Price to Book Value (P/BV)
since 2010
Calculation
Dollar General Corp., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Shareholders’ equity1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Mar 25, 2024 | 4.91 | = | 150.78 | ÷ | 30.72 | 30.72 | = | 6,749,119 | ÷ | 219,671,316 | |
| Mar 24, 2023 | 8.14 | = | 205.81 | ÷ | 25.29 | 25.29 | = | 5,541,772 | ÷ | 219,108,477 | |
| Mar 18, 2022 | 8.39 | = | 229.63 | ÷ | 27.36 | 27.36 | = | 6,261,986 | ÷ | 228,868,368 | |
| Mar 19, 2021 | 6.74 | = | 187.78 | ÷ | 27.84 | 27.84 | = | 6,661,238 | ÷ | 239,264,252 | |
| Mar 19, 2020 | 5.38 | = | 143.00 | ÷ | 26.60 | 26.60 | = | 6,702,500 | ÷ | 251,941,312 | |
| Mar 22, 2019 | 4.75 | = | 117.47 | ÷ | 24.73 | 24.73 | = | 6,417,393 | ÷ | 259,518,801 | |
| Mar 23, 2018 | 3.95 | = | 90.06 | ÷ | 22.79 | 22.79 | = | 6,125,774 | ÷ | 268,741,400 | |
| Mar 24, 2017 | 3.54 | = | 69.48 | ÷ | 19.65 | 19.65 | = | 5,406,294 | ÷ | 275,095,294 | |
| Mar 22, 2016 | 4.47 | = | 83.90 | ÷ | 18.77 | 18.77 | = | 5,377,876 | ÷ | 286,468,872 | |
| Mar 20, 2015 | 4.03 | = | 75.78 | ÷ | 18.82 | 18.82 | = | 5,710,038 | ÷ | 303,415,449 | |
| Mar 20, 2014 | 3.34 | = | 57.58 | ÷ | 17.23 | 17.23 | = | 5,402,193 | ÷ | 313,596,983 | |
| Mar 25, 2013 | 3.35 | = | 51.08 | ÷ | 15.24 | 15.24 | = | 4,985,330 | ÷ | 327,091,344 | |
| Mar 22, 2012 | 3.34 | = | 46.14 | ÷ | 13.81 | 13.81 | = | 4,668,495 | ÷ | 338,091,175 | |
| Mar 22, 2011 | 2.60 | = | 30.84 | ÷ | 11.87 | 11.87 | = | 4,054,479 | ÷ | 341,521,858 | |
| Mar 31, 2010 | 2.54 | = | 25.25 | ÷ | 9.95 | 9.95 | = | 3,390,298 | ÷ | 340,816,996 |
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$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Dollar General Corp. Annual Report.
The Price to Book Value (P/BV) ratio experienced a sustained period of expansion between 2010 and 2022, followed by a notable correction in the subsequent two years. While the book value per share demonstrated a consistent long-term upward trajectory, the market valuation grew at a significantly faster pace for over a decade, leading to a substantial increase in the valuation multiple.
- Valuation Stability (2010–2014)
- During this initial period, the P/BV ratio remained relatively stable, fluctuating within a narrow range between 2.54 and 3.35. The share price and book value per share increased in a correlated manner, maintaining a consistent valuation multiple.
- Multiple Expansion Phase (2015–2022)
- A period of aggressive multiple expansion began in 2015, with the P/BV ratio rising from 4.03 to a peak of 8.39 in 2022. This trend indicates that the market attributed an increasing premium to the company's equity, suggesting higher expectations for future growth, profitability, or intangible asset value relative to the reported accounting book value.
- Market Correction (2023–2024)
- A significant contraction in the P/BV ratio is observed from 2023 to 2024, with the ratio falling to 4.91. This decline was primarily driven by a reduction in the share price, which decreased from a peak of 229.63 in 2022 to 150.78 in 2024, even as the book value per share reached a period high of 30.72 in 2024.
- Analysis of Book Value per Share (BVPS)
- The book value per share showed a steady climb from 9.95 in 2010 to 30.72 in 2024. The consistent growth of the BVPS, contrasted with the high volatility of the share price, confirms that the fluctuations in the P/BV ratio are predominantly a result of market sentiment and pricing dynamics rather than instability in the underlying net asset base.
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Comparison to Competitors
Dollar General Corp., P/BV, long-term trends, comparison to competitors
| Dollar General Corp. | Costco Wholesale Corp. | Target Corp. | Walmart Inc. | |
|---|---|---|---|---|
| Mar 25, 2024 | 4.91 | 17.05 | 5.73 | 5.83 |
| Mar 24, 2023 | 8.14 | 9.99 | 6.70 | 4.90 |
| Mar 18, 2022 | 8.39 | 10.30 | 7.79 | 4.81 |
| Mar 19, 2021 | 6.74 | 11.30 | 6.17 | 4.59 |
| Mar 19, 2020 | 5.38 | 8.76 | 4.47 | 4.32 |
| Mar 22, 2019 | 4.75 | 8.58 | 3.52 | 3.85 |
| Mar 23, 2018 | 3.95 | 7.47 | 3.25 | 3.37 |
| Mar 24, 2017 | 3.54 | 6.39 | 2.78 | 2.81 |
| Mar 22, 2016 | 4.47 | 5.44 | 3.79 | 2.69 |
| Mar 20, 2015 | 4.03 | 6.17 | 3.63 | 3.20 |
| Mar 20, 2014 | 3.34 | 4.42 | 2.32 | 3.22 |
| Mar 25, 2013 | 3.35 | 4.73 | 2.65 | 3.22 |
| Mar 22, 2012 | 3.34 | 3.32 | 2.48 | 2.92 |
| Mar 22, 2011 | 2.60 | 2.95 | 2.31 | 2.67 |
| Mar 31, 2010 | 2.54 | 2.52 | 2.56 | 2.97 |
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., P/BV, long-term trends, comparison to sector (consumer staples distribution & retail)
| Dollar General Corp. | Consumer Staples Distribution & Retail | |
|---|---|---|
| Mar 25, 2024 | 4.91 | 8.01 |
| Mar 24, 2023 | 8.14 | 6.21 |
| Mar 18, 2022 | 8.39 | 6.11 |
| Mar 19, 2021 | 6.74 | 5.83 |
| Mar 19, 2020 | 5.38 | 5.11 |
| Mar 22, 2019 | 4.75 | 4.54 |
| Mar 23, 2018 | 3.95 | 3.87 |
| Mar 24, 2017 | 3.54 | 3.19 |
| Mar 22, 2016 | 4.47 | 3.14 |
| Mar 20, 2015 | 4.03 | 3.55 |
| Mar 20, 2014 | 3.34 | 3.22 |
| Mar 25, 2013 | 3.35 | 3.29 |
| Mar 22, 2012 | 3.34 | 2.90 |
| Mar 22, 2011 | 2.60 | 2.64 |
| Mar 31, 2010 | 2.54 | 2.86 |
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., P/BV, long-term trends, comparison to industry (consumer staples)
| Dollar General Corp. | Consumer Staples | |
|---|---|---|
| Mar 25, 2024 | 4.91 | 9.43 |
| Mar 24, 2023 | 8.14 | 8.14 |
| Mar 18, 2022 | 8.39 | 8.11 |
| Mar 19, 2021 | 6.74 | 8.15 |
| Mar 19, 2020 | 5.38 | 7.44 |
| Mar 22, 2019 | 4.75 | 7.21 |
| Mar 23, 2018 | 3.95 | 5.76 |
| Mar 24, 2017 | 3.54 | 5.70 |
| Mar 22, 2016 | 4.47 | 5.35 |
| Mar 20, 2015 | 4.03 | 5.06 |
| Mar 20, 2014 | 3.34 | 4.55 |
| Mar 25, 2013 | 3.35 | 4.08 |
| Mar 22, 2012 | 3.34 | 3.89 |
| Mar 22, 2011 | 2.60 | 3.50 |
| Mar 31, 2010 | 2.54 | 3.45 |
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).