Price to Book Value (P/BV)
since 2005
Calculation
AutoZone Inc., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Stockholders’ equity (deficit)1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Oct 24, 2023 | — | = | 2,416.54 | ÷ | -245.99 | -245.99 | = | -4,349,894 | ÷ | 17,683,418 | |
| Oct 24, 2022 | — | = | 2,407.52 | ÷ | -186.44 | -186.44 | = | -3,538,913 | ÷ | 18,981,426 | |
| Oct 25, 2021 | — | = | 1,821.09 | ÷ | -85.73 | -85.73 | = | -1,797,536 | ÷ | 20,967,962 | |
| Oct 26, 2020 | — | = | 1,152.00 | ÷ | -37.88 | -37.88 | = | -877,977 | ÷ | 23,175,554 | |
| Oct 28, 2019 | — | = | 1,149.77 | ÷ | -71.93 | -71.93 | = | -1,713,851 | ÷ | 23,827,496 | |
| Oct 24, 2018 | — | = | 728.22 | ÷ | -59.48 | -59.48 | = | -1,520,355 | ÷ | 25,559,353 | |
| Oct 25, 2017 | — | = | 587.40 | ÷ | -51.96 | -51.96 | = | -1,428,377 | ÷ | 27,492,520 | |
| Oct 24, 2016 | — | = | 752.94 | ÷ | -61.94 | -61.94 | = | -1,787,538 | ÷ | 28,861,394 | |
| Oct 26, 2015 | — | = | 768.07 | ÷ | -55.81 | -55.81 | = | -1,701,390 | ÷ | 30,485,243 | |
| Oct 27, 2014 | — | = | 549.72 | ÷ | -50.62 | -50.62 | = | -1,621,857 | ÷ | 32,040,703 | |
| Oct 28, 2013 | — | = | 429.84 | ÷ | -49.58 | -49.58 | = | -1,687,319 | ÷ | 34,031,760 | |
| Oct 22, 2012 | — | = | 365.80 | ÷ | -41.92 | -41.92 | = | -1,548,025 | ÷ | 36,931,946 | |
| Oct 24, 2011 | — | = | 330.19 | ÷ | -31.44 | -31.44 | = | -1,254,232 | ÷ | 39,888,099 | |
| Oct 25, 2010 | — | = | 235.12 | ÷ | -16.55 | -16.55 | = | -738,765 | ÷ | 44,625,787 | |
| Oct 26, 2009 | — | = | 137.46 | ÷ | -8.68 | -8.68 | = | -433,074 | ÷ | 49,868,736 | |
| Oct 27, 2008 | 25.97 | = | 102.88 | ÷ | 3.96 | 3.96 | = | 229,687 | ÷ | 57,974,097 | |
| Oct 22, 2007 | 19.35 | = | 120.16 | ÷ | 6.21 | 6.21 | = | 403,200 | ÷ | 64,914,833 | |
| Oct 25, 2006 | 16.59 | = | 109.27 | ÷ | 6.58 | 6.58 | = | 469,528 | ÷ | 71,303,691 | |
| Oct 26, 2005 | 15.58 | = | 79.50 | ÷ | 5.10 | 5.10 | = | 391,007 | ÷ | 76,614,649 |
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$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of AutoZone Inc. Annual Report.
The financial data reveals a stark divergence between market valuation and the company's accounting book value over the analyzed period. While the share price exhibited consistent and significant growth, the book value per share transitioned from positive territory to a deepening deficit.
- Share Price Performance
- A strong and sustained upward trend in share price is observed, rising from 79.50 US$ in 2005 to 2,416.54 US$ by 2023. This represents a substantial increase in market capitalization and investor confidence over the nearly two-decade period.
- Book Value Per Share (BVPS) Trajectory
- The book value per share remained positive between 2005 and 2008, peaking at 6.58 US$ in 2006. However, a critical reversal occurred in 2009, when the BVPS turned negative at -8.68 US$. This negative equity trend intensified steadily over the following years, reaching -245.99 US$ by 2023. Such a trend typically indicates aggressive capital allocation strategies, such as extensive share repurchases or debt-funded financing that exceeds the total asset value.
- Price to Book Value (P/BV) Dynamics
- During the initial period from 2005 to 2008, the P/BV ratio showed a steady increase, climbing from 15.58 to 25.97. This indicates that the market was placing an increasing premium on the company relative to its accounting value. Following 2008, the P/BV ratio ceased to be a meaningful metric as the book value became negative, rendering the ratio mathematically inapplicable for standard valuation purposes.
In summary, the data illustrates a corporate financial structure characterized by an appreciating market price decoupled from the book value. The transition to negative shareholders' equity suggests a strategic shift in balance sheet management that prioritizes market value and share price appreciation over the maintenance of a positive accounting book value.
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Comparison to Competitors
AutoZone Inc., P/BV, long-term trends, comparison to competitors
| AutoZone Inc. | Amazon.com Inc. | Home Depot Inc. | Lowe’s Cos. Inc. | TJX Cos. Inc. | |
|---|---|---|---|---|---|
| Oct 24, 2023 | — | 8.84 | 187.12 | — | 13.86 |
| Oct 24, 2022 | — | 7.25 | — | — | 12.14 |
| Oct 25, 2021 | — | 11.60 | 95.58 | 90.79 | 13.68 |
| Oct 26, 2020 | — | 17.86 | — | 25.96 | 9.42 |
| Oct 28, 2019 | — | 16.11 | — | 24.01 | 12.79 |
| Oct 24, 2018 | — | 18.34 | 139.52 | 11.89 | 10.23 |
| Oct 25, 2017 | — | 24.98 | 41.08 | 10.87 | 11.27 |
| Oct 24, 2016 | — | 20.47 | 25.88 | 8.87 | 12.09 |
| Oct 26, 2015 | — | 20.65 | 15.76 | 7.10 | 11.23 |
| Oct 27, 2014 | — | 15.33 | 8.68 | 4.20 | 10.18 |
| Oct 28, 2013 | — | 16.90 | 5.83 | 2.99 | 9.36 |
| Oct 22, 2012 | — | 15.14 | 4.23 | 2.28 | 9.20 |
| Oct 24, 2011 | — | 10.52 | 3.21 | 1.96 | 6.30 |
| Oct 25, 2010 | — | 11.25 | 2.85 | 1.84 | 6.12 |
| Oct 26, 2009 | — | 10.60 | 2.36 | 1.49 | 4.96 |
| Oct 27, 2008 | 25.97 | 9.43 | 2.79 | 2.22 | 6.74 |
| Oct 22, 2007 | 19.35 | 26.19 | 2.90 | 3.04 | 5.25 |
| Oct 25, 2006 | 16.59 | 38.87 | 3.38 | 3.54 | 6.17 |
| Oct 26, 2005 | 15.58 | 66.44 | 3.37 | 3.61 | 7.15 |
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., P/BV, long-term trends, comparison to sector (consumer discretionary distribution & retail)
| AutoZone Inc. | Consumer Discretionary Distribution & Retail | |
|---|---|---|
| Oct 24, 2023 | — | 11.65 |
| Oct 24, 2022 | — | 11.07 |
| Oct 25, 2021 | — | 14.31 |
| Oct 26, 2020 | — | 20.07 |
| Oct 28, 2019 | — | 19.77 |
| Oct 24, 2018 | — | 20.07 |
| Oct 25, 2017 | — | 23.06 |
| Oct 24, 2016 | — | 18.06 |
| Oct 26, 2015 | — | 14.67 |
| Oct 27, 2014 | — | 9.31 |
| Oct 28, 2013 | — | 7.64 |
| Oct 22, 2012 | — | 5.82 |
| Oct 24, 2011 | — | 4.12 |
| Oct 25, 2010 | — | 3.84 |
| Oct 26, 2009 | — | 3.13 |
| Oct 27, 2008 | 25.97 | 3.23 |
| Oct 22, 2007 | 19.35 | 3.70 |
| Oct 25, 2006 | 16.59 | 3.90 |
| Oct 26, 2005 | 15.58 | 4.03 |
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., P/BV, long-term trends, comparison to industry (consumer discretionary)
| AutoZone Inc. | Consumer Discretionary | |
|---|---|---|
| Oct 24, 2023 | — | 10.06 |
| Oct 24, 2022 | — | 9.41 |
| Oct 25, 2021 | — | 13.21 |
| Oct 26, 2020 | — | 17.99 |
| Oct 28, 2019 | — | 13.59 |
| Oct 24, 2018 | — | 11.35 |
| Oct 25, 2017 | — | 10.74 |
| Oct 24, 2016 | — | 8.39 |
| Oct 26, 2015 | — | 7.17 |
| Oct 27, 2014 | — | 5.83 |
| Oct 28, 2013 | — | 5.12 |
| Oct 22, 2012 | — | 4.39 |
| Oct 24, 2011 | — | 3.84 |
| Oct 25, 2010 | — | 4.04 |
| Oct 26, 2009 | — | 4.72 |
| Oct 27, 2008 | 25.97 | 4.98 |
| Oct 22, 2007 | 19.35 | 3.91 |
| Oct 25, 2006 | 16.59 | 4.50 |
| Oct 26, 2005 | 15.58 | 3.49 |
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).