Target (TGT) trades at 15.9 times earnings, below the 21.9 multiple of the median S&P 500 company, though one-time tariff refunds flatter that figure. In fiscal Q2 2026, net sales rose 5.3% to $26.5 billion on higher store traffic, and operating cash flow over the past year was about twice net income. Yet revenue has averaged a 0.1% annual decline over three years, home furnishings and apparel sales fell 6.5% and 4.7% in the latest full fiscal year, and $1.65 of the $4.11 Q2 EPS came from tariff refunds. Target has cut prices on more than 10,000 items in twelve months and nearly 2,000 more home and apparel items, and raised its 2026 net sales growth outlook to around 5%.
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