Dollar Tree vs Target
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The short version
- Target is the larger business, with $104.8B of revenue in fiscal 2025 against $19.4B for Dollar Tree, about 5.4 times as much.
- Dollar Tree grew revenue faster (10.4%, against −1.7%).
- Dollar Tree kept more of each dollar of sales as operating profit (8.5% operating margin, against 4.9%).
- Dollar Tree turned more of its sales into free cash flow (5.4% FCF margin, against 2.7%).
- Dollar Tree earned a higher return on the capital invested in it (21.4%, against 15.0%).
- Investors pay more for each dollar of Target’s earnings: a P/E of 15.9x against 15.4x for Dollar Tree.
| Latest fiscal year | DLTR · FY25 | TGT · FY25 |
|---|---|---|
| Size | ||
| Market cap | $23.9B | $69.8B |
| Revenue | $19.4B | $104.8B |
| Free cash flow | $1.1B | $2.8B |
| Net income | $1.3B | $3.7B |
| Growth | ||
| Revenue growth | 10.4% | −1.7% |
| 5-year growth | −5.3% | 2.3% |
| Share count change | −4.5% | −1.3% |
| Profitability | ||
| Gross margin | 36.3% | 27.9% |
| Operating margin | 8.5% | 4.9% |
| Net margin | 6.6% | 3.5% |
| FCF margin | 5.4% | 2.7% |
| Return on capital | 21.4% | 15.0% |
| Return on equity | 33.2% | 24.0% |
| Balance sheet | ||
| Net debt | $1.7B | $11.0B |
| Net debt / EBITDA | 0.7x | 1.3x |
| Dividends and buybacks | $1.5B | $2.5B |
| Valuation & quality | ||
| P/E | 15.4x | 15.9x |
| Piotroski F-score | 9 | 6 |
Revenue
FY16
DLTR $20.7B
TGT $70.3B
FY17
DLTR $22.2B
TGT $72.7B
FY18
DLTR $22.8B
TGT $75.4B
FY19
DLTR $23.6B
TGT $78.1B
FY20
DLTR $25.5B
TGT $93.6B
FY21
DLTR $26.3B
TGT $106.0B
FY22
DLTR $15.4B
TGT $109.1B
FY23
DLTR $16.8B
TGT $107.4B
FY24
DLTR $17.6B
TGT $106.6B
FY25
DLTR $19.4B
TGT $104.8B
DLTR
TGT
Operating margin
FY16
DLTR 8.2%
TGT 6.9%
FY17
DLTR 9.0%
TGT 5.8%
FY18
DLTR −4.1%
TGT 5.5%
FY19
DLTR 5.4%
TGT 6.0%
FY20
DLTR 7.4%
TGT 7.0%
FY21
DLTR 6.9%
TGT 8.4%
FY22
DLTR 13.6%
TGT 3.5%
FY23
DLTR 10.6%
TGT 5.3%
FY24
DLTR 8.3%
TGT 5.2%
FY25
DLTR 8.5%
TGT 4.9%
DLTR
TGT
Free cash flow
FY16
DLTR $1.1B
TGT $3.9B
FY17
DLTR $878M
TGT $4.4B
FY18
DLTR $949M
TGT $2.5B
FY19
DLTR $835M
TGT $4.1B
FY20
DLTR $1.8B
TGT $7.9B
FY21
DLTR $410M
TGT $5.1B
FY22
DLTR $976M
TGT −$1.5B
FY23
DLTR $1.5B
TGT $3.8B
FY24
DLTR $893M
TGT $4.5B
FY25
DLTR $1.1B
TGT $2.8B
DLTR
TGT
Return on capital
FY16
DLTR 10.4%
TGT 15.3%
FY17
DLTR 17.6%
TGT 16.3%
FY18
DLTR −7.0%
TGT 15.8%
FY19
DLTR 10.0%
TGT 17.4%
FY20
DLTR 15.7%
TGT 26.2%
FY21
DLTR 15.3%
TGT 35.6%
FY22
DLTR 14.7%
TGT 13.7%
FY23
DLTR 12.4%
TGT 17.6%
FY24
DLTR 13.4%
TGT 16.8%
FY25
DLTR 21.4%
TGT 15.0%
DLTR
TGT
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.