AZOAUTOZONE INC

Retail-Auto & Home Supply Stores

Revenue: $20.3B; 7.4% YoY
Operating margin: 18.3%; 4.0% YoY
EBITDA: $4.4B; 4.4% YoY
Market cap: $51.3B
Employees: —
Net debt / EBITDA: 2.0×; $8.8B net debt
AI in 10-K: 1.6; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
0 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
126% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
62% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
1% of assets
Over 40% of assets
Shareholder dissentNo
90% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
1.6 per 10K words · 47th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
2.0× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$51.3B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$37M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$16.3B	$17.5B	$18.5B	$18.9B	$20.3B	7.4%
Operating income	$3.3B	$3.5B	$3.8B	$3.6B	$3.7B	3.1%
Net income	$2.4B	$2.5B	$2.7B	$2.5B	$2.6B	3.0%
Operating cash flow	$3.2B	$2.9B	$3.0B	$3.1B	$3.2B	4.2%
Capex	$672M	$797M	$1.1B	$1.3B	$1.4B	8.0%
Stock-based comp	$71M	$93M	$106M	$125M	$137M	9.7%
Buybacks	$4.4B	$3.7B	$3.1B	$1.6B	$2.0B	28%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $2M · 4
Open-market sells, 12 mo: $39M · 7
Net: −$37M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	—	—	249	163
FY2025	—	—	353	152
FY2024	—	—	268	124
FY2023	—	—	206	98
FY2022	—	—	182	92