AutoZone, Inc. AZO

Consumer DiscretionarySpecialty RetailersUnited States of America

Last close 3,169.82 USD on Nov 1, 2026, −6.5% year to date

Quant rating

Quant rating B Rank 136 of 344 in Consumer Discretionary

Growth B 119 of 344
Valuation C 214 of 344
Quality B 95 of 344
Revisions C 158 of 344
Momentum C 161 of 344

Wall Street consensus Buy (1.86)Average target 3,657.35 USD +15.4%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 51.0B
Enterprise value: 60.2B
52-week range: 2,732.32 – 3,994.85
3-year range: 2,490.72 – 4,354.54
Dividend yield: –
Beta (5 years): 0.39
Shares outstanding: 16.1M
Next earnings: Dec 7, 2026

About the company

AutoZone, Inc. is a retailer and distributor of automotive replacement parts and accessories in the Americas. Its Auto Parts Stores segment is a retailer and distributor of automotive parts and accessories through its approximately 7,856 stores in the United States, Mexico and Brazil. Each store carries an extensive product line for cars, sport utility vehicles, vans and light duty trucks, including new and remanufactured automotive hard parts, maintenance items, accessories and non-automotive products. The Company also sells automotive hard parts, maintenance items, accessories and non-automotive products through www.autozone.com, and its commercial customers can make purchases through www.autozonepro.com. In addition, the Company sells the ALLDATA brand of automotive diagnostic, repair, collision and shop management software through www.alldata.com. It also provides product information on its Duralast-branded products through www.duralastparts.com.

Growth and profitability fiscal year ends August 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	20,339	18,939	18,490	17,457	16,252	–
Revenue growth	7.4%	2.4%	5.9%	7.4%	11.1%	6.8%
EPS (basic, normalized)	152.55	144.87	149.55	132.36	117.19	–
EPS growth	5.3%	−3.1%	13.0%	12.9%	–	–
Gross margin	52.3%	52.6%	53.1%	52.0%	52.1%	52.4%
Net margin	12.6%	13.2%	14.4%	14.5%	14.9%	13.9%
ROE	–	–	–	–	–	–

Balance sheet, last quarter
Cash & short-term investments (mil)	340
Current ratio	0.90x
Long-term debt (mil)	9,078
Net debt (mil)	8,738
Total equity (mil)	−2,502
Net debt / equity	−3.49x
Net debt / EBITDA	1.98x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	20,339	+7.4%	3.0x	4,408	+3.2%	13.7x	152.55	+5.3%	20.8x
2027	21,805	+7.2%	2.8x	4,783	+8.5%	12.6x	169.67	+11.2%	18.7x
2028	23,331	+7.0%	2.6x	5,058	+5.7%	11.9x	191.21	+12.7%	16.6x
2029	24,930	+6.9%	2.4x	5,396	+6.7%	11.2x	216.15	+13.0%	14.7x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	21,805	−0.1%	−1.0%	−1.4%	169.67	−0.2%	−3.4%	−3.2%
2028	23,331	−0.1%	−1.1%	−1.8%	191.21	+0.2%	−2.5%	−1.7%
2029	24,930	−0.1%	−2.3%	−1.1%	216.15	+0.6%	−2.7%	−5.9%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	May 2024	Aug 2024	Nov 2024	Feb 2025	May 2025	Aug 2025	Nov 2025	Feb 2026	May 2026	Aug 2026
Sales reported (mil)	4,235	6,205	4,280	3,952	4,464	6,243	4,629	4,274	4,841	6,595
Sales mean (mil)	4,293	6,221	4,302	3,981	4,356	6,245	4,637	4,310	4,829	6,700
Surprise	−1.3%	−0.3%	−0.5%	−0.7%	+2.5%	0.0%	−0.2%	−0.8%	+0.3%	−1.6%
EPS reported	36.69	51.58	32.52	28.29	35.36	48.71	31.04	27.63	38.07	56.05
EPS mean	35.96	53.53	33.55	29.11	37.11	50.80	32.51	27.13	36.28	53.86
Surprise	+2.0%	−3.6%	−3.1%	−2.8%	−4.7%	−4.1%	−4.5%	+1.8%	+4.9%	+4.1%

Peer comparison Specialty Retailers

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
AZO AutoZone, Inc.	51.0B	1.98x	12.6%	−20.49x	18.7x	16.6x	12.6x	11.9x
HD The Home Depot, Inc.	328.4B	2.03x	8.6%	19.77x	21.9x	20.6x	14.9x	14.3x
LOW Lowe's Companies Inc	117.3B	2.71x	7.7%	−15.77x	17.0x	16.1x	11.8x	11.5x
ORLY O'Reilly Automotive, Inc.	70.9B	1.89x	14.3%	−33.88x	26.6x	24.1x	18.0x	16.8x
CVNA Carvana Co	75.3B	1.36x	6.9%	17.30x	42.0x	30.2x	26.7x	20.2x
WSM Williams-Sonoma Inc	29.8B	−0.62x	13.9%	13.90x	26.6x	24.0x	16.5x	15.4x
Mean		1.56x	10.7%	−3.19x	25.5x	22.0x	16.7x	15.0x
Median		1.94x	10.6%	−0.93x	24.2x	22.3x	15.7x	14.9x

Technical analysis

1M+8.8%
3M+1.6%
1Y−16.6%
3Y+29.6%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, AutoZone, Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	20,339	18,939	18,490	17,457	16,252	14,630
Cost of revenue	9,694	8,972	8,673	8,387	7,780	6,912
Gross profit	10,645	9,966	9,817	9,070	8,473	7,718
Selling, general & administrative expenses	6,922	6,356	6,028	5,596	5,202	4,730
Research & development	–	–	–	–	–	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	–	–	–	–	43.0
Other operating expenses	0	0	0	0	0	0
Operating income	3,723	3,610	3,789	3,474	3,271	2,945
Net interest income (expense)	−473	−476	−452	−306	−192	−195
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	3,251	3,134	3,337	3,168	3,079	2,749
Provision for taxes	678	636	675	639	649	579
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	2,573	2,498	2,662	2,528	2,430	2,170
Extraordinary items	–	–	–	–	–	–
Net income	2,573	2,498	2,662	2,528	2,430	2,170
EBIT, normalized	3,723	3,610	3,789	3,474	3,271	2,988
EBITDA, normalized	4,408	4,223	4,338	3,972	3,713	3,395
Basic EPS, normalized	152.55	144.87	149.55	132.36	117.19	–

Balance sheet in millions of USD, fiscal years

Balance sheet, AutoZone, Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	326	290	337	317	314	1,217
Receivables	–	670	546	520	505	378
Total inventory	7,736	7,026	6,155	5,764	5,638	4,640
Prepaid expenses	–	–	–	–	–	–
Other current assets	1,044	355	269	178	171	180
Total current assets	9,106	8,341	7,307	6,779	6,628	6,415
Property, plant & equipment	11,526	10,257	9,241	8,595	8,089	7,576
Goodwill	–	303	303	303	303	303
Intangibles	–	–	–	–	–	–
Long-term investments	–	105	83.7	81.9	62.8	67.9
Note receivable	–	–	–	–	–	–
Other long-term assets	998	349	242	227	192	155
Total assets	21,631	19,355	17,177	15,986	15,275	14,516
Liabilities
Accounts payable	8,597	8,026	7,356	7,201	7,301	6,014
Payable/accrued	–	–	–	–	–	–
Accrued expenses	–	1,116	1,051	1,051	1,065	1,102
Short-term debt	–	0	0	0	0	0
Current portion of long-term debt	–	112	116	86.9	92.9	89.9
Other current liabilities	1,510	267	192	173	129	163
Total current liabilities	10,107	9,519	8,714	8,512	8,588	7,370
Long-term debt	–	9,088	9,308	7,869	6,340	5,456
Minority interest	–	–	–	–	–	–
Other liabilities	–	4,162	3,904	3,955	3,886	3,488
Total liabilities	–	22,770	21,926	20,336	18,814	16,314
Shareholders' equity
Preferred stock	–	–	–	0	0	–
Common stock	–	0.2	0.2	0.2	0.2	0.2
Additional paid-in capital	–	1,844	1,622	1,485	1,354	1,466
Retained earnings (accumulated deficit)	–	−3,976	−4,425	−2,959	−1,330	−420
Treasury stock	–	−997	−1,585	−2,685	−3,263	−2,536
Other equity	−2,502	−285	−362	−191	−301	−308
Total equity	−2,502	−3,414	−4,750	−4,350	−3,539	−1,798
Total liabilities & shareholders' equity	21,631	19,355	17,177	15,986	15,275	14,516

Cash flow statement in millions of USD, fiscal years

Cash flow statement, AutoZone, Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	–	2,498	2,662	2,528	2,430	2,170
Depreciation, depletion & amortization	684	613	550	498	442	408
Deferred taxes	–	115	−254	−25.7	186	−34.4
Non-cash items	–	202	78.2	146	81.9	69.0
Changes in working capital	–	−311	−31.9	−206	71.8	906
Cash from operations	3,303	3,117	3,004	2,941	3,211	3,519
Investing activities
Capital expenditures	−1,496	−1,327	−1,073	−797	−672	−622
Other investing cash flows	–	−73.2	−214	−79.5	24.3	20.0
Cash from investing	–	−1,400	−1,287	−876	−648	−602
Financing activities
Financing cash flow items	–	−13.4	−4.2	−18.2	−10.7	0
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	–	−1,733	−1,680	−2,042	−3,460	−3,500
Cash from financing	–	−1,747	−1,684	−2,060	−3,470	−3,500
Foreign exchange effects	–	3.5	−12.8	8.1	0.5	4.2
Net change in cash	–	−26.4	21.1	12.7	−907	−579
Free cash flow	1,807	1,790	1,931	2,144	2,539	2,897

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.