Dollar General Corporation
DGFinancial Snapshot
ticker: DG step: 04 generated: 2026-05-12 source: quick-research
Dollar General Corporation (DG) — Financial Snapshot
Income Statement Summary
| Metric | FY2022 | FY2023 | FY2024 | YoY |
|---|---|---|---|---|
| Revenue | $37.8B | $38.7B | $39.7B | +2.6% |
| Gross Margin | ~31.0% | ~30.0% | ~29.5% | -0.5pp |
| Operating Margin | ~7.2% | ~6.0% | ~4.3% | -1.7pp |
| Net Income | ~$2.4B | ~$1.7B | ~$1.2B | -29% |
| EPS (diluted) | $10.68 | $7.55 | $5.11 | -32% |
Note: Dollar General's fiscal years end in late January/early February. The FY2022–FY2024 EPS decline from $10.68 to $5.11 reflects a combination of gross margin compression (shrinkage/theft losses, merchandise mix shift toward lower-margin consumables), operating deleverage on slower comp sales, higher labor and freight costs, and store optimization charges (~$0.81/share impairment in FY2024). This represents one of the steepest earnings deteriorations among large-cap retailers in recent years.
Cash Flow & Balance Sheet (FY2024)
| Metric | Value |
|---|---|
| Operating Cash Flow | ~$3.0B |
| Free Cash Flow | ~$700M |
| Cash & Equivalents | ~$600M |
| Total Debt | ~$6.8B |
Note: Capex was $2.3B (heavily invested in store openings and remodels), holding down FCF despite strong operating cash flow. The company continues to return capital through dividends ($600M annually) and buybacks (reduced given earnings pressure).
Key Ratios (approximate)
- P/E: ~18x (FY2024 trough EPS) | EV/EBITDA: ~10x | FCF Yield: ~3%
- Revenue Growth (FY2024): +2.6% | Operating Margin: 4.3%
- Dividend Yield: ~2.5%
Growth Profile
Dollar General's revenue has grown consistently at 2–5% annually through new store additions, even as same-store sales have been pressured by a financially stressed core customer base. The company is in the midst of a significant operational reset: reducing new store openings (from ~800–900/year to ~575 in FY2025), focusing on remodels and "back to basics" execution improvements (shrink reduction, in-stock rates, labor optimization), and deleveraging. Management targets operating margin recovery to 6–7% by 2028, with FY2025 showing early improvement signs ("Strong Fourth Quarter and Fiscal Year 2025 Results").
Forward Estimates
- FY2025 (ended Jan/Feb 2026): Revenue guidance +3.4–4.4%; SSS +1.2–2.2%; early results described as "strong"
- FY2026E EPS: Recovery trajectory toward $7–9 if margin improvement program executes
- Long-term target: Operating margin 6–7% by 2028 (vs. 4.3% in FY2024)
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $DG.