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.
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- Income Statement
- Statement of Comprehensive Income
- Balance Sheet: Assets
- Cash Flow Statement
- Common-Size Income Statement
- Analysis of Liquidity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Present Value of Free Cash Flow to Equity (FCFE)
- Current Ratio since 2005
- Analysis of Debt
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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).
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio showed an overall upward trend from 2.66 in 2018 to a peak of 3.14 in 2022, followed by a slight decline to 3.12 in 2023. This indicates an increasing efficiency in utilizing net fixed assets to generate sales over the period, with a minor decrease in the latest year suggesting a marginal reduction in asset productivity.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- This metric started at the same level as the net fixed asset turnover in 2018 and 2019 (2.66 and 2.7 respectively) but experienced a notable decline in 2020 to 1.78. Since then, it has shown gradual improvement to reach 2.03 by 2023. The decline in 2020 reflects the impact of including operating leases and right-of-use assets, highlighting changes in asset structure and possibly accounting standards, with a recovery trend in subsequent years.
- Total Asset Turnover
- The total asset turnover ratio remained stable at 1.2 during 2018 and 2019, but then declined to 0.88 in 2020. From 2021 onwards, it consistently improved, reaching 1.09 in 2023. This pattern suggests an initial period of reduced overall asset utilization followed by a steady recovery toward previous efficiency levels.
- Equity Turnover
- No data were reported for equity turnover, thus no analysis can be made on the trends or changes for this ratio.
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 | |||||||
| Property and equipment, less accumulated depreciation and amortization | |||||||
| Long-term Activity Ratio | |||||||
| Net fixed asset turnover1 | |||||||
| Benchmarks | |||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||
| Amazon.com Inc. | |||||||
| Home Depot Inc. | |||||||
| Lowe’s Cos. Inc. | |||||||
| TJX Cos. Inc. | |||||||
| Net Fixed Asset Turnover, Sector | |||||||
| Consumer Discretionary Distribution & Retail | |||||||
| Net Fixed Asset Turnover, Industry | |||||||
| Consumer Discretionary | |||||||
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
= ÷ =
2 Click competitor name to see calculations.
- Net Sales
- There is a consistent upward trend in net sales over the six-year period. Starting from approximately 11.2 billion US dollars in 2018, net sales have increased each year, reaching around 17.5 billion US dollars by 2023. This steady growth indicates expanding revenue generation capabilities and possibly an increase in market demand or operational scale.
- Property and Equipment, Less Accumulated Depreciation and Amortization
- The value of property and equipment, net of depreciation and amortization, shows a continuous increase from 4.2 billion US dollars in 2018 to about 5.6 billion US dollars in 2023. This rise suggests ongoing investments in fixed assets, reflecting commitment to growth and maintenance of operational capacity.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio exhibits an overall increasing trend over the period, moving from 2.66 in 2018 to a peak of 3.14 in 2022, followed by a slight decrease to 3.12 in 2023. This indicates improved efficiency in using fixed assets to generate sales, with a minor dip in the final year that may warrant further observation or analysis.
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 | |||||||
| Property and equipment, less accumulated depreciation and amortization | |||||||
| Operating lease right-of-use assets | |||||||
| Property and equipment, less accumulated depreciation and amortization (including operating lease, right-of-use asset) | |||||||
| Long-term Activity Ratio | |||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | |||||||
| Benchmarks | |||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | |||||||
| Amazon.com Inc. | |||||||
| Home Depot Inc. | |||||||
| Lowe’s Cos. Inc. | |||||||
| TJX Cos. Inc. | |||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector | |||||||
| Consumer Discretionary Distribution & Retail | |||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry | |||||||
| Consumer Discretionary | |||||||
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)
= ÷ =
2 Click competitor name to see calculations.
- Net Sales
- The net sales demonstrated a consistent upward trajectory over the analyzed periods. Starting from approximately $11.2 billion in 2018, net sales increased steadily each year, reaching around $17.5 billion by 2023. This reflects a significant growth trend, with the largest annual increments observed between 2020 to 2021 and 2021 to 2022, indicating strong revenue expansion during these years.
- Property and Equipment, Net
- The net value of property and equipment, including operating lease and right-of-use assets, showed considerable growth over the six-year span. Beginning slightly above $4.2 billion in 2018, a substantial increase occurred from 2019 to 2020, with values rising to approximately $7.1 billion. This growth trend continued moderately thereafter, reaching nearly $8.6 billion by 2023. The sharp increase between 2019 and 2020 suggests significant investment or asset capitalization during that period.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- The net fixed asset turnover ratio exhibited a declining pattern initially, falling from 2.66 in 2018 to 1.78 in 2020, indicating a decrease in efficiency in generating sales from fixed assets during this period. However, from 2020 onwards, there was a gradual recovery and improvement in this ratio, rising to 2.03 by 2023. Although the ratio has not returned to the higher levels seen in 2018 and 2019, the upward trend post-2020 suggests enhanced utilization or productivity of fixed assets in recent years.
- Overall Insights
- The data reflects notable growth in both revenue and asset base, accompanied by an initial dip and subsequent recovery in asset turnover efficiency. The considerable increase in property and equipment net value between 2019 and 2020 appears to have temporarily impacted the turnover ratio, likely due to asset base expansion outpacing sales growth initially. The improving fixed asset turnover after 2020 may indicate successful integration of the new or upgraded assets to support continued sales growth.
Total Asset Turnover
AutoZone Inc., total asset turnover calculation, comparison to benchmarks
| Aug 26, 2023 | Aug 27, 2022 | Aug 28, 2021 | Aug 29, 2020 | Aug 31, 2019 | Aug 25, 2018 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||
| Net sales | |||||||
| Total assets | |||||||
| Long-term Activity Ratio | |||||||
| Total asset turnover1 | |||||||
| Benchmarks | |||||||
| Total Asset Turnover, Competitors2 | |||||||
| Amazon.com Inc. | |||||||
| Home Depot Inc. | |||||||
| Lowe’s Cos. Inc. | |||||||
| TJX Cos. Inc. | |||||||
| Total Asset Turnover, Sector | |||||||
| Consumer Discretionary Distribution & Retail | |||||||
| Total Asset Turnover, Industry | |||||||
| Consumer Discretionary | |||||||
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
= ÷ =
2 Click competitor name to see calculations.
- Net Sales
- There is a consistent upward trend in net sales, increasing from approximately 11.2 billion USD in 2018 to about 17.5 billion USD in 2023. The growth accelerated notably between 2020 and 2023, with an increase of roughly 38.3% over these three years, indicating strong sales expansion.
- Total Assets
- Total assets also exhibited growth, rising from around 9.35 billion USD in 2018 to nearly 16.0 billion USD in 2023. The most significant increase occurred between 2019 and 2020, where assets jumped by over 4.5 billion USD, suggesting substantial investment or acquisition activity during that period. Growth continued steadily thereafter, though at a relatively slower pace.
- Total Asset Turnover
- The total asset turnover ratio remained stable at 1.2 in 2018 and 2019 but declined sharply to 0.88 in 2020. This drop indicates a decrease in sales generated per unit of assets during that year, potentially reflecting less efficient asset utilization. Subsequently, the ratio improved gradually, reaching 1.09 by 2023, signaling a recovery in operational efficiency, although it has not returned to the initial 1.2 level observed in 2018-2019.
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 | |||||||
| Stockholders’ deficit | |||||||
| Long-term Activity Ratio | |||||||
| Equity turnover1 | |||||||
| Benchmarks | |||||||
| Equity Turnover, Competitors2 | |||||||
| Amazon.com Inc. | |||||||
| Home Depot Inc. | |||||||
| Lowe’s Cos. Inc. | |||||||
| TJX Cos. Inc. | |||||||
| Equity Turnover, Sector | |||||||
| Consumer Discretionary Distribution & Retail | |||||||
| Equity Turnover, Industry | |||||||
| Consumer Discretionary | |||||||
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
= ÷ =
2 Click competitor name to see calculations.
- Net Sales
- Net sales exhibited a consistent upward trend over the six-year period. Starting at approximately 11.2 billion US dollars in 2018, there was steady growth each year, culminating in roughly 17.5 billion US dollars in 2023. The most notable increases occurred between 2020 and 2021, and again between 2021 and 2022, indicating an accelerating growth pattern.
- Stockholders’ Deficit
- The stockholders’ deficit values show considerable fluctuation and an overall increasing magnitude of negative equity from 2018 to 2023. Initially, the deficit increased from about -1.52 billion US dollars in 2018 to nearly -1.71 billion US dollars in 2019. A significant improvement occurred in 2020 when the deficit reduced to approximately -0.88 billion US dollars. However, this was followed by a deterioration in subsequent years, with the deficit worsening to -1.80 billion in 2021, then sharply increasing to about -3.54 billion in 2022, and further to approximately -4.35 billion in 2023. This pattern suggests periods of financial strain possibly due to liabilities exceeding assets or retained losses increasing over time.
- Equity Turnover
- No data was provided to analyze the equity turnover ratio for the covered periods.