Forensic Analysis · Retail / Consumer Discretionary · as of Sep 24, 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
2.3
Distress distance
Clean
Earnings quality
2
Forensic signals
18.8
P / E (ttm)
$46.4B
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, going concern, valuation). 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 2.3, 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 by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. The build is led by receivables up +23% against revenue +2% and PP&E up +14% against revenue +2%. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 14% of net operating assets, against an accruals ratio of 25.0%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.
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 (2yr)+4.1%
Net Margin13.2%
Free Cash Flow$1.79B
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Autozone Inc's actual 10-K/10-Q/8-K filings?