Latest Ratios: P/E Ratio 16.9x · EV/EBITDA 12.3x · 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 | $25.5B | $31.7B | $15.6B | $29.9B | $51.6B | $48.2B | $48.7B | $39.6B | $30.6B | $27.2B | $20.6B |
| Enterprise Value | $40.0B | $46.3B | $32.2B | $47.5B | $68.9B | $62.1B | $60.9B | $51.0B | $33.2B | $29.9B | $23.7B |
| P/E Ratio → | 16.85 | 20.94 | 13.91 | 18.03 | 21.36 | 20.09 | 18.32 | 23.10 | 19.27 | 17.66 | 16.51 |
| P/S Ratio | 0.60 | 0.74 | 0.38 | 0.77 | 1.36 | 1.41 | 1.44 | 1.43 | 1.19 | 1.16 | 0.94 |
| P/B Ratio | 2.99 | 3.72 | 2.11 | 4.44 | 9.31 | 7.69 | 7.31 | 5.91 | 4.77 | 4.44 | 3.82 |
| P/FCF | 10.64 | 13.23 | 9.27 | 43.30 | 121.74 | 26.84 | 17.09 | 27.24 | 21.72 | 23.52 | 19.76 |
| P/OCF | 7.01 | 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 | 12.32 | 14.23 | 11.98 | 14.42 | 17.00 | 16.08 | 14.74 | 18.18 | 12.93 | 12.41 | 9.69 |
| EV / EBIT | 18.17 | 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 | 2.0% | 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 | 5.9% | 4.8% | 7.2% | 5.5% | 4.7% | 5.0% | 5.5% | 4.3% | 5.2% | 5.7% | 6.1% |
| FCF Yield | 9.4% | 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 | 2.0% | 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 |
Margin compression from shrink
According to current market data, Dollar General trades at a forward P/E of 16.24, which appears to discount the company's historical growth premiums as investors weigh the sustainability of its rural-centric model against persistent operational headwinds and the ongoing shift toward lower-margin consumable product categories.
The current valuation multiple suggests that the market is pricing the company as a defensive utility rather than a growth retailer, reflecting skepticism regarding its ability to expand margins in the near term. Investors should monitor whether the 16.24 forward multiple provides a sufficient margin of safety given the volatility in recent earnings and the potential for further downward revisions to profitability expectations.
Based on reported figures, Dollar General's ROIC has languished between 0.9% and 2.1% over the last ten quarters, indicating that the company is struggling to generate meaningful returns on its massive, decentralized store network investment compared to its historical performance and broader retail sector benchmarks.
The persistent compression in ROIC suggests that the capital intensity required to maintain over 18,000 locations is outpacing the incremental profit generated by new store additions. This trend warrants further investigation into whether the company's current real estate strategy is reaching a point of diminishing returns, particularly as labor and inventory shrink costs continue to erode the bottom line.
As reported in financial statements, the company's cash conversion cycle has fluctuated between 28 and 47 days over the past ten quarters, suggesting that inventory management inefficiencies are creating a drag on liquidity and hindering the company's ability to optimize its cash flow generation.
The increase in days inventory outstanding (DIO) to 80 days in 2026Q1, compared to historical levels, implies that the company may be carrying excess or slow-moving stock, which increases the risk of future markdowns. This inefficiency appears to be a structural challenge that complicates the company's efforts to improve its operating margin profile in a high-cost environment.
Investors frequently misapply the P/E ratio to Dollar General without adjusting for the significant impact of lease-related accounting, which obscures the true leverage profile and capital intensity of a business model that relies heavily on a massive, decentralized portfolio of leased rural real estate.
Relying solely on P/E ratios ignores the substantial off-balance-sheet obligations inherent in the company's lease-heavy structure, which can lead to an inaccurate assessment of financial risk. Analysts should instead prioritize EV/EBITDA or cash-flow-based metrics that account for the full cost of capital and the operational reality of maintaining a vast, low-complexity store footprint.
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 16.9x. The historical average is 18.7x. This places it at the 24th percentile of its historical range.
Dollar General Corporation's current EV/EBITDA is 12.3x. 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 16.9x. This is at the 24th 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 2.04% 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.