Price to Sales (P/S)
since 2005
Calculation
AutoZone Inc., P/S, long-term trends, calculation
| P/S | = | Share price1, 2, 3 | ÷ | Sales per share1 | Sales per share1 | = | Net sales1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Oct 24, 2023 | 2.45 | = | 2,416.54 | ÷ | 987.21 | 987.21 | = | 17,457,209 | ÷ | 17,683,418 | |
| Oct 24, 2022 | 2.81 | = | 2,407.52 | ÷ | 856.22 | 856.22 | = | 16,252,230 | ÷ | 18,981,426 | |
| Oct 25, 2021 | 2.61 | = | 1,821.09 | ÷ | 697.71 | 697.71 | = | 14,629,585 | ÷ | 20,967,962 | |
| Oct 26, 2020 | 2.11 | = | 1,152.00 | ÷ | 545.06 | 545.06 | = | 12,631,967 | ÷ | 23,175,554 | |
| Oct 28, 2019 | 2.31 | = | 1,149.77 | ÷ | 497.90 | 497.90 | = | 11,863,743 | ÷ | 23,827,496 | |
| Oct 24, 2018 | 1.66 | = | 728.22 | ÷ | 439.02 | 439.02 | = | 11,221,077 | ÷ | 25,559,353 | |
| Oct 25, 2017 | 1.48 | = | 587.40 | ÷ | 396.06 | 396.06 | = | 10,888,676 | ÷ | 27,492,520 | |
| Oct 24, 2016 | 2.04 | = | 752.94 | ÷ | 368.51 | 368.51 | = | 10,635,676 | ÷ | 28,861,394 | |
| Oct 26, 2015 | 2.30 | = | 768.07 | ÷ | 334.17 | 334.17 | = | 10,187,340 | ÷ | 30,485,243 | |
| Oct 27, 2014 | 1.86 | = | 549.72 | ÷ | 295.73 | 295.73 | = | 9,475,313 | ÷ | 32,040,703 | |
| Oct 28, 2013 | 1.60 | = | 429.84 | ÷ | 268.79 | 268.79 | = | 9,147,530 | ÷ | 34,031,760 | |
| Oct 22, 2012 | 1.57 | = | 365.80 | ÷ | 232.97 | 232.97 | = | 8,603,863 | ÷ | 36,931,946 | |
| Oct 24, 2011 | 1.63 | = | 330.19 | ÷ | 202.39 | 202.39 | = | 8,072,973 | ÷ | 39,888,099 | |
| Oct 25, 2010 | 1.43 | = | 235.12 | ÷ | 164.99 | 164.99 | = | 7,362,618 | ÷ | 44,625,787 | |
| Oct 26, 2009 | 1.01 | = | 137.46 | ÷ | 136.70 | 136.70 | = | 6,816,824 | ÷ | 49,868,736 | |
| Oct 27, 2008 | 0.91 | = | 102.88 | ÷ | 112.51 | 112.51 | = | 6,522,705 | ÷ | 57,974,097 | |
| Oct 22, 2007 | 1.26 | = | 120.16 | ÷ | 95.04 | 95.04 | = | 6,169,804 | ÷ | 64,914,833 | |
| Oct 25, 2006 | 1.31 | = | 109.27 | ÷ | 83.42 | 83.42 | = | 5,948,355 | ÷ | 71,303,691 | |
| Oct 26, 2005 | 1.07 | = | 79.50 | ÷ | 74.54 | 74.54 | = | 5,710,882 | ÷ | 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 trajectory from 2005 to 2023 reveals a significant expansion in valuation multiples alongside steady organic growth in sales per share.
- Share Price and Sales per Share Trends
- Share prices exhibited substantial growth, rising from 79.50 USD in 2005 to 2,416.54 USD by 2023. Parallel to this, sales per share demonstrated a consistent upward trajectory, increasing from 74.54 USD to 987.21 USD over the same period. While both metrics grew, the rate of increase in the share price outpaced the growth in sales per share, resulting in an overall expansion of the price-to-sales ratio.
- Price-to-Sales (P/S) Ratio Evolution
- The P/S ratio evolved through several distinct phases. Between 2005 and 2009, the ratio remained relatively stable, fluctuating between a low of 0.91 and a high of 1.31. A period of moderate expansion followed from 2010 to 2015, where the ratio climbed from 1.43 to a peak of 2.30. Following a temporary contraction to 1.48 in 2017, the ratio entered a phase of aggressive expansion, reaching a historical peak of 2.81 in 2022 before moderating to 2.45 in 2023.
- Valuation Insights
- The long-term increase in the P/S ratio suggests a shift in market perception, with investors attributing a higher premium to the revenue streams over time. The transition from a P/S ratio averaging approximately 1.1 in the early period to consistently exceeding 2.0 after 2019 indicates an increase in market confidence regarding the quality of earnings or future growth prospects.
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Comparison to Competitors
AutoZone Inc., P/S, long-term trends, comparison to competitors
| AutoZone Inc. | Amazon.com Inc. | Home Depot Inc. | Lowe’s Cos. Inc. | TJX Cos. Inc. | |
|---|---|---|---|---|---|
| Oct 24, 2023 | 2.45 | 3.10 | 1.86 | 1.17 | 1.77 |
| Oct 24, 2022 | 2.81 | 2.06 | 2.17 | 1.56 | 1.50 |
| Oct 25, 2021 | 2.61 | 3.41 | 2.39 | 1.46 | 2.48 |
| Oct 26, 2020 | 2.11 | 4.32 | 1.77 | 0.71 | 1.34 |
| Oct 28, 2019 | 2.31 | 3.56 | 1.94 | 1.23 | 1.66 |
| Oct 24, 2018 | 1.66 | 3.43 | 2.01 | 1.02 | 1.47 |
| Oct 25, 2017 | 1.48 | 3.89 | 1.88 | 1.08 | 1.53 |
| Oct 24, 2016 | 2.04 | 2.90 | 1.85 | 1.15 | 1.68 |
| Oct 26, 2015 | 2.30 | 2.58 | 1.77 | 1.26 | 1.65 |
| Oct 27, 2014 | 1.86 | 1.85 | 1.38 | 0.93 | 1.57 |
| Oct 28, 2013 | 1.60 | 2.21 | 1.39 | 0.82 | 1.33 |
| Oct 22, 2012 | 1.57 | 2.03 | 1.08 | 0.75 | 1.27 |
| Oct 24, 2011 | 1.63 | 1.70 | 0.89 | 0.73 | 0.89 |
| Oct 25, 2010 | 1.43 | 2.26 | 0.83 | 0.74 | 0.87 |
| Oct 26, 2009 | 1.01 | 2.27 | 0.59 | 0.56 | 0.56 |
| Oct 27, 2008 | 0.91 | 1.31 | 0.64 | 0.74 | 0.77 |
| Oct 22, 2007 | 1.26 | 2.11 | 0.80 | 1.02 | 0.69 |
| Oct 25, 2006 | 1.31 | 1.56 | 1.11 | 1.17 | 0.73 |
| Oct 26, 2005 | 1.07 | 1.93 | 1.11 | 1.14 | 0.79 |
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/S, long-term trends, comparison to sector (consumer discretionary distribution & retail)
| AutoZone Inc. | Consumer Discretionary Distribution & Retail | |
|---|---|---|
| Oct 24, 2023 | 2.45 | 2.59 |
| Oct 24, 2022 | 2.81 | 1.99 |
| Oct 25, 2021 | 2.61 | 2.94 |
| Oct 26, 2020 | 2.11 | 3.23 |
| Oct 28, 2019 | 2.31 | 2.73 |
| Oct 24, 2018 | 1.66 | 2.56 |
| Oct 25, 2017 | 1.48 | 2.67 |
| Oct 24, 2016 | 2.04 | 2.16 |
| Oct 26, 2015 | 2.30 | 1.97 |
| Oct 27, 2014 | 1.86 | 1.47 |
| Oct 28, 2013 | 1.60 | 1.52 |
| Oct 22, 2012 | 1.57 | 1.30 |
| Oct 24, 2011 | 1.63 | 1.06 |
| Oct 25, 2010 | 1.43 | 1.10 |
| Oct 26, 2009 | 1.01 | 0.83 |
| Oct 27, 2008 | 0.91 | 0.76 |
| Oct 22, 2007 | 1.26 | 0.96 |
| Oct 25, 2006 | 1.31 | 1.12 |
| Oct 26, 2005 | 1.07 | 1.14 |
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/S, long-term trends, comparison to industry (consumer discretionary)
| AutoZone Inc. | Consumer Discretionary | |
|---|---|---|
| Oct 24, 2023 | 2.45 | 2.63 |
| Oct 24, 2022 | 2.81 | 2.27 |
| Oct 25, 2021 | 2.61 | 3.58 |
| Oct 26, 2020 | 2.11 | 3.81 |
| Oct 28, 2019 | 2.31 | 2.33 |
| Oct 24, 2018 | 1.66 | 2.05 |
| Oct 25, 2017 | 1.48 | 2.06 |
| Oct 24, 2016 | 2.04 | 1.68 |
| Oct 26, 2015 | 2.30 | 1.57 |
| Oct 27, 2014 | 1.86 | 1.32 |
| Oct 28, 2013 | 1.60 | 1.33 |
| Oct 22, 2012 | 1.57 | 1.06 |
| Oct 24, 2011 | 1.63 | 0.97 |
| Oct 25, 2010 | 1.43 | 0.96 |
| Oct 26, 2009 | 1.01 | 0.92 |
| Oct 27, 2008 | 0.91 | 0.66 |
| Oct 22, 2007 | 1.26 | 0.79 |
| Oct 25, 2006 | 1.31 | 0.86 |
| Oct 26, 2005 | 1.07 | 0.79 |
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).