Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
Historical Valuation Ratios (Summary)
Dollar Tree Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-K (reporting date: 2021-01-30), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-08-01), 10-Q (reporting date: 2020-05-02), 10-K (reporting date: 2020-02-01), 10-Q (reporting date: 2019-11-02), 10-Q (reporting date: 2019-08-03), 10-Q (reporting date: 2019-05-04), 10-K (reporting date: 2019-02-02), 10-Q (reporting date: 2018-11-03), 10-Q (reporting date: 2018-08-04), 10-Q (reporting date: 2018-05-05), 10-K (reporting date: 2018-02-03), 10-Q (reporting date: 2017-10-28), 10-Q (reporting date: 2017-07-29), 10-Q (reporting date: 2017-04-29), 10-K (reporting date: 2017-01-28), 10-Q (reporting date: 2016-10-29), 10-Q (reporting date: 2016-07-30), 10-Q (reporting date: 2016-04-30).
- Price to Earnings (P/E) Ratio
- The Price to Earnings (P/E) ratio exhibits considerable variation over the observed periods. Starting at 20.18 in the first available quarter (Jan 28, 2017), it experienced an initial decline through mid-2018, reaching a low point around 11.07 in Nov 3, 2018. Following this trough, the ratio remained largely unreported for a few quarters before increasing significantly from early 2020 onwards. The ratio peaked around 28.71 in Jul 31, 2021, indicating an elevated market valuation relative to earnings during this period. Despite some fluctuations thereafter, the P/E remained above 20 through late 2022. This trend suggests periods of strong investor confidence and possibly an anticipation of higher future earnings or growth prospects during 2020-2022, contrasted with more conservative valuations during 2017-2018.
- Price to Operating Profit (P/OP) Ratio
- Similar to the P/E ratio, the Price to Operating Profit (P/OP) ratio shows initial stability in the range of approximately 10 to 13 from early 2017 to late 2018. After a pause in reported data, the ratio rose substantially starting in 2020, reaching a peak near 18.77 in Jul 30, 2022. This elevation indicates that the market price was increasingly high relative to operating profits in this later period. The upward trend in the P/OP ratio aligns with the patterns seen in the P/E ratio, reflecting heightened market valuations possibly linked to improving operational performance expectations or investor optimism in the company's profitability.
- Price to Sales (P/S) Ratio
- The Price to Sales (P/S) ratio demonstrates more moderate fluctuations over time. Initially, it hovered below 1.1, with some variability, including a noticeable increase to around 1.1 in early 2017 and again near 1.25 by Oct 30, 2021. The ratio generally stayed close to or just below 1, with occasional dips as low as approximately 0.76 in May 2, 2020. The upward movement in 2021-2022 to levels above 1.2 indicates a market inclination to value each dollar of sales more highly, which could suggest expectations of improved margins or growth prospects, but less pronounced than seen in earnings or operating profit valuations.
- Price to Book Value (P/BV) Ratio
- The Price to Book Value (P/BV) ratio reveals a downward trend from 4.64 in Apr 30, 2016 to lows near 2.48 in Nov 3, 2018. Subsequently, the ratio recovered, climbing back above 4.0 by early 2019. After some volatility in 2020, with a dip to about 2.88 in Feb 1, 2020, it again rose steadily, reaching values around 4.4 by Jul 30, 2022. This pattern reflects market reassessment of the company's net asset value across the periods. The mid-period trough indicates possible market concerns or book value adjustments, while the recovery suggests renewed investor confidence in the company's asset base in recent years.
Price to Earnings (P/E)
Dollar Tree Inc., historical P/E calculation (quarterly data)
| Oct 29, 2022 | Jul 30, 2022 | Apr 30, 2022 | Jan 29, 2022 | Oct 30, 2021 | Jul 31, 2021 | May 1, 2021 | Jan 30, 2021 | Oct 31, 2020 | Aug 1, 2020 | May 2, 2020 | Feb 1, 2020 | Nov 2, 2019 | Aug 3, 2019 | May 4, 2019 | Feb 2, 2019 | Nov 3, 2018 | Aug 4, 2018 | May 5, 2018 | Feb 3, 2018 | Oct 28, 2017 | Jul 29, 2017 | Apr 29, 2017 | Jan 28, 2017 | Oct 29, 2016 | Jul 30, 2016 | Apr 30, 2016 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 221,184,479 | 223,936,965 | 224,556,036 | 225,110,329 | 224,956,059 | 224,911,868 | 231,953,872 | 233,420,925 | 235,192,152 | 237,307,698 | 237,232,394 | 236,810,841 | 236,662,306 | 236,624,725 | 237,578,972 | 238,204,351 | 237,969,961 | 237,888,437 | 237,775,572 | 237,335,999 | 237,096,516 | 236,844,665 | 236,688,547 | 236,297,936 | 236,071,417 | 235,775,426 | 235,666,096 | ||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||||||||
| Net income (loss) (in thousands) | 266,900) | 359,900) | 536,400) | 454,200) | 216,800) | 282,400) | 374,500) | 502,800) | 330,000) | 261,500) | 247,600) | 123,000) | 255,800) | 180,300) | 267,900) | (2,307,000) | 281,800) | 273,900) | 160,500) | 1,040,100) | 239,900) | 233,800) | 200,500) | 321,700) | 171,600) | 170,200) | 232,700) | ||||||||
| Earnings per share (EPS)2 | 7.31 | 7.00 | 6.63 | 5.90 | 6.12 | 6.62 | 6.33 | 5.75 | 4.09 | 3.74 | 3.40 | 3.49 | -6.77 | -6.66 | -6.24 | -6.68 | 7.38 | 7.21 | 7.04 | 7.22 | 4.20 | 3.92 | 3.65 | 3.79 | 0.00 | 0.00 | 0.00 | ||||||||
| Share price1, 3 | 152.37 | 149.01 | 162.80 | 151.06 | 144.71 | 93.48 | 100.11 | 109.04 | 111.35 | 96.72 | 97.64 | 75.97 | 95.26 | 97.67 | 101.59 | 104.22 | 88.43 | 79.78 | 82.59 | 95.75 | 99.46 | 78.50 | 78.80 | 76.55 | 87.93 | 83.11 | 91.97 | ||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||||||||
| P/E ratio4 | 20.84 | 21.29 | 24.54 | 25.61 | 23.65 | 14.11 | 15.81 | 18.97 | 27.22 | 25.85 | 28.71 | 21.75 | — | — | — | — | 11.98 | 11.07 | 11.73 | 13.26 | 23.68 | 20.04 | 21.59 | 20.18 | — | — | — | ||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||||||||||||||
| Costco Wholesale Corp. | 37.86 | 35.14 | 34.43 | 36.38 | 38.26 | 42.83 | 47.19 | 39.65 | 35.91 | 32.99 | 37.85 | 40.02 | 36.98 | 32.71 | 34.68 | 35.76 | — | — | — | — | — | — | — | — | — | — | — | ||||||||
| Target Corp. | 21.82 | 17.50 | 13.23 | 14.38 | 17.57 | 19.28 | 18.16 | 20.39 | 23.56 | 21.44 | 22.08 | 16.12 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||
| Walmart Inc. | 46.12 | 26.02 | 26.43 | 29.27 | 47.43 | 41.22 | 32.45 | 27.47 | 21.57 | 23.39 | 23.27 | 21.69 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||
Based on: 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-K (reporting date: 2021-01-30), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-08-01), 10-Q (reporting date: 2020-05-02), 10-K (reporting date: 2020-02-01), 10-Q (reporting date: 2019-11-02), 10-Q (reporting date: 2019-08-03), 10-Q (reporting date: 2019-05-04), 10-K (reporting date: 2019-02-02), 10-Q (reporting date: 2018-11-03), 10-Q (reporting date: 2018-08-04), 10-Q (reporting date: 2018-05-05), 10-K (reporting date: 2018-02-03), 10-Q (reporting date: 2017-10-28), 10-Q (reporting date: 2017-07-29), 10-Q (reporting date: 2017-04-29), 10-K (reporting date: 2017-01-28), 10-Q (reporting date: 2016-10-29), 10-Q (reporting date: 2016-07-30), 10-Q (reporting date: 2016-04-30).
1 Data adjusted for splits and stock dividends.
2 Q3 2023 Calculation
EPS
= (Net income (loss)Q3 2023
+ Net income (loss)Q2 2023
+ Net income (loss)Q1 2023
+ Net income (loss)Q4 2022)
÷ No. shares of common stock outstanding
= (266,900,000 + 359,900,000 + 536,400,000 + 454,200,000)
÷ 221,184,479 = 7.31
3 Closing price as at the filing date of Dollar Tree Inc. Quarterly or Annual Report.
4 Q3 2023 Calculation
P/E ratio = Share price ÷ EPS
= 152.37 ÷ 7.31 = 20.84
5 Click competitor name to see calculations.
- Share Price Trends
- The share price exhibited fluctuating behavior over the observed periods. Initially, it declined from $91.97 to a low around $76.55 in early 2017, followed by a recovery and varying levels between approximately $78 and $104 until early 2019. A notable decline occurred again in early 2020, reaching roughly $75.97, likely impacted by external factors during that period. Subsequently, the share price showed a strong upward trend, rising significantly to reach a peak above $150 by early 2022, illustrating heightened market confidence or improved business conditions.
- Earnings Per Share (EPS) Developments
- EPS values were unavailable for most early periods, beginning only in 2017 with positive figures ranging from $3.65 to $4.2. A sharp increase is observable in 2018, reaching above $7.3, indicating strong profitability. This was followed by a dramatic negative swing around late 2018 and early 2019, with EPS bleaching below -$6.7, reflecting substantial losses likely due to one-time charges or operational challenges. From mid-2019 onwards, EPS recovered progressively with positive values resuming and increasing steadily up to over $7.3 in late 2022, suggesting a restoration of financial health and profitability.
- Price-to-Earnings (P/E) Ratio Patterns
- P/E ratios were first reported starting in 2017, with moderate values around 20 to 24 initially. The ratio then declined to its lowest point near 11 in 2018, coinciding with the period of high EPS but possibly reflecting market corrections or risk assessments. During the EPS negative period in 2019, P/E data was not reported, consistent with losses registered in earnings. From 2020 onwards, the P/E ratio increased significantly, peaking close to 29 in 2020 and generally staying elevated although showing some downward trend toward 20 by late 2022, indicating varying investor sentiment and expectations about the company’s future earnings.
- Overall Insights
- The financial data suggests the company experienced volatile earnings and corresponding market valuation shifts between 2016 and 2022. The brief period of substantial losses in late 2018 through early 2019 was a pivotal point, followed by strong recovery in earnings and growth in share price. The elevated P/E ratios post-2020 indicate increased investor confidence possibly tied to perceived growth prospects or successful strategic initiatives. Continued monitoring of the interplay between share price and earnings will be essential to assess the sustainability of these trends.
Price to Operating Profit (P/OP)
Dollar Tree Inc., historical P/OP calculation (quarterly data)
| Oct 29, 2022 | Jul 30, 2022 | Apr 30, 2022 | Jan 29, 2022 | Oct 30, 2021 | Jul 31, 2021 | May 1, 2021 | Jan 30, 2021 | Oct 31, 2020 | Aug 1, 2020 | May 2, 2020 | Feb 1, 2020 | Nov 2, 2019 | Aug 3, 2019 | May 4, 2019 | Feb 2, 2019 | Nov 3, 2018 | Aug 4, 2018 | May 5, 2018 | Feb 3, 2018 | Oct 28, 2017 | Jul 29, 2017 | Apr 29, 2017 | Jan 28, 2017 | Oct 29, 2016 | Jul 30, 2016 | Apr 30, 2016 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 221,184,479 | 223,936,965 | 224,556,036 | 225,110,329 | 224,956,059 | 224,911,868 | 231,953,872 | 233,420,925 | 235,192,152 | 237,307,698 | 237,232,394 | 236,810,841 | 236,662,306 | 236,624,725 | 237,578,972 | 238,204,351 | 237,969,961 | 237,888,437 | 237,775,572 | 237,335,999 | 237,096,516 | 236,844,665 | 236,688,547 | 236,297,936 | 236,071,417 | 235,775,426 | 235,666,096 | ||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||||||||
| Operating income (loss) (in thousands) | 381,300) | 505,400) | 731,500) | 578,800) | 310,500) | 402,200) | 519,900) | 681,600) | 465,500) | 374,900) | 365,900) | 249,400) | 358,400) | 268,900) | 385,500) | (2,147,400) | 387,800) | 382,500) | 437,600) | 765,600) | 425,200) | 419,500) | 388,800) | 586,500) | 342,400) | 357,200) | 418,700) | ||||||||
| Operating profit per share2 | 9.93 | 9.49 | 9.01 | 8.05 | 8.51 | 9.20 | 8.80 | 8.09 | 6.19 | 5.68 | 5.24 | 5.33 | -4.79 | -4.67 | -4.17 | -3.94 | 8.29 | 8.45 | 8.61 | 8.42 | 7.68 | 7.33 | 7.08 | 7.21 | 0.00 | 0.00 | 0.00 | ||||||||
| Share price1, 3 | 152.37 | 149.01 | 162.80 | 151.06 | 144.71 | 93.48 | 100.11 | 109.04 | 111.35 | 96.72 | 97.64 | 75.97 | 95.26 | 97.67 | 101.59 | 104.22 | 88.43 | 79.78 | 82.59 | 95.75 | 99.46 | 78.50 | 78.80 | 76.55 | 87.93 | 83.11 | 91.97 | ||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||||||||
| P/OP ratio4 | 15.34 | 15.69 | 18.07 | 18.77 | 17.01 | 10.16 | 11.37 | 13.48 | 17.99 | 17.02 | 18.64 | 14.25 | — | — | — | — | 10.66 | 9.44 | 9.59 | 11.37 | 12.96 | 10.70 | 11.14 | 10.61 | — | — | — | ||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||||||||||||||
| Costco Wholesale Corp. | 29.01 | 26.78 | 25.80 | 27.28 | 28.53 | 31.72 | 34.97 | 29.60 | 26.67 | 24.38 | 28.20 | 29.47 | 27.61 | 25.16 | 26.72 | 27.62 | — | — | — | — | — | — | — | — | — | — | — | ||||||||
| Target Corp. | 15.72 | 12.81 | 9.79 | 11.17 | 13.72 | 14.12 | 13.29 | 13.62 | 15.26 | 15.20 | 15.33 | 11.35 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||
| Walmart Inc. | 19.93 | 15.13 | 14.11 | 15.43 | 14.89 | 16.23 | 16.40 | 16.46 | 19.02 | 19.63 | 16.77 | 15.69 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||
Based on: 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-K (reporting date: 2021-01-30), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-08-01), 10-Q (reporting date: 2020-05-02), 10-K (reporting date: 2020-02-01), 10-Q (reporting date: 2019-11-02), 10-Q (reporting date: 2019-08-03), 10-Q (reporting date: 2019-05-04), 10-K (reporting date: 2019-02-02), 10-Q (reporting date: 2018-11-03), 10-Q (reporting date: 2018-08-04), 10-Q (reporting date: 2018-05-05), 10-K (reporting date: 2018-02-03), 10-Q (reporting date: 2017-10-28), 10-Q (reporting date: 2017-07-29), 10-Q (reporting date: 2017-04-29), 10-K (reporting date: 2017-01-28), 10-Q (reporting date: 2016-10-29), 10-Q (reporting date: 2016-07-30), 10-Q (reporting date: 2016-04-30).
1 Data adjusted for splits and stock dividends.
2 Q3 2023 Calculation
Operating profit per share
= (Operating income (loss)Q3 2023
+ Operating income (loss)Q2 2023
+ Operating income (loss)Q1 2023
+ Operating income (loss)Q4 2022)
÷ No. shares of common stock outstanding
= (381,300,000 + 505,400,000 + 731,500,000 + 578,800,000)
÷ 221,184,479 = 9.93
3 Closing price as at the filing date of Dollar Tree Inc. Quarterly or Annual Report.
4 Q3 2023 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 152.37 ÷ 9.93 = 15.34
5 Click competitor name to see calculations.
- Share Price Trends
- The share price exhibited fluctuations over the observed periods. Initially declining from approximately $92 in April 2016 to a low near $75 in early 2020, the share price then experienced a notable recovery and upward trend. From early 2020 onwards, the price rose significantly, peaking around $162 in October 2022. This increase reflects a strong rebound and growth in market valuation after the dip observed in the preceding years.
- Operating Profit Per Share (OPPS) Trends
- Operating profit per share showed a consistent positive trend from early 2017 through late 2018, generally increasing from about $7.2 to over $8.6. However, during the first quarter of 2019 through the first quarter of 2020, operating profits per share declined sharply into negative territory, reaching lows near -$4.8. This period likely represents operational difficulties. Recovery began in early 2020, with OPPS returning to positive figures around $5.3 and steadily rising through late 2022, reaching approximately $9.9. This pattern suggests a period of significant operational challenges followed by a strong recovery and improved profitability.
- Price to Operating Profit Ratio (P/OP) Analysis
- The price to operating profit ratio exhibited variability consistent with the movements in share prices and operating profits. Initially, the ratio hovered around 10 to 12 during 2017 and 2018, indicating moderate valuation relative to operating profit. There is a period of missing data for this ratio during the lowest OPPS phase in 2019-2020, reflecting challenges in valuation as operating profit turned negative. Subsequently, from early 2020 onwards, P/OP ratios increased markedly, peaking near 18 in late 2021 and early 2022, before slightly decreasing to around 15 by late 2022. This elevated ratio suggests an increase in market valuation relative to operating profit during the recovery phase, potentially indicating investor optimism about future growth prospects.
- Overall Insights
- The data portrays a company that experienced periods of strong operating profit growth and share price appreciation up to late 2018, followed by a challenging phase with significant operating losses and share price depreciation through early 2020. The ensuing recovery period is characterized by steadily improving operating profits and a substantial increase in share price, accompanied by elevated valuation multiples. This progression indicates a turnaround in financial performance and renewed investor confidence during the later periods.
Price to Sales (P/S)
Dollar Tree Inc., historical P/S calculation (quarterly data)
| Oct 29, 2022 | Jul 30, 2022 | Apr 30, 2022 | Jan 29, 2022 | Oct 30, 2021 | Jul 31, 2021 | May 1, 2021 | Jan 30, 2021 | Oct 31, 2020 | Aug 1, 2020 | May 2, 2020 | Feb 1, 2020 | Nov 2, 2019 | Aug 3, 2019 | May 4, 2019 | Feb 2, 2019 | Nov 3, 2018 | Aug 4, 2018 | May 5, 2018 | Feb 3, 2018 | Oct 28, 2017 | Jul 29, 2017 | Apr 29, 2017 | Jan 28, 2017 | Oct 29, 2016 | Jul 30, 2016 | Apr 30, 2016 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 221,184,479 | 223,936,965 | 224,556,036 | 225,110,329 | 224,956,059 | 224,911,868 | 231,953,872 | 233,420,925 | 235,192,152 | 237,307,698 | 237,232,394 | 236,810,841 | 236,662,306 | 236,624,725 | 237,578,972 | 238,204,351 | 237,969,961 | 237,888,437 | 237,775,572 | 237,335,999 | 237,096,516 | 236,844,665 | 236,688,547 | 236,297,936 | 236,071,417 | 235,775,426 | 235,666,096 | ||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||||||||
| Net sales (in thousands) | 6,936,600) | 6,765,300) | 6,900,100) | 7,077,400) | 6,415,400) | 6,340,200) | 6,476,800) | 6,767,300) | 6,176,700) | 6,277,600) | 6,286,800) | 6,315,300) | 5,746,200) | 5,740,600) | 5,808,700) | 6,205,200) | 5,538,800) | 5,525,600) | 5,553,700) | 6,360,600) | 5,316,600) | 5,281,200) | 5,287,100) | 5,635,500) | 5,001,600) | 4,996,300) | 5,085,800) | ||||||||
| Sales per share2 | 125.14 | 121.28 | 119.05 | 116.88 | 115.58 | 114.54 | 110.79 | 109.28 | 106.54 | 103.77 | 101.54 | 99.70 | 99.30 | 98.44 | 97.14 | 95.81 | 96.56 | 95.66 | 94.68 | 93.73 | 90.77 | 89.53 | 88.39 | 87.68 | 0.00 | 0.00 | 0.00 | ||||||||
| Share price1, 3 | 152.37 | 149.01 | 162.80 | 151.06 | 144.71 | 93.48 | 100.11 | 109.04 | 111.35 | 96.72 | 97.64 | 75.97 | 95.26 | 97.67 | 101.59 | 104.22 | 88.43 | 79.78 | 82.59 | 95.75 | 99.46 | 78.50 | 78.80 | 76.55 | 87.93 | 83.11 | 91.97 | ||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||||||||
| P/S ratio4 | 1.22 | 1.23 | 1.37 | 1.29 | 1.25 | 0.82 | 0.90 | 1.00 | 1.05 | 0.93 | 0.96 | 0.76 | 0.96 | 0.99 | 1.05 | 1.09 | 0.92 | 0.83 | 0.87 | 1.02 | 1.10 | 0.88 | 0.89 | 0.87 | — | — | — | ||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||||||||||||||
| Costco Wholesale Corp. | 0.98 | 0.92 | 0.89 | 0.95 | 1.01 | 1.15 | 1.22 | 1.03 | 0.93 | 0.82 | 0.97 | 0.98 | 0.87 | 0.80 | 0.86 | 0.88 | — | — | — | — | — | — | — | — | — | — | — | ||||||||
| Target Corp. | 0.69 | 0.69 | 0.72 | 0.94 | 1.15 | 1.21 | 1.14 | 0.95 | 1.02 | 0.89 | 0.76 | 0.68 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||
| Walmart Inc. | 0.70 | 0.62 | 0.60 | 0.70 | 0.67 | 0.74 | 0.71 | 0.67 | 0.78 | 0.78 | 0.66 | 0.62 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||
Based on: 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-K (reporting date: 2021-01-30), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-08-01), 10-Q (reporting date: 2020-05-02), 10-K (reporting date: 2020-02-01), 10-Q (reporting date: 2019-11-02), 10-Q (reporting date: 2019-08-03), 10-Q (reporting date: 2019-05-04), 10-K (reporting date: 2019-02-02), 10-Q (reporting date: 2018-11-03), 10-Q (reporting date: 2018-08-04), 10-Q (reporting date: 2018-05-05), 10-K (reporting date: 2018-02-03), 10-Q (reporting date: 2017-10-28), 10-Q (reporting date: 2017-07-29), 10-Q (reporting date: 2017-04-29), 10-K (reporting date: 2017-01-28), 10-Q (reporting date: 2016-10-29), 10-Q (reporting date: 2016-07-30), 10-Q (reporting date: 2016-04-30).
1 Data adjusted for splits and stock dividends.
2 Q3 2023 Calculation
Sales per share
= (Net salesQ3 2023
+ Net salesQ2 2023
+ Net salesQ1 2023
+ Net salesQ4 2022)
÷ No. shares of common stock outstanding
= (6,936,600,000 + 6,765,300,000 + 6,900,100,000 + 7,077,400,000)
÷ 221,184,479 = 125.14
3 Closing price as at the filing date of Dollar Tree Inc. Quarterly or Annual Report.
4 Q3 2023 Calculation
P/S ratio = Share price ÷ Sales per share
= 152.37 ÷ 125.14 = 1.22
5 Click competitor name to see calculations.
The share price of the company exhibited fluctuations over the observed periods. Initially, the share price declined from 91.97 US$ in April 2016 to a low of 75.97 US$ by February 2020. Thereafter, an upward trend is observable, with the share price rising steadily, reaching a peak of 162.8 US$ in October 2022. This reflects overall recovery and growth in market valuation after a period of decline.
Sales per share data, available from January 2017 onward, show a consistent upward trend. Starting from 87.68 US$ in January 2017, the sales per share gradually increased each quarter, reaching 125.14 US$ by October 2022. This steady growth suggests expanding revenue generation on a per-share basis, indicative of improving business performance over the recent years.
The Price-to-Sales (P/S) ratio exhibits more variability across the same period. Initially, the P/S ratio hovered around the 0.87 to 0.89 range at the start of 2017. It then experienced fluctuations, rising to as high as 1.1 in January 2018 before dipping below 1.0 and even reaching a low of 0.76 in February 2020. Following this low point, the ratio showed a distinct increasing trend, surpassing 1.0 multiple times and ultimately peaking at 1.37 in October 2022. This indicates changing market valuations relative to sales, with the market pricing the company's sales more richly in recent periods.
Combining these observations, the initial decline in share price alongside increasing sales per share suggests cautious investor sentiment or external factors impacting valuation despite improving sales. The later strong upward movement of the share price, aligned with rising sales per share and increasing P/S ratio, suggests enhanced investor confidence and stronger alignment of the company's market value with its fundamental sales performance towards the end of the analysis period.
Price to Book Value (P/BV)
Dollar Tree Inc., historical P/BV calculation (quarterly data)
| Oct 29, 2022 | Jul 30, 2022 | Apr 30, 2022 | Jan 29, 2022 | Oct 30, 2021 | Jul 31, 2021 | May 1, 2021 | Jan 30, 2021 | Oct 31, 2020 | Aug 1, 2020 | May 2, 2020 | Feb 1, 2020 | Nov 2, 2019 | Aug 3, 2019 | May 4, 2019 | Feb 2, 2019 | Nov 3, 2018 | Aug 4, 2018 | May 5, 2018 | Feb 3, 2018 | Oct 28, 2017 | Jul 29, 2017 | Apr 29, 2017 | Jan 28, 2017 | Oct 29, 2016 | Jul 30, 2016 | Apr 30, 2016 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 221,184,479 | 223,936,965 | 224,556,036 | 225,110,329 | 224,956,059 | 224,911,868 | 231,953,872 | 233,420,925 | 235,192,152 | 237,307,698 | 237,232,394 | 236,810,841 | 236,662,306 | 236,624,725 | 237,578,972 | 238,204,351 | 237,969,961 | 237,888,437 | 237,775,572 | 237,335,999 | 237,096,516 | 236,844,665 | 236,688,547 | 236,297,936 | 236,071,417 | 235,775,426 | 235,666,096 | ||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||||||||
| Shareholders’ equity (in thousands) | 8,275,300) | 8,396,500) | 8,241,500) | 7,718,500) | 7,244,400) | 7,011,700) | 7,411,300) | 7,285,300) | 6,961,100) | 6,813,600) | 6,520,600) | 6,254,800) | 6,121,300) | 5,865,700) | 5,755,900) | 5,642,900) | 7,943,100) | 7,647,500) | 7,355,700) | 7,182,300) | 6,116,500) | 5,860,200) | 5,609,000) | 5,389,500) | 5,047,700) | 4,856,900) | 4,669,600) | ||||||||
| Book value per share (BVPS)2 | 37.41 | 37.49 | 36.70 | 34.29 | 32.20 | 31.18 | 31.95 | 31.21 | 29.60 | 28.71 | 27.49 | 26.41 | 25.87 | 24.79 | 24.23 | 23.69 | 33.38 | 32.15 | 30.94 | 30.26 | 25.80 | 24.74 | 23.70 | 22.81 | 21.38 | 20.60 | 19.81 | ||||||||
| Share price1, 3 | 152.37 | 149.01 | 162.80 | 151.06 | 144.71 | 93.48 | 100.11 | 109.04 | 111.35 | 96.72 | 97.64 | 75.97 | 95.26 | 97.67 | 101.59 | 104.22 | 88.43 | 79.78 | 82.59 | 95.75 | 99.46 | 78.50 | 78.80 | 76.55 | 87.93 | 83.11 | 91.97 | ||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||||||||
| P/BV ratio4 | 4.07 | 3.97 | 4.44 | 4.41 | 4.49 | 3.00 | 3.13 | 3.49 | 3.76 | 3.37 | 3.55 | 2.88 | 3.68 | 3.94 | 4.19 | 4.40 | 2.65 | 2.48 | 2.67 | 3.16 | 3.86 | 3.17 | 3.33 | 3.36 | 4.11 | 4.03 | 4.64 | ||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||||||||||||||
| Costco Wholesale Corp. | 9.64 | 9.33 | 9.43 | 10.30 | 10.82 | 12.16 | 13.20 | 11.30 | 10.30 | 9.16 | 11.01 | 8.76 | 8.17 | 7.44 | 8.17 | 8.58 | 7.63 | 7.50 | 6.59 | — | — | — | — | — | — | — | — | ||||||||
| Target Corp. | 6.83 | 6.98 | 7.19 | 7.79 | 8.63 | 8.18 | 7.50 | 6.17 | 6.76 | 6.00 | 5.48 | 4.47 | 5.53 | 4.62 | 3.71 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||
| Walmart Inc. | 5.72 | 4.65 | 4.47 | 4.81 | 4.62 | 5.14 | 5.07 | 4.59 | 5.23 | 5.56 | 5.12 | 4.32 | 4.70 | 4.64 | 4.44 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||
Based on: 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-K (reporting date: 2021-01-30), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-08-01), 10-Q (reporting date: 2020-05-02), 10-K (reporting date: 2020-02-01), 10-Q (reporting date: 2019-11-02), 10-Q (reporting date: 2019-08-03), 10-Q (reporting date: 2019-05-04), 10-K (reporting date: 2019-02-02), 10-Q (reporting date: 2018-11-03), 10-Q (reporting date: 2018-08-04), 10-Q (reporting date: 2018-05-05), 10-K (reporting date: 2018-02-03), 10-Q (reporting date: 2017-10-28), 10-Q (reporting date: 2017-07-29), 10-Q (reporting date: 2017-04-29), 10-K (reporting date: 2017-01-28), 10-Q (reporting date: 2016-10-29), 10-Q (reporting date: 2016-07-30), 10-Q (reporting date: 2016-04-30).
1 Data adjusted for splits and stock dividends.
2 Q3 2023 Calculation
BVPS = Shareholders’ equity ÷ No. shares of common stock outstanding
= 8,275,300,000 ÷ 221,184,479 = 37.41
3 Closing price as at the filing date of Dollar Tree Inc. Quarterly or Annual Report.
4 Q3 2023 Calculation
P/BV ratio = Share price ÷ BVPS
= 152.37 ÷ 37.41 = 4.07
5 Click competitor name to see calculations.
The financial data over the specified periods reveals notable fluctuations in the company's share price, book value per share (BVPS), and price-to-book value (P/BV) ratio. Observing these metrics provides insight into market valuation trends and the company's underlying financial strength.
- Share Price Trends
- The share price exhibited volatility, initially declining from $91.97 in April 2016 to a low of $75.97 in February 2020. Following this trough, the share price recovered strongly, reaching a peak of $162.80 in October 2022 before a slight pullback to $152.37 by the end of that month. The overall pattern indicates a period of weakness lasting several years, subsequently followed by a significant appreciation in market value.
- Book Value per Share (BVPS) Patterns
- BVPS showed a steady upward trajectory throughout the entire timeline, increasing from $19.81 in April 2016 to $37.41 by October 2022. This consistent growth suggests ongoing accumulation of shareholder equity and potential reinvestment of earnings improving the net asset base per share, despite some minor fluctuations in a few intermediate quarters.
- Price-to-Book Value Ratio (P/BV) Dynamics
- The P/BV ratio indicated varying market perceptions relative to the company's book value. Starting high at 4.64 in April 2016, it decreased to around 2.48 by August 2018—implying the market price was closer to the company's book value during this period. This lower P/BV phase corresponded with a period of share price weakness. From early 2019 onward, the ratio increased again, surpassing 4.4 by late 2021, suggesting heightened market optimism or premium valuation relative to book value. The ratio remained elevated near 4.0 in late 2022.
Overall, the data depicts a company whose equity base has grown steadily, with market valuation fluctuating significantly, more than doubling its share price value after a period of weakness. The elevated P/BV ratios in recent years imply investors have increasingly priced in positive future prospects or competitive advantages relative to the company's net asset value.