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Stock Analysis on Net

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: Liabilities and Stockholders’ Equity

Dollar General Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity

Microsoft Excel
Feb 2, 2024 Feb 3, 2023 Jan 28, 2022 Jan 29, 2021 Jan 31, 2020 Feb 1, 2019
Current portion of long-term obligations 2.50 0.00 0.00 0.00 0.00 0.01
Current portion of operating lease liabilities 4.50 4.43 4.50 4.15 4.23 0.00
Accounts payable 11.65 12.22 14.20 13.97 12.53 18.07
Compensation and benefits 0.47 0.74 0.82 1.04 0.59 0.92
Self-insurance reserves 0.49 0.47 0.49 0.43 0.48 0.81
Taxes, other than taxes on income 0.90 1.02 1.23 1.23 0.84 1.39
Other 1.30 1.34 1.45 1.19 1.19 1.56
Accrued expenses and other 3.16% 3.57% 3.98% 3.89% 3.11% 4.68%
Income taxes payable 0.03 0.03 0.03 0.06 0.04 0.08
Current liabilities 21.84% 20.24% 22.71% 22.08% 19.91% 22.84%
Long-term obligations, excluding current portion 20.24 24.10 15.85 15.97 12.76 21.68
Long-term operating lease liabilities, excluding current portion 31.51 32.19 33.77 32.42 34.26 0.00
Deferred income taxes 3.68 3.65 3.13 2.75 2.96 4.62
Self-insurance reserves 0.51 0.47 0.49 0.52 0.58 0.98
Payroll tax liabilities 0.00 0.00 0.00 0.32 0.00 0.00
Deferred rent 0.00 0.00 0.00 0.00 0.00 0.53
Deferred gain on sale leaseback 0.00 0.00 0.00 0.00 0.00 0.31
Other 0.31 0.29 0.26 0.18 0.18 0.44
Other liabilities 0.82% 0.76% 0.75% 1.02% 0.76% 2.26%
Noncurrent liabilities 56.24% 60.70% 53.50% 52.16% 50.73% 28.56%
Total liabilities 78.08% 80.95% 76.21% 74.24% 70.64% 51.40%
Preferred stock 0.00 0.00 0.00 0.00 0.00 0.00
Common stock; $0.875 par value 0.62 0.66 0.76 0.81 0.97 1.72
Additional paid-in capital 12.20 12.70 13.63 13.33 14.56 24.63
Retained earnings 9.09 5.69 9.40 11.62 13.86 22.27
Accumulated other comprehensive income (loss) 0.00 0.00 0.00 -0.01 -0.01 -0.02
Shareholders’ equity 21.92% 19.05% 23.79% 25.76% 29.36% 48.60%
Total liabilities and shareholders’ equity 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).

An analysis of the capital structure reveals a significant shift in the financing mix over the six-year period. There is a pronounced trend toward increased leverage, with total liabilities rising from 51.40% of total liabilities and shareholders’ equity in February 2019 to a peak of 80.95% in February 2023, before slightly moderating to 78.08% in February 2024.

Capital Structure and Leverage
A systematic migration from equity-based funding to debt-based funding is observed. Shareholders’ equity declined sharply from 48.60% in 2019 to 19.05% in 2023, with a marginal recovery to 21.92% in 2024. This suggests a strategic shift toward leveraging the balance sheet to fund operations or growth.
Noncurrent Liability Composition
Noncurrent liabilities expanded from 28.56% in 2019 to 56.24% in 2024. This growth is primarily driven by long-term operating lease liabilities, which consistently represented a substantial portion of the total balance sheet, ranging between 31.51% and 34.26% from 2020 through 2024. Long-term obligations, excluding the current portion, also showed volatility, peaking at 24.10% in 2023.
Current Liability Trends
Current liabilities remained relatively stable as a percentage of the total structure, fluctuating between 19.91% and 22.84%. However, a notable internal shift occurred within this category; accounts payable decreased from 18.07% in 2019 to 11.65% in 2024, indicating a change in the relative weight of trade credit within the overall capital mix.
Equity Component Analysis
The erosion of shareholders' equity is characterized by a steep decline in retained earnings, which fell from 22.27% in 2019 to a low of 5.69% in 2023, before recovering to 9.09% in 2024. Similarly, additional paid-in capital saw a steady reduction from 24.63% in 2019 to 12.20% in 2024, further contributing to the overall decrease in the equity ratio.

In summary, the financial profile has transitioned from a balanced distribution between debt and equity to one heavily dominated by noncurrent liabilities, specifically long-term leases and debt obligations. The simultaneous reduction in the proportions of retained earnings and paid-in capital underscores a diminished reliance on internal equity to support the total asset base.

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