DLTRDOLLAR TREE, INC.
Retail-Variety Stores
- Revenue
- $19.4B
- 10% YoY
- Operating margin
- 8.5%
- 2.4% YoY
- EBITDA
- $2.3B
- 16% YoY
- Market cap
- $25.1B
- Employees
- 150,000
- $129K revenue each
- Net debt / EBITDA
- 0.6×
- $1.4B net debt
- AI in 10-K
- 3.4
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 0 of 7
- TSR below peersNo2 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo171% of net incomeCash flow under 80% of net income
- Dilutive SBCNo0% of revenueOver 10% of revenue
- Payouts exceed cash flowNo71% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo3% of assetsOver 40% of assets
- Shareholder dissentNo94% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeYes$129K · 13th pctBottom quartile of its SIC industry
- Quiet on AINo3.4 per 10K words · 73rd pctBottom quartile of AI mentions in 10-Ks
- Net cashNo0.6× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedNo$25.1B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$249M netNet sales over $10M in 12 months
Financials
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $26.3B | $15.4B | $16.8B | $17.6B | $19.4B | 10% |
| Operating income | $1.8B | $2.1B | $1.8B | $1.5B | $1.7B | 13% |
| Net income | $1.3B | $1.6B | −$998M | −$3.0B | $1.3B | 142% |
| Operating cash flow | $1.4B | $1.6B | $2.7B | $2.2B | $2.2B | 0.1% |
| Capex | $1.0B | $639M | $1.2B | $1.3B | $1.1B | 13% |
| Stock-based comp | $80M | $92M | $76M | $107M | $59M | 45% |
| Buybacks | $950M | $648M | $500M | $400M | $1.5B | 287% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Jun 25, 2026 | Mantle Ridge LP | SCHEDULE 13D/A | 0.1% | Passive |
| Jul 15, 2025 | Mantle Ridge LP | SCHEDULE 13D/A | 13.0% | Passive |
| Dec 21, 2023 | Mantle Ridge LP | SC 13D/A | 6.3% | Passive |
| Mar 8, 2022 | Mantle Ridge LP | SC 13D/A | 5.7% | Active |
| Jan 18, 2022 | Mantle Ridge LP | SC 13D/A | 5.7% | Active |
| Dec 10, 2021 | Mantle Ridge LP | SC 13D/A | 5.7% | Active |
| Nov 12, 2021 | Mantle Ridge LP | SC 13D | 5.7% | Active |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $249M · 5
- Net
- −$249M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2026 | — | — | 116 | 168 |
| FY2025 | — | — | 72 | 152 |
| FY2024 | — | — | 136 | 132 |
| FY2023 | — | — | 148 | 126 |
| FY2022 | — | — | 126 | 125 |