Return on Assets (ROA)
since 2010
Calculation
Dollar General Corp., ROA, long-term trends, calculation
| ROA | = | 100 | × | Net income1 | ÷ | Total assets1 | |
|---|---|---|---|---|---|---|---|
| Feb 2, 2024 | 5.39% | = | 100 | × | 1,661,274) | ÷ | 30,795,591) |
| Feb 3, 2023 | 8.31% | = | 100 | × | 2,415,989) | ÷ | 29,083,367) |
| Jan 28, 2022 | 9.11% | = | 100 | × | 2,399,232) | ÷ | 26,327,371) |
| Jan 29, 2021 | 10.27% | = | 100 | × | 2,655,050) | ÷ | 25,862,624) |
| Jan 31, 2020 | 7.50% | = | 100 | × | 1,712,555) | ÷ | 22,825,084) |
| Feb 1, 2019 | 12.04% | = | 100 | × | 1,589,472) | ÷ | 13,204,038) |
| Feb 2, 2018 | 12.30% | = | 100 | × | 1,538,960) | ÷ | 12,516,911) |
| Feb 3, 2017 | 10.72% | = | 100 | × | 1,251,133) | ÷ | 11,672,298) |
| Jan 29, 2016 | 10.35% | = | 100 | × | 1,165,080) | ÷ | 11,257,885) |
| Jan 30, 2015 | 9.49% | = | 100 | × | 1,065,345) | ÷ | 11,224,104) |
| Jan 31, 2014 | 9.43% | = | 100 | × | 1,025,116) | ÷ | 10,867,524) |
| Feb 1, 2013 | 9.19% | = | 100 | × | 952,662) | ÷ | 10,367,682) |
| Feb 3, 2012 | 7.91% | = | 100 | × | 766,685) | ÷ | 9,688,520) |
| Jan 28, 2011 | 6.58% | = | 100 | × | 627,857) | ÷ | 9,546,222) |
| Jan 29, 2010 | 3.83% | = | 100 | × | 339,442) | ÷ | 8,863,519) |
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 is characterized by an initial period of sustained efficiency gains followed by a significant expansion of the asset base and a recent decline in profitability relative to those assets.
- Efficiency Growth and Peak Performance
- Between 2010 and 2018, Return on Assets (ROA) exhibited a consistent upward trend, rising from 3.83% to a peak of 12.30%. During this interval, net income grew steadily from $339.4 million to $1.54 billion, while the total asset base expanded at a measured pace from $8.86 billion to $12.52 billion, indicating increasing operational efficiency.
- Asset Expansion and Margin Compression
- A substantial shift in the balance sheet occurred between 2019 and 2020, with total assets increasing from $13.20 billion to $22.83 billion. This rapid expansion resulted in an immediate contraction of ROA, which dropped from 12.04% to 7.50%, suggesting that the acquisition or deployment of new assets did not yield immediate proportional increases in net income.
- Recent Volatility and Downward Trend
- A temporary recovery in ROA to 10.27% was observed in 2021, driven by a peak in net income of $2.66 billion. However, a persistent downward trend has emerged from 2022 through 2024. ROA declined to 9.11% in 2022, 8.31% in 2023, and reached a period low of 5.39% in 2024. This decline is attributable to a combination of continuing asset growth, reaching $30.80 billion, and a significant reduction in net income to $1.66 billion.
The long-term data indicates a transition from a phase of increasing asset productivity to one of diminishing returns. The most recent figures demonstrate that the growth in the asset base has significantly outpaced income generation, leading to the lowest ROA observed since 2010.
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Comparison to Competitors
Dollar General Corp., ROA, long-term trends, comparison to competitors
| Dollar General Corp. | Costco Wholesale Corp. | Target Corp. | Walmart Inc. | |
|---|---|---|---|---|
| Feb 2, 2024 | 5.39% | 10.55% | 7.48% | 6.15% |
| Feb 3, 2023 | 8.31% | 9.12% | 5.21% | 4.80% |
| Jan 28, 2022 | 9.11% | 9.11% | 12.91% | 5.58% |
| Jan 29, 2021 | 10.27% | 8.45% | 8.52% | 5.35% |
| Jan 31, 2020 | 7.50% | 7.20% | 7.67% | 6.29% |
| Feb 1, 2019 | 12.04% | 8.06% | 7.11% | 3.04% |
| Feb 2, 2018 | 12.30% | 7.68% | 7.52% | 4.82% |
| Feb 3, 2017 | 10.72% | 7.37% | 7.31% | 6.86% |
| Jan 29, 2016 | 10.35% | 7.09% | 8.35% | 7.36% |
| Jan 30, 2015 | 9.49% | 7.11% | -3.95% | 8.03% |
| Jan 31, 2014 | 9.43% | 6.23% | 4.42% | 7.83% |
| Feb 1, 2013 | 9.19% | 6.73% | 6.23% | 8.37% |
| Feb 3, 2012 | 7.91% | 6.30% | 6.28% | 8.12% |
| Jan 28, 2011 | 6.58% | 5.46% | 6.68% | 9.07% |
| Jan 29, 2010 | 3.83% | 5.47% | 5.59% | 8.40% |
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., ROA, long-term trends, comparison to sector (consumer staples distribution & retail)
| Dollar General Corp. | Consumer Staples Distribution & Retail | |
|---|---|---|
| Feb 2, 2024 | 5.39% | 7.15% |
| Feb 3, 2023 | 8.31% | 5.68% |
| Jan 28, 2022 | 9.11% | 7.29% |
| Jan 29, 2021 | 10.27% | 6.30% |
| Jan 31, 2020 | 7.50% | 6.62% |
| Feb 1, 2019 | 12.04% | 4.34% |
| Feb 2, 2018 | 12.30% | 5.60% |
| Feb 3, 2017 | 10.72% | 6.99% |
| Jan 29, 2016 | 10.35% | 7.47% |
| Jan 30, 2015 | 9.49% | 6.14% |
| Jan 31, 2014 | 9.43% | 7.10% |
| Feb 1, 2013 | 9.19% | 7.83% |
| Feb 3, 2012 | 7.91% | 7.61% |
| Jan 28, 2011 | 6.58% | 8.27% |
| Jan 29, 2010 | 3.83% | 7.58% |
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 Industry (Consumer Staples)
Dollar General Corp., ROA, long-term trends, comparison to industry (consumer staples)
| Dollar General Corp. | Consumer Staples | |
|---|---|---|
| Feb 2, 2024 | 5.39% | 8.89% |
| Feb 3, 2023 | 8.31% | 8.28% |
| Jan 28, 2022 | 9.11% | 8.95% |
| Jan 29, 2021 | 10.27% | 8.75% |
| Jan 31, 2020 | 7.50% | 8.24% |
| Feb 1, 2019 | 12.04% | 6.41% |
| Feb 2, 2018 | 12.30% | 8.40% |
| Feb 3, 2017 | 10.72% | 7.42% |
| Jan 29, 2016 | 10.35% | 7.94% |
| Jan 30, 2015 | 9.49% | 7.69% |
| Jan 31, 2014 | 9.43% | 7.96% |
| Feb 1, 2013 | 9.19% | 8.75% |
| Feb 3, 2012 | 7.91% | 8.63% |
| Jan 28, 2011 | 6.58% | 8.89% |
| Jan 29, 2010 | 3.83% | 9.45% |
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).