AutoZone Inc
AZO—
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AutoZone Inc AI Insights
Informational only. Not investment advice.Snapshot
- Negative equity (-3.4B) with 8.0B payables vs 7.0B inventory - suppliers fund operations entirely, enabling aggressive buybacks[Common Stockholders Equity]
- Operating margin 19.1% TTM vs industry median 4.5% - 4.2x advantage from parts pricing power and scale[Operating Margin]
- Net margin 13.2% TTM vs industry 2.4% - 5.5x peer profitability despite 12.3B debt load[Net Margin]
Watch Triggers
- Accounts Payable: Decline >10% from 8.0B — Supplier terms tightening would force cash deployment, breaking the negative working capital model
- Interest Expense: Rise above 550M annually — Debt servicing consuming >15% of operating income signals refinancing stress
- Gross Margin: Drop below 50% — Pricing power erosion from Amazon/competitors would compress operating leverage
Bull Case
Supplier-financed model: 8.0B payables exceed 7.0B inventory, creating -1.2B working capital that funds expansion without equity dilution
Accounts PayableWorking CapitalInventory
Recession-resistant: DIY auto parts demand increases when consumers defer new car purchases, 19% operating margin provides cushion
Operating MarginNet Margin
Bear Case
12.3B debt at 487M interest expense TTM (2.9x EBITDA) with negative equity limits financial flexibility in downturn
Total DebtInterest ExpenseCommon Stockholders Equity
Gross profit declined -1.3% YoY while capex rose to 1.3B TTM - growth requires increasing investment with diminishing returns
Gross Profit 1yr GrowthCapital Expenditure
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
58%
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Forward Thesis
Buyback-driven EPS growth to continue 8-12% annually despite flat revenue
1-3yhigh
- 1.8B FCF TTM funds share repurchases
- Negative working capital model self-funds growth
- Aging vehicle fleet extends replacement cycle demand
443M buybacks TTM on 1.8B FCFEPS 144.87 on shrinking share countGross profit -1.3% YoY but margins stable
Valuation Context
Caveats
AZO Fundamentals
Retail Trade → Motor Vehicle and Parts Dealers
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$50.03B | — | ||
$62.41B | — | ||
21 | — | ||
$19.99B | +5.7% | — | |
$145.39 | -1.5% | — | |
18.0% | -1.6% | — | |
12.4% | -1.2% | — | |
$1.63B | -18.4% | — | |
0% | — | ||
Beta 5Y (Monthly) | unknown | — |
AZO Dividend History
No dividends
AZO Stock Splits
No stock splits
AZO SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
06/12/26 | 05/09/26 | 10-Q | |
03/20/26 | 02/14/26 | 10-Q | |
12/19/25 | 11/22/25 | 10-Q | |
10/27/25 | 08/30/25 | 10-K | |
06/13/25 | 05/10/25 | 10-Q | |
03/21/25 | 02/15/25 | 10-Q | |
12/20/24 | 11/23/24 | 10-Q | |
10/28/24 | 08/31/24 | 10-K | |
06/07/24 | 05/04/24 | 10-Q | |
03/15/24 | 02/10/24 | 10-Q | |
12/18/23 | 11/18/23 | 10-Q | |
10/24/23 | 08/26/23 | 10-K | |
06/09/23 | 05/06/23 | 10-Q | |
03/17/23 | 02/11/23 | 10-Q | |
12/20/22 | 11/19/22 | 10-Q | |
10/24/22 | 08/27/22 | 10-K | |
06/10/22 | 05/07/22 | 10-Q | |
03/18/22 | 02/12/22 | 10-Q | |
12/17/21 | 11/20/21 | 10-Q | |
10/25/21 | 08/28/21 | 10-K | |
06/11/21 | 05/08/21 | 10-Q | |
03/19/21 | 02/13/21 | 10-Q | |
12/18/20 | 11/21/20 | 10-Q | |
10/26/20 | 08/29/20 | 10-K | |
06/12/20 | 05/09/20 | 10-Q | |
03/17/20 | 02/15/20 | 10-Q | |
12/20/19 | 11/23/19 | 10-Q | |
10/28/19 | 08/31/19 | 10-K | |
06/07/19 | 05/04/19 | 10-Q | |
03/15/19 | 02/09/19 | 10-Q | |
12/18/18 | 11/17/18 | 10-Q | |
10/24/18 | 08/25/18 | 10-K | |
06/08/18 | 05/05/18 | 10-Q | |
03/16/18 | 02/10/18 | 10-Q | |
12/19/17 | 11/18/17 | 10-Q | |
10/25/17 | 08/26/17 | 10-K | |
06/14/17 | 05/06/17 | 10-Q | |
03/21/17 | 02/11/17 | 10-Q | |
12/14/16 | 11/19/16 | 10-Q | |
10/24/16 | 08/27/16 | 10-K | |
06/15/16 | 05/07/16 | 10-Q | |
03/22/16 | 02/13/16 | 10-Q | |
12/16/15 | 11/21/15 | 10-Q | |
10/26/15 | 08/29/15 | 10-K | |
06/17/15 | 05/09/15 | 10-Q | |
03/24/15 | 02/14/15 | 10-Q | |
12/18/14 | 11/22/14 | 10-Q | |
10/27/14 | 08/30/14 | 10-K | |
06/18/14 | 05/10/14 | 10-Q | |
03/25/14 | 02/15/14 | 10-Q | |
12/18/13 | 11/23/13 | 10-Q | |
10/28/13 | 08/31/13 | 10-K | |
06/12/13 | 05/04/13 | 10-Q | |
03/07/13 | 02/09/13 | 10-Q | |
12/13/12 | 11/17/12 | 10-Q | |
10/22/12 | 08/25/12 | 10-K | |
06/13/12 | 05/05/12 | 10-Q | |
03/08/12 | 02/19/12 | 10-Q | |
12/15/11 | 11/19/11 | 10-Q | |
10/24/11 | 08/27/11 | 10-K | |
06/15/11 | 05/07/11 | 10-Q | |
03/17/11 | 02/12/11 | 10-Q | |
12/16/10 | 11/20/10 | 10-Q | |
10/25/10 | 08/28/10 | 10-K | |
06/16/10 | 05/31/10 | 10-Q | |
03/18/10 | 02/28/10 | 10-Q | |
12/17/09 | 11/21/09 | 10-Q | |
10/26/09 | 08/29/09 | 10-K | |
06/18/09 | 05/31/09 | 10-Q | |
02/28/09 | 02/28/09 | Unknown | -- |
12/19/08 | 11/30/08 | Unknown | -- |
10/27/08 | 08/31/08 | 10-K | |
05/31/08 | 05/30/08 | Unknown | -- |
02/29/08 | 02/29/08 | Unknown | -- |
12/14/07 | 11/30/07 | Unknown | -- |
10/22/07 | 08/30/07 | Unknown | -- |
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02/28/07 | 02/28/07 | Unknown | -- |
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05/31/04 | 05/30/04 | Unknown | -- |
02/29/04 | 02/29/04 | Unknown | -- |
12/23/03 | 11/30/03 | Unknown | -- |
10/30/03 | 08/31/03 | 10-K | |
05/31/03 | 05/30/03 | Unknown | -- |
03/19/03 | 02/28/03 | Unknown | -- |
12/20/02 | 11/30/02 | Unknown | -- |
10/31/02 | 08/31/02 | ARS | |
05/31/02 | 05/30/02 | Unknown | -- |
02/28/02 | 02/28/02 | Unknown | -- |
12/18/01 | 11/30/01 | Unknown | -- |
11/16/01 | 08/30/01 | Unknown | -- |
05/31/01 | 05/30/01 | Unknown | -- |
02/28/01 | 02/28/01 | Unknown | -- |
12/14/00 | 11/30/00 | Unknown | -- |
10/27/00 | 08/30/00 | Unknown | -- |
05/31/00 | 05/30/00 | Unknown | -- |
02/29/00 | 02/29/00 | 8-K |