AutoZone Inc., FCFE calculation

US$ in thousands

12 months ended:	Aug 26, 2023	Aug 27, 2022	Aug 28, 2021	Aug 29, 2020	Aug 31, 2019	Aug 25, 2018
Net income	2,528,426)	2,429,604)	2,170,314)	1,732,972)	1,617,221)	1,337,536)
Net noncash charges	618,221)	724,705)	442,221)	504,108)	449,629)	584,719)
Changes in operating assets and liabilities	(205,859)	56,826)	906,008)	483,028)	61,663)	158,037)
Net cash provided by operating activities	2,940,788)	3,211,135)	3,518,543)	2,720,108)	2,128,513)	2,080,292)
Capital expenditures	(796,657)	(672,391)	(621,767)	(457,736)	(496,050)	(521,788)
Net proceeds from (payments of) commercial paper	606,200)	603,400)	—)	(1,030,000)	(295,300)	170,200)
Proceeds from issuance of debt	1,750,000)	750,000)	—)	1,850,000)	750,000)	—)
Repayment of debt	(800,000)	(500,000)	(250,000)	(500,000)	(250,000)	(250,000)
Repayment of principal portion of finance lease liabilities	(81,055)	(67,182)	(59,853)	(52,158)	(53,307)	(49,004)
Free cash flow to equity (FCFE)	3,619,276)	3,324,962)	2,586,923)	2,530,214)	1,783,856)	1,429,700)

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).

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Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to AutoZone Inc. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	AutoZone Inc. FCFE increased from 2021 to 2022 and from 2022 to 2023.

AutoZone Inc., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	17,683,418
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands)	3,619,276)
FCFE per share	204.67
Current share price (P)	2,637.36
Valuation Ratio
P/FCFE	12.89
Benchmarks
P/FCFE, Competitors¹
Amazon.com Inc.	86.50
Home Depot Inc.	17.68
Lowe’s Cos. Inc.	16.35
TJX Cos. Inc.	28.15
P/FCFE, Sector
Consumer Discretionary Distribution & Retail	43.87
P/FCFE, Industry
Consumer Discretionary	32.00

Based on: 10-K (reporting date: 2023-08-26).

¹ Click competitor name to see calculations.

If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.

AutoZone Inc., historical P/FCFE calculation, comparison to benchmarks

	Aug 26, 2023	Aug 27, 2022	Aug 28, 2021	Aug 29, 2020	Aug 31, 2019	Aug 25, 2018
No. shares of common stock outstanding¹	17,683,418	18,981,426	20,967,962	23,175,554	23,827,496	25,559,353
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands)²	3,619,276)	3,324,962)	2,586,923)	2,530,214)	1,783,856)	1,429,700)
FCFE per share³	204.67	175.17	123.38	109.18	74.87	55.94
Share price^1, 4	2,416.54	2,407.52	1,821.09	1,152.00	1,149.77	728.22
Valuation Ratio
P/FCFE⁵	11.81	13.74	14.76	10.55	15.36	13.02
Benchmarks
P/FCFE, Competitors⁶
Amazon.com Inc.	84.16	240.95	—	55.66	63.35	—
Home Depot Inc.	19.60	19.87	15.41	14.99	16.61	—
Lowe’s Cos. Inc.	7.08	13.55	12.28	8.69	20.45	—
TJX Cos. Inc.	33.59	—	10.55	19.71	21.79	—
P/FCFE, Sector
Consumer Discretionary Distribution & Retail	41.58	51.89	59.10	38.09	38.19	—
P/FCFE, Industry
Consumer Discretionary	32.07	38.31	86.53	30.52	28.87	—

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 See details »

³ 2023 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 3,619,276,000 ÷ 17,683,418 = 204.67

⁴ Closing price as at the filing date of AutoZone Inc. Annual Report.

⁵ 2023 Calculation
P/FCFE = Share price ÷ FCFE per share
= 2,416.54 ÷ 204.67 = 11.81

⁶ Click competitor name to see calculations.

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Valuation ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders’ equity.	AutoZone Inc. P/FCFE ratio decreased from 2021 to 2022 and from 2022 to 2023.

AutoZone Inc. (NYSE:AZO)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical