Return on Assets (ROA)
since 2005
Calculation
AutoZone Inc., ROA, long-term trends, calculation
| ROA | = | 100 | × | Net income1 | ÷ | Total assets1 | |
|---|---|---|---|---|---|---|---|
| Aug 26, 2023 | 15.82% | = | 100 | × | 2,528,426) | ÷ | 15,985,878) |
| Aug 27, 2022 | 15.91% | = | 100 | × | 2,429,604) | ÷ | 15,275,043) |
| Aug 28, 2021 | 14.95% | = | 100 | × | 2,170,314) | ÷ | 14,516,199) |
| Aug 29, 2020 | 12.01% | = | 100 | × | 1,732,972) | ÷ | 14,423,872) |
| Aug 31, 2019 | 16.34% | = | 100 | × | 1,617,221) | ÷ | 9,895,913) |
| Aug 25, 2018 | 14.31% | = | 100 | × | 1,337,536) | ÷ | 9,346,980) |
| Aug 26, 2017 | 13.83% | = | 100 | × | 1,280,869) | ÷ | 9,259,781) |
| Aug 27, 2016 | 14.43% | = | 100 | × | 1,241,007) | ÷ | 8,599,787) |
| Aug 29, 2015 | 14.32% | = | 100 | × | 1,160,241) | ÷ | 8,102,349) |
| Aug 30, 2014 | 14.23% | = | 100 | × | 1,069,744) | ÷ | 7,517,858) |
| Aug 31, 2013 | 14.75% | = | 100 | × | 1,016,480) | ÷ | 6,892,089) |
| Aug 25, 2012 | 14.85% | = | 100 | × | 930,373) | ÷ | 6,265,639) |
| Aug 27, 2011 | 14.46% | = | 100 | × | 848,974) | ÷ | 5,869,602) |
| Aug 28, 2010 | 13.25% | = | 100 | × | 738,311) | ÷ | 5,571,594) |
| Aug 29, 2009 | 12.35% | = | 100 | × | 657,049) | ÷ | 5,318,405) |
| Aug 30, 2008 | 12.20% | = | 100 | × | 641,606) | ÷ | 5,257,112) |
| Aug 25, 2007 | 12.40% | = | 100 | × | 595,672) | ÷ | 4,804,709) |
| Aug 26, 2006 | 12.58% | = | 100 | × | 569,275) | ÷ | 4,526,306) |
| Aug 27, 2005 | 13.45% | = | 100 | × | 571,019) | ÷ | 4,245,257) |
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$ in thousands
Over the period from 2005 to 2023, a consistent upward trajectory in profitability is evident, characterized by a steady increase in net income and a strategic expansion of the asset base. The financial performance demonstrates a high level of efficiency in utilizing assets to generate profit, with Return on Assets (ROA) maintaining a resilient range despite significant changes in the balance sheet structure.
- Net Income Growth
- Net income exhibited continuous growth, rising from $571 million in 2005 to $2.53 billion in 2023. The growth trajectory accelerated significantly after 2019, with the most substantial year-over-year gains occurring between 2020 and 2022.
- Asset Expansion Dynamics
- Total assets grew from $4.25 billion in 2005 to $15.99 billion in 2023. A notable structural shift occurred between August 2019 and August 2020, during which total assets increased from $9.90 billion to $14.42 billion, representing a rapid expansion of the balance sheet within a single fiscal year.
- Return on Assets (ROA) Analysis
- The ROA remained relatively stable, fluctuating primarily between 12% and 16%. A period of gradual improvement was observed between 2009 and 2016, leading to a peak of 16.34% in 2019. A sharp decline to 12.01% in 2020 is attributable to the sudden spike in total assets, which temporarily diluted the return ratio. Following this dip, a strong recovery was observed, with the ROA returning to 15.82% by 2023, indicating that income growth successfully caught up with the expanded asset base.
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Comparison to Competitors
AutoZone Inc., ROA, long-term trends, comparison to competitors
| AutoZone Inc. | Amazon.com Inc. | Home Depot Inc. | Lowe’s Cos. Inc. | TJX Cos. Inc. | |
|---|---|---|---|---|---|
| Aug 26, 2023 | 15.82% | 5.76% | 22.38% | 14.73% | 12.34% |
| Aug 27, 2022 | 15.91% | -0.59% | 22.86% | 18.91% | 11.53% |
| Aug 28, 2021 | 14.95% | 7.93% | 18.23% | 12.49% | 0.29% |
| Aug 29, 2020 | 12.01% | 6.64% | 21.94% | 10.85% | 13.55% |
| Aug 31, 2019 | 16.34% | 5.14% | 25.27% | 6.71% | 21.36% |
| Aug 25, 2018 | 14.31% | 6.19% | 19.38% | 9.77% | 18.55% |
| Aug 26, 2017 | 13.83% | 2.31% | 18.52% | 8.99% | 17.84% |
| Aug 27, 2016 | 14.43% | 2.84% | 16.47% | 8.14% | 19.81% |
| Aug 29, 2015 | 14.32% | 0.91% | 15.88% | 8.48% | 19.91% |
| Aug 30, 2014 | 14.23% | -0.44% | 13.29% | 6.98% | 20.95% |
| Aug 31, 2013 | 14.75% | 0.68% | 11.04% | 6.00% | 20.05% |
| Aug 25, 2012 | 14.85% | -0.12% | 9.58% | 5.48% | 18.07% |
| Aug 27, 2011 | 14.46% | 2.50% | 8.32% | 5.96% | 16.85% |
| Aug 28, 2010 | 13.25% | 6.13% | 6.51% | 5.40% | 16.26% |
| Aug 29, 2009 | 12.35% | 6.53% | 5.49% | 6.72% | 14.25% |
| Aug 30, 2008 | 12.20% | 7.76% | 9.92% | 9.10% | 11.69% |
| Aug 25, 2007 | 12.40% | 7.34% | 11.02% | 11.18% | 12.13% |
| Aug 26, 2006 | 12.58% | 4.35% | 13.12% | 11.23% | 12.56% |
| Aug 27, 2005 | 13.45% | 9.71% | 12.85% | 10.26% | 13.09% |
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., ROA, long-term trends, comparison to sector (consumer discretionary distribution & retail)
| AutoZone Inc. | Consumer Discretionary Distribution & Retail | |
|---|---|---|
| Aug 26, 2023 | 15.82% | 8.50% |
| Aug 27, 2022 | 15.91% | 4.19% |
| Aug 28, 2021 | 14.95% | 9.17% |
| Aug 29, 2020 | 12.01% | 9.20% |
| Aug 31, 2019 | 16.34% | 8.83% |
| Aug 25, 2018 | 14.31% | 9.65% |
| Aug 26, 2017 | 13.83% | 7.39% |
| Aug 27, 2016 | 14.43% | 8.42% |
| Aug 29, 2015 | 14.32% | 7.99% |
| Aug 30, 2014 | 14.23% | 6.94% |
| Aug 31, 2013 | 14.75% | 7.03% |
| Aug 25, 2012 | 14.85% | 6.25% |
| Aug 27, 2011 | 14.46% | 6.84% |
| Aug 28, 2010 | 13.25% | 6.80% |
| Aug 29, 2009 | 12.35% | 6.65% |
| Aug 30, 2008 | 12.20% | 9.57% |
| Aug 25, 2007 | 12.40% | 10.89% |
| Aug 26, 2006 | 12.58% | 12.01% |
| Aug 27, 2005 | 13.45% | 11.90% |
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., ROA, long-term trends, comparison to industry (consumer discretionary)
| AutoZone Inc. | Consumer Discretionary | |
|---|---|---|
| Aug 26, 2023 | 15.82% | 7.57% |
| Aug 27, 2022 | 15.91% | 4.81% |
| Aug 28, 2021 | 14.95% | 7.99% |
| Aug 29, 2020 | 12.01% | 4.36% |
| Aug 31, 2019 | 16.34% | 5.57% |
| Aug 25, 2018 | 14.31% | 5.96% |
| Aug 26, 2017 | 13.83% | 4.05% |
| Aug 27, 2016 | 14.43% | 5.57% |
| Aug 29, 2015 | 14.32% | 6.25% |
| Aug 30, 2014 | 14.23% | 4.75% |
| Aug 31, 2013 | 14.75% | 5.52% |
| Aug 25, 2012 | 14.85% | 5.65% |
| Aug 27, 2011 | 14.46% | 9.48% |
| Aug 28, 2010 | 13.25% | 6.05% |
| Aug 29, 2009 | 12.35% | 4.67% |
| Aug 30, 2008 | 12.20% | 0.21% |
| Aug 25, 2007 | 12.40% | 2.85% |
| Aug 26, 2006 | 12.58% | 0.60% |
| Aug 27, 2005 | 13.45% | 3.80% |
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).