Debt to Equity
since 2010
Calculation
Dollar General Corp., debt to equity, long-term trends, calculation
| Debt to equity | = | Long-term obligations, including current portion1 | ÷ | Shareholders’ equity1 | |
|---|---|---|---|---|---|
| Feb 2, 2024 | 1.04 | = | 7,000,184) | ÷ | 6,749,119) |
| Feb 3, 2023 | 1.26 | = | 7,009,399) | ÷ | 5,541,772) |
| Jan 28, 2022 | 0.67 | = | 4,172,068) | ÷ | 6,261,986) |
| Jan 29, 2021 | 0.62 | = | 4,130,975) | ÷ | 6,661,238) |
| Jan 31, 2020 | 0.43 | = | 2,911,993) | ÷ | 6,702,500) |
| Feb 1, 2019 | 0.45 | = | 2,864,690) | ÷ | 6,417,393) |
| Feb 2, 2018 | 0.49 | = | 3,005,958) | ÷ | 6,125,774) |
| Feb 3, 2017 | 0.59 | = | 3,211,526) | ÷ | 5,406,294) |
| Jan 29, 2016 | 0.55 | = | 2,970,554) | ÷ | 5,377,876) |
| Jan 30, 2015 | 0.48 | = | 2,740,585) | ÷ | 5,710,038) |
| Jan 31, 2014 | 0.52 | = | 2,818,754) | ÷ | 5,402,193) |
| Feb 1, 2013 | 0.56 | = | 2,772,228) | ÷ | 4,985,330) |
| Feb 3, 2012 | 0.56 | = | 2,618,481) | ÷ | 4,668,495) |
| Jan 28, 2011 | 0.81 | = | 3,288,227) | ÷ | 4,054,479) |
| Jan 29, 2010 | 1.00 | = | 3,403,386) | ÷ | 3,390,298) |
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), 10-K (reporting date: 2018-02-02), 10-K (reporting date: 2017-02-03), 10-K (reporting date: 2016-01-29), 10-K (reporting date: 2015-01-30), 10-K (reporting date: 2014-01-31), 10-K (reporting date: 2013-02-01), 10-K (reporting date: 2012-02-03), 10-K (reporting date: 2011-01-28), 10-K (reporting date: 2010-01-29).
1 US$ in thousands
The financial trajectory from 2010 to 2024 reveals a distinct shift in capital structure, characterized by a prolonged period of deleveraging followed by a sharp increase in long-term obligations and a subsequent correction.
- Deleveraging and Equity Growth (2010–2020)
- A consistent downward trend in the debt-to-equity ratio is observed between 2010 and 2020. The ratio declined from 1.00 in 2010 to a low of 0.43 by January 2020. This reduction in leverage was primarily driven by a steady expansion of shareholders' equity, which grew from approximately 3.39 billion USD to 6.70 billion USD. During this decade, long-term obligations were managed efficiently, generally fluctuating between 2.6 billion USD and 3.2 billion USD, thereby strengthening the equity cushion relative to total debt.
- Rapid Leverage Expansion (2021–2023)
- A significant reversal in the leverage profile occurred starting in 2021. Long-term obligations escalated rapidly from 2.91 billion USD in 2020 to 7.01 billion USD by February 2023. This increase in debt coincided with a decline in shareholders' equity, which fell to 5.54 billion USD in 2023. As a result, the debt-to-equity ratio surged from 0.43 in 2020 to a peak of 1.26 in 2023, representing the highest leverage level recorded since 2010.
- Recent Capital Stabilization (2023–2024)
- Between February 2023 and February 2024, a moderation in the debt-to-equity ratio to 1.04 is observed. This improvement was not driven by a reduction in debt, as long-term obligations remained nearly constant at approximately 7.00 billion USD, but rather by a substantial recovery in shareholders' equity, which increased to 6.75 billion USD.
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Comparison to Competitors
Dollar General Corp., debt to equity, long-term trends, comparison to competitors
| Dollar General Corp. | Costco Wholesale Corp. | Target Corp. | Walmart Inc. | |
|---|---|---|---|---|
| Feb 2, 2024 | 1.04 | 0.25 | 1.19 | 0.56 |
| Feb 3, 2023 | 1.26 | 0.26 | 1.44 | 0.58 |
| Jan 28, 2022 | 0.67 | 0.32 | 1.07 | 0.51 |
| Jan 29, 2021 | 0.62 | 0.43 | 0.88 | 0.60 |
| Jan 31, 2020 | 0.43 | 0.42 | 0.97 | 0.73 |
| Feb 1, 2019 | 0.45 | 0.45 | 1.00 | 0.80 |
| Feb 2, 2018 | 0.49 | 0.51 | 0.99 | 0.60 |
| Feb 3, 2017 | 0.59 | 0.62 | 1.16 | 0.59 |
| Jan 29, 2016 | 0.55 | 0.43 | 0.98 | 0.62 |
| Jan 30, 2015 | 0.48 | 0.58 | 0.91 | 0.62 |
| Jan 31, 2014 | 0.52 | 0.41 | 0.85 | 0.74 |
| Feb 1, 2013 | 0.56 | 0.46 | 1.07 | 0.71 |
| Feb 3, 2012 | 0.56 | 0.11 | 1.11 | 0.75 |
| Jan 28, 2011 | 0.81 | 0.18 | 1.02 | 0.73 |
| Jan 29, 2010 | 1.00 | 0.20 | 1.10 | 0.58 |
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), 10-K (reporting date: 2018-02-02), 10-K (reporting date: 2017-02-03), 10-K (reporting date: 2016-01-29), 10-K (reporting date: 2015-01-30), 10-K (reporting date: 2014-01-31), 10-K (reporting date: 2013-02-01), 10-K (reporting date: 2012-02-03), 10-K (reporting date: 2011-01-28), 10-K (reporting date: 2010-01-29).
Comparison to Sector (Consumer Staples Distribution & Retail)
Dollar General Corp., debt to equity, long-term trends, comparison to sector (consumer staples distribution & retail)
| Dollar General Corp. | Consumer Staples Distribution & Retail | |
|---|---|---|
| Feb 2, 2024 | 1.04 | 0.57 |
| Feb 3, 2023 | 1.26 | 0.59 |
| Jan 28, 2022 | 0.67 | 0.54 |
| Jan 29, 2021 | 0.62 | 0.61 |
| Jan 31, 2020 | 0.43 | 0.70 |
| Feb 1, 2019 | 0.45 | 0.77 |
| Feb 2, 2018 | 0.49 | 0.63 |
| Feb 3, 2017 | 0.59 | 0.66 |
| Jan 29, 2016 | 0.55 | 0.64 |
| Jan 30, 2015 | 0.48 | 0.65 |
| Jan 31, 2014 | 0.52 | 0.72 |
| Feb 1, 2013 | 0.56 | 0.74 |
| Feb 3, 2012 | 0.56 | 0.73 |
| Jan 28, 2011 | 0.81 | 0.71 |
| Jan 29, 2010 | 1.00 | 0.62 |
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), 10-K (reporting date: 2018-02-02), 10-K (reporting date: 2017-02-03), 10-K (reporting date: 2016-01-29), 10-K (reporting date: 2015-01-30), 10-K (reporting date: 2014-01-31), 10-K (reporting date: 2013-02-01), 10-K (reporting date: 2012-02-03), 10-K (reporting date: 2011-01-28), 10-K (reporting date: 2010-01-29).
Comparison to Industry (Consumer Staples)
Dollar General Corp., debt to equity, long-term trends, comparison to industry (consumer staples)
| Dollar General Corp. | Consumer Staples | |
|---|---|---|
| Feb 2, 2024 | 1.04 | 1.11 |
| Feb 3, 2023 | 1.26 | 1.15 |
| Jan 28, 2022 | 0.67 | 1.07 |
| Jan 29, 2021 | 0.62 | 1.07 |
| Jan 31, 2020 | 0.43 | 1.24 |
| Feb 1, 2019 | 0.45 | 1.18 |
| Feb 2, 2018 | 0.49 | 1.11 |
| Feb 3, 2017 | 0.59 | 1.20 |
| Jan 29, 2016 | 0.55 | 1.09 |
| Jan 30, 2015 | 0.48 | 1.00 |
| Jan 31, 2014 | 0.52 | 0.96 |
| Feb 1, 2013 | 0.56 | 0.87 |
| Feb 3, 2012 | 0.56 | 0.83 |
| Jan 28, 2011 | 0.81 | 0.80 |
| Jan 29, 2010 | 1.00 | 0.74 |
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), 10-K (reporting date: 2018-02-02), 10-K (reporting date: 2017-02-03), 10-K (reporting date: 2016-01-29), 10-K (reporting date: 2015-01-30), 10-K (reporting date: 2014-01-31), 10-K (reporting date: 2013-02-01), 10-K (reporting date: 2012-02-03), 10-K (reporting date: 2011-01-28), 10-K (reporting date: 2010-01-29).