Common-Size Income Statement
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- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Return on Equity (ROE) since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Revenues
- Analysis of Debt
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AutoZone Inc., common-size consolidated income statement
Based on: 10-K (reporting date: 2023-08-26), 10-K (reporting date: 2022-08-27), 10-K (reporting date: 2021-08-28), 10-K (reporting date: 2020-08-29), 10-K (reporting date: 2019-08-31), 10-K (reporting date: 2018-08-25).
- Cost of Sales and Gross Profit
- The cost of sales relative to net sales showed a gradual increase from -46.76% in 2018 to -48.04% in 2023. Correspondingly, gross profit as a percentage of net sales declined steadily from 53.24% to 51.96% over the same period, indicating a slight erosion in gross margins.
- Operating Expenses
- Operating, selling, general and administrative expenses as a percentage of net sales demonstrated a notable decrease from -37.1% in 2018 to around -32% by 2022 and 2023. This reduction suggests improved operational efficiency and cost control over the years.
- Operating Profit
- Operating profit margins improved significantly from 16.14% in 2018 to a peak of 20.13% in 2021, maintaining around 20% in the subsequent years. This reflects an overall enhancement in profitability at the operating level, likely supported by lower operating expenses despite increasing cost of sales.
- Interest Expense and Income
- Net interest expense relative to net sales decreased from -1.56% in 2018 to -1.18% by 2022, indicating reduced interest burden or more favorable financing costs during this period. However, there was an uptick to -1.75% in 2023, suggesting a rise in interest expenses or leverage. Interest income remained minimal and stable throughout the period.
- Income Before Taxes and Net Income
- Income before income taxes improved from 14.58% in 2018 to a high of 18.95% in 2022, signaling strong pre-tax profitability growth. However, a slight decline to 18.15% was observed in 2023. Income tax expense increased modestly as a percentage of net sales, peaking at -4% in 2022 before decreasing to -3.66% in 2023. Net income followed the upward trend, rising from 11.92% in 2018 to 14.95% in 2022, with a minor decrease to 14.48% in 2023, indicating sustained strong profitability despite minor fluctuations.