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 share price shows a generally strong upward trend over the observation period from 2005 to 2023, increasing from $79.50 to $2,416.54. There are periods of volatility, such as a dip from $120.16 in 2007 to $102.88 in 2008, likely reflecting broader market conditions or company-specific challenges. However, the overall trajectory is markedly positive, with particularly rapid growth noticeable from 2014 onward, culminating in a significant rise in the last few years through 2023.
The book value per share (BVPS) reveals a starkly contrasting pattern compared to the share price. Initially, BVPS increased from $5.10 in 2005 to $6.58 in 2006 but then experienced a continuous and pronounced decline into negative territory starting in 2009. From 2009 onwards, it remained deeply negative, worsening from -$8.68 to -$245.99 by 2023. This decline indicates persistent erosion of net asset value on a per-share basis, which may be linked to accumulated losses, write-downs, or increased liabilities.
The Price to Book Value (P/BV) ratio is only available for the early years, where it increased from 15.58 in 2005 to 25.97 in 2008. This suggests that the market was valuing the company’s shares at a significant premium to its book value even before the book value turned negative, reflecting investor confidence or expectations of future earnings growth. The absence of later P/BV data likely corresponds to the sustained negative book value, which makes this ratio less meaningful.
- Key Insights:
- The robust increase in share price alongside a sharply deteriorating book value per share highlights a potential divergence between market perception and underlying accounting metrics.
- The dramatic and persistent negative book value suggests financial statement weaknesses, possibly related to accumulated deficits or liabilities outpacing assets.
- The high and rising P/BV ratio in the early period suggests investors valued the company highly relative to its book assets, potentially anticipating growth or intangible asset value not captured on the balance sheet.
- The volatility and overall trends call for a closer examination of the company’s earnings quality, asset management, and capital structure to understand the underlying drivers of market optimism versus reported 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).