Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
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- Statement of Comprehensive Income
- Common-Size Income Statement
- Analysis of Liquidity Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Return on Equity (ROE) since 2010
- Debt to Equity since 2010
- Price to Earnings (P/E) since 2010
- Price to Sales (P/S) since 2010
- Aggregate Accruals
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Dollar General Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity
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).
- Current Liabilities
- The proportion of current liabilities relative to total liabilities and shareholders’ equity has fluctuated over the years, starting at 22.84% in early 2019, dipping to a low of 19.91% in early 2020, increasing again to around 22.71% in early 2022, then decreasing to 20.24% in early 2023 before rising slightly to 21.84% in early 2024. Key components within current liabilities show variation as well: accounts payable decreased from 18.07% in 2019 to 11.65% in 2024, indicating a reduction in this short-term obligation. The current portion of operating lease liabilities appeared from 2020 onwards and remained relatively stable around 4.2% to 4.5%, denoting a notable leasing commitment. Other current items such as accrued expenses and other liabilities saw a general decline from 4.68% to 3.16%, and compensation and benefits decreased overall from 0.92% to 0.47%, reflecting potential efficiency or cost control measures.
- Long-term Liabilities
- The share of long-term obligations excluding the current portion exhibited variability, initially at 21.68% in 2019, dropping sharply to 12.76% in 2020, then increasing and peaking at 24.10% in 2023, before declining to 20.24% in 2024. This pattern suggests fluctuating reliance on long-term debt or obligations. Long-term operating lease liabilities, introduced from 2020, consistently accounted for approximately one-third of the total liabilities and shareholders' equity (about 31.5% to 34.3%), highlighting substantial lease commitments as key long-term liabilities. Deferred income taxes remained relatively low but showed a slight upward trend from 2.96% in 2020 to 3.68% in 2024. Overall, noncurrent liabilities increased significantly from 28.56% in 2019 to a peak of 60.7% in 2023, before a minor decline to 56.24% in 2024, indicating a growing proportion of long-term obligations in the capital structure.
- Total Liabilities
- Total liabilities as a percentage of total financing increased markedly from 51.4% in 2019 to a peak of 80.95% in 2023, followed by a slight decrease to 78.08% in 2024. This upward trend reflects increased leverage or higher overall obligations relative to equity over the analyzed period.
- Shareholders’ Equity
- Shareholders’ equity as a proportion of total liabilities and shareholders’ equity consistently declined from 48.6% in 2019 to a low of 19.05% in 2023, with a modest recovery to 21.92% in 2024. Within this, retained earnings experienced a notable decrease from 22.27% in 2019 to as low as 5.69% in 2023 before increasing to 9.09% in 2024, suggesting earnings retention weakened but showed signs of improvement recently. Additional paid-in capital also declined steadily from 24.63% to 12.2%, indicating capital contributions or equity injections became less significant over time. Common stock's relative share decreased gradually from 1.72% to 0.62%. Accumulated other comprehensive income remained negligible across all periods.
- Other Observations
- Several smaller liabilities such as compensation and benefits, self-insurance reserves, taxes other than income taxes, and other miscellaneous liabilities all showed a tendency to decline or remain stable at low levels throughout the period. The current portion of long-term obligations, initially negligible, rose to 2.5% in 2024, indicating an increasing amount of long-term debt becoming due within a year.
- Summary
- The data reveals a trend toward increased leverage, with total liabilities rising significantly relative to shareholders’ equity from 2019 through 2023, followed by a slight improvement in 2024. Long-term obligations, especially related to operating leases, constitute a substantial part of liabilities, reflecting considerable lease commitments. The decline in equity components, particularly retained earnings and additional paid-in capital, suggests pressures on internal capital generation and external equity financing. Current liabilities generally remained stable as a proportion, while specific current obligations such as accounts payable decreased consistently. Overall, the capital structure shifted towards greater reliance on liabilities, primarily long-term, with a corresponding reduction in equity proportions over the timeframe analyzed.