Debt to Equity
since 2005
Calculation
AutoZone Inc., debt to equity, long-term trends, calculation
| Debt to equity | = | Total debt1 | ÷ | Stockholders’ equity (deficit)1 | |
|---|---|---|---|---|---|
| Aug 26, 2023 | — | = | 7,668,549) | ÷ | (4,349,894) |
| Aug 27, 2022 | — | = | 6,122,092) | ÷ | (3,538,913) |
| Aug 28, 2021 | — | = | 5,269,820) | ÷ | (1,797,536) |
| Aug 29, 2020 | — | = | 5,513,371) | ÷ | (877,977) |
| Aug 31, 2019 | — | = | 5,206,344) | ÷ | (1,713,851) |
| Aug 25, 2018 | — | = | 5,005,930) | ÷ | (1,520,355) |
| Aug 26, 2017 | — | = | 5,081,238) | ÷ | (1,428,377) |
| Aug 27, 2016 | — | = | 4,924,119) | ÷ | (1,787,538) |
| Aug 29, 2015 | — | = | 4,624,876) | ÷ | (1,701,390) |
| Aug 30, 2014 | — | = | 4,343,800) | ÷ | (1,621,857) |
| Aug 31, 2013 | — | = | 4,187,000) | ÷ | (1,687,319) |
| Aug 25, 2012 | — | = | 3,768,183) | ÷ | (1,548,025) |
| Aug 27, 2011 | — | = | 3,351,682) | ÷ | (1,254,232) |
| Aug 28, 2010 | — | = | 2,908,486) | ÷ | (738,765) |
| Aug 29, 2009 | — | = | 2,726,900) | ÷ | (433,074) |
| Aug 30, 2008 | 9.80 | = | 2,250,000) | ÷ | 229,687) |
| Aug 25, 2007 | 4.80 | = | 1,935,618) | ÷ | 403,200) |
| Aug 26, 2006 | 3.96 | = | 1,857,157) | ÷ | 469,528) |
| Aug 27, 2005 | 4.76 | = | 1,861,850) | ÷ | 391,007) |
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 trajectory from 2005 to 2023 is characterized by a consistent increase in total liabilities coupled with a transition from positive stockholders' equity to a substantial deficit.
- Total Debt Trends
- Total debt exhibited a steady upward trend over the analyzed period. Starting at approximately 1.86 billion USD in 2005, liabilities grew consistently, surpassing 5 billion USD by 2017 and reaching 7.67 billion USD by August 2023. This represents a significant expansion of the company's debt obligations over eighteen years.
- Stockholders' Equity Evolution
- A reversal in equity position is observed. Stockholders' equity began at 391 million USD in 2005 but declined steadily, entering a deficit position by August 2009. This negative equity trend accelerated over the following decade, culminating in a deficit of 4.35 billion USD by 2023. The widening deficit indicates that liabilities have grown at a pace far exceeding the accumulation of assets and retained earnings.
- Debt to Equity Ratio Analysis
- During the period where equity remained positive (2005–2008), the debt to equity ratio climbed sharply from 4.76 to 9.80. Following 2008, the ratio became mathematically non-standard due to the emergence of negative stockholders' equity. The shift to a deficit suggests a highly leveraged capital structure, often associated with aggressive share repurchase programs or dividend distributions that exceed net income.
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Comparison to Competitors
AutoZone Inc., debt to equity, long-term trends, comparison to competitors
| AutoZone Inc. | Amazon.com Inc. | Home Depot Inc. | Lowe’s Cos. Inc. | TJX Cos. Inc. | |
|---|---|---|---|---|---|
| Aug 26, 2023 | — | 0.29 | 27.65 | — | 0.53 |
| Aug 27, 2022 | — | 0.46 | — | — | 0.56 |
| Aug 28, 2021 | — | 0.35 | 11.29 | 15.16 | 1.04 |
| Aug 29, 2020 | — | 0.34 | — | 9.79 | 0.38 |
| Aug 31, 2019 | — | 0.38 | — | 4.45 | 0.44 |
| Aug 25, 2018 | — | 0.54 | 18.59 | 2.89 | 0.43 |
| Aug 26, 2017 | — | 0.89 | 5.45 | 2.44 | 0.49 |
| Aug 27, 2016 | — | 0.40 | 3.37 | 1.65 | 0.38 |
| Aug 29, 2015 | — | 0.62 | 1.84 | 1.14 | 0.38 |
| Aug 30, 2014 | — | 0.77 | 1.18 | 0.89 | 0.30 |
| Aug 31, 2013 | — | 0.33 | 0.61 | 0.66 | 0.21 |
| Aug 25, 2012 | — | 0.38 | 0.60 | 0.46 | 0.25 |
| Aug 27, 2011 | — | 0.03 | 0.52 | 0.36 | 0.25 |
| Aug 28, 2010 | — | 0.03 | 0.50 | 0.27 | 0.27 |
| Aug 29, 2009 | — | 0.02 | 0.64 | 0.34 | 0.36 |
| Aug 30, 2008 | 9.80 | 0.15 | 0.76 | 0.41 | 0.40 |
| Aug 25, 2007 | 4.80 | 1.07 | 0.47 | 0.28 | 0.35 |
| Aug 26, 2006 | 3.96 | 2.89 | 0.15 | 0.25 | 0.43 |
| Aug 27, 2005 | 4.76 | 6.18 | 0.09 | 0.32 | 0.42 |
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., debt to equity, long-term trends, comparison to sector (consumer discretionary distribution & retail)
| AutoZone Inc. | Consumer Discretionary Distribution & Retail | |
|---|---|---|
| Aug 26, 2023 | — | 0.71 |
| Aug 27, 2022 | — | 0.93 |
| Aug 28, 2021 | — | 0.77 |
| Aug 29, 2020 | — | 0.86 |
| Aug 31, 2019 | — | 1.03 |
| Aug 25, 2018 | — | 1.24 |
| Aug 26, 2017 | — | 1.54 |
| Aug 27, 2016 | — | 1.15 |
| Aug 29, 2015 | — | 1.04 |
| Aug 30, 2014 | — | 0.88 |
| Aug 31, 2013 | — | 0.53 |
| Aug 25, 2012 | — | 0.49 |
| Aug 27, 2011 | — | 0.36 |
| Aug 28, 2010 | — | 0.33 |
| Aug 29, 2009 | — | 0.43 |
| Aug 30, 2008 | 9.80 | 0.55 |
| Aug 25, 2007 | 4.80 | 0.41 |
| Aug 26, 2006 | 3.96 | 0.22 |
| Aug 27, 2005 | 4.76 | 0.21 |
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., debt to equity, long-term trends, comparison to industry (consumer discretionary)
| AutoZone Inc. | Consumer Discretionary | |
|---|---|---|
| Aug 26, 2023 | — | 1.28 |
| Aug 27, 2022 | — | 1.44 |
| Aug 28, 2021 | — | 1.41 |
| Aug 29, 2020 | — | 2.17 |
| Aug 31, 2019 | — | 2.60 |
| Aug 25, 2018 | — | 2.59 |
| Aug 26, 2017 | — | 2.55 |
| Aug 27, 2016 | — | 2.21 |
| Aug 29, 2015 | — | 1.88 |
| Aug 30, 2014 | — | 1.60 |
| Aug 31, 2013 | — | 1.25 |
| Aug 25, 2012 | — | 1.19 |
| Aug 27, 2011 | — | 1.09 |
| Aug 28, 2010 | — | 1.26 |
| Aug 29, 2009 | — | 2.58 |
| Aug 30, 2008 | 9.80 | 4.06 |
| Aug 25, 2007 | 4.80 | 2.62 |
| Aug 26, 2006 | 3.96 | 2.96 |
| Aug 27, 2005 | 4.76 | 2.35 |
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).