Stock Analysis on Net
Stock Analysis on Net
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Dollar General Corp. (NYSE:DG)

Adjusted Financial Ratios

Advanced level

Adjusted Financial Ratios (Summary)

Dollar General Corp., adjusted financial ratios

Microsoft Excel LibreOffice Calc
Jan 31, 2020 Feb 1, 2019 Feb 2, 2018 Feb 3, 2017 Jan 29, 2016 Jan 30, 2015
Activity Ratio
Total Asset Turnover
Reported 1.22 1.94 1.88 1.88 1.81 1.68
Adjusted 1.21 1.19 1.15 1.17 1.16 1.11
Liquidity Ratio
Current Ratio
Reported 1.14 1.55 1.43 1.40 1.72 1.78
Adjusted 1.16 1.58 1.46 1.43 1.77 1.85
Solvency Ratios
Debt to Equity
Reported 0.43 0.45 0.49 0.59 0.55 0.48
Adjusted 1.56 1.56 1.60 1.67 1.50 1.33
Debt to Capital
Reported 0.30 0.31 0.33 0.37 0.36 0.32
Adjusted 0.61 0.61 0.62 0.62 0.60 0.57
Financial Leverage
Reported 3.41 2.06 2.04 2.16 2.09 1.97
Adjusted 3.06 3.02 3.03 3.06 2.87 2.66
Profitability Ratios
Net Profit Margin
Reported 6.17% 6.20% 6.56% 5.69% 5.72% 5.63%
Adjusted 6.40% 6.51% 5.96% 5.69% 5.78% 5.61%
Return on Equity (ROE)
Reported 25.55% 24.77% 25.12% 23.14% 21.66% 18.66%
Adjusted 23.72% 23.39% 20.83% 20.39% 19.25% 16.50%
Return on Assets (ROA)
Reported 7.50% 12.04% 12.30% 10.72% 10.35% 9.49%
Adjusted 7.74% 7.75% 6.87% 6.67% 6.71% 6.21%

Based on: 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), 10-K (filing date: 2015-03-20).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Dollar General Corp.’s adjusted total asset turnover ratio improved from 2018 to 2019 and from 2019 to 2020.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Dollar General Corp.’s adjusted current ratio improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Dollar General Corp.’s adjusted debt-to-equity ratio improved from 2018 to 2019 but then slightly deteriorated from 2019 to 2020.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Dollar General Corp.’s adjusted debt-to-capital ratio improved from 2018 to 2019 but then slightly deteriorated from 2019 to 2020.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.
Dollar General Corp.’s adjusted financial leverage ratio decreased from 2018 to 2019 but then increased from 2019 to 2020 exceeding 2018 level.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Dollar General Corp.’s adjusted net profit margin ratio improved from 2018 to 2019 but then slightly deteriorated from 2019 to 2020.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Dollar General Corp.’s adjusted ROE improved from 2018 to 2019 and from 2019 to 2020.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Dollar General Corp.’s adjusted ROA improved from 2018 to 2019 but then slightly deteriorated from 2019 to 2020.

Dollar General Corp., Financial Ratios: Reported vs. Adjusted


Adjusted Total Asset Turnover

Microsoft Excel LibreOffice Calc
Jan 31, 2020 Feb 1, 2019 Feb 2, 2018 Feb 3, 2017 Jan 29, 2016 Jan 30, 2015
Reported
Selected Financial Data (US$ in thousands)
Net sales 27,753,973  25,625,043  23,470,967  21,986,598  20,368,562  18,909,588 
Total assets 22,825,084  13,204,038  12,516,911  11,672,298  11,257,885  11,224,104 
Activity Ratio
Total asset turnover1 1.22 1.94 1.88 1.88 1.81 1.68
Adjusted
Selected Financial Data (US$ in thousands)
Net sales 27,753,973  25,625,043  23,470,967  21,986,598  20,368,562  18,909,588 
Adjusted total assets2 22,935,784  21,533,744  20,368,126  18,766,458  17,545,269  17,106,379 
Activity Ratio
Adjusted total asset turnover3 1.21 1.19 1.15 1.17 1.16 1.11

Based on: 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), 10-K (filing date: 2015-03-20).

1 2020 Calculation
Total asset turnover = Net sales ÷ Total assets
= 27,753,973 ÷ 22,825,084 = 1.22

2 Adjusted total assets. See details »

3 2020 Calculation
Adjusted total asset turnover = Net sales ÷ Adjusted total assets
= 27,753,973 ÷ 22,935,784 = 1.21

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Dollar General Corp.’s adjusted total asset turnover ratio improved from 2018 to 2019 and from 2019 to 2020.

Adjusted Current Ratio

Microsoft Excel LibreOffice Calc
Jan 31, 2020 Feb 1, 2019 Feb 2, 2018 Feb 3, 2017 Jan 29, 2016 Jan 30, 2015
Reported
Selected Financial Data (US$ in thousands)
Current assets 5,177,868  4,663,020  4,247,852  3,677,771  3,432,410  3,532,609 
Current liabilities 4,543,560  3,015,857  2,964,878  2,622,805  1,995,596  1,987,740 
Liquidity Ratio
Current ratio1 1.14 1.55 1.43 1.40 1.72 1.78
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted current assets2 5,288,568  4,766,720  4,326,352  3,758,471  3,525,310  3,627,709 
Adjusted current liabilities3 4,543,560  3,015,857  2,964,878  2,622,805  1,995,596  1,962,472 
Liquidity Ratio
Adjusted current ratio4 1.16 1.58 1.46 1.43 1.77 1.85

Based on: 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), 10-K (filing date: 2015-03-20).

1 2020 Calculation
Current ratio = Current assets ÷ Current liabilities
= 5,177,868 ÷ 4,543,560 = 1.14

2 Adjusted current assets. See details »

3 Adjusted current liabilities. See details »

4 2020 Calculation
Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= 5,288,568 ÷ 4,543,560 = 1.16

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Dollar General Corp.’s adjusted current ratio improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020.

Adjusted Debt to Equity

Microsoft Excel LibreOffice Calc
Jan 31, 2020 Feb 1, 2019 Feb 2, 2018 Feb 3, 2017 Jan 29, 2016 Jan 30, 2015
Reported
Selected Financial Data (US$ in thousands)
Total debt 2,911,993  2,864,690  3,005,958  3,211,526  2,970,554  2,740,585 
Shareholders’ equity 6,702,500  6,417,393  6,125,774  5,406,294  5,377,876  5,710,038 
Solvency Ratio
Debt to equity1 0.43 0.45 0.49 0.59 0.55 0.48
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total debt2 11,696,481  11,090,696  10,778,673  10,224,986  9,165,038  8,527,760 
Adjusted shareholders’ equity3 7,488,427  7,130,780  6,719,976  6,139,835  6,110,731  6,431,996 
Solvency Ratio
Adjusted debt to equity4 1.56 1.56 1.60 1.67 1.50 1.33

Based on: 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), 10-K (filing date: 2015-03-20).

1 2020 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity
= 2,911,993 ÷ 6,702,500 = 0.43

2 Adjusted total debt. See details »

3 Adjusted shareholders’ equity. See details »

4 2020 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted shareholders’ equity
= 11,696,481 ÷ 7,488,427 = 1.56

Solvency ratio Description The company
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Dollar General Corp.’s adjusted debt-to-equity ratio improved from 2018 to 2019 but then slightly deteriorated from 2019 to 2020.

Adjusted Debt to Capital

Microsoft Excel LibreOffice Calc
Jan 31, 2020 Feb 1, 2019 Feb 2, 2018 Feb 3, 2017 Jan 29, 2016 Jan 30, 2015
Reported
Selected Financial Data (US$ in thousands)
Total debt 2,911,993  2,864,690  3,005,958  3,211,526  2,970,554  2,740,585 
Total capital 9,614,493  9,282,083  9,131,732  8,617,820  8,348,430  8,450,623 
Solvency Ratio
Debt to capital1 0.30 0.31 0.33 0.37 0.36 0.32
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total debt2 11,696,481  11,090,696  10,778,673  10,224,986  9,165,038  8,527,760 
Adjusted total capital3 19,184,908  18,221,476  17,498,649  16,364,821  15,275,769  14,959,756 
Solvency Ratio
Adjusted debt to capital4 0.61 0.61 0.62 0.62 0.60 0.57

Based on: 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), 10-K (filing date: 2015-03-20).

1 2020 Calculation
Debt to capital = Total debt ÷ Total capital
= 2,911,993 ÷ 9,614,493 = 0.30

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2020 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 11,696,481 ÷ 19,184,908 = 0.61

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Dollar General Corp.’s adjusted debt-to-capital ratio improved from 2018 to 2019 but then slightly deteriorated from 2019 to 2020.

Adjusted Financial Leverage

Microsoft Excel LibreOffice Calc
Jan 31, 2020 Feb 1, 2019 Feb 2, 2018 Feb 3, 2017 Jan 29, 2016 Jan 30, 2015
Reported
Selected Financial Data (US$ in thousands)
Total assets 22,825,084  13,204,038  12,516,911  11,672,298  11,257,885  11,224,104 
Shareholders’ equity 6,702,500  6,417,393  6,125,774  5,406,294  5,377,876  5,710,038 
Solvency Ratio
Financial leverage1 3.41 2.06 2.04 2.16 2.09 1.97
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total assets2 22,935,784  21,533,744  20,368,126  18,766,458  17,545,269  17,106,379 
Adjusted shareholders’ equity3 7,488,427  7,130,780  6,719,976  6,139,835  6,110,731  6,431,996 
Solvency Ratio
Adjusted financial leverage4 3.06 3.02 3.03 3.06 2.87 2.66

Based on: 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), 10-K (filing date: 2015-03-20).

1 2020 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity
= 22,825,084 ÷ 6,702,500 = 3.41

2 Adjusted total assets. See details »

3 Adjusted shareholders’ equity. See details »

4 2020 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted shareholders’ equity
= 22,935,784 ÷ 7,488,427 = 3.06

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.
Dollar General Corp.’s adjusted financial leverage ratio decreased from 2018 to 2019 but then increased from 2019 to 2020 exceeding 2018 level.

Adjusted Net Profit Margin

Microsoft Excel LibreOffice Calc
Jan 31, 2020 Feb 1, 2019 Feb 2, 2018 Feb 3, 2017 Jan 29, 2016 Jan 30, 2015
Reported
Selected Financial Data (US$ in thousands)
Net income 1,712,555  1,589,472  1,538,960  1,251,133  1,165,080  1,065,345 
Net sales 27,753,973  25,625,043  23,470,967  21,986,598  20,368,562  18,909,588 
Profitability Ratio
Net profit margin1 6.17% 6.20% 6.56% 5.69% 5.72% 5.63%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net income2 1,775,935  1,667,979  1,399,840  1,252,111  1,176,525  1,061,494 
Net sales 27,753,973  25,625,043  23,470,967  21,986,598  20,368,562  18,909,588 
Profitability Ratio
Adjusted net profit margin3 6.40% 6.51% 5.96% 5.69% 5.78% 5.61%

Based on: 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), 10-K (filing date: 2015-03-20).

1 2020 Calculation
Net profit margin = 100 × Net income ÷ Net sales
= 100 × 1,712,555 ÷ 27,753,973 = 6.17%

2 Adjusted net income. See details »

3 2020 Calculation
Adjusted net profit margin = 100 × Adjusted net income ÷ Net sales
= 100 × 1,775,935 ÷ 27,753,973 = 6.40%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Dollar General Corp.’s adjusted net profit margin ratio improved from 2018 to 2019 but then slightly deteriorated from 2019 to 2020.

Adjusted Return on Equity (ROE)

Microsoft Excel LibreOffice Calc
Jan 31, 2020 Feb 1, 2019 Feb 2, 2018 Feb 3, 2017 Jan 29, 2016 Jan 30, 2015
Reported
Selected Financial Data (US$ in thousands)
Net income 1,712,555  1,589,472  1,538,960  1,251,133  1,165,080  1,065,345 
Shareholders’ equity 6,702,500  6,417,393  6,125,774  5,406,294  5,377,876  5,710,038 
Profitability Ratio
ROE1 25.55% 24.77% 25.12% 23.14% 21.66% 18.66%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net income2 1,775,935  1,667,979  1,399,840  1,252,111  1,176,525  1,061,494 
Adjusted shareholders’ equity3 7,488,427  7,130,780  6,719,976  6,139,835  6,110,731  6,431,996 
Profitability Ratio
Adjusted ROE4 23.72% 23.39% 20.83% 20.39% 19.25% 16.50%

Based on: 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), 10-K (filing date: 2015-03-20).

1 2020 Calculation
ROE = 100 × Net income ÷ Shareholders’ equity
= 100 × 1,712,555 ÷ 6,702,500 = 25.55%

2 Adjusted net income. See details »

3 Adjusted shareholders’ equity. See details »

4 2020 Calculation
Adjusted ROE = 100 × Adjusted net income ÷ Adjusted shareholders’ equity
= 100 × 1,775,935 ÷ 7,488,427 = 23.72%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Dollar General Corp.’s adjusted ROE improved from 2018 to 2019 and from 2019 to 2020.

Adjusted Return on Assets (ROA)

Microsoft Excel LibreOffice Calc
Jan 31, 2020 Feb 1, 2019 Feb 2, 2018 Feb 3, 2017 Jan 29, 2016 Jan 30, 2015
Reported
Selected Financial Data (US$ in thousands)
Net income 1,712,555  1,589,472  1,538,960  1,251,133  1,165,080  1,065,345 
Total assets 22,825,084  13,204,038  12,516,911  11,672,298  11,257,885  11,224,104 
Profitability Ratio
ROA1 7.50% 12.04% 12.30% 10.72% 10.35% 9.49%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net income2 1,775,935  1,667,979  1,399,840  1,252,111  1,176,525  1,061,494 
Adjusted total assets3 22,935,784  21,533,744  20,368,126  18,766,458  17,545,269  17,106,379 
Profitability Ratio
Adjusted ROA4 7.74% 7.75% 6.87% 6.67% 6.71% 6.21%

Based on: 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), 10-K (filing date: 2015-03-20).

1 2020 Calculation
ROA = 100 × Net income ÷ Total assets
= 100 × 1,712,555 ÷ 22,825,084 = 7.50%

2 Adjusted net income. See details »

3 Adjusted total assets. See details »

4 2020 Calculation
Adjusted ROA = 100 × Adjusted net income ÷ Adjusted total assets
= 100 × 1,775,935 ÷ 22,935,784 = 7.74%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Dollar General Corp.’s adjusted ROA improved from 2018 to 2019 but then slightly deteriorated from 2019 to 2020.