A Business at a Glance
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AUTOZONE INC
AZO
$51.0B
Mkt Cap
$2,957.41
+1.16%
AUTOZONE INC (AZO) has a current P/E ratio of 23.2, compared to its historical median P/E of 17.9. The stock is currently considered Expensive based on its historical valuation range.
AUTOZONE INC (AZO) has a 5-year average return on invested capital (ROIC) of 91.2%. This indicates strong capital allocation and a potential competitive advantage.
AUTOZONE INC (AZO) has a market capitalization of $48.3B. It is classified as a large-cap stock.
AUTOZONE INC (AZO) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 3.27%.
Based on historical P/E analysis, AUTOZONE INC (AZO) appears expensive. The current P/E of 23.2 is 30% above its historical median of 17.9. The estimated fair value CAGR (P/E method) is 15.9%.
AUTOZONE INC (AZO) operates in the Retail-Auto & Home Supply Stores industry, within the Consumer Cyclical sector.
AUTOZONE INC (AZO) reported annual revenue of $18.9 billion in its most recent fiscal year, based on SEC EDGAR filings.
AutoZone is a leading retailer and distributor of automotive replacement parts and accessories across the Americas, operating 6,627 stores in the United States, 883 in Mexico, and 147 in Brazil as of August 2025. The company generates revenue through retail sales to do-it-yourself (DIY) customers via physical stores and e-commerce platforms (autozone.com), as well as through a commercial sales program serving repair garages, dealers, service stations, fleet owners, and other professional accounts via dedicated teams and online ordering (autozonepro.com). Each store carries approximately 20,000 to 25,000 unique SKUs with 40–50% of space dedicated to hard parts inventory, while hub and mega hub stores carry significantly expanded assortments of 40,000–50,000 and 80,000–110,000 SKUs respectively to serve as distribution nodes for surrounding stores. The company's competitive moat derives from its extensive store network, proprietary Z-net electronic catalog system, centralized store support functions, and strong brand recognition through the Duralast private label, complemented by free services such as diagnostic readings and tool loans that drive customer loyalty. AutoZone also generates ancillary revenue through ALLDATA diagnostic and shop management software sold via alldata.com. The business model is asset-light in terms of inventory management through hub-and-spoke distribution, though capital-intensive in store development and distribution center infrastructure; unit economics are characterized by high-margin hard parts sales offset by lower-margin maintenance and accessories, with commercial sales growing faster than DIY but at lower margins, creating a mix headwind that management actively offsets through merchandise margin improvements and pricing strategies.
【Accelerated store expansion driving growth】 Management expects to continue opening stores at an accelerated pace, reaching approximately 500 new store openings annually by fiscal 2028, with approximately 300 mega hub stores at full build-out, positioning more inventory closer to customers to improve service levels for both DIY and commercial segments. Capital expenditure is expected to remain at approximately $1.6 billion annually, with the majority directed toward accelerated store growth, hub and mega hub development, and technology investments to enhance customer service. The company anticipates continued same-SKU inflation in the mid-single-digit range driven by tariff impacts, with average ticket growth expected to moderate from the mid-4% range in Q4 as comparisons lap prior-year inflation, while DIY traffic is expected to improve as ticket growth slows and seasonal demand strengthens. Management remains focused on growing domestic commercial market share through expanded assortments and improved service levels, while international markets in Mexico and Brazil are expected to re-accelerate as local economies improve, with the company targeting approximately 14% of total store base outside the U.S. to grow further through continued international investment.
| Metric | Target | Period |
|---|---|---|
| Store openings | approximately 365 stores | FY2026 |
| Capital expenditure | approximately $1.6 billion | FY2027 |
| Q4 same-store sales | in a similar range as Q3 | Q4 FY2026 |
| Q4 average ticket growth | mid-4% range | Q4 FY2026 |
| Annual store openings at full build-out | approximately 500 stores | FY2028 |
| Mega Hub store target at full build-out | approximately 300 | Full build-out |
Store openings (FY2026): “We are on track to open approximately 365 stores for the full year versus the 305 stores we opened globally last year.”
Capital expenditure (FY2027): “This year, we are investing nearly $1.6 billion in CapEx to drive our strategic growth priorities, and we expect to invest a similar amount next year.”
Q4 same-store sales (Q4 FY2026): “For Q4, we are expecting same-store sales to be in a similar range as Q3.”
Q4 average ticket growth (Q4 FY2026): “We expect the average ticket for the fourth quarter to be in the mid-4% range as we begin to lap the inflation ramp from the beginning of the fourth quarter of last year.”
Annual store openings at full build-out (FY2028): “We expect to continue to increase our new store opening pace through the end of fiscal 2028 when we reach a total of 500 stores open annually.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2026 Earnings Call, Q3 FY2026 Earnings Call, Q2 FY2026 Earnings Call, Q1 FY2026 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 0 | 18.9B | 18.5B | 17.5B | 16.3B | 14.6B |
| Net Income | 0 | 2.5B | 2.7B | 2.5B | 2.4B | 2.2B |
| EPS | $0.00 | $144.87 | $149.55 | $132.36 | $117.19 | $95.19 |
| Free Cash Flow | 0 | 1.8B | 1.9B | 2.1B | 2.5B | 2.9B |
| ROIC | - | 63.4% | 86.2% | 104.1% | 112.2% | 90.1% |
| Gross Margin | - | 52.6% | 53.1% | 52.0% | 52.1% | 52.8% |
| Debt/Equity | 0.00 | -2.61 | -1.92 | -1.78 | -1.76 | -2.98 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 0 | 3.6B | 3.8B | 3.5B | 3.3B | 2.9B |
| Operating Margin | 0.0% | 19.1% | 20.5% | 19.9% | 20.1% | 20.1% |
| ROE | 0.0% | -61.2% | -58.5% | -64.1% | -91.1% | -162.2% |
| Shares Outstanding | 16M | 17M | 18M | 19M | 21M | 23M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 9.5B | 10.2B | 10.6B | 10.9B | 11.2B | 11.9B | 12.6B | 14.6B | 16.3B | 17.5B | 18.5B | 18.9B | 0 |
| Gross Margin | 52.1% | 52.3% | 52.7% | 52.7% | 53.2% | 53.7% | 53.6% | 52.8% | 52.1% | 52.0% | 53.1% | 52.6% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 3.1B | 3.4B | 3.5B | 3.7B | 4.2B | 4.1B | 4.4B | 4.8B | 5.2B | 5.6B | 6.0B | 6.4B | 6.4B |
| EBIT | 1.8B | 2.0B | 2.1B | 2.1B | 1.8B | 2.2B | 2.4B | 2.9B | 3.3B | 3.5B | 3.8B | 3.6B | 0 |
| Op. Margin | 19.3% | 19.2% | 19.4% | 19.1% | 16.1% | 18.7% | 19.1% | 20.1% | 20.1% | 19.9% | 20.5% | 19.1% | 0.0% |
| Net Income | 1.1B | 1.2B | 1.2B | 1.3B | 1.3B | 1.6B | 1.7B | 2.2B | 2.4B | 2.5B | 2.7B | 2.5B | 0 |
| Net Margin | 11.3% | 11.4% | 11.7% | 11.8% | 11.9% | 13.6% | 13.7% | 14.8% | 14.9% | 14.5% | 14.4% | 13.2% | 0.0% |
| Non-Recurring | 0 | 0 | 0 | 0 | 193M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 38.0% | 47.2% | 46.9% | 43.9% | 44.7% | 54.3% | 61.8% | 90.1% | 112.2% | 104.1% | 86.2% | 63.4% | N/A |
| ROE | -64.7% | -69.8% | -71.1% | -79.7% | -90.7% | -100.0% | -133.7% | -162.2% | -91.1% | -64.1% | -58.5% | -61.2% | 0.0% |
| ROA | 14.9% | 14.9% | 14.9% | 14.3% | 14.4% | 16.8% | 14.3% | 15.0% | 16.3% | 16.2% | 16.1% | 13.7% | 0.0% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 1.3B | 1.6B | 1.6B | 1.6B | 2.1B | 2.1B | 2.7B | 3.5B | 3.2B | 2.9B | 3.0B | 3.1B | 0 |
| Free Cash Flow | 903M | 1.1B | 1.2B | 1.0B | 1.6B | 1.6B | 2.3B | 2.9B | 2.5B | 2.1B | 1.9B | 1.8B | 0 |
| Owner Earnings | 1.1B | 1.3B | 1.3B | 1.2B | 1.6B | 1.6B | 2.2B | 2.9B | 2.7B | 2.3B | 2.3B | 2.3B | -785M |
| CapEx | 438M | 481M | 489M | 554M | 522M | 496M | 458M | 622M | 672M | 797M | 1.1B | 1.3B | 0 |
| Maint. CapEx | 251M | 270M | 297M | 323M | 345M | 370M | 397M | 408M | 442M | 498M | 550M | 613M | 613M |
| Growth CapEx | 187M | 211M | 191M | 231M | 177M | 126M | 60M | 214M | 230M | 299M | 523M | 714M | 0 |
| D&A | 251M | 270M | 297M | 323M | 345M | 370M | 397M | 408M | 442M | 498M | 550M | 613M | 613M |
| CapEx/OCF | 32.7% | 31.5% | 29.8% | 35.3% | 25.1% | 23.3% | 16.8% | 17.7% | 20.9% | 27.1% | 35.7% | 42.6% | 0.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 1.1B | 1.3B | 1.5B | 1.1B | 1.6B | 2.0B | 931M | 3.4B | 4.4B | 3.7B | 3.1B | 1.6B | 1.6B |
| Buyback Yield | 6.0% | 5.4% | 6.3% | 7.0% | 7.6% | 7.2% | 3.2% | 9.6% | 9.7% | 7.8% | 5.5% | 2.2% | 3.3% |
| Stock-Based Comp | 39M | 48M | 64M | 55M | 90M | 195M | 75M | 188M | 114M | 182M | 176M | 172M | 172M |
| Debt Repayment | 500M | 500M | 500M | 400M | 250M | 250M | 500M | 250M | 500M | 800M | 300M | 900M | 900M |
| Balance Sheet | |||||||||||||
| Net Debt | 4.4B | 4.4B | 4.7B | 4.8B | 4.8B | 4.9B | 3.7B | 4.1B | 5.8B | 7.4B | 8.7B | 8.5B | 0 |
| Cash & Equiv. | 124M | 175M | 190M | 293M | 218M | 176M | 1.8B | 1.2B | 264M | 277M | 298M | 272M | N/A |
| Long-Term Debt | 4.1B | 4.6B | 4.9B | 5.1B | 5.0B | 5.2B | 5.5B | 5.3B | 6.1B | 7.7B | 9.0B | 8.8B | 8.8B |
| Debt/Equity | -2.78 | -2.72 | -2.75 | -3.56 | -3.29 | -3.07 | -6.36 | -2.98 | -1.76 | -1.78 | -1.92 | -2.61 | 0.00 |
| Interest Coverage | 10.7 | 12.8 | 13.6 | 13.1 | 10.0 | 11.4 | 11.6 | 14.6 | 16.4 | 10.9 | 8.1 | 7.4 | 7.4 |
| Equity | -1.6B | -1.7B | -1.8B | -1.4B | -1.5B | -1.7B | -878M | -1.8B | -3.5B | -4.3B | -4.7B | -3.4B | 0 |
| Total Assets | 7.5B | 8.1B | 8.6B | 9.3B | 9.3B | 9.9B | 14.4B | 14.5B | 15.3B | 16.0B | 17.2B | 19.4B | 0 |
| Total Liabilities | 9.1B | 9.8B | 10.4B | 10.7B | 10.9B | 11.6B | 15.3B | 16.3B | 18.8B | 20.3B | 21.9B | 22.8B | 22.8B |
| Intangibles | 75M | 70M | 61M | 52M | 9.8M | 5.6M | 1.4M | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | -1.5B | -1.4B | -1.6B | -1.6B | -1.2B | -1.3B | -1.5B | -420M | -1.3B | -3.0B | -4.4B | -4.0B | -4.0B |
| Working Capital | -960M | -743M | -451M | -155M | -393M | -483M | 529M | -954M | -2.0B | -1.7B | -1.4B | -1.2B | -1.2B |
| Current Assets | 3.6B | 4.0B | 4.2B | 4.6B | 4.6B | 5.0B | 6.8B | 6.4B | 6.6B | 6.8B | 7.3B | 8.3B | 8.3B |
| Current Liabilities | 4.5B | 4.7B | 4.7B | 4.8B | 5.0B | 5.5B | 6.3B | 7.4B | 8.6B | 8.5B | 8.7B | 9.5B | 9.5B |
| Per Share Data | |||||||||||||
| EPS | 31.57 | 36.03 | 40.70 | 44.07 | 48.77 | 63.43 | 71.93 | 95.19 | 117.19 | 132.36 | 149.55 | 144.87 | 0.00 |
| Owner EPS | 31.00 | 38.98 | 41.98 | 41.04 | 60.00 | 61.32 | 93.29 | 128.21 | 128.06 | 118.35 | 127.96 | 135.22 | -48.12 |
| Book Value | -47.86 | -52.83 | -58.62 | -49.15 | -55.44 | -67.22 | -36.44 | -78.84 | -170.70 | -227.71 | -266.79 | -197.99 | 0.00 |
| Cash Flow/Share | 39.58 | 48.85 | 53.82 | 54.04 | 75.85 | 83.48 | 112.90 | 154.32 | 154.89 | 153.95 | 168.74 | 180.77 | 37.56 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 33.9M | 32.2M | 30.5M | 29.1M | 27.4M | 25.5M | 24.1M | 22.8M | 20.7M | 19.1M | 17.8M | 17.2M | 16.3M |
| Valuation | |||||||||||||
| P/E Ratio | 17.1 | 20.2 | 18.5 | 11.9 | 15.7 | 17.3 | 16.5 | 16.3 | 18.5 | 18.7 | 21.4 | 29.0 | N/A |
| P/FCF | 20.2 | 21.4 | 19.9 | 15.0 | 13.5 | 17.1 | 12.7 | 12.2 | 17.7 | 22.0 | 29.5 | 40.4 | N/A |
| EV/EBIT | 12.3 | 14.3 | 13.4 | 9.5 | 14.1 | 14.8 | 12.7 | 13.0 | 15.4 | 15.6 | 17.2 | 22.4 | N/A |
| Price/Book | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Price/Sales | 1.8 | 2.0 | 2.2 | 1.8 | 1.6 | 2.0 | 2.1 | 2.1 | 2.5 | 2.7 | 2.7 | 3.2 | N/A |
| FCF Yield | 4.9% | 4.7% | 5.0% | 6.7% | 7.4% | 5.8% | 7.9% | 8.2% | 5.7% | 4.5% | 3.4% | 2.5% | N/A |
| Market Cap | 18.3B | 23.4B | 23.0B | 15.3B | 21.0B | 28.0B | 28.6B | 35.3B | 44.8B | 47.2B | 56.9B | 72.4B | 48.3B |
| Avg. Price | 496.00 | 628.11 | 765.84 | 690.84 | 664.32 | 936.92 | 1,101.82 | 1,326.43 | 1,963.29 | 2,439.86 | 2,812.55 | 3,481.93 | 2,957.41 |
| Year-End Price | 538.77 | 726.39 | 753.47 | 525.40 | 766.12 | 1,097.69 | 1,189.12 | 1,548.49 | 2,163.02 | 2,469.13 | 3,196.70 | 4,197.09 | 2,957.41 |
AUTOZONE INC passes 7 of 9 quality checks, indicating strong fundamentals.
AUTOZONE INC trades at 23.2x trailing earnings, compared to its 15-year median P/E of 17.9x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 25.7x vs a median of 17.4x. The company's 5-year average ROIC is 91.2% with a gross margin of 52.5%. Total shareholder yield (buybacks) is 3.3%. At current prices, the estimated annualized return to fair value is +8.2%.
AUTOZONE INC (AZO) has a net profit margin of 13.2%. This is a healthy margin.
AUTOZONE INC (AZO) generated $1.8 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
AUTOZONE INC (AZO) reported earnings per share (EPS) of $144.87 in its most recent fiscal year.
AUTOZONE INC (AZO) has a return on equity (ROE) of -61.2%. A negative ROE may indicate losses or negative equity.
AUTOZONE INC (AZO) has a 5-year average gross margin of 52.5%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 18 years of financial data for AUTOZONE INC (AZO), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
AUTOZONE INC (AZO) has a book value per share of $-197.99, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects to continue opening stores at an accelerated pace, reaching approximately 500 new store openings annually by fiscal 2028, with approximately 300 mega hub stores at full build-out, positioning more inventory closer to customers to improve service levels for both DIY and commercial segments. Capital expenditure is expected to remain at approximately $1.6 billion annually, with the majority directed toward accelerated store growth, hub and mega hub development, and technology investments to enhance customer service. The company anticipates continued same-SKU inflation in the mid-single-digit range driven by tariff impacts, with average ticket growth expected to moderate from the mid-4% range in Q4 as comparisons lap prior-year inflation, while DIY traffic is expected to improve as ticket growth slows and seasonal demand strengthens. Management remains focused on growing domestic commercial market share through expanded assortments and improved service levels, while international markets in Mexico and Brazil are expected to re-accelerate as local economies improve, with the company targeting approximately 14% of total store base outside the U.S. to grow further through continued international investment.
Based on recent SEC filings and earnings calls, AUTOZONE INC (AZO) has provided the following forward guidance: Store openings: approximately 365 stores (FY2026); Capital expenditure: approximately $1.6 billion (FY2027); Q4 same-store sales: in a similar range as Q3 (Q4 FY2026); Q4 average ticket growth: mid-4% range (Q4 FY2026); Annual store openings at full build-out: approximately 500 stores (FY2028), plus 1 additional metric.
Mega Hub store target at full build-out (Full build-out): “We continue to target having approximately 300 Mega Hubs at full build-out.”