Debt to Equity
since 2005
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AutoZone Inc. pages available for free this week:
- Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Operating Profit Margin since 2005
- Analysis of Revenues
- Aggregate Accruals
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Calculation
AutoZone Inc., debt to equity, long-term trends, calculation
| Debt to equity | = | Total debt1 | ÷ | Stockholders’ equity (deficit)1 | |
|---|---|---|---|---|---|
| Aug 26, 2023 | = | ÷ | |||
| Aug 27, 2022 | = | ÷ | |||
| Aug 28, 2021 | = | ÷ | |||
| Aug 29, 2020 | = | ÷ | |||
| Aug 31, 2019 | = | ÷ | |||
| Aug 25, 2018 | = | ÷ | |||
| Aug 26, 2017 | = | ÷ | |||
| Aug 27, 2016 | = | ÷ | |||
| Aug 29, 2015 | = | ÷ | |||
| Aug 30, 2014 | = | ÷ | |||
| Aug 31, 2013 | = | ÷ | |||
| Aug 25, 2012 | = | ÷ | |||
| Aug 27, 2011 | = | ÷ | |||
| Aug 28, 2010 | = | ÷ | |||
| Aug 29, 2009 | = | ÷ | |||
| Aug 30, 2008 | = | ÷ | |||
| Aug 25, 2007 | = | ÷ | |||
| Aug 26, 2006 | = | ÷ | |||
| Aug 27, 2005 | = | ÷ |
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 reflects a significant evolution in the capital structure and solvency profile of the company over the period analyzed.
- Total Debt
- The total debt shows a consistently upward trend, increasing from approximately 1.86 billion USD in 2005 to over 7.66 billion USD by 2023. This steady rise in debt levels suggests a growing reliance on external financing over the years, with notable increments especially after 2008. The increase appears almost continuous year-over-year, indicating aggressive leverage or possible expansion and capital expenditure activities funded by debt.
- Stockholders' Equity (Deficit)
- The shareholders' equity started positively in 2005 at around 391 million USD but experienced a downward trend beginning around 2007, eventually moving into significant negative territory from 2009 onward. By 2023, the equity deficit deepened to approximately negative 4.35 billion USD. This persistent equity deficit points to accumulated losses or substantial distributions exceeding retained earnings and paid-in capital, raising concerns about the company's net asset value and financial stability.
- Debt to Equity Ratio
- The data for the debt to equity ratio is only available for the initial years and indicates a rising leverage ratio, from about 4.76 in 2005 to near 9.8 in 2008. The lack of subsequent ratios might be due to the equity turning negative, which renders the ratio inapplicable or misleading. The elevated ratio in the early years already signaled a high degree of financial leverage, which, combined with the growing debt and negative equity in later years, underscores a riskier capital structure.
Overall, the increasing debt burden coupled with a sustained equity deficit suggests heightened financial risk and potential solvency challenges. The company's capital structure indicates high leverage, potentially affecting its creditworthiness and financial flexibility. These trends would warrant close monitoring and possibly strategic financial restructuring to restore equity balance and improve financial health.
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 | |||||
| Aug 27, 2022 | |||||
| Aug 28, 2021 | |||||
| Aug 29, 2020 | |||||
| Aug 31, 2019 | |||||
| Aug 25, 2018 | |||||
| Aug 26, 2017 | |||||
| Aug 27, 2016 | |||||
| Aug 29, 2015 | |||||
| Aug 30, 2014 | |||||
| Aug 31, 2013 | |||||
| Aug 25, 2012 | |||||
| Aug 27, 2011 | |||||
| Aug 28, 2010 | |||||
| Aug 29, 2009 | |||||
| Aug 30, 2008 | |||||
| Aug 25, 2007 | |||||
| Aug 26, 2006 | |||||
| Aug 27, 2005 |
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 | ||
| Aug 27, 2022 | ||
| Aug 28, 2021 | ||
| Aug 29, 2020 | ||
| Aug 31, 2019 | ||
| Aug 25, 2018 | ||
| Aug 26, 2017 | ||
| Aug 27, 2016 | ||
| Aug 29, 2015 | ||
| Aug 30, 2014 | ||
| Aug 31, 2013 | ||
| Aug 25, 2012 | ||
| Aug 27, 2011 | ||
| Aug 28, 2010 | ||
| Aug 29, 2009 | ||
| Aug 30, 2008 | ||
| Aug 25, 2007 | ||
| Aug 26, 2006 | ||
| Aug 27, 2005 |
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 | ||
| Aug 27, 2022 | ||
| Aug 28, 2021 | ||
| Aug 29, 2020 | ||
| Aug 31, 2019 | ||
| Aug 25, 2018 | ||
| Aug 26, 2017 | ||
| Aug 27, 2016 | ||
| Aug 29, 2015 | ||
| Aug 30, 2014 | ||
| Aug 31, 2013 | ||
| Aug 25, 2012 | ||
| Aug 27, 2011 | ||
| Aug 28, 2010 | ||
| Aug 29, 2009 | ||
| Aug 30, 2008 | ||
| Aug 25, 2007 | ||
| Aug 26, 2006 | ||
| Aug 27, 2005 |
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).