Dollar Tree market cap is $18.2 b, and annual revenue was $22.25 b in FY 2017

Dollar Tree Gross profit (FY, 2017)7 B

Dollar Tree Gross profit margin (FY, 2017), %31.6%

Dollar Tree Net income (FY, 2017)1.7 B

Dollar Tree EBIT (FY, 2017)2 B

Dollar Tree Cash, 03-Feb-20181.1 B

Dollar Tree EV22.8 B

Dollar Tree revenue breakdown by business segment: 50.2% from Dollar Tree and 49.8% from Family Dollar

USD | FY, 2013 | FY, 2014 | FY, 2015 | FY, 2016 | FY, 2017 |
---|---|---|---|---|---|

## Revenue | 7.8b | 8.6b | 15.5b | 20.7b | 22.2b |

| 10% | 80% | 34% | ||

## Cost of goods sold | 5.1b | 5.6b | 10.8b | 15.2b | |

## Gross profit | 2.8b | 3.0b | 4.7b | 7.0b | |

| 36% | 35% | 30% | 32% | |

## General and administrative expense | 5.0b | ||||

## Operating expense total | 5.0b | ||||

## EBIT | 970.3m | 1.0b | 1.0b | 1.7b | 2.0b |

| 12% | 12% | 7% | 8% | 9% |

## Interest expense | 15.4m | 80.1m | 599.4m | 301.8m | |

## Pre tax profit | 954.3m | 954.2m | 448.2m | 1.7b | |

## Income tax expense | 357.6m | 355.0m | 165.8m | (10.3m) | |

## Net Income | 596.7m | 599.2m | 282.4m | 896.2m | 1.7b |

- Source: SEC Filings

USD | Q3, 2014 | Q2, 2014 | Q2, 2015 | Q1, 2015 | Q3, 2016 | Q1, 2017 | Q2, 2017 | Q3, 2017 | Q1, 2018 | Q2, 2018 | Q3, 2018 |
---|---|---|---|---|---|---|---|---|---|---|---|

## Revenue | 3.0b | 4.9b | 5.1b | 5.0b | 5.3b | ||||||

## Cost of goods sold | 2.2b | 3.5b | 3.5b | 3.5b | 3.7b | ||||||

## Gross profit | 855.2m | 1.4b | 1.6b | 1.5b | 1.7b | ||||||

| 28% | 28% | 31% | 30% | 31% | ||||||

## General and administrative expense | 731.8m | 1.2b | 1.1b | 1.2b | |||||||

## Operating expense total | 731.8m | 1.2b | 1.1b | 1.2b | |||||||

## EBIT | 123.4m | 223.7m | 418.7m | 357.2m | 425.2m | ||||||

| 4% | 5% | 8% | 7% | 8% | ||||||

## Interest expense | 263.9m | 98.4m | 87.3m | 87.3m | 69.7m | ||||||

## Pre tax profit | (142.2m) | 124.7m | 331.6m | 269.9m | 355.1m | ||||||

## Income tax expense | (44.2m) | 42.8m | 98.9m | 99.7m | 115.2m | ||||||

## Net Income | 392.7m | 259.7m | (98.0m) | 69.5m | 81.9m | 232.7m | 170.2m | 171.6m | 200.5m | 233.8m | 239.9m |

- Source: SEC Filings

USD | FY, 2013 | FY, 2014 | FY, 2015 | FY, 2017 | FY, 2017 |
---|---|---|---|---|---|

## Cash | 267.7m | 864.1m | 736.1m | 866.4m | 1.1b |

## Inventories | 56.6m | 66.5m | 3.2b | ||

## Current Assets | 1.4b | 2.0b | 3.9b | 3.9b | 4.6b |

## PP&E | 1.1b | 1.2b | 3.1b | 3.2b | |

## Goodwill | 169.3m | 164.6m | 5.0b | 5.0b | 5.0b |

## Total Assets | 2.8b | 3.6b | 15.9b | 15.7b | 16.3b |

## Accounts Payable | 393.9m | 433.6m | 1.3b | 1.1b | 1.2b |

## Short-term debt | 12.8m | 108.0m | 152.1m | 915.9m | |

## Current Liabilities | 686.3m | 861.6m | 2.1b | 2.1b | 2.9b |

## Long-term debt | 4.8b | ||||

## Total Debt | 12.8m | 108.0m | 152.1m | 5.7b | |

## Total Liabilities | 10.3b | 9.2b | |||

## Common Stock | 2.4m | ||||

## Additional Paid-in Capital | 10.7m | 43.0m | 2.4b | 2.5b | 2.5b |

## Retained Earnings | 1.2b | 1.8b | 2.1b | 3.0b | 4.7b |

## Total Equity | 1.2b | 1.8b | 4.4b | 5.4b | 7.2b |

## Debt to Equity Ratio | 0 x | 0 x | 0 x | 0.8 x | |

## Debt to Assets Ratio | 0 x | 0 x | 0 x | 0.3 x | |

## Financial Leverage | 2.4 x | 2 x | 3.6 x | 2.9 x | 2.3 x |

- Source: SEC Filings

USD | Q3, 2013 | Q3, 2014 | Q2, 2014 | Q1, 2014 | Q2, 2015 | Q1, 2015 | Q3, 2016 | Q1, 2017 | Q2, 2017 | Q3, 2017 | Q1, 2018 | Q2, 2018 | Q3, 2018 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|

## Cash | 147.1m | 407.6m | 467.7m | 387.1m | 1.3b | 870.4m | 1.1b | 929.7m | 1.1b | 733.8m | 1.2b | 693.3m | 400.1m |

## Current Assets | 1.5b | 1.8b | 1.7b | 1.5b | 4.5b | 9.3b | 4.6b | 4.2b | 4.4b | 4.3b | 4.3b | 3.8b | 4.0b |

## PP&E | 1.1b | 1.2b | 1.2b | 1.1b | 3.2b | 1.2b | 3.1b | 3.2b | 3.2b | 3.2b | |||

## Goodwill | 171.6m | 168.7m | 169.8m | 169.6m | 5.0b | 166.1m | 5.0b | 5.0b | 5.0b | 5.0b | 5.0b | 5.0b | 5.0b |

## Total Assets | 2.9b | 3.4b | 3.1b | 3.0b | 16.6b | 10.9b | 16.7b | 16.1b | 16.3b | 16.2b | 16.0b | 15.5b | 15.7b |

## Accounts Payable | 526.4m | 545.0m | 524.2m | 447.0m | 1.2b | 515.6m | 1.3b | 1.3b | 1.4b | 1.3b | 1.2b | 1.2b | 1.2b |

## Short-term debt | 12.8m | 95.5m | 120.5m | 145.5m | 145.8m | 165.9m | 165.9m | 165.9m | |||||

## Current Liabilities | 766.8m | 866.5m | 783.0m | 724.5m | 2.1b | 1.0b | 2.2b | 2.0b | 2.2b | 2.1b | 2.2b | 2.1b | 2.0b |

## Total Debt | 12.8m | 95.5m | 120.5m | 145.5m | 145.8m | 165.9m | 165.9m | 165.9m | |||||

## Total Liabilities | 1.9b | 1.8b | 1.7b | 1.6b | 12.5b | 9.0b | 12.6b | 11.4b | 11.5b | 11.1b | 10.4b | 9.7b | 9.6b |

## Total Equity | 4.0b | ||||||||||||

## Debt to Assets Ratio | 0 x | 0 x | 0 x | 0 x | 0 x | 0 x | 0 x | 0 x | |||||

## Financial Leverage | 4.1 x |

- Source: SEC Filings

USD | FY, 2013 | FY, 2014 | FY, 2015 | FY, 2017 | FY, 2018 |
---|---|---|---|---|---|

## Net Income | 596.7m | 599.2m | 282.4m | 896.2m | 1.7b |

## Depreciation and Amortization | 637.5m | 611.2m | |||

## Inventories | (300.9m) | ||||

## Accounts Payable | 46.9m | 41.9m | 183.9m | (133.8m) | 54.5m |

## Cash From Operating Activities | 793.4m | 926.8m | 780.9m | 1.7b | 1.5b |

## Capital Expenditures | (330.1m) | (325.6m) | (480.5m) | (564.7m) | (632.2m) |

## Cash From Investing Activities | (324.3m) | (315.0m) | (7.0b) | (483.6m) | (627.9m) |

## Long-term Borrowings | (659.1m) | ||||

## Cash From Financing Activities | (597.8m) | (14.6m) | 6.1b | (1.1b) | (651.5m) |

## Net Change in Cash | 231.4m | ||||

## Interest Paid | 14.5m | 33.9m | 487.0m | 329.1m | 286.5m |

## Income Taxes Paid | 373.2m | 372.3m | 138.4m | 501.8m | 552.4m |

## Free Cash Flow | 463.3m | 601.2m | 300.4m | 1.1b | 878.0m |

- Source: SEC Filings

USD | Q3, 2013 | Q3, 2014 | Q2, 2014 | Q1, 2014 | Q2, 2015 | Q1, 2015 | Q3, 2016 | Q1, 2017 | Q2, 2017 | Q3, 2017 | Q1, 2018 |
---|---|---|---|---|---|---|---|---|---|---|---|

## Net Income | 383.6m | 392.7m | 259.7m | 138.3m | (28.5m) | 69.5m | 53.4m | 232.7m | 402.8m | 171.6m | 200.5m |

## Depreciation and Amortization | 140.3m | 151.5m | 100.6m | 50.7m | 142.3m | 52.8m | 312.5m | 162.3m | 324.2m | ||

## Accounts Payable | 1.3b | 1.2b | |||||||||

## Cash From Operating Activities | 366.7m | 388.5m | 365.3m | 198.2m | (45.7m) | 129.8m | (50.5m) | 311.0m | 680.3m | ||

## Capital Expenditures | (284.1m) | (254.4m) | (160.2m) | (71.9m) | (167.0m) | (66.9m) | (336.5m) | (175.9m) | (355.9m) | ||

## Cash From Investing Activities | (269.4m) | (243.8m) | (159.9m) | (71.6m) | (6.7b) | (7.3b) | (6.9b) | (92.8m) | (272.4m) | ||

## Cash From Financing Activities | (349.0m) | (4.8m) | (5.9m) | (7.5m) | 7.2b | 7.2b | 7.2b | (24.8m) | (51.9m) | ||

## Interest Paid | 2.8m | 17.2m | 16.9m | 206.7m | 14.6m | 443.2m | 131.8m | 175.0m | |||

## Income Taxes Paid | 296.9m | 298.1m | 217.5m | 129.7m | 50.5m | 133.7m | 85.5m | 319.0m | |||

## Free Cash Flow | 82.6m | 134.1m | 205.1m | 126.3m | (212.7m) | 62.9m | (387.0m) | 135.1m | 324.4m |

- Source: SEC Filings

USD | Y, 2018 |
---|---|

## EV/EBIT | 11.4 x |

## EV/CFO | 15.1 x |

## EV/FCF | 26 x |

## Revenue/Employee | 395.1k |

## Debt/Equity | 0.8 x |

## Debt/Assets | 0.3 x |

## Financial Leverage | 2.3 x |