Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
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Long-term Activity Ratios (Summary)
Dollar Tree Inc., long-term (investment) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-K (reporting date: 2021-01-30), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-08-01), 10-Q (reporting date: 2020-05-02), 10-K (reporting date: 2020-02-01), 10-Q (reporting date: 2019-11-02), 10-Q (reporting date: 2019-08-03), 10-Q (reporting date: 2019-05-04), 10-K (reporting date: 2019-02-02), 10-Q (reporting date: 2018-11-03), 10-Q (reporting date: 2018-08-04), 10-Q (reporting date: 2018-05-05), 10-K (reporting date: 2018-02-03), 10-Q (reporting date: 2017-10-28), 10-Q (reporting date: 2017-07-29), 10-Q (reporting date: 2017-04-29), 10-K (reporting date: 2017-01-28), 10-Q (reporting date: 2016-10-29), 10-Q (reporting date: 2016-07-30), 10-Q (reporting date: 2016-04-30).
- Net Fixed Asset Turnover
- The net fixed asset turnover showed an increasing trend from 6.65 in January 2017 to a peak of 6.95 in May 2017. After this peak, the ratio gradually declined over subsequent periods, reaching 5.74 by October 2022. This indicates a decreasing efficiency in generating sales from fixed assets over time.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- This adjusted turnover ratio mirrored the initial net fixed asset turnover trends until early 2019, maintaining levels around 6.65 to 6.93. However, a notable decline occurred in the subsequent periods, with the ratio dropping sharply near 2.4 from May 2019 onward and remaining relatively stable around 2.4 to 2.46 through October 2022. This suggests the inclusion of lease assets considerably changed the asset base, thereby reducing the turnover ratio significantly but stabilizing thereafter.
- Total Asset Turnover
- The total asset turnover exhibited moderate fluctuations. Beginning around 1.32 in January 2017, it generally remained between 1.31 and 1.42 until November 2018, when an abrupt increase to 1.69 was recorded. Following this spike, the ratio sharply declined to approximately 1.19 by early 2019 and stabilized around the 1.18 to 1.23 range until October 2022. This pattern reflects variability in the efficiency of overall asset utilization, with a brief period of enhanced turnover performance in late 2018.
- Equity Turnover
- The equity turnover ratio demonstrated a declining trend from 3.84 in January 2017 to around 2.89 by February 2018, indicating reduced efficiency in using equity to generate sales during this phase. Subsequently, the ratio rebounded sharply to over 4.0 in May 2018 but then decreased steadily through October 2022, settling near 3.23 to 3.34. This trend suggests fluctuations in equity utilization effectiveness, with periods of improvement followed by gradual efficiency erosion.
Net Fixed Asset Turnover
Dollar Tree Inc., net fixed asset turnover calculation (quarterly data)
| Oct 29, 2022 | Jul 30, 2022 | Apr 30, 2022 | Jan 29, 2022 | Oct 30, 2021 | Jul 31, 2021 | May 1, 2021 | Jan 30, 2021 | Oct 31, 2020 | Aug 1, 2020 | May 2, 2020 | Feb 1, 2020 | Nov 2, 2019 | Aug 3, 2019 | May 4, 2019 | Feb 2, 2019 | Nov 3, 2018 | Aug 4, 2018 | May 5, 2018 | Feb 3, 2018 | Oct 28, 2017 | Jul 29, 2017 | Apr 29, 2017 | Jan 28, 2017 | Oct 29, 2016 | Jul 30, 2016 | Apr 30, 2016 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||||||||||||
| Net sales | |||||||||||||||||||||||||||||||||||
| Property, plant and equipment, net of accumulated depreciation | |||||||||||||||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||||||||
| Net fixed asset turnover1 | |||||||||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||||||||||||||||
| Costco Wholesale Corp. | |||||||||||||||||||||||||||||||||||
| Target Corp. | |||||||||||||||||||||||||||||||||||
| Walmart Inc. | |||||||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-K (reporting date: 2021-01-30), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-08-01), 10-Q (reporting date: 2020-05-02), 10-K (reporting date: 2020-02-01), 10-Q (reporting date: 2019-11-02), 10-Q (reporting date: 2019-08-03), 10-Q (reporting date: 2019-05-04), 10-K (reporting date: 2019-02-02), 10-Q (reporting date: 2018-11-03), 10-Q (reporting date: 2018-08-04), 10-Q (reporting date: 2018-05-05), 10-K (reporting date: 2018-02-03), 10-Q (reporting date: 2017-10-28), 10-Q (reporting date: 2017-07-29), 10-Q (reporting date: 2017-04-29), 10-K (reporting date: 2017-01-28), 10-Q (reporting date: 2016-10-29), 10-Q (reporting date: 2016-07-30), 10-Q (reporting date: 2016-04-30).
1 Q3 2023 Calculation
Net fixed asset turnover
= (Net salesQ3 2023
+ Net salesQ2 2023
+ Net salesQ1 2023
+ Net salesQ4 2022)
÷ Property, plant and equipment, net of accumulated depreciation
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Sales
- The net sales figures exhibit a generally upward trend over the periods analyzed, starting from approximately 5.1 billion US dollars in April 2016 and increasing to near 6.9 billion US dollars by October 2022. Despite some periods of slight decline or stabilization, such as from April 2016 to October 2016 and occasional dips in mid-periods like July 2018 and July 2019, the overall movement is positive. Notably, significant rises can be observed from January 2017 to February 2018 and from January 2021 onward, indicating phases of accelerated revenue growth.
- Property, Plant, and Equipment, Net
- The net value of property, plant, and equipment (PPE), after accounting for accumulated depreciation, shows a consistent upward trend throughout the timeframe. Beginning at about 3.15 billion US dollars in April 2016, the PPE net value increased steadily to approximately 4.82 billion US dollars by October 2022. This trend suggests ongoing investment and expansion in fixed assets over the years, reflecting capital expenditures that may support the company's operational capacity and future growth potential.
- Net Fixed Asset Turnover Ratio
-
The net fixed asset turnover ratio, which measures the efficiency with which the company utilizes its fixed assets to generate sales, shows a declining pattern through the periods with available data (starting January 2017). The ratio begins at 6.65 and gradually decreases to 5.74 by October 2022. This progressive decline indicates that, despite increasing asset levels, sales have not been growing proportionally relative to the investment in fixed assets, suggesting a diminishing efficiency in asset utilization over time.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Dollar Tree Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation (quarterly data)
| Oct 29, 2022 | Jul 30, 2022 | Apr 30, 2022 | Jan 29, 2022 | Oct 30, 2021 | Jul 31, 2021 | May 1, 2021 | Jan 30, 2021 | Oct 31, 2020 | Aug 1, 2020 | May 2, 2020 | Feb 1, 2020 | Nov 2, 2019 | Aug 3, 2019 | May 4, 2019 | Feb 2, 2019 | Nov 3, 2018 | Aug 4, 2018 | May 5, 2018 | Feb 3, 2018 | Oct 28, 2017 | Jul 29, 2017 | Apr 29, 2017 | Jan 28, 2017 | Oct 29, 2016 | Jul 30, 2016 | Apr 30, 2016 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||||||||||||
| Net sales | |||||||||||||||||||||||||||||||||||
| Property, plant and equipment, net of accumulated depreciation | |||||||||||||||||||||||||||||||||||
| Operating lease right-of-use assets | |||||||||||||||||||||||||||||||||||
| Property, plant and equipment, net of accumulated depreciation (including operating lease, right-of-use asset) | |||||||||||||||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | |||||||||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | |||||||||||||||||||||||||||||||||||
| Costco Wholesale Corp. | |||||||||||||||||||||||||||||||||||
| Target Corp. | |||||||||||||||||||||||||||||||||||
| Walmart Inc. | |||||||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-K (reporting date: 2021-01-30), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-08-01), 10-Q (reporting date: 2020-05-02), 10-K (reporting date: 2020-02-01), 10-Q (reporting date: 2019-11-02), 10-Q (reporting date: 2019-08-03), 10-Q (reporting date: 2019-05-04), 10-K (reporting date: 2019-02-02), 10-Q (reporting date: 2018-11-03), 10-Q (reporting date: 2018-08-04), 10-Q (reporting date: 2018-05-05), 10-K (reporting date: 2018-02-03), 10-Q (reporting date: 2017-10-28), 10-Q (reporting date: 2017-07-29), 10-Q (reporting date: 2017-04-29), 10-K (reporting date: 2017-01-28), 10-Q (reporting date: 2016-10-29), 10-Q (reporting date: 2016-07-30), 10-Q (reporting date: 2016-04-30).
1 Q3 2023 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (Net salesQ3 2023
+ Net salesQ2 2023
+ Net salesQ1 2023
+ Net salesQ4 2022)
÷ Property, plant and equipment, net of accumulated depreciation (including operating lease, right-of-use asset)
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Sales
- Over the observed period, net sales exhibit notable fluctuations with an overall increasing trend especially from early 2018 onwards. Initially, sales remained relatively stable around the range of 5,000,000 to 5,600,000 US$ in thousands until early 2017. Starting in 2018, there is a marked upward movement, peaking at 7,077,400 US$ in thousands by April 2022. Periodic dips and recoveries occur, such as the decrease in net sales during mid-2018 and a gradual rise afterward. The pattern suggests seasonal or cyclical variations, but the underlying trajectory points to growth in revenue over the years.
- Property, Plant and Equipment (Net of Accumulated Depreciation, including Operating Lease, Right-of-Use Asset)
- The net property, plant, and equipment values remain relatively stable around 3,100,000 to 3,400,000 US$ in thousands until early 2019. After that point, a significant jump occurs beginning in May 2019, with values increasing sharply to over 9,600,000 US$ in thousands and continuing to rise steadily up to approximately 11,200,000 US$ in thousands by late 2022. This substantial increase suggests considerable investment or capital expenditures in fixed assets or recognition of right-of-use assets after accounting standard changes. The growth stabilizes at a higher asset base compared to earlier periods.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- The net fixed asset turnover ratio is not reported until late 2016, with values around 6.65 to 6.95 until early 2019. This relatively high turnover indicates efficient use of fixed assets to generate revenue during this period. However, beginning in mid-2019, the ratio drops sharply to about 2.4 and remains relatively flat, fluctuating slightly between 2.34 and 2.46 through to late 2022. The decline coincides with the large increase in net property, plant, and equipment, implying that asset growth has outpaced sales growth during this later period, or that asset capitalization policies have changed, affecting reported efficiency ratios.
Total Asset Turnover
Dollar Tree Inc., total asset turnover calculation (quarterly data)
| Oct 29, 2022 | Jul 30, 2022 | Apr 30, 2022 | Jan 29, 2022 | Oct 30, 2021 | Jul 31, 2021 | May 1, 2021 | Jan 30, 2021 | Oct 31, 2020 | Aug 1, 2020 | May 2, 2020 | Feb 1, 2020 | Nov 2, 2019 | Aug 3, 2019 | May 4, 2019 | Feb 2, 2019 | Nov 3, 2018 | Aug 4, 2018 | May 5, 2018 | Feb 3, 2018 | Oct 28, 2017 | Jul 29, 2017 | Apr 29, 2017 | Jan 28, 2017 | Oct 29, 2016 | Jul 30, 2016 | Apr 30, 2016 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||||||||||||
| Net sales | |||||||||||||||||||||||||||||||||||
| Total assets | |||||||||||||||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||||||||
| Total asset turnover1 | |||||||||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||||||||||||||
| Costco Wholesale Corp. | |||||||||||||||||||||||||||||||||||
| Target Corp. | |||||||||||||||||||||||||||||||||||
| Walmart Inc. | |||||||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-K (reporting date: 2021-01-30), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-08-01), 10-Q (reporting date: 2020-05-02), 10-K (reporting date: 2020-02-01), 10-Q (reporting date: 2019-11-02), 10-Q (reporting date: 2019-08-03), 10-Q (reporting date: 2019-05-04), 10-K (reporting date: 2019-02-02), 10-Q (reporting date: 2018-11-03), 10-Q (reporting date: 2018-08-04), 10-Q (reporting date: 2018-05-05), 10-K (reporting date: 2018-02-03), 10-Q (reporting date: 2017-10-28), 10-Q (reporting date: 2017-07-29), 10-Q (reporting date: 2017-04-29), 10-K (reporting date: 2017-01-28), 10-Q (reporting date: 2016-10-29), 10-Q (reporting date: 2016-07-30), 10-Q (reporting date: 2016-04-30).
1 Q3 2023 Calculation
Total asset turnover
= (Net salesQ3 2023
+ Net salesQ2 2023
+ Net salesQ1 2023
+ Net salesQ4 2022)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Sales
- Net sales exhibit a fluctuating but generally upward trend over the periods analyzed. Starting from approximately $5.09 billion in April 2016, net sales experienced slight declines and recoveries within 2016 and early 2017. A notable increase appears from January 2017 through February 2018, peaking at around $6.36 billion, followed by some stabilization and minor fluctuations throughout late 2018 and 2019 in the range of $5.7 billion to $6.3 billion. From early 2020 onward, net sales show a stronger increase, reaching over $7 billion by January 2022, with some periods of mild decline that quickly reversed. Overall, the pattern suggests periodic seasonal or market-driven variations with a broad upward trajectory in recent years.
- Total Assets
- Total assets show variability with periods of decrease and increase. The assets hovered around $16 billion in 2016, then experienced relatively steady levels with a slight dip in early 2019 to approximately $13.5 billion, although this figure might indicate a data irregularity or reclassification given the abrupt drop relative to previous periods. Following this, total assets rose significantly, stabilizing above $19 billion starting mid-2019 and continuing to increase gradually, reaching about $22.9 billion by October 2022. This ascending trend reflects asset growth likely due to investments, acquisitions, or expansion activities over time.
- Total Asset Turnover
- Total asset turnover ratios are sporadically reported but reveal generally stable and slightly improving efficiency in asset use. The ratio stood around 1.3 in 2017, indicating that the company generated approximately $1.30 in sales per dollar of assets. There is a notable peak reaching 1.69 in November 2018, suggesting a temporary increase in asset utilization productivity. Subsequently, the ratio dipped to around 1.19–1.21 in 2019 and stabilized near 1.2 throughout 2020 to late 2022, reflecting consistent but moderate asset turnover with little volatility. This pattern might indicate effective asset management balancing growth with sales expansion.
Equity Turnover
Dollar Tree Inc., equity turnover calculation (quarterly data)
| Oct 29, 2022 | Jul 30, 2022 | Apr 30, 2022 | Jan 29, 2022 | Oct 30, 2021 | Jul 31, 2021 | May 1, 2021 | Jan 30, 2021 | Oct 31, 2020 | Aug 1, 2020 | May 2, 2020 | Feb 1, 2020 | Nov 2, 2019 | Aug 3, 2019 | May 4, 2019 | Feb 2, 2019 | Nov 3, 2018 | Aug 4, 2018 | May 5, 2018 | Feb 3, 2018 | Oct 28, 2017 | Jul 29, 2017 | Apr 29, 2017 | Jan 28, 2017 | Oct 29, 2016 | Jul 30, 2016 | Apr 30, 2016 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||||||||||||
| Net sales | |||||||||||||||||||||||||||||||||||
| Shareholders’ equity | |||||||||||||||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||||||||
| Equity turnover1 | |||||||||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||||||||||||||||
| Costco Wholesale Corp. | |||||||||||||||||||||||||||||||||||
| Target Corp. | |||||||||||||||||||||||||||||||||||
| Walmart Inc. | |||||||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-K (reporting date: 2021-01-30), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-08-01), 10-Q (reporting date: 2020-05-02), 10-K (reporting date: 2020-02-01), 10-Q (reporting date: 2019-11-02), 10-Q (reporting date: 2019-08-03), 10-Q (reporting date: 2019-05-04), 10-K (reporting date: 2019-02-02), 10-Q (reporting date: 2018-11-03), 10-Q (reporting date: 2018-08-04), 10-Q (reporting date: 2018-05-05), 10-K (reporting date: 2018-02-03), 10-Q (reporting date: 2017-10-28), 10-Q (reporting date: 2017-07-29), 10-Q (reporting date: 2017-04-29), 10-K (reporting date: 2017-01-28), 10-Q (reporting date: 2016-10-29), 10-Q (reporting date: 2016-07-30), 10-Q (reporting date: 2016-04-30).
1 Q3 2023 Calculation
Equity turnover
= (Net salesQ3 2023
+ Net salesQ2 2023
+ Net salesQ1 2023
+ Net salesQ4 2022)
÷ Shareholders’ equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Sales
- The net sales figures exhibit a generally upward trend over the analyzed periods, starting at approximately 5.09 billion USD in April 2016 and reaching around 6.94 billion USD by October 2022. There are some fluctuations observed within the quarters, with occasional declines particularly noticeable in mid-2019 and mid-2020. A significant increase occurs between October 2017 and February 2018, followed by stabilization and moderate growth. The increase accelerates notably from early 2021 onward, peaking in January 2022 at over 7.07 billion USD, suggesting improved sales performance in recent years.
- Shareholders' Equity
- Shareholders' equity demonstrates consistent growth throughout most of the periods, rising from approximately 4.67 billion USD in April 2016 to a peak of 8.40 billion USD in July 2022. A notable decline is observed in the period leading up to February 2019, where equity drops from nearly 7.94 billion to 5.64 billion USD, indicating a significant one-time reduction or adjustment. After this dip, equity recovers steadily. From mid-2020 to mid-2022, the equity grows robustly, reflecting either retained earnings accumulation or capital injections, before a slight decline in the last quarter analyzed.
- Equity Turnover Ratio
- The equity turnover ratio, available from January 2017 onward, shows a gradual declining trend from an initial high of 3.84 to a low near 3.06 by November 2017. Following this, the ratio continues to decrease but at a less steep rate, fluctuating around mid- to high-3s in subsequent quarters. Notably, there is a temporary rise to above 4.0 in early 2019, indicating increased sales efficiency relative to equity during this short period. Post-2019, the ratio declines steadily, reaching a low around 3.23 in the latter part of 2022. This overall downward trend suggests that sales growth has not kept pace with the increase in equity, implying a relative decrease in capital utilization efficiency over time.