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
- Long-term Obligations
- Long-term obligations, including current portion, exhibited a general declining trend from 2010 through 2015, decreasing from approximately 3.4 billion US$ to around 2.7 billion US$. However, after 2015, this trend reversed with obligations increasing steadily, peaking sharply in 2023 and 2024 at about 7.0 billion US$. This indicates a significant rise in the company's debt levels in the most recent years after a period of relative stability and decline.
- Shareholders’ Equity
- Shareholders’ equity showed a largely positive trajectory from 2010 until 2020, rising from approximately 3.4 billion US$ to over 6.7 billion US$. After 2020, there was a decline through 2022, dropping to around 5.5 billion US$, followed by a recovery in 2024, reaching roughly 6.7 billion US$. This suggests fluctuations in retained earnings or possibly share repurchases or issuance impacting equity in recent years.
- Debt to Equity Ratio
- The debt to equity ratio decreased consistently from 1.0 in 2010 to a low of about 0.43 in 2019, reflecting a reduction in leverage and a stronger equity base relative to debt. From 2019 onwards, this ratio increased significantly, peaking at 1.26 in 2023 before slightly declining to 1.04 in 2024. The recent upward trend indicates increased leverage, with debt growing faster than equity, especially notable given the substantial rise in long-term obligations during the same period.
- Summary of Patterns and Insights
- The data highlights a strategic shift over time from reducing debt and building equity to a more leveraged position in recent years. Initially, the company reduced its long-term obligations and improved its financial stability by increasing equity and decreasing the debt to equity ratio. Post-2019, there is evidence of increased borrowing, as seen in the marked rise in long-term obligations and an increased debt to equity ratio, while equity experienced some volatility but generally remained strong. This shift may reflect changes in capital structure strategy, investment in growth opportunities, or external financing conditions.
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. | 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).