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Held by 1,244 of 6,047 reporting institutions (99th percentile) — extremely crowded.
Data as of Q2 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2023, FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $2939.85 today, the market must believe free cash flow compounds 6.3%/yr for a decade (off $1.96B on the 3-yr avg basis).
On the basis ($1.85B) the requirement is 7.1%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 6.3% is more optimistic than its 9-yr track record.
Default is 7.4% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.02B shares (market data) · net debt $8.53B
mean 7.5% · volatility σ 26% · implied rate exceeded in 3/9 yrs
Central path = implied 6.3%/yr growth; shaded band = ±1σ (26%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Ranked against 15 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ORLY | $69.9B | 29.1× | 19.1× | 3.9× | 6.4% | 51.6% | 14.3% | -333% | 48.3% | 1.5× | 1,597 |
| AZO | $47.5B | 20.3× | 13.3× | 2.5× | 2.4% | 52.6% | 13.2% | -73.2% | 46.4% | 2.0× | 1,244 |
| CVNA | $45.9B | 7.5× | — | 2.3× | 48.6% | 20.6% | 6.9% | 40.9% | 16.6% | — | 804 |
| CPRT | $25.3B | 17.2× | 13.2× | 5.5× | 9.7% | — | 33.4% | 16.9% | 16.9% | 0.0× | 1,032 |
| CASY | $23.9B | 33.7× | — | 1.4× | 10.2% | — | 4.1% | 18.1% | 11.2% | — | 1,040 |
| PAG | $12.9B | 13.9× | 10.3× | 0.4× | -0.2% | 16.4% | 2.9% | 16.8% | 12.1% | 1.4× | 385 |
| MUSA | $9.7B | 22.0× | 11.9× | 0.5× | -4.2% | — | 2.4% | 75.5% | 16.8% | 2.2× | 586 |
| KMX | $7.5B | 31.3× | 35.1× | 0.3× | -1.8% | 10.8% | 1.0% | 4.2% | 1.0% | — | 546 |
| LAD | $6.4B | 9.0× | 8.4× | 0.2× | 4.0% | 15.2% | 2.2% | 12.4% | 5.0% | 5.1× | 429 |
| AN | $5.2B | 9.2× | — | 0.2× | 3.2% | 17.9% | 2.3% | 27.7% | 10.6% | — | 491 |
| RUSHA | $5.2B | 13.6× | 8.1× | 0.7× | -4.7% | 19.6% | 3.5% | 12.0% | 10.6% | 0.1× | 346 |
| OPLN | $4.5B | — | 16.9× | 2.3× | 8.2% | — | 9.2% | 14.3% | 10.0% | 1.4× | 335 |
| ABG | $3.0B | 6.7× | 7.0× | 0.2× | 4.7% | 17.1% | 2.7% | 12.6% | 6.6% | 3.8× | 1,296 |
| GPI | $2.8B | 9.2× | — | 0.1× | 13.2% | 16.0% | 1.4% | 11.7% | 5.0% | — | 374 |
| AAP | $2.6B | 58.0× | 12.4× | 0.3× | -5.4% | 43.4% | 0.5% | 2.0% | 0.8% | 1.3× | 372 |
| HZO | $1.2B | — | 24.7× | 0.5× | -5.0% | 32.5% | -1.4% | -3.4% | -1.6% | 10.8× | 180 |
Peers = companies sharing AZO's sector (Retail-Auto & Home Supply Stores) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $1.58B buybacks = $1.58B returned on $1.79B FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 46%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
EOD close · as of 2026-10-09
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $18.94B 100.0% | $18.49B 100.0% | $17.46B 100.0% | $16.25B 100.0% | $14.63B 100.0% | $12.63B 100.0% | $11.86B 100.0% | $11.22B 100.0% | $10.89B 100.0% | $10.64B 100.0% |
| Cost of Revenue | $8.97B 47.4% | $8.67B 46.9% | $8.39B 48.0% | $7.78B 47.9% | $6.91B 47.2% | $5.86B 46.4% | $5.50B 46.3% | $5.25B 46.8% | $5.15B 47.3% | $5.03B 47.3% |
| Gross Profit | $9.97B 52.6% | $9.82B 53.1% | $9.07B 52.0% | $8.47B 52.1% | $7.72B 52.8% | $6.77B 53.6% | $6.37B 53.7% | $5.97B 53.2% | $5.74B 52.7% | $5.61B 52.7% |
| Selling, General & Admin | $6.36B 33.6% | $6.03B 32.6% | $5.60B 32.1% | $5.20B 32.0% | $4.77B 32.6% | $4.35B 34.5% | $4.15B 35.0% | $4.16B 37.1% | $3.66B 33.6% | $3.55B 33.4% |
| Operating Income | $3.61B 19.1% | $3.79B 20.5% | $3.47B 19.9% | $3.27B 20.1% | $2.94B 20.1% | $2.42B 19.1% | $2.22B 18.7% | $1.81B 16.1% | $2.08B 19.1% | $2.06B 19.4% |
| Interest Expense | $490.0M 2.6% | $465.2M 2.5% | $320.1M 1.8% | $198.9M 1.2% | $202.3M 1.4% | $208.0M 1.6% | $193.7M 1.6% | $181.7M 1.6% | $159.3M 1.5% | $151.0M 1.4% |
| Interest & Investment Income | $11.0M 0.1% | $11.3M 0.1% | $12.1M 0.1% | $6.0M 0.0% | $5.4M 0.0% | $5.7M 0.0% | $7.4M 0.1% | $5.6M 0.1% | $3.5M 0.0% | $2.4M 0.0% |
| Pretax Income | $3.13B 16.5% | $3.34B 18.0% | $3.17B 18.1% | $3.08B 18.9% | $2.75B 18.8% | $2.22B 17.5% | $2.03B 17.1% | $1.64B 14.6% | $1.93B 17.7% | $1.91B 18.0% |
| Income Tax Expense | $636.1M 3.4% | $674.7M 3.6% | $639.2M 3.7% | $649.5M 4.0% | $578.9M 4.0% | $483.5M 3.8% | $414.1M 3.5% | $298.8M 2.7% | $644.6M 5.9% | $671.7M 6.3% |
| Net Income | $2.50B 13.2% | $2.66B 14.4% | $2.53B 14.5% | $2.43B 14.9% | $2.17B 14.8% | $1.73B 13.7% | $1.62B 13.6% | $1.34B 11.9% | $1.28B 11.8% | $1.24B 11.7% |
| Per Share | ||||||||||
| EPS (Basic) | $148.80 | $153.82 | $136.60 | $120.83 | $97.60 | $73.62 | $64.78 | $49.59 | $45.05 | $41.52 |
| EPS (Diluted) | $144.87 | $149.55 | $132.36 | $117.19 | $95.19 | $71.93 | $63.43 | $48.77 | $44.07 | $40.70 |
| Weighted Avg Shares (Basic) | 16.8M | 17.3M | 18.5M | 20.1M | 22.2M | 23.5M | 25.0M | 27.0M | 28.4M | 29.9M |
| Weighted Avg Shares (Diluted) | 17.2M | 17.8M | 19.1M | 20.7M | 22.8M | 24.1M | 25.5M | 27.4M | 29.1M | 30.5M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
EOD close · as of 2026-10-09
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE -73% against ROIC 46% — -120% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 46.8 | 46.3 | 46.4 | 47.2 | 47.9 | 48.0 | 46.9 | 47.4 |
| Gross Profit | 53.2 | 53.7 | 53.6 | 52.8 | 52.1 | 52.0 | 53.1 | 52.6 |
| SG&A | 37.1 | 35.0 | 34.5 | 32.6 | 32.0 | 32.1 | 32.6 | 33.6 |
| Operating Income | 16.1 | 18.7 | 19.1 | 20.1 | 20.1 | 19.9 | 20.5 | 19.1 |
| Income Tax | 2.7 | 3.5 | 3.8 | 4.0 | 4.0 | 3.7 | 3.6 | 3.4 |
| Net Income | 11.9 | 13.6 | 13.7 | 14.8 | 14.9 | 14.5 | 14.4 | 13.2 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on AZO: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $271.8M is below the $1.60B due within a year — relies on refinancing or operating cash flow. Scheduled principal only (excludes interest & revolver draws). As of 2025-08-30 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Effective rate ~5.6% on $8.80B of debt.
Cash vs short-term debt unavailable.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
The spread has compressed 3 years running.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 49.8% | 7.4% (today's — no rate published for this year) | 42.5pts |
| FY2020 | 31.7% | 7.4% (today's — no rate published for this year) | 24.3pts |
| FY2021 | 40.9% | 7.4% (today's — no rate published for this year) | 33.6pts |
| FY2022 | 43.7% | 6.7% | 37.0pts |
| FY2023 | 40.9% | 7.6% | 33.3pts |
| FY2024 | 38.3% | 6.6% | 31.6pts |
| FY2025 | 31.4% | 6.6% | 24.9pts |
| Now | 46.4% | 7.4% | 39.0pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 52.7% | 19.4% | 11.7% |
| FY2017 | 52.7% | 19.1% | 11.8% |
| FY2018 | 53.2% | 16.1% | 11.9% |
| FY2019 | 53.7% | 18.7% | 13.6% |
| FY2020 | 53.6% | 19.1% | 13.7% |
| FY2021 | 52.8% | 20.1% | 14.8% |
| FY2022 | 52.1% | 20.1% | 14.9% |
| FY2023 | 52.0% | 19.9% | 14.5% |
| FY2024 | 53.1% | 20.5% | 14.4% |
| FY2025 | 52.6% | 19.1% | 13.2% |
$303M of goodwill — 3% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer.
The spread has been narrowing over the last three years.
Converts 0.93x of reported profit into cash — adequate, without much margin.
The cash conversion cycle has lengthened +18 days over 3 years to -314 — that many more days of the company's own cash funding the same volume of business.
Covers interest 5.2x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 7.37x |
| 5% | 7.00x |
| 10% | 6.63x |
| 15% | 6.26x |
| 20% | 5.89x |
| 25% | 5.53x |
| 30% | 5.16x |
| 35% | 4.79x |
| 40% | 4.42x |
| 45% | 4.05x |
| 50% | 3.68x |
| 55% | 3.32x |
| 60% | 2.95x |
Ladder as of 2025-08-30 (10-K); cash from the 2025-08-30 balance sheet; FCF from FY2025.
Balance sheet at 2025-08-30. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
The maturity schedule is not part of this verdict — its filing anchor is often older than the balance sheet it sits beside, so a wall inside 24 months may not be visible here.
At $2939.85, free cash flow must compound 7.17%/yr for 10 years. It has done 1.55%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 38.6% | 7.2% |
| FY2021 | 28.0% | 7.2% |
| FY2022 | −12.4% | 7.2% |
| FY2023 | −15.5% | 7.2% |
| FY2024 | −9.9% | 7.2% |
| FY2025 | −7.3% | 7.2% |
The implied rate has been matched or beaten in 2 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $2.50B | $2.50B |
| Share-based comp | $125M | $2.62B |
| Other non-cash & working capital | $494M | $3.12B |
| Operating cash flow | $3.12B | $3.12B |
| Capex | −$1.33B | $1.79B |
| Free cash flow | $1.79B | $1.79B |
| FCF after SBC | $1.67B | $1.67B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 6.5% | 18.1% | 11.6 points |
| FY2021 | 15.8% | 3.7% | -12.1 points |
| FY2022 | 11.1% | 33.4% | 22.3 points |
| FY2023 | 7.4% | 3.1% | -4.3 points |
| FY2024 | 5.9% | 4.8% | -1.1 points |
| FY2025 | 2.4% | 22.8% | 20.4 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 9.5 days | not reported | 322.9 days | -313.4 days |
| FY2020 | 10.5 days | not reported | 321.1 days | -310.6 days |
| FY2021 | 9.4 days | not reported | 317.6 days | -308.1 days |
| FY2022 | 11.3 days | not reported | 342.6 days | -331.2 days |
| FY2023 | 10.9 days | not reported | 313.4 days | -302.5 days |
| FY2024 | 10.8 days | not reported | 309.6 days | -298.8 days |
| FY2025 | 12.9 days | not reported | 326.5 days | -313.6 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -5.2 percent |
| FY2020 | -6.8 percent |
| FY2021 | -9.3 percent |
| FY2022 | -5.1 percent |
| FY2023 | -2.6 percent |
| FY2024 | -2.0 percent |
| FY2025 | -3.2 percent |
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.