AZO
AUTOZONE INC
Consumer Discretionary • CIK: 0000866787
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Market Cap
$65.21B
P/E (TTM)
26.5x
Rev Growth (TTM)
+3.8%
Net Margin (TTM)
12.8%
FCF Yield (TTM)
2.8%
FCF Margin (TTM)
9.6%
Cash Flow Health
Free Cash Flow8/8 positive
TTM$1.9B
Q1 '26
$630M+23%
Q4 '26
$511M+21%
FCF Margin
TTM9.6%
Q1 '2613.6%+66%
Sector: 4.9%Top 25%
OCF Margin16.8%
OCF/NI1.32x
CapEx Coverage2.3x
FCF Yield2.8%
FCF Growth (2Y)-10%
Cash Conversion Cycle
-301 days
DSO: 12+DIO: 0−DPO: 312
Capital Allocation & Returns
Balanced
Total Shareholder YieldTTM
TTM2.2%
Div Yield0.0%
+Buyback (TTM)2.2%
Balancing returns with reinvestment
Dividend & Payout Metrics
Dividend Yield (TTM)0.0%
Free Cash Flow (TTM)$1.9B
Stock Repurchases (TTM)$1.5B
Capital Return / FCF79.0%
Est. Dividends Paid (TTM)$0
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
32.2%
Moderate
-0.2% YoY-7.5%
P25MedianP75
75th pctl (med: 0.2%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
14.7%
8Q: 15.4%
Asset Turnover
1.03x
8Q: 0.98x
Leverage (1+D/E)
-1.67x
D/E: -2.67x
DuPont: -25.5% ≈ 32.2% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
2.86x
8Q:2.73x
-7.0%
Invested Cap Turn
2.19x
8Q:2.09x
-13.6%
CapEx Intensity
15.8%
8Q:14.0%
CapEx/Depreciation
2.22x
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q1 2026 | Q4 2026 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2025 | Q3 2024 | Q2 2024 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $19.3B | $4.6B↓25.9% | $6.2B↑39.8% | $4.5B↑13.0% | $4.0B↓7.7% | $4.3B↓31.0% | $6.2B↑46.5% | $4.2B↑9.8% | $3.9B |
Operating Income | $3.6B | $784.2M↓34.4% | $1.2B↑38.1% | $866.2M↑22.6% | $706.8M↓16.0% | $841.1M↓35.1% | $1.3B↑44.0% | $900.2M↑21.1% | $743.2M |
Net Income | $2.5B | $530.8M↓36.6% | $837.0M↑37.6% | $608.4M↑24.7% | $487.9M↓13.6% | $564.9M↓37.4% | $902.2M↑38.4% | $651.7M↑26.5% | $515.0M |
Operating Cash Flow | $3.2B | $944.2M↓0.9% | $952.8M↑23.9% | $769.0M↑31.7% | $583.7M↓28.1% | $811.8M↓24.1% | $1.1B↑59.9% | $669.5M↑54.2% | $434.1M |
Free Cash Flow | $1.9B | $630.0M↑23.3% | $511.1M↑20.8% | $423.1M↑45.4% | $291.0M↓48.5% | $564.8M↓21.9% | $723.5M↑66.6% | $434.4M↑143.0% | $178.7M |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
26.5x
Volatile
8Q: 91.5x+3349%
Multiple expansion without fundamental improvement
Valuation Lenses
Earnings
26.5x
vs – sector
Cash Flow
38.0x
EV/FCF vs –
Growth-Adj
–PEG
N/A
Quality-Adj
0.8P/E per %ROIC
ROIC: 32.2%
Shareholder Returns
Dividend
–
Buyback
2.2%
Total Yield
2.2%
Market Cap$65.21B
EV–
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
17/100
Below Average
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Bottom 25%
-62.4%
8Q:–
Return on Invested Capital (ROIC)Top 25%
32.2%
8Q:–
-7.5%
vs Sector:0.2%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 14.7%
Asset Turnover: 1.03x
Earnings Quality
Cash Conversion
1.32x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin52.1%
Capital Efficiency
Invested Capital Turnover2.19x
Working Capital
Cash Conversion Cycle-301 days
Growth Quality & Momentum
Low Quality
Growth Quality Score
49/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
3.8%
OpInc Growth YoY
-6.8%
EPS Growth YoY
-4.1%
FCF 3Y CAGR
-10.0%
Growth Quality Analysis
⚠Working Capital Drag: FCF growth lagging revenue by 13.8%
Margin Quality & Sustainability
Moderate
Profitability Cascade
Gross
52.1%
Operating
18.4%
Top 25% in sector
Net
12.8%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
-3.2 pts
FCF: 9.6% | Net: 12.8%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Solid
Net Debt / EBITDA
–Net Debt: $8.31B
Interest Coverage
–
Leverage Metrics
Debt-to-Equity
-2.67x
Balance sheet risk & solvency analysis