Latest Ratios: P/E Ratio 17.8x · EV/EBITDA 12.8x · ROE 19.0%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $26.9B | $31.7B | $15.6B | $29.9B | $51.6B | $48.2B | $48.7B | $39.6B | $30.6B | $27.2B | $20.6B |
| Enterprise Value | $41.5B | $46.3B | $32.2B | $47.5B | $68.9B | $62.1B | $60.9B | $51.0B | $33.2B | $29.9B | $23.7B |
| P/E Ratio → | 17.80 | 20.94 | 13.91 | 18.03 | 21.36 | 20.09 | 18.32 | 23.10 | 19.27 | 17.66 | 16.51 |
| P/S Ratio | 0.63 | 0.74 | 0.38 | 0.77 | 1.36 | 1.41 | 1.44 | 1.43 | 1.19 | 1.16 | 0.94 |
| P/B Ratio | 3.16 | 3.72 | 2.11 | 4.44 | 9.31 | 7.69 | 7.31 | 5.91 | 4.77 | 4.44 | 3.82 |
| P/FCF | 11.24 | 13.23 | 9.27 | 43.30 | 121.74 | 26.84 | 17.09 | 27.24 | 21.72 | 23.52 | 19.76 |
| P/OCF | 7.40 | 8.71 | 5.22 | 12.52 | 26.01 | 16.81 | 12.56 | 17.69 | 14.28 | 15.08 | 12.86 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.08 | 0.79 | 1.23 | 1.82 | 1.81 | 1.80 | 1.84 | 1.30 | 1.27 | 1.08 |
| EV / EBITDA | 12.76 | 14.23 | 11.98 | 14.42 | 17.00 | 16.08 | 14.74 | 18.18 | 12.93 | 12.41 | 9.69 |
| EV / EBIT | 18.82 | 21.07 | 18.77 | 19.42 | 20.70 | 19.28 | 17.13 | 22.17 | 15.72 | 14.93 | 11.47 |
| EV / FCF | — | 19.33 | 19.08 | 68.68 | 162.50 | 34.58 | 21.38 | 35.13 | 23.59 | 25.89 | 22.65 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 30.7% | 30.7% | 29.6% | 30.3% | 31.2% | 31.6% | 31.8% | 30.6% | 30.5% | 30.8% | 30.8% |
| Operating Margin | 5.2% | 5.2% | 4.2% | 6.3% | 8.8% | 9.4% | 10.5% | 8.3% | 8.3% | 8.6% | 9.4% |
| Net Profit Margin | 3.5% | 3.5% | 2.8% | 4.3% | 6.4% | 7.0% | 7.9% | 6.2% | 6.2% | 6.6% | 5.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 19.0% | 19.0% | 15.9% | 27.0% | 40.9% | 37.1% | 39.7% | 26.1% | 25.3% | 26.7% | 23.2% |
| ROA | 4.9% | 4.9% | 3.6% | 5.5% | 8.7% | 9.2% | 10.9% | 9.5% | 12.4% | 12.7% | 10.9% |
| ROIC | 7.0% | 7.0% | 5.3% | 7.8% | 11.6% | 12.4% | 14.4% | 12.7% | 17.7% | 17.4% | 18.6% |
| ROCE | 9.1% | 9.1% | 7.1% | 10.4% | 15.3% | 15.9% | 18.5% | 16.2% | 21.4% | 21.6% | 22.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.85 | 1.85 | 2.36 | 2.68 | 3.19 | 2.28 | 2.04 | 1.75 | 0.45 | 0.49 | 0.59 |
| Debt / EBITDA | 4.84 | 4.84 | 6.50 | 5.49 | 4.36 | 3.69 | 3.29 | 4.17 | 1.11 | 1.25 | 1.31 |
| Net Debt / Equity | — | 1.71 | 2.23 | 2.60 | 3.12 | 2.22 | 1.83 | 1.71 | 0.41 | 0.45 | 0.56 |
| Net Debt / EBITDA | 4.49 | 4.49 | 6.15 | 5.33 | 4.26 | 3.60 | 2.96 | 4.08 | 1.02 | 1.14 | 1.24 |
| Debt / FCF | — | 6.09 | 9.80 | 25.38 | 40.76 | 7.74 | 4.29 | 7.88 | 1.87 | 2.37 | 2.89 |
| Interest Coverage | 9.52 | 9.52 | 6.25 | 7.49 | 15.75 | 20.45 | 23.64 | 22.89 | 21.18 | 20.66 | 21.09 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.13 | 1.13 | 1.19 | 1.19 | 1.29 | 1.05 | 1.21 | 1.14 | 1.55 | 1.43 | 1.40 |
| Quick Ratio | 0.22 | 0.22 | 0.21 | 0.15 | 0.14 | 0.12 | 0.29 | 0.11 | 0.19 | 0.22 | 0.16 |
| Cash Ratio | 0.16 | 0.16 | 0.14 | 0.08 | 0.06 | 0.06 | 0.24 | 0.05 | 0.08 | 0.09 | 0.07 |
| Asset Turnover | — | 1.38 | 1.30 | 1.26 | 1.30 | 1.30 | 1.30 | 1.22 | 1.94 | 1.88 | 1.88 |
| Inventory Turnover | 4.68 | 4.68 | 4.26 | 3.86 | 3.85 | 4.17 | 4.39 | 4.12 | 4.35 | 4.50 | 4.67 |
| Days Sales Outstanding | — | 0.15 | 1.14 | 1.06 | 1.31 | 1.04 | 0.98 | 1.01 | 0.82 | 1.68 | 0.18 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.9% | 1.6% | 3.3% | 1.7% | 1.0% | 0.8% | 0.7% | 0.8% | 1.0% | 1.0% | 1.4% |
| Payout Ratio | 34.4% | 34.4% | 46.1% | 31.2% | 20.4% | 16.3% | 13.4% | 19.1% | 19.3% | 18.4% | 22.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.6% | 4.8% | 7.2% | 5.5% | 4.7% | 5.0% | 5.5% | 4.3% | 5.2% | 5.7% | 6.1% |
| FCF Yield | 8.9% | 7.6% | 10.8% | 2.3% | 0.8% | 3.7% | 5.9% | 3.7% | 4.6% | 4.3% | 5.1% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 5.3% | 5.3% | 5.1% | 3.0% | 3.3% | 2.1% | 4.8% |
| Total Shareholder Yield | 1.9% | 1.6% | 3.3% | 1.7% | 6.3% | 6.1% | 5.8% | 3.9% | 4.3% | 3.2% | 6.2% |
| Shares Outstanding | — | $221M | $220M | $220M | $226M | $236M | $250M | $258M | $266M | $273M | $282M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying DG stock.
Dollar General Corporation's current P/E ratio is 17.8x. The historical average is 18.7x. This places it at the 35th percentile of its historical range.
Dollar General Corporation's current EV/EBITDA is 12.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.3x.
Dollar General Corporation's return on equity (ROE) is 19.0%. The historical average is 21.3%.
Based on historical data, Dollar General Corporation is trading at a P/E of 17.8x. This is at the 35th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Dollar General Corporation's current dividend yield is 1.93% with a payout ratio of 34.4%.
Dollar General Corporation has 30.7% gross margin and 5.2% operating margin.
Dollar General Corporation's Debt/EBITDA ratio is 4.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Margin sustainability under pressure
Metrics are mathematically derived from official filings.
Gross Margin Recovery Drives Profitability
Dollar General's gross margin has expanded significantly from a trough of 27.8% in 2024Q1 to 32.6% in 2026Q2, suggesting successful mitigation of prior cost pressures and a more favorable product mix, as reported in recent financial statements.
The gross margin expansion appears to be the primary driver of the improving profitability profile, with operating margin recovering from 2.9% to 6.8% over the same period. This suggests the company has successfully navigated input cost inflation and is benefiting from a more favorable sales mix, though the sustainability of this recovery warrants monitoring given the low-margin nature of the consumables-heavy business model.
Capital Efficiency Improving from Low Base
Return on invested capital has improved from 0.9% in 2024Q4 to 2.5% in 2026Q2, indicating the company is beginning to generate more meaningful returns on its capital base, though absolute levels remain below historical norms.
The ROIC improvement appears driven by margin expansion rather than asset efficiency, as asset turnover has remained relatively stable around 0.33-0.35. This suggests the company's capital allocation strategy is becoming more effective, but the absolute return levels indicate there is still significant room for improvement in generating returns on the substantial invested capital base.
Deleveraging Trend Masks Lease Obligations
The debt-to-equity ratio has improved from 2.59 in 2024Q1 to 1.68 in 2026Q2, suggesting meaningful deleveraging, though this metric likely understates true economic leverage given the company's massive operating lease portfolio.
Interest coverage has improved dramatically from 4.46x to 17.94x over the same period, indicating significantly enhanced debt service capacity. However, the reported leverage metrics likely exclude substantial lease obligations that represent a core component of the company's capital structure, meaning the true financial leverage profile may be more conservative than headline figures suggest.
Working Capital Management Shows Improvement
The cash conversion cycle has improved from 44 days in 2024Q1 to 27 days in 2026Q2, driven primarily by reduced days inventory outstanding, suggesting more efficient inventory management and stronger supplier relationships.
The improvement in CCC appears driven by better inventory management, with DIO declining from 89 days to 79 days, while DPO has remained relatively stable. This suggests the company is becoming more efficient at converting inventory to cash, though the absolute CCC level remains elevated compared to more efficient retailers, indicating potential for further optimization.
The Misleading Debt-to-Equity Ratio
The reported debt-to-equity ratio of 1.68 is the most commonly misapplied metric for Dollar General, as it excludes the substantial operating lease obligations that represent a core component of the company's capital structure and true economic leverage.
For a retailer with over 18,000 leased locations, operating leases represent a significant financing obligation that should be considered when assessing leverage. The reported D/E ratio suggests a moderately leveraged balance sheet, but when including lease liabilities, the true economic leverage is likely substantially higher, which could impact covenant analysis and refinancing risk assessments.