Price to Sales (P/S)
since 2010
Calculation
Dollar General Corp., P/S, long-term trends, calculation
| P/S | = | Share price1, 2, 3 | ÷ | Sales per share1 | Sales per share1 | = | Net sales1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Mar 25, 2024 | 0.86 | = | 150.78 | ÷ | 176.13 | 176.13 | = | 38,691,609 | ÷ | 219,671,316 | |
| Mar 24, 2023 | 1.19 | = | 205.81 | ÷ | 172.72 | 172.72 | = | 37,844,863 | ÷ | 219,108,477 | |
| Mar 18, 2022 | 1.54 | = | 229.63 | ÷ | 149.52 | 149.52 | = | 34,220,449 | ÷ | 228,868,368 | |
| Mar 19, 2021 | 1.33 | = | 187.78 | ÷ | 141.04 | 141.04 | = | 33,746,839 | ÷ | 239,264,252 | |
| Mar 19, 2020 | 1.30 | = | 143.00 | ÷ | 110.16 | 110.16 | = | 27,753,973 | ÷ | 251,941,312 | |
| Mar 22, 2019 | 1.19 | = | 117.47 | ÷ | 98.74 | 98.74 | = | 25,625,043 | ÷ | 259,518,801 | |
| Mar 23, 2018 | 1.03 | = | 90.06 | ÷ | 87.34 | 87.34 | = | 23,470,967 | ÷ | 268,741,400 | |
| Mar 24, 2017 | 0.87 | = | 69.48 | ÷ | 79.92 | 79.92 | = | 21,986,598 | ÷ | 275,095,294 | |
| Mar 22, 2016 | 1.18 | = | 83.90 | ÷ | 71.10 | 71.10 | = | 20,368,562 | ÷ | 286,468,872 | |
| Mar 20, 2015 | 1.22 | = | 75.78 | ÷ | 62.32 | 62.32 | = | 18,909,588 | ÷ | 303,415,449 | |
| Mar 20, 2014 | 1.03 | = | 57.58 | ÷ | 55.82 | 55.82 | = | 17,504,167 | ÷ | 313,596,983 | |
| Mar 25, 2013 | 1.04 | = | 51.08 | ÷ | 48.98 | 48.98 | = | 16,022,128 | ÷ | 327,091,344 | |
| Mar 22, 2012 | 1.05 | = | 46.14 | ÷ | 43.80 | 43.80 | = | 14,807,188 | ÷ | 338,091,175 | |
| Mar 22, 2011 | 0.81 | = | 30.84 | ÷ | 38.17 | 38.17 | = | 13,035,000 | ÷ | 341,521,858 | |
| Mar 31, 2010 | 0.73 | = | 25.25 | ÷ | 34.61 | 34.61 | = | 11,796,380 | ÷ | 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 Sales (P/S) ratio has exhibited significant volatility over the observed 14-year period, shifting from a long-term phase of valuation expansion to a recent phase of contraction. While sales per share maintained a consistent upward trajectory throughout the entire period, the share price fluctuated more aggressively, driving the variations in the P/S multiple.
- Revenue Growth Consistency
- Sales per share grew monotonically from 34.61 US$ in 2010 to 176.13 US$ in 2024. This represents a steady and uninterrupted increase in top-line performance per share, providing a stable fundamental baseline against which the market valuation fluctuated.
- Valuation Expansion Trend (2010–2022)
- The P/S ratio generally trended upward from 0.73 in 2010, reaching a peak of 1.54 in 2022. This indicates that for the majority of the period, the market attributed an increasing premium to each dollar of sales, with the share price appreciation significantly outpacing the growth of sales per share.
- Periodic Market Corrections
- A notable deviation occurred in 2017, when the P/S ratio dropped to 0.87. This decline occurred despite the continued growth of sales per share, signaling a period where share price depreciation decoupled from operational revenue growth.
- Recent Valuation Contraction (2022–2024)
- Following the peak in 2022, the P/S ratio underwent a sharp contraction, falling to 0.86 by March 2024. This trend is characterized by a substantial decrease in share price from 229.63 US$ to 150.78 US$, while sales per share continued to rise. This has effectively returned the valuation multiple to levels seen in the 2010–2011 period.
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Comparison to Competitors
Dollar General Corp., P/S, long-term trends, comparison to competitors
| Dollar General Corp. | Costco Wholesale Corp. | Target Corp. | Walmart Inc. | |
|---|---|---|---|---|
| Mar 25, 2024 | 0.86 | 1.61 | 0.72 | 0.76 |
| Mar 24, 2023 | 1.19 | 1.05 | 0.69 | 0.62 |
| Mar 18, 2022 | 1.54 | 0.95 | 0.94 | 0.70 |
| Mar 19, 2021 | 1.33 | 1.03 | 0.95 | 0.67 |
| Mar 19, 2020 | 1.30 | 0.98 | 0.68 | 0.62 |
| Mar 22, 2019 | 1.19 | 0.88 | 0.53 | 0.55 |
| Mar 23, 2018 | 1.03 | 0.69 | 0.53 | 0.53 |
| Mar 24, 2017 | 0.87 | 0.55 | 0.44 | 0.45 |
| Mar 22, 2016 | 1.18 | 0.57 | 0.67 | 0.45 |
| Mar 20, 2015 | 1.22 | 0.58 | 0.70 | 0.54 |
| Mar 20, 2014 | 1.03 | 0.49 | 0.52 | 0.52 |
| Mar 25, 2013 | 1.04 | 0.50 | 0.60 | 0.53 |
| Mar 22, 2012 | 1.05 | 0.42 | 0.56 | 0.47 |
| Mar 22, 2011 | 0.81 | 0.41 | 0.53 | 0.44 |
| Mar 31, 2010 | 0.73 | 0.36 | 0.60 | 0.52 |
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/S, long-term trends, comparison to sector (consumer staples distribution & retail)
| Dollar General Corp. | Consumer Staples Distribution & Retail | |
|---|---|---|
| Mar 25, 2024 | 0.86 | 0.97 |
| Mar 24, 2023 | 1.19 | 0.74 |
| Mar 18, 2022 | 1.54 | 0.79 |
| Mar 19, 2021 | 1.33 | 0.78 |
| Mar 19, 2020 | 1.30 | 0.70 |
| Mar 22, 2019 | 1.19 | 0.61 |
| Mar 23, 2018 | 1.03 | 0.56 |
| Mar 24, 2017 | 0.87 | 0.47 |
| Mar 22, 2016 | 1.18 | 0.50 |
| Mar 20, 2015 | 1.22 | 0.56 |
| Mar 20, 2014 | 1.03 | 0.51 |
| Mar 25, 2013 | 1.04 | 0.53 |
| Mar 22, 2012 | 1.05 | 0.47 |
| Mar 22, 2011 | 0.81 | 0.44 |
| Mar 31, 2010 | 0.73 | 0.51 |
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/S, long-term trends, comparison to industry (consumer staples)
| Dollar General Corp. | Consumer Staples | |
|---|---|---|
| Mar 25, 2024 | 0.86 | 1.67 |
| Mar 24, 2023 | 1.19 | 1.45 |
| Mar 18, 2022 | 1.54 | 1.54 |
| Mar 19, 2021 | 1.33 | 1.61 |
| Mar 19, 2020 | 1.30 | 1.49 |
| Mar 22, 2019 | 1.19 | 1.47 |
| Mar 23, 2018 | 1.03 | 1.24 |
| Mar 24, 2017 | 0.87 | 1.25 |
| Mar 22, 2016 | 1.18 | 1.26 |
| Mar 20, 2015 | 1.22 | 1.23 |
| Mar 20, 2014 | 1.03 | 1.18 |
| Mar 25, 2013 | 1.04 | 1.14 |
| Mar 22, 2012 | 1.05 | 1.10 |
| Mar 22, 2011 | 0.81 | 1.03 |
| Mar 31, 2010 | 0.73 | 1.08 |
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).