Common-Size Balance Sheet: Assets
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- Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Operating Profit Margin since 2005
- Analysis of Revenues
- Aggregate Accruals
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AutoZone Inc., common-size consolidated balance sheet: assets
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).
- Cash and cash equivalents
- The proportion of cash and cash equivalents relative to total assets showed a significant spike in 2020 at 12.14%, followed by a decrease to 8.07% in 2021, and then a further decline to steady levels of around 1.73% in 2022 and 2023. This pattern indicates a temporary increase in liquidity in 2020 that was subsequently reduced in later years.
- Accounts receivable
- Accounts receivable as a percentage of total assets exhibited minor fluctuations, ranging from 2.53% to 3.31% over the period. The values remained relatively stable, with a slight increase in 2022 to 3.31% and a marginal decline to 3.26% in 2023, indicating consistent credit sales management relative to asset size.
- Merchandise inventories
- There was a notable decrease in merchandise inventories as a percentage of total assets from 42.19% in 2018 to 31.01% in 2020. Post-2020, a moderate recovery is observed with inventories increasing to around 36% in both 2022 and 2023. This suggests inventory levels were substantially reduced around 2020, with gradual rebuilding thereafter.
- Current marketable debt securities
- Current marketable debt securities remained a small and declining proportion of total assets, decreasing from 0.64% in 2018 to 0.25% in 2023. The trend reflects a gradual reduction in short-term investments in marketable securities.
- Other current assets
- Other current assets maintained a relatively stable proportion, fluctuating slightly between 1.02% and 1.68% over the years. No significant upward or downward trend was apparent.
- Current assets
- Current assets as a percentage of total assets declined steadily from a peak of 50.82% in 2019 to 42.41% in 2023. This decline suggests a shift away from liquid and short-term asset holdings over the period.
- Property and equipment, less accumulated depreciation and amortization
- This category experienced a considerable decrease from 45.13% in 2018 to a low of 31.26% in 2020, followed by a gradual increase up to 35.01% in 2023. This pattern could reflect asset disposals or impairments early in the period with subsequent reinvestment or acquisition later.
- Operating lease right-of-use assets
- Introduced in 2020, operating lease right-of-use assets comprised a substantial and stable portion of total assets around 18-19% from 2020 through 2023. This indicates recognition of leased asset obligations becoming a significant component of the asset base in recent years.
- Goodwill
- Goodwill steadily declined from 3.24% in 2018 to 1.89% in 2023, suggesting either amortization, impairment, or disposal of acquired intangible assets over time.
- Deferred income taxes
- Deferred income taxes as a percentage of total assets remained low but showed an increasing trend from 0.19% in 2020 to 0.54% in 2023, indicating rising deferred tax assets or liabilities in the balance sheet.
- Long-term marketable debt securities
- Long-term marketable debt securities showed a slight decline from 0.8% in 2018 to a low of 0.41% in 2022, followed by a minor recovery to 0.51% in 2023. The changes are modest but suggest some fluctuations in long-term investment securities.
- Other long-term assets
- Other long-term assets remained relatively stable around 0.7% to 0.9%, with minor variations over the analyzed period, indicating consistent composition or valuation of miscellaneous long-term assets.
- Long-term assets
- The proportion of long-term assets to total assets increased from 49.18% in 2019 to 57.59% in 2023, reflecting an overall shift toward a larger capital asset base including property, equipment, leases, and other long-term investments.
- Total assets
- Presented as the benchmark of 100% across all periods to provide a base for relative analysis of asset composition trends.