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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- Statement of Comprehensive Income
- Common-Size Income Statement
- Analysis of Liquidity Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Return on Equity (ROE) since 2010
- Debt to Equity since 2010
- Price to Earnings (P/E) since 2010
- Price to Sales (P/S) since 2010
- Aggregate Accruals
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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), 10-K (reporting date: 2019-02-01), 10-Q (reporting date: 2018-11-02), 10-Q (reporting date: 2018-08-03), 10-Q (reporting date: 2018-05-04).
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio shows a decline over the observed periods. Starting at around 8.63 in early 2019, the ratio steadily decreases to 6.33 by mid-2024. This downward trend indicates a declining efficiency in utilizing fixed assets to generate revenue over time.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- This ratio starts at 8.63 in early 2019 but drops sharply to approximately 2.34 by mid-2019. From that point onward, it remains relatively stable, fluctuating narrowly between 2.25 and 2.52 through mid-2024. The steep initial decline suggests a significant adjustment in asset recognition, likely related to lease accounting changes, after which the turnover efficiency stabilizes at a lower level.
- Total Asset Turnover
- The total asset turnover ratio begins at 1.94 in early 2019 but quickly falls to around 1.22 by mid-2019. It then experiences a gradual upward movement, reaching about 1.34 in mid-2021. Following this peak, a slight decline occurs, with the ratio settling near 1.25 by mid-2024. Overall, this indicates a moderate fluctuation in asset usage efficiency, with some improvement after the initial decline and a modest downward adjustment more recently.
- Equity Turnover
- Equity turnover exhibits a consistent and notable increasing trend from early 2019 through mid-2022. Beginning at approximately 3.99, the ratio climbs steadily, reaching a peak of about 6.83 in late 2022. After this peak, it moderately decreases to roughly 5.46 by mid-2024. This pattern suggests improved efficiency in generating sales from equity investments initially, followed by a reduction in turnover efficiency while still maintaining a higher level than at the start of the period.
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 | Feb 1, 2019 | Nov 2, 2018 | Aug 3, 2018 | May 4, 2018 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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), 10-K (reporting date: 2019-02-01), 10-Q (reporting date: 2018-11-02), 10-Q (reporting date: 2018-08-03), 10-Q (reporting date: 2018-05-04).
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
- The company's net sales exhibited a generally upward trend over the analyzed periods from May 2018 to August 2024. Starting at approximately 6.1 billion US dollars, sales increased steadily with some fluctuations, reaching a peak of over 10.2 billion US dollars by May 2023. There was a noticeable acceleration in sales growth beginning around May 2020, possibly reflecting a change in market conditions or operational adjustments. Although some periods show minor declines or plateaus, particularly after the May 2023 peak, net sales remained robust, consistently exceeding 9 billion US dollars in the latter quarters.
- Net Property and Equipment
- Net property and equipment also demonstrated a consistent upward trajectory throughout the period. The value rose from approximately 2.76 billion US dollars in May 2018 to over 6.2 billion US dollars by August 2024, more than doubling over six years. This steady increase suggests ongoing investment in physical assets, potentially reflecting expansion or modernization efforts. The growth pace appears relatively stable, with no significant periods of asset divestment or write-downs visible in the data.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio showed a declining trend overall from the earliest available data in November 2018 through to August 2024. Initially, the ratio was around 8.6, indicating that for each unit of net fixed assets, the company generated roughly 8.6 units in sales. Over time, this ratio steadily decreased to approximately 6.3 by the latest period. This decline suggests that the company's sales growth was not keeping pace proportionally with the investment in fixed assets. In other words, the efficiency of fixed asset utilization in generating sales diminished gradually during this timeframe.
- Summary Insights
- The financial data indicate that while the company has achieved consistent sales growth and significant capital investment in property and equipment, these investments have coincided with a reduction in fixed asset turnover efficiency. This pattern may imply strategic expansion or capital intensive operational changes that have yet to fully translate into proportional sales increases. Monitoring how fixed asset utilization evolves in future periods will be important to assess whether asset investments yield improved sales productivity or if adjustments are necessary to enhance efficiency.
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 | Feb 1, 2019 | Nov 2, 2018 | Aug 3, 2018 | May 4, 2018 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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), 10-K (reporting date: 2019-02-01), 10-Q (reporting date: 2018-11-02), 10-Q (reporting date: 2018-08-03), 10-Q (reporting date: 2018-05-04).
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 Trend
- Net sales exhibit a consistent upward trajectory from May 2018 through August 2024. Starting at approximately $6.1 billion in May 2018, net sales show periodic increases with minor fluctuations. Notably, there is a marked increase beginning in early 2020, where sales surpass $8.4 billion and continue to increase, reaching over $10 billion by early 2023. Subsequently, net sales fluctuate around the $9.3 billion to $10.2 billion range, indicating sustained growth with some short-term variances.
- Net Property and Equipment
- Net property and equipment, inclusive of operating lease right-of-use assets, show a significant increase over the observed periods. Initial values from May 2018 to February 2019 are relatively stable, averaging around $2.8 billion. Starting in May 2019, there is a substantial jump, reaching values over $11 billion and continuing to grow steadily up to approximately $17.5 billion by August 2024. This reflects considerable investment or capitalization related to property and equipment assets, including leases.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio is only available from February 2019 onward. Initially, it records a high value of 8.63, which sharply declines to approximately 2.3 in the subsequent periods. From there, the ratio stabilizes, fluctuating slightly between 2.25 and 2.52 over the next five years. The initial high value likely reflects a timing or reporting anomaly, but the subsequent stable ratio indicates consistent efficiency in using fixed assets to generate sales.
- Overall Insights
- The data indicates steady growth in net sales accompanied by a substantial increase in property and equipment assets, suggesting ongoing capital expansion. Despite the rapid rise in asset values, the fixed asset turnover ratio remains relatively stable at around 2.3, implying that asset utilization in relation to sales has been maintained without significant deterioration. The trends highlight a period of aggressive asset investment alongside continued revenue growth, reflecting strategic expansion efforts with stable operational efficiency.
Total Asset Turnover
Dollar General Corp., total asset turnover calculation (quarterly data)
| Aug 2, 2024 | May 3, 2024 | Feb 2, 2024 | Nov 3, 2023 | Aug 4, 2023 | May 5, 2023 | Feb 3, 2023 | Oct 28, 2022 | Jul 29, 2022 | Apr 29, 2022 | Jan 28, 2022 | Oct 29, 2021 | Jul 30, 2021 | Apr 30, 2021 | Jan 29, 2021 | Oct 30, 2020 | Jul 31, 2020 | May 1, 2020 | Jan 31, 2020 | Nov 1, 2019 | Aug 2, 2019 | May 3, 2019 | Feb 1, 2019 | Nov 2, 2018 | Aug 3, 2018 | May 4, 2018 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ 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), 10-K (reporting date: 2019-02-01), 10-Q (reporting date: 2018-11-02), 10-Q (reporting date: 2018-08-03), 10-Q (reporting date: 2018-05-04).
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 exhibited a generally upward trend over the observed periods. Beginning at approximately 6.11 billion USD in early May 2018, net sales showed gradual increases with moderate fluctuations, reaching a peak of around 10.20 billion USD in February 2023. Minor declines were noted in several quarters, particularly between February 2023 and May 2023, but overall the trend remained positive, with net sales surpassing 10 billion USD again by August 2024.
- Total Assets
- Total assets demonstrated a strong growth trajectory throughout the period. Starting from roughly 12.49 billion USD in May 2018, assets increased significantly, with a marked jump between February 2019 and May 2019 to over 21 billion USD. This substantial growth phase was followed by a steady increase, reaching approximately 31.81 billion USD by August 2024. This indicates expansion in the asset base, which potentially supports the company's growth in sales and operations.
- Total Asset Turnover
- The total asset turnover ratio, available from the November 2018 period onward, started relatively high at 1.94 but decreased sharply to around 1.22 by February 2019. Thereafter, the ratio fluctuated moderately between 1.19 and 1.34, showing modest oscillations but remaining within a narrow band around 1.3 in more recent quarters. This suggests that while asset growth has been considerable, efficiency in utilizing assets for generating sales has stabilized without significant improvement or deterioration.
- Overall Insights
- The data indicates consistent revenue growth accompanied by significant asset accumulation. The initial high asset turnover ratio experienced a decline coinciding with the substantial asset increase in early 2019, reflecting a common pattern where rapid asset growth temporarily reduces efficiency ratios. Subsequently, turnover ratios stabilized, implying effective integration of new assets to support sales activities. The upward trend in net sales combined with steady asset growth can be interpreted as indicative of expanding operations and market presence. However, the relatively stable asset turnover suggests that increases in asset base have not been matched proportionally by improvements in operational efficiency.
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 | Feb 1, 2019 | Nov 2, 2018 | Aug 3, 2018 | May 4, 2018 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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), 10-K (reporting date: 2019-02-01), 10-Q (reporting date: 2018-11-02), 10-Q (reporting date: 2018-08-03), 10-Q (reporting date: 2018-05-04).
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
- The net sales figures show a generally upward trend from May 2018 through August 2024. Starting at approximately $6.11 billion in May 2018, sales increased steadily with some fluctuations. Notable increases occurred around the early months of 2020, reaching a peak exceeding $10 billion by February 2023. After this peak, sales exhibited some variability but maintained elevated levels near $10 billion, indicating growth over the period analyzed.
- Shareholders’ Equity
- Shareholders’ equity exhibited moderate fluctuations throughout the timeframe, starting at about $6.24 billion in May 2018. There was a gradual decline from early 2021 peaking in late 2020, reaching a low point around February 2023 at approximately $5.54 billion. Subsequently, equity experienced a recovery, increasing steadily up to about $7.26 billion by August 2024. This pattern suggests some volatility but an overall recovery and growth in equity towards the end of the period.
- Equity Turnover
- Equity turnover ratios are only available from November 2018 onwards. The ratio started near 3.99 and generally trended upwards, indicating improved efficiency in generating sales relative to shareholders' equity. The ratio peaked around February 2023 at 6.83, suggesting a significant increase in asset utilization. Following the peak, the ratio declined gradually to around 5.46 by August 2024, indicating a slight reduction in turnover efficiency but remaining at relatively high levels compared to the initial periods.