Adjusted Financial Ratios (Summary)
Adjusted Total Asset Turnover
Adjusted Current Ratio
Adjusted Debt to Equity
Adjusted Debt to Capital
Adjusted Financial Leverage
Adjusted Net Profit Margin
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

AutoZone Inc., adjusted financial ratios

	Aug 26, 2023	Aug 27, 2022	Aug 28, 2021	Aug 29, 2020	Aug 31, 2019	Aug 25, 2018
Activity Ratio
Total Asset Turnover
Reported	1.09	1.06	1.01	0.88	1.20	1.20
Adjusted	1.10	1.07	1.03	0.90	1.02	1.05
Liquidity Ratio
Current Ratio
Reported	0.80	0.77	0.87	1.08	0.91	0.92
Adjusted	0.79	0.77	0.83	1.03	0.85	0.84
Solvency Ratios
Debt to Equity
Reported	—	—	—	—	—	—
Adjusted	—	—	—	—	—	—
Debt to Capital
Reported	2.21	2.22	1.48	1.18	1.47	1.42
Adjusted	1.54	1.47	1.27	1.11	1.31	1.32
Financial Leverage
Reported	—	—	—	—	—	—
Adjusted	—	—	—	—	—	—
Profitability Ratios
Net Profit Margin
Reported	14.48%	14.95%	14.84%	13.72%	13.63%	11.92%
Adjusted	14.75%	18.12%	15.07%	13.83%	14.19%	10.65%
Return on Equity (ROE)
Reported	—	—	—	—	—	—
Adjusted	—	—	—	—	—	—
Return on Assets (ROA)
Reported	15.82%	15.91%	14.95%	12.01%	16.34%	14.31%
Adjusted	16.24%	19.35%	15.58%	12.43%	14.50%	11.15%

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).

Financial ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	AutoZone Inc. adjusted total asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023.
Adjusted current ratio	A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities.	AutoZone Inc. adjusted current ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.
Adjusted debt-to-capital ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity.	AutoZone Inc. adjusted debt-to-capital ratio deteriorated from 2021 to 2022 and from 2022 to 2023.
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	AutoZone Inc. adjusted net profit margin ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	AutoZone Inc. adjusted ROA improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

AutoZone Inc., Financial Ratios: Reported vs. Adjusted

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	Aug 26, 2023	Aug 27, 2022	Aug 28, 2021	Aug 29, 2020	Aug 31, 2019	Aug 25, 2018
Reported
Selected Financial Data (US$ in thousands)
Net sales	17,457,209)	16,252,230)	14,629,585)	12,631,967)	11,863,743)	11,221,077)
Total assets	15,985,878)	15,275,043)	14,516,199)	14,423,872)	9,895,913)	9,346,980)
Activity Ratio
Total asset turnover¹	1.09	1.06	1.01	0.88	1.20	1.20
Adjusted
Selected Financial Data (US$ in thousands)
Net sales	17,457,209)	16,252,230)	14,629,585)	12,631,967)	11,863,743)	11,221,077)
Adjusted total assets²	15,848,576)	15,217,496)	14,151,256)	14,049,029)	11,604,464)	10,718,675)
Activity Ratio
Adjusted total asset turnover³	1.10	1.07	1.03	0.90	1.02	1.05

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).

¹ 2023 Calculation
Total asset turnover = Net sales ÷ Total assets
= 17,457,209 ÷ 15,985,878 = 1.09

² Adjusted total assets. See details »

³ 2023 Calculation
Adjusted total asset turnover = Net sales ÷ Adjusted total assets
= 17,457,209 ÷ 15,848,576 = 1.10

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	AutoZone Inc. adjusted total asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023.

	Aug 26, 2023	Aug 27, 2022	Aug 28, 2021	Aug 29, 2020	Aug 31, 2019	Aug 25, 2018
Reported
Selected Financial Data (US$ in thousands)
Current assets	6,779,426)	6,627,984)	6,415,303)	6,811,872)	5,028,685)	4,635,869)
Current liabilities	8,511,856)	8,588,393)	7,369,754)	6,283,091)	5,512,141)	5,028,681)
Liquidity Ratio
Current ratio¹	0.80	0.77	0.87	1.08	0.91	0.92
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted current assets²	6,728,126)	6,622,484)	6,091,403)	6,464,872)	4,632,285)	4,189,569)
Adjusted current liabilities³	8,468,501)	8,552,697)	7,337,336)	6,250,735)	5,477,831)	5,008,656)
Liquidity Ratio
Adjusted current ratio⁴	0.79	0.77	0.83	1.03	0.85	0.84

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).

¹ 2023 Calculation
Current ratio = Current assets ÷ Current liabilities
= 6,779,426 ÷ 8,511,856 = 0.80

² Adjusted current assets. See details »

³ Adjusted current liabilities. See details »

⁴ 2023 Calculation
Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= 6,728,126 ÷ 8,468,501 = 0.79

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Liquidity ratio	Description	The company
Adjusted current ratio	A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities.	AutoZone Inc. adjusted current ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.

	Aug 26, 2023	Aug 27, 2022	Aug 28, 2021	Aug 29, 2020	Aug 31, 2019	Aug 25, 2018
Reported
Selected Financial Data (US$ in thousands)
Total debt	7,956,167)	6,432,397)	5,545,874)	5,736,724)	5,386,249)	5,160,233)
Stockholders’ deficit	(4,349,894)	(3,538,913)	(1,797,536)	(877,977)	(1,713,851)	(1,520,355)
Solvency Ratio
Debt to equity¹	—	—	—	—	—	—
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total debt²	11,130,469)	9,513,777)	8,415,284)	8,462,130)	7,518,061)	7,012,848)
Adjusted stockholders’ deficit³	(3,907,563)	(3,026,881)	(1,792,936)	(866,278)	(1,790,822)	(1,696,046)
Solvency Ratio
Adjusted debt to equity⁴	—	—	—	—	—	—

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).

¹ 2023 Calculation
Debt to equity = Total debt ÷ Stockholders’ deficit
= 7,956,167 ÷ -4,349,894 = —

² Adjusted total debt. See details »

³ Adjusted stockholders’ deficit. See details »

⁴ 2023 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted stockholders’ deficit
= 11,130,469 ÷ -3,907,563 = —

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	Aug 26, 2023	Aug 27, 2022	Aug 28, 2021	Aug 29, 2020	Aug 31, 2019	Aug 25, 2018
Reported
Selected Financial Data (US$ in thousands)
Total debt	7,956,167)	6,432,397)	5,545,874)	5,736,724)	5,386,249)	5,160,233)
Total capital	3,606,273)	2,893,484)	3,748,338)	4,858,747)	3,672,398)	3,639,878)
Solvency Ratio
Debt to capital¹	2.21	2.22	1.48	1.18	1.47	1.42
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total debt²	11,130,469)	9,513,777)	8,415,284)	8,462,130)	7,518,061)	7,012,848)
Adjusted total capital³	7,222,906)	6,486,896)	6,622,348)	7,595,852)	5,727,239)	5,316,802)
Solvency Ratio
Adjusted debt to capital⁴	1.54	1.47	1.27	1.11	1.31	1.32

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).

¹ 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= 7,956,167 ÷ 3,606,273 = 2.21

² Adjusted total debt. See details »

³ Adjusted total capital. See details »

⁴ 2023 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 11,130,469 ÷ 7,222,906 = 1.54

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Solvency ratio	Description	The company
Adjusted debt-to-capital ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity.	AutoZone Inc. adjusted debt-to-capital ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

	Aug 26, 2023	Aug 27, 2022	Aug 28, 2021	Aug 29, 2020	Aug 31, 2019	Aug 25, 2018
Reported
Selected Financial Data (US$ in thousands)
Total assets	15,985,878)	15,275,043)	14,516,199)	14,423,872)	9,895,913)	9,346,980)
Stockholders’ deficit	(4,349,894)	(3,538,913)	(1,797,536)	(877,977)	(1,713,851)	(1,520,355)
Solvency Ratio
Financial leverage¹	—	—	—	—	—	—
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total assets²	15,848,576)	15,217,496)	14,151,256)	14,049,029)	11,604,464)	10,718,675)
Adjusted stockholders’ deficit³	(3,907,563)	(3,026,881)	(1,792,936)	(866,278)	(1,790,822)	(1,696,046)
Solvency Ratio
Adjusted financial leverage⁴	—	—	—	—	—	—

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).

¹ 2023 Calculation
Financial leverage = Total assets ÷ Stockholders’ deficit
= 15,985,878 ÷ -4,349,894 = —

² Adjusted total assets. See details »

³ Adjusted stockholders’ deficit. See details »

⁴ 2023 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted stockholders’ deficit
= 15,848,576 ÷ -3,907,563 = —

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	Aug 26, 2023	Aug 27, 2022	Aug 28, 2021	Aug 29, 2020	Aug 31, 2019	Aug 25, 2018
Reported
Selected Financial Data (US$ in thousands)
Net income	2,528,426)	2,429,604)	2,170,314)	1,732,972)	1,617,221)	1,337,536)
Net sales	17,457,209)	16,252,230)	14,629,585)	12,631,967)	11,863,743)	11,221,077)
Profitability Ratio
Net profit margin¹	14.48%	14.95%	14.84%	13.72%	13.63%	11.92%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net income²	2,574,278)	2,944,326)	2,205,310)	1,746,565)	1,682,940)	1,195,232)
Net sales	17,457,209)	16,252,230)	14,629,585)	12,631,967)	11,863,743)	11,221,077)
Profitability Ratio
Adjusted net profit margin³	14.75%	18.12%	15.07%	13.83%	14.19%	10.65%

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).

¹ 2023 Calculation
Net profit margin = 100 × Net income ÷ Net sales
= 100 × 2,528,426 ÷ 17,457,209 = 14.48%

² Adjusted net income. See details »

³ 2023 Calculation
Adjusted net profit margin = 100 × Adjusted net income ÷ Net sales
= 100 × 2,574,278 ÷ 17,457,209 = 14.75%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	AutoZone Inc. adjusted net profit margin ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

	Aug 26, 2023	Aug 27, 2022	Aug 28, 2021	Aug 29, 2020	Aug 31, 2019	Aug 25, 2018
Reported
Selected Financial Data (US$ in thousands)
Net income	2,528,426)	2,429,604)	2,170,314)	1,732,972)	1,617,221)	1,337,536)
Stockholders’ deficit	(4,349,894)	(3,538,913)	(1,797,536)	(877,977)	(1,713,851)	(1,520,355)
Profitability Ratio
ROE¹	—	—	—	—	—	—
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net income²	2,574,278)	2,944,326)	2,205,310)	1,746,565)	1,682,940)	1,195,232)
Adjusted stockholders’ deficit³	(3,907,563)	(3,026,881)	(1,792,936)	(866,278)	(1,790,822)	(1,696,046)
Profitability Ratio
Adjusted ROE⁴	—	—	—	—	—	—

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).

¹ 2023 Calculation
ROE = 100 × Net income ÷ Stockholders’ deficit
= 100 × 2,528,426 ÷ -4,349,894 = —

² Adjusted net income. See details »

³ Adjusted stockholders’ deficit. See details »

⁴ 2023 Calculation
Adjusted ROE = 100 × Adjusted net income ÷ Adjusted stockholders’ deficit
= 100 × 2,574,278 ÷ -3,907,563 = —

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	Aug 26, 2023	Aug 27, 2022	Aug 28, 2021	Aug 29, 2020	Aug 31, 2019	Aug 25, 2018
Reported
Selected Financial Data (US$ in thousands)
Net income	2,528,426)	2,429,604)	2,170,314)	1,732,972)	1,617,221)	1,337,536)
Total assets	15,985,878)	15,275,043)	14,516,199)	14,423,872)	9,895,913)	9,346,980)
Profitability Ratio
ROA¹	15.82%	15.91%	14.95%	12.01%	16.34%	14.31%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net income²	2,574,278)	2,944,326)	2,205,310)	1,746,565)	1,682,940)	1,195,232)
Adjusted total assets³	15,848,576)	15,217,496)	14,151,256)	14,049,029)	11,604,464)	10,718,675)
Profitability Ratio
Adjusted ROA⁴	16.24%	19.35%	15.58%	12.43%	14.50%	11.15%

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).

¹ 2023 Calculation
ROA = 100 × Net income ÷ Total assets
= 100 × 2,528,426 ÷ 15,985,878 = 15.82%

² Adjusted net income. See details »

³ Adjusted total assets. See details »

⁴ 2023 Calculation
Adjusted ROA = 100 × Adjusted net income ÷ Adjusted total assets
= 100 × 2,574,278 ÷ 15,848,576 = 16.24%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	AutoZone Inc. adjusted ROA improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

AutoZone Inc. (NYSE:AZO)

Adjusted Financial Ratios

Adjusted Financial Ratios (Summary)

AutoZone Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Adjusted Current Ratio

Adjusted Debt to Equity

Adjusted Debt to Capital

Adjusted Financial Leverage

Adjusted Net Profit Margin

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)