Return on Equity (ROE)
since 2010
Calculation
Dollar General Corp., ROE, long-term trends, calculation
| ROE | = | 100 | × | Net income1 | ÷ | Shareholders’ equity1 | |
|---|---|---|---|---|---|---|---|
| Feb 2, 2024 | 24.61% | = | 100 | × | 1,661,274) | ÷ | 6,749,119) |
| Feb 3, 2023 | 43.60% | = | 100 | × | 2,415,989) | ÷ | 5,541,772) |
| Jan 28, 2022 | 38.31% | = | 100 | × | 2,399,232) | ÷ | 6,261,986) |
| Jan 29, 2021 | 39.86% | = | 100 | × | 2,655,050) | ÷ | 6,661,238) |
| Jan 31, 2020 | 25.55% | = | 100 | × | 1,712,555) | ÷ | 6,702,500) |
| Feb 1, 2019 | 24.77% | = | 100 | × | 1,589,472) | ÷ | 6,417,393) |
| Feb 2, 2018 | 25.12% | = | 100 | × | 1,538,960) | ÷ | 6,125,774) |
| Feb 3, 2017 | 23.14% | = | 100 | × | 1,251,133) | ÷ | 5,406,294) |
| Jan 29, 2016 | 21.66% | = | 100 | × | 1,165,080) | ÷ | 5,377,876) |
| Jan 30, 2015 | 18.66% | = | 100 | × | 1,065,345) | ÷ | 5,710,038) |
| Jan 31, 2014 | 18.98% | = | 100 | × | 1,025,116) | ÷ | 5,402,193) |
| Feb 1, 2013 | 19.11% | = | 100 | × | 952,662) | ÷ | 4,985,330) |
| Feb 3, 2012 | 16.42% | = | 100 | × | 766,685) | ÷ | 4,668,495) |
| Jan 28, 2011 | 15.49% | = | 100 | × | 627,857) | ÷ | 4,054,479) |
| Jan 29, 2010 | 10.01% | = | 100 | × | 339,442) | ÷ | 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
The financial trajectory between 2010 and 2024 is characterized by a sustained period of earnings growth and increasing capital efficiency, followed by a significant correction in the most recent fiscal period.
- Net Income Trends
- A consistent upward trend in net income was observed from 2010 through 2021, with earnings increasing from US$339.4 million to a peak of US$2.66 billion. Following this peak, a downward trend emerged, resulting in a decrease to US$1.66 billion by February 2024.
- Shareholders' Equity Evolution
- Shareholders' equity grew steadily from US$3.39 billion in 2010 to US$6.70 billion in 2020. After a period of moderate decline between 2021 and 2023, equity levels recovered to US$6.75 billion by the end of the observed period in 2024.
- Return on Equity (ROE) Analysis
- ROE exhibited a long-term expansion, rising from 10.01% in 2010 to 25.55% in 2020. A period of exceptional performance occurred between 2021 and 2023, where ROE spiked to a maximum of 43.60%, driven by elevated net income relative to a contracting equity base. In 2024, a sharp correction occurred, with ROE falling to 24.61%, aligning the ratio with levels observed between 2018 and 2020.
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Comparison to Competitors
Dollar General Corp., ROE, long-term trends, comparison to competitors
| Dollar General Corp. | Costco Wholesale Corp. | Target Corp. | Walmart Inc. | |
|---|---|---|---|---|
| Feb 2, 2024 | 24.61% | 31.19% | 30.81% | 18.50% |
| Feb 3, 2023 | 43.60% | 25.11% | 24.75% | 15.23% |
| Jan 28, 2022 | 38.31% | 28.31% | 54.15% | 16.42% |
| Jan 29, 2021 | 39.86% | 28.51% | 30.25% | 16.69% |
| Jan 31, 2020 | 25.55% | 21.89% | 27.73% | 19.93% |
| Feb 1, 2019 | 24.77% | 24.00% | 26.00% | 9.20% |
| Feb 2, 2018 | 25.12% | 24.49% | 25.06% | 12.66% |
| Feb 3, 2017 | 23.14% | 24.86% | 24.99% | 17.54% |
| Jan 29, 2016 | 21.66% | 19.46% | 25.96% | 18.24% |
| Jan 30, 2015 | 18.66% | 22.39% | -11.69% | 20.10% |
| Jan 31, 2014 | 18.98% | 16.73% | 12.14% | 21.01% |
| Feb 1, 2013 | 19.11% | 18.82% | 18.11% | 22.27% |
| Feb 3, 2012 | 16.42% | 13.83% | 18.51% | 22.01% |
| Jan 28, 2011 | 15.49% | 12.18% | 18.85% | 23.91% |
| Jan 29, 2010 | 10.01% | 12.03% | 16.21% | 20.26% |
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., ROE, long-term trends, comparison to sector (consumer staples distribution & retail)
| Dollar General Corp. | Consumer Staples Distribution & Retail | |
|---|---|---|
| Feb 2, 2024 | 24.61% | 22.34% |
| Feb 3, 2023 | 43.60% | 18.37% |
| Jan 28, 2022 | 38.31% | 22.67% |
| Jan 29, 2021 | 39.86% | 20.26% |
| Jan 31, 2020 | 25.55% | 21.15% |
| Feb 1, 2019 | 24.77% | 13.40% |
| Feb 2, 2018 | 25.12% | 15.56% |
| Feb 3, 2017 | 23.14% | 19.15% |
| Jan 29, 2016 | 21.66% | 19.33% |
| Jan 30, 2015 | 18.66% | 16.13% |
| Jan 31, 2014 | 18.98% | 19.13% |
| Feb 1, 2013 | 19.11% | 21.24% |
| Feb 3, 2012 | 16.42% | 20.44% |
| Jan 28, 2011 | 15.49% | 21.63% |
| Jan 29, 2010 | 10.01% | 18.70% |
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., ROE, long-term trends, comparison to industry (consumer staples)
| Dollar General Corp. | Consumer Staples | |
|---|---|---|
| Feb 2, 2024 | 24.61% | 32.18% |
| Feb 3, 2023 | 43.60% | 30.71% |
| Jan 28, 2022 | 38.31% | 32.10% |
| Jan 29, 2021 | 39.86% | 31.40% |
| Jan 31, 2020 | 25.55% | 30.98% |
| Feb 1, 2019 | 24.77% | 22.71% |
| Feb 2, 2018 | 25.12% | 28.05% |
| Feb 3, 2017 | 23.14% | 25.14% |
| Jan 29, 2016 | 21.66% | 25.00% |
| Jan 30, 2015 | 18.66% | 23.15% |
| Jan 31, 2014 | 18.98% | 23.21% |
| Feb 1, 2013 | 19.11% | 24.09% |
| Feb 3, 2012 | 16.42% | 23.55% |
| Jan 28, 2011 | 15.49% | 23.75% |
| Jan 29, 2010 | 10.01% | 24.19% |
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).