Forensic Analysis · Retail / Consumer Discretionary · as of Aug 11, 2026

Autozone Inc (AZO)

A forensic read on Autozone Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

C · Mixed — selective

Forensic grade

Grey Zone

Financial health

2.5

Distress distance

Clean

Earnings quality

Forensic signals

20.1

P / E (ttm)

$49.9B

Market cap

2.4%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Autozone Inc earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 2.5, placing it in the Grey zone. 2 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).

What the filings flag

+25.0%

FY2024→FY2025

Accruals ratio (% of NOA). Net operating assets grew +25.0% relative to their own average in FY2025 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The build is led by receivables up +23% against revenue +2% and PP&E up +14% against revenue +2%. This is the third straight fiscal year of building accruals — a multi-year streak is a materially stronger tell than a single year's move. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 14% of net operating assets, diverging from the balance-sheet accrual read.

268d

FY2024→FY2025

Inventory days. Days inventory outstanding moved from 251 to 268 FY2024→FY2025 (against cost of goods sold; inventory +14% vs +3% in cost of sales). Inventory is building a little faster than sales — watch for markdowns.

Key fundamentals

Latest Revenue$18.94B

Revenue Growth YoY+2.4%

Revenue CAGR (3yr)+5.2%

Net Margin13.2%

Free Cash Flow$1.79B

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Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.