Net Profit Margin
since 2005
Calculation
AutoZone Inc., net profit margin, long-term trends, calculation
| Net profit margin | = | 100 | × | Net income1 | ÷ | Net sales1 | |
|---|---|---|---|---|---|---|---|
| Aug 26, 2023 | 14.48% | = | 100 | × | 2,528,426) | ÷ | 17,457,209) |
| Aug 27, 2022 | 14.95% | = | 100 | × | 2,429,604) | ÷ | 16,252,230) |
| Aug 28, 2021 | 14.84% | = | 100 | × | 2,170,314) | ÷ | 14,629,585) |
| Aug 29, 2020 | 13.72% | = | 100 | × | 1,732,972) | ÷ | 12,631,967) |
| Aug 31, 2019 | 13.63% | = | 100 | × | 1,617,221) | ÷ | 11,863,743) |
| Aug 25, 2018 | 11.92% | = | 100 | × | 1,337,536) | ÷ | 11,221,077) |
| Aug 26, 2017 | 11.76% | = | 100 | × | 1,280,869) | ÷ | 10,888,676) |
| Aug 27, 2016 | 11.67% | = | 100 | × | 1,241,007) | ÷ | 10,635,676) |
| Aug 29, 2015 | 11.39% | = | 100 | × | 1,160,241) | ÷ | 10,187,340) |
| Aug 30, 2014 | 11.29% | = | 100 | × | 1,069,744) | ÷ | 9,475,313) |
| Aug 31, 2013 | 11.11% | = | 100 | × | 1,016,480) | ÷ | 9,147,530) |
| Aug 25, 2012 | 10.81% | = | 100 | × | 930,373) | ÷ | 8,603,863) |
| Aug 27, 2011 | 10.52% | = | 100 | × | 848,974) | ÷ | 8,072,973) |
| Aug 28, 2010 | 10.03% | = | 100 | × | 738,311) | ÷ | 7,362,618) |
| Aug 29, 2009 | 9.64% | = | 100 | × | 657,049) | ÷ | 6,816,824) |
| Aug 30, 2008 | 9.84% | = | 100 | × | 641,606) | ÷ | 6,522,705) |
| Aug 25, 2007 | 9.65% | = | 100 | × | 595,672) | ÷ | 6,169,804) |
| Aug 26, 2006 | 9.57% | = | 100 | × | 569,275) | ÷ | 5,948,355) |
| Aug 27, 2005 | 10.00% | = | 100 | × | 571,019) | ÷ | 5,710,882) |
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 reveals a consistent expansion in both operational scale and profitability. While net sales grew from approximately $5.7 billion to $17.5 billion, net income increased at a more aggressive pace, rising from $571 million to over $2.5 billion. This divergence indicates that profitability grew faster than revenue, resulting in a sustained increase in the net profit margin over the majority of the analyzed period.
- Margin Stability and Initial Baseline (2005–2009)
- During the initial five-year period, the net profit margin remained relatively stagnant, fluctuating within a narrow range between 9.57% and 10.00%. This period was characterized by stability, where net income growth closely tracked the growth of net sales.
- Incremental Efficiency Gains (2010–2018)
- Starting in 2010, a trend of steady margin expansion emerged. The net profit margin rose incrementally from 10.03% in 2010 to 11.92% in 2018. This consistent upward movement suggests a period of successful cost management or an improvement in pricing power relative to the cost of goods sold.
- Accelerated Expansion and Recent Peak (2019–2023)
- A significant acceleration in profitability is observed beginning in 2019, with the margin shifting to 13.63%. This upward trend peaked in 2022 at 14.95%, marking the highest level of efficiency in the 18-year timeframe. A slight contraction occurred in 2023, with the margin adjusting to 14.48%, although this remains substantially higher than the historical averages recorded between 2005 and 2018.
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Comparison to Competitors
AutoZone Inc., net profit margin, long-term trends, comparison to competitors
| AutoZone Inc. | Amazon.com Inc. | Home Depot Inc. | Lowe’s Cos. Inc. | TJX Cos. Inc. | |
|---|---|---|---|---|---|
| Aug 26, 2023 | 14.48% | 5.29% | 10.87% | 6.63% | 7.00% |
| Aug 27, 2022 | 14.95% | -0.53% | 10.87% | 8.77% | 6.76% |
| Aug 28, 2021 | 14.84% | 7.10% | 9.74% | 6.51% | 0.28% |
| Aug 29, 2020 | 13.72% | 5.53% | 10.20% | 5.93% | 7.84% |
| Aug 31, 2019 | 13.63% | 4.13% | 10.28% | 3.25% | 7.85% |
| Aug 25, 2018 | 11.92% | 4.33% | 8.55% | 5.02% | 7.27% |
| Aug 26, 2017 | 11.76% | 1.71% | 8.41% | 4.76% | 6.93% |
| Aug 27, 2016 | 11.67% | 1.74% | 7.92% | 4.31% | 7.36% |
| Aug 29, 2015 | 11.39% | 0.56% | 7.63% | 4.80% | 7.62% |
| Aug 30, 2014 | 11.29% | -0.27% | 6.83% | 4.28% | 7.79% |
| Aug 31, 2013 | 11.11% | 0.37% | 6.07% | 3.88% | 7.37% |
| Aug 25, 2012 | 10.81% | -0.06% | 5.52% | 3.66% | 6.45% |
| Aug 27, 2011 | 10.52% | 1.31% | 4.91% | 4.12% | 6.12% |
| Aug 28, 2010 | 10.03% | 3.37% | 4.02% | 3.78% | 5.98% |
| Aug 29, 2009 | 9.64% | 3.68% | 3.17% | 4.55% | 4.63% |
| Aug 30, 2008 | 9.84% | 3.37% | 5.68% | 5.82% | 4.14% |
| Aug 25, 2007 | 9.65% | 3.21% | 6.34% | 6.62% | 4.24% |
| Aug 26, 2006 | 9.57% | 1.77% | 7.16% | 6.41% | 4.30% |
| Aug 27, 2005 | 10.00% | 4.23% | 6.84% | 5.97% | 4.45% |
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., net profit margin, long-term trends, comparison to sector (consumer discretionary distribution & retail)
| AutoZone Inc. | Consumer Discretionary Distribution & Retail | |
|---|---|---|
| Aug 26, 2023 | 14.48% | 6.54% |
| Aug 27, 2022 | 14.95% | 3.14% |
| Aug 28, 2021 | 14.84% | 7.21% |
| Aug 29, 2020 | 13.72% | 6.58% |
| Aug 31, 2019 | 13.63% | 5.63% |
| Aug 25, 2018 | 11.92% | 5.65% |
| Aug 26, 2017 | 11.76% | 4.42% |
| Aug 27, 2016 | 11.67% | 4.52% |
| Aug 29, 2015 | 11.39% | 4.30% |
| Aug 30, 2014 | 11.29% | 3.85% |
| Aug 31, 2013 | 11.11% | 3.85% |
| Aug 25, 2012 | 10.81% | 3.50% |
| Aug 27, 2011 | 10.52% | 3.92% |
| Aug 28, 2010 | 10.03% | 4.06% |
| Aug 29, 2009 | 9.64% | 3.83% |
| Aug 30, 2008 | 9.84% | 5.27% |
| Aug 25, 2007 | 9.65% | 5.93% |
| Aug 26, 2006 | 9.57% | 6.26% |
| Aug 27, 2005 | 10.00% | 6.17% |
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., net profit margin, long-term trends, comparison to industry (consumer discretionary)
| AutoZone Inc. | Consumer Discretionary | |
|---|---|---|
| Aug 26, 2023 | 14.48% | 7.84% |
| Aug 27, 2022 | 14.95% | 5.02% |
| Aug 28, 2021 | 14.84% | 9.12% |
| Aug 29, 2020 | 13.72% | 5.18% |
| Aug 31, 2019 | 13.63% | 5.92% |
| Aug 25, 2018 | 11.92% | 6.19% |
| Aug 26, 2017 | 11.76% | 4.38% |
| Aug 27, 2016 | 11.67% | 5.77% |
| Aug 29, 2015 | 11.39% | 6.37% |
| Aug 30, 2014 | 11.29% | 4.66% |
| Aug 31, 2013 | 11.11% | 5.29% |
| Aug 25, 2012 | 10.81% | 5.32% |
| Aug 27, 2011 | 10.52% | 8.80% |
| Aug 28, 2010 | 10.03% | 5.80% |
| Aug 29, 2009 | 9.64% | 4.94% |
| Aug 30, 2008 | 9.84% | 0.22% |
| Aug 25, 2007 | 9.65% | 3.23% |
| Aug 26, 2006 | 9.57% | 0.73% |
| Aug 27, 2005 | 10.00% | 4.49% |
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).