AutoZone

AutoZone runs with negative working capital and meaningful leverage by design, supporting high returns. At FY25 year‑end, cash was 272 million against 8.80 billion of debt and 0.40 billion of financing lease liabilities. Adjusted debt to EBITDAR was 2.5x and adjusted after‑tax ROIC was 41.3 percent.

The company continues to emphasize maintaining investment‑grade ratings. Interest expense for FY25 was 476 million; variable‑rate exposure and modest rate sensitivity are disclosed, and liquidity includes a large undrawn revolver. Overall, leverage is significant but well covered by stable cash generation and a resilient category.