Stock Analysis on Net
Stock Analysis on Net
Microsoft Excel LibreOffice Calc

Dollar General Corp. (NYSE:DG)

Market Value Added (MVA)

Advanced level

Market value added (MVA) is the difference between a firms’s fair value and its invested capital. MVA is a measure of the value a company has created in excess of the resources already committed to the enterprise.


MVA

Dollar General Corp., MVA calculation

US$ in thousands

Microsoft Excel LibreOffice Calc
Jan 29, 2021 Jan 31, 2020 Feb 1, 2019 Feb 2, 2018 Feb 3, 2017 Jan 29, 2016
Fair value of long-term obligations, including current portion1 4,706,259  3,142,019  2,864,280  3,065,351  3,245,049  2,980,929 
Operating lease liability 9,459,467  8,784,488  8,226,006  7,772,715  7,013,460  6,194,484 
Market value of common equity 44,929,041  36,027,608  30,485,674  24,202,850  19,113,621  24,034,738 
Preferred stock —  —  —  —  —  — 
Market (fair) value of Dollar General 59,094,767  47,954,115  41,575,960  35,040,916  29,372,130  33,210,151 
Less: Invested capital2 20,896,699  19,125,860  18,107,408  17,430,340  16,297,271  15,131,301 
MVA 38,198,068  28,828,255  23,468,552  17,610,576  13,074,859  18,078,850 

Based on: 10-K (filing date: 2021-03-19), 10-K (filing date: 2020-03-19), 10-K (filing date: 2019-03-22), 10-K (filing date: 2018-03-23), 10-K (filing date: 2017-03-24), 10-K (filing date: 2016-03-22).

1 Fair value of debt. See details »

2 Invested capital. See details »

Item Description The company
MVA Dollar General Corp.’s market (fair) value less invested capital. Dollar General Corp.’s MVA increased from 2019 to 2020 and from 2020 to 2021.

MVA Spread Ratio

Dollar General Corp., MVA spread ratio calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Jan 29, 2021 Jan 31, 2020 Feb 1, 2019 Feb 2, 2018 Feb 3, 2017 Jan 29, 2016
Selected Financial Data (US$ in thousands)
Market value added (MVA)1 38,198,068  28,828,255  23,468,552  17,610,576  13,074,859  18,078,850 
Invested capital2 20,896,699  19,125,860  18,107,408  17,430,340  16,297,271  15,131,301 
Performance Ratio
MVA spread ratio3 182.79% 150.73% 129.61% 101.03% 80.23% 119.48%
Benchmarks
MVA Spread Ratio, Competitors4
Amazon.com Inc. 1,053.41% 730.41% 729.67% 837.97% 863.33%
Costco Wholesale Corp. 500.75% 490.54% 406.02% 313.15% 288.95%
Home Depot Inc. 631.50% 547.47% 617.70% 572.85% 503.42% 463.40%
Lowe’s Cos. Inc. 456.57% 185.64% 327.73% 226.12% 230.51% 244.12%
Target Corp. 247.97% 151.69% 106.62% 96.57% 70.25% 127.36%
TJX Cos. Inc. 338.63% 271.00% 346.02% 289.43% 302.98% 348.37%
Walmart Inc. 174.25% 145.51% 124.61% 127.07% 90.39% 85.24%

Based on: 10-K (filing date: 2021-03-19), 10-K (filing date: 2020-03-19), 10-K (filing date: 2019-03-22), 10-K (filing date: 2018-03-23), 10-K (filing date: 2017-03-24), 10-K (filing date: 2016-03-22).

1 MVA. See details »

2 Invested capital. See details »

3 2021 Calculation
MVA spread ratio = 100 × MVA ÷ Invested capital
= 100 × 38,198,068 ÷ 20,896,699 = 182.79%

4 Click competitor name to see calculations.

Performance ratio Description The company
MVA spread ratio The ratio of MVA to invested capital. It measures the efficiency with which investors’ capital investment has translated into a franchise value and into an aggregate net present value premium. Dollar General Corp.’s MVA spread ratio improved from 2019 to 2020 and from 2020 to 2021.

MVA Margin

Dollar General Corp., MVA margin calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Jan 29, 2021 Jan 31, 2020 Feb 1, 2019 Feb 2, 2018 Feb 3, 2017 Jan 29, 2016
Selected Financial Data (US$ in thousands)
Market value added (MVA)1 38,198,068  28,828,255  23,468,552  17,610,576  13,074,859  18,078,850 
Net sales 33,746,839  27,753,973  25,625,043  23,470,967  21,986,598  20,368,562 
Performance Ratio
MVA margin2 113.19% 103.87% 91.58% 75.03% 59.47% 88.76%
Benchmarks
MVA Margin, Competitors3
Amazon.com Inc. 408.22% 330.22% 320.48% 371.04% 269.68%
Costco Wholesale Corp. 86.99% 77.31% 59.72% 45.97% 45.93%
Home Depot Inc. 237.60% 181.62% 195.15% 199.31% 182.97% 176.77%
Lowe’s Cos. Inc. 144.92% 68.98% 114.68% 91.69% 96.34% 101.33%
Target Corp. 81.84% 53.60% 37.31% 36.30% 27.36% 49.53%
TJX Cos. Inc. 230.26% 118.33% 150.58% 130.42% 136.36% 151.63%
Walmart Inc. 51.60% 46.83% 38.77% 36.53% 27.93% 27.76%

Based on: 10-K (filing date: 2021-03-19), 10-K (filing date: 2020-03-19), 10-K (filing date: 2019-03-22), 10-K (filing date: 2018-03-23), 10-K (filing date: 2017-03-24), 10-K (filing date: 2016-03-22).

1 MVA. See details »

2 2021 Calculation
MVA margin = 100 × MVA ÷ Net sales
= 100 × 38,198,068 ÷ 33,746,839 = 113.19%

3 Click competitor name to see calculations.

Performance ratio Description The company
MVA margin The ratio of MVA to sales. It measures how efficiently and prodigiously sales translate into franchise value. Dollar General Corp.’s MVA margin ratio improved from 2019 to 2020 and from 2020 to 2021.