AUTOZONE INC
$3,259.70
+7.51 (+0.23%) · delayed · Nov 13, 2026
Five-year price
52w $2,730.65 to $3,996.25
- Market cap
- $52.5B
- Enterprise value
- $61.2B
- P/E
- 21.4×
- 21.9× on 3y avg EPS
- EV / EBIT
- 16.4×
- FCF yield
- 3.5%
- ROIC
- 47.2%
- Debt / equity
- —
- Piotroski F
- 6/9
Value scorecard · FY2026
Does it pass the value tests?
Quality
100
- ●ROIC > 12% (5y avg)5y avg ROIC 76.4%
- –ROE > 15% (5y avg)5y avg ROE n/a
- ●Stable operating marginsMargin volatility 0.8% (σ, 5y)
- ●Earnings convert to cashFCF / net income 81% (5y avg)
- ●Growing revenueRevenue CAGR 5y 6.8%
- ●Shrinking share countDiluted shares -26.0% over 5y
Value
0
- ○P/E below 15P/E 21.4
- ○EV/EBIT below 12EV/EBIT 16.4
- ○FCF yield above 6%FCF yield 3.5%
- –Price below Graham NumberGraham Number n/a
- –P/B below 3P/B n/a
Safety
50
- –Debt / equity below 0.5D/E n/a
- ●Debt payable in < 4 yrs of earningsNet debt $8.8B
- ○Interest coverage > 8xCoverage 7.6x
- ○Current ratio > 1.5Current ratio 0.90
- ●Piotroski F-score ≥ 6F-score 6/9
Graham Defensive
50
- ●Adequate size (revenue > $2B)Revenue $20.3B
- ○Strong condition (current ratio ≥ 2)Current ratio 0.90
- ●Earnings stability (no loss, 10y)10 years of data
- ○Uninterrupted dividendsDividends paid every year on record
- ●Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 186%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 21.9
- –P/E × P/B ≤ 22.5Product n/a
Valuation lab
What do you have to believe?
At $3,259.70, the market is pricing in about 12.6% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $8.8B · 16M shares · 5y revenue CAGR 6.8%
Intrinsic value
$1,954.58
Price
$3,259.70
Premium paid
67%
What the price implies
The market is paying for 12.6% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
59% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 10,889 | 11,221 | 11,864 | 12,632 | 14,630 | 16,252 | 17,457 | 18,490 | 18,939 | 20,339 |
| Gross profit | 5,740 | 5,974 | 6,365 | 6,771 | 7,718 | 8,473 | 9,070 | 9,817 | 9,966 | 10,645 |
| Operating income | 2,080 | 1,811 | 2,216 | 2,418 | 2,945 | 3,271 | 3,474 | 3,789 | 3,610 | 3,723 |
| Operating margin | 19.1% | 16.1% | 18.7% | 19.1% | 20.1% | 20.1% | 19.9% | 20.5% | 19.1% | 18.3% |
| Pre-tax income | 1,925 | 1,636 | 2,031 | 2,217 | 2,749 | 3,079 | 3,168 | 3,337 | 3,134 | 3,251 |
| Income tax | 645 | 299 | 414 | 484 | 579 | 649 | 639 | 675 | 636 | 678 |
| Net income | 1,281 | 1,338 | 1,617 | 1,733 | 2,170 | 2,430 | 2,528 | 2,662 | 2,498 | 2,573 |
| EPS (diluted) | 44.07 | 48.77 | 63.43 | 71.93 | 95.19 | 117.19 | 132.36 | 149.55 | 144.87 | 152.55 |
| Diluted shares | 29 | 27 | 25 | 24 | 23 | 21 | 19 | 18 | 17 | 17 |
Who owns it