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)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 2,637.36 × 17,683,418

AutoZone Inc., EV calculation

	Aug 26, 2023	Aug 27, 2022	Aug 28, 2021	Aug 29, 2020	Aug 31, 2019	Aug 25, 2018
Share price^1, 2	$2,416.54	$2,407.52	$1,821.09	$1,152.00	$1,149.77	$728.22
No. shares of common stock outstanding¹	17,683,418	18,981,426	20,967,962	23,175,554	23,827,496	25,559,353
US$ in thousands
Common equity (market value)³	42,732,687)	45,698,163)	38,184,546)	26,698,238)	27,396,140)	18,612,832)
Add: Preferred stock; no shares issued (book value)	—)	—)	—)	—)	—)	—)
Total equity	42,732,687)	45,698,163)	38,184,546)	26,698,238)	27,396,140)	18,612,832)
Add: Current portion of finance lease liabilities (book value)	86,916)	92,877)	89,932)	67,498)	56,246)	52,290)
Add: Long-term debt (book value)	7,668,549)	6,122,092)	5,269,820)	5,513,371)	5,206,344)	5,005,930)
Add: Finance lease liabilities, less current portion (book value)	200,702)	217,428)	186,122)	155,855)	123,659)	102,013)
Total equity and debt	50,688,854)	52,130,560)	43,730,420)	32,434,962)	32,782,389)	23,773,065)
Less: Cash and cash equivalents	277,054)	264,380)	1,171,335)	1,750,815)	176,300)	217,824)
Less: Current marketable debt securities	39,639)	49,768)	46,007)	76,118)	67,958)	59,444)
Enterprise value (EV)	50,372,161)	51,816,412)	42,513,078)	30,608,029)	32,538,131)	23,495,797)

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

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	AutoZone Inc. EV increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.

AutoZone Inc. (NYSE:AZO)

Enterprise Value (EV)