Stock Analysis on Net
Stock Analysis on Net

Dollar General Corp. (NYSE:DG)

This company was transferred to the archive: financial data is no longer updated!

Return on Capital (ROC)

Microsoft Excel LibreOffice Calc

Return on capital (ROC) is after tax rate of return on net business assets. ROIC is unaffected by changes in interest rates or company’s debt and equity structure. It measures business productivity performance.


Return on Invested Capital (ROIC)

Dollar General Corp., ROIC 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)
Net operating profit after taxes (NOPAT)1 3,105,494  2,145,885  1,981,150  1,623,118  1,443,890  1,352,311 
Invested capital2 20,896,699  19,125,860  18,107,408  17,430,340  16,297,271  15,131,301 
Performance Ratio
ROIC3 14.86% 11.22% 10.94% 9.31% 8.86% 8.94%
Benchmarks
ROIC, Competitors4
Amazon.com Inc. 16.11% 12.59% 13.28% 5.94% 10.40%
Booking Holdings Inc. -6.59% 40.58% 57.09% 37.32% 31.93%
Home Depot Inc. 28.28% 34.91% 35.70% 27.93% 25.73% 23.46%
Lowe’s Cos. Inc. 24.60% 18.00% 12.51% 15.33% 14.36% 12.78%
Target Corp. 16.47% 14.30% 14.14% 12.07% 12.75% 12.12%
TJX Cos. Inc. 0.89% 19.13% 18.60% 16.31% 16.38% 18.59%

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 NOPAT. See details »

2 Invested capital. See details »

3 2021 Calculation
ROIC = 100 × NOPAT ÷ Invested capital
= 100 × 3,105,494 ÷ 20,896,699 = 14.86%

4 Click competitor name to see calculations.

Performance ratio Description The company
ROIC A measure of the periodic, after tax, cash-on-cash yield earned in the business. Dollar General Corp.’s ROIC improved from 2019 to 2020 and from 2020 to 2021.

Decomposition of ROIC

Dollar General Corp., decomposition of ROIC

Microsoft Excel LibreOffice Calc
ROIC = OPM1 × TO2 × 1 – CTR3
Jan 29, 2021 14.86% = 11.64% × 1.61 × 79.04%
Jan 31, 2020 11.22% = 9.65% × 1.45 × 80.12%
Feb 1, 2019 10.94% = 9.52% × 1.42 × 81.25%
Feb 2, 2018 9.31% = 9.56% × 1.35 × 72.36%
Feb 3, 2017 8.86% = 10.23% × 1.35 × 64.18%
Jan 29, 2016 8.94% = 10.43% × 1.35 × 63.68%

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 Operating profit margin (OPM). See calculations »

2 Turnover of capital (TO). See calculations »

3 Effective cash tax rate (CTR). See calculations »

The primary reason for the increase in return on invested capital (ROIC) over 2021 year is the increase in profitability measured by operating profit margin (OPM) ratio.


Operating Profit Margin (OPM)

Dollar General Corp., OPM 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)
Net operating profit after taxes (NOPAT)1 3,105,494  2,145,885  1,981,150  1,623,118  1,443,890  1,352,311 
Add: Cash operating taxes2 823,390  532,368  457,118  619,952  805,840  771,291 
Net operating profit before taxes (NOPBT) 3,928,884  2,678,252  2,438,268  2,243,070  2,249,730  2,123,603 
 
Net sales 33,746,839  27,753,973  25,625,043  23,470,967  21,986,598  20,368,562 
Profitability Ratio
OPM3 11.64% 9.65% 9.52% 9.56% 10.23% 10.43%
Benchmarks
OPM, Competitors4
Amazon.com Inc. 7.23% 6.37% 6.29% 3.30% 4.62%
Booking Holdings Inc. -14.78% 35.66% 36.61% 35.69% 26.54%
Home Depot Inc. 14.43% 14.80% 14.70% 15.10% 14.77% 13.94%
Lowe’s Cos. Inc. 10.27% 8.61% 6.38% 9.56% 9.72% 9.07%
Target Corp. 7.15% 6.17% 5.67% 6.18% 7.35% 7.67%
TJX Cos. Inc. 1.60% 11.23% 11.30% 11.44% 11.94% 12.79%

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 NOPAT. See details »

2 Cash operating taxes. See details »

3 2021 Calculation
OPM = 100 × NOPBT ÷ Net sales
= 100 × 3,928,884 ÷ 33,746,839 = 11.64%

4 Click competitor name to see calculations.

Profitability ratio Description The company
OPM The operating profit margin (OPM) is the ratio of pretax economic earnings, or NOPBT, to sales. Dollar General Corp.’s OPM improved from 2019 to 2020 and from 2020 to 2021.

Turnover of Capital (TO)

Dollar General Corp., TO 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)
Net sales 33,746,839  27,753,973  25,625,043  23,470,967  21,986,598  20,368,562 
Invested capital1 20,896,699  19,125,860  18,107,408  17,430,340  16,297,271  15,131,301 
Efficiency Ratio
TO2 1.61 1.45 1.42 1.35 1.35 1.35
Benchmarks
TO, Competitors3
Amazon.com Inc. 2.58 2.21 2.28 2.26 3.20
Booking Holdings Inc. 0.45 1.35 1.96 1.98 1.62
Home Depot Inc. 2.66 3.01 3.17 2.87 2.75 2.62
Lowe’s Cos. Inc. 3.15 2.69 2.86 2.47 2.39 2.41
Target Corp. 3.03 2.83 2.86 2.66 2.57 2.57
TJX Cos. Inc. 1.47 2.29 2.30 2.22 2.22 2.30

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 Invested capital. See details »

2 2021 Calculation
TO = Net sales ÷ Invested capital
= 33,746,839 ÷ 20,896,699 = 1.61

3 Click competitor name to see calculations.

Efficiency ratio Description The company
TO The turnover of capital (TO) is the ratio of sales to invested capital. Capital turnover is a function of the efficiency of working capital management and of net fixed assets. Dollar General Corp.’s TO improved from 2019 to 2020 and from 2020 to 2021.

Effective Cash Tax Rate (CTR)

Dollar General Corp., CTR 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)
Net operating profit after taxes (NOPAT)1 3,105,494  2,145,885  1,981,150  1,623,118  1,443,890  1,352,311 
Add: Cash operating taxes2 823,390  532,368  457,118  619,952  805,840  771,291 
Net operating profit before taxes (NOPBT) 3,928,884  2,678,252  2,438,268  2,243,070  2,249,730  2,123,603 
Tax Rate
CTR3 20.96% 19.88% 18.75% 27.64% 35.82% 36.32%
Benchmarks
CTR, Competitors4
Amazon.com Inc. 13.72% 10.59% 7.26% 20.39% 29.64%
Booking Holdings Inc. 15.54% 20.39% 47.06% 25.77%
Home Depot Inc. 26.24% 21.74% 23.26% 35.67% 36.71% 35.80%
Lowe’s Cos. Inc. 23.96% 22.32% 31.40% 34.96% 38.25% 41.52%
Target Corp. 23.99% 18.12% 12.76% 26.52% 32.40% 38.55%
TJX Cos. Inc. 62.24% 25.59% 28.37% 35.80% 38.22% 36.75%

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 NOPAT. See details »

2 Cash operating taxes. See details »

3 2021 Calculation
CTR = 100 × Cash operating taxes ÷ NOPBT
= 100 × 823,390 ÷ 3,928,884 = 20.96%

4 Click competitor name to see calculations.

Tax rate Description The company
CTR Effective cash tax rate on operating income. Dollar General Corp.’s CTR increased from 2019 to 2020 and from 2020 to 2021.