AutoZone, Inc.
AZO Consumer Cyclical Auto Parts
AutoZone, Inc.’s revenue for fiscal 2026 (year ended August 2026) was $20.3 billion, up 7.39% from fiscal 2025. In the quarter to August 2026, revenue grew 5.64%, EPS grew 14.3%, free cash flow grew 7.88% and total debt rose 3.17%, each against the same quarter a year earlier. Member of the S&P 500; revenue growth for ten consecutive years, operating cash flow growth for three; insiders bought in the last twelve months.
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AutoZone, Inc. (AZO) Beneish M-score
AutoZone, Inc.'s Beneish M-score for fiscal 2026 cannot be worked out: days’ sales in receivables index and total accruals to total assets cannot be worked out.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.41 | 0.16 |
| FY2024 | −2.57 | 0.02 |
| FY2023 | −2.59 | (0.14) |
| FY2022 | −2.45 | 0.40 |
| FY2021 | −2.85 | (1.72) |
| FY2020 | −1.13 | 1.46 |
| FY2019 | −2.59 | 0.45 |
| FY2018 | −3.04 | (0.37) |
| FY2017 | −2.67 | (0.09) |
| FY2016 | −2.58 | — |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | — | — | n/a | — |
| Gross margin index | 1.01 | — | 0.53 | |
| Asset quality index | 1.01 | — | 0.41 | |
| Sales growth index | 1.07 | — | 0.96 | |
| Depreciation index Depreciation not reported — index set to 1 | 1.00 | — | Set to 1 | 0.12 |
| SG&A index | 1.01 | — | −0.17 | |
| Total accruals to total assets | — | — | n/a | — |
| Leverage index | 0.94 | — | −0.31 | |
| Beneish M-score | n/a — days’ sales in receivables index and total accruals to total assets cannot be worked out | — | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| APTV Aptiv PLC compare | −2.9× |
| BWA BorgWarner Inc. compare | −2.9× |
| ALSN Allison Transmission Holdings, Inc. compare | −2.8× |
| ALV Autoliv, Inc. compare | −2.7× |
| GPC Genuine Parts Company compare | −2.6× |
| ORLY O'Reilly Automotive, Inc. compare | −2.5× |
| MOD Modine Manufacturing Company compare | −2.2× |
| AZO AutoZone, Inc. | — |
| AUR Aurora Innovation, Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI
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