Price to Earnings (P/E)
since 2010
Calculation
Dollar General Corp., P/E, long-term trends, calculation
| P/E | = | Share price1, 2, 3 | ÷ | Earnings per share1 (EPS) | EPS1 | = | Net income1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Mar 25, 2024 | 19.94 | = | 150.78 | ÷ | 7.56 | 7.56 | = | 1,661,274 | ÷ | 219,671,316 | |
| Mar 24, 2023 | 18.67 | = | 205.81 | ÷ | 11.03 | 11.03 | = | 2,415,989 | ÷ | 219,108,477 | |
| Mar 18, 2022 | 21.90 | = | 229.63 | ÷ | 10.48 | 10.48 | = | 2,399,232 | ÷ | 228,868,368 | |
| Mar 19, 2021 | 16.92 | = | 187.78 | ÷ | 11.10 | 11.10 | = | 2,655,050 | ÷ | 239,264,252 | |
| Mar 19, 2020 | 21.04 | = | 143.00 | ÷ | 6.80 | 6.80 | = | 1,712,555 | ÷ | 251,941,312 | |
| Mar 22, 2019 | 19.18 | = | 117.47 | ÷ | 6.12 | 6.12 | = | 1,589,472 | ÷ | 259,518,801 | |
| Mar 23, 2018 | 15.73 | = | 90.06 | ÷ | 5.73 | 5.73 | = | 1,538,960 | ÷ | 268,741,400 | |
| Mar 24, 2017 | 15.28 | = | 69.48 | ÷ | 4.55 | 4.55 | = | 1,251,133 | ÷ | 275,095,294 | |
| Mar 22, 2016 | 20.63 | = | 83.90 | ÷ | 4.07 | 4.07 | = | 1,165,080 | ÷ | 286,468,872 | |
| Mar 20, 2015 | 21.58 | = | 75.78 | ÷ | 3.51 | 3.51 | = | 1,065,345 | ÷ | 303,415,449 | |
| Mar 20, 2014 | 17.61 | = | 57.58 | ÷ | 3.27 | 3.27 | = | 1,025,116 | ÷ | 313,596,983 | |
| Mar 25, 2013 | 17.54 | = | 51.08 | ÷ | 2.91 | 2.91 | = | 952,662 | ÷ | 327,091,344 | |
| Mar 22, 2012 | 20.35 | = | 46.14 | ÷ | 2.27 | 2.27 | = | 766,685 | ÷ | 338,091,175 | |
| Mar 22, 2011 | 16.78 | = | 30.84 | ÷ | 1.84 | 1.84 | = | 627,857 | ÷ | 341,521,858 | |
| Mar 31, 2010 | 25.35 | = | 25.25 | ÷ | 1.00 | 1.00 | = | 339,442 | ÷ | 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.
An analysis of the financial metrics from 2010 to 2024 reveals a prolonged period of expansion in both share price and earnings per share, followed by a recent correction. While absolute values for share price and earnings grew substantially over the first twelve years, the valuation multiple remained relatively range-bound, suggesting a consistent market perception of the company's growth potential relative to its earnings.
- Earnings Per Share (EPS) Trajectory
- EPS exhibited a strong and consistent upward trend for over a decade, rising from $1.00 in 2010 to a peak of $11.10 in 2021. This growth remained stable through 2023 at $11.03 before experiencing a significant contraction to $7.56 in 2024, representing a notable decline in profitability per share in the final year of the period.
- Share Price Performance
- The share price experienced substantial appreciation from $25.25 in 2010 to a peak of $229.63 in 2022. This represents a period of aggressive capital growth. However, this peak was followed by a sharp downward trend, with the price retreating to $150.78 by March 2024.
- Price-to-Earnings (P/E) Ratio Stability
- The P/E ratio has historically oscillated between a low of 15.28 in 2017 and a high of 25.35 in 2010. After the initial 2010 peak, the ratio generally stabilized between 15 and 22. A peak in the multiple occurred in 2022 at 21.90, coinciding with the peak share price. Despite the decline in both share price and EPS in 2024, the P/E ratio remained at 19.94, indicating that the market valuation multiple did not collapse, but rather aligned with its long-term historical average.
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Comparison to Competitors
Dollar General Corp., P/E, long-term trends, comparison to competitors
| Dollar General Corp. | Costco Wholesale Corp. | Target Corp. | Walmart Inc. | |
|---|---|---|---|---|
| Mar 25, 2024 | 19.94 | 54.68 | 18.60 | 31.52 |
| Mar 24, 2023 | 18.67 | 39.79 | 27.08 | 32.17 |
| Mar 18, 2022 | 21.90 | 36.38 | 14.38 | 29.27 |
| Mar 19, 2021 | 16.92 | 39.65 | 20.39 | 27.47 |
| Mar 19, 2020 | 21.04 | 40.02 | 16.12 | 21.69 |
| Mar 22, 2019 | 19.18 | 35.76 | 13.56 | 41.79 |
| Mar 23, 2018 | 15.73 | 30.51 | 12.97 | 26.62 |
| Mar 24, 2017 | 15.28 | 25.70 | 11.11 | 16.03 |
| Mar 22, 2016 | 20.63 | 27.99 | 14.61 | 14.72 |
| Mar 20, 2015 | 21.58 | 27.57 | — | 15.91 |
| Mar 20, 2014 | 17.61 | 26.44 | 19.07 | 15.34 |
| Mar 25, 2013 | 17.54 | 25.15 | 14.65 | 14.48 |
| Mar 22, 2012 | 20.35 | 23.98 | 13.41 | 13.25 |
| Mar 22, 2011 | 16.78 | 24.24 | 12.23 | 11.15 |
| Mar 31, 2010 | 25.35 | 20.97 | 15.77 | 14.66 |
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/E, long-term trends, comparison to sector (consumer staples distribution & retail)
| Dollar General Corp. | Consumer Staples Distribution & Retail | |
|---|---|---|
| Mar 25, 2024 | 19.94 | 35.86 |
| Mar 24, 2023 | 18.67 | 33.80 |
| Mar 18, 2022 | 21.90 | 26.93 |
| Mar 19, 2021 | 16.92 | 28.78 |
| Mar 19, 2020 | 21.04 | 24.18 |
| Mar 22, 2019 | 19.18 | 33.88 |
| Mar 23, 2018 | 15.73 | 24.87 |
| Mar 24, 2017 | 15.28 | 16.68 |
| Mar 22, 2016 | 20.63 | 16.23 |
| Mar 20, 2015 | 21.58 | 22.02 |
| Mar 20, 2014 | 17.61 | 16.85 |
| Mar 25, 2013 | 17.54 | 15.49 |
| Mar 22, 2012 | 20.35 | 14.17 |
| Mar 22, 2011 | 16.78 | 12.22 |
| Mar 31, 2010 | 25.35 | 15.27 |
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/E, long-term trends, comparison to industry (consumer staples)
| Dollar General Corp. | Consumer Staples | |
|---|---|---|
| Mar 25, 2024 | 19.94 | 29.43 |
| Mar 24, 2023 | 18.67 | 26.62 |
| Mar 18, 2022 | 21.90 | 25.35 |
| Mar 19, 2021 | 16.92 | 26.07 |
| Mar 19, 2020 | 21.04 | 24.12 |
| Mar 22, 2019 | 19.18 | 31.92 |
| Mar 23, 2018 | 15.73 | 20.62 |
| Mar 24, 2017 | 15.28 | 22.78 |
| Mar 22, 2016 | 20.63 | 21.50 |
| Mar 20, 2015 | 21.58 | 21.97 |
| Mar 20, 2014 | 17.61 | 19.71 |
| Mar 25, 2013 | 17.54 | 17.00 |
| Mar 22, 2012 | 20.35 | 16.60 |
| Mar 22, 2011 | 16.78 | 14.81 |
| Mar 31, 2010 | 25.35 | 14.32 |
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).