• AutoZone average return on tangible equity for 2023 was -57.01, a 27.62% decline from 2022.
• AutoZone average return on tangible equity for 2022 was -78.76, a 34.24% decline from 2021.
• AutoZone average return on tangible equity for 2021 was -119.76, a 30.37% decline from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.