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Dollar Tree

DLTR Nasdaq Consumer Staples Merchandise Retail Financials FY2016–FY2025

Dollar Tree's revenue rose 10.4% to $19.4 billion in fiscal 2025. Its operating margin was 8.5%, up from 8.3% a year earlier. Free cash flow was $1.1 billion, up 18.4%. It paid out $1.5 billion in dividends and buybacks, 146% of free cash flow. The diluted share count fell 4.5%.

Last close · Oct 23, 2026

$125.31

4.4%
Value it Compare
Revenue Total sales reported in the income statement.
$19.4B
10.4% vs prior year
Operating margin Operating income as a share of revenue.
8.5%
0.2 pts
Net income Profit after all expenses, interest and tax.
$1.3B
Free cash flow Cash from operations minus capital spending.
$1.1B
18.4%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
21.4%
8.0 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$23.9B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
15.4x
On $8.16 EPS (TTM)

About these figures. Dollar Tree's figures from fiscal 2022 are as restated after it agreed to sell Family Dollar and cover Dollar Tree stores only; earlier years include Family Dollar, so the change from fiscal 2021 to 2022 compares different businesses.

What Dollar Tree does

Dollar Tree runs discount variety stores under the names Dollar Tree and Dollar Tree Canada. At the end of January 2026 it operated stores in 48 states and the District of Columbia and across seven Canadian provinces. It sells everyday items, seasonal goods and party and celebration products at low prices.

The company earns money by selling merchandise to shoppers in its stores. It says the mix of convenience, value and a changing selection that customers can discover every week keeps them coming back. It competes with other retailers for the same shoppers.

In July 2025 Dollar Tree completed the sale of its Family Dollar business to an outside buyer, and Family Dollar is reported as discontinued operations. Dollar Tree is now a single banner. Its plans include a wider product assortment, new store growth, better store conditions and a more connected in-store experience for customers.

Legal name
DOLLAR TREE, INC.
Fiscal year ends
January 31, 2026
Latest annual report
10-K · Mar 16, 2026
Accession · CIK
0000935703-26-000025
0000935703

Revenue and margins

Dollar Tree had $19.4B of revenue in fiscal 2025, up 10.4% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 5.7% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $1.1B in fiscal 2025, 5.4% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Dollar Tree returned $1.5B to shareholders in fiscal 2025, 146% of free cash flow. The diluted share count fell 4.5%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Dollar Tree 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 −$1.7B and divides by 206.3M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 15.4x · peers 20.2x · sector 24.7x.

Balance sheet

Cash, debt and the ratios that show how comfortably Dollar Tree can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $985M$643M$425M$1.3B$718M
Debt incl. finance leases $3.4B$3.4B$3.4B$3.4B$2.4B
Net debt / EBITDA 1.0x1.1x1.4x1.1x0.7x
Debt / equity 0.4x0.4x0.5x0.9x0.7x
Interest coverage 10.3x15.9x13.5x11.0x13.2x
Current ratio 1.3x1.5x1.3x1.1x1.1x
Quick ratio 1.3x1.5x1.3x1.1x1.1x
Total assets $21.7B$23.0B$22.0B$18.6B$13.5B
Total liabilities $14.0B$14.3B$14.7B$14.7B$9.7B
Shareholders' equity $7.7B$8.8B$7.3B$4.0B$3.8B
Net debt (− = net cash) $2.4B$2.8B$3.0B$2.2B$1.7B

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

$249M

4 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Sep 4, 2026 Stephanie StahlDirector Sold 1,185 $131.47 $0.2M Form 4
Aug 31, 2026 Robert AflatooniChief Information Officer Sold 2,500 $126.01 $0.3M Form 4
Jun 24, 2026 Paul C HilalDirector Sold 2,230,455 $111.31 $248M Form 4
Jan 7, 2026 Robert AflatooniChief Information Officer Sold 175 $131.18 $0.0M Form 4
Dec 8, 2025 Brent A. BeebeChief Merchandising Officer Sold 2,200 $124.65 $0.3M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
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 / 94 / 99 / 9
Accruals ratio −16.4%−25.7%−5.7%
Altman Z'' 2.551.682.26

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Dollar Tree DLTR $23.9B 10.4% 8.5% 5.4% 21.4% 15.4x 9
BJ's Wholesale Club BJ $13.5B 4.7% 3.8% 1.5% 23.7% 23.2x 8 Compare →
Dollar General DG $29.4B 5.2% 5.2% 5.6% 13.8% 17.3x 7 Compare →
PriceSmart PSMT $5.2B 7.3% 4.4% 2.0% 15.4% 32.8x 7 Compare →
Target TGT $69.8B −1.7% 4.9% 2.7% 15.0% 15.9x 6 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $20.7B $22.2B $22.8B $23.6B $25.5B $26.3B $15.4B $16.8B $17.6B $19.4B
Gross profit $6.4B $7.0B $6.9B $7.0B $7.8B $7.7B $5.8B $6.0B $6.3B $7.1B
Operating income $1.7B $2.0B −$940M $1.3B $1.9B $1.8B $2.1B $1.8B $1.5B $1.7B
Interest expense $329M $287M $383M $170M $153M $176M $132M $131M $133M $125M
Pretax income $1.3B $1.7B −$1.3B $1.1B $1.7B $1.6B $2.0B $1.7B $1.4B $1.6B
Income tax $433M −$10.3M $282M $272M $398M $304M $472M $396M $341M $404M
Net income $896M $1.7B −$1.6B $827M $1.3B $1.3B $1.6B −$998M −$3.0B $1.3B
Diluted EPS $3.78 $7.21 −$6.69 $3.47 $5.65 $5.80 $7.21 −$4.54 −$14.03 $6.22
Diluted shares 0.24B 0.24B 0.24B 0.24B 0.24B 0.23B 0.22B 0.22B 0.22B 0.21B
Cash flow
Cash from operations $1.7B $1.5B $1.8B $1.9B $2.7B $1.4B $1.6B $2.7B $2.2B $2.2B
Capital expenditure $565M $632M $817M $1.0B $899M $1.0B $639M $1.2B $1.3B $1.1B
Free cash flow $1.1B $878M $949M $835M $1.8B $410M $976M $1.5B $893M $1.1B
Depreciation and amortization $638M $611M $621M $645M $687M $716M $365M $401M $527M $648M
Stock-based compensation $61.6M $65.7M $63.1M $61.4M $83.9M $79.9M $91.5M $76.3M $107M $58.9M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $0.0M $0.0M $0.0M $200M $400M $950M $648M $500M $400M $1.5B
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $0.0M $0.0M $200M $400M $950M $648M $500M $400M $1.5B
Balance sheet
Cash and short-term investments $870M $1.1B $422M $539M $1.4B $985M $643M $425M $1.3B $718M
Total debt $6.4B $5.7B $4.3B $3.8B $3.2B $3.4B $3.4B $3.4B $3.4B $2.4B
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 $3.9B $4.6B $4.3B $4.3B $5.1B $5.6B $6.4B $6.1B $9.1B $3.4B
Current liabilities $2.1B $2.9B $2.1B $3.5B $3.7B $4.2B $4.2B $4.7B $8.6B $3.2B
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $3.1B $3.2B $3.4B $3.9B $4.1B $4.5B $5.0B $3.8B $4.5B $5.0B
Total assets $15.7B $16.3B $13.5B $19.6B $20.7B $21.7B $23.0B $22.0B $18.6B $13.5B
Total liabilities $10.3B $9.2B $7.9B $13.3B $13.4B $14.0B $14.3B $14.7B $14.7B $9.7B
Shareholders' equity $5.4B $7.2B $5.6B $6.3B $7.3B $7.7B $8.8B $7.3B $4.0B $3.8B
Margins
Gross margin 30.9% 31.6% 30.4% 29.8% 30.5% 29.4% 37.5% 35.8% 35.7% 36.3%
Operating margin 8.2% 9.0% −4.1% 5.4% 7.4% 6.9% 13.6% 10.6% 8.3% 8.5%
EBITDA margin 11.3% 11.7% −1.4% 8.1% 10.1% 9.6% 16.0% 13.0% 11.3% 11.9%
Net margin 4.3% 7.7% −7.0% 3.5% 5.3% 5.0% 10.5% −6.0% −17.2% 6.6%
FCF margin 5.4% 4.0% 4.2% 3.5% 7.1% 1.6% 6.3% 8.9% 5.1% 5.4%
Returns
Return on capital 10.4% 17.6% −7.0% 10.0% 15.7% 15.3% 14.7% 12.4% 13.4% 21.4%
Return on capital employed 12.4% 14.8% −7.6% 9.2% 11.4% 10.5% 11.6% 9.8% 10.7% 16.3%
Return on equity 18.3% 27.3% −24.8% 13.9% 19.8% 17.7% 19.6% −12.4% −53.7% 33.2%
Return on assets 5.7% 10.7% −10.7% 5.0% 6.7% 6.3% 7.2% −4.4% −14.9% 8.0%
Growth
Revenue growth 33.7% 7.4% 2.6% 3.5% 8.0% 3.2% −41.5% 8.9% 4.8% 10.4%
Net income growth 217.4% 91.3% −192.8% — 62.3% −1.0% 21.7% −161.8% — —
EPS growth 200.0% 90.7% −192.8% — 62.8% 2.7% 24.3% −163.0% — —
FCF growth 244.3% −20.8% 8.1% −12.0% 117.7% −77.4% 137.8% 52.8% −40.1% 18.4%
Share count change 6.0% 0.4% 0.1% 0.2% −0.4% −3.5% −2.1% −1.9% −1.8% −4.5%
Financial health
Net debt / EBITDA 2.4x 1.8x — 1.7x 0.7x 1.0x 1.1x 1.4x 1.1x 0.7x
Debt / equity 1.2x 0.8x 0.8x 0.6x 0.4x 0.4x 0.4x 0.5x 0.9x 0.7x
Interest coverage 5.2x 7.0x −2.5x 7.4x 12.4x 10.3x 15.9x 13.5x 11.0x 13.2x
Current ratio 1.9x 1.6x 2.1x 1.2x 1.4x 1.3x 1.5x 1.3x 1.1x 1.1x
Quick ratio 1.9x 1.6x 2.1x 1.2x 1.4x 1.3x 1.5x 1.3x 1.1x 1.1x
Capital allocation
Capex / revenue 2.7% 2.8% 3.6% 4.4% 3.5% 3.9% 4.2% 7.1% 7.4% 5.8%
Stock comp / revenue 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.6% 0.5% 0.6% 0.3%
Payouts / FCF 0.0% 0.0% 0.0% 24.0% 22.0% 231.5% 66.4% 33.5% 44.8% 146.5%
Quality scores
Piotroski F-score 5.0 6.0 4.0 6.0 8.0 4.0 7.0 5.0 4.0 9.0
Altman Z'' 2.7 3.3 2.1 1.8 2.4 2.6 3.0 2.6 1.7 2.3
Accruals ratio −4.9% 1.3% −22.5% −6.3% −6.8% −0.5% 0.0% −16.4% −25.7% −5.7%

Source: SEC EDGAR XBRL filings (CIK 0000935703). 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.

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