Autozone Inc. (AZO) intrinsic value & 10-year financials
Autozone Inc. (AZO) has a Graham intrinsic value of $3,062.15 per share. At $3,120.59 on Oct 17, 2026, the stock trades 2% above that value. Over the last 10 fiscal years revenue grew 6.6% a year to $18.9B, with an average return on invested capital of 45.3%.
- Graham intrinsic value
- $3,062.15
- Share price (Oct 17, 2026)
- $3,120.59
- Price vs Graham value
- 2% above
- Market cap
- $53.8B
- Revenue (FY2025)
- $18.9B
- Revenue growth (10-yr CAGR)
- 6.6%
- ROIC (10-yr avg)
- 45.3%
- Free cash flow (FY2025)
- $1.8B
AZO 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $18.9B | $2.5B | $144.87 | $1.8B | 19.1% | 36.6% |
| FY2024 | $18.5B | $2.7B | $149.55 | $1.9B | 20.5% | 45.2% |
| FY2023 | $17.5B | $2.5B | $132.36 | $2.1B | 19.9% | 48.1% |
| FY2022 | $16.3B | $2.4B | $117.19 | $2.5B | 20.1% | 49.2% |
| FY2021 | $14.6B | $2.2B | $95.19 | $2.9B | 20.1% | 43.6% |
| FY2020 | $12.6B | $1.7B | $71.93 | $2.3B | 19.1% | 42.7% |
| FY2019 | $11.9B | $1.6B | $63.43 | $1.6B | 18.7% | 53.6% |
| FY2018 | $11.2B | $1.3B | $48.77 | $1.6B | 16.1% | 44.7% |
| FY2017 | $10.9B | $1.3B | $44.07 | $1.0B | 19.1% | 43.9% |
| FY2016 | $10.6B | $1.2B | $40.70 | $1.2B | 19.4% | 45.4% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
AutoZone has demonstrated mature, steady growth, with revenue compounding at 6.6% annually over the past decade.
AutoZone has earned high returns on invested capital, averaging 45.3% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, AutoZone shows that management has aggressively returned capital to shareholders by retiring 43.4% of outstanding shares, and that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, AutoZone is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $3062.15 per share.