Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
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 (quarterly data)
Based on: 10-Q (reporting date: 2023-11-18), 10-K (reporting date: 2023-08-26), 10-Q (reporting date: 2023-05-06), 10-Q (reporting date: 2023-02-11), 10-Q (reporting date: 2022-11-19), 10-K (reporting date: 2022-08-27), 10-Q (reporting date: 2022-05-07), 10-Q (reporting date: 2022-02-12), 10-Q (reporting date: 2021-11-20), 10-K (reporting date: 2021-08-28), 10-Q (reporting date: 2021-05-08), 10-Q (reporting date: 2021-02-13), 10-Q (reporting date: 2020-11-21), 10-K (reporting date: 2020-08-29), 10-Q (reporting date: 2020-05-09), 10-Q (reporting date: 2020-02-15), 10-Q (reporting date: 2019-11-23), 10-K (reporting date: 2019-08-31), 10-Q (reporting date: 2019-05-04), 10-Q (reporting date: 2019-02-09), 10-Q (reporting date: 2018-11-17), 10-K (reporting date: 2018-08-25), 10-Q (reporting date: 2018-05-05), 10-Q (reporting date: 2018-02-10), 10-Q (reporting date: 2017-11-18).
The analyzed financial data reveals several trends and patterns across multiple ratios over the reported quarterly periods.
- Net Fixed Asset Turnover
- This ratio demonstrates a stable and generally increasing pattern from the initial recorded value of 2.66 to a peak of 3.23 before a slight decrease to 3.09 in the latest period. The progression indicates enhanced efficiency in utilizing fixed assets to generate sales over time, with gradual improvement evident particularly from 2020 onward.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- When incorporating operating leases and right-of-use assets, the ratio starts at parity with the standard net fixed asset turnover but experiences a notable drop to approximately 1.71 in early 2020. After this significant decline, the ratio gradually recovers, peaking near 2.06 before a minor decrease towards 2.03 in the most recent quarters. This decline and recovery may reflect changes in lease accounting standards or adjustments in asset recognition and utilization during the periods analyzed.
- Total Asset Turnover
- The total asset turnover ratio shows a decline from approximately 1.2 down to a low of 0.88 around late 2020, suggesting a reduction in overall asset efficiency during this timeframe. However, a subsequent steady recovery is observed, with the ratio returning to levels slightly above 1.08 by the end of the reporting period. This pattern indicates an initial contraction in sales relative to assets, followed by a gradual restoration of asset utilization efficiency.
- Equity Turnover
- No data is available to comment on trends relating to equity turnover for the periods covered.
Overall, the data points to a trajectory of improving fixed asset utilization post-2020, alongside initial challenges in total asset efficiency that were partially mitigated over time. The impact of including operating lease assets on turnover metrics highlights the importance of accounting treatment changes, which materially influence the reported ratios and their interpretation.
Net Fixed Asset Turnover
AutoZone Inc., net fixed asset turnover calculation (quarterly data)
| Nov 18, 2023 | Aug 26, 2023 | May 6, 2023 | Feb 11, 2023 | Nov 19, 2022 | Aug 27, 2022 | May 7, 2022 | Feb 12, 2022 | Nov 20, 2021 | Aug 28, 2021 | May 8, 2021 | Feb 13, 2021 | Nov 21, 2020 | Aug 29, 2020 | May 9, 2020 | Feb 15, 2020 | Nov 23, 2019 | Aug 31, 2019 | May 4, 2019 | Feb 9, 2019 | Nov 17, 2018 | Aug 25, 2018 | May 5, 2018 | Feb 10, 2018 | Nov 18, 2017 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||||||||||
| Net sales | 4,190,277) | 5,690,619) | 4,090,541) | 3,690,982) | 3,985,067) | 5,348,354) | 3,865,222) | 3,369,750) | 3,668,904) | 4,913,483) | 3,651,023) | 2,910,818) | 3,154,261) | 4,545,967) | 2,779,299) | 2,513,663) | 2,793,038) | 3,988,436) | 2,783,006) | 2,450,568) | 2,641,733) | 3,558,768) | 2,660,152) | 2,413,026) | 2,589,131) | ||||||||
| Property and equipment, less accumulated depreciation and amortization | 5,713,157) | 5,596,548) | 5,334,023) | 5,236,129) | 5,194,546) | 5,170,419) | 4,971,626) | 4,879,079) | 4,857,928) | 4,856,891) | 4,683,149) | 4,627,993) | 4,586,002) | 4,509,221) | 4,384,586) | 4,476,426) | 4,450,656) | 4,398,751) | 4,324,930) | 4,269,923) | 4,228,801) | 4,218,400) | 4,122,966) | 4,081,301) | 4,060,951) | ||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||||||
| Net fixed asset turnover1 | 3.09 | 3.12 | 3.21 | 3.23 | 3.19 | 3.14 | 3.18 | 3.20 | 3.12 | 3.01 | 3.05 | 2.89 | 2.83 | 2.80 | 2.75 | 2.70 | 2.70 | 2.70 | 2.64 | 2.65 | 2.67 | 2.66 | — | — | — | ||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||||||||||||||
| Amazon.com Inc. | 2.81 | 2.82 | 2.82 | 2.78 | 2.75 | 2.75 | 2.83 | 2.80 | 2.84 | 2.93 | 3.11 | 3.32 | 3.45 | 3.41 | — | — | — | — | — | — | — | — | — | — | — | ||||||||
| Home Depot Inc. | 6.07 | 6.14 | 6.23 | 6.15 | 6.06 | 6.00 | 5.92 | 5.83 | 5.73 | 5.35 | 5.27 | 5.10 | 4.94 | 4.84 | — | — | — | — | — | — | — | — | — | — | — | ||||||||
| Lowe’s Cos. Inc. | 5.50 | 5.53 | 5.55 | 5.10 | 5.05 | 5.05 | 5.03 | 4.97 | 4.95 | 4.68 | 4.57 | 4.32 | 4.00 | 3.86 | — | — | — | — | — | — | — | — | — | — | — | ||||||||
| TJX Cos. Inc. | 8.53 | 8.63 | 8.84 | 9.21 | 9.43 | 9.21 | 8.84 | 8.46 | 7.46 | 6.38 | 6.67 | 6.61 | 7.08 | 7.83 | — | — | — | — | — | — | — | — | — | — | — | ||||||||
Based on: 10-Q (reporting date: 2023-11-18), 10-K (reporting date: 2023-08-26), 10-Q (reporting date: 2023-05-06), 10-Q (reporting date: 2023-02-11), 10-Q (reporting date: 2022-11-19), 10-K (reporting date: 2022-08-27), 10-Q (reporting date: 2022-05-07), 10-Q (reporting date: 2022-02-12), 10-Q (reporting date: 2021-11-20), 10-K (reporting date: 2021-08-28), 10-Q (reporting date: 2021-05-08), 10-Q (reporting date: 2021-02-13), 10-Q (reporting date: 2020-11-21), 10-K (reporting date: 2020-08-29), 10-Q (reporting date: 2020-05-09), 10-Q (reporting date: 2020-02-15), 10-Q (reporting date: 2019-11-23), 10-K (reporting date: 2019-08-31), 10-Q (reporting date: 2019-05-04), 10-Q (reporting date: 2019-02-09), 10-Q (reporting date: 2018-11-17), 10-K (reporting date: 2018-08-25), 10-Q (reporting date: 2018-05-05), 10-Q (reporting date: 2018-02-10), 10-Q (reporting date: 2017-11-18).
1 Q1 2024 Calculation
Net fixed asset turnover
= (Net salesQ1 2024
+ Net salesQ4 2023
+ Net salesQ3 2023
+ Net salesQ2 2023)
÷ Property and equipment, less accumulated depreciation and amortization
= (4,190,277 + 5,690,619 + 4,090,541 + 3,690,982)
÷ 5,713,157 = 3.09
2 Click competitor name to see calculations.
The quarterly financial data reveals several noteworthy trends in key performance indicators over the analyzed periods.
- Net Sales
-
Net sales exhibit a clear seasonal pattern with pronounced peaks typically occurring in the third and fourth quarters of each fiscal year. The figures fluctuate accordingly, displaying significant increases during these peak periods.
Over the multi-year span, net sales demonstrate an overall upward trajectory. For example, from November 2017 to November 2023, sales increased from approximately 2.59 billion to over 4.19 billion US dollars. This gradual growth is punctuated by periodic declines seen primarily in the first quarters, but the general trend remains positive, suggesting effective market expansion or increased demand.
- Property and Equipment, Net of Accumulated Depreciation and Amortization
-
The value of property and equipment shows consistent growth throughout the entire period. Starting at roughly 4.06 billion US dollars in late 2017, it rises steadily to exceed 5.71 billion US dollars by the end of 2023.
This steady increase indicates ongoing capital investment in fixed assets, reflecting either expansion, modernization efforts, or replacement of aging assets. Notably, the growth appears relatively smooth without sharp jumps, indicating controlled and sustained asset acquisition or improvement.
- Net Fixed Asset Turnover
-
This ratio, available from May 2018 onwards, generally trends upward over the observed quarters. Beginning near 2.66 times, it gradually increases to values slightly above 3.0 times in later quarters, peaking at around 3.23 times in August 2023 before a slight decline.
The increase in net fixed asset turnover implies improving efficiency in utilizing fixed assets to generate sales revenue. This trend suggests that the company has been able to enhance its asset productivity over time, achieving more sales per unit of fixed asset value.
In summary, the financial data portrays a company experiencing steady growth in sales supported by sustained investment in fixed assets. The rising asset turnover ratio complements this, pointing to enhanced operational efficiency. Seasonal sales fluctuations remain a consistent feature, reflecting typical industry patterns or consumer behaviors related to the company’s business cycle.
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 (quarterly data)
| Nov 18, 2023 | Aug 26, 2023 | May 6, 2023 | Feb 11, 2023 | Nov 19, 2022 | Aug 27, 2022 | May 7, 2022 | Feb 12, 2022 | Nov 20, 2021 | Aug 28, 2021 | May 8, 2021 | Feb 13, 2021 | Nov 21, 2020 | Aug 29, 2020 | May 9, 2020 | Feb 15, 2020 | Nov 23, 2019 | Aug 31, 2019 | May 4, 2019 | Feb 9, 2019 | Nov 17, 2018 | Aug 25, 2018 | May 5, 2018 | Feb 10, 2018 | Nov 18, 2017 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||||||||||
| Net sales | 4,190,277) | 5,690,619) | 4,090,541) | 3,690,982) | 3,985,067) | 5,348,354) | 3,865,222) | 3,369,750) | 3,668,904) | 4,913,483) | 3,651,023) | 2,910,818) | 3,154,261) | 4,545,967) | 2,779,299) | 2,513,663) | 2,793,038) | 3,988,436) | 2,783,006) | 2,450,568) | 2,641,733) | 3,558,768) | 2,660,152) | 2,413,026) | 2,589,131) | ||||||||
| Property and equipment, less accumulated depreciation and amortization | 5,713,157) | 5,596,548) | 5,334,023) | 5,236,129) | 5,194,546) | 5,170,419) | 4,971,626) | 4,879,079) | 4,857,928) | 4,856,891) | 4,683,149) | 4,627,993) | 4,586,002) | 4,509,221) | 4,384,586) | 4,476,426) | 4,450,656) | 4,398,751) | 4,324,930) | 4,269,923) | 4,228,801) | 4,218,400) | 4,122,966) | 4,081,301) | 4,060,951) | ||||||||
| Operating lease right-of-use assets | 2,998,672) | 2,998,097) | 2,959,488) | 2,943,844) | 2,922,148) | 2,918,817) | 2,764,631) | 2,743,771) | 2,717,566) | 2,718,712) | 2,694,846) | 2,660,667) | 2,607,019) | 2,581,677) | 2,613,849) | 2,579,217) | 2,585,105) | —) | —) | —) | —) | —) | —) | —) | —) | ||||||||
| Property and equipment, less accumulated depreciation and amortization (including operating lease, right-of-use asset) | 8,711,829) | 8,594,645) | 8,293,511) | 8,179,973) | 8,116,694) | 8,089,236) | 7,736,257) | 7,622,850) | 7,575,494) | 7,575,603) | 7,377,995) | 7,288,660) | 7,193,021) | 7,090,898) | 6,998,435) | 7,055,643) | 7,035,761) | 4,398,751) | 4,324,930) | 4,269,923) | 4,228,801) | 4,218,400) | 4,122,966) | 4,081,301) | 4,060,951) | ||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 2.03 | 2.03 | 2.06 | 2.06 | 2.04 | 2.01 | 2.04 | 2.05 | 2.00 | 1.93 | 1.93 | 1.84 | 1.81 | 1.78 | 1.73 | 1.71 | 1.71 | 2.70 | 2.64 | 2.65 | 2.67 | 2.66 | — | — | — | ||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | |||||||||||||||||||||||||||||||||
| Amazon.com Inc. | 2.09 | 2.08 | 2.07 | 2.04 | 2.03 | 2.03 | 2.10 | 2.09 | 2.13 | 2.17 | 2.30 | 2.51 | 2.61 | 2.56 | — | — | — | — | — | — | — | — | — | — | — | ||||||||
| Home Depot Inc. | 4.78 | 4.83 | 4.95 | 4.95 | 4.90 | 4.85 | 4.79 | 4.70 | 4.63 | 4.31 | 4.29 | 4.14 | 3.96 | 3.89 | — | — | — | — | — | — | — | — | — | — | — | ||||||||
| Lowe’s Cos. Inc. | 4.58 | 4.60 | 4.62 | 4.17 | 4.15 | 4.15 | 4.12 | 4.14 | 4.11 | 3.90 | 3.79 | 3.59 | 3.31 | 3.20 | — | — | — | — | — | — | — | — | — | — | — | ||||||||
| TJX Cos. Inc. | 3.34 | 3.36 | 3.38 | 3.45 | 3.47 | 3.44 | 3.19 | 3.02 | 2.66 | 2.29 | 2.38 | 2.38 | 2.58 | 2.90 | — | — | — | — | — | — | — | — | — | — | — | ||||||||
Based on: 10-Q (reporting date: 2023-11-18), 10-K (reporting date: 2023-08-26), 10-Q (reporting date: 2023-05-06), 10-Q (reporting date: 2023-02-11), 10-Q (reporting date: 2022-11-19), 10-K (reporting date: 2022-08-27), 10-Q (reporting date: 2022-05-07), 10-Q (reporting date: 2022-02-12), 10-Q (reporting date: 2021-11-20), 10-K (reporting date: 2021-08-28), 10-Q (reporting date: 2021-05-08), 10-Q (reporting date: 2021-02-13), 10-Q (reporting date: 2020-11-21), 10-K (reporting date: 2020-08-29), 10-Q (reporting date: 2020-05-09), 10-Q (reporting date: 2020-02-15), 10-Q (reporting date: 2019-11-23), 10-K (reporting date: 2019-08-31), 10-Q (reporting date: 2019-05-04), 10-Q (reporting date: 2019-02-09), 10-Q (reporting date: 2018-11-17), 10-K (reporting date: 2018-08-25), 10-Q (reporting date: 2018-05-05), 10-Q (reporting date: 2018-02-10), 10-Q (reporting date: 2017-11-18).
1 Q1 2024 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (Net salesQ1 2024
+ Net salesQ4 2023
+ Net salesQ3 2023
+ Net salesQ2 2023)
÷ Property and equipment, less accumulated depreciation and amortization (including operating lease, right-of-use asset)
= (4,190,277 + 5,690,619 + 4,090,541 + 3,690,982)
÷ 8,711,829 = 2.03
2 Click competitor name to see calculations.
The analyzed financial data indicates several notable trends in key performance indicators over multiple quarters.
- Net Sales
- Net sales figures exhibit a fluctuating but generally upward trajectory. Starting at approximately 2,589 million US dollars in late 2017, revenues experience volatility each quarter with notable peaks aligning with the third quarter periods, likely reflecting seasonal factors. For instance, sales rise sharply from around 2,660 million to nearly 3,559 million in mid-2018, then fluctuate around the 3,000 to 3,500 million mark in subsequent periods. From mid-2020 onward, there is a clear upward shift, with net sales surging past 5,000 million US dollars in Q3 2020 and 2021, and continuing at elevated levels close to or above 5,000 million from late 2021 through late 2023. This suggests effective revenue growth possibly linked to market expansion, pricing strategies, or demand increases.
- Property and Equipment, net of accumulated depreciation (including operating lease, right-of-use assets)
- This asset category demonstrates a steady increase throughout the entire period. Beginning at roughly 4,061 million US dollars at the end of 2017, the base grows slowly initially, then experiences a substantial jump in late 2019 to above 7,000 million US dollars, doubling relative to prior years. This substantial rise coincides with a period of higher net sales and may reflect significant investments in property and equipment or changes in accounting treatment, such as capitalization of operating lease assets. The upward trend continues moderately through to the end of 2023, reaching approximately 8,712 million US dollars, indicating ongoing capital expenditure or asset base expansion.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- The turnover ratio data begins in mid-2018 and shows some variation over time. Initial values around 2.66 to 2.70 suggest relatively efficient use of fixed assets in generating sales. However, a sharp drop to approximately 1.71 is apparent in early 2020, coinciding with the sharp increase in the asset base but a less proportional increase in sales, implying a temporary decline in asset utilization efficiency. Subsequently, the ratio gradually recovers; from mid-2020 through late 2023, it stabilizes between approximately 1.78 and 2.06. The recovery trend indicates improving efficiency in asset usage, although it remains below pre-2020 peak levels, potentially reflecting the impact of new asset additions or changes in business operations.
In summary, the company demonstrates strong net sales growth over the analyzed quarters, supported by substantial investments in property and equipment. While the asset base nearly doubles around 2019-2020, fixed asset turnover experiences a decline, followed by a gradual rebound, signaling initial challenges and subsequent improvements in leveraging assets to generate sales. The overall patterns imply active capital deployment alongside growing revenues, with potential implications for future operational efficiency and profitability.
Total Asset Turnover
AutoZone Inc., total asset turnover calculation (quarterly data)
| Nov 18, 2023 | Aug 26, 2023 | May 6, 2023 | Feb 11, 2023 | Nov 19, 2022 | Aug 27, 2022 | May 7, 2022 | Feb 12, 2022 | Nov 20, 2021 | Aug 28, 2021 | May 8, 2021 | Feb 13, 2021 | Nov 21, 2020 | Aug 29, 2020 | May 9, 2020 | Feb 15, 2020 | Nov 23, 2019 | Aug 31, 2019 | May 4, 2019 | Feb 9, 2019 | Nov 17, 2018 | Aug 25, 2018 | May 5, 2018 | Feb 10, 2018 | Nov 18, 2017 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||||||||||
| Net sales | 4,190,277) | 5,690,619) | 4,090,541) | 3,690,982) | 3,985,067) | 5,348,354) | 3,865,222) | 3,369,750) | 3,668,904) | 4,913,483) | 3,651,023) | 2,910,818) | 3,154,261) | 4,545,967) | 2,779,299) | 2,513,663) | 2,793,038) | 3,988,436) | 2,783,006) | 2,450,568) | 2,641,733) | 3,558,768) | 2,660,152) | 2,413,026) | 2,589,131) | ||||||||
| Total assets | 16,292,570) | 15,985,878) | 15,597,922) | 15,545,142) | 15,315,933) | 15,275,043) | 14,520,565) | 14,078,473) | 14,460,949) | 14,516,199) | 14,137,946) | 14,159,993) | 14,568,574) | 14,423,872) | 12,902,131) | 12,863,749) | 12,700,456) | 9,895,913) | 9,773,740) | 9,745,095) | 9,523,581) | 9,346,980) | 9,301,769) | 9,403,719) | 9,397,084) | ||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||||||
| Total asset turnover1 | 1.08 | 1.09 | 1.10 | 1.09 | 1.08 | 1.06 | 1.09 | 1.11 | 1.05 | 1.01 | 1.01 | 0.95 | 0.89 | 0.88 | 0.94 | 0.94 | 0.95 | 1.20 | 1.17 | 1.16 | 1.18 | 1.20 | — | — | — | ||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||||||||||||
| Amazon.com Inc. | 1.11 | 1.09 | 1.14 | 1.13 | 1.13 | 1.11 | 1.17 | 1.16 | 1.16 | 1.12 | 1.20 | 1.23 | 1.30 | 1.20 | — | — | — | — | — | — | — | — | — | — | — | ||||||||
| Home Depot Inc. | 2.04 | 2.06 | 2.05 | 2.05 | 1.99 | 2.10 | 2.02 | 2.04 | 1.95 | 1.87 | 1.88 | 1.88 | 1.91 | 2.15 | — | — | — | — | — | — | — | — | — | — | — | ||||||||
| Lowe’s Cos. Inc. | 2.09 | 2.22 | 2.04 | 2.04 | 1.92 | 2.16 | 1.93 | 1.92 | 1.84 | 1.92 | 1.68 | 1.55 | 1.62 | 1.83 | — | — | — | — | — | — | — | — | — | — | — | ||||||||
| TJX Cos. Inc. | 1.75 | 1.76 | 1.73 | 1.83 | 1.80 | 1.71 | 1.52 | 1.50 | 1.25 | 1.04 | 1.06 | 1.27 | 1.45 | 1.73 | — | — | — | — | — | — | — | — | — | — | — | ||||||||
Based on: 10-Q (reporting date: 2023-11-18), 10-K (reporting date: 2023-08-26), 10-Q (reporting date: 2023-05-06), 10-Q (reporting date: 2023-02-11), 10-Q (reporting date: 2022-11-19), 10-K (reporting date: 2022-08-27), 10-Q (reporting date: 2022-05-07), 10-Q (reporting date: 2022-02-12), 10-Q (reporting date: 2021-11-20), 10-K (reporting date: 2021-08-28), 10-Q (reporting date: 2021-05-08), 10-Q (reporting date: 2021-02-13), 10-Q (reporting date: 2020-11-21), 10-K (reporting date: 2020-08-29), 10-Q (reporting date: 2020-05-09), 10-Q (reporting date: 2020-02-15), 10-Q (reporting date: 2019-11-23), 10-K (reporting date: 2019-08-31), 10-Q (reporting date: 2019-05-04), 10-Q (reporting date: 2019-02-09), 10-Q (reporting date: 2018-11-17), 10-K (reporting date: 2018-08-25), 10-Q (reporting date: 2018-05-05), 10-Q (reporting date: 2018-02-10), 10-Q (reporting date: 2017-11-18).
1 Q1 2024 Calculation
Total asset turnover
= (Net salesQ1 2024
+ Net salesQ4 2023
+ Net salesQ3 2023
+ Net salesQ2 2023)
÷ Total assets
= (4,190,277 + 5,690,619 + 4,090,541 + 3,690,982)
÷ 16,292,570 = 1.08
2 Click competitor name to see calculations.
The financial data reveals several important trends in the company's operating performance and asset utilization over the observed periods.
- Net Sales
- The net sales demonstrate a general upward trajectory, with some seasonal fluctuations evident across quarters. Starting from approximately $2.59 billion in late 2017, sales show recurring peaks typically in the third and fourth quarters of each fiscal year. Notably, significant sales spikes occur in August 2020, August 2021, and August 2022, with values reaching over $4.5 billion, $4.9 billion, and $5.3 billion respectively. This pattern indicates strong seasonal demand possibly related to business cycles or promotional events during those months. Despite minor dips in some interim quarters, the overall sales trend is positive, showcasing growth and resilience over the six-year span.
- Total Assets
- Total assets have steadily increased throughout the analyzed timeframe. Starting at around $9.4 billion in late 2017, total assets rise gradually to exceed $16.2 billion by late 2023. The growth in assets is mostly linear but includes occasional larger increments, particularly between early 2019 and late 2020 as well as from 2021 onward. This increase suggests continued investment in resources, infrastructure, or acquisitions aimed at supporting expanding operations. The consistency of asset growth supports the potential for enhanced operational capacity and long-term strategic positioning.
- Total Asset Turnover
- The total asset turnover ratio fluctuates within a range generally between 0.88 and 1.2. It shows an initial high value of 1.2 in the middle of 2018, followed by a decline reaching a low point around 0.88 in late 2020. Subsequently, the ratio recovers and stabilizes close to or slightly above 1.0 from early 2021 through late 2023. This pattern suggests initially efficient use of assets in generating sales, then a temporary decline in efficiency during the 2020 periods—possibly due to increased asset base or sales disruptions—and gradual improvement thereafter. The recovery toward and above 1.0 indicates the company has improved its capability to generate sales per dollar of assets invested, reflecting enhanced operational efficiency post-2020.
Overall, the data indicates that the company has managed solid sales growth alongside a consistent build-up of asset base. Although asset turnover experienced a temporary downward trend, it improved in recent periods, signifying effective management of assets relative to sales production. The seasonal peaks in sales reinforce a predictable cyclicality, which management could leverage for planning and forecasting. The company appears positioned for sustained growth with improving operational efficiency as of the latest quarters.
Equity Turnover
AutoZone Inc., equity turnover calculation (quarterly data)
| Nov 18, 2023 | Aug 26, 2023 | May 6, 2023 | Feb 11, 2023 | Nov 19, 2022 | Aug 27, 2022 | May 7, 2022 | Feb 12, 2022 | Nov 20, 2021 | Aug 28, 2021 | May 8, 2021 | Feb 13, 2021 | Nov 21, 2020 | Aug 29, 2020 | May 9, 2020 | Feb 15, 2020 | Nov 23, 2019 | Aug 31, 2019 | May 4, 2019 | Feb 9, 2019 | Nov 17, 2018 | Aug 25, 2018 | May 5, 2018 | Feb 10, 2018 | Nov 18, 2017 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||||||||||
| Net sales | 4,190,277) | 5,690,619) | 4,090,541) | 3,690,982) | 3,985,067) | 5,348,354) | 3,865,222) | 3,369,750) | 3,668,904) | 4,913,483) | 3,651,023) | 2,910,818) | 3,154,261) | 4,545,967) | 2,779,299) | 2,513,663) | 2,793,038) | 3,988,436) | 2,783,006) | 2,450,568) | 2,641,733) | 3,558,768) | 2,660,152) | 2,413,026) | 2,589,131) | ||||||||
| Stockholders’ deficit | (5,213,671) | (4,349,894) | (4,301,577) | (4,184,170) | (3,837,923) | (3,538,913) | (3,387,230) | (3,137,477) | (2,124,750) | (1,797,536) | (1,763,392) | (1,523,573) | (1,026,980) | (877,977) | (1,632,736) | (1,711,119) | (1,776,090) | (1,713,851) | (1,589,513) | (1,594,362) | (1,658,616) | (1,520,355) | (1,361,603) | (1,330,547) | (1,525,099) | ||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||||||
| Equity turnover1 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||||||||||||||
| Amazon.com Inc. | 2.73 | 2.85 | 3.03 | 3.19 | 3.40 | 3.52 | 3.65 | 3.70 | 3.57 | 3.40 | 3.80 | 3.86 | 4.06 | 4.13 | — | — | — | — | — | — | — | — | — | — | — | ||||||||
| Home Depot Inc. | 430.25 | 100.77 | 121.18 | 655.02 | — | — | 142.70 | 69.80 | 80.86 | 40.05 | 81.84 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||
| Lowe’s Cos. Inc. | — | — | — | — | — | — | — | — | 212.01 | 62.35 | 20.95 | 18.46 | 43.17 | 36.59 | — | — | — | — | — | — | — | — | — | — | — | ||||||||
| TJX Cos. Inc. | 7.83 | 7.85 | 8.70 | 9.20 | 8.91 | 8.09 | 7.08 | 6.75 | 6.16 | 5.51 | 6.00 | 7.24 | 7.78 | 7.01 | — | — | — | — | — | — | — | — | — | — | — | ||||||||
Based on: 10-Q (reporting date: 2023-11-18), 10-K (reporting date: 2023-08-26), 10-Q (reporting date: 2023-05-06), 10-Q (reporting date: 2023-02-11), 10-Q (reporting date: 2022-11-19), 10-K (reporting date: 2022-08-27), 10-Q (reporting date: 2022-05-07), 10-Q (reporting date: 2022-02-12), 10-Q (reporting date: 2021-11-20), 10-K (reporting date: 2021-08-28), 10-Q (reporting date: 2021-05-08), 10-Q (reporting date: 2021-02-13), 10-Q (reporting date: 2020-11-21), 10-K (reporting date: 2020-08-29), 10-Q (reporting date: 2020-05-09), 10-Q (reporting date: 2020-02-15), 10-Q (reporting date: 2019-11-23), 10-K (reporting date: 2019-08-31), 10-Q (reporting date: 2019-05-04), 10-Q (reporting date: 2019-02-09), 10-Q (reporting date: 2018-11-17), 10-K (reporting date: 2018-08-25), 10-Q (reporting date: 2018-05-05), 10-Q (reporting date: 2018-02-10), 10-Q (reporting date: 2017-11-18).
1 Q1 2024 Calculation
Equity turnover
= (Net salesQ1 2024
+ Net salesQ4 2023
+ Net salesQ3 2023
+ Net salesQ2 2023)
÷ Stockholders’ deficit
= (4,190,277 + 5,690,619 + 4,090,541 + 3,690,982)
÷ -5,213,671 = —
2 Click competitor name to see calculations.
The analysis of quarterly financial data reveals several important trends over the periods observed:
- Net Sales
- Net sales exhibit a generally increasing trend with some volatility across quarters. Starting around 2.59 billion US dollars in November 2017, sales show pronounced peaks roughly every third or fourth period, notably reaching highs such as approximately 4.99 billion in August 2021 and 5.35 billion US dollars in August 2022. Periods following these spikes often experience slight declines or contractions. The overall movement indicates growth with seasonal or cyclical fluctuations, suggesting strong market demand interspersed with typical periodic slowdowns.
- Stockholders’ Deficit
- The stockholders’ deficit consistently worsens over time, starting from approximately negative 1.53 billion US dollars in late 2017 to over negative 5.21 billion US dollars by late 2023. Despite occasional minor improvements or less steep declines in certain quarters, the trend is predominantly downward, indicating increasing liabilities or reductions in equity. This persistent rise in deficit highlights ongoing financial challenges related to equity, potentially reflecting accumulated losses, increased borrowings, or other financial stresses.
- Equity Turnover
- Data for equity turnover are not available in the provided periods, hence no analysis can be conducted on this metric.
In summary, the company’s net sales show an encouraging rising trajectory with expected fluctuations consistent with a dynamic sales environment. Conversely, the stockholders’ deficit worsens markedly, which may warrant strategic financial review and interventions to address equity erosion and improve financial stability.