Market value added (MVA) is the difference between a firm 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
MVA Spread Ratio
MVA Margin

Dollar General Corp., MVA calculation

US$ in thousands

	Feb 3, 2023	Jan 28, 2022	Jan 29, 2021	Jan 31, 2020	Feb 1, 2019	Feb 2, 2018
Fair value of long-term obligations, including current portion¹	6,926,511)	4,442,986)	4,706,259)	3,142,019)	2,864,280)	3,065,351)
Operating lease liability	10,651,700)	10,074,268)	9,459,467)	8,784,488)	8,226,006)	7,772,715)
Market value of common equity	45,094,716)	52,555,043)	44,929,041)	36,027,608)	30,485,674)	24,202,850)
Preferred stock	—)	—)	—)	—)	—)	—)
Market (fair) value of Dollar General	62,672,927)	67,072,297)	59,094,767)	47,954,115)	41,575,960)	35,040,916)
Less: Invested capital²	24,763,719)	21,499,995)	20,896,699)	19,125,860)	18,107,408)	17,430,340)
MVA	37,909,208)	45,572,302)	38,198,068)	28,828,255)	23,468,552)	17,610,576)

Based on: 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).

¹ Fair value of debt. See details »

² Invested capital. See details »

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Item	Description	The company
MVA	Dollar General Corp. market (fair) value less invested capital.	Dollar General Corp. MVA increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.

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

	Feb 3, 2023	Jan 28, 2022	Jan 29, 2021	Jan 31, 2020	Feb 1, 2019	Feb 2, 2018
Selected Financial Data (US$ in thousands)
Market value added (MVA)¹	37,909,208)	45,572,302)	38,198,068)	28,828,255)	23,468,552)	17,610,576)
Invested capital²	24,763,719)	21,499,995)	20,896,699)	19,125,860)	18,107,408)	17,430,340)
Performance Ratio
MVA spread ratio³	153.08%	211.96%	182.79%	150.73%	129.61%	101.03%
Benchmarks
MVA Spread Ratio, Competitors⁴
Costco Wholesale Corp.	641.08%	601.38%	635.70%	488.89%	481.92%	398.25%
Target Corp.	210.89%	289.75%	247.97%	151.69%	106.62%	—
Walmart Inc.	195.10%	201.42%	174.24%	145.51%	124.63%	—

Based on: 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).

¹ MVA. See details »

² Invested capital. See details »

³ 2023 Calculation
MVA spread ratio = 100 × MVA ÷ Invested capital
= 100 × 37,909,208 ÷ 24,763,719 = 153.08%

⁴ Click competitor name to see calculations.

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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. MVA spread ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

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

	Feb 3, 2023	Jan 28, 2022	Jan 29, 2021	Jan 31, 2020	Feb 1, 2019	Feb 2, 2018
Selected Financial Data (US$ in thousands)
Market value added (MVA)¹	37,909,208)	45,572,302)	38,198,068)	28,828,255)	23,468,552)	17,610,576)
Net sales	37,844,863)	34,220,449)	33,746,839)	27,753,973)	25,625,043)	23,470,967)
Performance Ratio
MVA margin²	100.17%	133.17%	113.19%	103.87%	91.58%	75.03%
Benchmarks
MVA Margin, Competitors³
Costco Wholesale Corp.	94.13%	85.51%	94.36%	86.99%	77.31%	59.72%
Target Corp.	59.25%	83.51%	81.84%	53.60%	37.31%	—
Walmart Inc.	48.16%	55.42%	51.59%	46.83%	38.77%	—

Based on: 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).

¹ MVA. See details »

² 2023 Calculation
MVA margin = 100 × MVA ÷ Net sales
= 100 × 37,909,208 ÷ 37,844,863 = 100.17%

³ Click competitor name to see calculations.

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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. MVA margin ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Dollar General Corp. (NYSE:DG)

Market Value Added (MVA)

MVA

MVA Spread Ratio

MVA Margin