# TJX Companies (TJX) Forecast Calculator

Interactive five-year financial forecast and DCF for TJX Companies. Adjust revenue growth, margins, capex, and WACC to update revenue, free cash flow, and enterprise value.

- Canonical: https://finamodel.com/companies/tjx-companies/forecast
- Industry: Consumer
- Forecast start year: 2027

## Historical data

| Year | Revenue | Free cash flow | EBITDA | Net income |
|---:|---:|---:|---:|---:|
| 2022 | 41716977000 | 2843424000 | 5273486000 | 3272193000 |
| 2023 | 32137000000 | 3994000000 | 960000000 | 90000000 |
| 2024 | 48550000000 | 2012000000 | 5266000000 | 3283000000 |
| 2025 | 49936000000 | 2627000000 | 5523000000 | 3498000000 |
| 2026 | 54217000000 | 4335000000 | 6931000000 | 4474000000 |

## Frequently asked questions

### What is TJX Companies' core business model?

TJX Companies operates as the leading off-price apparel and home fashions retailer globally, selling branded and designer merchandise at significant discounts. Its "treasure hunt" shopping experience drives high customer footfall, relying on opportunistic buying and rapid inventory turnover.

### How does TJX Companies generate its revenue?

TJX Companies generates revenue primarily through its physical retail stores across four main segments: Marmaxx, HomeGoods, TJX International, and TJX Canada. The company's strategy of offering discounted branded merchandise encourages frequent customer visits and purchases across its over 5,000 locations.

### What is the assumed revenue growth rate in the TJX Companies financial model?

The financial model for TJX Companies assumes a revenue growth rate of approximately 6.77% over the forecast horizon from FY2027 to FY2031. This assumption is a key input for projecting the company's future sales performance.

### What is TJX Companies' capital expenditure strategy?

TJX Companies' capital expenditure is projected at approximately 2.59% of revenue in the financial model, with a historical range of 3.0% to 4.0%. This investment is roughly split between maintaining existing stores and supply chain infrastructure, and funding new store openings and distribution network upgrades.

### What is the purpose of the TJX Companies financial model?

The financial model aims to evaluate the equity valuation and store-level growth trajectory of TJX Companies. It seeks to determine if the company's off-price business model can sustain its historical premium valuation multiple amidst broader retail industry challenges.

### Can I download an Excel financial model for TJX Companies?

Yes, a downloadable Excel financial model for TJX Companies is available. This model provides a forecast horizon from FY2027 to FY2031, allowing users to analyze key financial assumptions and projections for the company.