{"schemaVersion":1,"research":true,"symbol":"tjx","name":"Tjx Companies","topic":"moat","path":"/stock/tjx/moat","status":"published","version":3,"updatedAt":"2026-10-18T12:44:49.359Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"TJX has a qualified narrow moat from its established combination of opportunistic discounted sourcing, merchandising expertise and distribution across more than 5,200 stores. Comparable-sales growth, increased customer transactions and multi-year capital returns support the model's effectiveness beyond margins alone. Exclusive sourcing access and superiority over other off-price retailers are not established. Pricing power is bounded by the value proposition: higher baskets and markon are favorable outcomes but do not isolate selling-price increases. Recent margin gains also include substantial tariff refunds.","advantages":[{"mechanism":"cost_advantage","claim":"TJX's current buying and distribution system acquires discounted merchandise throughout the year and distributes changing assortments across a large established footprint. This supports a cost advantage relative to conventional advance-order retailing. Operating growth and capital returns corroborate economic effectiveness, although the passages do not establish exclusive access or a quantified cost lead over off-price peers.","durability":"The sourcing model is disclosed across multiple annual filings, while the footprint expanded from over 4,900 to over 5,200 stores. Significant internal training and an operating distribution network support persistence, but replication barriers and long-term supplier preference are not quantified.","risks":"Competitors can change pricing, channels and technology; some have greater resources. The advantage depends on merchants obtaining sufficiently discounted goods and allocating inventory accurately. Training requirements, sourcing disruption and tariff uncertainty can weaken execution. These risks do not establish current erosion; disclosed comparable sales remain positive.","invalidation":"The thesis would fail if TJX persistently could not source sufficiently below conventional retailers' costs to preserve its value gap, or if repeated comparable-sales and transaction declines accompanied excess inventory, markdowns and deteriorating capital returns after separating refunds, settlements and currency effects.","competitors":[],"evidenceIds":["e1","e2","e3","e4","e5","e6","e7","e8","e9"],"counterEvidenceIds":["e10","e11","e12","e13","e14"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Item 1, Business overview: operating footprint and comparative retail prices","excerpt":"We have over 5,200 stores and six branded e-commerce sites that offer a rapidly changing assortment of quality, fashionable, brand name and designer merchandise at prices generally 20% to 60% below full-price retailers’ (including department, specialty, and major online retailers) regular prices on comparable merchandise, every day."},{"id":"e2","sourceId":"filing-1","location":"Item 1, Business: discounted merchandise sourcing","excerpt":"We take advantage of opportunities to acquire merchandise at substantial discounts that regularly arise from the production and flow of inventory in the apparel and home fashions marketplace."},{"id":"e3","sourceId":"filing-1","location":"Item 1, Business: buying cadence relative to traditional retailers","excerpt":"In contrast to traditional retailers, which tend to order most of their goods far in advance of the time the product appears on the selling floor, our merchants generally remain in the marketplace for goods throughout the year, frequently looking for opportunities to buy merchandise."},{"id":"e4","sourceId":"filing-1","location":"Item 1, Business: workforce and distribution execution","excerpt":"Our large, global workforce supports the execution of our flexible business model, including the timing and frequency of store deliveries and the management of a rapidly changing mix of merchandise in over 5,200 retail stores globally and across six e-commerce sites."},{"id":"e5","sourceId":"filing-5","location":"Item 1, Business: historical footprint and comparative retail prices","excerpt":"We have over 4,900 stores and six branded e-commerce sites that offer a rapidly changing assortment of quality, fashionable, brand name and designer merchandise at prices generally 20% to 60% below full-price retailers’ (including department, specialty, and major online retailers) regular prices on comparable merchandise, every day."},{"id":"e6","sourceId":"filing-1","location":"Item 1A, Risk Factors: internal training and buying organization","excerpt":"In addition, because of the distinctive nature of our off-price model, we must provide significant internal training and development and successfully manage transitions for key Associate roles across the Company, including within our buying organization."},{"id":"e7","sourceId":"filing-3","location":"FY26 business review: consolidated and divisional comparable sales","excerpt":"Consolidated comparable sales grew 5%, driven by strong comparable sales increases at each of our divisions."},{"id":"e8","sourceId":"filing-6","location":"Item 2, MD&A, Net Sales: average basket and customer transactions","excerpt":"Comp sales for the first quarter of fiscal 2027 were driven by a higher average basket and an increase in customer transactions."},{"id":"e9","sourceId":"filing-3","location":"Appendix A, Explanation of Incentive Plan Measures: three-year Incentive ROIC reconciliation","excerpt":"Incentive ROIC for FY24, FY25, and FY26 was calculated as follows:* FY24 ($ in millions) FY25 ($ in millions) FY26 ($ in millions) Numerator Pre-tax income $5,967 $6,483 $7,299 Pre-tax income for Incentive ROIC(1) $5,817 $6,491 $7,310 Add interest (income) expense for Incentive ROIC(2) ($164) ($181) ($121) Add interest on operating lease liabilities(3) $288 $343 $389 Income tax rate for Incentive ROIC(4) 25.0 % 25.0 % 24.7 % Income tax adjustment ($1,488) ($1,662) ($1,872) Adjusted operating income $4,453 $4,991 $5,706 Denominator Average long-term debt(5) $3,110 $2,864 $2,868 Average shareholder’s equity $6,833 $7,848 $9,292 Average operating lease liability $9,533 $9,796 $10,266 Average ending cash and short-term investments ($5,538) ($5,468) ($5,783) Average invested capital $13,938 $15,040 $16,643 Incentive ROIC 31.9 % 33.2 % 34.3 % * Amounts in the table may not foot due to rounding."},{"id":"e10","sourceId":"filing-1","location":"Item 1A, Risk Factors: competitors' resources and capabilities","excerpt":"Some of our competitors are larger than we are, hold greater financial resources, have more experience selling certain product lines, provide certain product categories more consistently, or provide products through different channels than we do."},{"id":"e11","sourceId":"filing-1","location":"Item 1A, Risk Factors: potential competitive responses","excerpt":"Competitors may increase their presence in markets in which we operate, consolidate with other retailers, expand their merchandise offerings, expand their e-commerce and delivery capabilities, add new sales channels, change their pricing strategies and/or adopt new processes or technologies that may allow them to compete more effectively."},{"id":"e12","sourceId":"filing-1","location":"Item 1A, Risk Factors: sourcing discounts required to maintain value gap","excerpt":"If our merchandise is not generally purchased at prices sufficiently below prices paid by conventional retailers, we may not be able to maintain our desired value gap at various times or in some segments, banners, product categories or geographies, which could also affect our sales, margins and other financial results."},{"id":"e13","sourceId":"filing-1","location":"Item 1A, Risk Factors: inventory allocation, demand forecasting and markdown exposure","excerpt":"If our sales forecasts fail to predict customer demand with sufficient accuracy, or we do not appropriately allocate and deliver merchandise to stores, maintain inventory mix and levels, or maintain flexibility in our allocation of floor space across product categories effectively, then we may either have higher inventory levels than we planned and may need to take markdowns on excess or slow-moving inventory, or have insufficient inventory to meet customer demand, either of which could impact sales in a way that could adversely affect our financial performance."},{"id":"e14","sourceId":"filing-2","location":"Item 2, MD&A, Recent Events and Trends: tariff and pricing uncertainty","excerpt":"Uncertainty remains regarding the continued impact on our direct imports, indirect imports, vendor and competitor pricing, consumer demand, tariff pass-throughs and retaliatory tariffs."},{"id":"e15","sourceId":"filing-2","location":"Item 2, MD&A, Net Sales: second-quarter comparable-sales growth","excerpt":"This increase reflects a 4% increase in comp sales and a 2% increase from non-comp sales, partially offset by a 1% negative impact from foreign currency."},{"id":"e16","sourceId":"filing-2","location":"Item 2, MD&A, Cost of Sales: tariff refunds and higher markon","excerpt":"The decrease in the cost of sales ratio, including buying and occupancy costs, for the second quarter of fiscal 2027 was driven by a net benefit from tariff refunds, and favorable merchandise margin due to higher markon."},{"id":"e17","sourceId":"filing-2","location":"Item 2, MD&A, IEEPA Tariffs: net quarterly refund benefit","excerpt":"The net benefit of tariff refunds was $219 million for the second quarter of fiscal 2027."},{"id":"e18","sourceId":"filing-4","location":"Item 7, MD&A, Cost of Sales: fiscal 2025 merchandise-margin drivers","excerpt":"The decrease in the cost of sales ratio, including buying and occupancy costs, was attributable to higher merchandise margin due to higher markon, lower freight costs and lower inventory shrink expense, partially offset by higher supply chain costs."},{"id":"e19","sourceId":"filing-1","location":"Item 7, MD&A, Cost of Sales: fiscal 2026 cost ratio","excerpt":"Cost of Sales, Including Buying and Occupancy Costs Cost of sales, including buying and occupancy costs, as a percentage of net sales was 69.0% for fiscal 2026, a decrease of 0.4 percentage points compared to 69.4% of net sales for fiscal 2025."},{"id":"e20","sourceId":"filing-1","location":"Item 7, MD&A, Cost of Sales: freight and inventory shrink","excerpt":"Merchandise margin reflects lower freight costs and lower inventory shrink expense."},{"id":"e21","sourceId":"filing-1","location":"Note A, Inventory accounting: permanent markdown strategy and store price changes","excerpt":"Under the retail method, TJX utilizes a permanent markdown strategy and lowers the cost value of the inventory that is subject to markdown at the time the retail prices are lowered in the stores."},{"id":"e22","sourceId":"filing-2","location":"Consolidated Statements of Cash Flows: operating cash, investment, distributions and financing","excerpt":"CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) IN MILLIONS Twenty-Six Weeks Ended August 1, 2026 August 2, 2025 Cash flows from operating activities: Net income $ 2,852 $ 2,279 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 676 604 Loss on property disposals and impairment charges 2 2 Deferred income tax provision 64 71 Share-based compensation 85 76 Changes in assets and liabilities: (Increase) in accounts receivable (66) (43) (Increase) in merchandise inventories (603) (845) (Increase) in income taxes recoverable (60) (36) Decrease in prepaid expenses and other current assets 390 18 Increase in accounts payable 470 388 (Decrease) in accrued expenses and other liabilities (539) (373) Increase in income taxes payable 190 84 Increase (decrease) in net operating lease liabilities 5 (5) Other, net (121) (35) Net cash provided by operating activities 3,345 2,185 Cash flows from investing activities: Property additions (1,159) (958) Purchase of equity investments (5) (5) Purchases of investments (28) (21) Sales and maturities of investments 24 15 Net cash (used in) investing activities (1,168) (969) Cash flows from financing activities: Payments for repurchase of common stock (1,418) (1,144) Cash dividends paid (1,005) (898) Proceeds from issuance of common stock 134 104 Other (73) (64) Net cash (used in) financing activities (2,362) (2,002) Effect of exchange rate changes on cash (41) 90 Net (decrease) in cash and cash equivalents (226) (696) Cash and cash equivalents at beginning of year 6,230 5,335 Cash and cash equivalents at end of period $ 6,004 $ 4,639 The accompanying notes are an integral part of the unaudited Consolidated Financial Statements."},{"id":"e23","sourceId":"filing-2","location":"Item 2, MD&A, Operating Activities: refund and settlement contributions to cash-flow growth","excerpt":"Operating cash flows increased $1.1 billion compared to fiscal 2026 primarily due to an increase in net income, which includes the receipt of tariff refunds, and a decrease of prepaid expenses and other current assets related to the receipt of the credit card interchange fees settlement."},{"id":"e24","sourceId":"filing-1","location":"Consolidated Statements of Shareholders' Equity: earnings, share issuance and retirement","excerpt":"CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY IN MILLIONS Common Stock Additional Paid-In Capital Accumulated Other Comprehensive (Loss) Income Retained Earnings Total Shares Par Value $1 Balance, January 28, 2023 1,155 $ 1,155 $ — $ (606) $ 5,815 $ 6,364 Net income — — — — 4,474 4,474 Other comprehensive income, net of tax — — — 74 — 74 Cash dividends declared on common stock — — — — (1,522) (1,522) Recognition of share-based compensation — — 160 — — 160 Issuance of common stock under stock incentive plan and related tax effect 8 8 248 — (1) 255 Common stock repurchased and retired (29) (29) (408) — (2,066) (2,503) Balance, February 3, 2024 1,134 $ 1,134 $ — $ (532) $ 6,700 $ 7,302 Net income — — — — 4,864 4,864 Other comprehensive (loss), net of tax — — — (77) — (77) Cash dividends declared on common stock — — — — (1,691) (1,691) Recognition of share-based compensation — — 183 — — 183 Issuance of common stock under stock incentive plan and related tax effect 7 7 316 — — 323 Common stock repurchased and retired (22) (22) (499) — (1,990) (2,511) Balance, February 1, 2025 1,119 $ 1,119 $ — $ (609) $ 7,883 $ 8,393 Net income — — — — 5,494 5,494 Other comprehensive income, net of tax — — — 258 — 258 Cash dividends declared on common stock — — — — (1,893) (1,893) Recognition of share-based compensation — — 214 — — 214 Issuance of common stock under stock incentive plan and related tax effect 7 7 240 — (1) 246 Common stock repurchased and retired (19) (19) (454) — (2,049) (2,522) Balance, January 31, 2026 1,107 $ 1,107 $ — $ (351) $ 9,434 $ 10,190 The accompanying notes are an integral part of the Consolidated Financial Statements."},{"id":"e25","sourceId":"filing-3","location":"Compensation Discussion and Analysis: approved FY24–26 PSU performance results and payout","excerpt":"FY24-26 PSU Performance Goals and Results Following the end of the FY24-26 performance period, PSU performance results were approved by the Committee as follows: FY24-26 Incentive EPS* Threshold Target Maximum Actual Performance goal $3.33 $3.92 = 8.4% CAGR over FY23 baseline of $3.08 $4.39 $4.83 = 16.2% CAGR over FY23 baseline of $3.08 Percentage of target 85 % 100 % 112 % 123.2 % Payout (as a % of target) 25 % 100 % 200 % 200.0 % * Incentive EPS goals and results for FY24-26 PSUs reflected the definitions and automatic adjustments for the FY24-26 performance period pre-established by the Committee in March 2023."},{"id":"e26","sourceId":"filing-3","location":"Compensation Discussion and Analysis: existing compensation safeguards and ownership guidelines","excerpt":"What We Do What We Don't Do Pay for performance, with incentive payouts based on the achievement of objective financial performance results Stock ownership guidelines for our executive officers and non-employee directors Clawback policy and other recoupment provisions and, as applicable, post-employment non-competition and other covenants Regular engagement with shareholders on a range of topics Robust and deliberate decision-making process Independent compensation consultant No change of control excise tax gross-ups No single-trigger severance benefits upon a change of control No automatic full acceleration of equity awards upon a change of control No hedging or pledging of Company stock by our executive officers and non-employee directors No payout of dividends on unearned or unvested stock awards FY26 EXECUTIVE COMPENSATION PROGRAM Our FY26 executive compensation program consisted of base salary and annual and long-term incentives as summarized below."},{"id":"e27","sourceId":"filing-3","location":"Stock Awards Vested During Fiscal 2026: actual executive vesting","excerpt":"STOCK AWARDS VESTED DURING FISCAL 2026 The following table provides information relating to stock award vesting for our NEOs during FY26(1): Stock Awards Name Number of Shares Acquired on Vesting (#) Value Realized on Vesting ($)(2) Ernie Herrman 254,249 31,963,022 John Klinger 14,508 1,815,055 Carol Meyrowitz 107,433 13,284,344 Douglas Mizzi 64,461 7,970,765 Kenneth Canestrari 62,311 7,704,894 (1)None of our NEOs exercised any stock options during FY26."},{"id":"e28","sourceId":"filing-3","location":"Appendix A, Explanation of Incentive Plan Measures: settlement benefit included in incentive results","excerpt":"As a result, our FY26 incentive plan results reflect the net benefit of the litigation settlement and related expenses for FY26."},{"id":"e29","sourceId":"filing-3","location":"Corporate Governance: standing committee independence","excerpt":"All members of the Audit and Finance, Compensation, and Corporate Governance Committees are non-employee directors and meet the independence standards adopted by the Board in compliance with NYSE listing standards for that Committee."},{"id":"e30","sourceId":"filing-3","location":"Corporate Governance: actual FY26 director meeting attendance","excerpt":"Each director attended at least 75% of all FY26 meetings of the Board and Committees of which they were then members."},{"id":"e31","sourceId":"filing-3","location":"Corporate Governance: annual director elections","excerpt":"Shareholder Rights and Accountability Annual Election of Directors: All directors are elected annually for a one-year term."},{"id":"e32","sourceId":"filing-3","location":"Corporate Governance: Executive Chairman's management and Board roles","excerpt":"Our Executive Chairman is an active and integral member of our senior executive team and leads the Board."},{"id":"e33","sourceId":"filing-1","location":"Cybersecurity governance: Board oversight and quarterly committee reviews","excerpt":"Our Board of Directors has oversight of our enterprise risk management program and, in addition, our Audit and Finance Committee reviews IT and cybersecurity risks and related topics with senior management on at least a quarterly basis."},{"id":"e34","sourceId":"filing-1","location":"Item 1A, Risk Factors: generic competitor categories","excerpt":"We compete with local, regional, national and international retailers that sell apparel, home fashions and other merchandise that we may carry, including retailers that operate through stores, e-commerce and/or other media, as well as omnichannel retailers."},{"id":"e35","sourceId":"filing-3","location":"Appendix A: limitations on comparability of Incentive ROIC","excerpt":"The method used to calculate Incentive ROIC may differ from the methods used by other companies to calculate their ROIC."}],"changes":["Retain the previous narrow verdict; the supplied operating disclosures support the established model without establishing exclusive sourcing or a wide moat.","Explicitly distinguish the $219 million net second-quarter tariff-refund benefit from recurring merchandise economics and identify settlement effects on cash-flow growth.","Add criterion-level pricing and management assessments using disclosed transactions, actual cash flows, approved incentive results, vested awards and existing governance practices."],"limitations":["Only supplied passages were used. Source dates are filing dates, retaining dateKind=filed; no retrieval date is treated as a publication date.","Competitive disclosures identify generic retailer categories, not named competing companies. Competitor arrays are therefore empty; comparative coverage of off-price peers is unestablished.","Sourcing discounts, differentiation and distribution descriptions are issuer disclosures. Operating results corroborate effectiveness but do not prove exclusive supplier relationships or quantify relative procurement costs.","Average basket and markon do not separate unit selling prices, product mix, units per basket and purchase costs. No price elasticity, customer cohort retention or switching-cost measurements are supplied.","The proxy provides actual compensation and governance disclosures, but supplied passages do not establish executives' current beneficial ownership or compliance with ownership guidelines. Nominee disclosures do not establish the subsequent election outcome.","Incentive ROIC is a company-defined adjusted measure with disclosed comparability limits. Refunds and settlements affect recent results; future spending and debt-repayment intentions are not completed outcomes."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":3,"rationale":"Discounted sourcing close to the selling season, an established distribution network and more than 5,200 stores form a demonstrated operating advantage. Comparable-sales growth and multi-year capital returns support economic effectiveness. Superiority over off-price peers is unverified.","evidenceIds":["e1","e2","e3","e4","e7","e9"]},{"criterion":"durability","grade":2,"rationale":"The model and discount proposition persist across annual disclosures while the footprint grows, and specialized internal training supports continuity. No exclusive sourcing rights or demonstrated barrier preventing capable competitors from replicating the model is supplied.","evidenceIds":["e1","e5","e6","e10","e11"]},{"criterion":"customer_dependency","grade":1,"rationale":"Customers receive a compelling discount proposition, but competition spans numerous channels and the model depends on maintaining its value gap. Positive demand does not establish customer dependence or meaningful switching friction.","evidenceIds":["e1","e12","e34","e8"]},{"criterion":"erosion_resilience","grade":2,"rationale":"FY26 comparable-sales growth and further growth in both disclosed FY27 quarters indicate continued demand, with no demonstrated broad competitive erosion. Resilience remains dependent on sourcing and inventory execution, and refund benefits complicate recent profit comparisons.","evidenceIds":["e7","e8","e15","e12","e13","e16","e17"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"Higher average basket alongside increased transactions and favorable markon provide indirect evidence of acceptable realized price and assortment economics. They do not isolate selling-price increases or willingness to pay; the discount gap remains a competitive constraint.","evidenceIds":["e8","e16","e18","e12"]},{"criterion":"retention","grade":2,"rationale":"FY26 comparable-sales growth, first-quarter transaction growth and second-quarter comparable-sales growth support continued customer demand indirectly. These aggregate outcomes cannot distinguish repeat customers from newly acquired shoppers or establish a retention rate.","evidenceIds":["e7","e8","e15"]},{"criterion":"margin_resilience","grade":3,"rationale":"Successive annual cost-ratio improvements and recent favorable markon demonstrate sustained merchandise economics. Freight, shrink and expense effects also contribute; the latest quarter's refund benefit prevents attributing all improvement to pricing power.","evidenceIds":["e18","e19","e20","e16","e17"]},{"criterion":"contractual_freedom","grade":2,"rationale":"The disclosed permanent markdown strategy demonstrates operational ability to change store prices. Practical freedom is constrained by the need to maintain the discount proposition; the passages do not establish comprehensive contractual freedom over retail prices or supplier terms.","evidenceIds":["e21","e1","e12"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":3,"rationale":"Actual operating cash generation, capital investment and declining share counts demonstrate investment alongside shareholder distributions. First-half operating cash of $3.345 billion exceeded property additions of $1.159 billion, while total distributions also used cash balances. Adjusted multi-year capital returns support discipline, with refund and settlement effects and unverified buyback valuation limiting the conclusion.","evidenceIds":["e22","e23","e24","e9","e35"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Approved three-year performance results, actual vested equity and existing clawback, ownership and anti-hedging policies demonstrate implemented alignment mechanisms. Settlement benefits entered incentive results, and supplied ownership guidelines do not prove actual holdings or compliance.","evidenceIds":["e25","e26","e27","e28"]},{"criterion":"execution","grade":3,"rationale":"Comparable-sales growth across divisions, subsequent transaction growth, continued quarterly growth and rising multi-year earnings demonstrate execution through operating results. Attribution to management is indirect, and exceptional durability is not established.","evidenceIds":["e7","e8","e15","e24"]},{"criterion":"governance","grade":3,"rationale":"Independent key committees, actual director attendance, annual elections and recurring risk reviews support substantive governance practices. 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