AutoZone Inc (AZO)

Total asset turnover

		Feb 10, 2024	Nov 18, 2023	Aug 26, 2023	May 6, 2023	Feb 11, 2023	Nov 19, 2022	Aug 27, 2022	May 7, 2022	Feb 12, 2022	Nov 20, 2021	Aug 28, 2021	May 8, 2021	Feb 13, 2021	Nov 21, 2020	Aug 29, 2020	May 9, 2020	Nov 23, 2019	Aug 31, 2019	May 4, 2019	Feb 9, 2019
Revenue (ttm)	US$ in thousands	17,830,570	17,662,420	17,457,210	17,114,950	16,889,630	16,568,400	16,252,230	15,817,350	15,603,150	15,144,220	14,629,580	14,262,070	13,390,350	13,272,570	14,106,750	12,343,790	12,015,060	11,863,750	11,434,080	11,311,220
Total assets	US$ in thousands	16,717,700	16,292,600	15,985,900	15,597,900	15,545,100	15,315,900	15,275,000	14,520,600	14,078,500	14,460,900	14,516,200	14,137,900	14,160,000	14,568,600	14,423,900	12,902,100	12,700,500	9,895,910	9,773,740	9,745,100
Total asset turnover		1.07	1.08	1.09	1.10	1.09	1.08	1.06	1.09	1.11	1.05	1.01	1.01	0.95	0.91	0.98	0.96	0.95	1.20	1.17	1.16

February 10, 2024 calculation

Total asset turnover = Revenue (ttm) ÷ Total assets
= $17,830,570K ÷ $16,717,700K
= 1.07

The total asset turnover ratio for AutoZone Inc has fluctuated over the past few years, indicating how efficiently the company is utilizing its assets to generate revenue. The ratio peaked at 1.20 in November 2019, suggesting that the company generated $1.20 in revenue for every $1 of assets it had during that period.

However, the total asset turnover ratio dropped to 0.91 in November 2020 but gradually increased to 1.10 in May 2023. This improvement indicates that the company has been more efficient in generating revenue relative to its total assets during this period.

Overall, the variations in the total asset turnover ratio for AutoZone Inc reflect changes in how effectively the company is using its assets to drive revenue generation. The company should continue to monitor and enhance its asset utilization to sustain or improve its financial performance.