Stock Analysis on Net
Stock Analysis on Net

Dollar General Corp. (NYSE:DG)

This company has been moved to the archive! The financial data has not been updated since August 29, 2024.

DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin 
Quarterly Data

Microsoft Excel

Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.

Two-Component Disaggregation of ROE

Dollar General Corp., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = ROA × Financial Leverage
Aug 2, 2024 19.50% = 4.45% × 4.38
May 3, 2024 21.57% = 4.87% × 4.43
Feb 2, 2024 24.61% = 5.39% × 4.56
Nov 3, 2023 29.74% = 6.26% × 4.75
Aug 4, 2023 34.43% = 7.13% × 4.83
May 5, 2023 40.06% = 7.98% × 5.02
Feb 3, 2023 43.60% = 8.31% × 5.25
Oct 28, 2022 38.63% = 8.12% × 4.76
Jul 29, 2022 37.41% = 8.20% × 4.56
Apr 29, 2022 38.15% = 8.44% × 4.52
Jan 28, 2022 38.31% = 9.11% × 4.20
Oct 29, 2021 39.49% = 9.43% × 4.19
Jul 30, 2021 41.25% = 9.93% × 4.15
Apr 30, 2021 42.92% = 10.63% × 4.04
Jan 29, 2021 39.86% = 10.27% × 3.88
Oct 30, 2020 36.47% = 9.74% × 3.74
Jul 31, 2020 31.80% = 9.05% × 3.51
May 1, 2020 27.44% = 7.96% × 3.45
Jan 31, 2020 25.55% = 7.50% × 3.41
Nov 1, 2019 24.97% = 7.41% × 3.37
Aug 2, 2019 24.14% = 7.43% × 3.25
May 3, 2019 24.49% = 7.56% × 3.24
Feb 1, 2019 24.77% = 12.04% × 2.06
Nov 2, 2018 — = — × 2.06
Aug 3, 2018 — = — × 2.03
May 4, 2018 — = — × 2.00

Based on: 10-Q (reporting date: 2024-08-02), 10-Q (reporting date: 2024-05-03), 10-K (reporting date: 2024-02-02), 10-Q (reporting date: 2023-11-03), 10-Q (reporting date: 2023-08-04), 10-Q (reporting date: 2023-05-05), 10-K (reporting date: 2023-02-03), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-Q (reporting date: 2022-04-29), 10-K (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-Q (reporting date: 2021-04-30), 10-K (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-05-01), 10-K (reporting date: 2020-01-31), 10-Q (reporting date: 2019-11-01), 10-Q (reporting date: 2019-08-02), 10-Q (reporting date: 2019-05-03), 10-K (reporting date: 2019-02-01), 10-Q (reporting date: 2018-11-02), 10-Q (reporting date: 2018-08-03), 10-Q (reporting date: 2018-05-04).

The primary reason for the decrease in return on equity ratio (ROE) over Q2 2025 is the decrease in profitability measured by return on assets ratio (ROA).

Three-Component Disaggregation of ROE

Dollar General Corp., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Aug 2, 2024 19.50% = 3.57% × 1.25 × 4.38
May 3, 2024 21.57% = 3.85% × 1.27 × 4.43
Feb 2, 2024 24.61% = 4.29% × 1.26 × 4.56
Nov 3, 2023 29.74% = 4.91% × 1.27 × 4.75
Aug 4, 2023 34.43% = 5.59% × 1.28 × 4.83
May 5, 2023 40.06% = 6.19% × 1.29 × 5.02
Feb 3, 2023 43.60% = 6.38% × 1.30 × 5.25
Oct 28, 2022 38.63% = 6.49% × 1.25 × 4.76
Jul 29, 2022 37.41% = 6.55% × 1.25 × 4.56
Apr 29, 2022 38.15% = 6.58% × 1.28 × 4.52
Jan 28, 2022 38.31% = 7.01% × 1.30 × 4.20
Oct 29, 2021 39.49% = 7.19% × 1.31 × 4.19
Jul 30, 2021 41.25% = 7.52% × 1.32 × 4.15
Apr 30, 2021 42.92% = 7.96% × 1.34 × 4.04
Jan 29, 2021 39.86% = 7.87% × 1.30 × 3.88
Oct 30, 2020 36.47% = 7.84% × 1.24 × 3.74
Jul 31, 2020 31.80% = 7.48% × 1.21 × 3.51
May 1, 2020 27.44% = 6.69% × 1.19 × 3.45
Jan 31, 2020 25.55% = 6.17% × 1.22 × 3.41
Nov 1, 2019 24.97% = 6.09% × 1.22 × 3.37
Aug 2, 2019 24.14% = 6.11% × 1.22 × 3.25
May 3, 2019 24.49% = 6.16% × 1.23 × 3.24
Feb 1, 2019 24.77% = 6.20% × 1.94 × 2.06
Nov 2, 2018 — = — × — × 2.06
Aug 3, 2018 — = — × — × 2.03
May 4, 2018 — = — × — × 2.00

Based on: 10-Q (reporting date: 2024-08-02), 10-Q (reporting date: 2024-05-03), 10-K (reporting date: 2024-02-02), 10-Q (reporting date: 2023-11-03), 10-Q (reporting date: 2023-08-04), 10-Q (reporting date: 2023-05-05), 10-K (reporting date: 2023-02-03), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-Q (reporting date: 2022-04-29), 10-K (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-Q (reporting date: 2021-04-30), 10-K (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-05-01), 10-K (reporting date: 2020-01-31), 10-Q (reporting date: 2019-11-01), 10-Q (reporting date: 2019-08-02), 10-Q (reporting date: 2019-05-03), 10-K (reporting date: 2019-02-01), 10-Q (reporting date: 2018-11-02), 10-Q (reporting date: 2018-08-03), 10-Q (reporting date: 2018-05-04).

The primary reason for the decrease in return on equity ratio (ROE) over Q2 2025 is the decrease in profitability measured by net profit margin ratio.

Five-Component Disaggregation of ROE

Dollar General Corp., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
Aug 2, 2024 19.50% = 0.78 × 0.86 × 5.32% × 1.25 × 4.38
May 3, 2024 21.57% = 0.78 × 0.86 × 5.73% × 1.27 × 4.43
Feb 2, 2024 24.61% = 0.78 × 0.87 × 6.32% × 1.26 × 4.56
Nov 3, 2023 29.74% = 0.78 × 0.88 × 7.17% × 1.27 × 4.75
Aug 4, 2023 34.43% = 0.77 × 0.90 × 7.99% × 1.28 × 4.83
May 5, 2023 40.06% = 0.78 × 0.92 × 8.64% × 1.29 × 5.02
Feb 3, 2023 43.60% = 0.78 × 0.94 × 8.79% × 1.30 × 5.25
Oct 28, 2022 38.63% = 0.78 × 0.95 × 8.79% × 1.25 × 4.76
Jul 29, 2022 37.41% = 0.78 × 0.95 × 8.83% × 1.25 × 4.56
Apr 29, 2022 38.15% = 0.78 × 0.95 × 8.85% × 1.28 × 4.52
Jan 28, 2022 38.31% = 0.78 × 0.95 × 9.41% × 1.30 × 4.20
Oct 29, 2021 39.49% = 0.78 × 0.95 × 9.70% × 1.31 × 4.19
Jul 30, 2021 41.25% = 0.78 × 0.95 × 10.11% × 1.32 × 4.15
Apr 30, 2021 42.92% = 0.78 × 0.96 × 10.67% × 1.34 × 4.04
Jan 29, 2021 39.86% = 0.78 × 0.96 × 10.53% × 1.30 × 3.88
Oct 30, 2020 36.47% = 0.78 × 0.96 × 10.48% × 1.24 × 3.74
Jul 31, 2020 31.80% = 0.78 × 0.96 × 9.98% × 1.21 × 3.51
May 1, 2020 27.44% = 0.78 × 0.96 × 8.98% × 1.19 × 3.45
Jan 31, 2020 25.55% = 0.78 × 0.96 × 8.30% × 1.22 × 3.41
Nov 1, 2019 24.97% = 0.78 × 0.95 × 8.15% × 1.22 × 3.37
Aug 2, 2019 24.14% = 0.79 × 0.95 × 8.14% × 1.22 × 3.25
May 3, 2019 24.49% = 0.79 × 0.95 × 8.18% × 1.23 × 3.24
Feb 1, 2019 24.77% = 0.79 × 0.95 × 8.25% × 1.94 × 2.06
Nov 2, 2018 — = — × — × — × — × 2.06
Aug 3, 2018 — = — × — × — × — × 2.03
May 4, 2018 — = — × — × — × — × 2.00

Based on: 10-Q (reporting date: 2024-08-02), 10-Q (reporting date: 2024-05-03), 10-K (reporting date: 2024-02-02), 10-Q (reporting date: 2023-11-03), 10-Q (reporting date: 2023-08-04), 10-Q (reporting date: 2023-05-05), 10-K (reporting date: 2023-02-03), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-Q (reporting date: 2022-04-29), 10-K (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-Q (reporting date: 2021-04-30), 10-K (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-05-01), 10-K (reporting date: 2020-01-31), 10-Q (reporting date: 2019-11-01), 10-Q (reporting date: 2019-08-02), 10-Q (reporting date: 2019-05-03), 10-K (reporting date: 2019-02-01), 10-Q (reporting date: 2018-11-02), 10-Q (reporting date: 2018-08-03), 10-Q (reporting date: 2018-05-04).

The primary reason for the decrease in return on equity ratio (ROE) over Q2 2025 is the decrease in operating profitability measured by EBIT margin ratio.

Two-Component Disaggregation of ROA

Dollar General Corp., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Aug 2, 2024 4.45% = 3.57% × 1.25
May 3, 2024 4.87% = 3.85% × 1.27
Feb 2, 2024 5.39% = 4.29% × 1.26
Nov 3, 2023 6.26% = 4.91% × 1.27
Aug 4, 2023 7.13% = 5.59% × 1.28
May 5, 2023 7.98% = 6.19% × 1.29
Feb 3, 2023 8.31% = 6.38% × 1.30
Oct 28, 2022 8.12% = 6.49% × 1.25
Jul 29, 2022 8.20% = 6.55% × 1.25
Apr 29, 2022 8.44% = 6.58% × 1.28
Jan 28, 2022 9.11% = 7.01% × 1.30
Oct 29, 2021 9.43% = 7.19% × 1.31
Jul 30, 2021 9.93% = 7.52% × 1.32
Apr 30, 2021 10.63% = 7.96% × 1.34
Jan 29, 2021 10.27% = 7.87% × 1.30
Oct 30, 2020 9.74% = 7.84% × 1.24
Jul 31, 2020 9.05% = 7.48% × 1.21
May 1, 2020 7.96% = 6.69% × 1.19
Jan 31, 2020 7.50% = 6.17% × 1.22
Nov 1, 2019 7.41% = 6.09% × 1.22
Aug 2, 2019 7.43% = 6.11% × 1.22
May 3, 2019 7.56% = 6.16% × 1.23
Feb 1, 2019 12.04% = 6.20% × 1.94
Nov 2, 2018 — = — × —
Aug 3, 2018 — = — × —
May 4, 2018 — = — × —

Based on: 10-Q (reporting date: 2024-08-02), 10-Q (reporting date: 2024-05-03), 10-K (reporting date: 2024-02-02), 10-Q (reporting date: 2023-11-03), 10-Q (reporting date: 2023-08-04), 10-Q (reporting date: 2023-05-05), 10-K (reporting date: 2023-02-03), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-Q (reporting date: 2022-04-29), 10-K (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-Q (reporting date: 2021-04-30), 10-K (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-05-01), 10-K (reporting date: 2020-01-31), 10-Q (reporting date: 2019-11-01), 10-Q (reporting date: 2019-08-02), 10-Q (reporting date: 2019-05-03), 10-K (reporting date: 2019-02-01), 10-Q (reporting date: 2018-11-02), 10-Q (reporting date: 2018-08-03), 10-Q (reporting date: 2018-05-04).

The primary reason for the decrease in return on assets ratio (ROA) over Q2 2025 is the decrease in profitability measured by net profit margin ratio.

Four-Component Disaggregation of ROA

Dollar General Corp., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Aug 2, 2024 4.45% = 0.78 × 0.86 × 5.32% × 1.25
May 3, 2024 4.87% = 0.78 × 0.86 × 5.73% × 1.27
Feb 2, 2024 5.39% = 0.78 × 0.87 × 6.32% × 1.26
Nov 3, 2023 6.26% = 0.78 × 0.88 × 7.17% × 1.27
Aug 4, 2023 7.13% = 0.77 × 0.90 × 7.99% × 1.28
May 5, 2023 7.98% = 0.78 × 0.92 × 8.64% × 1.29
Feb 3, 2023 8.31% = 0.78 × 0.94 × 8.79% × 1.30
Oct 28, 2022 8.12% = 0.78 × 0.95 × 8.79% × 1.25
Jul 29, 2022 8.20% = 0.78 × 0.95 × 8.83% × 1.25
Apr 29, 2022 8.44% = 0.78 × 0.95 × 8.85% × 1.28
Jan 28, 2022 9.11% = 0.78 × 0.95 × 9.41% × 1.30
Oct 29, 2021 9.43% = 0.78 × 0.95 × 9.70% × 1.31
Jul 30, 2021 9.93% = 0.78 × 0.95 × 10.11% × 1.32
Apr 30, 2021 10.63% = 0.78 × 0.96 × 10.67% × 1.34
Jan 29, 2021 10.27% = 0.78 × 0.96 × 10.53% × 1.30
Oct 30, 2020 9.74% = 0.78 × 0.96 × 10.48% × 1.24
Jul 31, 2020 9.05% = 0.78 × 0.96 × 9.98% × 1.21
May 1, 2020 7.96% = 0.78 × 0.96 × 8.98% × 1.19
Jan 31, 2020 7.50% = 0.78 × 0.96 × 8.30% × 1.22
Nov 1, 2019 7.41% = 0.78 × 0.95 × 8.15% × 1.22
Aug 2, 2019 7.43% = 0.79 × 0.95 × 8.14% × 1.22
May 3, 2019 7.56% = 0.79 × 0.95 × 8.18% × 1.23
Feb 1, 2019 12.04% = 0.79 × 0.95 × 8.25% × 1.94
Nov 2, 2018 — = — × — × — × —
Aug 3, 2018 — = — × — × — × —
May 4, 2018 — = — × — × — × —

Based on: 10-Q (reporting date: 2024-08-02), 10-Q (reporting date: 2024-05-03), 10-K (reporting date: 2024-02-02), 10-Q (reporting date: 2023-11-03), 10-Q (reporting date: 2023-08-04), 10-Q (reporting date: 2023-05-05), 10-K (reporting date: 2023-02-03), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-Q (reporting date: 2022-04-29), 10-K (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-Q (reporting date: 2021-04-30), 10-K (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-05-01), 10-K (reporting date: 2020-01-31), 10-Q (reporting date: 2019-11-01), 10-Q (reporting date: 2019-08-02), 10-Q (reporting date: 2019-05-03), 10-K (reporting date: 2019-02-01), 10-Q (reporting date: 2018-11-02), 10-Q (reporting date: 2018-08-03), 10-Q (reporting date: 2018-05-04).

The primary reason for the decrease in return on assets ratio (ROA) over Q2 2025 is the decrease in operating profitability measured by EBIT margin ratio.

Disaggregation of Net Profit Margin

Dollar General Corp., decomposition of net profit margin ratio (quarterly data)

Microsoft Excel
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Aug 2, 2024 3.57% = 0.78 × 0.86 × 5.32%
May 3, 2024 3.85% = 0.78 × 0.86 × 5.73%
Feb 2, 2024 4.29% = 0.78 × 0.87 × 6.32%
Nov 3, 2023 4.91% = 0.78 × 0.88 × 7.17%
Aug 4, 2023 5.59% = 0.77 × 0.90 × 7.99%
May 5, 2023 6.19% = 0.78 × 0.92 × 8.64%
Feb 3, 2023 6.38% = 0.78 × 0.94 × 8.79%
Oct 28, 2022 6.49% = 0.78 × 0.95 × 8.79%
Jul 29, 2022 6.55% = 0.78 × 0.95 × 8.83%
Apr 29, 2022 6.58% = 0.78 × 0.95 × 8.85%
Jan 28, 2022 7.01% = 0.78 × 0.95 × 9.41%
Oct 29, 2021 7.19% = 0.78 × 0.95 × 9.70%
Jul 30, 2021 7.52% = 0.78 × 0.95 × 10.11%
Apr 30, 2021 7.96% = 0.78 × 0.96 × 10.67%
Jan 29, 2021 7.87% = 0.78 × 0.96 × 10.53%
Oct 30, 2020 7.84% = 0.78 × 0.96 × 10.48%
Jul 31, 2020 7.48% = 0.78 × 0.96 × 9.98%
May 1, 2020 6.69% = 0.78 × 0.96 × 8.98%
Jan 31, 2020 6.17% = 0.78 × 0.96 × 8.30%
Nov 1, 2019 6.09% = 0.78 × 0.95 × 8.15%
Aug 2, 2019 6.11% = 0.79 × 0.95 × 8.14%
May 3, 2019 6.16% = 0.79 × 0.95 × 8.18%
Feb 1, 2019 6.20% = 0.79 × 0.95 × 8.25%
Nov 2, 2018 — = — × — × —
Aug 3, 2018 — = — × — × —
May 4, 2018 — = — × — × —

Based on: 10-Q (reporting date: 2024-08-02), 10-Q (reporting date: 2024-05-03), 10-K (reporting date: 2024-02-02), 10-Q (reporting date: 2023-11-03), 10-Q (reporting date: 2023-08-04), 10-Q (reporting date: 2023-05-05), 10-K (reporting date: 2023-02-03), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-Q (reporting date: 2022-04-29), 10-K (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-Q (reporting date: 2021-04-30), 10-K (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-05-01), 10-K (reporting date: 2020-01-31), 10-Q (reporting date: 2019-11-01), 10-Q (reporting date: 2019-08-02), 10-Q (reporting date: 2019-05-03), 10-K (reporting date: 2019-02-01), 10-Q (reporting date: 2018-11-02), 10-Q (reporting date: 2018-08-03), 10-Q (reporting date: 2018-05-04).

The primary reason for the decrease in net profit margin ratio over Q2 2025 is the decrease in operating profitability measured by EBIT margin ratio.