Forensic Analysis · Apparel & Specialty Retail · as of Nov 9, 2026
TJX Companies Inc /De/ (TJX)
A forensic read on TJX Companies Inc /De/ built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
A · High-quality compounder
Forensic grade
Safe
Financial health
3.0
Distress distance
Clean
Earnings quality
1
Forensic signals
59.1%
ROE
7.1%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
TJX Companies Inc /De/ earns an A (High-quality compounder) forensic quality grade, and its balance-sheet distress test reads 3.0, placing it in the Safe zone. 1 forensic signal was flagged in its latest SEC filings, led by accruals ratio (% of NOA).
What the filings flag
+14.2%
FY2025→FY2026
Accruals ratio (% of NOA).Net operating assets grew +14.2% relative to their own average in FY2026 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. Net operating assets also rose $2.0M through acquisitions (increase in goodwill and intangibles); that purchase is investing and is excluded from this ratio. The build is led by inventory up +14% against +7% in cost of sales and PP&E up +12% against revenue +7%. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 22% of net operating assets, against an accruals ratio of 14.2%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.
Key fundamentals
Latest Revenue$60.37B
Revenue Growth YoY+7.1%
Revenue CAGR (2yr)+5.5%
Net Margin9.1%
Free Cash Flow$4.92B
Return on Equity59.1%
Debt / Equity0.28x
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