Dollar General Corp., FCFF calculation

US$ in thousands

12 months ended:	Feb 3, 2023	Jan 28, 2022	Jan 29, 2021	Jan 31, 2020	Feb 1, 2019	Feb 2, 2018
Net income	2,415,989)	2,399,232)	2,655,050)	1,712,555)	1,589,472)	1,538,960)
Net noncash charges	1,563,418)	1,024,893)	689,392)	617,093)	590,208)	315,496)
Change in operating assets and liabilities	(1,994,852)	(558,314)	531,717)	(91,650)	(36,130)	(52,348)
Net cash provided by operating activities	1,984,555)	2,865,811)	3,876,159)	2,237,998)	2,143,550)	1,802,108)
Cash paid for interest, net of tax¹	151,367)	125,126)	100,005)	77,826)	76,743)	57,154)
Interest costs capitalized, net of tax²	3,720)	940)	78)	2,101)	2,897)	1,288)
Purchases of property and equipment	(1,560,582)	(1,070,460)	(1,027,963)	(784,843)	(734,380)	(646,456)
Proceeds from sales of property and equipment	5,236)	4,903)	3,053)	2,358)	2,777)	1,428)
Free cash flow to the firm (FCFF)	584,296)	1,926,319)	2,951,332)	1,535,439)	1,491,587)	1,215,522)

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).

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Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the Dollar General Corp. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	Dollar General Corp. FCFF decreased from 2021 to 2022 and from 2022 to 2023.

Dollar General Corp., interest paid, net of tax calculation

US$ in thousands

12 months ended:	Feb 3, 2023	Jan 28, 2022	Jan 29, 2021	Jan 31, 2020	Feb 1, 2019	Feb 2, 2018
Effective Income Tax Rate (EITR)
EITR¹	22.50%	21.70%	22.00%	22.20%	21.70%	35.60%
Interest Paid, Net of Tax
Cash paid for interest, before tax	195,312)	159,803)	128,211)	100,033)	98,012)	88,749)
Less: Cash paid for interest, tax²	43,945)	34,677)	28,206)	22,207)	21,269)	31,595)
Cash paid for interest, net of tax	151,367)	125,126)	100,005)	77,826)	76,743)	57,154)
Interest Costs Capitalized, Net of Tax
Interest costs capitalized, before tax	4,800)	1,200)	100)	2,700)	3,700)	2,000)
Less: Interest costs capitalized, tax³	1,080)	260)	22)	599)	803)	712)
Interest costs capitalized, net of tax	3,720)	940)	78)	2,101)	2,897)	1,288)

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 See details »

² 2023 Calculation
Cash paid for interest, tax = Cash paid for interest × EITR
= 195,312 × 22.50% = 43,945

³ 2023 Calculation
Interest costs capitalized, tax = Interest costs capitalized × EITR
= 4,800 × 22.50% = 1,080

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Dollar General Corp., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in thousands)
Enterprise value (EV)	37,025,318)
Free cash flow to the firm (FCFF)	584,296)
Valuation Ratio
EV/FCFF	63.37
Benchmarks
EV/FCFF, Competitors¹
Costco Wholesale Corp.	46.01
Target Corp.	21.24
Walmart Inc.	30.62
EV/FCFF, Sector
Consumer Staples Distribution & Retail	49.08
EV/FCFF, Industry
Consumer Staples	31.36

Based on: 10-K (reporting date: 2023-02-03).

¹ Click competitor name to see calculations.

If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.

Dollar General Corp., historical EV/FCFF calculation, comparison to benchmarks

	Feb 3, 2023	Jan 28, 2022	Jan 29, 2021	Jan 31, 2020	Feb 1, 2019	Feb 2, 2018
Selected Financial Data (US$ in thousands)
Enterprise value (EV)¹	51,722,539)	56,382,282)	47,683,439)	38,699,281)	33,114,877)	26,941,367)
Free cash flow to the firm (FCFF)²	584,296)	1,926,319)	2,951,332)	1,535,439)	1,491,587)	1,215,522)
Valuation Ratio
EV/FCFF³	88.52	29.27	16.16	25.20	22.20	22.16
Benchmarks
EV/FCFF, Competitors⁴
Costco Wholesale Corp.	36.07	74.47	38.43	26.70	37.24	32.89
Target Corp.	—	20.94	11.33	14.93	17.80	—
Walmart Inc.	30.99	33.26	14.86	22.39	17.27	—
EV/FCFF, Sector
Consumer Staples Distribution & Retail	39.69	35.73	17.09	22.18	19.99	—
EV/FCFF, Industry
Consumer Staples	28.47	29.57	20.78	22.85	23.31	—

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 See details »

² See details »

³ 2023 Calculation
EV/FCFF = EV ÷ FCFF
= 51,722,539 ÷ 584,296 = 88.52

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/FCFF	Enterprise value to free cash flow to the firm is whole company valuation indicator.	Dollar General Corp. EV/FCFF ratio increased from 2021 to 2022 and from 2022 to 2023.

Dollar General Corp. (NYSE:DG)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical