Dollar General
DG NYSE Consumer Staples Merchandise Retail Financials FY2016–FY2025
Dollar General's revenue rose 5.2% to $42.7 billion in fiscal 2025. Its operating margin was 5.2%, up from 4.2% a year earlier. Free cash flow was $2.4 billion, up 41.9%. It paid out $520 million in dividends and buybacks, 22% of free cash flow. The diluted share count rose 0.4%.
What Dollar General does
Dollar General runs small discount stores that sell everyday basics and household items. It says it is the largest US discount retailer by number of stores, with 20,959 stores in 48 US states and Mexico as of February 27, 2026. The greatest concentration is in the southern, southwestern, midwestern and eastern states. Many of its stores serve small towns with few other places to shop. It sells mostly at everyday low prices, typically $10 or less.
Consumables, such as paper and cleaning products and packaged food, are its largest merchandise category. It also sells seasonal items, home products and apparel. It sells national brands from major manufacturers and its own private brands, often at lower prices. Its customers are a broad base of shoppers who want basic everyday and household needs. It competes with other discount retailers, and with convenience, drug, grocery, online and mass merchant retailers.
Dollar General started in 1939 as a wholesale business and opened its first store in 1955. It opened its first Mi Súper Dollar General stores in Mexico in 2023. It also began a small-store concept called pOpshelf in 2020, which sells mostly non-consumables, but paused opening new ones in 2025 while it reviews that concept's strategy. It adds home delivery through digital tools.
- Legal name
- DOLLAR GENERAL CORP
- Fiscal year ends
- January 30, 2026
- Latest annual report
- 10-K · Mar 20, 2026
- Accession · CIK
- 0001104659-26-032325
0000029534
Revenue and margins
Dollar General had $42.7B of revenue in fiscal 2025, up 5.2% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 5.0% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $2.4B in fiscal 2025, 5.6% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Dollar General returned $520M to shareholders in fiscal 2025, 22% of free cash flow. The diluted share count rose 0.4%.
Value Dollar General yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$3.4B and divides by 220.8M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 17.3x · peers 19.5x · sector 24.7x.
Balance sheet
Cash, debt and the ratios that show how comfortably Dollar General can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $345M | $382M | $537M | $933M | $1.1B |
| Debt incl. finance leases | $4.2B | $7.0B | $7.0B | $6.2B | $4.6B |
| Net debt / EBITDA | 1.0x | 1.6x | 2.0x | 2.0x | 1.1x |
| Debt / equity | 0.7x | 1.3x | 1.0x | 0.8x | 0.5x |
| Interest coverage | 20.5x | 15.8x | 7.5x | 5.1x | 7.6x |
| Current ratio | 1.1x | 1.3x | 1.2x | 1.2x | 1.1x |
| Quick ratio | 0.1x | 0.1x | 0.2x | 0.2x | 0.2x |
| Total assets | $26.3B | $29.1B | $30.8B | $31.1B | $31.0B |
| Total liabilities | $20.1B | $23.5B | $24.0B | $23.7B | $22.5B |
| Shareholders' equity | $6.3B | $5.5B | $6.7B | $7.4B | $8.5B |
| Net debt (− = net cash) | $3.8B | $6.6B | $6.5B | $5.3B | $3.4B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$9.0M
7 insiders
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 3, 2026 | Kathleen A ReardonEVP & Chief People Officer | Sold | 5,578 | $131.33 | $0.7M | Form 4 |
| Dec 19, 2025 | Bryan D WheelerEVP & Chief Merchandising Ofc | Sold | 9,776 | $135.32 | $1.3M | Form 4 |
| Dec 16, 2025 | Rhonda TaylorEVP & General Counsel | Sold | 7,500 | $134.89 | $1.0M | Form 4 |
| Dec 16, 2025 | Roderick J WestEVP, Global Supply Chain | Sold | 2,282 | $133.35 | $0.3M | Form 4 |
| Dec 12, 2025 | Anita C ElliottSVP & Chief Accounting Officer | Sold | 2,516 | $132.52 | $0.3M | Form 4 |
| Dec 11, 2025 | Carman R WenkoffEVP & Chief Information Ofc | Sold | 19,166 | $132.01 | $2.5M | Form 4 |
| Dec 11, 2025 | Tracey N HerrmannEVP, Store Operations | Sold | 4,850 | $131.39 | $0.6M | Form 4 |
| Dec 10, 2025 | Tracey N HerrmannEVP, Store Operations | Sold | 12,583 | $125.07 | $1.6M | Form 4 |
| Dec 8, 2025 | Kathleen A ReardonEVP & Chief People Officer | Sold | 4,395 | $126.97 | $0.6M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✕ | ✕ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✓ | ✓ | ✓ |
| Current ratio rose | ✕ | ✕ | ✕ |
| Share count didn't rise | ✓ | ✕ | ✕ |
| Gross margin rose | ✕ | ✕ | ✓ |
| Revenue rose relative to assets | ✕ | ✕ | ✓ |
| F-score | 5 / 9 | 4 / 9 | 7 / 9 |
| Accruals ratio | −2.4% | −6.0% | −6.8% |
| Altman Z'' | 1.40 | 1.33 | 1.54 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Dollar General DG | $29.4B | 5.2% | 5.2% | 5.6% | 13.8% | 17.3x | 7 | |
| BJ's Wholesale Club BJ | $13.5B | 4.7% | 3.8% | 1.5% | 23.7% | 23.2x | 8 | Compare → |
| Dollar Tree DLTR | $23.9B | 10.4% | 8.5% | 5.4% | 21.4% | 15.4x | 9 | Compare → |
| Target TGT | $69.8B | −1.7% | 4.9% | 2.7% | 15.0% | 15.9x | 6 | Compare → |
| Costco COST | $445.9B | 10.1% | 3.9% | 3.1% | 40.7% | 48.3x | 7 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $22.0B | $23.5B | $25.6B | $27.8B | $33.7B | $34.2B | $37.8B | $38.7B | $40.6B | $42.7B |
| Gross profit | $6.8B | $7.2B | $7.8B | $8.5B | $10.7B | $10.8B | $11.8B | $11.7B | $12.0B | $13.1B |
| Operating income | $2.1B | $2.0B | $2.1B | $2.3B | $3.6B | $3.2B | $3.3B | $2.4B | $1.7B | $2.2B |
| Interest expense | $97.8M | $97.0M | $99.9M | $101M | $150M | $158M | $211M | $327M | $337M | $290M |
| Pretax income | $2.0B | $1.9B | $2.0B | $2.2B | $3.4B | $3.1B | $3.1B | $2.1B | $1.4B | $2.0B |
| Income tax | $715M | $368M | $426M | $489M | $749M | $664M | $701M | $458M | $315M | $452M |
| Net income | $1.3B | $1.5B | $1.6B | $1.7B | $2.7B | $2.4B | $2.4B | $1.7B | $1.1B | $1.5B |
| Diluted EPS | $4.43 | $5.63 | $5.97 | $6.64 | $10.62 | $10.17 | $10.68 | $7.55 | $5.11 | $6.85 |
| Diluted shares | 0.28B | 0.27B | 0.27B | 0.26B | 0.25B | 0.24B | 0.23B | 0.22B | 0.22B | 0.22B |
| Cash flow | ||||||||||
| Cash from operations | $1.6B | $1.8B | $2.1B | $2.2B | $3.9B | $2.9B | $2.0B | $2.4B | $3.0B | $3.6B |
| Capital expenditure | $560M | $647M | $734M | $785M | $1.0B | $1.1B | $1.6B | $1.7B | $1.3B | $1.2B |
| Free cash flow | $1.0B | $1.2B | $1.4B | $1.5B | $2.8B | $1.8B | $424M | $692M | $1.7B | $2.4B |
| Depreciation and amortization | $380M | $404M | $454M | $505M | $574M | $641M | $725M | $849M | $972M | $1.0B |
| Stock-based compensation | $37.0M | $34.3M | $40.9M | $48.6M | $68.6M | $78.2M | $72.7M | $51.9M | $58.7M | $91.5M |
| Acquisitions | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $991M | $580M | $1.0B | $1.2B | $2.5B | $2.5B | $2.7B | $0.0M | $0.0M | $0.0M |
| Dividends paid | $281M | $283M | $307M | $328M | $356M | $392M | $494M | $518M | $519M | $520M |
| Dividends and buybacks | $1.3B | $863M | $1.3B | $1.5B | $2.8B | $2.9B | $3.2B | $518M | $519M | $520M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $188M | $267M | $236M | $240M | $1.4B | $345M | $382M | $537M | $933M | $1.1B |
| Total debt | $3.2B | $3.0B | $2.9B | $2.9B | $4.1B | $4.2B | $7.0B | $7.0B | $6.2B | $4.6B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | $3.7B | $4.2B | $4.7B | $5.2B | $6.9B | $6.3B | $7.6B | $8.0B | $8.2B | $7.9B |
| Current liabilities | $2.6B | $3.0B | $3.0B | $4.5B | $5.7B | $6.0B | $5.9B | $6.7B | $6.9B | $7.0B |
| Inventory | $3.3B | $3.6B | $4.1B | $4.7B | $5.2B | $5.6B | $6.8B | $7.0B | $6.7B | $6.3B |
| Property and equipment, net | $2.4B | $2.7B | $3.0B | $3.3B | $3.9B | $4.3B | $5.2B | $6.1B | $6.2B | $6.4B |
| Total assets | $11.7B | $12.5B | $13.2B | $22.8B | $25.9B | $26.3B | $29.1B | $30.8B | $31.1B | $31.0B |
| Total liabilities | $6.3B | $6.4B | $6.8B | $16.1B | $19.2B | $20.1B | $23.5B | $24.0B | $23.7B | $22.5B |
| Shareholders' equity | $5.4B | $6.1B | $6.4B | $6.7B | $6.7B | $6.3B | $5.5B | $6.7B | $7.4B | $8.5B |
| Margins | ||||||||||
| Gross margin | 30.9% | 30.8% | 30.5% | 30.6% | 31.8% | 31.6% | 31.2% | 30.3% | 29.6% | 30.7% |
| Operating margin | 9.4% | 8.6% | 8.3% | 8.3% | 10.5% | 9.4% | 8.8% | 6.3% | 4.2% | 5.2% |
| EBITDA margin | 11.1% | 10.3% | 10.0% | 10.1% | 12.2% | 11.3% | 10.7% | 8.5% | 6.6% | 7.6% |
| Net margin | 5.7% | 6.6% | 6.2% | 6.2% | 7.9% | 7.0% | 6.4% | 4.3% | 2.8% | 3.5% |
| FCF margin | 4.8% | 4.9% | 5.5% | 5.2% | 8.4% | 5.3% | 1.1% | 1.8% | 4.2% | 5.6% |
| Returns | ||||||||||
| Return on capital | 15.8% | 18.7% | 18.6% | 19.4% | 29.5% | 25.9% | 23.2% | 15.1% | 10.3% | 13.8% |
| Return on capital employed | 22.5% | 21.6% | 21.4% | 16.2% | 18.5% | 15.9% | 15.3% | 10.4% | 7.1% | 9.1% |
| Return on equity | 23.2% | 26.7% | 25.3% | 26.1% | 39.7% | 37.1% | 40.9% | 27.0% | 15.9% | 19.0% |
| Return on assets | 10.9% | 12.7% | 12.4% | 9.5% | 10.9% | 9.2% | 8.7% | 5.6% | 3.6% | 4.9% |
| Growth | ||||||||||
| Revenue growth | 7.9% | 6.8% | 9.2% | 8.3% | 21.6% | 1.4% | 10.6% | 2.2% | 5.0% | 5.2% |
| Net income growth | 7.4% | 23.0% | 3.3% | 7.7% | 55.0% | −9.6% | 0.7% | −31.2% | −32.3% | 34.4% |
| EPS growth | 12.2% | 27.1% | 6.0% | 11.2% | 59.9% | −4.2% | 5.0% | −29.3% | −32.3% | 34.1% |
| FCF growth | 17.8% | 10.6% | 21.9% | 3.1% | 96.0% | −37.0% | −76.4% | 63.1% | 143.8% | 41.9% |
| Share count change | −4.4% | −3.2% | −2.7% | −3.0% | −3.1% | −5.7% | −4.0% | −2.8% | 0.0% | 0.4% |
| Financial health | ||||||||||
| Net debt / EBITDA | 1.2x | 1.1x | 1.0x | 1.0x | 0.7x | 1.0x | 1.6x | 2.0x | 2.0x | 1.1x |
| Debt / equity | 0.6x | 0.5x | 0.5x | 0.4x | 0.6x | 0.7x | 1.3x | 1.0x | 0.8x | 0.5x |
| Interest coverage | 21.1x | 20.7x | 21.2x | 22.9x | 23.6x | 20.5x | 15.8x | 7.5x | 5.1x | 7.6x |
| Current ratio | 1.4x | 1.4x | 1.6x | 1.1x | 1.2x | 1.1x | 1.3x | 1.2x | 1.2x | 1.1x |
| Quick ratio | 0.2x | 0.2x | 0.2x | 0.1x | 0.3x | 0.1x | 0.1x | 0.2x | 0.2x | 0.2x |
| Capital allocation | ||||||||||
| Capex / revenue | 2.6% | 2.8% | 2.9% | 2.8% | 3.1% | 3.1% | 4.1% | 4.4% | 3.2% | 2.9% |
| Stock comp / revenue | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% | 0.1% | 0.1% | 0.2% |
| Payouts / FCF | 121.7% | 74.7% | 93.3% | 105.2% | 99.1% | 163.9% | 764.6% | 74.9% | 30.8% | 21.7% |
| Quality scores | ||||||||||
| Piotroski F-score | 6.0 | 8.0 | 7.0 | 8.0 | 6.0 | 5.0 | 5.0 | 5.0 | 4.0 | 7.0 |
| Altman Z'' | 3.3 | 3.5 | 3.6 | 1.8 | 2.0 | 1.5 | 1.6 | 1.4 | 1.3 | 1.5 |
| Accruals ratio | −3.1% | −2.2% | −4.3% | −2.9% | −5.0% | −1.8% | 1.6% | −2.4% | −6.0% | −6.8% |
Source: SEC EDGAR XBRL filings (CIK 0000029534). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.