Capital Intensity
Score how much of a company is physical plant, inventory, and equipment, whether that base is being maintained, and whether the shares have tangible backing.
Dollar General Corporation
Physical assets are 76.9% of total assets, a heavy footprint. Capex is 1.19x depreciation and free cash flow yield is still positive, which fits a physical base that is being replaced or expanded without consuming all of its cash. ROIC is 14.2%, above an 8% cost-of-capital hurdle.
Fixed-asset turnover is 2.45x. Compare it with other names in the same basket.
Physical asset ratio
76.9%Physical asset ratio · 2026-01-31(Net PP&E + inventory) / total assetsNet PP&E$17.47BpropertyPlantEquipmentInventory$6.33BinventoryTotal assets$30.96BtotalAssetsResult 76.9%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
2.45xFixed asset turnover · 2026-01-31Revenue / net PP&ERevenue$42.72BtotalRevenueNet PP&E$17.47BpropertyPlantEquipmentResult 2.45x
Revenue per dollar of the physical asset base.
Capex / D&A
1.19xCapex / D&A · 2026-01-31Capital expenditures / depreciation and amortizationCapex$1.24BcapitalExpendituresD&A$1.05BdepreciationAndAmortizationResult 1.19x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$13.47Tangible book / share · 2026-01-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$30.96BtotalAssetsGoodwill$4.34BgoodWillIntangibles$1.20BintangibleAssetsLiabilities$22.45BtotalLiabTangible book$2.97BShares220,814,000commonStockSharesOutstandingResult $13.47
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
9.37xPrice / tangible bookPrice / tangible book per sharePrice$126.17Latest quoteTangible book / share$13.472026-01-31Result 9.37x
Price $126.17.
Fixed-charge coverage
8.17xFixed-charge coverage · 2026-01-31(EBITDA − capex) / (interest + short-term debt)EBITDA$3.24BebitdaCapex$1.24BcapitalExpendituresInterest$230.57MinterestExpenseShort-term debt$14.40MshortLongTermDebtEBITDA − capex$2.00BPrincipal due is the current portion of debt.Result 8.17x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
8.4%Free cash flow yield · 2026-01-31Latest free cash flow / current market capFree cash flow$2.39BfreeCashFlowMarket cap$28.33BMarketCapitalizationResult 8.4%
Latest free cash flow divided by current market cap ($28.33B).
ROIC
14.2%ROIC · 2026-01-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.20BoperatingIncomeTax expense$452.28MincomeTaxExpensePretax income$1.96BincomeBeforeTaxTax rate23.0%Equity$8.51BtotalStockholderEquityDebt$4.58BlongTermDebt + shortLongTermDebtCash$1.14BcashAndEquivalentsInvested capital$11.95BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 14.2%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.13x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | 53.5%Physical asset ratio · 2019-01-31(Net PP&E + inventory) / total assetsNet PP&E$2.97BpropertyPlantEquipmentInventory$4.10BinventoryTotal assets$13.20BtotalAssetsResult 53.5% | 8.63xFixed asset turnover · 2019-01-31Revenue / net PP&ERevenue$25.63BtotalRevenueNet PP&E$2.97BpropertyPlantEquipmentResult 8.63x | 1.62xCapex / D&A · 2019-01-31Capital expenditures / depreciation and amortizationCapex$734.38McapitalExpendituresD&A$454.13MdepreciationAndAmortizationResult 1.62x | $3.30Tangible book / share · 2019-01-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$13.20BtotalAssetsGoodwill$4.34BgoodWillIntangibles$1.20BintangibleAssetsLiabilities$6.79BtotalLiabTangible book$878.59MShares266,105,002commonStockSharesOutstandingResult $3.30 | 18.02xFixed-charge coverage · 2019-01-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.57BebitdaCapex$734.38McapitalExpendituresInterest$99.87MinterestExpenseShort-term debt$1.95MshortTermDebtEBITDA − capex$1.84BPrincipal due is short-term debt.Result 18.02x | $1.41BFree cash flow · 2019-01-31Reported free cash flowOperating cash flow$2.14BtotalCashFromOperatingActivitiesCapex$734.38McapitalExpendituresFree cash flow$1.41BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.41B | 18.4%ROIC · 2019-01-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.12BoperatingIncomeTax expense$425.94MincomeTaxExpensePretax income$2.02BincomeBeforeTaxTax rate21.1%Equity$6.42BtotalStockholderEquityDebt$2.86BshortLongTermDebtTotalCash$235.49McashAndEquivalentsInvested capital$9.05BResult 18.4% | 0.71xEBIT / PP&E · 2019-01-31Operating income / net PP&EOperating income$2.12BoperatingIncomeNet PP&E$2.97BpropertyPlantEquipmentResult 0.71x |
| 2020 | 73.4%Physical asset ratio · 2020-01-31(Net PP&E + inventory) / total assetsNet PP&E$12.07BpropertyPlantAndEquipmentNetInventory$4.68BinventoryTotal assets$22.83BtotalAssetsResult 73.4% | 2.30xFixed asset turnover · 2020-01-31Revenue / net PP&ERevenue$27.75BtotalRevenueNet PP&E$12.07BpropertyPlantAndEquipmentNetResult 2.30x | 1.55xCapex / D&A · 2020-01-31Capital expenditures / depreciation and amortizationCapex$784.84McapitalExpendituresD&A$504.80MdepreciationAndAmortizationResult 1.55x | $4.51Tangible book / share · 2020-01-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$22.83BtotalAssetsGoodwill$4.34BgoodWillIntangibles$1.20BintangibleAssetsLiabilities$16.12BtotalLiabTangible book$1.16BShares258,053,000commonStockSharesOutstandingResult $4.51 | 20.00xFixed-charge coverage · 2020-01-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.81BebitdaCapex$784.84McapitalExpendituresInterest$100.57MinterestExpenseShort-term debt$555.00KshortLongTermDebtEBITDA − capex$2.02BPrincipal due is the current portion of debt.Result 20.00x | $1.45BFree cash flow · 2020-01-31Reported free cash flowOperating cash flow$2.24BtotalCashFromOperatingActivitiesCapex$784.84McapitalExpendituresFree cash flow$1.45BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.45B | 19.1%ROIC · 2020-01-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.30BoperatingIncomeTax expense$489.18MincomeTaxExpensePretax income$2.20BincomeBeforeTaxTax rate22.2%Equity$6.70BtotalStockholderEquityDebt$2.91BlongTermDebt + shortLongTermDebtCash$240.32McashAndEquivalentsInvested capital$9.37BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 19.1% | 0.19xEBIT / PP&E · 2020-01-31Operating income / net PP&EOperating income$2.30BoperatingIncomeNet PP&E$12.07BpropertyPlantAndEquipmentNetResult 0.19x |
| 2021 | 72.0%Physical asset ratio · 2021-01-31(Net PP&E + inventory) / total assetsNet PP&E$13.37BpropertyPlantEquipmentInventory$5.25BinventoryTotal assets$25.86BtotalAssetsResult 72.0% | 2.52xFixed asset turnover · 2021-01-31Revenue / net PP&ERevenue$33.75BtotalRevenueNet PP&E$13.37BpropertyPlantEquipmentResult 2.52x | 1.79xCapex / D&A · 2021-01-31Capital expenditures / depreciation and amortizationCapex$1.03BcapitalExpendituresD&A$574.24MdepreciationAndAmortizationResult 1.79x | $4.49Tangible book / share · 2021-01-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$25.86BtotalAssetsGoodwill$4.34BgoodWillIntangibles$1.20BintangibleAssetsLiabilities$19.20BtotalLiabTangible book$1.12BShares250,076,000commonStockSharesOutstandingResult $4.49 | 2.53xFixed-charge coverage · 2021-01-31(EBITDA − capex) / (interest + short-term debt)EBITDA$4.13BebitdaCapex$1.03BcapitalExpendituresInterest$150.39MinterestExpenseShort-term debt$1.07BshortTermDebtEBITDA − capex$3.10BPrincipal due is short-term debt.Result 2.53x | $2.85BFree cash flow · 2021-01-31Reported free cash flowOperating cash flow$3.88BtotalCashFromOperatingActivitiesCapex$1.03BcapitalExpendituresFree cash flow$2.85BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $2.85B | 29.4%ROIC · 2021-01-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$3.55BoperatingIncomeTax expense$749.33MincomeTaxExpensePretax income$3.40BincomeBeforeTaxTax rate22.0%Equity$6.66BtotalStockholderEquityDebt$4.13BlongTermDebt + shortLongTermDebtCash$1.38BcashAndEquivalentsInvested capital$9.42BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 29.4% | 0.27xEBIT / PP&E · 2021-01-31Operating income / net PP&EOperating income$3.55BoperatingIncomeNet PP&E$13.37BpropertyPlantEquipmentResult 0.27x |
| 2022 | 76.2%Physical asset ratio · 2022-01-31(Net PP&E + inventory) / total assetsNet PP&E$14.44BpropertyPlantAndEquipmentNetInventory$5.61BinventoryTotal assets$26.33BtotalAssetsResult 76.2% | 2.37xFixed asset turnover · 2022-01-31Revenue / net PP&ERevenue$34.22BtotalRevenueNet PP&E$14.44BpropertyPlantAndEquipmentNetResult 2.37x | 1.67xCapex / D&A · 2022-01-31Capital expenditures / depreciation and amortizationCapex$1.07BcapitalExpendituresD&A$641.32MdepreciationAndAmortizationResult 1.67x | $3.07Tangible book / share · 2022-01-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$26.33BtotalAssetsGoodwill$4.34BgoodWillIntangibles$1.20BintangibleAssetsLiabilities$20.07BtotalLiabTangible book$723.65MShares235,812,000commonStockSharesOutstandingResult $3.07 | 2.08xFixed-charge coverage · 2022-01-31(EBITDA − capex) / (interest + short-term debt)EBITDA$3.86BebitdaCapex$1.07BcapitalExpendituresInterest$157.53MinterestExpenseShort-term debt$1.18BshortTermDebtEBITDA − capex$2.79BPrincipal due is short-term debt.Result 2.08x | $1.80BFree cash flow · 2022-01-31Reported free cash flowOperating cash flow$2.87BtotalCashFromOperatingActivitiesCapex$1.07BcapitalExpendituresFree cash flow$1.80BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.80B | 25.0%ROIC · 2022-01-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$3.22BoperatingIncomeTax expense$663.92MincomeTaxExpensePretax income$3.06BincomeBeforeTaxTax rate21.7%Equity$6.26BtotalStockholderEquityDebt$4.17BlongTermDebt + shortLongTermDebtCash$344.83McashAndEquivalentsInvested capital$10.09BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 25.0% | 0.22xEBIT / PP&E · 2022-01-31Operating income / net PP&EOperating income$3.22BoperatingIncomeNet PP&E$14.44BpropertyPlantAndEquipmentNetResult 0.22x |
| 2023 | 77.9%Physical asset ratio · 2023-01-31(Net PP&E + inventory) / total assetsNet PP&E$15.91BpropertyPlantEquipmentInventory$6.76BinventoryTotal assets$29.08BtotalAssetsResult 77.9% | 2.38xFixed asset turnover · 2023-01-31Revenue / net PP&ERevenue$37.84BtotalRevenueNet PP&E$15.91BpropertyPlantEquipmentResult 2.38x | 2.15xCapex / D&A · 2023-01-31Capital expenditures / depreciation and amortizationCapex$1.56BcapitalExpendituresD&A$724.88MdepreciationAndAmortizationResult 2.15x | $0.02Tangible book / share · 2023-01-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$29.08BtotalAssetsGoodwill$4.34BgoodWillIntangibles$1.20BintangibleAssetsLiabilities$23.54BtotalLiabTangible book$3.48MShares226,297,000commonStockSharesOutstandingResult $0.02 | 1.66xFixed-charge coverage · 2023-01-31(EBITDA − capex) / (interest + short-term debt)EBITDA$4.05BebitdaCapex$1.56BcapitalExpendituresInterest$211.27MinterestExpenseShort-term debt$1.29BshortTermDebtEBITDA − capex$2.49BPrincipal due is short-term debt.Result 1.66x | $423.97MFree cash flow · 2023-01-31Reported free cash flowOperating cash flow$1.98BtotalCashFromOperatingActivitiesCapex$1.56BcapitalExpendituresFree cash flow$423.97MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $423.97M | 21.2%ROIC · 2023-01-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$3.33BoperatingIncomeTax expense$700.63MincomeTaxExpensePretax income$3.12BincomeBeforeTaxTax rate22.5%Equity$5.54BtotalStockholderEquityDebt$7.01BlongTermDebt + shortLongTermDebtCash$381.58McashAndEquivalentsInvested capital$12.17BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 21.2% | 0.21xEBIT / PP&E · 2023-01-31Operating income / net PP&EOperating income$3.33BoperatingIncomeNet PP&E$15.91BpropertyPlantEquipmentResult 0.21x |
| 2024 | 78.5%Physical asset ratio · 2024-01-31(Net PP&E + inventory) / total assetsNet PP&E$17.19BpropertyPlantEquipmentInventory$6.99BinventoryTotal assets$30.80BtotalAssetsResult 78.5% | 2.25xFixed asset turnover · 2024-01-31Revenue / net PP&ERevenue$38.69BtotalRevenueNet PP&E$17.19BpropertyPlantEquipmentResult 2.25x | 2.00xCapex / D&A · 2024-01-31Capital expenditures / depreciation and amortizationCapex$1.70BcapitalExpendituresD&A$848.79MdepreciationAndAmortizationResult 2.00x | $5.51Tangible book / share · 2024-01-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$30.80BtotalAssetsGoodwill$4.34BgoodWillIntangibles$1.20BintangibleAssetsLiabilities$24.05BtotalLiabTangible book$1.21BShares219,938,000commonStockSharesOutstandingResult $5.51 | 1.46xFixed-charge coverage · 2024-01-31(EBITDA − capex) / (interest + short-term debt)EBITDA$3.30BebitdaCapex$1.70BcapitalExpendituresInterest$326.78MinterestExpenseShort-term debt$768.65MshortLongTermDebtEBITDA − capex$1.59BPrincipal due is the current portion of debt.Result 1.46x | $691.58MFree cash flow · 2024-01-31Reported free cash flowOperating cash flow$2.39BtotalCashFromOperatingActivitiesCapex$1.70BcapitalExpendituresFree cash flow$691.58MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $691.58M | 14.5%ROIC · 2024-01-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.45BoperatingIncomeTax expense$458.25MincomeTaxExpensePretax income$2.12BincomeBeforeTaxTax rate21.6%Equity$6.75BtotalStockholderEquityDebt$7.00BlongTermDebt + shortLongTermDebtCash$537.28McashAndEquivalentsInvested capital$13.21BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 14.5% | 0.14xEBIT / PP&E · 2024-01-31Operating income / net PP&EOperating income$2.45BoperatingIncomeNet PP&E$17.19BpropertyPlantEquipmentResult 0.14x |
| 2025 | 77.4%Physical asset ratio · 2025-01-31(Net PP&E + inventory) / total assetsNet PP&E$17.37BpropertyPlantEquipmentInventory$6.71BinventoryTotal assets$31.13BtotalAssetsResult 77.4% | 2.34xFixed asset turnover · 2025-01-31Revenue / net PP&ERevenue$40.61BtotalRevenueNet PP&E$17.37BpropertyPlantEquipmentResult 2.34x | 1.35xCapex / D&A · 2025-01-31Capital expenditures / depreciation and amortizationCapex$1.31BcapitalExpendituresD&A$971.70MdepreciationAndAmortizationResult 1.35x | $8.52Tangible book / share · 2025-01-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$31.13BtotalAssetsGoodwill$4.34BgoodWillIntangibles$1.20BintangibleAssetsLiabilities$23.72BtotalLiabTangible book$1.88BShares220,027,000commonStockSharesOutstandingResult $8.52 | 1.73xFixed-charge coverage · 2025-01-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.69BebitdaCapex$1.31BcapitalExpendituresInterest$274.32MinterestExpenseShort-term debt$519.46MshortLongTermDebtEBITDA − capex$1.38BPrincipal due is the current portion of debt.Result 1.73x | $1.69BFree cash flow · 2025-01-31Reported free cash flowOperating cash flow$3.00BtotalCashFromOperatingActivitiesCapex$1.31BcapitalExpendituresFree cash flow$1.69BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.69B | 10.5%ROIC · 2025-01-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.71BoperatingIncomeTax expense$314.50MincomeTaxExpensePretax income$1.44BincomeBeforeTaxTax rate21.8%Equity$7.41BtotalStockholderEquityDebt$6.24BlongTermDebt + shortLongTermDebtCash$932.58McashAndEquivalentsInvested capital$12.72BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 10.5% | 0.10xEBIT / PP&E · 2025-01-31Operating income / net PP&EOperating income$1.71BoperatingIncomeNet PP&E$17.37BpropertyPlantEquipmentResult 0.10x |
| 2026 | 76.9%Physical asset ratio · 2026-01-31(Net PP&E + inventory) / total assetsNet PP&E$17.47BpropertyPlantEquipmentInventory$6.33BinventoryTotal assets$30.96BtotalAssetsResult 76.9% | 2.45xFixed asset turnover · 2026-01-31Revenue / net PP&ERevenue$42.72BtotalRevenueNet PP&E$17.47BpropertyPlantEquipmentResult 2.45x | 1.19xCapex / D&A · 2026-01-31Capital expenditures / depreciation and amortizationCapex$1.24BcapitalExpendituresD&A$1.05BdepreciationAndAmortizationResult 1.19x | $13.47Tangible book / share · 2026-01-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$30.96BtotalAssetsGoodwill$4.34BgoodWillIntangibles$1.20BintangibleAssetsLiabilities$22.45BtotalLiabTangible book$2.97BShares220,814,000commonStockSharesOutstandingResult $13.47 | 8.17xFixed-charge coverage · 2026-01-31(EBITDA − capex) / (interest + short-term debt)EBITDA$3.24BebitdaCapex$1.24BcapitalExpendituresInterest$230.57MinterestExpenseShort-term debt$14.40MshortLongTermDebtEBITDA − capex$2.00BPrincipal due is the current portion of debt.Result 8.17x | $2.39BFree cash flow · 2026-01-31Reported free cash flowOperating cash flow$3.63BtotalCashFromOperatingActivitiesCapex$1.24BcapitalExpendituresFree cash flow$2.39BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $2.39B | 14.2%ROIC · 2026-01-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.20BoperatingIncomeTax expense$452.28MincomeTaxExpensePretax income$1.96BincomeBeforeTaxTax rate23.0%Equity$8.51BtotalStockholderEquityDebt$4.58BlongTermDebt + shortLongTermDebtCash$1.14BcashAndEquivalentsInvested capital$11.95BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 14.2% | 0.13xEBIT / PP&E · 2026-01-31Operating income / net PP&EOperating income$2.20BoperatingIncomeNet PP&E$17.47BpropertyPlantEquipmentResult 0.13x |
- Principal due is the current portion of debt.
Latest year inputs (2026)
Net PP&E: $17.47B
Inventory: $6.33B
Total assets: $30.96B
Goodwill: $4.34B
Intangibles: $1.20B
Liabilities: $22.45B
Tangible book: $2.97B
Shares: 220,814,000
Revenue: $42.72B
Capex: $1.24B
D&A: $1.05B
EBITDA: $3.24B
Interest: $230.57M
Short-term debt: $14.40M
Free cash flow: $2.39B
Operating income: $2.20B
Invested capital: $11.95B
Tax rate: 23.0%