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AUTOZONE INC

AZO· NYSE· Retail-Auto & Home Supply Stores

Market cap
–
P/FCF
–
EV/Sales
–
FCF margin
8.9%
ROIC, 5 yr avg
76.4%
Revenue, 5 yr CAGR
+6.8%
We record prices for the companies we cover; AZO is not one of them yet.

Company statistics

From the 10-Ks, computed in code · point at a figure for its formula

Profile · FY2026

Market cap
–
Enterprise value
–
Diluted shares
16.9M
Revenue
$20.3B
Free cash flow
$1.8B
Owner earnings
$1.7B

Valuation · FY2026

P/E
–
P/FCF
–
P/Owner earnings
–
EV/Sales
–
EV/FCF
–
P/B
–

Margins · FY2026

Gross
52.3%
Operating
18.3%
Net
12.6%
Free cash flow
8.9%
Owner earnings
8.3%
Stock pay
0.7%

Returns

ROIC, FY2026
47.2%
ROIC, 5 yr avg
76.4%
ROE, FY2026
–
ROE, 5 yr avg
–

Growth (CAGR)

Revenue, 3 yr
5.2%
Revenue, 5 yr
6.8%
Revenue, 9 yr
7.2%
Diluted EPS, 3 yr
4.8%
Diluted EPS, 5 yr
9.9%
Diluted EPS, 9 yr
14.8%
Free cash flow, 3 yr
-5.4%
Free cash flow, 5 yr
-8.9%
Free cash flow, 9 yr
6.7%

Financial health · FY2026

Cash and investments
$326.1M
Total debt
$9.1B
Net debt
$8.8B
Debt/Equity
–
Debt/FCF
5.0x

Shareholder returns · FY2026

Dividend yield
–
Payout ratio
–
Buyback yield
–
Shareholder yield
–
Share count, 5 yr
-5.9%

Financials: ten years from the 10-Ks

Reported numbers open their filing · computed ones show the formula · ˢ split-adjusted

Revenue

$20.3B

+7.2% a year over 9 years

FY2017: Revenue $10.9BFY2018: Revenue $11.2BFY2019: Revenue $11.9BFY2020: Revenue $12.6BFY2021: Revenue $14.6BFY2022: Revenue $16.3BFY2023: Revenue $17.5BFY2024: Revenue $18.5BFY2025: Revenue $18.9BFY2026: Revenue $20.3B
FY2017FY2026

Margins

Gross52.3%Operating18.3%Net12.6%

FY2026

FY2017: Gross 52.7%, Operating 19.1%, Net 11.8%FY2018: Gross 53.2%, Operating 16.1%, Net 11.9%FY2019: Gross 53.7%, Operating 18.7%, Net 13.6%FY2020: Gross 53.6%, Operating 19.1%, Net 13.7%FY2021: Gross 52.8%, Operating 20.1%, Net 14.8%FY2022: Gross 52.1%, Operating 20.1%, Net 14.9%FY2023: Gross 52.0%, Operating 19.9%, Net 14.5%FY2024: Gross 53.1%, Operating 20.5%, Net 14.4%FY2025: Gross 52.6%, Operating 19.1%, Net 13.2%FY2026: Gross 52.3%, Operating 18.3%, Net 12.6%
FY2017FY2026

Free cash flow and owner earnings

Free cash flow$1.8BOwner earnings$1.7B

Free cash flow +6.7% a year

FY2017: Free cash flow $1.0B, Owner earnings $978.5MFY2018: Free cash flow $1.6B, Owner earnings $1.5BFY2019: Free cash flow $1.6B, Owner earnings $1.6BFY2020: Free cash flow $2.3B, Owner earnings $2.2BFY2021: Free cash flow $2.9B, Owner earnings $2.8BFY2022: Free cash flow $2.5B, Owner earnings $2.5BFY2023: Free cash flow $2.1B, Owner earnings $2.1BFY2024: Free cash flow $1.9B, Owner earnings $1.8BFY2025: Free cash flow $1.8B, Owner earnings $1.7BFY2026: Free cash flow $1.8B, Owner earnings $1.7B
FY2017FY2026

Diluted shares

16.9M

-42.0% over 9 years, net buybacks

FY2017: Diluted shares 29.1MFY2018: Diluted shares 27.4MFY2019: Diluted shares 25.5MFY2020: Diluted shares 24.1MFY2021: Diluted shares 22.8MFY2022: Diluted shares 20.7MFY2023: Diluted shares 19.1MFY2024: Diluted shares 17.8MFY2025: Diluted shares 17.2MFY2026: Diluted shares 16.9M
FY2017FY2026

Return on invested capital

47.2%

FY2026

FY2017: ROIC 41.2%FY2018: ROIC 45.3%FY2019: ROIC 53.2%FY2020: ROIC 65.5%FY2021: ROIC 101.0%FY2022: ROIC 111.3%FY2023: ROIC 91.2%FY2024: ROIC 76.0%FY2025: ROIC 56.3%FY2026: ROIC 47.2%
FY2017FY2026

Net debt (below zero)

-$8.8B

$8.8B more debt than cash

FY2017: Net cash -$4.8BFY2018: Net cash -$4.8BFY2019: Net cash -$5.0BFY2020: Net cash -$3.8BFY2021: Net cash -$4.1BFY2022: Net cash -$5.9BFY2023: Net cash -$7.4BFY2024: Net cash -$8.7BFY2025: Net cash -$8.5BFY2026: Net cash -$8.8B
FY2017FY2026

Every figure, year by year

Fiscal yearFY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
The business
Revenue$10.9B$11.2B$11.9B$12.6B$14.6B$16.3B$17.5B$18.5B$18.9B$20.3B
Revenue growth2.4%3.1%5.7%6.5%15.8%11.1%7.4%5.9%2.4%7.4%
Gross margin52.7%53.2%53.7%53.6%52.8%52.1%52.0%53.1%52.6%52.3%
Operating margin19.1%16.1%18.7%19.1%20.1%20.1%19.9%20.5%19.1%18.3%
Net income$1.3B$1.3B$1.6B$1.7B$2.2B$2.4B$2.5B$2.7B$2.5B$2.6B
Net margin11.8%11.9%13.6%13.7%14.8%14.9%14.5%14.4%13.2%12.6%
Diluted EPS$44.07$48.77$63.43$71.93$95.19$117.19$132.36$149.55$144.87$152.55
Return on invested capital?41.2%45.3%53.2%65.5%101.0%111.3%91.2%76.0%56.3%47.2%
Cash
Operating cash flow$1.6B$2.1B$2.1B$2.7B$3.5B$3.2B$2.9B$3.0B$3.1B$3.2B
Capital expenditure$553.8M$521.8M$496.1M$457.7M$621.8M$672.4M$796.7M$1.1B$1.3B$1.4B
Free cash flow$1.0B$1.6B$1.6B$2.3B$2.9B$2.5B$2.1B$1.9B$1.8B$1.8B
Stock-based compensation$38.2M$43.7M$43.3M$44.8M$56.1M$70.6M$93.1M$106.2M$124.7M$136.8M
Owner earnings?$978.5M$1.5B$1.6B$2.2B$2.8B$2.5B$2.1B$1.8B$1.7B$1.7B
Free cash flow per share$34.98$56.83$64.02$93.90$127.06$122.45$112.24$108.49$103.80$107.65
Capital allocation
Dividends paid––––––––––
Share repurchases$1.1B$1.6B$2.0B$930.9M$3.4B$4.4B$3.7B$3.1B$1.6B$2.0B
Diluted shares29.1M27.4M25.5M24.1M22.8M20.7M19.1M17.8M17.2M16.9M
Share count change?-4.7%-5.6%-7.0%-5.5%-5.4%-9.1%-7.9%-6.8%-3.1%-2.2%
Balance sheet
Cash and equivalents$293.3M$217.8M$176.3M$1.8B$1.2B$264.4M$277.1M$298.2M$271.8M$326.1M
Short-term investments––––––––––
Total debt$5.1B$5.0B$5.2B$5.5B$5.3B$6.1B$7.7B$9.0B$8.8B$9.1B
Net debt$4.8B$4.8B$5.0B$3.8B$4.1B$5.9B$7.4B$8.7B$8.5B$8.8B
Shareholders' equity-$1.4B-$1.5B-$1.7B-$878.0M-$1.8B-$3.5B-$4.3B-$4.7B-$3.4B-$2.5B

Latest filings

All on EDGAR
2026-10-27DEF 14AProxy statement
2026-10-2610-KAnnual report
2026-09-228-KEarnings release
2026-06-1210-QQuarterly report
2026-05-268-KEarnings release
2026-03-2010-QQuarterly report
2026-03-038-KEarnings release
2025-12-1910-QQuarterly report
2025-12-098-KEarnings release
2025-10-28DEF 14AProxy statement

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