DGDOLLAR GENERAL CORP

Retail-Variety Stores

Revenue: $42.7B; 5.2% YoY
Operating margin: 5.2%; 22% YoY
EBITDA: $3.2B; 21% YoY
Market cap: $29.1B
Employees: —
Net debt / EBITDA: 0.9×; $3.0B net debt
AI in 10-K: 1.5; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 1 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
240% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
90% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
13% of assets
Over 40% of assets
Shareholder dissentNo
88% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
1.5 per 10K words · 45th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.9× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$29.1B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$9M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$34.2B	$37.8B	$38.7B	$40.6B	$42.7B	5.2%
Operating income	$3.2B	$3.3B	$2.4B	$1.7B	$2.2B	29%
Net income	$2.4B	$2.4B	$1.7B	$1.1B	$1.5B	34%
Operating cash flow	$2.9B	$2.0B	$2.4B	$3.0B	$3.6B	21%
Capex	$1.1B	$1.6B	$1.7B	$1.3B	$1.2B	5.2%
Stock-based comp	$78M	$73M	$52M	$59M	$91M	56%
Buybacks	$2.5B	$2.7B	—	—	—
Dividends	$392M	$494M	$518M	$519M	$520M	0.1%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $9M · 9
Net: −$9M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	—	—	80	209
FY2025	—	—	39	190
FY2024	—	—	72	136
FY2023	—	—	119	120
FY2022	—	—	106	119