Price to Earnings (P/E)
since 2005
Calculation
AutoZone Inc., P/E, long-term trends, calculation
| P/E | = | Share price1, 2, 3 | ÷ | Earnings per share1 (EPS) | EPS1 | = | Net income1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Oct 24, 2023 | 16.90 | = | 2,416.54 | ÷ | 142.98 | 142.98 | = | 2,528,426 | ÷ | 17,683,418 | |
| Oct 24, 2022 | 18.81 | = | 2,407.52 | ÷ | 128.00 | 128.00 | = | 2,429,604 | ÷ | 18,981,426 | |
| Oct 25, 2021 | 17.59 | = | 1,821.09 | ÷ | 103.51 | 103.51 | = | 2,170,314 | ÷ | 20,967,962 | |
| Oct 26, 2020 | 15.41 | = | 1,152.00 | ÷ | 74.78 | 74.78 | = | 1,732,972 | ÷ | 23,175,554 | |
| Oct 28, 2019 | 16.94 | = | 1,149.77 | ÷ | 67.87 | 67.87 | = | 1,617,221 | ÷ | 23,827,496 | |
| Oct 24, 2018 | 13.92 | = | 728.22 | ÷ | 52.33 | 52.33 | = | 1,337,536 | ÷ | 25,559,353 | |
| Oct 25, 2017 | 12.61 | = | 587.40 | ÷ | 46.59 | 46.59 | = | 1,280,869 | ÷ | 27,492,520 | |
| Oct 24, 2016 | 17.51 | = | 752.94 | ÷ | 43.00 | 43.00 | = | 1,241,007 | ÷ | 28,861,394 | |
| Oct 26, 2015 | 20.18 | = | 768.07 | ÷ | 38.06 | 38.06 | = | 1,160,241 | ÷ | 30,485,243 | |
| Oct 27, 2014 | 16.47 | = | 549.72 | ÷ | 33.39 | 33.39 | = | 1,069,744 | ÷ | 32,040,703 | |
| Oct 28, 2013 | 14.39 | = | 429.84 | ÷ | 29.87 | 29.87 | = | 1,016,480 | ÷ | 34,031,760 | |
| Oct 22, 2012 | 14.52 | = | 365.80 | ÷ | 25.19 | 25.19 | = | 930,373 | ÷ | 36,931,946 | |
| Oct 24, 2011 | 15.51 | = | 330.19 | ÷ | 21.28 | 21.28 | = | 848,974 | ÷ | 39,888,099 | |
| Oct 25, 2010 | 14.21 | = | 235.12 | ÷ | 16.54 | 16.54 | = | 738,311 | ÷ | 44,625,787 | |
| Oct 26, 2009 | 10.43 | = | 137.46 | ÷ | 13.18 | 13.18 | = | 657,049 | ÷ | 49,868,736 | |
| Oct 27, 2008 | 9.30 | = | 102.88 | ÷ | 11.07 | 11.07 | = | 641,606 | ÷ | 57,974,097 | |
| Oct 22, 2007 | 13.09 | = | 120.16 | ÷ | 9.18 | 9.18 | = | 595,672 | ÷ | 64,914,833 | |
| Oct 25, 2006 | 13.69 | = | 109.27 | ÷ | 7.98 | 7.98 | = | 569,275 | ÷ | 71,303,691 | |
| Oct 26, 2005 | 10.67 | = | 79.50 | ÷ | 7.45 | 7.45 | = | 571,019 | ÷ | 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 performance from 2005 to 2023 is characterized by substantial growth in both absolute share price and earnings per share, with the valuation multiple exhibiting periodic fluctuations that suggest a general expansion in market valuation over time.
- Share Price Trajectory
- The share price experienced an extensive increase over the analyzed period, rising from 79.50 US$ in 2005 to 2,416.54 US$ by 2023. A significant acceleration in price appreciation is observed after 2018, with the price more than doubling between 2018 and 2022.
- Earnings per Share (EPS) Growth
- EPS demonstrated a consistent and nearly uninterrupted upward trend, increasing from 7.45 US$ in 2005 to 142.98 US$ in 2023. This steady growth indicates a strong and sustained increase in the net income attributable to each outstanding share over the eighteen-year span.
- Price-to-Earnings (P/E) Ratio Dynamics
- The P/E ratio evolved from a lower valuation base of 10.67 in 2005 to 16.90 in 2023. The ratio reached a peak of 20.18 in 2015, representing the highest valuation multiple in the sequence. While a trough of 9.30 occurred in 2008, the ratio generally maintained a higher floor in the latter half of the period compared to the first decade, suggesting an expansion in the market's willingness to pay a premium for the earnings generated.
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Comparison to Competitors
AutoZone Inc., P/E, long-term trends, comparison to competitors
| AutoZone Inc. | Amazon.com Inc. | Home Depot Inc. | Lowe’s Cos. Inc. | TJX Cos. Inc. | |
|---|---|---|---|---|---|
| Oct 24, 2023 | 16.90 | 58.66 | 17.09 | 17.65 | 25.22 |
| Oct 24, 2022 | 18.81 | — | 19.94 | 17.84 | 22.20 |
| Oct 25, 2021 | 17.59 | 48.08 | 24.51 | 22.36 | 881.78 |
| Oct 26, 2020 | 15.41 | 78.20 | 17.38 | 11.96 | 17.13 |
| Oct 28, 2019 | 16.94 | 86.30 | 18.87 | 37.80 | 21.11 |
| Oct 24, 2018 | 13.92 | 79.30 | 23.51 | 20.26 | 20.19 |
| Oct 25, 2017 | 12.61 | 228.25 | 22.37 | 22.62 | 22.11 |
| Oct 24, 2016 | 17.51 | 166.52 | 23.32 | 26.67 | 22.87 |
| Oct 26, 2015 | 20.18 | 463.73 | 23.15 | 26.24 | 21.62 |
| Oct 27, 2014 | 16.47 | — | 20.18 | 21.79 | 20.15 |
| Oct 28, 2013 | 14.39 | 601.07 | 22.86 | 21.13 | 17.99 |
| Oct 22, 2012 | 14.52 | — | 19.49 | 20.46 | 19.73 |
| Oct 24, 2011 | 15.51 | 129.38 | 18.15 | 17.66 | 14.54 |
| Oct 25, 2010 | 14.21 | 67.02 | 20.76 | 19.70 | 14.57 |
| Oct 26, 2009 | 10.43 | 61.80 | 18.59 | 12.26 | 12.02 |
| Oct 27, 2008 | 9.30 | 39.07 | 11.24 | 12.74 | 18.61 |
| Oct 22, 2007 | 13.09 | 65.85 | 12.59 | 15.42 | 16.30 |
| Oct 25, 2006 | 13.69 | 88.17 | 15.57 | 18.31 | 16.91 |
| Oct 26, 2005 | 10.67 | 45.52 | 16.29 | 19.15 | 17.81 |
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/E, long-term trends, comparison to sector (consumer discretionary distribution & retail)
| AutoZone Inc. | Consumer Discretionary Distribution & Retail | |
|---|---|---|
| Oct 24, 2023 | 16.90 | 39.66 |
| Oct 24, 2022 | 18.81 | 63.32 |
| Oct 25, 2021 | 17.59 | 40.84 |
| Oct 26, 2020 | 15.41 | 49.11 |
| Oct 28, 2019 | 16.94 | 48.49 |
| Oct 24, 2018 | 13.92 | 45.41 |
| Oct 25, 2017 | 12.61 | 60.50 |
| Oct 24, 2016 | 17.51 | 47.75 |
| Oct 26, 2015 | 20.18 | 45.72 |
| Oct 27, 2014 | 16.47 | 38.28 |
| Oct 28, 2013 | 14.39 | 39.66 |
| Oct 22, 2012 | 14.52 | 37.17 |
| Oct 24, 2011 | 15.51 | 26.94 |
| Oct 25, 2010 | 14.21 | 27.21 |
| Oct 26, 2009 | 10.43 | 21.68 |
| Oct 27, 2008 | 9.30 | 14.47 |
| Oct 22, 2007 | 13.09 | 16.25 |
| Oct 25, 2006 | 13.69 | 17.92 |
| Oct 26, 2005 | 10.67 | 18.45 |
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 Industry (Consumer Discretionary)
AutoZone Inc., P/E, long-term trends, comparison to industry (consumer discretionary)
| AutoZone Inc. | Consumer Discretionary | |
|---|---|---|
| Oct 24, 2023 | 16.90 | 33.63 |
| Oct 24, 2022 | 18.81 | 46.01 |
| Oct 25, 2021 | 17.59 | 39.27 |
| Oct 26, 2020 | 15.41 | 73.74 |
| Oct 28, 2019 | 16.94 | 39.37 |
| Oct 24, 2018 | 13.92 | 33.13 |
| Oct 25, 2017 | 12.61 | 47.03 |
| Oct 24, 2016 | 17.51 | 29.19 |
| Oct 26, 2015 | 20.18 | 24.70 |
| Oct 27, 2014 | 16.47 | 29.48 |
| Oct 28, 2013 | 14.39 | 26.50 |
| Oct 22, 2012 | 14.52 | 20.90 |
| Oct 24, 2011 | 15.51 | 11.38 |
| Oct 25, 2010 | 14.21 | 17.54 |
| Oct 26, 2009 | 10.43 | 18.66 |
| Oct 27, 2008 | 9.30 | 303.41 |
| Oct 22, 2007 | 13.09 | 24.33 |
| Oct 25, 2006 | 13.69 | 117.34 |
| Oct 26, 2005 | 10.67 | 17.54 |
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).