Current Ratio
since 2005
Calculation
AutoZone Inc., current ratio, long-term trends, calculation
| Current ratio | = | Current assets1 | ÷ | Current liabilities1 | |
|---|---|---|---|---|---|
| Aug 26, 2023 | 0.80 | = | 6,779,426) | ÷ | 8,511,856) |
| Aug 27, 2022 | 0.77 | = | 6,627,984) | ÷ | 8,588,393) |
| Aug 28, 2021 | 0.87 | = | 6,415,303) | ÷ | 7,369,754) |
| Aug 29, 2020 | 1.08 | = | 6,811,872) | ÷ | 6,283,091) |
| Aug 31, 2019 | 0.91 | = | 5,028,685) | ÷ | 5,512,141) |
| Aug 25, 2018 | 0.92 | = | 4,635,869) | ÷ | 5,028,681) |
| Aug 26, 2017 | 0.97 | = | 4,611,255) | ÷ | 4,766,301) |
| Aug 27, 2016 | 0.90 | = | 4,239,573) | ÷ | 4,690,320) |
| Aug 29, 2015 | 0.84 | = | 3,970,294) | ÷ | 4,712,873) |
| Aug 30, 2014 | 0.79 | = | 3,580,612) | ÷ | 4,541,094) |
| Aug 31, 2013 | 0.79 | = | 3,278,013) | ÷ | 4,169,150) |
| Aug 25, 2012 | 0.81 | = | 2,978,946) | ÷ | 3,655,592) |
| Aug 27, 2011 | 0.81 | = | 2,792,425) | ÷ | 3,430,896) |
| Aug 28, 2010 | 0.85 | = | 2,611,821) | ÷ | 3,063,960) |
| Aug 29, 2009 | 0.95 | = | 2,561,730) | ÷ | 2,706,752) |
| Aug 30, 2008 | 1.03 | = | 2,586,301) | ÷ | 2,519,320) |
| Aug 25, 2007 | 0.99 | = | 2,270,455) | ÷ | 2,285,895) |
| Aug 26, 2006 | 1.03 | = | 2,118,927) | ÷ | 2,054,568) |
| Aug 27, 2005 | 1.07 | = | 1,929,459) | ÷ | 1,811,159) |
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), 10-K (reporting date: 2017-08-26), 10-K (reporting date: 2016-08-27), 10-K (reporting date: 2015-08-29), 10-K (reporting date: 2014-08-30), 10-K (reporting date: 2013-08-31), 10-K (reporting date: 2012-08-25), 10-K (reporting date: 2011-08-27), 10-K (reporting date: 2010-08-28), 10-K (reporting date: 2009-08-29), 10-K (reporting date: 2008-08-30), 10-K (reporting date: 2007-08-25), 10-K (reporting date: 2006-08-26), 10-K (reporting date: 2005-08-27).
1 US$ in thousands
The financial data indicates a long-term structural shift in the liquidity position of the organization. Over the period from 2005 to 2023, a trend is observed where current liabilities have grown at a more aggressive rate than current assets, resulting in a general compression of the current ratio and a transition toward a lean working capital strategy.
- Liquidity Ratio Trends
- The current ratio began at 1.07 in 2005 and experienced a steady decline over the following decade, reaching a trough of 0.79 in 2013 and 2014. While there was a partial recovery toward 0.97 by 2017, the ratio remained below the 1.0 threshold for the majority of the observed period, suggesting a consistent operational preference for utilizing short-term liabilities to fund assets.
- Asset and Liability Growth Divergence
- Current assets grew from approximately $1.93 billion in 2005 to $6.78 billion in 2023. During the same interval, current liabilities increased more substantially, rising from $1.81 billion to $8.51 billion. This divergence highlights that liability accumulation has outpaced asset growth, contributing to the sustained reduction in the current ratio.
- Recent Volatility and Stabilization
- A notable spike in liquidity occurred in 2020, when the current ratio rose to 1.08, marking the only instance since 2006 where the ratio exceeded 1.0. This peak was followed by a sharp correction to 0.77 in 2022, before stabilizing at 0.80 in 2023. This volatility in the final years of the data suggests significant shifts in short-term financing or changes in asset management strategies during that window.
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Comparison to Competitors
AutoZone Inc., current ratio, long-term trends, comparison to competitors
| AutoZone Inc. | Amazon.com Inc. | Home Depot Inc. | Lowe’s Cos. Inc. | TJX Cos. Inc. | |
|---|---|---|---|---|---|
| Aug 26, 2023 | 0.80 | 1.05 | 1.41 | 1.10 | 1.21 |
| Aug 27, 2022 | 0.77 | 0.94 | 1.01 | 1.02 | 1.27 |
| Aug 28, 2021 | 0.87 | 1.14 | 1.23 | 1.19 | 1.46 |
| Aug 29, 2020 | 1.08 | 1.05 | 1.08 | 1.01 | 1.24 |
| Aug 31, 2019 | 0.91 | 1.10 | 1.11 | 0.98 | 1.53 |
| Aug 25, 2018 | 0.92 | 1.10 | 1.17 | 1.06 | 1.66 |
| Aug 26, 2017 | 0.97 | 1.04 | 1.25 | 1.00 | 1.63 |
| Aug 27, 2016 | 0.90 | 1.04 | 1.36 | 1.01 | 1.54 |
| Aug 29, 2015 | 0.84 | 1.08 | 1.36 | 1.08 | 1.71 |
| Aug 30, 2014 | 0.79 | 1.12 | 1.42 | 1.16 | 1.72 |
| Aug 31, 2013 | 0.79 | 1.07 | 1.34 | 1.27 | 1.52 |
| Aug 25, 2012 | 0.81 | 1.12 | 1.55 | 1.28 | 1.68 |
| Aug 27, 2011 | 0.81 | 1.17 | 1.33 | 1.40 | 1.63 |
| Aug 28, 2010 | 0.85 | 1.33 | 1.34 | 1.32 | 1.66 |
| Aug 29, 2009 | 0.95 | 1.33 | 1.20 | 1.15 | 1.31 |
| Aug 30, 2008 | 1.03 | 1.30 | 1.15 | 1.12 | 1.45 |
| Aug 25, 2007 | 0.99 | 1.39 | 1.39 | 1.27 | 1.57 |
| Aug 26, 2006 | 1.03 | 1.33 | 1.19 | 1.34 | 1.39 |
| Aug 27, 2005 | 1.07 | 1.52 | 1.35 | 1.22 | 1.32 |
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), 10-K (reporting date: 2017-08-26), 10-K (reporting date: 2016-08-27), 10-K (reporting date: 2015-08-29), 10-K (reporting date: 2014-08-30), 10-K (reporting date: 2013-08-31), 10-K (reporting date: 2012-08-25), 10-K (reporting date: 2011-08-27), 10-K (reporting date: 2010-08-28), 10-K (reporting date: 2009-08-29), 10-K (reporting date: 2008-08-30), 10-K (reporting date: 2007-08-25), 10-K (reporting date: 2006-08-26), 10-K (reporting date: 2005-08-27).
Comparison to Sector (Consumer Discretionary Distribution & Retail)
AutoZone Inc., current ratio, long-term trends, comparison to sector (consumer discretionary distribution & retail)
| AutoZone Inc. | Consumer Discretionary Distribution & Retail | |
|---|---|---|
| Aug 26, 2023 | 0.80 | 1.10 |
| Aug 27, 2022 | 0.77 | 0.98 |
| Aug 28, 2021 | 0.87 | 1.17 |
| Aug 29, 2020 | 1.08 | 1.06 |
| Aug 31, 2019 | 0.91 | 1.10 |
| Aug 25, 2018 | 0.92 | 1.13 |
| Aug 26, 2017 | 0.97 | 1.10 |
| Aug 27, 2016 | 0.90 | 1.12 |
| Aug 29, 2015 | 0.84 | 1.17 |
| Aug 30, 2014 | 0.79 | 1.23 |
| Aug 31, 2013 | 0.79 | 1.21 |
| Aug 25, 2012 | 0.81 | 1.30 |
| Aug 27, 2011 | 0.81 | 1.31 |
| Aug 28, 2010 | 0.85 | 1.36 |
| Aug 29, 2009 | 0.95 | 1.23 |
| Aug 30, 2008 | 1.03 | 1.20 |
| Aug 25, 2007 | 0.99 | 1.38 |
| Aug 26, 2006 | 1.03 | 1.26 |
| Aug 27, 2005 | 1.07 | 1.32 |
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), 10-K (reporting date: 2017-08-26), 10-K (reporting date: 2016-08-27), 10-K (reporting date: 2015-08-29), 10-K (reporting date: 2014-08-30), 10-K (reporting date: 2013-08-31), 10-K (reporting date: 2012-08-25), 10-K (reporting date: 2011-08-27), 10-K (reporting date: 2010-08-28), 10-K (reporting date: 2009-08-29), 10-K (reporting date: 2008-08-30), 10-K (reporting date: 2007-08-25), 10-K (reporting date: 2006-08-26), 10-K (reporting date: 2005-08-27).
Comparison to Industry (Consumer Discretionary)
AutoZone Inc., current ratio, long-term trends, comparison to industry (consumer discretionary)
| AutoZone Inc. | Consumer Discretionary | |
|---|---|---|
| Aug 26, 2023 | 0.80 | 1.20 |
| Aug 27, 2022 | 0.77 | 1.15 |
| Aug 28, 2021 | 0.87 | 1.25 |
| Aug 29, 2020 | 1.08 | 1.19 |
| Aug 31, 2019 | 0.91 | 1.10 |
| Aug 25, 2018 | 0.92 | 1.15 |
| Aug 26, 2017 | 0.97 | 1.15 |
| Aug 27, 2016 | 0.90 | 1.12 |
| Aug 29, 2015 | 0.84 | 1.25 |
| Aug 30, 2014 | 0.79 | 1.11 |
| Aug 31, 2013 | 0.79 | 1.15 |
| Aug 25, 2012 | 0.81 | 1.14 |
| Aug 27, 2011 | 0.81 | 1.31 |
| Aug 28, 2010 | 0.85 | 1.24 |
| Aug 29, 2009 | 0.95 | 1.25 |
| Aug 30, 2008 | 1.03 | 0.96 |
| Aug 25, 2007 | 0.99 | 1.21 |
| Aug 26, 2006 | 1.03 | 1.15 |
| Aug 27, 2005 | 1.07 | 1.10 |
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), 10-K (reporting date: 2017-08-26), 10-K (reporting date: 2016-08-27), 10-K (reporting date: 2015-08-29), 10-K (reporting date: 2014-08-30), 10-K (reporting date: 2013-08-31), 10-K (reporting date: 2012-08-25), 10-K (reporting date: 2011-08-27), 10-K (reporting date: 2010-08-28), 10-K (reporting date: 2009-08-29), 10-K (reporting date: 2008-08-30), 10-K (reporting date: 2007-08-25), 10-K (reporting date: 2006-08-26), 10-K (reporting date: 2005-08-27).