AutoZone vs O'Reilly Automotive
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The short version
- AutoZone is the larger business, with $18.9B of revenue in fiscal 2025 against $17.8B for O'Reilly Automotive.
- O'Reilly Automotive grew revenue faster (6.4%, against 2.4%).
- O'Reilly Automotive earned a higher return on the capital invested in it (59.7%, against 58.2%).
- Investors pay more for each dollar of O'Reilly Automotive’s earnings: a P/E of 28.5x against 22.0x for AutoZone.
| Latest fiscal year | AZO · FY25 | ORLY · FY25 |
|---|---|---|
| Size | ||
| Market cap | $54.1B | $74.5B |
| Revenue | $18.9B | $17.8B |
| Free cash flow | $1.8B | $1.6B |
| Net income | $2.5B | $2.5B |
| Growth | ||
| Revenue growth | 2.4% | 6.4% |
| 5-year growth | 8.4% | 8.9% |
| Share count change | −3.1% | −2.8% |
| Profitability | ||
| Gross margin | 52.6% | 51.6% |
| Operating margin | 19.1% | 19.5% |
| Net margin | 13.2% | 14.3% |
| FCF margin | 9.5% | 9.0% |
| Return on capital | 58.2% | 59.7% |
| Return on equity | — | — |
| Balance sheet | ||
| Net debt | $8.9B | $5.8B |
| Net debt / EBITDA | 2.1x | 1.5x |
| Dividends and buybacks | $1.6B | $2.1B |
| Valuation & quality | ||
| P/E | 22.0x | 28.5x |
| Piotroski F-score | 6 | 7 |
Revenue
FY16
AZO $10.6B
ORLY $8.6B
FY17
AZO $10.9B
ORLY $9.0B
FY18
AZO $11.2B
ORLY $9.5B
FY19
AZO $11.9B
ORLY $10.2B
FY20
AZO $12.6B
ORLY $11.6B
FY21
AZO $14.6B
ORLY $13.3B
FY22
AZO $16.3B
ORLY $14.4B
FY23
AZO $17.5B
ORLY $15.8B
FY24
AZO $18.5B
ORLY $16.7B
FY25
AZO $18.9B
ORLY $17.8B
AZO
ORLY
Operating margin
FY16
AZO 19.4%
ORLY 19.8%
FY17
AZO 19.1%
ORLY 19.2%
FY18
AZO 16.1%
ORLY 19.0%
FY19
AZO 18.7%
ORLY 18.9%
FY20
AZO 19.1%
ORLY 20.9%
FY21
AZO 20.1%
ORLY 21.9%
FY22
AZO 20.1%
ORLY 20.5%
FY23
AZO 19.9%
ORLY 20.2%
FY24
AZO 20.5%
ORLY 19.5%
FY25
AZO 19.1%
ORLY 19.5%
AZO
ORLY
Free cash flow
FY16
AZO $1.2B
ORLY $1.0B
FY17
AZO $1.0B
ORLY $938M
FY18
AZO $1.6B
ORLY $1.2B
FY19
AZO $1.6B
ORLY $1.1B
FY20
AZO $2.3B
ORLY $2.4B
FY21
AZO $2.9B
ORLY $2.8B
FY22
AZO $2.5B
ORLY $2.6B
FY23
AZO $2.1B
ORLY $2.0B
FY24
AZO $1.9B
ORLY $2.0B
FY25
AZO $1.8B
ORLY $1.6B
AZO
ORLY
Return on capital
FY16
AZO —
ORLY 32.5%
FY17
AZO 43.9%
ORLY 34.3%
FY18
AZO 44.7%
ORLY 38.8%
FY19
AZO 53.7%
ORLY 37.4%
FY20
AZO 58.9%
ORLY 46.5%
FY21
AZO 81.8%
ORLY 63.1%
FY22
AZO 99.2%
ORLY 69.5%
FY23
AZO 93.1%
ORLY 73.7%
FY24
AZO 78.5%
ORLY 67.3%
FY25
AZO 58.2%
ORLY 59.7%
AZO
ORLY
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.