Price to Book Value (P/BV)
since 2005
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- Income Statement
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Analysis of Profitability Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Return on Equity (ROE) since 2005
- Analysis of Debt
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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 | = | ÷ | = | ÷ | |||||||
| Oct 24, 2022 | = | ÷ | = | ÷ | |||||||
| Oct 25, 2021 | = | ÷ | = | ÷ | |||||||
| Oct 26, 2020 | = | ÷ | = | ÷ | |||||||
| Oct 28, 2019 | = | ÷ | = | ÷ | |||||||
| Oct 24, 2018 | = | ÷ | = | ÷ | |||||||
| Oct 25, 2017 | = | ÷ | = | ÷ | |||||||
| Oct 24, 2016 | = | ÷ | = | ÷ | |||||||
| Oct 26, 2015 | = | ÷ | = | ÷ | |||||||
| Oct 27, 2014 | = | ÷ | = | ÷ | |||||||
| Oct 28, 2013 | = | ÷ | = | ÷ | |||||||
| Oct 22, 2012 | = | ÷ | = | ÷ | |||||||
| Oct 24, 2011 | = | ÷ | = | ÷ | |||||||
| Oct 25, 2010 | = | ÷ | = | ÷ | |||||||
| Oct 26, 2009 | = | ÷ | = | ÷ | |||||||
| Oct 27, 2008 | = | ÷ | = | ÷ | |||||||
| Oct 22, 2007 | = | ÷ | = | ÷ | |||||||
| Oct 25, 2006 | = | ÷ | = | ÷ | |||||||
| Oct 26, 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$
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.
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 | |||||
| Oct 24, 2022 | |||||
| Oct 25, 2021 | |||||
| Oct 26, 2020 | |||||
| Oct 28, 2019 | |||||
| Oct 24, 2018 | |||||
| Oct 25, 2017 | |||||
| Oct 24, 2016 | |||||
| Oct 26, 2015 | |||||
| Oct 27, 2014 | |||||
| Oct 28, 2013 | |||||
| Oct 22, 2012 | |||||
| Oct 24, 2011 | |||||
| Oct 25, 2010 | |||||
| Oct 26, 2009 | |||||
| Oct 27, 2008 | |||||
| Oct 22, 2007 | |||||
| Oct 25, 2006 | |||||
| Oct 26, 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., P/BV, long-term trends, comparison to sector (consumer discretionary distribution & retail)
| AutoZone Inc. | Consumer Discretionary Distribution & Retail | |
|---|---|---|
| Oct 24, 2023 | ||
| Oct 24, 2022 | ||
| Oct 25, 2021 | ||
| Oct 26, 2020 | ||
| Oct 28, 2019 | ||
| Oct 24, 2018 | ||
| Oct 25, 2017 | ||
| Oct 24, 2016 | ||
| Oct 26, 2015 | ||
| Oct 27, 2014 | ||
| Oct 28, 2013 | ||
| Oct 22, 2012 | ||
| Oct 24, 2011 | ||
| Oct 25, 2010 | ||
| Oct 26, 2009 | ||
| Oct 27, 2008 | ||
| Oct 22, 2007 | ||
| Oct 25, 2006 | ||
| Oct 26, 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., P/BV, long-term trends, comparison to industry (consumer discretionary)
| AutoZone Inc. | Consumer Discretionary | |
|---|---|---|
| Oct 24, 2023 | ||
| Oct 24, 2022 | ||
| Oct 25, 2021 | ||
| Oct 26, 2020 | ||
| Oct 28, 2019 | ||
| Oct 24, 2018 | ||
| Oct 25, 2017 | ||
| Oct 24, 2016 | ||
| Oct 26, 2015 | ||
| Oct 27, 2014 | ||
| Oct 28, 2013 | ||
| Oct 22, 2012 | ||
| Oct 24, 2011 | ||
| Oct 25, 2010 | ||
| Oct 26, 2009 | ||
| Oct 27, 2008 | ||
| Oct 22, 2007 | ||
| Oct 25, 2006 | ||
| Oct 26, 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).