Stock Analysis on Net

Dollar General Corp. (NYSE:DG)

This company has been moved to the archive! The financial data has not been updated since August 31, 2023.

Analysis of Solvency Ratios 

Microsoft Excel

Solvency Ratios (Summary)

Dollar General Corp., solvency ratios

Microsoft Excel
Feb 3, 2023 Jan 28, 2022 Jan 29, 2021 Jan 31, 2020 Feb 1, 2019 Feb 2, 2018
Debt Ratios
Debt to equity 1.26 0.67 0.62 0.43 0.45 0.49
Debt to equity (including operating lease liability) 3.19 2.28 2.04 1.75 0.45 0.49
Debt to capital 0.56 0.40 0.38 0.30 0.31 0.33
Debt to capital (including operating lease liability) 0.76 0.69 0.67 0.64 0.31 0.33
Debt to assets 0.24 0.16 0.16 0.13 0.22 0.24
Debt to assets (including operating lease liability) 0.61 0.54 0.53 0.51 0.22 0.24
Financial leverage 5.25 4.20 3.88 3.41 2.06 2.04
Coverage Ratios
Interest coverage 15.75 20.45 23.64 22.89 21.18 20.66
Fixed charge coverage 2.71 2.86 3.22 2.61 2.60 2.62

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).

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. Dollar General Corp. debt to equity ratio deteriorated from 2021 to 2022 and from 2022 to 2023.
Debt to equity ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. Dollar General Corp. debt to equity ratio (including operating lease liability) deteriorated from 2021 to 2022 and from 2022 to 2023.
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. Dollar General Corp. debt to capital ratio deteriorated from 2021 to 2022 and from 2022 to 2023.
Debt to capital ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. Dollar General Corp. debt to capital ratio (including operating lease liability) deteriorated from 2021 to 2022 and from 2022 to 2023.
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. Dollar General Corp. debt to assets ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
Debt to assets ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. Dollar General Corp. debt to assets ratio (including operating lease liability) deteriorated from 2021 to 2022 and from 2022 to 2023.
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. Dollar General Corp. financial leverage ratio increased from 2021 to 2022 and from 2022 to 2023.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. Dollar General Corp. interest coverage ratio deteriorated from 2021 to 2022 and from 2022 to 2023.
Fixed charge coverage ratio A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. Dollar General Corp. fixed charge coverage ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

Debt to Equity

Dollar General Corp., debt to equity calculation, comparison to benchmarks

Microsoft Excel
Feb 3, 2023 Jan 28, 2022 Jan 29, 2021 Jan 31, 2020 Feb 1, 2019 Feb 2, 2018
Selected Financial Data (US$ in thousands)
Current portion of long-term obligations 555 1,950 401,345
Long-term obligations, excluding current portion 7,009,399 4,172,068 4,130,975 2,911,438 2,862,740 2,604,613
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
Benchmarks
Debt to Equity, Competitors2
Costco Wholesale Corp. 0.31 0.40 0.49 0.45 0.48 0.54
Target Corp. 1.44 1.07 0.88 0.97 1.00
Walmart Inc. 0.58 0.51 0.60 0.73 0.80
Debt to Equity, Sector
Consumer Staples Distribution & Retail 0.61 0.55 0.62 0.71 0.77
Debt to Equity, Industry
Consumer Staples 1.03 0.98 1.03 1.14 1.07

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 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. Dollar General Corp. debt to equity ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

Debt to Equity (including Operating Lease Liability)

Dollar General Corp., debt to equity (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel
Feb 3, 2023 Jan 28, 2022 Jan 29, 2021 Jan 31, 2020 Feb 1, 2019 Feb 2, 2018
Selected Financial Data (US$ in thousands)
Current portion of long-term obligations 555 1,950 401,345
Long-term obligations, excluding current portion 7,009,399 4,172,068 4,130,975 2,911,438 2,862,740 2,604,613
Total debt 7,009,399 4,172,068 4,130,975 2,911,993 2,864,690 3,005,958
Current portion of operating lease liabilities 1,288,939 1,183,559 1,074,079 964,805
Long-term operating lease liabilities, excluding current portion 9,362,761 8,890,709 8,385,388 7,819,683
Total debt (including operating lease liability) 17,661,099 14,246,336 13,590,442 11,696,481 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 equity (including operating lease liability)1 3.19 2.28 2.04 1.75 0.45 0.49
Benchmarks
Debt to Equity (including Operating Lease Liability), Competitors2
Costco Wholesale Corp. 0.42 0.53 0.65 0.61 0.48 0.54
Target Corp. 1.70 1.28 1.05 1.18 1.19
Walmart Inc. 0.77 0.69 0.78 0.97 0.80
Debt to Equity (including Operating Lease Liability), Sector
Consumer Staples Distribution & Retail 0.78 0.73 0.79 0.93 0.79
Debt to Equity (including Operating Lease Liability), Industry
Consumer Staples 1.14 1.10 1.14 1.28 1.09

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 (including operating lease liability) = Total debt (including operating lease liability) ÷ Shareholders’ equity
= 17,661,099 ÷ 5,541,772 = 3.19

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to equity ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. Dollar General Corp. debt to equity ratio (including operating lease liability) deteriorated from 2021 to 2022 and from 2022 to 2023.

Debt to Capital

Dollar General Corp., debt to capital calculation, comparison to benchmarks

Microsoft Excel
Feb 3, 2023 Jan 28, 2022 Jan 29, 2021 Jan 31, 2020 Feb 1, 2019 Feb 2, 2018
Selected Financial Data (US$ in thousands)
Current portion of long-term obligations 555 1,950 401,345
Long-term obligations, excluding current portion 7,009,399 4,172,068 4,130,975 2,911,438 2,862,740 2,604,613
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
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
Benchmarks
Debt to Capital, Competitors2
Costco Wholesale Corp. 0.24 0.28 0.33 0.31 0.32 0.35
Target Corp. 0.59 0.52 0.47 0.49 0.50
Walmart Inc. 0.37 0.34 0.38 0.42 0.44
Debt to Capital, Sector
Consumer Staples Distribution & Retail 0.38 0.36 0.38 0.41 0.44
Debt to Capital, Industry
Consumer Staples 0.51 0.50 0.51 0.53 0.52

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 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. Dollar General Corp. debt to capital ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

Debt to Capital (including Operating Lease Liability)

Dollar General Corp., debt to capital (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel
Feb 3, 2023 Jan 28, 2022 Jan 29, 2021 Jan 31, 2020 Feb 1, 2019 Feb 2, 2018
Selected Financial Data (US$ in thousands)
Current portion of long-term obligations 555 1,950 401,345
Long-term obligations, excluding current portion 7,009,399 4,172,068 4,130,975 2,911,438 2,862,740 2,604,613
Total debt 7,009,399 4,172,068 4,130,975 2,911,993 2,864,690 3,005,958
Current portion of operating lease liabilities 1,288,939 1,183,559 1,074,079 964,805
Long-term operating lease liabilities, excluding current portion 9,362,761 8,890,709 8,385,388 7,819,683
Total debt (including operating lease liability) 17,661,099 14,246,336 13,590,442 11,696,481 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
Total capital (including operating lease liability) 23,202,871 20,508,322 20,251,680 18,398,981 9,282,083 9,131,732
Solvency Ratio
Debt to capital (including operating lease liability)1 0.76 0.69 0.67 0.64 0.31 0.33
Benchmarks
Debt to Capital (including Operating Lease Liability), Competitors2
Costco Wholesale Corp. 0.30 0.35 0.39 0.38 0.32 0.35
Target Corp. 0.63 0.56 0.51 0.54 0.54
Walmart Inc. 0.43 0.41 0.44 0.49 0.44
Debt to Capital (including Operating Lease Liability), Sector
Consumer Staples Distribution & Retail 0.44 0.42 0.44 0.48 0.44
Debt to Capital (including Operating Lease Liability), Industry
Consumer Staples 0.53 0.52 0.53 0.56 0.52

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 (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 17,661,099 ÷ 23,202,871 = 0.76

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to capital ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. Dollar General Corp. debt to capital ratio (including operating lease liability) deteriorated from 2021 to 2022 and from 2022 to 2023.

Debt to Assets

Dollar General Corp., debt to assets calculation, comparison to benchmarks

Microsoft Excel
Feb 3, 2023 Jan 28, 2022 Jan 29, 2021 Jan 31, 2020 Feb 1, 2019 Feb 2, 2018
Selected Financial Data (US$ in thousands)
Current portion of long-term obligations 555 1,950 401,345
Long-term obligations, excluding current portion 7,009,399 4,172,068 4,130,975 2,911,438 2,862,740 2,604,613
Total debt 7,009,399 4,172,068 4,130,975 2,911,993 2,864,690 3,005,958
 
Total assets 29,083,367 26,327,371 25,862,624 22,825,084 13,204,038 12,516,911
Solvency Ratio
Debt to assets1 0.24 0.16 0.16 0.13 0.22 0.24
Benchmarks
Debt to Assets, Competitors2
Costco Wholesale Corp. 0.11 0.13 0.14 0.15 0.16 0.17
Target Corp. 0.30 0.25 0.25 0.27 0.27
Walmart Inc. 0.18 0.17 0.19 0.23 0.26
Debt to Assets, Sector
Consumer Staples Distribution & Retail 0.19 0.18 0.19 0.22 0.25
Debt to Assets, Industry
Consumer Staples 0.30 0.29 0.30 0.33 0.33

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 assets = Total debt ÷ Total assets
= 7,009,399 ÷ 29,083,367 = 0.24

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. Dollar General Corp. debt to assets ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Debt to Assets (including Operating Lease Liability)

Dollar General Corp., debt to assets (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel
Feb 3, 2023 Jan 28, 2022 Jan 29, 2021 Jan 31, 2020 Feb 1, 2019 Feb 2, 2018
Selected Financial Data (US$ in thousands)
Current portion of long-term obligations 555 1,950 401,345
Long-term obligations, excluding current portion 7,009,399 4,172,068 4,130,975 2,911,438 2,862,740 2,604,613
Total debt 7,009,399 4,172,068 4,130,975 2,911,993 2,864,690 3,005,958
Current portion of operating lease liabilities 1,288,939 1,183,559 1,074,079 964,805
Long-term operating lease liabilities, excluding current portion 9,362,761 8,890,709 8,385,388 7,819,683
Total debt (including operating lease liability) 17,661,099 14,246,336 13,590,442 11,696,481 2,864,690 3,005,958
 
Total assets 29,083,367 26,327,371 25,862,624 22,825,084 13,204,038 12,516,911
Solvency Ratio
Debt to assets (including operating lease liability)1 0.61 0.54 0.53 0.51 0.22 0.24
Benchmarks
Debt to Assets (including Operating Lease Liability), Competitors2
Costco Wholesale Corp. 0.15 0.17 0.19 0.20 0.16 0.17
Target Corp. 0.36 0.31 0.29 0.33 0.33
Walmart Inc. 0.24 0.23 0.25 0.31 0.26
Debt to Assets (including Operating Lease Liability), Sector
Consumer Staples Distribution & Retail 0.24 0.23 0.25 0.29 0.26
Debt to Assets (including Operating Lease Liability), Industry
Consumer Staples 0.33 0.32 0.33 0.36 0.33

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 assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 17,661,099 ÷ 29,083,367 = 0.61

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to assets ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. Dollar General Corp. debt to assets ratio (including operating lease liability) deteriorated from 2021 to 2022 and from 2022 to 2023.

Financial Leverage

Dollar General Corp., financial leverage calculation, comparison to benchmarks

Microsoft Excel
Feb 3, 2023 Jan 28, 2022 Jan 29, 2021 Jan 31, 2020 Feb 1, 2019 Feb 2, 2018
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
Benchmarks
Financial Leverage, Competitors2
Costco Wholesale Corp. 2.75 3.11 3.37 3.04 2.98 3.19
Target Corp. 4.75 4.20 3.55 3.62 3.65
Walmart Inc. 3.17 2.94 3.12 3.17 3.02
Financial Leverage, Sector
Consumer Staples Distribution & Retail 3.24 3.11 3.21 3.20 3.09
Financial Leverage, Industry
Consumer Staples 3.47 3.40 3.45 3.50 3.28

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 Click competitor name to see calculations.

Solvency ratio Description The company
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. Dollar General Corp. financial leverage ratio increased from 2021 to 2022 and from 2022 to 2023.

Interest Coverage

Dollar General Corp., interest coverage calculation, comparison to benchmarks

Microsoft Excel
Feb 3, 2023 Jan 28, 2022 Jan 29, 2021 Jan 31, 2020 Feb 1, 2019 Feb 2, 2018
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
Add: Income tax expense 700,625 663,917 749,330 489,175 425,944 368,320
Add: Interest expense 211,273 157,526 150,385 100,574 99,871 97,036
Earnings before interest and tax (EBIT) 3,327,887 3,220,675 3,554,765 2,302,304 2,115,287 2,004,316
Solvency Ratio
Interest coverage1 15.75 20.45 23.64 22.89 21.18 20.66
Benchmarks
Interest Coverage, Competitors2
Costco Wholesale Corp. 54.04 50.62 40.06 34.54 32.77 28.94
Target Corp. 8.15 22.16 6.68 9.78 8.97
Walmart Inc. 9.00 10.38 9.88 8.74 5.88
Interest Coverage, Sector
Consumer Staples Distribution & Retail 11.46 14.77 10.47 10.17 7.73
Interest Coverage, Industry
Consumer Staples 11.88 14.21 10.01 10.46 7.90

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
Interest coverage = EBIT ÷ Interest expense
= 3,327,887 ÷ 211,273 = 15.75

2 Click competitor name to see calculations.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. Dollar General Corp. interest coverage ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

Fixed Charge Coverage

Dollar General Corp., fixed charge coverage calculation, comparison to benchmarks

Microsoft Excel
Feb 3, 2023 Jan 28, 2022 Jan 29, 2021 Jan 31, 2020 Feb 1, 2019 Feb 2, 2018
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
Add: Income tax expense 700,625 663,917 749,330 489,175 425,944 368,320
Add: Interest expense 211,273 157,526 150,385 100,574 99,871 97,036
Earnings before interest and tax (EBIT) 3,327,887 3,220,675 3,554,765 2,302,304 2,115,287 2,004,316
Add: Operating lease cost 1,610,000 1,490,000 1,380,000 1,270,000 1,159,085 1,081,516
Earnings before fixed charges and tax 4,937,887 4,710,675 4,934,765 3,572,304 3,274,372 3,085,832
 
Interest expense 211,273 157,526 150,385 100,574 99,871 97,036
Operating lease cost 1,610,000 1,490,000 1,380,000 1,270,000 1,159,085 1,081,516
Fixed charges 1,821,273 1,647,526 1,530,385 1,370,574 1,258,956 1,178,552
Solvency Ratio
Fixed charge coverage1 2.71 2.86 3.22 2.61 2.60 2.62
Benchmarks
Fixed Charge Coverage, Competitors2
Costco Wholesale Corp. 19.10 18.23 15.30 14.03 12.40 11.48
Target Corp. 4.62 12.02 5.24 6.48 6.16
Walmart Inc. 4.84 5.38 5.16 4.82 3.14
Fixed Charge Coverage, Sector
Consumer Staples Distribution & Retail 5.95 7.41 5.88 5.60 4.07
Fixed Charge Coverage, Industry
Consumer Staples 7.71 8.59 6.77 6.80 5.01

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
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= 4,937,887 ÷ 1,821,273 = 2.71

2 Click competitor name to see calculations.

Solvency ratio Description The company
Fixed charge coverage ratio A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. Dollar General Corp. fixed charge coverage ratio deteriorated from 2021 to 2022 and from 2022 to 2023.