Adjusted Financial Ratios (Summary)
Adjusted Total Asset Turnover
Adjusted Current Ratio
Adjusted Debt to Equity
Adjusted Debt to Capital
Adjusted Financial Leverage
Adjusted Net Profit Margin
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Dollar General Corp., adjusted financial ratios

	Feb 3, 2023	Jan 28, 2022	Jan 29, 2021	Jan 31, 2020	Feb 1, 2019	Feb 2, 2018
Activity Ratio
Total Asset Turnover
Reported	1.30	1.30	1.30	1.22	1.94	1.88
Adjusted	1.27	1.29	1.30	1.21	1.19	1.15
Liquidity Ratio
Current Ratio
Reported	1.29	1.05	1.21	1.14	1.55	1.43
Adjusted	1.43	1.10	1.23	1.16	1.58	1.46
Solvency Ratios
Debt to Equity
Reported	1.26	0.67	0.62	0.43	0.45	0.49
Adjusted	2.38	1.93	1.82	1.56	1.56	1.60
Debt to Capital
Reported	0.56	0.40	0.38	0.30	0.31	0.33
Adjusted	0.70	0.66	0.64	0.61	0.61	0.62
Financial Leverage
Reported	5.25	4.20	3.88	3.41	2.06	2.04
Adjusted	4.03	3.61	3.47	3.06	3.02	3.03
Profitability Ratios
Net Profit Margin
Reported	6.38%	7.01%	7.87%	6.17%	6.20%	6.56%
Adjusted	8.38%	7.88%	7.99%	6.40%	6.51%	5.96%
Return on Equity (ROE)
Reported	43.60%	38.31%	39.86%	25.55%	24.77%	25.12%
Adjusted	42.75%	36.50%	36.01%	23.72%	23.39%	20.83%
Return on Assets (ROA)
Reported	8.31%	9.11%	10.27%	7.50%	12.04%	12.30%
Adjusted	10.60%	10.12%	10.38%	7.74%	7.75%	6.87%

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).

Financial ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Dollar General Corp. adjusted total asset turnover ratio deteriorated from 2021 to 2022 and from 2022 to 2023.
Adjusted current ratio	A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities.	Dollar General Corp. adjusted current ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.
Adjusted debt-to-equity ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total equity.	Dollar General Corp. adjusted debt-to-equity ratio deteriorated from 2021 to 2022 and from 2022 to 2023.
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. adjusted debt-to-capital ratio deteriorated from 2021 to 2022 and from 2022 to 2023.
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. adjusted financial leverage ratio increased from 2021 to 2022 and from 2022 to 2023.
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Dollar General Corp. adjusted net profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted total equity.	Dollar General Corp. adjusted ROE improved from 2021 to 2022 and from 2022 to 2023.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Dollar General Corp. adjusted ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

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

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	Feb 3, 2023	Jan 28, 2022	Jan 29, 2021	Jan 31, 2020	Feb 1, 2019	Feb 2, 2018
Reported
Selected Financial Data (US$ in thousands)
Net sales	37,844,863)	34,220,449)	33,746,839)	27,753,973)	25,625,043)	23,470,967)
Total assets	29,083,367)	26,327,371)	25,862,624)	22,825,084)	13,204,038)	12,516,911)
Activity Ratio
Total asset turnover¹	1.30	1.30	1.30	1.22	1.94	1.88
Adjusted
Selected Financial Data (US$ in thousands)
Net sales	37,844,863)	34,220,449)	33,746,839)	27,753,973)	25,625,043)	23,470,967)
Adjusted total assets²	29,896,967)	26,623,671)	25,978,524)	22,935,784)	21,533,744)	20,368,126)
Activity Ratio
Adjusted total asset turnover³	1.27	1.29	1.30	1.21	1.19	1.15

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 2023 Calculation
Total asset turnover = Net sales ÷ Total assets
= 37,844,863 ÷ 29,083,367 = 1.30

² Adjusted total assets. See details »

³ 2023 Calculation
Adjusted total asset turnover = Net sales ÷ Adjusted total assets
= 37,844,863 ÷ 29,896,967 = 1.27

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Dollar General Corp. adjusted total asset turnover ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

	Feb 3, 2023	Jan 28, 2022	Jan 29, 2021	Jan 31, 2020	Feb 1, 2019	Feb 2, 2018
Reported
Selected Financial Data (US$ in thousands)
Current assets	7,581,009)	6,303,843)	6,914,219)	5,177,868)	4,663,020)	4,247,852)
Current liabilities	5,887,768)	5,979,357)	5,710,783)	4,543,560)	3,015,857)	2,964,878)
Liquidity Ratio
Current ratio¹	1.29	1.05	1.21	1.14	1.55	1.43
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted current assets²	8,394,609)	6,600,143)	7,030,119)	5,288,568)	4,766,720)	4,326,352)
Current liabilities	5,887,768)	5,979,357)	5,710,783)	4,543,560)	3,015,857)	2,964,878)
Liquidity Ratio
Adjusted current ratio³	1.43	1.10	1.23	1.16	1.58	1.46

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 2023 Calculation
Current ratio = Current assets ÷ Current liabilities
= 7,581,009 ÷ 5,887,768 = 1.29

² Adjusted current assets. See details »

³ 2023 Calculation
Adjusted current ratio = Adjusted current assets ÷ Current liabilities
= 8,394,609 ÷ 5,887,768 = 1.43

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Liquidity ratio	Description	The company
Adjusted current ratio	A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities.	Dollar General Corp. adjusted current ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

	Feb 3, 2023	Jan 28, 2022	Jan 29, 2021	Jan 31, 2020	Feb 1, 2019	Feb 2, 2018
Reported
Selected Financial Data (US$ in thousands)
Total debt	7,009,399)	4,172,068)	4,130,975)	2,911,993)	2,864,690)	3,005,958)
Shareholders’ equity	5,541,772)	6,261,986)	6,661,238)	6,702,500)	6,417,393)	6,125,774)
Solvency Ratio
Debt to equity¹	1.26	0.67	0.62	0.43	0.45	0.49
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total debt²	17,661,099)	14,246,336)	13,590,442)	11,696,481)	11,090,696)	10,778,673)
Adjusted shareholders’ equity³	7,416,278)	7,383,540)	7,487,687)	7,488,427)	7,130,780)	6,719,976)
Solvency Ratio
Adjusted debt to equity⁴	2.38	1.93	1.82	1.56	1.56	1.60

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 2023 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity
= 7,009,399 ÷ 5,541,772 = 1.26

² Adjusted total debt. See details »

³ Adjusted shareholders’ equity. See details »

⁴ 2023 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted shareholders’ equity
= 17,661,099 ÷ 7,416,278 = 2.38

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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. adjusted debt-to-equity ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

	Feb 3, 2023	Jan 28, 2022	Jan 29, 2021	Jan 31, 2020	Feb 1, 2019	Feb 2, 2018
Reported
Selected Financial Data (US$ in thousands)
Total debt	7,009,399)	4,172,068)	4,130,975)	2,911,993)	2,864,690)	3,005,958)
Total capital	12,551,171)	10,434,054)	10,792,213)	9,614,493)	9,282,083)	9,131,732)
Solvency Ratio
Debt to capital¹	0.56	0.40	0.38	0.30	0.31	0.33
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total debt²	17,661,099)	14,246,336)	13,590,442)	11,696,481)	11,090,696)	10,778,673)
Adjusted total capital³	25,077,377)	21,629,876)	21,078,129)	19,184,908)	18,221,476)	17,498,649)
Solvency Ratio
Adjusted debt to capital⁴	0.70	0.66	0.64	0.61	0.61	0.62

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 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= 7,009,399 ÷ 12,551,171 = 0.56

² Adjusted total debt. See details »

³ Adjusted total capital. See details »

⁴ 2023 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 17,661,099 ÷ 25,077,377 = 0.70

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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. adjusted debt-to-capital ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

	Feb 3, 2023	Jan 28, 2022	Jan 29, 2021	Jan 31, 2020	Feb 1, 2019	Feb 2, 2018
Reported
Selected Financial Data (US$ in thousands)
Total assets	29,083,367)	26,327,371)	25,862,624)	22,825,084)	13,204,038)	12,516,911)
Shareholders’ equity	5,541,772)	6,261,986)	6,661,238)	6,702,500)	6,417,393)	6,125,774)
Solvency Ratio
Financial leverage¹	5.25	4.20	3.88	3.41	2.06	2.04
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total assets²	29,896,967)	26,623,671)	25,978,524)	22,935,784)	21,533,744)	20,368,126)
Adjusted shareholders’ equity³	7,416,278)	7,383,540)	7,487,687)	7,488,427)	7,130,780)	6,719,976)
Solvency Ratio
Adjusted financial leverage⁴	4.03	3.61	3.47	3.06	3.02	3.03

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 2023 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity
= 29,083,367 ÷ 5,541,772 = 5.25

² Adjusted total assets. See details »

³ Adjusted shareholders’ equity. See details »

⁴ 2023 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted shareholders’ equity
= 29,896,967 ÷ 7,416,278 = 4.03

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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. adjusted financial leverage ratio increased from 2021 to 2022 and from 2022 to 2023.

	Feb 3, 2023	Jan 28, 2022	Jan 29, 2021	Jan 31, 2020	Feb 1, 2019	Feb 2, 2018
Reported
Selected Financial Data (US$ in thousands)
Net income	2,415,989)	2,399,232)	2,655,050)	1,712,555)	1,589,472)	1,538,960)
Net sales	37,844,863)	34,220,449)	33,746,839)	27,753,973)	25,625,043)	23,470,967)
Profitability Ratio
Net profit margin¹	6.38%	7.01%	7.87%	6.17%	6.20%	6.56%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net income²	3,170,556)	2,694,962)	2,696,216)	1,775,935)	1,667,979)	1,399,840)
Net sales	37,844,863)	34,220,449)	33,746,839)	27,753,973)	25,625,043)	23,470,967)
Profitability Ratio
Adjusted net profit margin³	8.38%	7.88%	7.99%	6.40%	6.51%	5.96%

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 2023 Calculation
Net profit margin = 100 × Net income ÷ Net sales
= 100 × 2,415,989 ÷ 37,844,863 = 6.38%

² Adjusted net income. See details »

³ 2023 Calculation
Adjusted net profit margin = 100 × Adjusted net income ÷ Net sales
= 100 × 3,170,556 ÷ 37,844,863 = 8.38%

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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. adjusted net profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

	Feb 3, 2023	Jan 28, 2022	Jan 29, 2021	Jan 31, 2020	Feb 1, 2019	Feb 2, 2018
Reported
Selected Financial Data (US$ in thousands)
Net income	2,415,989)	2,399,232)	2,655,050)	1,712,555)	1,589,472)	1,538,960)
Shareholders’ equity	5,541,772)	6,261,986)	6,661,238)	6,702,500)	6,417,393)	6,125,774)
Profitability Ratio
ROE¹	43.60%	38.31%	39.86%	25.55%	24.77%	25.12%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net income²	3,170,556)	2,694,962)	2,696,216)	1,775,935)	1,667,979)	1,399,840)
Adjusted shareholders’ equity³	7,416,278)	7,383,540)	7,487,687)	7,488,427)	7,130,780)	6,719,976)
Profitability Ratio
Adjusted ROE⁴	42.75%	36.50%	36.01%	23.72%	23.39%	20.83%

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 2023 Calculation
ROE = 100 × Net income ÷ Shareholders’ equity
= 100 × 2,415,989 ÷ 5,541,772 = 43.60%

² Adjusted net income. See details »

³ Adjusted shareholders’ equity. See details »

⁴ 2023 Calculation
Adjusted ROE = 100 × Adjusted net income ÷ Adjusted shareholders’ equity
= 100 × 3,170,556 ÷ 7,416,278 = 42.75%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted total equity.	Dollar General Corp. adjusted ROE improved from 2021 to 2022 and from 2022 to 2023.

	Feb 3, 2023	Jan 28, 2022	Jan 29, 2021	Jan 31, 2020	Feb 1, 2019	Feb 2, 2018
Reported
Selected Financial Data (US$ in thousands)
Net income	2,415,989)	2,399,232)	2,655,050)	1,712,555)	1,589,472)	1,538,960)
Total assets	29,083,367)	26,327,371)	25,862,624)	22,825,084)	13,204,038)	12,516,911)
Profitability Ratio
ROA¹	8.31%	9.11%	10.27%	7.50%	12.04%	12.30%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net income²	3,170,556)	2,694,962)	2,696,216)	1,775,935)	1,667,979)	1,399,840)
Adjusted total assets³	29,896,967)	26,623,671)	25,978,524)	22,935,784)	21,533,744)	20,368,126)
Profitability Ratio
Adjusted ROA⁴	10.60%	10.12%	10.38%	7.74%	7.75%	6.87%

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 2023 Calculation
ROA = 100 × Net income ÷ Total assets
= 100 × 2,415,989 ÷ 29,083,367 = 8.31%

² Adjusted net income. See details »

³ Adjusted total assets. See details »

⁴ 2023 Calculation
Adjusted ROA = 100 × Adjusted net income ÷ Adjusted total assets
= 100 × 3,170,556 ÷ 29,896,967 = 10.60%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Dollar General Corp. adjusted ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

Dollar General Corp. (NYSE:DG)

Adjusted Financial Ratios

Adjusted Financial Ratios (Summary)

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

Adjusted Total Asset Turnover

Adjusted Current Ratio

Adjusted Debt to Equity

Adjusted Debt to Capital

Adjusted Financial Leverage

Adjusted Net Profit Margin

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)