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Held by 1,092 of 6,047 reporting institutions (99th percentile) — extremely crowded.
Data as of Q2 2026
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Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Ranked against 12 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| WMT | $935.2B | 43.2× | — | 1.3× | 4.7% | 24.9% | 3.1% | 22.0% | 15.5% | — | 4,295 |
| COST | $433.4B | 53.7× | 33.2× | 1.6× | 8.2% | 12.8% | 2.9% | 27.8% | 23.2% | -0.7× | 4,087 |
| TGT | $71.2B | 19.3× | 10.3× | 0.7× | -1.7% | 27.9% | 3.5% | 22.9% | 12.1% | 1.7× | 1,832 |
| DG | $29.5B | 19.6× | 10.2× | 0.7× | 5.2% | 30.7% | 3.5% | 17.8% | 11.6% | 1.1× | 1,092 |
| DLTR | $23.3B | 20.0× | 10.9× | 1.2× | 10.4% | 36.3% | 6.6% | 34.2% | 20.7% | 0.7× | 837 |
| BURL | $16.9B | 28.2× | 13.9× | 1.5× | 8.8% | 43.9% | 5.3% | 33.8% | 15.7% | 0.7× | 623 |
| BJ | $13.0B | 23.6× | 12.3× | 0.6× | 4.7% | 18.6% | 2.7% | 26.3% | 21.3% | 0.4× | 608 |
| FIVE | $12.3B | 34.5× | 17.8× | 2.6× | 22.9% | 36.0% | 7.5% | 16.4% | 16.4% | -1.1× | 583 |
| DDS | $10.5B | 18.4× | — | 1.6× | -0.4% | 39.0% | 8.7% | 32.1% | 32.1% | — | 303 |
| M | $6.3B | 10.4× | 3.9× | 0.3× | -1.7% | 40.3% | 2.8% | 13.2% | 8.8% | 0.6× | 475 |
| OLLI | $5.7B | 24.6× | 15.3× | 2.1× | 16.6% | 40.5% | 9.1% | 12.7% | 12.7% | -0.7× | 430 |
| PSMT | $5.2B | 35.2× | 16.1× | 1.0× | 7.2% | 17.4% | 2.8% | 11.9% | 10.5% | -0.3× | 364 |
| KSS | $2.5B | 9.4× | — | 0.2× | -4.3% | 40.6% | 1.8% | 6.7% | 5.0% | — | 362 |
Peers = companies sharing DG's sector (Retail-Variety Stores) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2025, FY2025, FY2026). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $134.36 today, the market must believe free cash flow compounds 1.1%/yr for a decade (off $1.59B on the 3-yr avg basis).
On the basis ($1.52B) the requirement is 1.6%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 1.1% is more conservative than its 9-yr track record.
Default is 6.9% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.22B shares (market data) · net debt $3.44B
mean 29.7% · volatility σ 67% · implied rate exceeded in 7/9 yrs
Central path = implied 1.1%/yr growth; shaded band = ±1σ (67%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 22% of free cash flow, leaving room to grow it and fund buybacks. Last year: $519.5M dividends + $0 buybacks = $519.5M returned on $2.39B FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Insufficient data. Current ROIC on all capital: 12%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
EOD close · as of 2026-10-16
Is the profit real, and how strong is the balance sheet?
FY2026 · every deduction from revenue to net income
DuPont — the three levers
ROE 18% against ROIC 12% — 6% of the return on equity comes from leverage and buybacks rather than from the operating business.
Equity is the year-end figure. On average equity over the two year-ends, ROE is 19.0% — the two diverge when buybacks or issuance move equity during the year.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 5.5× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2020 | FY2020 | FY2021 | FY2022 | FY2024 | FY2025 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 69.5 | 69.4 | 68.2 | 68.4 | 68.8 | 69.7 | 70.4 | 69.3 |
| Gross Profit | 30.5 | 30.6 | 31.8 | 31.6 | 31.2 | 30.3 | 29.6 | 30.7 |
| SG&A | 22.2 | 22.3 | 21.2 | 22.2 | 22.4 | 24.0 | 25.4 | 25.5 |
| Operating Income | 8.3 | 8.3 | 10.5 | 9.4 | 8.8 | 6.3 | 4.2 | 5.2 |
| Income Tax | 1.7 | 1.8 | 2.2 | 1.9 | 1.9 | 1.2 | 0.8 | 1.1 |
| Net Income | 6.2 | 6.2 | 7.9 | 7.0 | 6.4 | 4.3 | 2.8 | 3.5 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on DG: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $1.14B covers the $14.4M due within a year 79.1× over. Scheduled principal only (excludes interest & revolver draws). As of 2026-01-30 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Effective rate ~4.7% on $7.00B of debt. Interest last disclosed in FY2025 (no longer broken out).
Cash vs short-term debt unavailable.
Short-term / long-term split not separately reported.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Earns 0.18pts above its cost of capital, but net margin has stepped down from 638.39% to 353.97% over 3 years.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2020 | 9.7% | 6.9% (today's — no rate published for this year) | 2.9pts |
| FY2021 | 14.2% | 6.9% (today's — no rate published for this year) | 7.3pts |
| FY2022 | 12.2% | 4.0% | 8.2pts |
| FY2024 | 11.2% | 6.4% | 4.8pts |
| FY2025 | 7.7% | 6.9% (today's — no rate published for this year) | 0.8pts |
| FY2025 | 5.4% | 6.9% (today's — no rate published for this year) | -1.5pts |
| FY2026 | 7.2% | 6.9% (today's — no rate published for this year) | 0.3pts |
| Now | 11.6% | 6.9% | 4.7pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2018 | 30.8% | 9.4% | 5.7% |
| FY2019 | 30.8% | 8.6% | 6.6% |
| FY2020 | 30.5% | 8.3% | 6.2% |
| FY2020 | 30.6% | 8.3% | 6.2% |
| FY2021 | 31.8% | 10.5% | 7.9% |
| FY2022 | 31.6% | 9.4% | 7.0% |
| FY2024 | 31.2% | 8.8% | 6.4% |
| FY2025 | 30.3% | 6.3% | 4.3% |
| FY2025 | 29.6% | 4.2% | 2.8% |
| FY2026 | 30.7% | 5.2% | 3.5% |
Leverage and buybacks account for 6 points of the 18% return on equity in FY2026. The business earns 12% on the capital it employs; the rest is balance sheet.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
$4.3B of goodwill — 18% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer.
The spread is 0.18pts and would invert under a ±2% move in WACC, so the verdict rests on the cost-of-capital assumption rather than on the business.
Converts 0.88x of reported profit into cash — adequate, without much margin.
The cash conversion cycle could not be computed — receivables, inventory or cost of revenue is not reported — so the earliest accrual warning is not part of this verdict.
Covers interest 4.7x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 6.74x |
| 5% | 6.41x |
| 10% | 6.07x |
| 15% | 5.73x |
| 20% | 5.39x |
| 25% | 5.06x |
| 30% | 4.72x |
| 35% | 4.38x |
| 40% | 4.05x |
| 45% | 3.71x |
| 50% | 3.37x |
| 55% | 3.03x |
| 60% | 2.70x |
Ladder as of 2026-01-30 (10-K); cash from the 2026-01-30 balance sheet; FCF from FY2026.
Balance sheet at 2026-01-30. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Net debt is 4.5x EBITDA, so coverage today depends on earnings holding up rather than on the balance sheet.
At $133.89, free cash flow must compound 4.62%/yr for 10 years. It has done 8.67%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2021 | 96.0% | 4.6% |
| FY2022 | −37.0% | 4.6% |
| FY2024 | −76.4% | 4.6% |
| FY2025 | 63.1% | 4.6% |
| FY2025 | 143.8% | 4.6% |
| FY2026 | 41.9% | 4.6% |
The implied rate has been matched or beaten in 4 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $1.51B | $1.51B |
| Share-based comp | $91M | $1.60B |
| Other non-cash & working capital | $2.03B | $3.63B |
| Operating cash flow | $3.63B | $3.63B |
| Capex | −$1.24B | $2.39B |
| Free cash flow | $2.39B | $2.39B |
| FCF after SBC | $2.30B | $2.30B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2021 | 21.6% | not reported | not reported |
| FY2022 | 1.4% | not reported | not reported |
| FY2024 | 10.6% | not reported | not reported |
| FY2025 | 2.2% | not reported | not reported |
| FY2025 | 5.0% | not reported | not reported |
| FY2026 | 5.2% | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2020 | -2.3 percent |
| FY2021 | -4.7 percent |
| FY2022 | -1.8 percent |
| FY2024 | 1.5 percent |
| FY2025 | -2.4 percent |
| FY2025 | -6.0 percent |
| FY2026 | -6.8 percent |
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2026) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.
EOD close · as of 2026-10-16
How a revenue dollar becomes profit — FY2026
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2026 | FY2025 | FY2025 | FY2024 | FY2022 | FY2021 | FY2020 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $42.72B 100.0% | $40.61B 100.0% | $38.69B 100.0% | $37.84B 100.0% | $34.22B 100.0% | $33.75B 100.0% | $27.75B 100.0% | $25.63B 100.0% | $23.47B 100.0% | $21.99B 100.0% |
| Cost of Revenue | $29.62B 69.3% | $28.59B 70.4% | $26.97B 69.7% | $26.02B 68.8% | $23.41B 68.4% | $23.03B 68.2% | $19.26B 69.4% | $17.82B 69.5% | $16.25B 69.2% | $15.20B 69.2% |
| Cost of Products | — | — | — | — | — | — | — | — | $16.25B 69.2% | $15.20B 69.2% |
| Gross Profit | $13.10B 30.7% | $12.02B 29.6% | $11.72B 30.3% | $11.82B 31.2% | $10.81B 31.6% | $10.72B 31.8% | $8.49B 30.6% | $7.80B 30.5% | $7.22B 30.8% | $6.78B 30.8% |
| Selling, General & Admin | $10.90B 25.5% | $10.30B 25.4% | $9.27B 24.0% | $8.49B 22.4% | $7.59B 22.2% | $7.16B 21.2% | $6.19B 22.3% | $5.69B 22.2% | $5.21B 22.2% | $4.72B 21.5% |
| Operating Income | $2.20B 5.2% | $1.71B 4.2% | $2.45B 6.3% | $3.33B 8.8% | $3.22B 9.4% | $3.55B 10.5% | $2.30B 8.3% | $2.12B 8.3% | $2.01B 8.6% | $2.06B 9.4% |
| Interest Expense | — | — | $326.8M 0.8% | $211.3M 0.6% | $157.5M 0.5% | $150.4M 0.4% | $100.6M 0.4% | $99.9M 0.4% | $97.0M 0.4% | $97.8M 0.4% |
| Other Income (Expense), net | -$8.5M -0.0% | — | — | -$415K -0.0% | — | — | — | -$1.0M -0.0% | -$3.5M -0.0% | — |
| Pretax Income | $1.96B 4.6% | $1.44B 3.5% | $2.12B 5.5% | $3.12B 8.2% | $3.06B 9.0% | $3.40B 10.1% | $2.20B 7.9% | $2.02B 7.9% | $1.91B 8.1% | $1.97B 8.9% |
| Income Tax Expense | $452.3M 1.1% | $314.5M 0.8% | $458.2M 1.2% | $700.6M 1.9% | $663.9M 1.9% | $749.3M 2.2% | $489.2M 1.8% | $425.9M 1.7% | $368.3M 1.6% | $714.5M 3.2% |
| Net Income | $1.51B 3.5% | $1.13B 2.8% | $1.66B 4.3% | $2.42B 6.4% | $2.40B 7.0% | $2.66B 7.9% | $1.71B 6.2% | $1.59B 6.2% | $1.54B 6.6% | $1.25B 5.7% |
| Per Share | ||||||||||
| EPS (Basic) | $6.87 | $5.12 | $7.57 | $10.73 | $10.24 | $10.70 | $6.68 | $5.99 | $5.64 | $4.45 |
| EPS (Diluted) | $6.85 | $5.11 | $7.55 | $10.68 | $10.17 | $10.62 | $6.64 | $5.97 | $5.63 | $4.43 |
| Weighted Avg Shares (Basic) | 220.1M | 219.9M | 219.4M | 225.1M | 234.3M | 248.2M | 256.6M | 265.2M | 272.8M | 281.3M |
| Weighted Avg Shares (Diluted) | 220.8M | 220.0M | 219.9M | 226.3M | 235.8M | 250.1M | 258.1M | 266.1M | 273.4M | 282.3M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.