Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
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- Income Statement
- Balance Sheet: Assets
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Net Profit Margin since 2010
- Operating Profit Margin since 2010
- Price to Earnings (P/E) since 2010
- Price to Operating Profit (P/OP) since 2010
- Analysis of Revenues
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Long-term Activity Ratios (Summary)
Dollar General Corp., long-term (investment) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2024-08-02), 10-Q (reporting date: 2024-05-03), 10-K (reporting date: 2024-02-02), 10-Q (reporting date: 2023-11-03), 10-Q (reporting date: 2023-08-04), 10-Q (reporting date: 2023-05-05), 10-K (reporting date: 2023-02-03), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-Q (reporting date: 2022-04-29), 10-K (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-Q (reporting date: 2021-04-30), 10-K (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-05-01), 10-K (reporting date: 2020-01-31), 10-Q (reporting date: 2019-11-01), 10-Q (reporting date: 2019-08-02), 10-Q (reporting date: 2019-05-03).
The analysis of the quarterly financial ratios reveals several notable trends in asset and equity utilization over the observed periods.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio shows a pronounced declining trend, decreasing from 8.69 in early 2019 to 6.33 by August 2024. This indicates a gradual reduction in the efficiency with which the company uses its fixed assets to generate sales, suggesting either an increase in fixed asset base without proportional sales growth or reduced sales relative to the fixed asset investment.
- Net Fixed Asset Turnover Including Operating Lease, Right-of-Use Asset
- This adjusted ratio starts at 2.34 in May 2019 and remains relatively stable with slight fluctuations, ending at 2.27 in August 2024. The stability of this ratio implies that when incorporating operating leases and right-of-use assets, the efficiency in asset utilization is maintained at a consistent level, reflecting the impact of leasing arrangements on asset turnover calculations.
- Total Asset Turnover
- The total asset turnover ratio maintains a stable profile, beginning at 1.23 in May 2019 and oscillating mildly around that level to finish at 1.25 in August 2024. This stability suggests consistent efficiency in managing all assets (current and fixed) to produce revenue, with no drastic improvements or declines noted over the time frame.
- Equity Turnover
- Equity turnover exhibits a clear upward trajectory from 3.98 in May 2019 peaking at 6.83 in February 2023 before gradually declining to 5.46 by August 2024. The initial increase points to an enhanced ability to generate sales from shareholders’ equity, possibly driven by higher leverage or improved operational efficiency. The subsequent decrease may reflect either a reduction in sales growth relative to equity or changes in capital structure affecting turnover ratios.
Overall, the company demonstrates steady performance in total asset utilization and leasing asset efficiency, while experiencing a decline in net fixed asset turnover. The equity turnover trend indicates dynamic changes in capital utilization with a peak followed by a notable decrease, warranting attention to capital management and sales generation relative to equity investment moving forward.
Net Fixed Asset Turnover
Dollar General Corp., net fixed asset turnover calculation (quarterly data)
| Aug 2, 2024 | May 3, 2024 | Feb 2, 2024 | Nov 3, 2023 | Aug 4, 2023 | May 5, 2023 | Feb 3, 2023 | Oct 28, 2022 | Jul 29, 2022 | Apr 29, 2022 | Jan 28, 2022 | Oct 29, 2021 | Jul 30, 2021 | Apr 30, 2021 | Jan 29, 2021 | Oct 30, 2020 | Jul 31, 2020 | May 1, 2020 | Jan 31, 2020 | Nov 1, 2019 | Aug 2, 2019 | May 3, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||||||
| Net sales | |||||||||||||||||||||||||||||
| Net property and equipment | |||||||||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||
| Net fixed asset turnover1 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||||||||||
| Costco Wholesale Corp. | |||||||||||||||||||||||||||||
| Target Corp. | |||||||||||||||||||||||||||||
| Walmart Inc. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2024-08-02), 10-Q (reporting date: 2024-05-03), 10-K (reporting date: 2024-02-02), 10-Q (reporting date: 2023-11-03), 10-Q (reporting date: 2023-08-04), 10-Q (reporting date: 2023-05-05), 10-K (reporting date: 2023-02-03), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-Q (reporting date: 2022-04-29), 10-K (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-Q (reporting date: 2021-04-30), 10-K (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-05-01), 10-K (reporting date: 2020-01-31), 10-Q (reporting date: 2019-11-01), 10-Q (reporting date: 2019-08-02), 10-Q (reporting date: 2019-05-03).
1 Q2 2025 Calculation
Net fixed asset turnover
= (Net salesQ2 2025
+ Net salesQ1 2025
+ Net salesQ4 2024
+ Net salesQ3 2024)
÷ Net property and equipment
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Sales
- Net sales exhibit an overall increasing trend from May 2019 through August 2024. Starting at approximately $6.62 billion in May 2019, net sales rise steadily, peaking around $10.2 billion by February 2023. Following this peak, net sales experience minor fluctuations but remain near the $9.7 to $10.2 billion range through August 2024. This suggests sustained revenue growth with some stabilization in the more recent periods.
- Net Property and Equipment
- Net property and equipment show a consistent upward trajectory throughout the timeframe. Beginning at approximately $3.0 billion in May 2019, the value increases steadily each quarter, reaching about $6.27 billion by August 2024. This steady capital investment or asset accumulation indicates ongoing expansion or maintenance of the company’s physical assets, nearly doubling over the analyzed period.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio demonstrates a declining trend from May 2019 through August 2024. Starting at 8.69, the ratio decreases gradually to around 6.33 by August 2024. This decline implies that the efficiency in generating sales from fixed assets has reduced over time. Despite growing sales and asset bases, the company’s sales generation per dollar of fixed asset investment is diminishing, suggesting either asset base growth outpacing sales growth or less efficient use of assets.
- Overall Insights
- While the company has successfully grown net sales and steadily increased its investment in property and equipment, the declining fixed asset turnover ratio indicates a decreasing return on these investments in terms of sales. This could reflect increased capital intensity, asset aging, or operational inefficiencies. Stakeholders might consider investigating asset utilization strategies or capital deployment to improve returns. The revenue growth stabilization near the later quarters warrants attention to maintain momentum amid rising asset bases.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Dollar General Corp., net fixed asset turnover (including operating lease, right-of-use asset) calculation (quarterly data)
| Aug 2, 2024 | May 3, 2024 | Feb 2, 2024 | Nov 3, 2023 | Aug 4, 2023 | May 5, 2023 | Feb 3, 2023 | Oct 28, 2022 | Jul 29, 2022 | Apr 29, 2022 | Jan 28, 2022 | Oct 29, 2021 | Jul 30, 2021 | Apr 30, 2021 | Jan 29, 2021 | Oct 30, 2020 | Jul 31, 2020 | May 1, 2020 | Jan 31, 2020 | Nov 1, 2019 | Aug 2, 2019 | May 3, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||||||
| Net sales | |||||||||||||||||||||||||||||
| Net property and equipment | |||||||||||||||||||||||||||||
| Operating lease assets | |||||||||||||||||||||||||||||
| Net property and equipment (including operating lease, right-of-use asset) | |||||||||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | |||||||||||||||||||||||||||||
| Costco Wholesale Corp. | |||||||||||||||||||||||||||||
| Target Corp. | |||||||||||||||||||||||||||||
| Walmart Inc. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2024-08-02), 10-Q (reporting date: 2024-05-03), 10-K (reporting date: 2024-02-02), 10-Q (reporting date: 2023-11-03), 10-Q (reporting date: 2023-08-04), 10-Q (reporting date: 2023-05-05), 10-K (reporting date: 2023-02-03), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-Q (reporting date: 2022-04-29), 10-K (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-Q (reporting date: 2021-04-30), 10-K (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-05-01), 10-K (reporting date: 2020-01-31), 10-Q (reporting date: 2019-11-01), 10-Q (reporting date: 2019-08-02), 10-Q (reporting date: 2019-05-03).
1 Q2 2025 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (Net salesQ2 2025
+ Net salesQ1 2025
+ Net salesQ4 2024
+ Net salesQ3 2024)
÷ Net property and equipment (including operating lease, right-of-use asset)
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Sales
- Net sales demonstrate a generally upward trajectory over the entire period, starting from approximately 6.62 billion and rising to over 10.21 billion by the latest quarter. The growth is not strictly linear, with some quarters showing slight declines or plateauing, particularly noticeable around late 2019 and early 2023, followed by recovery in subsequent quarters. The most significant increases occurred in mid-2020 and early 2023, indicating periods of accelerated revenue expansion.
- Net Property and Equipment (Including Operating Lease, Right-of-Use Asset)
- This asset category consistently increased throughout the timeline, rising from around 11.15 billion to nearly 17.49 billion by the end of the period. The increments are steady without any declines, reflecting ongoing investments or capital expenditures. The steady growth suggests a continuous expansion or upgrade of property and equipment assets, possibly supporting increased operational capacity or store network enhancements.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- The net fixed asset turnover ratio started at 2.34 and showed a mild decline with fluctuations, ending near 2.27 in the latest quarter. After a slight initial decline from early to mid-2019, the ratio increased to a peak near 2.52 in early 2021, suggesting improved efficiency in using fixed assets to generate sales during that phase. However, after this peak, a gradual decrease resumed, moving toward 2.27. The overall trend indicates that the company’s ability to generate sales per unit of fixed assets has slightly weakened in recent quarters compared to the earlier period.
- Summary of Trends and Insights
- The company has evidenced solid growth in net sales over the analyzed period, reflecting successful revenue generation and possibly market expansion. The continuous increase in net property and equipment investments aligns with this growth, underpinning the business’s expansion efforts. However, despite rising sales and expanding asset base, the net fixed asset turnover ratio shows a marginal decline in recent years, suggesting diminished efficiency in asset utilization or a lag in sales growth relative to asset additions. These patterns suggest a strategic focus on long-term capacity building, though efficiency metrics warrant monitoring to ensure optimal asset performance moving forward.
Total Asset Turnover
Dollar General Corp., total asset turnover calculation (quarterly data)
| Aug 2, 2024 | May 3, 2024 | Feb 2, 2024 | Nov 3, 2023 | Aug 4, 2023 | May 5, 2023 | Feb 3, 2023 | Oct 28, 2022 | Jul 29, 2022 | Apr 29, 2022 | Jan 28, 2022 | Oct 29, 2021 | Jul 30, 2021 | Apr 30, 2021 | Jan 29, 2021 | Oct 30, 2020 | Jul 31, 2020 | May 1, 2020 | Jan 31, 2020 | Nov 1, 2019 | Aug 2, 2019 | May 3, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||||||
| Net sales | |||||||||||||||||||||||||||||
| Total assets | |||||||||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||
| Total asset turnover1 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||||||||
| Costco Wholesale Corp. | |||||||||||||||||||||||||||||
| Target Corp. | |||||||||||||||||||||||||||||
| Walmart Inc. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2024-08-02), 10-Q (reporting date: 2024-05-03), 10-K (reporting date: 2024-02-02), 10-Q (reporting date: 2023-11-03), 10-Q (reporting date: 2023-08-04), 10-Q (reporting date: 2023-05-05), 10-K (reporting date: 2023-02-03), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-Q (reporting date: 2022-04-29), 10-K (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-Q (reporting date: 2021-04-30), 10-K (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-05-01), 10-K (reporting date: 2020-01-31), 10-Q (reporting date: 2019-11-01), 10-Q (reporting date: 2019-08-02), 10-Q (reporting date: 2019-05-03).
1 Q2 2025 Calculation
Total asset turnover
= (Net salesQ2 2025
+ Net salesQ1 2025
+ Net salesQ4 2024
+ Net salesQ3 2024)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Sales
- Net sales have exhibited a generally upward trajectory from May 2019 through August 2024, reflecting consistent growth over the periods. Starting at approximately $6.62 billion in May 2019, net sales increased to over $10.2 billion by August 2024. Noteworthy is a significant jump in net sales during the mid-2020 period, aligning with the period from May 2020 to July 2020, where sales rose sharply from around $8.45 billion to $8.68 billion, potentially linked to external market conditions prevalent at that time. Although several quarter-to-quarter fluctuations are observed, the overall trend indicates steady expansion.
- Total Assets
- Total assets have increased consistently across the same timeframe, rising from approximately $21.3 billion in May 2019 to about $31.8 billion by August 2024. The steady asset base growth mirrors the overall scale expansion of the company. The increments appear somewhat steady, without dramatic leaps, suggesting systematic investment and asset accumulation strategies. This growth in assets has supported the continuous rise in net sales.
- Total Asset Turnover
- The total asset turnover ratio displays relative stability with minor fluctuations from 1.23 in May 2019 to about 1.25 in August 2024. The ratio peaked at 1.34 in April 2021, indicating peak efficiency in generating sales from assets during this quarter. Post this peak, there has been a gradual decline, but the ratio still remains in a close range to earlier values, indicating consistent management of asset utilization. The trend suggests the company maintains a balanced approach between asset growth and sales generation, ensuring operational efficiency is sustained.
- Summary of Trends
- The data signify a company undergoing steady growth both in terms of revenues and asset base. Net sales growth outpaces asset growth slightly, contributing to relatively stable asset turnover ratios. The temporary peak in asset turnover ratio in early 2021 may warrant further analysis for contributing factors such as operational changes or market conditions. Overall, the company's financial data portray a consistent expansion with effective asset utilization, supporting sales growth without significant volatility.
Equity Turnover
Dollar General Corp., equity turnover calculation (quarterly data)
| Aug 2, 2024 | May 3, 2024 | Feb 2, 2024 | Nov 3, 2023 | Aug 4, 2023 | May 5, 2023 | Feb 3, 2023 | Oct 28, 2022 | Jul 29, 2022 | Apr 29, 2022 | Jan 28, 2022 | Oct 29, 2021 | Jul 30, 2021 | Apr 30, 2021 | Jan 29, 2021 | Oct 30, 2020 | Jul 31, 2020 | May 1, 2020 | Jan 31, 2020 | Nov 1, 2019 | Aug 2, 2019 | May 3, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||||||
| Net sales | |||||||||||||||||||||||||||||
| Shareholders’ equity | |||||||||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||
| Equity turnover1 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||||||||||
| Costco Wholesale Corp. | |||||||||||||||||||||||||||||
| Target Corp. | |||||||||||||||||||||||||||||
| Walmart Inc. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2024-08-02), 10-Q (reporting date: 2024-05-03), 10-K (reporting date: 2024-02-02), 10-Q (reporting date: 2023-11-03), 10-Q (reporting date: 2023-08-04), 10-Q (reporting date: 2023-05-05), 10-K (reporting date: 2023-02-03), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-Q (reporting date: 2022-04-29), 10-K (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-Q (reporting date: 2021-04-30), 10-K (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-05-01), 10-K (reporting date: 2020-01-31), 10-Q (reporting date: 2019-11-01), 10-Q (reporting date: 2019-08-02), 10-Q (reporting date: 2019-05-03).
1 Q2 2025 Calculation
Equity turnover
= (Net salesQ2 2025
+ Net salesQ1 2025
+ Net salesQ4 2024
+ Net salesQ3 2024)
÷ Shareholders’ equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Sales
- Net sales exhibited a generally upward trend throughout the observed periods. Starting at approximately 6.62 billion USD in May 2019, sales increased steadily, reaching a peak of around 10.2 billion USD in February 2023. There was a minor dip observed in May 2023 and November 2023, with values slightly below the preceding quarters, but the overall trajectory remained positive, culminating with a value just over 10.2 billion USD in August 2024.
- Shareholders’ Equity
- Shareholders' equity experienced some fluctuations over the course of the periods. Initially standing at about 6.57 billion USD in May 2019, the equity value peaked mid-way at approximately 7.36 billion USD in July 2020 before showing a progressive decline to a low near 5.54 billion USD by February 2023. Post this trough, equity began to recover, rising steadily to about 7.26 billion USD in August 2024. The fluctuations suggest periods of equity contraction followed by recovery phases.
- Equity Turnover
- The equity turnover ratio presented a marked upward trend, indicating increasing efficiency in utilizing shareholders’ equity to generate sales. Beginning at a ratio of 3.98 in May 2019, the ratio climbed steadily, crossing the 5.0 mark from July 2020 onward, and peaking at 6.83 in February 2023. After this peak, the ratio slightly declined but remained elevated, recording a value of 5.46 in August 2024. This pattern suggests enhanced operational performance and stronger revenue generation relative to equity over the period.