Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Dollar General is a large, durable, profitable retailer that has done a great deal for the rural American who lives forty minutes from the nearest Walmart — and we tip our hats to that. But it is, in the cold light of business economics, an average enterprise with a narrow moat, almost no pricing power, a customer perpetually short of cash, and returns on invested capital that have been cut roughly in half over five years. The stock is cheap; so is the business. We pass. We like businesses a bright fourteen-year-old can describe at the dinner table, and Dollar General qualifies. It operates 21,055 small-box discount stores across 48 U.S. states and Mexico as of May 1, 2026 — the largest such chain in America by store count and by sales.
Recent filings analysed: 10-Q (2026-06-02), 8-K (2026-06-02), DEF 14A (2026-04-07), 10-K (2026-03-20).
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