Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Common Stock Valuation Ratios
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Analysis of Revenues
- Analysis of Debt
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Dollar General Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
Based on: 10-Q (reporting date: 2024-08-02), 10-Q (reporting date: 2024-05-03), 10-K (reporting date: 2024-02-02), 10-Q (reporting date: 2023-11-03), 10-Q (reporting date: 2023-08-04), 10-Q (reporting date: 2023-05-05), 10-K (reporting date: 2023-02-03), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-Q (reporting date: 2022-04-29), 10-K (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-Q (reporting date: 2021-04-30), 10-K (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-05-01), 10-K (reporting date: 2020-01-31), 10-Q (reporting date: 2019-11-01), 10-Q (reporting date: 2019-08-02), 10-Q (reporting date: 2019-05-03), 10-K (reporting date: 2019-02-01), 10-Q (reporting date: 2018-11-02), 10-Q (reporting date: 2018-08-03), 10-Q (reporting date: 2018-05-04).
- Current liabilities
- The proportion of current liabilities relative to total liabilities and shareholders’ equity fluctuated between approximately 18.57% and 26.8% across the examined period. Notably, there was an increase from 20.21% in early 2018 peaks reaching close to 26.8% by mid-2022. Following this peak, the percentage decreased to around 20% by early 2023 but resumed a slight upward trend towards 22.45% in mid-2024. Accounts payable, a significant component of current liabilities, showed a sharp decline from over 18% in early 2019 to a low near 11% in mid-2019, then gradually increased again to roughly 15% by mid-2022, followed by a gradual decline to about 12% by mid-2024.
- Long-term obligations and leases
- Long-term obligations excluding the current portion exhibited a downward trend from about 22.91% in early 2018 to values around 12.82% to 12.33% in 2019, then rose to peak near 24.1% in early 2023, declining slightly to 19.6% by mid-2024. The current portions of long-term obligations remained negligible (<0.02%) until a sharp increase beginning in early 2022, reaching above 3% by mid-2022 and sustaining around 2.4%-2.5% through mid-2024. Long-term operating lease liabilities, excluding current portions, consistently represented a significant share, starting near 34% in early 2019 and slowly tapering to approximately 30.75% by mid-2024.
- Other liabilities and deferred taxes
- Deferred income taxes held steady between roughly 4.52% in early 2018, declining to just below 3% in 2019, then gradually increasing back to near 3.7% by mid-2024. Other liabilities remained a minor component, generally between 0.68% and 1.08%, with no distinct long-term trend.
- Total liabilities
- Total liabilities increased substantially from about 50% in early 2018 to over 78% by mid-2024, indicating a growing leverage ratio. The upward trend was steady with temporary fluctuations, particularly rising sharply after early 2019. In parallel, noncurrent liabilities grew from around 28.2% in early 2018 to near 60.7% in early 2023, slightly declining thereafter to approximately 54.7% by mid-2024.
- Shareholders’ equity
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The percentage of shareholders’ equity relative to total liabilities and equity decreased from nearly 50% in early 2018 to approximately 19-22% by mid-2024, highlighting a consistent reduction in equity proportion. Key elements of equity showed the following patterns:
- Common stock
- A gradual decline from 1.87% down to about 0.6% was observed, indicating minimal issuance or other changes relative to total capital.
- Additional paid-in capital
- Dropped sharply from around 25.7% in early 2018 to approximately 12% by mid-2024, suggesting substantial equity adjustments or share repurchases.
- Retained earnings
- Showed a decreasing trend from above 22% in early 2018 to a nadir below 6% in early 2023, with a moderate recovery to around 10% by mid-2024, reflecting periods of diminished profitability or dividend payments with some recovery later.
- Accumulated other comprehensive income (loss)
- Remained close to zero throughout, with a slight negative position early on, turning marginally positive by mid-2024.
- Short-term borrowings and lease liabilities
- Short-term borrowings as a percentage of total liabilities and equity appeared only in 2023 with a small figure around 0.84%, indicating limited reliance on short-term debt. Current portions of operating lease liabilities were first recorded in mid-2019 around 4.2% and remained very stable, fluctuating narrowly between 3.9% and 4.5%, showing consistent lease payment obligations over time.
- Summary insights
- The data reveals an increasing leverage position over the examined years, characterized by rising total liabilities and shrinking equity proportions. Noncurrent liabilities including leases constitute a large and stable portion of the capital structure, while current liabilities fluctuate more distinctly. Equity components reflect contraction, particularly in additional paid-in capital and retained earnings, indicating possible share buybacks, dividend distributions, or losses in certain periods. The lease obligations represent a substantial and steady liability burden. Overall, the shifts indicate a strategic increase in financial leverage coupled with moderate equity base reduction, potentially aimed at capital optimization or growth financing.