Common-Size Income Statement
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- Analysis of Profitability Ratios
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Operating Profit Margin since 2010
- Return on Equity (ROE) since 2010
- Price to Operating Profit (P/OP) since 2010
- Price to Book Value (P/BV) since 2010
- Aggregate Accruals
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Dollar General Corp., common-size consolidated income statement
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).
- Cost of Goods Sold
- The proportion of cost of goods sold relative to net sales showed a generally stable trend with minor fluctuations. It decreased from -69.55% in fiscal 2019 to a low of -68.24% in 2021, indicating a slight improvement in cost efficiency during that period. However, it increased again afterward, reaching -69.71% by 2024, suggesting rising costs or pricing pressures in recent years.
- Gross Profit
- Gross profit as a percentage of net sales trended positively initially, rising from 30.45% in 2019 to a peak of 31.76% in 2021. This increase aligns with the lower cost of goods sold in that year. After 2021, gross profit margins declined steadily to 30.29% by 2024, reflecting the earlier noted rise in cost of goods sold.
- Selling, General and Administrative Expenses (SG&A)
- SG&A expenses expressed as a percentage of net sales displayed a gradually increasing trend over the six-year period. Starting at -22.20% in 2019, these expenses edged downward slightly in 2021 to -21.23% but rose sharply afterward, reaching -23.97% in 2024. This indicates increasing operating expenses, which could be exerting pressure on profitability.
- Operating Profit
- Operating profit margins improved significantly from 8.26% in 2019 to a high of 10.53% in 2021, coinciding with improvements in gross profit and reduced SG&A in that year. However, subsequent years saw a notable decline, falling to 6.32% in 2024. This contraction reflects the combined effects of increasing cost of goods sold and SG&A expenses.
- Interest Expense
- Interest expense relative to net sales displayed an upward trend, increasing from -0.39% in 2019 to -0.84% in 2024. The rise in interest costs could indicate increased borrowing or higher interest rates, which negatively impact net profitability.
- Income Before Income Taxes
- Income before income taxes followed a pattern similar to operating profit, peaking at 10.09% in 2021 before declining to 5.48% in 2024. This decline reflects the increased interest expense and operating costs noted in recent periods.
- Income Tax Expense
- The income tax expense as a percentage of net sales fluctuated moderately, generally trending downward from -1.76% in 2020 to -1.18% in 2024, possibly reflecting changes in tax rates, deferred tax assets or liabilities, or tax planning strategies.
- Net Income
- Net income margins mirrored the broader profitability trends. After rising from 6.20% in 2019 to a peak of 7.87% in 2021, net income margins declined steadily to 4.29% in 2024. This indicates that despite the earlier gains, overall profitability has weakened, primarily due to increased costs and expenses as well as higher interest charges.