Debt to Equity
since 2005
Calculation
Dollar Tree Inc., debt to equity, long-term trends, calculation
| Debt to equity | = | Long-term debt, net1 | ÷ | Shareholders’ equity1 | |
|---|---|---|---|---|---|
| Jan 29, 2022 | 0.44 | = | 3,417,000) | ÷ | 7,718,500) |
| Jan 30, 2021 | 0.44 | = | 3,226,200) | ÷ | 7,285,300) |
| Feb 1, 2020 | 0.60 | = | 3,772,200) | ÷ | 6,254,800) |
| Feb 2, 2019 | 0.76 | = | 4,265,300) | ÷ | 5,642,900) |
| Feb 3, 2018 | 0.79 | = | 5,678,000) | ÷ | 7,182,300) |
| Jan 28, 2017 | 1.17 | = | 6,321,800) | ÷ | 5,389,500) |
| Jan 30, 2016 | 1.67 | = | 7,346,400) | ÷ | 4,406,900) |
| Jan 31, 2015 | 0.42 | = | 757,000) | ÷ | 1,785,000) |
| Feb 1, 2014 | 0.66 | = | 769,800) | ÷ | 1,170,700) |
| Feb 2, 2013 | 0.16 | = | 271,300) | ÷ | 1,667,300) |
| Jan 28, 2012 | 0.20 | = | 265,500) | ÷ | 1,344,600) |
| Jan 29, 2011 | 0.18 | = | 266,500) | ÷ | 1,459,000) |
| Jan 30, 2010 | 0.19 | = | 267,500) | ÷ | 1,429,200) |
| Jan 31, 2009 | 0.21 | = | 267,600) | ÷ | 1,253,200) |
| Feb 2, 2008 | 0.27 | = | 268,500) | ÷ | 988,400) |
| Feb 3, 2007 | 0.23 | = | 268,800) | ÷ | 1,167,700) |
| Jan 28, 2006 | 0.23 | = | 269,000) | ÷ | 1,172,275) |
| Jan 29, 2005 | 0.23 | = | 269,000) | ÷ | 1,164,212) |
Based on: 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03), 10-K (reporting date: 2017-01-28), 10-K (reporting date: 2016-01-30), 10-K (reporting date: 2015-01-31), 10-K (reporting date: 2014-02-01), 10-K (reporting date: 2013-02-02), 10-K (reporting date: 2012-01-28), 10-K (reporting date: 2011-01-29), 10-K (reporting date: 2010-01-30), 10-K (reporting date: 2009-01-31), 10-K (reporting date: 2008-02-02), 10-K (reporting date: 2007-02-03), 10-K (reporting date: 2006-01-28), 10-K (reporting date: 2005-01-29).
1 US$ in thousands
The financial trajectory of the debt-to-equity ratio between 2005 and 2022 reveals a transition from a highly conservative capital structure to a period of significant leverage, followed by a consistent deleveraging trend.
- Initial Stability Phase (2005–2013)
- During this period, long-term debt remained nearly stagnant, fluctuating minimally between 265 million and 271 million. Simultaneously, shareholders' equity exhibited gradual growth, resulting in a consistently low debt-to-equity ratio that fluctuated between a high of 0.27 in 2008 and a low of 0.16 by 2013.
- Rapid Leverage Expansion (2014–2016)
- A sharp shift in financing strategy occurred starting in 2014, with long-term debt rising to approximately 769.8 million. This trend culminated in a dramatic increase in 2016, where long-term debt peaked at 7.346 billion. This surge drove the debt-to-equity ratio to its historical maximum of 1.67, indicating a period of aggressive capital acquisition funded by debt.
- Deleveraging and Equity Growth (2017–2022)
- Following the 2016 peak, a sustained reduction in long-term debt is observed, falling to 3.417 billion by 2022. This reduction in liabilities coincided with substantial growth in shareholders' equity, which rose from 4.406 billion in 2015 to 7.718 billion in 2022. Consequently, the debt-to-equity ratio declined steadily from 1.67 to 0.44, signaling a return to a more balanced capital structure.
The overall trend indicates a cyclical movement in financial leverage, where a period of extreme debt utilization was countered by aggressive equity accumulation and debt repayment, resulting in a final leverage position that is significantly lower than the 2016 peak, though higher than the pre-2014 baseline.
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Comparison to Competitors
Dollar Tree Inc., debt to equity, long-term trends, comparison to competitors
| Dollar Tree Inc. | Costco Wholesale Corp. | Target Corp. | Walmart Inc. | |
|---|---|---|---|---|
| Jan 29, 2022 | 0.44 | 0.32 | 1.07 | 0.51 |
| Jan 30, 2021 | 0.44 | 0.43 | 0.88 | 0.60 |
| Feb 1, 2020 | 0.60 | 0.42 | 0.97 | 0.73 |
| Feb 2, 2019 | 0.76 | 0.45 | 1.00 | 0.80 |
| Feb 3, 2018 | 0.79 | 0.51 | 0.99 | 0.60 |
| Jan 28, 2017 | 1.17 | 0.62 | 1.16 | 0.59 |
| Jan 30, 2016 | 1.67 | 0.43 | 0.98 | 0.62 |
| Jan 31, 2015 | 0.42 | 0.58 | 0.91 | 0.62 |
| Feb 1, 2014 | 0.66 | 0.41 | 0.85 | 0.74 |
| Feb 2, 2013 | 0.16 | 0.46 | 1.07 | 0.71 |
| Jan 28, 2012 | 0.20 | 0.11 | 1.11 | 0.75 |
| Jan 29, 2011 | 0.18 | 0.18 | 1.02 | 0.73 |
| Jan 30, 2010 | 0.19 | 0.20 | 1.10 | 0.58 |
| Jan 31, 2009 | 0.21 | 0.23 | 1.37 | 0.65 |
| Feb 2, 2008 | 0.27 | 0.26 | 1.12 | 0.69 |
| Feb 3, 2007 | 0.23 | 0.26 | 0.64 | 0.63 |
| Jan 28, 2006 | 0.23 | 0.06 | 0.69 | 0.73 |
| Jan 29, 2005 | 0.23 | 0.09 | 0.73 | 0.64 |
Based on: 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03), 10-K (reporting date: 2017-01-28), 10-K (reporting date: 2016-01-30), 10-K (reporting date: 2015-01-31), 10-K (reporting date: 2014-02-01), 10-K (reporting date: 2013-02-02), 10-K (reporting date: 2012-01-28), 10-K (reporting date: 2011-01-29), 10-K (reporting date: 2010-01-30), 10-K (reporting date: 2009-01-31), 10-K (reporting date: 2008-02-02), 10-K (reporting date: 2007-02-03), 10-K (reporting date: 2006-01-28), 10-K (reporting date: 2005-01-29).
Comparison to Sector (Consumer Staples Distribution & Retail)
Dollar Tree Inc., debt to equity, long-term trends, comparison to sector (consumer staples distribution & retail)
| Dollar Tree Inc. | Consumer Staples Distribution & Retail | |
|---|---|---|
| Jan 29, 2022 | 0.44 | 0.54 |
| Jan 30, 2021 | 0.44 | 0.61 |
| Feb 1, 2020 | 0.60 | 0.70 |
| Feb 2, 2019 | 0.76 | 0.77 |
| Feb 3, 2018 | 0.79 | 0.63 |
| Jan 28, 2017 | 1.17 | 0.66 |
| Jan 30, 2016 | 1.67 | 0.64 |
| Jan 31, 2015 | 0.42 | 0.65 |
| Feb 1, 2014 | 0.66 | 0.72 |
| Feb 2, 2013 | 0.16 | 0.74 |
| Jan 28, 2012 | 0.20 | 0.73 |
| Jan 29, 2011 | 0.18 | 0.71 |
| Jan 30, 2010 | 0.19 | 0.62 |
| Jan 31, 2009 | 0.21 | 0.71 |
| Feb 2, 2008 | 0.27 | 0.72 |
| Feb 3, 2007 | 0.23 | 0.60 |
| Jan 28, 2006 | 0.23 | 0.64 |
| Jan 29, 2005 | 0.23 | 0.59 |
Based on: 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03), 10-K (reporting date: 2017-01-28), 10-K (reporting date: 2016-01-30), 10-K (reporting date: 2015-01-31), 10-K (reporting date: 2014-02-01), 10-K (reporting date: 2013-02-02), 10-K (reporting date: 2012-01-28), 10-K (reporting date: 2011-01-29), 10-K (reporting date: 2010-01-30), 10-K (reporting date: 2009-01-31), 10-K (reporting date: 2008-02-02), 10-K (reporting date: 2007-02-03), 10-K (reporting date: 2006-01-28), 10-K (reporting date: 2005-01-29).
Comparison to Industry (Consumer Staples)
Dollar Tree Inc., debt to equity, long-term trends, comparison to industry (consumer staples)
| Dollar Tree Inc. | Consumer Staples | |
|---|---|---|
| Jan 29, 2022 | 0.44 | 1.07 |
| Jan 30, 2021 | 0.44 | 1.07 |
| Feb 1, 2020 | 0.60 | 1.24 |
| Feb 2, 2019 | 0.76 | 1.18 |
| Feb 3, 2018 | 0.79 | 1.11 |
| Jan 28, 2017 | 1.17 | 1.20 |
| Jan 30, 2016 | 1.67 | 1.09 |
| Jan 31, 2015 | 0.42 | 1.00 |
| Feb 1, 2014 | 0.66 | 0.96 |
| Feb 2, 2013 | 0.16 | 0.87 |
| Jan 28, 2012 | 0.20 | 0.83 |
| Jan 29, 2011 | 0.18 | 0.80 |
| Jan 30, 2010 | 0.19 | 0.74 |
| Jan 31, 2009 | 0.21 | 0.69 |
| Feb 2, 2008 | 0.27 | 0.68 |
| Feb 3, 2007 | 0.23 | 0.55 |
| Jan 28, 2006 | 0.23 | 0.52 |
| Jan 29, 2005 | 0.23 | 0.59 |
Based on: 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03), 10-K (reporting date: 2017-01-28), 10-K (reporting date: 2016-01-30), 10-K (reporting date: 2015-01-31), 10-K (reporting date: 2014-02-01), 10-K (reporting date: 2013-02-02), 10-K (reporting date: 2012-01-28), 10-K (reporting date: 2011-01-29), 10-K (reporting date: 2010-01-30), 10-K (reporting date: 2009-01-31), 10-K (reporting date: 2008-02-02), 10-K (reporting date: 2007-02-03), 10-K (reporting date: 2006-01-28), 10-K (reporting date: 2005-01-29).