AutoZone, Inc. (AZO) 10-Year Financial Performance & Capital Metrics

AZO • • Industrial / General

Consumer CyclicalAuto Parts & EquipmentAftermarket Parts & RetailAutomotive Retail Chains

AboutAutoZone, Inc. retails and distributes automotive replacement parts and accessories. The company offers various products for cars, sport utility vehicles, vans, and light trucks, including new and remanufactured automotive hard parts, maintenance items, accessories, and non-automotive products. Its products include A/C compressors, batteries and accessories, bearings, belts and hoses, calipers, chassis, clutches, CV axles, engines, fuel pumps, fuses, ignition and lighting products, mufflers, radiators, starters and alternators, thermostats, and water pumps, as well as tire repairs. In addition, the company offers maintenance products, such as antifreeze and windshield washer fluids; brake drums, rotors, shoes, and pads; brake and power steering fluids, and oil and fuel additives; oil and transmission fluids; oil, cabin, air, fuel, and transmission filters; oxygen sensors; paints and accessories; refrigerants and accessories; shock absorbers and struts; spark plugs and wires; and windshield wipers. Further, it provides air fresheners, cell phone accessories, drinks and snacks, floor mats and seat covers, interior and exterior accessories, mirrors, performance products, protectants and cleaners, sealants and adhesives, steering wheel covers, stereos and radios, tools, and wash and wax products, as well as towing services. Additionally, the company provides a sales program that offers commercial credit and delivery of parts and other products; sells automotive diagnostic and repair software under the ALLDATA brand through alldata.com and alldatadiy.com; and automotive hard parts, maintenance items, accessories, and non-automotive products through autozone.com. As of November 20, 2021, it operated 6,066 stores in the United States; 666 stores in Mexico; and 53 stores in Brazil. The company was founded in 1979 and is based in Memphis, Tennessee.Show more

Revenue $18.94B +2.4%
EBITDA $4.22B -2.7%
Net Income $2.5B -6.2%
EPS (Diluted) 144.87 -3.1%
Gross Margin 52.62% -0.9%
EBITDA Margin 22.3% -5.0%
Operating Margin 19.06% -7.0%
Net Margin 13.19% -8.4%
ROE -
ROIC 34.01% -18.5%
Debt/Equity -
Interest Coverage 7.42 -9.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓High quality earnings: Operating CF exceeds net income
✓Share count reduced 3.1% through buybacks
✓Healthy 5Y average net margin of 14.4%

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y6.4%

5Y8.44%

3Y5.23%

TTM2.43%

Profit (Net Income) CAGR

10Y7.97%

5Y7.59%

3Y0.93%

TTM-6.17%

EPS CAGR

10Y14.93%

5Y15.03%

3Y7.32%

TTM-3.42%

ROCE

10Y Avg45.85%

5Y Avg44.38%

3Y Avg45.36%

Latest39.46%

Peer Comparison

Automotive Retail Chains

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ORLYO'Reilly Automotive, Inc.	79.04B	93.64	34.55	5.67%	14.22%		2.56%
AZOAutoZone, Inc.	57.41B	3465.45	23.92	2.43%	13.19%		3.12%
LKQLKQ Corporation	8.68B	33.93	12.90	3.53%	4.99%	10.59%	9.33%	0.93
MNROMonro, Inc.	639.42M	21.30	-96.82	-6.38%	-1.6%	-3.17%	16.51%	0.85

Profit & Loss

	Aug 2016	Aug 2017	Aug 2018	Aug 2019	Aug 2020	Aug 2021	Aug 2022	Aug 2023	Aug 2024	Aug 2025
Sales/Revenue+	10.64B	10.89B	11.22B	11.86B	12.63B	14.63B	16.25B	17.46B	18.49B	18.94B
Revenue Growth %	0.04%	0.02%	0.03%	0.06%	0.06%	0.16%	0.11%	0.07%	0.06%	0.02%
Cost of Goods Sold+	5.03B	5.15B	5.25B	5.5B	5.86B	6.91B	7.78B	8.39B	8.67B	8.97B
COGS % of Revenue	0.47%	0.47%	0.47%	0.46%	0.46%	0.47%	0.48%	0.48%	0.47%	0.47%
Gross Profit+	5.61B	5.74B	5.97B	6.37B	6.77B	7.72B	8.47B	9.07B	9.82B	9.97B
Gross Margin %	0.53%	0.53%	0.53%	0.54%	0.54%	0.53%	0.52%	0.52%	0.53%	0.53%
Gross Profit Growth %	0.05%	0.02%	0.04%	0.07%	0.06%	0.14%	0.1%	0.07%	0.08%	0.02%
Operating Expenses+	3.55B	3.66B	4.16B	4.15B	4.35B	4.77B	5.2B	5.6B	6.03B	6.36B
OpEx % of Revenue	0.33%	0.34%	0.37%	0.35%	0.34%	0.33%	0.32%	0.32%	0.33%	0.34%
Selling, General & Admin	3.55B	3.66B	4.16B	4.15B	4.35B	4.77B	5.2B	5.6B	6.03B	6.36B
SG&A % of Revenue	0.33%	0.34%	0.37%	0.35%	0.34%	0.33%	0.32%	0.32%	0.33%	0.34%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0
Operating Income+	2.06B	2.08B	1.81B	2.22B	2.42B	2.94B	3.27B	3.47B	3.79B	3.61B
Operating Margin %	0.19%	0.19%	0.16%	0.19%	0.19%	0.2%	0.2%	0.2%	0.2%	0.19%
Operating Income Growth %	0.05%	0.01%	-0.13%	0.22%	0.09%	0.22%	0.11%	0.06%	0.09%	-0.05%
EBITDA+	2.36B	2.4B	2.16B	2.59B	2.82B	3.35B	3.71B	3.97B	4.34B	4.22B
EBITDA Margin %	0.22%	0.22%	0.19%	0.22%	0.22%	0.23%	0.23%	0.23%	0.23%	0.22%
EBITDA Growth %	0.06%	0.02%	-0.1%	0.2%	0.09%	0.19%	0.11%	0.07%	0.09%	-0.03%
D&A (Non-Cash Add-back)	297.4M	323.05M	345.08M	369.96M	397.47M	407.68M	442.22M	497.58M	549.75M	613.2M
EBIT	2.06B	2.08B	1.82B	2.22B	2.42B	2.95B	3.28B	3.49B	3.8B	3.61B
Net Interest Income+	-145.88M	-152.38M	-172.33M	-182.6M	-198.56M	-191.64M	-188.04M	-303.57M	-449.28M	-475.82M
Interest Income	2.37M	3.5M	5.64M	7.4M	5.69M	5.42M	6.05M	12.05M	11.31M	10.97M
Interest Expense	148.25M	155.88M	177.96M	190M	204.25M	197.05M	194.09M	315.63M	460.59M	486.8M
Other Income/Expense	-147.68M	-154.58M	-174.53M	-184.8M	-201.16M	-195.34M	-191.64M	-306.37M	-451.58M	-475.82M
Pretax Income+	1.91B	1.93B	1.64B	2.03B	2.22B	2.75B	3.08B	3.17B	3.34B	3.13B
Pretax Margin %	0.18%	0.18%	0.15%	0.17%	0.18%	0.19%	0.19%	0.18%	0.18%	0.17%
Income Tax+	671.71M	644.62M	298.79M	414.11M	483.54M	578.88M	649.49M	639.19M	674.7M	636.09M
Effective Tax Rate %	0.65%	0.67%	0.82%	0.8%	0.78%	0.79%	0.79%	0.8%	0.8%	0.8%
Net Income+	1.24B	1.28B	1.34B	1.62B	1.73B	2.17B	2.43B	2.53B	2.66B	2.5B
Net Margin %	0.12%	0.12%	0.12%	0.14%	0.14%	0.15%	0.15%	0.14%	0.14%	0.13%
Net Income Growth %	0.07%	0.03%	0.04%	0.21%	0.07%	0.25%	0.12%	0.04%	0.05%	-0.06%
Net Income (Continuing)	1.24B	1.28B	1.34B	1.62B	1.73B	2.17B	2.43B	2.53B	2.66B	2.5B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	40.70	44.07	48.77	63.43	71.93	95.19	117.19	132.36	149.55	144.87
EPS Growth %	0.13%	0.08%	0.11%	0.3%	0.13%	0.32%	0.23%	0.13%	0.13%	-0.03%
EPS (Basic)	41.52	45.05	49.59	64.78	73.62	97.60	120.83	136.60	153.82	148.80
Diluted Shares Outstanding	30.49M	29.07M	27.42M	25.5M	24.09M	22.8M	20.73M	19.1M	17.8M	17.25M
Basic Shares Outstanding	29.89M	28.43M	26.97M	24.97M	23.54M	22.24M	20.11M	18.51M	17.31M	16.79M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Aug 2016	Aug 2017	Aug 2018	Aug 2019	Aug 2020	Aug 2021	Aug 2022	Aug 2023	Aug 2024	Aug 2025
Total Current Assets+	4.24B	4.61B	4.64B	5.03B	6.81B	6.42B	6.63B	6.78B	7.31B	8.34B
Cash & Short-Term Investments	189.73M	293.27M	217.82M	176.3M	1.75B	1.17B	264.38M	277.05M	298.17M	271.8M
Cash Only	189.73M	293.27M	217.82M	176.3M	1.75B	1.17B	264.38M	277.05M	298.17M	271.8M
Short-Term Investments	0	0	0	0	0	0	0	0	0	18.66M
Accounts Receivable	287.68M	280.73M	258.14M	309M	364.77M	378.39M	504.89M	520.38M	545.58M	670.14M
Days Sales Outstanding	9.87	9.41	8.4	9.51	10.54	9.44	11.34	10.88	10.77	12.92
Inventory	3.63B	3.88B	3.94B	4.32B	4.47B	4.64B	5.64B	5.76B	6.16B	7.03B
Days Inventory Outstanding	263.71	275.19	274.32	286.7	278.57	245.02	264.52	250.86	259.03	285.81
Other Current Assets	130.24M	155.17M	216.24M	224.28M	223M	225.76M	220.71M	217.84M	307.79M	373.75M
Total Non-Current Assets+	4.36B	4.65B	4.71B	4.87B	7.61B	8.1B	8.65B	9.21B	9.87B	11.01B
Property, Plant & Equipment	3.73B	4.03B	4.22B	4.4B	7.09B	7.58B	8.09B	8.59B	9.24B	10.26B
Fixed Asset Turnover	2.85x	2.70x	2.66x	2.70x	1.78x	1.93x	2.01x	2.03x	2.00x	1.85x
Goodwill	391.89M	391.89M	302.64M	302.64M	302.64M	302.64M	302.64M	302.64M	302.64M	302.64M
Intangible Assets	60.98M	52.5M	9.79M	5.62M	1.44M	0	0	0	0	0
Long-Term Investments	0	0	0	0	0	0	0	0	0	105.48M
Other Non-Current Assets	137.24M	137.81M	145.66M	133.35M	190.61M	181.6M	203.13M	223.16M	242.13M	230.21M
Total Assets+	8.6B	9.26B	9.35B	9.9B	14.42B	14.52B	15.28B	15.99B	17.18B	19.36B
Asset Turnover	1.24x	1.18x	1.20x	1.20x	0.88x	1.01x	1.06x	1.09x	1.08x	0.98x
Asset Growth %	0.06%	0.08%	0.01%	0.06%	0.46%	0.01%	0.05%	0.05%	0.07%	0.13%
Total Current Liabilities+	4.69B	4.77B	5.03B	5.51B	6.28B	7.37B	8.59B	8.51B	8.71B	9.52B
Accounts Payable	4.1B	4.17B	4.41B	4.86B	5.16B	6.01B	7.3B	7.2B	7.36B	8.03B
Days Payables Outstanding	297.39	295.52	306.71	322.93	321.1	317.58	342.56	313.41	309.55	326.49
Short-Term Debt	0	0	0	0	0	0	0	0	0	283.56M
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	255.21M	246.87M	275.46M	232.95M	386.49M	554.57M	508.69M	463.47M	453.08M	309.68M
Current Ratio	0.90x	0.97x	0.92x	0.91x	1.08x	0.87x	0.77x	0.80x	0.84x	0.88x
Quick Ratio	0.13x	0.15x	0.14x	0.13x	0.37x	0.24x	0.12x	0.12x	0.13x	0.14x
Cash Conversion Cycle	-23.81	-10.92	-24	-26.72	-32	-63.12	-66.7	-51.67	-39.75	-27.76
Total Non-Current Liabilities+	5.7B	5.92B	5.84B	6.1B	9.02B	8.94B	10.23B	11.82B	13.21B	13.25B
Long-Term Debt	4.92B	5.08B	5.01B	5.21B	5.51B	5.27B	6.12B	7.67B	9.02B	8.8B
Capital Lease Obligations	0	0	0	0	2.5B	2.63B	2.84B	2.92B	2.96B	3.09B
Deferred Tax Liabilities	284.5M	371.11M	285.2M	311.98M	354.19M	337.13M	533.88M	536.28M	447.07M	520.51M
Other Non-Current Liabilities	488.39M	469.51M	547.52M	579.3M	649.64M	704.19M	731.61M	702.04M	780.29M	836.02M
Total Liabilities	10.39B	10.69B	10.87B	11.61B	15.3B	16.31B	18.81B	20.34B	21.93B	22.77B
Total Debt+	4.97B	5.13B	5.06B	5.26B	8.31B	8.23B	9.3B	10.93B	12.37B	12.29B
Net Debt	4.78B	4.84B	4.84B	5.09B	6.56B	7.06B	9.03B	10.65B	12.07B	12.02B
Debt / Equity	-	-	-	-	-	-	-	-	-	-
Debt / EBITDA	2.11x	2.13x	2.35x	2.03x	2.95x	2.45x	2.50x	2.75x	2.85x	2.91x
Net Debt / EBITDA	2.03x	2.01x	2.25x	1.97x	2.33x	2.11x	2.43x	2.68x	2.78x	2.85x
Interest Coverage	13.90x	13.34x	10.18x	11.66x	11.84x	14.94x	16.85x	11.01x	8.23x	7.42x
Total Equity+	-1.79B	-1.43B	-1.52B	-1.71B	-877.98M	-1.8B	-3.54B	-4.35B	-4.75B	-3.41B
Equity Growth %	-0.05%	0.2%	-0.06%	-0.13%	0.49%	-1.05%	-0.97%	-0.23%	-0.09%	0.28%
Book Value per Share	-58.63	-49.14	-55.44	-67.22	-36.44	-78.84	-170.69	-227.71	-266.79	-197.99
Total Shareholders' Equity	-1.79B	-1.43B	-1.52B	-1.71B	-877.98M	-1.8B	-3.54B	-4.35B	-4.75B	-3.41B
Common Stock	303K	287K	275K	254K	237K	230K	207K	189K	175K	169K
Retained Earnings	-1.6B	-1.64B	-1.21B	-1.31B	-1.45B	-419.83M	-1.33B	-2.96B	-4.42B	-3.98B
Treasury Stock	-932.77M	-618.39M	-1.23B	-1.4B	-356.49M	-2.54B	-3.26B	-2.68B	-1.58B	-997.4M
Accumulated OCI	-307.53M	-254.56M	-235.81M	-269.32M	-354.25M	-307.99M	-300.54M	-190.84M	-361.62M	-285.01M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Aug 2016	Aug 2017	Aug 2018	Aug 2019	Aug 2020	Aug 2021	Aug 2022	Aug 2023	Aug 2024	Aug 2025
Cash from Operations+	1.58B	1.57B	2.08B	2.13B	2.72B	3.52B	3.21B	2.94B	3B	3.12B
Operating CF Margin %	0.15%	0.14%	0.19%	0.18%	0.22%	0.24%	0.2%	0.17%	0.16%	0.16%
Operating CF Growth %	0.03%	-0%	0.32%	0.02%	0.28%	0.29%	-0.09%	-0.08%	0.02%	0.04%
Net Income	1.24B	1.28B	1.34B	1.62B	1.73B	2.17B	2.43B	2.53B	2.66B	2.5B
Depreciation & Amortization	297.4M	323.05M	345.08M	369.96M	397.47M	407.68M	442.22M	497.58M	549.75M	613.2M
Stock-Based Compensation	39.83M	38.24M	43.67M	43.26M	44.84M	56.11M	70.61M	93.09M	106.25M	124.72M
Deferred Taxes	45.02M	74.9M	-124.26M	35.05M	51.08M	-34.43M	185.59M	-25.71M	-254.39M	115.39M
Other Non-Cash Items	-108.47M	-9.39M	320.22M	1.37M	10.73M	12.86M	11.28M	53.26M	-28.01M	76.84M
Working Capital Changes	62.55M	-137.06M	158.04M	61.66M	483.03M	906.01M	71.83M	-205.86M	-31.91M	-311.06M
Change in Receivables	-41.45M	7.79M	7.53M	-48.51M	-58.56M	-11.04M	-125.73M	-6.67M	-38.28M	-118.61M
Change in Inventory	-227.52M	0	-188.78M	-394.15M	-184.17M	-138.52M	-990.69M	-89.18M	-453.1M	-893.91M
Change in Payables	271.2M	82.61M	319.61M	464.18M	531.13M	1.03B	1.22B	-183.68M	244.13M	657.41M
Cash from Investing+	-505.83M	-553.6M	-521.86M	-491.85M	-497.88M	-601.78M	-648.1M	-876.18M	-1.29B	-1.4B
Capital Expenditures	-498.79M	-553.83M	-522.25M	-496.05M	-457.74M	-621.77M	-672.39M	-796.66M	-1.07B	-1.33B
CapEx % of Revenue	0.05%	0.05%	0.05%	0.04%	0.04%	0.04%	0.04%	0.05%	0.06%	0.07%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-496.14M	-550.88M	-486.97M	-489.45M	-445.97M	-591.78M	-614.4M	-70.96M	11.59M	39.82M
Cash from Financing+	-1.05B	-914.33M	-1.63B	-1.67B	-643.64M	-3.5B	-3.47B	-2.06B	-1.68B	-1.75B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	55.8M	-7.36M	-1.05M	-9.4M	-48.97M	0	-10.66M	-18.17M	-4.2M	-13.38M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	1.14B	1.02B	1.56B	1.63B	2.26B	2.9B	2.54B	2.14B	1.93B	1.79B
FCF Margin %	0.11%	0.09%	0.14%	0.14%	0.18%	0.2%	0.16%	0.12%	0.1%	0.09%
FCF Growth %	0.06%	-0.11%	0.53%	0.05%	0.39%	0.28%	-0.12%	-0.16%	-0.1%	-0.07%
FCF per Share	37.47	34.98	56.81	64.02	93.90	127.06	122.45	112.24	108.49	103.80
FCF Conversion (FCF/Net Income)	1.27x	1.23x	1.56x	1.32x	1.57x	1.62x	1.32x	1.16x	1.13x	1.25x
Interest Paid	136.73M	135.33M	163.97M	153.37M	161.86M	187.95M	178.56M	260.87M	353.82M	413.03M
Taxes Paid	582.38M	579.92M	427.16M	383.87M	339.49M	574.85M	461.23M	570.25M	437.55M	313.49M

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Invested Capital (ROIC)	53.47%	48.76%	40.37%	49.67%	40.07%	40.38%	45.62%	44.18%	41.72%	34.01%
Gross Margin	52.74%	52.71%	53.24%	53.65%	53.6%	52.75%	52.13%	51.96%	53.09%	52.62%
Net Margin	11.67%	11.76%	11.92%	13.63%	13.72%	14.84%	14.95%	14.48%	14.4%	13.19%
Interest Coverage	13.90x	13.34x	10.18x	11.66x	11.84x	14.94x	16.85x	11.01x	8.23x	7.42x
FCF Conversion	1.27x	1.23x	1.56x	1.32x	1.57x	1.62x	1.32x	1.16x	1.13x	1.25x
Revenue Growth	4.4%	2.38%	3.05%	5.73%	6.48%	15.81%	11.09%	7.41%	5.92%	2.43%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Auto Parts Locations	10.26B	-	-	-	-	-	-	-	18.15B	18.94B
Auto Parts Locations Growth	-	-	-	-	-	-	-	-	-	4.34%
Others	374.56M	-	-	-	-	-	-	-	338.99M	-
Others Growth	-	-	-	-	-	-	-	-	-	-
Auto Parts Stores	-	10.52B	10.95B	11.65B	12.41B	14.38B	15.96B	17.15B	-	-
Auto Parts Stores Growth	-	-	4.07%	6.33%	6.53%	15.93%	11.00%	7.40%	-	-
Other	-	365.4M	269.58M	218.51M	226.04M	247.87M	289.03M	312.07M	-	-
Other Growth	-	-	-26.22%	-18.94%	3.45%	9.66%	16.61%	7.97%	-	-

Revenue by Geography

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
UNITED STATES	-	-	-	-	-	-	-	-	-	16.67B
UNITED STATES Growth	-	-	-	-	-	-	-	-	-	-
Non-US	-	-	-	-	-	-	-	-	-	2.27B
Non-US Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

AutoZone, Inc. (AZO) has a price-to-earnings (P/E) ratio of 23.9x. This is roughly in line with market averages.

Growth & Financials

AutoZone, Inc. (AZO) reported $18.94B in revenue for fiscal year 2025. This represents a 120% increase from $8.60B in 2012.

AutoZone, Inc. (AZO) grew revenue by 2.4% over the past year. Growth has been modest.

Yes, AutoZone, Inc. (AZO) is profitable, generating $2.50B in net income for fiscal year 2025 (13.2% net margin).

Dividend & Returns

AutoZone, Inc. (AZO) generated $1.79B in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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