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 analysis of the annual financial data reveals notable trends in current assets, current liabilities, and the resulting current ratio over the observed period.
- Current Assets
- Current assets exhibited a consistent upward trajectory from 2005 through 2023. Starting at approximately 1.93 billion US dollars in 2005, current assets steadily increased with occasional acceleration periods, reaching over 6.7 billion US dollars by 2023. This growth indicates an expansion in liquid resources and other short-term holdings over the years, reflecting potentially increased operational scale or liquidity management efforts.
- Current Liabilities
- Current liabilities also rose significantly throughout the period, beginning at about 1.81 billion US dollars in 2005 and climbing to around 8.5 billion US dollars in 2022 before slightly decreasing to approximately 8.5 billion in 2023. The upward trend is consistent, demonstrating a growing short-term obligation base which may be linked to the company's operational financing, supplier credit, or other liabilities required to support business growth.
- Current Ratio
- The current ratio showed variability with an overall declining trend in the earlier years, decreasing from 1.07 in 2005 to a low around 0.77 by 2022. This downtrend indicates that current liabilities grew faster than current assets over this timeframe, signaling potential pressures on liquidity. However, there is some recovery observed at the end of the period, with the ratio improving to 0.8 in 2023. Despite this slight improvement, the current ratio remained below 1.0 for most of the observed years, suggesting that current liabilities exceeded current assets and the company may have faced challenges in covering short-term obligations solely through current assets.
In summary, the company experienced substantial increases in both current assets and liabilities over the years, with liabilities generally outpacing assets, resulting in a current ratio below the conventional benchmark of 1.0 for the majority of the timeline. This pattern may imply cautious liquidity management and an emphasis on leveraging short-term obligations to support growth. The recent modest increase in current ratio might suggest efforts toward improving liquidity, but the ratio still reflects a relatively tight coverage of current liabilities by current assets.
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 | 1.18 |
| 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).