Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
EV to EBITDA Ratio, Current
EV to EBITDA Ratio, Historical

AutoZone Inc., EBITDA 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)
Add: Income tax expense	639,188)	649,487)	578,876)	483,542)	414,112)	298,793)
Earnings before tax (EBT)	3,167,614)	3,079,091)	2,749,190)	2,216,514)	2,031,333)	1,636,329)
Add: Interest expense, less capitalized interest	318,426)	197,686)	200,754)	206,854)	192,200)	180,163)
Earnings before interest and tax (EBIT)	3,486,040)	3,276,777)	2,949,944)	2,423,368)	2,223,533)	1,816,492)
Add: Depreciation and amortization of property and equipment	497,577)	442,223)	407,683)	397,466)	369,957)	345,084)
Earnings before interest, tax, depreciation and amortization (EBITDA)	3,983,617)	3,719,000)	3,357,627)	2,820,834)	2,593,490)	2,161,576)

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
EBITDA	To calculate EBITDA analysts start with net earnings. To that earnings number, interest, taxes, depreciation, and amortization are added. EBITDA as a pre-interest number is a flow to all providers of capital.	AutoZone Inc. EBITDA increased from 2021 to 2022 and from 2022 to 2023.

AutoZone Inc., current EV/EBITDA calculation, comparison to benchmarks

Selected Financial Data (US$ in thousands)
Enterprise value (EV)	54,277,015)
Earnings before interest, tax, depreciation and amortization (EBITDA)	3,983,617)
Valuation Ratio
EV/EBITDA	13.63
Benchmarks
EV/EBITDA, Competitors¹
Amazon.com Inc.	15.20
Home Depot Inc.	15.93
Lowe’s Cos. Inc.	12.32
TJX Cos. Inc.	17.97
EV/EBITDA, Sector
Consumer Discretionary Distribution & Retail	19.32
EV/EBITDA, Industry
Consumer Discretionary	19.61

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

¹ Click competitor name to see calculations.

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

AutoZone Inc., historical EV/EBITDA calculation, comparison to benchmarks

	Aug 26, 2023	Aug 27, 2022	Aug 28, 2021	Aug 29, 2020	Aug 31, 2019	Aug 25, 2018
Selected Financial Data (US$ in thousands)
Enterprise value (EV)¹	50,372,161)	51,816,412)	42,513,078)	30,608,029)	32,538,131)	23,495,797)
Earnings before interest, tax, depreciation and amortization (EBITDA)²	3,983,617)	3,719,000)	3,357,627)	2,820,834)	2,593,490)	2,161,576)
Valuation Ratio
EV/EBITDA³	12.64	13.93	12.66	10.85	12.55	10.87
Benchmarks
EV/EBITDA, Competitors⁴
Amazon.com Inc.	19.88	28.04	21.27	32.24	—	—
Home Depot Inc.	12.29	14.08	16.53	12.34	—	—
Lowe’s Cos. Inc.	11.98	12.43	14.41	8.98	—	—
TJX Cos. Inc.	15.36	13.00	65.35	10.33	—	—
EV/EBITDA, Sector
Consumer Discretionary Distribution & Retail	17.44	20.13	20.16	24.23	—	—
EV/EBITDA, Industry
Consumer Discretionary	18.14	19.78	21.32	29.33	—	—

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 See details »

² See details »

³ 2023 Calculation
EV/EBITDA = EV ÷ EBITDA
= 50,372,161 ÷ 3,983,617 = 12.64

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/EBITDA	Enterprise value to earnings before interest, tax, depreciation and amortization is a valuation indicator for the overall company rather than common stock.	AutoZone Inc. EV/EBITDA ratio increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.

AutoZone Inc. (NYSE:AZO)

Enterprise Value to EBITDA (EV/EBITDA)

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Enterprise Value to EBITDA Ratio, Current

Enterprise Value to EBITDA Ratio, Historical