Name: Dollar General Corp. (NYSE:DG) | Enterprise Value (EV)
Creator: Stock Analysis on Net

Current EV
Historical EV

Dollar General Corp., current enterprise value calculation

Current share price (P)	$84.03
No. shares of common stock outstanding	219,915,184
US$ in thousands
Common equity (market value)¹	18,479,473)
Add: Preferred stock (per books)	—)
Total equity	18,479,473)
Add: Current portion of long-term obligations (per books)	768,645)
Add: Long-term obligations, excluding current portion (per books)	6,231,539)
Total equity and debt	25,479,657)
Less: Cash and cash equivalents	537,283)
Enterprise value (EV)	24,942,374)

Based on: 10-K (reporting date: 2024-02-02).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 84.03 × 219,915,184

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Dollar General Corp., EV calculation

	Feb 2, 2024	Feb 3, 2023	Jan 28, 2022	Jan 29, 2021	Jan 31, 2020	Feb 1, 2019
Share price^1, 2	$150.78	$205.81	$229.63	$187.78	$143.00	$117.47
No. shares of common stock outstanding¹	219,671,316	219,108,477	228,868,368	239,264,252	251,941,312	259,518,801
US$ in thousands
Common equity (market value)³	33,122,041)	45,094,716)	52,555,043)	44,929,041)	36,027,608)	30,485,674)
Add: Preferred stock (book value)	—)	—)	—)	—)	—)	—)
Total equity	33,122,041)	45,094,716)	52,555,043)	44,929,041)	36,027,608)	30,485,674)
Add: Current portion of long-term obligations (book value)	768,645)	—)	—)	—)	555)	1,950)
Add: Long-term obligations, excluding current portion (book value)	6,231,539)	7,009,399)	4,172,068)	4,130,975)	2,911,438)	2,862,740)
Total equity and debt	40,122,225)	52,104,115)	56,727,111)	49,060,016)	38,939,601)	33,350,364)
Less: Cash and cash equivalents	537,283)	381,576)	344,829)	1,376,577)	240,320)	235,487)
Enterprise value (EV)	39,584,942)	51,722,539)	56,382,282)	47,683,439)	38,699,281)	33,114,877)

Based on: 10-K (reporting date: 2024-02-02), 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).

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Dollar General Corp. Annual Report.

³ 2024 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 150.78 × 219,671,316

The financial trajectory of the Enterprise Value (EV) exhibits a distinct bell-shaped curve over the six-year period ending February 2, 2024. A sustained period of valuation growth occurred between 2019 and 2022, followed by a notable contraction in the subsequent two fiscal years.

Enterprise Value Growth Phase: Between February 1, 2019, and January 28, 2022, the Enterprise Value increased from US$ 33.11 billion to a peak of US$ 56.38 billion. This represents a significant expansion in the overall value of the business, closely mirroring the rise in common equity market value, which grew from US$ 30.49 billion to US$ 52.56 billion during the same interval.
Valuation Contraction Phase: Following the peak in early 2022, a downward trend is observed. The Enterprise Value declined to US$ 51.72 billion by February 3, 2023, and further decreased to US$ 39.58 billion by February 2, 2024. This contraction is primarily driven by a sharp reduction in the market value of common equity, which fell to US$ 33.12 billion by the end of the period.
Capital Structure and EV Correlation: A high degree of correlation exists between common equity, total equity and debt, and the resulting Enterprise Value. The narrow variance between total equity and debt (US$ 40.12 billion) and the Enterprise Value (US$ 39.58 billion) as of February 2, 2024, indicates that the enterprise valuation remains closely tied to the underlying equity market capitalization and debt obligations, with minimal divergence over the reporting periods.

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Dollar General Corp. (NYSE:DG)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)