olivLaw · US equity research
The TJX Companies, Inc. TJX
Retail-Family Clothing Stores · SIC 5651 · Vertical: Retail-Family Clothing Stores (SIC 5651)
TJX Companies is the largest off-price apparel and home fashions retailer in the United States and worldwide, with over 5,200 stores. Net sales rose 7% to 60.4 billion USD in fiscal 2026. In the second quarter of fiscal 2027 sales grew 5% to 15.2 billion USD, and the company raised its full-year guidance, a development that could support its long-term outlook if the trend holds.
At the close of 04 Nov 2026, The TJX Companies, Inc. (TJX) stock was 144.76 USD (+5.18% on the day), with market capitalisation 159.2 bn USD, P/E 26.8 on diluted EPS of 5.41 USD over the last 12 months, dividend yield 1.25%, beta 0.37, 52-week range 122.84–168.41 USD. Latest reported quarter (Q2 2027): revenue of 15.2 bn USD (+5.4% YoY), net income of 1.5 bn USD (+22.3% YoY), diluted EPS 1.36 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 57.7
- strong (55–70)
- Bollinger (20, 2)
- 136.45 – 149.09
- in the upper half of the band · %B 0.66 · band width 8.9%
- SMA 50 / 200
- 135.74 / 150.96
- mixed trend
- MACD (12, 26, 9)
- 1.08 / 1.63
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +7.7% | −1.1% | +8.8 pp | — |
| 3 months | −9.5% | −0.5% | −9.0 pp | — |
| 6 months | −6.9% | +4.4% | −11.3 pp | — |
| Year to date | −5.8% | +12.3% | −18.1 pp | — |
| 1 year | +1.9% | +13.5% | −11.6 pp | −12.3% |
| 3 years | +59.1% | +76.4% | −17.3 pp | +24.2% |
| 5 years | +103.3% | +63.7% | +39.6 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2027 · 01 Aug 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 | Q1 '27 | Q2 '27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 14.1 bn | 16.4 bn | 13.1 bn | 14.4 bn | 15.1 bn | 17.7 bn | 14.3 bn | 15.2 bn |
| Cost of revenue | 9.6 bn | 11.4 bn | 9.2 bn | 10.0 bn | 10.2 bn | 12.3 bn | 9.8 bn | 10.1 bn |
| SG&A | 2.7 bn | 3.1 bn | 2.5 bn | 2.8 bn | 3.0 bn | 3.1 bn | 2.8 bn | 3.1 bn |
| Depreciation & amortisation | 266.0 m | 309.0 m | 296.0 m | 308.0 m | 316.0 m | 327.0 m | 336.0 m | 340.0 m |
| Pre-tax income | 1.7 bn | 1.9 bn | 1.3 bn | 1.6 bn | 1.9 bn | 2.4 bn | 1.7 bn | 2.0 bn |
| Income tax | 439.0 m | 491.0 m | 310.0 m | 404.0 m | 474.0 m | 617.0 m | 389.0 m | 498.0 m |
| Net income | 1.3 bn | 1.4 bn | 1.0 bn | 1.2 bn | 1.4 bn | 1.8 bn | 1.3 bn | 1.5 bn |
| Diluted EPS | 1.14 | 1.23 ≈ | 0.92 | 1.10 | 1.28 | 1.58 ≈ | 1.19 | 1.36 |
| Operating cash flow | 1.0 bn ≈ | 2.7 bn | 394.0 m | 1.8 bn ≈ | 1.5 bn ≈ | 3.2 bn | 1.1 bn | 2.2 bn ≈ |
| Capex | 422.0 m ≈ | 514.0 m | 497.0 m | 461.0 m ≈ | 531.0 m ≈ | 468.0 m | 662.0 m | 497.0 m ≈ |
| Dividends paid | 423.0 m ≈ | 422.0 m | 424.0 m | 474.0 m ≈ | 473.0 m ≈ | 471.0 m | 474.0 m | 531.0 m ≈ |
| Share repurchases | 593.0 m ≈ | 852.0 m | 613.0 m | 531.0 m ≈ | 594.0 m ≈ | 784.0 m | 604.0 m | 814.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 63 percentile of its own 43-quarter history (min 10.7, median 24.7, max 1,067.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 39.0 bn | 41.7 bn | 32.1 bn | 48.6 bn | 49.9 bn | 54.2 bn | 56.4 bn | 60.4 bn |
| Revenue YoY | +8.7% | +7.0% | −23.0% | +51.1% | +2.9% | +8.6% | +4.0% | +7.1% |
| Net income | 3.1 bn | 3.3 bn | 90.0 m | 3.3 bn | 3.5 bn | 4.5 bn | 4.9 bn | 5.5 bn |
| Net income YoY | +17.3% | +6.9% | −97.2% | +3,547.8% | +6.5% | +27.9% | +8.7% | +13.0% |
| Diluted EPS | 2.43 | 2.67 | 0.07 | 2.70 | 2.97 | 3.86 | 4.26 | 4.87 |
| Diluted EPS YoY | +20.3% | +9.9% | −97.4% | +3,757.1% | +10.0% | +30.0% | +10.4% | +14.3% |
| net % | 7.9% | 7.8% | 0.3% | 6.8% | 7.0% | 8.3% | 8.6% | 9.1% |
| Free cash flow | 3.0 bn | 2.8 bn | 4.0 bn | 2.0 bn | 2.6 bn | 4.3 bn | 4.2 bn | 4.9 bn |
Reported results vs expectations
Loading…
Balance sheet & financial health
Fiscal year 2026 · 31 Jan 2026
- Cash
- 6.2 bn USD
- Financial debt
- 2.9 bn USD
- Net debt
- -3.4 bn USD
- Equity
- 10.2 bn USD
- Total assets
- 35.8 bn USD
- Debt / equity
- 0.28x
- Current ratio
- 1.14x
- ROE
- 59.1%
- ROA
- 16.3%
- FCF margin
- 8.1%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 32.1 bn | 48.6 bn | 49.9 bn | 54.2 bn | 56.4 bn | 60.4 bn | SEC (XBRL)· 31 Mar 2026verified |
| Cost of revenue | 24.5 bn | 34.7 bn | 36.1 bn | 38.0 bn | 39.1 bn | 41.7 bn | SEC (XBRL)· 31 Mar 2026verified |
| Gross profit | 7.6 bn ≈ | 13.8 bn ≈ | 13.8 bn ≈ | 16.3 bn ≈ | 17.2 bn ≈ | 18.7 bn ≈ | SEC (XBRL)· 31 Mar 2026derived |
| SG&A | 7.0 bn | 9.1 bn | 8.9 bn | 10.5 bn | 10.9 bn | 11.5 bn | SEC (XBRL)· 31 Mar 2026verified |
| Depreciation & amortisation | 871.0 m | 868.0 m | 887.0 m | 964.0 m | 1.1 bn | 1.2 bn | SEC (XBRL)· 31 Mar 2026verified |
| Interest expense | 199.0 m | 123.0 m | 91.0 m | 82.0 m | 78.0 m | 79.0 m | SEC (XBRL)· 31 Mar 2026verified |
| Pre-tax income | 89.0 m | 4.4 bn | 4.6 bn | 6.0 bn | 6.5 bn | 7.3 bn | SEC (XBRL)· 31 Mar 2026verified |
| Income tax | -1.0 m | 1.1 bn | 1.1 bn | 1.5 bn | 1.6 bn | 1.8 bn | SEC (XBRL)· 31 Mar 2026verified |
| Net income | 90.0 m | 3.3 bn | 3.5 bn | 4.5 bn | 4.9 bn | 5.5 bn | SEC (XBRL)· 31 Mar 2026verified |
| Diluted EPS | 0.07 | 2.70 | 2.97 | 3.86 | 4.26 | 4.87 | SEC (XBRL)· 31 Mar 2026verified |
| Weighted average diluted shares | 1.2 bn | 1.2 bn | 1.2 bn | 1.2 bn | 1.1 bn | 1.1 bn | SEC (XBRL)· 31 Mar 2026verified |
| Dividend per share | 0.26 | 1.04 | 1.18 | 1.33 | 1.50 | 1.70 | SEC (XBRL)· 31 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 10.5 bn | 6.2 bn | 5.5 bn | 5.6 bn | 5.3 bn | 6.2 bn | SEC (XBRL)· 31 Mar 2026verified |
| Receivables | 461.1 m | 518.0 m | 563.0 m | 529.0 m | 549.0 m | 602.0 m | SEC (XBRL)· 31 Mar 2026verified |
| Inventories | 4.3 bn | 6.0 bn | 5.8 bn | 6.0 bn | 6.4 bn | 7.3 bn | SEC (XBRL)· 31 Mar 2026verified |
| Current assets | 15.7 bn | 13.3 bn | 12.5 bn | 12.7 bn | 13.0 bn | 15.2 bn | SEC (XBRL)· 31 Mar 2026verified |
| Property, plant & equipment, net | 5.0 bn | 5.3 bn | 5.8 bn | 6.6 bn | 7.3 bn | 8.2 bn | SEC (XBRL)· 31 Mar 2026verified |
| Goodwill | 99.0 m | 97.0 m | 97.0 m | 95.0 m | 94.0 m | 96.0 m | SEC (XBRL)· 31 Mar 2026verified |
| Total assets | 30.8 bn | 28.5 bn | 28.3 bn | 29.7 bn | 31.7 bn | 35.8 bn | SEC (XBRL)· 31 Mar 2026verified |
| Accounts payable | 4.8 bn | 4.5 bn | 3.8 bn | 3.9 bn | 4.3 bn | 4.6 bn | SEC (XBRL)· 31 Mar 2026verified |
| Short-term debt | 749.7 m | 0 | 500.0 m | 0 | 0 | 999.0 m | SEC (XBRL)· 31 Mar 2026verified |
| Long-term debt | 5.3 bn | 3.4 bn | 2.9 bn | 2.9 bn | 2.9 bn | 1.9 bn | SEC (XBRL)· 31 Mar 2026verified |
| Current liabilities | 10.8 bn | 10.5 bn | 10.3 bn | 10.5 bn | 11.0 bn | 13.4 bn | SEC (XBRL)· 31 Mar 2026verified |
| Equity | 5.8 bn † | 6.0 bn † | 6.4 bn † | 7.3 bn † | 8.4 bn † | 10.2 bn † | SEC (XBRL)· 31 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 4.6 bn | 3.1 bn | 4.1 bn | 6.1 bn | 6.1 bn | 6.9 bn | SEC (XBRL)· 31 Mar 2026verified |
| Capex | 568.0 m | 1.0 bn | 1.5 bn | 1.7 bn | 1.9 bn | 2.0 bn | SEC (XBRL)· 31 Mar 2026verified |
| Free cash flow | 4.0 bn ≈ | 2.0 bn ≈ | 2.6 bn ≈ | 4.3 bn ≈ | 4.2 bn ≈ | 4.9 bn ≈ | SEC (XBRL)· 31 Mar 2026derived |
| Investing cash flow | -579.0 m | -1.0 bn | -1.5 bn | -1.7 bn | -2.5 bn | -2.0 bn | SEC (XBRL)· 31 Mar 2026verified |
| Financing cash flow | 3.2 bn | -6.2 bn | -3.3 bn | -4.2 bn | -3.8 bn | -4.1 bn | SEC (XBRL)· 31 Mar 2026verified |
| Dividends paid | 278.0 m | 1.3 bn | 1.3 bn | 1.5 bn | 1.6 bn | 1.8 bn | SEC (XBRL)· 31 Mar 2026verified |
| Share repurchases | 202.0 m | 2.2 bn | 2.3 bn | 2.5 bn | 2.5 bn | 2.5 bn | SEC (XBRL)· 31 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 57 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 159.2 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet29
- Growth77
- Quality76
- Returns66
- Valuation28
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 22.34 – 117.17 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)77.73 – 117.17 (Mid 93.08)WACC 9.2% · starting FCFF 5.9 bn USD · terminal value share of EV 73%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 28.2%
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E43.60 – 72.94 (Mid 59.35)6 companies used · median multiple 11.0x · quartiles 8.1x – 13.5xAEO, ANF, BKE, GAP, LE, URBN
- Dividend discount (DDM)22.34 – 30.04 (Mid 25.63)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 57/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 9.7% | 56 (vs peers) | 10% |
| FCF conversion · Quality | 96.9% | 96 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | 6.5% | 54 (on a fixed band) | 13% |
| EPS CAGR 3Y · Growth | 17.9% | 100 (on a fixed band) | 13% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.1x | 29 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 26.8x | 14 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 3.7% | 46 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 3.0% | 43 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 33.2% | 100 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial29/100 · 1/3 factors with a value
- Growth77/100 · 2/2 factors with a value
- Quality76/100 · 2/3 factors with a value
- Returns66/100 · 2/2 factors with a value
- Valuation28/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
The TJX Companies, Inc. (TJX). Latest full fiscal year: 2026; data up to 2026-08-01.
Figures computed from the financial statements: revenue 60.4 bn USD in 2026; YoY growth 7.1%; net margin 9.7%; ROE 62.2%.
The estimated value range is 43.60–72.94 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 59.35 USD, the price of 144.76 USD leaves a potential of -59.0% (value / price − 1) and a margin of safety of -143.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 57/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 96.9%
- EPS CAGR 3Y: 17.9%
- Payout ratio (FCF): 33.2%
What contradicts it
- Current ratio: 1.1x
- P/E (TTM): 26.8x
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, Interest coverage, EV/EBITDA.
Versus the vertical median
Retail-Family Clothing Stores (SIC 5651) · same industry (4-digit SIC) · compared with 9 companies
The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| TJXThe TJX Companies, Inc. | 159.2 bn | 26.8 | 62.2% | 9.7% | +7.1% | +2% / +59% |
| ROSTRoss Stores, Inc. | 78.5 bn | 29.7 | 42.6% | 10.8% | +7.7% | +39% / +88% |
| GAPGap, Inc | 8.3 bn | 7.1 | 33.8% | 8.1% | +1.9% | −12% / +18% |
| URBNUrban Outfitters, Inc. | 7.9 bn | 14.3 | 20.9% | 8.8% | +11.1% | +24% / +157% |
| ANFAbercrombie & Fitch Co. | 7.3 bn | 14.7 | 40.5% | 10.0% | +6.4% | +75% / +125% |
| AEOAmerican Eagle Outfitters, Inc. | 3.6 bn | 10.9 | 20.4% | 5.9% | +4.1% | +5% / +12% |
| BKEBuckle, Inc | 2.5 bn | 11.0 | 45.8% | 16.6% | +6.6% | −15% / +24% |
| LELands’ End, Inc. | 301.1 m | 0.9 | 97.9% | 30.5% | +0.7% | −35% / +44% |
| DXLGDestination Xl Group, Inc. | 27.1 m | — | -30.6% | -8.8% | −6.9% | −50% / −87% |
| PLCEThe Children’s Place, Inc. | 5.4 m | — | — | -11.8% | −12.8% | −97% / −99% |
1- and 3-year price returns: for TJX from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 89.08 Total return -37% · Per year -37% | 157.34 Total return 10% · Per year 10% | 236.79 Total return 65% · Per year 65% |
| 3 years | 90.02 Total return -35% · Per year -13% | 178.56 Total return 28% · Per year 8% | 294.55 Total return 109% · Per year 28% |
| 5 years | 90.97 Total return -32% · Per year -7% | 202.64 Total return 48% · Per year 8% | 366.39 Total return 163% · Per year 21% |
- Exit P/E± 44.64
- Net margin± 31.25
- Annual revenue growth± 25.16
- Annual dilution± 2.63
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
TJX Companies is the largest off-price apparel and home fashions retailer in the United States and worldwide, with over 5,200 stores. Net sales rose 7% to 60.4 billion USD in fiscal 2026 1. In the second quarter of fiscal 2027 sales grew 5% to 15.2 billion USD 2, and the company raised its full-year guidance, a development that could support its long-term outlook if the trend holds.
SWOT
Strengths
- The company is the largest off-price retailer in the United States and worldwide, with a large store network and a broad vendor base 1. Its opportunistic buying model and low cost structure are hard for competitors to replicate 1.
- Geographic and segment diversification lets some regions offset weakness elsewhere, as the uneven segment results in the second quarter of fiscal 2027 show 3.
- The ability to return capital to shareholders through buybacks and dividends points to solid cash generation 23.
Weaknesses
- Marmaxx, the largest U.S. segment, posted very modest comparable sales growth in the second quarter of fiscal 2027, below management's expectations 3.
- The business model depends on physical stores while consumer e-commerce is growing, and the company's online channel remains small 1.
- The company relies on sourcing from many countries, which exposes it to tariffs, freight costs and supply chain disruption 1.
Opportunities
- The planned store expansion and the long-term target of 7,500 stores could widen the revenue base 23.
- If branded merchandise remains available, the company could attract new customers in the fall and holiday seasons 3.
- Tariff refunds could bring additional benefits if the administrative and legal processes conclude favorably 2.
Threats
- Tariffs and uncertain U.S. trade policy could change purchasing costs and affect consumer demand 12.
- Larger competitors with greater financial resources and more developed e-commerce platforms could gain market share 1.
- Rapid shifts in consumer preferences could slow inventory turns if the company does not identify them in time 1.
Risks
- Execution of the buying strategyhigh
If buyers do not find the right merchandise at the right prices and times, margins and sales could be affected 1.
- Tariffs and trade policyhigh
Changes in tariffs and trade agreements could raise import costs and reduce margins, and the final effect remains uncertain 12.
- Intense competitionmedium
Competitors with more resources or stronger online channels could win customers in the value segment 1.
- Reliance on physical storesmedium
Growth in e-commerce could change customer behavior, and the company's online presence is relatively small 1.
- Labor costslow
Rising wages and store staffing costs could reduce operating margins if not offset by higher sales 3.
Investment thesis
What would need to be true (bull case)
- If comparable sales growth holds in HomeGoods and international segments, the company could keep growing profitability 3.
- The plan to accelerate store openings could open new sources of long-term growth 3.
- Consistent capital returns to shareholders point to a strong financial position and internal funding capacity 23.
What would break the thesis
What to watch
- Comparable sales trend at MarmaxxQ3 2027
- Final amounts of IEEPA tariff refunds2027
- Execution of planned fiscal 2027 share repurchases2027
- Acceleration of store openings from fiscal 20282028
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
TJX Companies sells apparel, footwear, accessories and home fashions at prices generally 20% to 60% below regular prices at full-price retailers, using opportunistic buying and rapid inventory turns 1. The company runs four main segments, Marmaxx and HomeGoods in the U.S., TJX Canada and TJX International, plus the Sierra business included in Marmaxx 1. The model relies on a large vendor base and a low cost structure, which allows it to keep its price gap to competitors 1.
Market context
The market remains shaped by tariffs, and the U.S. Supreme Court invalidated IEEPA tariffs in February 2026, which could lead to refunds; the company estimates it paid about 490 million USD in such tariffs 2.
Trends
- Demand for branded merchandise at lower pricestailwind
Availability of branded, quality merchandise remained excellent, and management said the third quarter started strongly, which could support store traffic in the fall and holiday seasons 3.
- Rising store labor costsheadwind
SG&A costs rose as a share of sales in the second quarter of fiscal 2027 because of higher store wage and payroll costs, and this pressure could persist if the labor market stays tight 3.
- Store network expansionmixed
The company plans to accelerate store growth to 4% starting in fiscal 2028, which could add sales but also brings investment and execution risk 3.
Competitive position
The company says it competes with local, regional and national retailers across all formats, and some competitors are larger, have greater financial resources or are more advanced in e-commerce 1. Competition centers on brand, fashion, price, quality, selection, shopping experience and store location 1.
If other retailers expand their offerings, online or delivery channels, or adopt new technologies such as artificial intelligence, the company's competitive edge could narrow if it does not respond quickly enough 1.
- Ross StoresROST
Off-price retailer named in the company's competitive set of off-price peers.
- Burlington StoresBURL
Off-price apparel retailer competing directly in the U.S. lower-price segment.
- Department and specialty stores
Full-price department and specialty retailers selling the same product categories at regular prices.
- Outlet and discount retailers
Outlet and discount chains competing on price and branded selection.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- TJ Maxx Is a Force in Luxury RetailBloomberg Markets · 24 Sept 2026 · EN
- TJ Maxx rival closing 120 stores blames its own customersYahoo Finance — News · 19 Sept 2026 · EN
The latest news item in our archive is from 24 Sept 2026; the newest SEC filing is from 20 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report20 Oct 2026Departure or appointment of officers
- Current report17 Sept 2026Departure or appointment of officers
- Quarterly report28 Aug 2026
- Current report19 Aug 2026Results of operations · Financial statements and exhibits
- Current report11 Jun 2026Shareholder vote
- Quarterly report29 May 2026
- Current report20 May 2026Results of operations · Financial statements and exhibits
- Proxy statement30 Apr 2026
- Annual report31 Mar 2026
- Current report25 Feb 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2026-01-31 · SEC / The TJX Companies, Inc. · 31 Mar 2026
- [2] Form 10-Q, quarter ended 2026-08-01 · SEC / The TJX Companies, Inc. · 28 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / The TJX Companies, Inc. · 19 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.