Analysis of Long-term (Investment) Activity Ratios
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Long-term Activity Ratios (Summary)
AutoZone Inc., long-term (investment) activity ratios
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).
| Long-term activity ratio | Description | The company |
|---|---|---|
| Net fixed asset turnover | An activity ratio calculated as total revenue divided by net fixed assets. | AutoZone Inc. net fixed asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
| Net fixed asset turnover (including operating lease, right-of-use asset) | An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset). | AutoZone Inc. net fixed asset turnover ratio (with operating lease, right-of-use asset) improved from 2021 to 2022 and from 2022 to 2023. |
| Total asset turnover | An activity ratio calculated as total revenue divided by total assets. | AutoZone Inc. total asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023. |
Net Fixed Asset Turnover
AutoZone Inc., net fixed asset turnover calculation, comparison to benchmarks
| Aug 26, 2023 | Aug 27, 2022 | Aug 28, 2021 | Aug 29, 2020 | Aug 31, 2019 | Aug 25, 2018 | ||
|---|---|---|---|---|---|---|---|
| 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) | |
| Property and equipment, less accumulated depreciation and amortization | 5,596,548) | 5,170,419) | 4,856,891) | 4,509,221) | 4,398,751) | 4,218,400) | |
| Long-term Activity Ratio | |||||||
| Net fixed asset turnover1 | 3.12 | 3.14 | 3.01 | 2.80 | 2.70 | 2.66 | |
| Benchmarks | |||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||
| Amazon.com Inc. | 2.82 | 2.75 | 2.93 | 3.41 | 3.86 | — | |
| Home Depot Inc. | 6.14 | 6.00 | 5.35 | 4.84 | 4.84 | — | |
| Lowe’s Cos. Inc. | 5.53 | 5.05 | 4.68 | 3.86 | 3.87 | — | |
| TJX Cos. Inc. | 8.63 | 9.21 | 6.38 | 7.83 | 7.42 | — | |
| Net Fixed Asset Turnover, Sector | |||||||
| Consumer Discretionary Distribution & Retail | 3.47 | 3.43 | 3.46 | 3.82 | 4.20 | — | |
| Net Fixed Asset Turnover, Industry | |||||||
| Consumer Discretionary | 3.25 | 3.18 | 2.99 | 3.00 | 3.29 | — | |
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 fixed asset turnover = Net sales ÷ Property and equipment, less accumulated depreciation and amortization
= 17,457,209 ÷ 5,596,548 = 3.12
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Net fixed asset turnover | An activity ratio calculated as total revenue divided by net fixed assets. | AutoZone Inc. net fixed asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
AutoZone Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation, comparison to benchmarks
| Aug 26, 2023 | Aug 27, 2022 | Aug 28, 2021 | Aug 29, 2020 | Aug 31, 2019 | Aug 25, 2018 | ||
|---|---|---|---|---|---|---|---|
| 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) | |
| Property and equipment, less accumulated depreciation and amortization | 5,596,548) | 5,170,419) | 4,856,891) | 4,509,221) | 4,398,751) | 4,218,400) | |
| Operating lease right-of-use assets | 2,998,097) | 2,918,817) | 2,718,712) | 2,581,677) | —) | —) | |
| Property and equipment, less accumulated depreciation and amortization (including operating lease, right-of-use asset) | 8,594,645) | 8,089,236) | 7,575,603) | 7,090,898) | 4,398,751) | 4,218,400) | |
| Long-term Activity Ratio | |||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 2.03 | 2.01 | 1.93 | 1.78 | 2.70 | 2.66 | |
| Benchmarks | |||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | |||||||
| Amazon.com Inc. | 2.08 | 2.03 | 2.17 | 2.56 | 2.87 | — | |
| Home Depot Inc. | 4.83 | 4.85 | 4.31 | 3.89 | 4.84 | — | |
| Lowe’s Cos. Inc. | 4.60 | 4.15 | 3.90 | 3.20 | 3.87 | — | |
| TJX Cos. Inc. | 3.36 | 3.44 | 2.29 | 2.90 | 7.42 | — | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector | |||||||
| Consumer Discretionary Distribution & Retail | 2.55 | 2.52 | 2.55 | 2.83 | 3.47 | — | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry | |||||||
| Consumer Discretionary | 2.53 | 2.49 | 2.32 | 2.34 | 2.83 | — | |
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 fixed asset turnover (including operating lease, right-of-use asset) = Net sales ÷ Property and equipment, less accumulated depreciation and amortization (including operating lease, right-of-use asset)
= 17,457,209 ÷ 8,594,645 = 2.03
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Net fixed asset turnover (including operating lease, right-of-use asset) | An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset). | AutoZone Inc. net fixed asset turnover ratio (with operating lease, right-of-use asset) improved from 2021 to 2022 and from 2022 to 2023. |
Total Asset Turnover
AutoZone Inc., total asset turnover calculation, comparison to benchmarks
| Aug 26, 2023 | Aug 27, 2022 | Aug 28, 2021 | Aug 29, 2020 | Aug 31, 2019 | Aug 25, 2018 | ||
|---|---|---|---|---|---|---|---|
| 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) | |
| Long-term Activity Ratio | |||||||
| Total asset turnover1 | 1.09 | 1.06 | 1.01 | 0.88 | 1.20 | 1.20 | |
| Benchmarks | |||||||
| Total Asset Turnover, Competitors2 | |||||||
| Amazon.com Inc. | 1.09 | 1.11 | 1.12 | 1.20 | 1.25 | — | |
| Home Depot Inc. | 2.06 | 2.10 | 1.87 | 2.15 | 2.46 | — | |
| Lowe’s Cos. Inc. | 2.22 | 2.16 | 1.92 | 1.83 | 2.07 | — | |
| TJX Cos. Inc. | 1.76 | 1.71 | 1.04 | 1.73 | 2.72 | — | |
| Total Asset Turnover, Sector | |||||||
| Consumer Discretionary Distribution & Retail | 1.30 | 1.33 | 1.27 | 1.40 | 1.57 | — | |
| Total Asset Turnover, Industry | |||||||
| Consumer Discretionary | 0.95 | 0.93 | 0.84 | 0.81 | 0.92 | — | |
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 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Total asset turnover | An activity ratio calculated as total revenue divided by total assets. | AutoZone Inc. total asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023. |
Equity Turnover
AutoZone Inc., equity turnover calculation, comparison to benchmarks
| Aug 26, 2023 | Aug 27, 2022 | Aug 28, 2021 | Aug 29, 2020 | Aug 31, 2019 | Aug 25, 2018 | ||
|---|---|---|---|---|---|---|---|
| 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) | |
| Stockholders’ deficit | (4,349,894) | (3,538,913) | (1,797,536) | (877,977) | (1,713,851) | (1,520,355) | |
| Long-term Activity Ratio | |||||||
| Equity turnover1 | — | — | — | — | — | — | |
| Benchmarks | |||||||
| Equity Turnover, Competitors2 | |||||||
| Amazon.com Inc. | 2.85 | 3.52 | 3.40 | 4.13 | 4.52 | — | |
| Home Depot Inc. | 100.77 | — | 40.05 | — | — | — | |
| Lowe’s Cos. Inc. | — | — | 62.35 | 36.59 | 19.57 | — | |
| TJX Cos. Inc. | 7.85 | 8.09 | 5.51 | 7.01 | 7.72 | — | |
| Equity Turnover, Sector | |||||||
| Consumer Discretionary Distribution & Retail | 4.50 | 5.57 | 4.86 | 6.21 | 7.25 | — | |
| Equity Turnover, Industry | |||||||
| Consumer Discretionary | 3.84 | 4.14 | 3.59 | 4.39 | 5.11 | — | |
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
Equity turnover = Net sales ÷ Stockholders’ deficit
= 17,457,209 ÷ -4,349,894 = —
2 Click competitor name to see calculations.