TGT

TGT

Target

Dividend / Cash flow

★ Quality 31/100
Overvalued

Price today

$164.44

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charlieapp.co

What this business is made of

31qualityReturnsMoatBalance sheetPricing powerReinvestment

The business

Target: the red store where you buy everything, but fight for every penny against Walmart and Amazon.

Target is a chain of nearly 2,000 stores in the U.S. that sells everything: clothing, home goods, electronics and food. It makes money on the margin between what it buys wholesale and what it charges you at the register, plus its own private-label brands. It brought in $104.8B with a 28% gross margin.

The moat is thin. It has beloved private-label brands and well-located stores, but nothing stops a customer from crossing the street to Walmart or opening Amazon. It sells the same thing as everyone else, and in retail that means competing on price.

Revenue history

$106.0B
2022
$109.1B
2023
$107.4B
2024
$106.6B
2025
$104.8B
2026
CAGR 5 años: +0%

From $106.0B to $104.8B in 4 years. Sales aren't taking off — the engine is stuck.

Where each $100 of sales goes

Revenue $104.8B · FY2026

Cost of sales$75.5B · 72%
Operations$24.2B · 23%
Taxes and other$1.4B · 1%
Net profit$3.7B · 4%

Of every $100 in sales, $96 goes to costs and operations; $4 is left as net profit (4% margin).

Catalysts and risks

New CEO Fiddelke has led a turnaround plan since 2025.

56 straight years raising the dividend: proven discipline.

Debt dropping from $16B to $14.3B.

⚠️

Flat revenue for four years: zero growth.

⚠️

Walmart and Amazon squeeze on price and delivery.

⚠️

The turnaround plan is a promise; it hasn't shown up in the numbers yet.

Charlie's note

Paying more than 9 times cash flow for a business that's gone four years without growing and with a 28% margin is faith, not arithmetic. The new CEO's turn may come, but I charge admission for results, not speeches.

Analysis · July 2026

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