AutoZone
AutoZone's revenue rose 7.4% to $20.3 billion in fiscal 2026. Its operating margin was 18.3%, down from 19.1% a year earlier. Free cash flow was $1.8 billion, up 1.4%. It paid out $2.0 billion in dividends and buybacks, 111% of free cash flow. The diluted share count fell 2.2%.
Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.
What AutoZone does
AutoZone sells replacement parts and accessories for cars, sport utility vehicles, vans and light trucks. Its stores carry new and remade hard parts, maintenance items, accessories and some non-automotive products. Customers are people who fix their own vehicles and, through a commercial program, repair garages, dealers, service stations and fleet owners. The company also sells online and sells ALLDATA, software that repair shops use for diagnostics, repair and shop management.
AutoZone makes its money by selling these products. It says it does not earn revenue from repair or installation services. At the end of its 2026 fiscal year it ran 6,863 stores in the United States, 1,001 in Mexico and 167 in Brazil. Most stores also deliver parts quickly to commercial customers and offer them credit.
AutoZone says it competes on service, selection, price, location and its brand. Its competitors include national, regional and local parts chains, independent parts stores, online sellers, repair shops, auto dealers and general retailers that sell car supplies. It employed about 132,000 people, around 21,000 of them outside the United States.
Its biggest risks, as it describes them
- Tariffs and trade policy changes that could raise the cost of the merchandise it imports.
- Slower demand for parts, which depends on how many older vehicles are in service and how much people drive.
- Losing key executives or failing to hire and keep qualified people.
- Problems with its suppliers or its access to products.
- Currency exchange rate swings affecting its stores outside the United States.
Charts show fiscal years, from the 10-K filings.
Revenue and margins
Net income and earnings per share
From fiscal 2017 to 2026, earnings per share grew 14.8% a year and net income 8.1% a year, as buybacks cut the share count by 42%.
Returns on capital
Cash flow
Payouts and share count
Valuation
Two ways to value AutoZone yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.
Discounted cash flow (DCF)
A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from AutoZone's 10-K and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.
Value per share on three example scenarios, from AutoZone's cash from operations minus depreciation in fiscal 2026 (free cash flow before spending to grow: capital spending was 2.1 times depreciation, which holds its free cash flow down) of $2.6B, net cash of −$9.2B at August 29, 2026 and 17 million diluted shares, from its filings. The scenarios are fitted to AutoZone: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 5.2% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 9% for a business of moderate risk (Automotive Retail); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.
- Last close, October 26, 2026
- $3,190.07
- Value on these assumptions, against the last close
- —
- Cash flows in years 1 to 10, valued today
- —
- Everything after year 10, valued today
- —
- Plus net cash
- —
- Share of value from after year 10
How the value changes with two assumptions
Price-to-earnings (P/E) method
Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.
Value per share on three example scenarios, from AutoZone's earnings per share of $152.55 (in fiscal 2026). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 17.7×, the middle of AutoZone's own P/E today, its peers' median and its sector's median (the Consumer Discretionary median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 10%, 9% and 8%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.
- Last close, October 26, 2026
- $3,190.07
- Value at this multiple, against the last close
- —
- AutoZone's P/E at the last close
- 20.9×
| Company | Last close | Earnings per share | P/E today |
|---|---|---|---|
| AutoZoneAZO | $3,190.07 | $152.55 | 20.9× |
| Murphy USAMUSA | $539.14 | $32.77 | 16.5× |
| Group 1 AutomotiveGPI | $243.88 | $24.16 | 10.1× |
| Asbury Automotive GroupABG | $172.96 | $26.78 | 6.5× |
Balance sheet
| Fiscal year end | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash and short-term investments | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 |
| Debt incl. finance leases | 6.4 | 8.0 | 9.4 | 9.2 | 9.5 |
| Net debt (negative means net cash) | 6.2 | 7.7 | 9.1 | 8.9 | 9.2 |
| Net debt to EBITDA | 1.7x | 1.9x | 2.1x | 2.1x | 2.1x |
| Debt to equity | — | — | — | — | — |
| Interest coverage | 16.4x | 10.8x | 8.1x | 7.4x | 7.6x |
| Current ratio | 0.8x | 0.8x | 0.8x | 0.9x | 0.9x |
| Quick ratio | 0.1x | 0.1x | 0.1x | 0.1x | 0.1x |
Insider trades
Over the 12 months between October 27, 2025 and October 26, 2026, 3 insiders bought $1.7 million of AutoZone shares on the open market, and 5 insiders sold $40.0 million, $1.1 million of it under trading plans set up in advance.
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 7, 2026 | Dennis W. LeRicheSr. Vice President | Sold | 1,455 | $3,100.00 | $4.5 million | Form 4 |
| May 29, 2026 | Brian HannaschDirector | Bought | 165 | $2,987.00 | $492,855 | Form 4 |
| Apr 10, 2026 | Earl G Graves JrDirector | Sold | 50 | $3,478.72 | $173,936 | Form 4 |
| Jan 23, 2026 | Richard Craig SmithSr. Vice President | Sold | 5,910 | $3,700.00 | $21.9 million | Form 4 |
| Jan 16, 2026 | Richard Craig SmithSr. Vice President | Sold | 3,190 | $3,500.00 | $11.2 million | Form 4 |
| Jan 2, 2026 | Earl G Graves JrDirector | Sold | 250 | $3,295.00 | $823,750 | Form 4 |
| Jan 2, 2026 | George R Mrkonic JrDirector | Sold | 97 | $3,341.99 | $323,538 | Form 4 |
| Dec 22, 2025 | Michael A GeorgeDirector | Bought | 145 | $3,398.13 | $492,729 | Form 4 |
| Dec 18, 2025 | Brian HannaschDirector | Bought | 147 | $3,393.09 | $498,784 | Form 4 |
| Dec 10, 2025 | Jamere JacksonCFO | Bought | 55 | $3,413.50 | $187,742 | Form 4 |
| Oct 27, 2025 | Borninkhof K. MichelleSenior Vice President & CIO | Sold plan | 300 | $3,775.00 | $1.1 million | Form 4 |
Piotroski F-score
The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.
| Test | FY24 | FY25 | FY26 |
|---|---|---|---|
| Net income is positive | Pass | Pass | Pass |
| Cash from operations is positive | Pass | Pass | Pass |
| Return on assets rose | Pass | Fail | Fail |
| Cash from operations exceeds net income | Pass | Pass | Pass |
| Debt fell relative to assets | Fail | Pass | Pass |
| Current ratio rose | Pass | Pass | Pass |
| Share count didn't rise | Pass | Pass | Pass |
| Gross margin rose | Pass | Fail | Fail |
| Revenue rose relative to assets | Pass | Fail | Fail |
| F-score | 8 of 9 | 6 of 9 | 6 of 9 |
| Accruals ratio | −2.1% | −3.4% | −3.3% |
Compare
Put AutoZone side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.
Similar companies
| Company | Year | Revenue growth | Operating margin | Free cash flow margin | Return on capital | Net debt to EBITDA | F-score | Compare |
|---|---|---|---|---|---|---|---|---|
| AutoZone | FY26 | 7.4% | 18.3% | 8.9% | 48.4% | 2.1x | 6 | |
| Carvana | FY25 | 48.6% | 9.3% | 4.4% | 24.6% | — | 6 | Compare |
| Murphy USA | FY25 | −4.2% | 3.7% | 1.9% | 20.5% | 2.2x | 5 | Compare |
| Group 1 Automotive | FY25 | 13.2% | 3.2% | 1.9% | 8.6% | — | 5 | Compare |
| Asbury Automotive Group | FY25 | 4.7% | 4.8% | — | 9.2% | 3.7x | 6 | Compare |
10 years of figures
| Fiscal year | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | 10.9 | 11.2 | 11.9 | 12.6 | 14.6 | 16.3 | 17.5 | 18.5 | 18.9 | 20.3 |
| Revenue growth | 2.4% | 3.0% | 5.7% | 6.5% | 15.8% | 11.1% | 7.4% | 5.9% | 2.4% | 7.4% |
| Gross profit | 5.7 | 6.0 | 6.4 | 6.8 | 7.7 | 8.5 | 9.1 | 9.8 | 10.0 | 10.6 |
| Research and development | — | — | — | — | — | — | — | — | — | — |
| Operating income | 2.1 | 1.8 | 2.2 | 2.4 | 2.9 | 3.3 | 3.5 | 3.8 | 3.6 | 3.7 |
| Net income | 1.3 | 1.3 | 1.6 | 1.7 | 2.2 | 2.4 | 2.5 | 2.7 | 2.5 | 2.6 |
| Diluted EPS (US$) | 44.07 | 48.77 | 63.43 | 71.93 | 95.19 | 117.19 | 132.36 | 149.55 | 144.87 | 152.55 |
| Diluted shares (millions) | 29 | 27 | 26 | 24 | 23 | 21 | 19 | 18 | 17 | 17 |
| Cash flow | ||||||||||
| Cash from operations | 1.6 | 2.1 | 2.1 | 2.7 | 3.5 | 3.2 | 2.9 | 3.0 | 3.1 | 3.2 |
| Capital expenditure | 0.6 | 0.5 | 0.5 | 0.5 | 0.6 | 0.7 | 0.8 | 1.1 | 1.3 | 1.4 |
| Free cash flow | 1.0 | 1.6 | 1.6 | 2.3 | 2.9 | 2.5 | 2.1 | 1.9 | 1.8 | 1.8 |
| Dividends paid | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Share buybacks | 1.1 | 1.6 | 2.0 | 0.9 | 3.4 | 4.4 | 3.7 | 3.1 | 1.6 | 2.0 |
| Acquisitions | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Stock-based compensation | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 |
| Balance sheet at fiscal year end | ||||||||||
| Cash and short-term investments | 0.3 | 0.2 | 0.2 | 1.8 | 1.2 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 |
| Debt incl. finance leases | 5.1 | 5.0 | 5.2 | 5.7 | 5.5 | 6.4 | 8.0 | 9.4 | 9.2 | 9.5 |
| Total assets | 9.3 | 9.3 | 9.9 | 14.4 | 14.5 | 15.3 | 16.0 | 17.2 | 19.4 | 21.6 |
| Total liabilities | 10.7 | 10.9 | 11.6 | 15.3 | 16.3 | 18.8 | 20.3 | 21.9 | 22.8 | 24.1 |
| Shareholders' equity | −1.4 | −1.5 | −1.7 | −0.9 | −1.8 | −3.5 | −4.3 | −4.7 | −3.4 | −2.5 |
| Margins and ratios | ||||||||||
| Gross margin | 52.7% | 53.2% | 53.6% | 53.6% | 52.8% | 52.1% | 52.0% | 53.1% | 52.6% | 52.3% |
| Operating margin | 19.1% | 16.1% | 18.7% | 19.1% | 20.1% | 20.1% | 19.9% | 20.5% | 19.1% | 18.3% |
| Net margin | 11.8% | 11.9% | 13.6% | 13.7% | 14.8% | 14.9% | 14.5% | 14.4% | 13.2% | 12.7% |
| Free cash flow margin | 9.3% | 13.9% | 13.8% | 17.9% | 19.8% | 15.6% | 12.3% | 10.4% | 9.4% | 8.9% |
| Return on capital | 43.9% | 44.7% | 53.6% | 58.9% | 81.8% | 99.2% | 93.1% | 78.5% | 58.2% | 48.4% |
| Return on equity | — | — | — | — | — | — | — | — | — | — |
| Return on assets | 14.3% | 14.4% | 16.8% | 14.2% | 15.0% | 16.3% | 16.2% | 16.1% | 13.7% | 12.6% |
| Net debt to EBITDA | 2.0x | 2.2x | 1.9x | 1.4x | 1.3x | 1.7x | 1.9x | 2.1x | 2.1x | 2.1x |