Dollarama Inc. (DOL.TO) Margin Analysis

Dollarama Inc.

DOL.TO (TSX)

Models
Dollarama Inc. Margin Analysis

# --- Years and Quarters
assumptions.set({
    "timeseries": "annual",
    "data": {
        "#years": """
            4
        """,
        "#quarters": """
            8
        """,
    },
    "titles": {
        "#years": "Years",
        "#quarters": "Quarters",
    },
    "properties": {
        "width": "responsive",
        "title": "Years and Quarters",
        "id": "component-1",
        "bindTo": None
    },
    "descriptions": {
        "#years": r"""
The number of historical years used to render the annual chart and tables.
        """,
        "#quarters": r"""
The number of historical quarters used to render the quarterly chart and tables.
        """,
    }
})

# Render description block
model.render_description({
    "data": r"""
## Margin Analysis Report

Margins refer to the ratio between a financial report item and the revenue (example: Net Income Margin = Net Income / Revenue).

This analysis provides annual and quarterly sections for reporting key financial margins.
""",
    "properties": {
        "width": "responsive"
    }
})

# Render description block
model.render_description({
    "data": r"""
## Annual Section

The annual section uses annual data to calculate margins and growth rates.
""",
    "properties": {
        "width": "full"
    }
})

# --- Income Statement Margins
data.compute({
    "user:%revenueGrowthRate": """
        ( income:revenue / income:revenue:-1 ) - 1
    """,
    "user:%grossMargin": """
        income:grossProfit / income:revenue
    """,
    "user:%operatingMargin": """
        income:operatingIncome / income:revenue
    """,
    "user:%netMargin": """
        income:netIncome / income:revenue
    """,
}, forecast=0, timeseries="annual")

model.render_table({
    "timeseries": "annual",
    "data": {
        "income:revenue": "Revenue",
        "user:%revenueGrowthRate": "Revenue Growth Rate",
        "income:costOfRevenue": "Cost of Revenue",
        "income:grossProfit": "Gross Profit",
        "user:%grossMargin": "Gross Margin",
        "income:operatingIncome": "Operating Income",
        "user:%operatingMargin": "Operating Margin",
        "income:netIncome": "Net Income",
        "user:%netMargin": "Net Margin",
    },
    "start": data.get("""
        -assumption:#years
    """),
    "end": 0,
    "properties": {
        "title": "Income Statement Margins",
        "order": "descending",
        "number_format": "M",
        "include_ltm": True,
        "display_averages": False,
        "width": "responsive"
    }
})

# --- Cash Flow Statement Margins
data.compute({
    "user:%cashFromOperatingActivitiesMargin": """
        flow:netCashProvidedByOperatingActivities / income:revenue
    """,
    "user:%freeCashFlowMargin": """
        flow:freeCashFlow / income:revenue
    """,
    "user:%depreciationAndAmortizationMargin": """
        flow:depreciationAndAmortization / income:revenue
    """,
    "user:%capitalExpenditureMargin": """
        flow:capitalExpenditure / income:revenue
    """,
}, forecast=0, timeseries="annual")

model.render_table({
    "timeseries": "annual",
    "data": {
        "income:revenue": "Revenue",
        "flow:netCashProvidedByOperatingActivities": "Cash from Operating Activities",
        "user:%cashFromOperatingActivitiesMargin": "Cash from Operating Activities Margin",
        "flow:freeCashFlow": "Free Cash Flow",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
        "flow:depreciationAndAmortization": "Depreciation and Amortization",
        "user:%depreciationAndAmortizationMargin": "Depreciation and Amortization Margin",
        "flow:capitalExpenditure": "Capital Expenditure",
        "user:%capitalExpenditureMargin": "Capital Expenditure Margin",
    },
    "start": data.get("""
        -assumption:#years
    """),
    "end": 0,
    "properties": {
        "title": "Cash Flow Statement Margins",
        "order": "descending",
        "number_format": "M",
        "include_ltm": True,
        "display_averages": False,
        "width": "responsive"
    }
})

model.render_chart({
    "timeseries": "annual",
    "data": {
        "user:%grossMargin": "Gross Margin",
        "user:%operatingMargin": "Operating Margin",
        "user:%netMargin": "Net Margin",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
    },
    "start": data.get("""
        -assumption:#years
    """),
    "end": 0,
    "properties": {
        "title": "Annual Chart",
        "include_ltm": False,
        "set_editable": [],
        "hidden_keys": [],
        "bar_keys": ["user:%grossMargin", "user:%operatingMargin", "user:%netMargin", "user:%freeCashFlowMargin"],
        "width": "full"
    }
})

# Render description block
model.render_description({
    "data": r"""
## Quarterly Section

The quarterly section uses quarterly data to calculate margins and growth rates.
""",
    "properties": {
        "width": "full"
    }
})

model.render_table({
    "timeseries": "quarterly",
    "data": {
        "income:revenue": "Revenue",
        "user:%revenueGrowthRate": "Revenue Growth Rate",
        "income:costOfRevenue": "Cost of Revenue",
        "income:grossProfit": "Gross Profit",
        "user:%grossMargin": "Gross Margin",
        "income:operatingIncome": "Operating Income",
        "user:%operatingMargin": "Operating Margin",
        "income:netIncome": "Net Income",
        "user:%netMargin": "Net Margin",
    },
    "start": data.get("""
        -assumption:#quarters
    """),
    "end": 0,
    "properties": {
        "title": "Income Statement Margins",
        "order": "descending",
        "number_format": "M",
        "display_averages": False,
        "width": "responsive"
    }
})

model.render_table({
    "timeseries": "quarterly",
    "data": {
        "income:revenue": "Revenue",
        "flow:netCashProvidedByOperatingActivities": "Cash from Operating Activities",
        "user:%cashFromOperatingActivitiesMargin": "Cash from Operating Activities Margin",
        "flow:freeCashFlow": "Free Cash Flow",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
        "flow:depreciationAndAmortization": "Depreciation and Amortization",
        "user:%depreciationAndAmortizationMargin": "Depreciation and Amortization Margin",
        "flow:capitalExpenditure": "Capital Expenditure",
        "user:%capitalExpenditureMargin": "Capital Expenditure Margin",
    },
    "start": data.get("""
        -assumption:#quarters
    """),
    "end": 0,
    "properties": {
        "title": "Cash Flow Statement Margins",
        "order": "descending",
        "number_format": "M",
        "display_averages": False,
        "width": "responsive"
    }
})

model.render_chart({
    "timeseries": "quarterly",
    "data": {
        "user:%grossMargin": "Gross Margin",
        "user:%operatingMargin": "Operating Margin",
        "user:%netMargin": "Net Margin",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
    },
    "start": data.get("""
        -assumption:#quarters
    """),
    "end": 0,
    "properties": {
        "title": "Quarterly Chart",
        "set_editable": [],
        "hidden_keys": [],
        "bar_keys": ["user:%grossMargin", "user:%operatingMargin", "user:%netMargin", "user:%freeCashFlowMargin"],
        "width": "full"
    }
})

Years and Quarters

Years Years The number of historical years used to render the annual chart and tables.	#
Quarters Quarters The number of historical quarters used to render the quarterly chart and tables.	#

Margin Analysis Report

Margins refer to the ratio between a financial report item and the revenue (example: Net Income Margin = Net Income / Revenue).

This analysis provides annual and quarterly sections for reporting key financial margins.

Annual Section

The annual section uses annual data to calculate margins and growth rates.

Income Statement Margins

Monetary values in CAD amounts except #	LTM Mar 17	2025 Jan 31	2024 Jan 31	2023 Jan 31	2022 Jan 31
Revenue	7,036	6,413	5,867	5,053	4,331
Revenue Growth Rate	9.71%	9.3%	16.12%	16.67%	7.56%
Cost of Revenue	3,863	3,519	3,254	2,702	2,282
Gross Profit	3,173	2,894	2,613	2,351	2,049
Gross Margin	45.1%	45.12%	44.54%	46.53%	47.31%
Operating Income	1,869	1,711	1,496	1,192	984.6
Operating Margin	26.57%	26.67%	25.49%	23.58%	22.74%
Net Income	1,308	1,169	1,010	801.9	663.2
Net Margin	18.59%	18.22%	17.22%	15.87%	15.31%

Cash Flow Statement Margins

Monetary values in CAD amounts except #	LTM Mar 17	2025 Jan 31	2024 Jan 31	2023 Jan 31	2022 Jan 31
Revenue	7,036	6,413	5,867	5,053	4,331
Cash from Operating Activities	1,732	1,539	1,430	804.9	1,066
Cash from Operating Activities Margin	24.62%	23.99%	24.37%	15.93%	24.61%
Free Cash Flow	1,484	1,326	1,177	670.8	929.1
Free Cash Flow Margin	21.09%	20.67%	20.07%	13.28%	21.45%
Depreciation and Amortization	444.7	411.2	365.4	331.8	298
Depreciation and Amortization Margin	6.32%	6.41%	6.23%	6.57%	6.88%
Capital Expenditure	-248.8	-212.8	-252.7	-134	-136.8
Capital Expenditure Margin	-3.54%	-3.32%	-4.31%	-2.65%	-3.16%

Annual Chart

Monetary values in CAD

{"sectionId": "section-chart-1", "sectionType": "chart", "title": "Annual Chart", "timeseries": "annual", "series": [{"label": "Gross Margin", "mappingKey": "user:%grossMargin", "data": [{"l": "2022", "x": "2022-01-31", "y": 47.31}, {"l": "2023", "x": "2023-01-31", "y": 46.53}, {"l": "2024", "x": "2024-01-31", "y": 44.54}, {"l": "2025", "x": "2025-01-31", "y": 45.12}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}, {"label": "Operating Margin", "mappingKey": "user:%operatingMargin", "data": [{"l": "2022", "x": "2022-01-31", "y": 22.74}, {"l": "2023", "x": "2023-01-31", "y": 23.58}, {"l": "2024", "x": "2024-01-31", "y": 25.49}, {"l": "2025", "x": "2025-01-31", "y": 26.67}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}, {"label": "Net Margin", "mappingKey": "user:%netMargin", "data": [{"l": "2022", "x": "2022-01-31", "y": 15.31}, {"l": "2023", "x": "2023-01-31", "y": 15.87}, {"l": "2024", "x": "2024-01-31", "y": 17.22}, {"l": "2025", "x": "2025-01-31", "y": 18.22}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}, {"label": "Free Cash Flow Margin", "mappingKey": "user:%freeCashFlowMargin", "data": [{"l": "2022", "x": "2022-01-31", "y": 21.45}, {"l": "2023", "x": "2023-01-31", "y": 13.28}, {"l": "2024", "x": "2024-01-31", "y": 20.07}, {"l": "2025", "x": "2025-01-31", "y": 20.67}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}], "editableDates": {}, "properties": {"display_table": false}, "width": "full"}

Quarterly Section

The quarterly section uses quarterly data to calculate margins and growth rates.

Income Statement Margins

Monetary values in CAD amounts except #	2026 (Q3) Oct 31	2026 (Q2) Jul 31	2026 (Q1) Apr 30	2025 (Q4) Jan 31	2025 (Q3) Oct 31	2025 (Q2) Jul 31
Revenue	1,909	1,724	1,521	1,881	1,563	1,563
Revenue Growth Rate	10.77%	13.32%	-19.14%	20.39%	-0.047%
Cost of Revenue	1,176	889.9	796.6	1,001	863.9	810.9
Gross Profit	733.7	833.9	724.7	880.6	698.7	752.5
Gross Margin	38.43%	48.38%	47.64%	46.8%	44.71%	48.13%
Operating Income	438.9	483.5	388.8	558.3	407.5	422.9
Operating Margin	22.99%	28.05%	25.56%	29.68%	26.08%	27.05%
Net Income	321.7	321.5	273.8	391	275.8	285.9
Net Margin	16.85%	18.65%	18%	20.78%	17.65%	18.29%

Cash Flow Statement Margins

Monetary values in CAD amounts except #	2026 (Q3) Oct 31	2026 (Q2) Jul 31	2026 (Q1) Apr 30	2025 (Q4) Jan 31	2025 (Q3) Oct 31	2025 (Q2) Jul 31
Revenue	1,909	1,724	1,521	1,881	1,563	1,563
Cash from Operating Activities	502	415.6	278.2	536.6	350.6	403.3
Cash from Operating Activities Margin	26.29%	24.11%	18.29%	28.52%	22.43%	25.8%
Free Cash Flow	433.3	360.8	238.8	450.7	305.2	362
Free Cash Flow Margin	22.69%	20.93%	15.7%	23.96%	19.53%	23.15%
Depreciation and Amortization	130.8	105	97.04	111.8	102.2	101.4
Depreciation and Amortization Margin	6.85%	6.09%	6.38%	5.94%	6.54%	6.49%
Capital Expenditure	-68.65	-54.79	-39.48	-85.92	-45.32	-41.33
Capital Expenditure Margin	-3.6%	-3.18%	-2.6%	-4.57%	-2.9%	-2.64%

Quarterly Chart

Monetary values in CAD

{"sectionId": "section-chart-2", "sectionType": "chart", "title": "Quarterly Chart", "timeseries": "quarterly", "series": [{"label": "Gross Margin", "mappingKey": "user:%grossMargin", "data": [{"l": "2025 (Q2)", "x": "2024-07-31", "y": 48.13}, {"l": "2025 (Q3)", "x": "2024-10-31", "y": 44.71}, {"l": "2025 (Q4)", "x": "2025-01-31", "y": 46.8}, {"l": "2026 (Q1)", "x": "2025-04-30", "y": 47.64}, {"l": "2026 (Q2)", "x": "2025-07-31", "y": 48.38}, {"l": "2026 (Q3)", "x": "2025-10-31", "y": 38.43}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "quarterly", "hidden": false}, {"label": "Operating Margin", "mappingKey": "user:%operatingMargin", "data": [{"l": "2025 (Q2)", "x": "2024-07-31", "y": 27.05}, {"l": "2025 (Q3)", "x": "2024-10-31", "y": 26.08}, {"l": "2025 (Q4)", "x": "2025-01-31", "y": 29.68}, {"l": "2026 (Q1)", "x": "2025-04-30", "y": 25.56}, {"l": "2026 (Q2)", "x": "2025-07-31", "y": 28.05}, {"l": "2026 (Q3)", "x": "2025-10-31", "y": 22.99}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "quarterly", "hidden": false}, {"label": "Net Margin", "mappingKey": "user:%netMargin", "data": [{"l": "2025 (Q2)", "x": "2024-07-31", "y": 18.29}, {"l": "2025 (Q3)", "x": "2024-10-31", "y": 17.65}, {"l": "2025 (Q4)", "x": "2025-01-31", "y": 20.78}, {"l": "2026 (Q1)", "x": "2025-04-30", "y": 18}, {"l": "2026 (Q2)", "x": "2025-07-31", "y": 18.65}, {"l": "2026 (Q3)", "x": "2025-10-31", "y": 16.85}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "quarterly", "hidden": false}, {"label": "Free Cash Flow Margin", "mappingKey": "user:%freeCashFlowMargin", "data": [{"l": "2025 (Q2)", "x": "2024-07-31", "y": 23.15}, {"l": "2025 (Q3)", "x": "2024-10-31", "y": 19.53}, {"l": "2025 (Q4)", "x": "2025-01-31", "y": 23.96}, {"l": "2026 (Q1)", "x": "2025-04-30", "y": 15.7}, {"l": "2026 (Q2)", "x": "2025-07-31", "y": 20.93}, {"l": "2026 (Q3)", "x": "2025-10-31", "y": 22.69}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "quarterly", "hidden": false}], "editableDates": {}, "properties": {"display_table": false}, "width": "full"}