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

Dollar General Corp. (NYSE:DG)

DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
Quarterly Data

Beginner level

Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.

Two-Component Disaggregation of ROE

Dollar General Corp., decomposition of ROE (quarterly data)

Microsoft Excel LibreOffice Calc
ROE = ROA × Financial Leverage
Oct 30, 2020 36.47% = 9.74% × 3.74
Jul 31, 2020 31.80% = 9.05% × 3.51
May 1, 2020 27.44% = 7.96% × 3.45
Jan 31, 2020 25.55% = 7.50% × 3.41
Nov 1, 2019 24.97% = 7.41% × 3.37
Aug 2, 2019 24.14% = 7.43% × 3.25
May 3, 2019 24.49% = 7.56% × 3.24
Feb 1, 2019 24.77% = 12.04% × 2.06
Nov 2, 2018 28.61% = 13.86% × 2.06
Aug 3, 2018 27.23% = 13.42% × 2.03
May 4, 2018 26.05% = 13.00% × 2.00
Feb 2, 2018 25.12% = 12.30% × 2.04
Nov 3, 2017 21.60% = 10.03% × 2.15
Aug 4, 2017 21.52% = 10.10% × 2.13
May 5, 2017 22.35% = 10.47% × 2.13
Feb 3, 2017 23.14% = 10.72% × 2.16
Oct 28, 2016 22.63% = 10.18% × 2.22
Jul 29, 2016 22.74% = 10.60% × 2.15
Apr 29, 2016 22.40% = 10.67% × 2.10
Jan 29, 2016 21.66% = 10.35% × 2.09
Oct 30, 2015 21.41% = 10.14% × 2.11
Jul 31, 2015 20.80% = 10.07% × 2.07
May 1, 2015 20.35% = 10.00% × 2.03
Jan 30, 2015 18.66% = 9.49% × 1.97
Oct 31, 2014 — = — × 2.04
Aug 1, 2014 — = — × 2.12
May 2, 2014 — = — × 2.19

Based on: 10-Q (filing date: 2020-12-03), 10-Q (filing date: 2020-08-27), 10-Q (filing date: 2020-05-28), 10-K (filing date: 2020-03-19), 10-Q (filing date: 2019-12-05), 10-Q (filing date: 2019-08-29), 10-Q (filing date: 2019-05-30), 10-K (filing date: 2019-03-22), 10-Q (filing date: 2018-12-04), 10-Q (filing date: 2018-08-30), 10-Q (filing date: 2018-05-31), 10-K (filing date: 2018-03-23), 10-Q (filing date: 2017-12-07), 10-Q (filing date: 2017-08-31), 10-Q (filing date: 2017-06-01), 10-K (filing date: 2017-03-24), 10-Q (filing date: 2016-12-01), 10-Q (filing date: 2016-08-25), 10-Q (filing date: 2016-05-26), 10-K (filing date: 2016-03-22), 10-Q (filing date: 2015-12-03), 10-Q (filing date: 2015-08-27), 10-Q (filing date: 2015-06-02), 10-K (filing date: 2015-03-20), 10-Q (filing date: 2014-12-04), 10-Q (filing date: 2014-08-28), 10-Q (filing date: 2014-06-03).

The primary reason for the increase in return on equity ratio (ROE) over Q3 2021 is the increase in profitability measured by return on assets ratio (ROA).

Three-Component Disaggregation of ROE

Dollar General Corp., decomposition of ROE (quarterly data)

Microsoft Excel LibreOffice Calc
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Oct 30, 2020 36.47% = 7.84% × 1.24 × 3.74
Jul 31, 2020 31.80% = 7.48% × 1.21 × 3.51
May 1, 2020 27.44% = 6.69% × 1.19 × 3.45
Jan 31, 2020 25.55% = 6.17% × 1.22 × 3.41
Nov 1, 2019 24.97% = 6.09% × 1.22 × 3.37
Aug 2, 2019 24.14% = 6.11% × 1.22 × 3.25
May 3, 2019 24.49% = 6.16% × 1.23 × 3.24
Feb 1, 2019 24.77% = 6.20% × 1.94 × 2.06
Nov 2, 2018 28.61% = 7.24% × 1.91 × 2.06
Aug 3, 2018 27.23% = 7.06% × 1.90 × 2.03
May 4, 2018 26.05% = 6.77% × 1.92 × 2.00
Feb 2, 2018 25.12% = 6.56% × 1.88 × 2.04
Nov 3, 2017 21.60% = 5.31% × 1.89 × 2.15
Aug 4, 2017 21.52% = 5.38% × 1.88 × 2.13
May 5, 2017 22.35% = 5.53% × 1.89 × 2.13
Feb 3, 2017 23.14% = 5.69% × 1.88 × 2.16
Oct 28, 2016 22.63% = 5.71% × 1.78 × 2.22
Jul 29, 2016 22.74% = 5.86% × 1.81 × 2.15
Apr 29, 2016 22.40% = 5.83% × 1.83 × 2.10
Jan 29, 2016 21.66% = 5.72% × 1.81 × 2.09
Oct 30, 2015 21.41% = 5.72% × 1.77 × 2.11
Jul 31, 2015 20.80% = 5.73% × 1.76 × 2.07
May 1, 2015 20.35% = 5.68% × 1.76 × 2.03
Jan 30, 2015 18.66% = 5.63% × 1.68 × 1.97
Oct 31, 2014 — = — × — × 2.04
Aug 1, 2014 — = — × — × 2.12
May 2, 2014 — = — × — × 2.19

Based on: 10-Q (filing date: 2020-12-03), 10-Q (filing date: 2020-08-27), 10-Q (filing date: 2020-05-28), 10-K (filing date: 2020-03-19), 10-Q (filing date: 2019-12-05), 10-Q (filing date: 2019-08-29), 10-Q (filing date: 2019-05-30), 10-K (filing date: 2019-03-22), 10-Q (filing date: 2018-12-04), 10-Q (filing date: 2018-08-30), 10-Q (filing date: 2018-05-31), 10-K (filing date: 2018-03-23), 10-Q (filing date: 2017-12-07), 10-Q (filing date: 2017-08-31), 10-Q (filing date: 2017-06-01), 10-K (filing date: 2017-03-24), 10-Q (filing date: 2016-12-01), 10-Q (filing date: 2016-08-25), 10-Q (filing date: 2016-05-26), 10-K (filing date: 2016-03-22), 10-Q (filing date: 2015-12-03), 10-Q (filing date: 2015-08-27), 10-Q (filing date: 2015-06-02), 10-K (filing date: 2015-03-20), 10-Q (filing date: 2014-12-04), 10-Q (filing date: 2014-08-28), 10-Q (filing date: 2014-06-03).

The primary reason for the increase in return on equity ratio (ROE) over Q3 2021 is the increase in financial leverage ratio.

Five-Component Disaggregation of ROE

Dollar General Corp., decomposition of ROE (quarterly data)

Microsoft Excel LibreOffice Calc
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
Oct 30, 2020 36.47% = 0.78 × 0.96 × 10.48% × 1.24 × 3.74
Jul 31, 2020 31.80% = 0.78 × 0.96 × 9.98% × 1.21 × 3.51
May 1, 2020 27.44% = 0.78 × 0.96 × 8.98% × 1.19 × 3.45
Jan 31, 2020 25.55% = 0.78 × 0.96 × 8.30% × 1.22 × 3.41
Nov 1, 2019 24.97% = 0.78 × 0.95 × 8.15% × 1.22 × 3.37
Aug 2, 2019 24.14% = 0.79 × 0.95 × 8.14% × 1.22 × 3.25
May 3, 2019 24.49% = 0.79 × 0.95 × 8.18% × 1.23 × 3.24
Feb 1, 2019 24.77% = 0.79 × 0.95 × 8.25% × 1.94 × 2.06
Nov 2, 2018 28.61% = 0.91 × 0.95 × 8.37% × 1.91 × 2.06
Aug 3, 2018 27.23% = 0.88 × 0.95 × 8.44% × 1.90 × 2.03
May 4, 2018 26.05% = 0.84 × 0.95 × 8.44% × 1.92 × 2.00
Feb 2, 2018 25.12% = 0.81 × 0.95 × 8.54% × 1.88 × 2.04
Nov 3, 2017 21.60% = 0.63 × 0.95 × 8.83% × 1.89 × 2.15
Aug 4, 2017 21.52% = 0.63 × 0.95 × 8.95% × 1.88 × 2.13
May 5, 2017 22.35% = 0.63 × 0.95 × 9.19% × 1.89 × 2.13
Feb 3, 2017 23.14% = 0.64 × 0.95 × 9.39% × 1.88 × 2.16
Oct 28, 2016 22.63% = 0.64 × 0.95 × 9.38% × 1.78 × 2.22
Jul 29, 2016 22.74% = 0.64 × 0.95 × 9.64% × 1.81 × 2.15
Apr 29, 2016 22.40% = 0.63 × 0.96 × 9.62% × 1.83 × 2.10
Jan 29, 2016 21.66% = 0.63 × 0.96 × 9.52% × 1.81 × 2.09
Oct 30, 2015 21.41% = 0.63 × 0.96 × 9.46% × 1.77 × 2.11
Jul 31, 2015 20.80% = 0.63 × 0.95 × 9.48% × 1.76 × 2.07
May 1, 2015 20.35% = 0.63 × 0.95 × 9.41% × 1.76 × 2.03
Jan 30, 2015 18.66% = 0.63 × 0.95 × 9.36% × 1.68 × 1.97
Oct 31, 2014 — = — × — × — × — × 2.04
Aug 1, 2014 — = — × — × — × — × 2.12
May 2, 2014 — = — × — × — × — × 2.19

Based on: 10-Q (filing date: 2020-12-03), 10-Q (filing date: 2020-08-27), 10-Q (filing date: 2020-05-28), 10-K (filing date: 2020-03-19), 10-Q (filing date: 2019-12-05), 10-Q (filing date: 2019-08-29), 10-Q (filing date: 2019-05-30), 10-K (filing date: 2019-03-22), 10-Q (filing date: 2018-12-04), 10-Q (filing date: 2018-08-30), 10-Q (filing date: 2018-05-31), 10-K (filing date: 2018-03-23), 10-Q (filing date: 2017-12-07), 10-Q (filing date: 2017-08-31), 10-Q (filing date: 2017-06-01), 10-K (filing date: 2017-03-24), 10-Q (filing date: 2016-12-01), 10-Q (filing date: 2016-08-25), 10-Q (filing date: 2016-05-26), 10-K (filing date: 2016-03-22), 10-Q (filing date: 2015-12-03), 10-Q (filing date: 2015-08-27), 10-Q (filing date: 2015-06-02), 10-K (filing date: 2015-03-20), 10-Q (filing date: 2014-12-04), 10-Q (filing date: 2014-08-28), 10-Q (filing date: 2014-06-03).

The primary reason for the increase in return on equity ratio (ROE) over Q3 2021 is the increase in financial leverage ratio.

Two-Component Disaggregation of ROA

Dollar General Corp., decomposition of ROA (quarterly data)

Microsoft Excel LibreOffice Calc
ROA = Net Profit Margin × Asset Turnover
Oct 30, 2020 9.74% = 7.84% × 1.24
Jul 31, 2020 9.05% = 7.48% × 1.21
May 1, 2020 7.96% = 6.69% × 1.19
Jan 31, 2020 7.50% = 6.17% × 1.22
Nov 1, 2019 7.41% = 6.09% × 1.22
Aug 2, 2019 7.43% = 6.11% × 1.22
May 3, 2019 7.56% = 6.16% × 1.23
Feb 1, 2019 12.04% = 6.20% × 1.94
Nov 2, 2018 13.86% = 7.24% × 1.91
Aug 3, 2018 13.42% = 7.06% × 1.90
May 4, 2018 13.00% = 6.77% × 1.92
Feb 2, 2018 12.30% = 6.56% × 1.88
Nov 3, 2017 10.03% = 5.31% × 1.89
Aug 4, 2017 10.10% = 5.38% × 1.88
May 5, 2017 10.47% = 5.53% × 1.89
Feb 3, 2017 10.72% = 5.69% × 1.88
Oct 28, 2016 10.18% = 5.71% × 1.78
Jul 29, 2016 10.60% = 5.86% × 1.81
Apr 29, 2016 10.67% = 5.83% × 1.83
Jan 29, 2016 10.35% = 5.72% × 1.81
Oct 30, 2015 10.14% = 5.72% × 1.77
Jul 31, 2015 10.07% = 5.73% × 1.76
May 1, 2015 10.00% = 5.68% × 1.76
Jan 30, 2015 9.49% = 5.63% × 1.68
Oct 31, 2014 — = — × —
Aug 1, 2014 — = — × —
May 2, 2014 — = — × —

Based on: 10-Q (filing date: 2020-12-03), 10-Q (filing date: 2020-08-27), 10-Q (filing date: 2020-05-28), 10-K (filing date: 2020-03-19), 10-Q (filing date: 2019-12-05), 10-Q (filing date: 2019-08-29), 10-Q (filing date: 2019-05-30), 10-K (filing date: 2019-03-22), 10-Q (filing date: 2018-12-04), 10-Q (filing date: 2018-08-30), 10-Q (filing date: 2018-05-31), 10-K (filing date: 2018-03-23), 10-Q (filing date: 2017-12-07), 10-Q (filing date: 2017-08-31), 10-Q (filing date: 2017-06-01), 10-K (filing date: 2017-03-24), 10-Q (filing date: 2016-12-01), 10-Q (filing date: 2016-08-25), 10-Q (filing date: 2016-05-26), 10-K (filing date: 2016-03-22), 10-Q (filing date: 2015-12-03), 10-Q (filing date: 2015-08-27), 10-Q (filing date: 2015-06-02), 10-K (filing date: 2015-03-20), 10-Q (filing date: 2014-12-04), 10-Q (filing date: 2014-08-28), 10-Q (filing date: 2014-06-03).

The primary reason for the increase in return on assets ratio (ROA) over Q3 2021 is the increase in profitability measured by net profit margin ratio.

Four-Component Disaggregation of ROA

Dollar General Corp., decomposition of ROA (quarterly data)

Microsoft Excel LibreOffice Calc
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Oct 30, 2020 9.74% = 0.78 × 0.96 × 10.48% × 1.24
Jul 31, 2020 9.05% = 0.78 × 0.96 × 9.98% × 1.21
May 1, 2020 7.96% = 0.78 × 0.96 × 8.98% × 1.19
Jan 31, 2020 7.50% = 0.78 × 0.96 × 8.30% × 1.22
Nov 1, 2019 7.41% = 0.78 × 0.95 × 8.15% × 1.22
Aug 2, 2019 7.43% = 0.79 × 0.95 × 8.14% × 1.22
May 3, 2019 7.56% = 0.79 × 0.95 × 8.18% × 1.23
Feb 1, 2019 12.04% = 0.79 × 0.95 × 8.25% × 1.94
Nov 2, 2018 13.86% = 0.91 × 0.95 × 8.37% × 1.91
Aug 3, 2018 13.42% = 0.88 × 0.95 × 8.44% × 1.90
May 4, 2018 13.00% = 0.84 × 0.95 × 8.44% × 1.92
Feb 2, 2018 12.30% = 0.81 × 0.95 × 8.54% × 1.88
Nov 3, 2017 10.03% = 0.63 × 0.95 × 8.83% × 1.89
Aug 4, 2017 10.10% = 0.63 × 0.95 × 8.95% × 1.88
May 5, 2017 10.47% = 0.63 × 0.95 × 9.19% × 1.89
Feb 3, 2017 10.72% = 0.64 × 0.95 × 9.39% × 1.88
Oct 28, 2016 10.18% = 0.64 × 0.95 × 9.38% × 1.78
Jul 29, 2016 10.60% = 0.64 × 0.95 × 9.64% × 1.81
Apr 29, 2016 10.67% = 0.63 × 0.96 × 9.62% × 1.83
Jan 29, 2016 10.35% = 0.63 × 0.96 × 9.52% × 1.81
Oct 30, 2015 10.14% = 0.63 × 0.96 × 9.46% × 1.77
Jul 31, 2015 10.07% = 0.63 × 0.95 × 9.48% × 1.76
May 1, 2015 10.00% = 0.63 × 0.95 × 9.41% × 1.76
Jan 30, 2015 9.49% = 0.63 × 0.95 × 9.36% × 1.68
Oct 31, 2014 — = — × — × — × —
Aug 1, 2014 — = — × — × — × —
May 2, 2014 — = — × — × — × —

Based on: 10-Q (filing date: 2020-12-03), 10-Q (filing date: 2020-08-27), 10-Q (filing date: 2020-05-28), 10-K (filing date: 2020-03-19), 10-Q (filing date: 2019-12-05), 10-Q (filing date: 2019-08-29), 10-Q (filing date: 2019-05-30), 10-K (filing date: 2019-03-22), 10-Q (filing date: 2018-12-04), 10-Q (filing date: 2018-08-30), 10-Q (filing date: 2018-05-31), 10-K (filing date: 2018-03-23), 10-Q (filing date: 2017-12-07), 10-Q (filing date: 2017-08-31), 10-Q (filing date: 2017-06-01), 10-K (filing date: 2017-03-24), 10-Q (filing date: 2016-12-01), 10-Q (filing date: 2016-08-25), 10-Q (filing date: 2016-05-26), 10-K (filing date: 2016-03-22), 10-Q (filing date: 2015-12-03), 10-Q (filing date: 2015-08-27), 10-Q (filing date: 2015-06-02), 10-K (filing date: 2015-03-20), 10-Q (filing date: 2014-12-04), 10-Q (filing date: 2014-08-28), 10-Q (filing date: 2014-06-03).

The primary reason for the increase in return on assets ratio (ROA) over Q3 2021 is the increase in operating profitability measured by EBIT margin ratio.

Disaggregation of Net Profit Margin

Dollar General Corp., decomposition of net profit margin ratio (quarterly data)

Microsoft Excel LibreOffice Calc
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Oct 30, 2020 7.84% = 0.78 × 0.96 × 10.48%
Jul 31, 2020 7.48% = 0.78 × 0.96 × 9.98%
May 1, 2020 6.69% = 0.78 × 0.96 × 8.98%
Jan 31, 2020 6.17% = 0.78 × 0.96 × 8.30%
Nov 1, 2019 6.09% = 0.78 × 0.95 × 8.15%
Aug 2, 2019 6.11% = 0.79 × 0.95 × 8.14%
May 3, 2019 6.16% = 0.79 × 0.95 × 8.18%
Feb 1, 2019 6.20% = 0.79 × 0.95 × 8.25%
Nov 2, 2018 7.24% = 0.91 × 0.95 × 8.37%
Aug 3, 2018 7.06% = 0.88 × 0.95 × 8.44%
May 4, 2018 6.77% = 0.84 × 0.95 × 8.44%
Feb 2, 2018 6.56% = 0.81 × 0.95 × 8.54%
Nov 3, 2017 5.31% = 0.63 × 0.95 × 8.83%
Aug 4, 2017 5.38% = 0.63 × 0.95 × 8.95%
May 5, 2017 5.53% = 0.63 × 0.95 × 9.19%
Feb 3, 2017 5.69% = 0.64 × 0.95 × 9.39%
Oct 28, 2016 5.71% = 0.64 × 0.95 × 9.38%
Jul 29, 2016 5.86% = 0.64 × 0.95 × 9.64%
Apr 29, 2016 5.83% = 0.63 × 0.96 × 9.62%
Jan 29, 2016 5.72% = 0.63 × 0.96 × 9.52%
Oct 30, 2015 5.72% = 0.63 × 0.96 × 9.46%
Jul 31, 2015 5.73% = 0.63 × 0.95 × 9.48%
May 1, 2015 5.68% = 0.63 × 0.95 × 9.41%
Jan 30, 2015 5.63% = 0.63 × 0.95 × 9.36%
Oct 31, 2014 — = — × — × —
Aug 1, 2014 — = — × — × —
May 2, 2014 — = — × — × —

Based on: 10-Q (filing date: 2020-12-03), 10-Q (filing date: 2020-08-27), 10-Q (filing date: 2020-05-28), 10-K (filing date: 2020-03-19), 10-Q (filing date: 2019-12-05), 10-Q (filing date: 2019-08-29), 10-Q (filing date: 2019-05-30), 10-K (filing date: 2019-03-22), 10-Q (filing date: 2018-12-04), 10-Q (filing date: 2018-08-30), 10-Q (filing date: 2018-05-31), 10-K (filing date: 2018-03-23), 10-Q (filing date: 2017-12-07), 10-Q (filing date: 2017-08-31), 10-Q (filing date: 2017-06-01), 10-K (filing date: 2017-03-24), 10-Q (filing date: 2016-12-01), 10-Q (filing date: 2016-08-25), 10-Q (filing date: 2016-05-26), 10-K (filing date: 2016-03-22), 10-Q (filing date: 2015-12-03), 10-Q (filing date: 2015-08-27), 10-Q (filing date: 2015-06-02), 10-K (filing date: 2015-03-20), 10-Q (filing date: 2014-12-04), 10-Q (filing date: 2014-08-28), 10-Q (filing date: 2014-06-03).

The primary reason for the increase in net profit margin ratio over Q3 2021 is the increase in operating profitability measured by EBIT margin ratio.