Enterprise Value (EV)
Current Enterprise Value (EV)
AutoZone Inc., current enterprise value calculation
| Current share price (P) | $2,637.36 |
| No. shares of common stock outstanding | 17,683,418 |
| US$ in thousands | |
| Common equity (market value)1 | 46,637,539) |
| Add: Preferred stock; no shares issued (per books) | —) |
| Total equity | 46,637,539) |
| Add: Current portion of finance lease liabilities (per books) | 86,916) |
| Add: Long-term debt (per books) | 7,668,549) |
| Add: Finance lease liabilities, less current portion (per books) | 200,702) |
| Total equity and debt | 54,593,706) |
| Less: Cash and cash equivalents | 277,054) |
| Less: Current marketable debt securities | 39,639) |
| Enterprise value (EV) | 54,277,013) |
Based on: 10-K (reporting date: 2023-08-26).
1 Common equity (market value) = Share price × No. shares of common stock outstanding
= 2,637.36 × 17,683,418
Historical Enterprise Value (EV)
AutoZone Inc., EV calculation
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 Data adjusted for splits and stock dividends.
2 Closing price as at the filing date of AutoZone Inc. Annual Report.
3 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 2,416.54 × 17,683,418
An analysis of the financial figures from August 2018 through August 2023 reveals a significant expansion in enterprise value, characterized by a sustained upward trajectory that peaked in 2022 before experiencing a marginal contraction in 2023.
- Enterprise Value Trends
- Enterprise value grew from 23.5 billion USD in 2018 to a peak of 51.8 billion USD in 2022, representing a total increase of approximately 120% over the four-year period. A slight decline to 50.4 billion USD occurred in 2023, suggesting a transition toward valuation stabilization.
- Equity Valuation Dynamics
- The market value of common equity mirrors the movement of the overall enterprise value, rising from 18.6 billion USD in 2018 to 45.7 billion USD in 2022. There is a complete identity between common equity market value and total equity across all reporting periods, indicating a consistent valuation basis used for the equity component.
- Capital Structure and Debt Influence
- Total equity and debt remained consistently higher than the market value of equity, reflecting the inclusion of liabilities in the capital structure. This combined figure peaked at 52.1 billion USD in 2022. The close proximity between the total equity and debt figure and the enterprise value suggests that cash and cash equivalents held by the company likely offset a portion of the total debt.
- Period-over-Period Volatility
- Two distinct periods of contraction are observable. In 2020, enterprise value decreased by approximately 6% from the previous year. This was followed by a period of rapid expansion in 2021, where enterprise value increased by nearly 39% to reach 42.5 billion USD.
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