
TJX Companies filed an SEC 8-K on 2026-08-19: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
TJX Companies filed an SEC 8-K on 2026-05-20: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- major brands materially restrict off‑price distribution or reduce overstock/resale channels, removing the supply advantage.
- a sustained inventory build (e.g., inability to clear seasonal closeouts) that ties up cash and raises working capital.
- a sustained macro consumer spending downturn concentrated in discretionary apparel and home categories that reduces visits and basket sizes.
- sustained gross margin pressure or higher SG&A to defend traffic that compresses net income.
TJX news
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Financial statements
TJX income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
TJX: quick answers
- Which well-known investors own TJX?
- 2 of the 37 well-known funds tracked here reported TJX shares in their latest 13F filings. By share of the fund's portfolio: Fundsmith (Terry Smith), 2.5%; Bridgewater Associates (Ray Dalio), 0.0%. Fund portfolios
TJX in well-known investors’ portfolios
2 of 37 funds reported TJX shares in their latest 13F filing. A 13F shows quarter-end positions and arrives up to 45 days later.
| Fund | Of its portfolio | Value | Change | Quarter |
|---|---|---|---|---|
| Terry SmithFundsmith | 2.5% | $344M | New | Q2 2026 |
| Ray DalioBridgewater Associates | 0.01% | $2.7M | −65.0% | Q2 2026 |