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Dollar General Corp. (NYSE:DG)

This company has been moved to the archive! The financial data has not been updated since August 29, 2024.

Common-Size Balance Sheet: Assets

Dollar General Corp., common-size consolidated balance sheet: assets

Microsoft Excel
Feb 2, 2024 Feb 3, 2023 Jan 28, 2022 Jan 29, 2021 Jan 31, 2020 Feb 1, 2019
Cash and cash equivalents 1.74 1.31 1.31 5.32 1.05 1.78
Accounts receivable 0.00 0.00 0.00 0.00 0.00 0.00
Merchandise inventories 22.71 23.25 21.33 20.29 20.49 31.03
Income taxes receivable 0.36 0.47 0.37 0.35 0.34 0.44
Prepaid expenses and other current assets 1.19 1.04 0.94 0.77 0.81 2.07
Current assets 26.01% 26.07% 23.94% 26.73% 22.68% 35.32%
Net property and equipment 19.77 18.00 16.51 15.08 14.36 22.50
Operating lease assets 36.04 36.69 38.34 36.63 38.54 0.00
Goodwill 14.09 14.92 16.48 16.78 19.01 32.86
Other intangible assets, net 3.90 4.13 4.56 4.64 5.26 9.09
Other assets, net 0.20 0.20 0.18 0.14 0.15 0.24
Noncurrent assets 73.99% 73.93% 76.06% 73.27% 77.32% 64.68%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2024-02-02), 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-02-01).

The asset composition shows a significant structural shift between February 2019 and February 2024, characterized by a transition from a high concentration of intangible assets and inventories toward a larger proportion of long-term operating lease assets and physical infrastructure.

Current Asset Dynamics
Current assets as a percentage of total assets decreased from 35.32% in 2019 to 26.01% in 2024. This contraction is largely attributed to a sharp decline in merchandise inventories, which fell from 31.03% in 2019 to a stabilized range between 20.29% and 23.25% from 2020 through 2024. Cash and cash equivalents remained consistently low, generally staying below 2% of total assets, with the exception of a temporary spike to 5.32% in January 2021.
Fixed and Lease Asset Expansion
Noncurrent assets rose from 64.68% in 2019 to 73.99% in 2024. The most notable change is the emergence of operating lease assets starting in 2020, which have consistently represented between 36% and 38% of the total asset base. Simultaneously, net property and equipment demonstrated a steady upward trend, increasing from 14.36% in 2020 to 19.77% in 2024, signaling an increased allocation of capital toward tangible fixed assets.
Intangible Asset Reduction
A consistent downward trend is observed in the proportion of intangible assets. Goodwill decreased significantly from 32.86% in 2019 to 14.09% in 2024. Similarly, other intangible assets, net, declined from 9.09% in 2019 to 3.90% in 2024. This reduction suggests that intangible assets are being diluted by the growth of the tangible asset base or are being amortized/impaired over time.
Overall Balance Sheet Distribution
The transition indicates a shift toward a more asset-heavy operating model in terms of physical and leased footprints. The relative weight of the balance sheet has moved away from liquid current assets and goodwill toward long-term operational infrastructure, with noncurrent assets now comprising nearly three-quarters of the total asset structure.

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