CarMax (KMX)
Market Price (12/23/2025): $38.07 | Market Cap: $5.7 BilSector: Consumer Discretionary | Industry: Automotive Retail
CarMax (KMX)
Market Price (12/23/2025): $38.07Market Cap: $5.7 BilSector: Consumer DiscretionaryIndustry: Automotive Retail
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.9%, FCF Yield is 12% | Weak multi-year price returns2Y Excs Rtn is -94%, 3Y Excs Rtn is -118% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -234 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -0.9% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -43% | Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 10% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 327% |
| Megatrend and thematic driversMegatrends include E-commerce & Digital Retail, and E-commerce & DTC Adoption. Themes include Online Marketplaces, Direct-to-Consumer Brands, Show more. | Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -7.4%, Rev Chg QQuarterly Revenue Change % is -6.0% | |
| Key risksKMX key risks include [1] intensifying online competition where the company struggles with value perception issues and [2] challenges in the operational execution of its omni-channel platform and adaptation to new technology. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.9%, FCF Yield is 12% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -43% |
| Megatrend and thematic driversMegatrends include E-commerce & Digital Retail, and E-commerce & DTC Adoption. Themes include Online Marketplaces, Direct-to-Consumer Brands, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -94%, 3Y Excs Rtn is -118% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 10% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -234 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -0.9% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 327% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -7.4%, Rev Chg QQuarterly Revenue Change % is -6.0% |
| Key risksKMX key risks include [1] intensifying online competition where the company struggles with value perception issues and [2] challenges in the operational execution of its omni-channel platform and adaptation to new technology. |
Why The Stock Moved
Qualitative Assessment
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Based on the available information, and acknowledging that I am using recent historical data to infer plausible reasons for a hypothetical future stock movement within the specified timeframe (8/31/2025 to 12/23/2025) as if it were December 23, 2025, here are five key points that could explain a significant decline in CarMax (KMX) stock:1. Weakening Consumer Demand and Affordability Challenges: A significant decline in CarMax's stock could be attributed to a notable drop in consumer demand for used vehicles. High interest rates, which averaged around 11% APR for used car loans as of November 2024, coupled with economic uncertainty and low consumer confidence, have made vehicle financing less attractive and affordability a major challenge for many buyers. This leads to extended vehicle ownership periods and a shift towards older, less expensive used cars, directly impacting CarMax's sales volume and revenue.
2. Pressures on Gross Profit Margins: Intense competition for used vehicle inventory and increased acquisition costs, particularly for 2- to 4-year-old vehicles, could compress CarMax's gross profit margins. While CarMax aimed to maintain strong gross profit per unit in previous periods, a sustained increase in the cost of acquiring inventory that buyers are unwilling to absorb could lead to margin erosion across its retail and wholesale segments.
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Stock Movement Drivers
Fundamental Drivers
The -34.3% change in KMX stock from 9/22/2025 to 12/22/2025 was primarily driven by a -30.9% change in the company's P/E Multiple.| 9222025 | 12222025 | Change | |
|---|---|---|---|
| Stock Price ($) | 58.10 | 38.15 | -34.34% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 26786.56 | 26367.72 | -1.56% |
| Net Income Margin (%) | 2.08% | 1.98% | -5.22% |
| P/E Multiple | 15.83 | 10.93 | -30.94% |
| Shares Outstanding (Mil) | 152.14 | 149.29 | 1.87% |
| Cumulative Contribution | -34.36% |
Market Drivers
9/22/2025 to 12/22/2025| Return | Correlation | |
|---|---|---|
| KMX | -34.3% | |
| Market (SPY) | 2.7% | 34.6% |
| Sector (XLY) | 1.9% | 42.8% |
Fundamental Drivers
The -43.2% change in KMX stock from 6/23/2025 to 12/22/2025 was primarily driven by a -47.0% change in the company's P/E Multiple.| 6232025 | 12222025 | Change | |
|---|---|---|---|
| Stock Price ($) | 67.17 | 38.15 | -43.20% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 26353.42 | 26367.72 | 0.05% |
| Net Income Margin (%) | 1.90% | 1.98% | 4.04% |
| P/E Multiple | 20.62 | 10.93 | -47.00% |
| Shares Outstanding (Mil) | 153.70 | 149.29 | 2.87% |
| Cumulative Contribution | -43.25% |
Market Drivers
6/23/2025 to 12/22/2025| Return | Correlation | |
|---|---|---|
| KMX | -43.2% | |
| Market (SPY) | 14.4% | 33.6% |
| Sector (XLY) | 14.3% | 45.2% |
Fundamental Drivers
The -54.7% change in KMX stock from 12/22/2024 to 12/22/2025 was primarily driven by a -65.3% change in the company's P/E Multiple.| 12222024 | 12222025 | Change | |
|---|---|---|---|
| Stock Price ($) | 84.27 | 38.15 | -54.73% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 25902.07 | 26367.72 | 1.80% |
| Net Income Margin (%) | 1.61% | 1.98% | 22.60% |
| P/E Multiple | 31.46 | 10.93 | -65.26% |
| Shares Outstanding (Mil) | 155.87 | 149.29 | 4.22% |
| Cumulative Contribution | -54.81% |
Market Drivers
12/22/2024 to 12/22/2025| Return | Correlation | |
|---|---|---|
| KMX | -54.7% | |
| Market (SPY) | 16.9% | 47.0% |
| Sector (XLY) | 7.8% | 52.5% |
Fundamental Drivers
The -36.6% change in KMX stock from 12/23/2022 to 12/22/2025 was primarily driven by a -21.7% change in the company's Total Revenues ($ Mil).| 12232022 | 12222025 | Change | |
|---|---|---|---|
| Stock Price ($) | 60.16 | 38.15 | -36.59% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 33670.88 | 26367.72 | -21.69% |
| Net Income Margin (%) | 2.40% | 1.98% | -17.59% |
| P/E Multiple | 11.83 | 10.93 | -7.62% |
| Shares Outstanding (Mil) | 158.80 | 149.29 | 5.99% |
| Cumulative Contribution | -36.81% |
Market Drivers
12/23/2023 to 12/22/2025| Return | Correlation | |
|---|---|---|
| KMX | -50.1% | |
| Market (SPY) | 47.7% | 46.4% |
| Sector (XLY) | 38.4% | 50.8% |
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| KMX Return | 8% | 38% | -53% | 26% | 7% | -53% | -56% |
| Peers Return | 45% | 44% | -7% | 48% | 13% | 5% | 247% |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 17% | 113% |
Monthly Win Rates [3] | |||||||
| KMX Win Rate | 67% | 75% | 25% | 50% | 58% | 25% | |
| Peers Win Rate | 70% | 60% | 50% | 60% | 50% | 55% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 73% | |
Max Drawdowns [4] | |||||||
| KMX Max Drawdown | -50% | -1% | -57% | -8% | -12% | -62% | |
| Peers Max Drawdown | -59% | -3% | -23% | -1% | -14% | -13% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: LAD, AN, PAG, GPI, ABG. See KMX Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/22/2025 (YTD)
How Low Can It Go
| Event | KMX | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -64.0% | -25.4% |
| % Gain to Breakeven | 178.1% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -56.6% | -33.9% |
| % Gain to Breakeven | 130.2% | 51.3% |
| Time to Breakeven | 143 days | 148 days |
| 2018 Correction | ||
| % Loss | -29.7% | -19.8% |
| % Gain to Breakeven | 42.2% | 24.7% |
| Time to Breakeven | 172 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -78.7% | -56.8% |
| % Gain to Breakeven | 369.4% | 131.3% |
| Time to Breakeven | 687 days | 1,480 days |
Compare to
In The Past
CarMax's stock fell -64.0% during the 2022 Inflation Shock from a high on 11/9/2021. A -64.0% loss requires a 178.1% gain to breakeven.
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CarMax, Inc., together with its subsidiaries, operates as a retailer of used vehicles in the United States. The company operates through two segments, CarMax Sales Operations and CarMax Auto Finance. It offers customers a range of makes and models of used vehicles, including domestic, imported, and luxury vehicles, as well as hybrid and electric vehicles; and extended protection plans to customers at the time of sale, as well as sells vehicles that are approximately 10 years old and has more than 100,000 miles through wholesale auctions. The company also provides reconditioning and vehicle repair services; and financing alternatives for retail customers across a range of credit spectrum through its CarMax Auto Finance and arrangements with various financial institutions. As of February 28, 2022, it operated approximately 230 used car stores. CarMax, Inc. was founded in 1993 and is based in Richmond, Virginia.
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- Used Vehicle Sales: Selling a diverse selection of pre-owned cars, trucks, and SUVs to retail customers.
- Vehicle Financing: Providing automotive financing options through CarMax Auto Finance for customer vehicle purchases.
- Vehicle Service Plans (VSP): Offering extended service and protection plans to cover vehicle repairs and maintenance beyond the manufacturer's warranty.
- Used Vehicle Acquisition: Purchasing used vehicles directly from consumers, regardless of whether they buy a car from CarMax.
- Wholesale Vehicle Sales: Selling vehicles that do not meet their retail standards to other automotive dealers through auctions.
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CarMax (symbol: KMX) primarily sells used vehicles directly to individual consumers rather than other businesses. Therefore, its major customers are individual car buyers. Below are up to three categories of customers that it serves:
- Convenience-Oriented Buyers: These customers prioritize a straightforward, no-haggle purchasing experience. They value CarMax's transparent pricing, extensive inventory, vehicle history reports, and streamlined online and in-store process, which eliminates the traditional dealership negotiation and perceived pressure. They are willing to pay a slight premium for this ease, transparency, and peace of mind.
- Value-Conscious & Budget-Minded Buyers: While not a discount seller, CarMax offers a wide range of reliable used vehicles across various price points. These customers are looking for good value, often backed by CarMax's inspection standards and optional extended service plans. This category includes first-time car buyers, individuals with specific budget constraints, and those seeking reliable transportation without the significant depreciation hit of a new car.
- Sellers and Trade-in Customers: A substantial portion of CarMax's customer base consists of individuals who are looking to sell their current vehicle, often as a trade-in towards another purchase. CarMax is well-known for its efficient and competitive appraisal process, offering to buy vehicles outright even if the customer does not purchase a car from them. This attracts customers seeking a hassle-free way to dispose of their old car while potentially acquiring a new one from the same convenient source.
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David McCreight, Interim President and Chief Executive Officer
Mr. McCreight was named Interim President and Chief Executive Officer of CarMax, effective December 1, 2025. He has served on the CarMax Board of Directors for seven years. His prior leadership experience includes serving as Executive Chair of Lulu's Fashion Lounge Holdings, Inc. from 2023 to 2024 and Chief Executive Officer of Lulu's from 2021 to 2023. He also served as President of Urban Outfitters, Inc. from 2016 to 2018 and Chief Executive Officer of Anthropologie from 2011 to 2018. Earlier in his career, Mr. McCreight was President of Under Armour from 2008 to 2010 and held President and Senior Vice President roles at Lands' End from 2003 to 2008.
Enrique Mayor-Mora, Executive Vice President, Chief Financial Officer
Mr. Mayor-Mora is responsible for CarMax's financial planning, accounting, treasury, internal audit, investor relations, tax, real estate, procurement, and facilities functions. He joined CarMax in 2011 as Vice President of Finance, became Treasurer in 2016, and was promoted to Chief Financial Officer in 2019. Mr. Mayor-Mora has been instrumental in CarMax's capital allocation strategy, including the $404 million acquisition of Edmunds in June 2021. Before joining CarMax, he served as Vice President of Financial Planning and Analysis and Investor Relations at Denny's Corporation from 2005 to 2011, where he led a re-franchising program that resulted in the sale of over 300 franchise units. He also held financial positions at Gap, Inc. from 2001 to 2005.
Diane Cafritz, Executive Vice President, Chief Innovation & People Officer
Ms. Cafritz is responsible for driving company performance, innovation, and sustainable growth, as well as creating an iconic experience for both customers and associates. She joined CarMax in February 2003 as head of litigation.
Jon Daniels, Executive Vice President, CarMax Auto Finance
Mr. Daniels oversees all strategic and managerial aspects of the finance experience at CarMax, including the approximately $18 billion captive finance company and relationships with lending partners. He joined CarMax Auto Finance (CAF) in 2008 as Vice President, Risk and Analytics, and has over 25 years of experience in the credit and lending sector. His career includes roles at major financial institutions such as AT&T Universal Card, Citibank, and HSBC. Prior to CarMax, he spent seven years with Metris and supported its successful merger with HSBC in 2005.
Joe Wilson, Executive Vice President, Chief Operating Officer
Mr. Wilson leads field strategy and store execution for CarMax's more than 230 stores nationwide, its auction business, customer experience centers, and logistics services. He also leads the company's pricing and inventory strategies. Mr. Wilson began his career at CarMax in 1995 as a buyer-in-training and has held progressively senior roles within the company, including senior vice president, store strategy and logistics, and regional vice president of merchandising.
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Here are the key risks to CarMax's business:- Economic Conditions and Interest Rates: CarMax's operations are highly sensitive to prevailing economic conditions, including recessions, inflation, and fluctuating interest rates. These factors directly impact consumer demand for vehicles and their ability to secure financing. Recent financial reports indicate that vehicle affordability challenges, ongoing inflationary pressures, higher interest rates, and tightened lending standards have adversely affected the company's unit sales and profitability, contributing to a significant loan loss provision in its Auto Finance segment.
- Intense Competition and Evolving Online Landscape: CarMax operates within a highly competitive and fragmented used car market, facing rivals from franchised dealerships, other online platforms, and private sellers. The increasing adoption of digital and online tools by competitors poses a strategic challenge, potentially impacting CarMax's business model and profit margins. Some analyses suggest CarMax is struggling to compete effectively in the online space and faces "value perception issues".
- Operational Execution and Adaptation to Technological Changes: The company's continued growth and success hinge on its ability to effectively manage its omni-channel platform and adapt to rapid technological advancements, including artificial intelligence and other digital tools. Disruptions in the supply chain for vehicle inventory and parts also represent a critical operational risk that could hinder CarMax's ability to meet customer demand.
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The clear emerging threat to CarMax is the rise of digitally native, online-only used car retailers such as Carvana, Vroom, and Shift. These companies offer a full e-commerce experience, including virtual vehicle tours, online financing, and home delivery, directly competing with CarMax's established omnichannel model. While some of these online competitors have faced recent financial challenges, their business model represents a significant disruption by providing an alternative purchasing experience that can capture market share from consumers prioritizing a purely digital transaction and maximum convenience.
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CarMax's primary products and services address the following markets in the United States:- Used Car Sales: The addressable market size for used car sales in the U.S. was approximately USD 322.01 billion in 2024. This market is projected to grow to nearly USD 539.70 billion by 2034. In terms of units, the U.S. used car market reached 38.6 million units in 2025 and is estimated to reach 51.4 million units by 2034.
- Used Car Financing: The addressable market size for used car financing in North America, with the United States being a significant component, is valued at USD 259.71 billion. This market is expected to reach USD 413.23 billion over the next five years.
- Car Maintenance and Repair Services: null
- Wholesale Used Car Auctions: null
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CarMax (KMX) is expected to drive future revenue growth over the next 2-3 years through several key strategic initiatives:
- Enhancing the Omni-channel Customer Experience and Digital Capabilities: CarMax is focusing on seamlessly integrating its online and in-store experiences, including continuous improvements to its digital platform for remote browsing, financing, and personalized recommendations. This strategy aims to expand its market reach and enhance customer convenience, driving sales growth.
- Expanding CarMax Auto Finance (CAF) Penetration: The company plans to increase its CarMax Auto Finance (CAF) penetration from the current 42-43% to 50%. This expansion of its financing arm is a direct driver of finance income, contributing to overall revenue.
- Growth in Extended Protection Plans (EPP) and Service Revenue: CarMax anticipates increased revenue from its Extended Protection Plans (EPP) and service offerings. Both EPP and service margins have shown growth, and the company expects continued improvements in service margins.
- Increasing Market Share in Used Vehicle Sales: CarMax aims to grow its market share of 0-10 year-old vehicles in the U.S. from approximately 3.7% to over 5%. Achieving this goal would result in a significant increase in used vehicle unit sales and, consequently, revenue.
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Share Repurchases
- CarMax repurchased $576.478 million in shares during fiscal year 2022.
- Share repurchases amounted to $333.932 million in fiscal year 2023 and $94.086 million in fiscal year 2024.
- For fiscal year 2025, total repurchases were approximately $519.09 million, and CarMax had $2.26 billion remaining under its share repurchase authorization as of May 31, 2024.
Outbound Investments
- CarMax reported $0 in annual net acquisitions/divestitures for fiscal years 2023, 2024, and 2025, indicating no significant outbound investments.
Capital Expenditures
- Capital expenditures for the first quarter of fiscal year 2026 (ended May 31, 2025) were $136.7 million.
- A primary focus of capital expenditures in fiscal year 2025 was targeting the opening of five new stores.
Latest Trefis Analyses
| Title | Topic | Date | |
|---|---|---|---|
| DASHBOARDS | |||
| CarMax Earnings Notes | |||
| CarMax Earnings Notes | |||
| KMX: Strong Cash Flow at a Discounted Valuation? | Actionable | ||
| With CarMax Stock Sliding, Have You Assessed The Risk? | Return | ||
| KMX: Strong Cash Flow at a Discounted Valuation? | Actionable | ||
| Now Is Not The Time To Buy CarMax Stock | Buy or Fear | ||
| Day 6 of Loss Streak for CarMax Stock with -25% Return (vs. -45% YTD) [9/26/2025] | Notification | ||
| Day 5 of Loss Streak for CarMax Stock with -24% Return (vs. -44% YTD) [9/25/2025] | Notification | ||
| How Does CarMax Stock Stack Up Against Its Peers? | Peer Comparison | ||
| Day 6 of Loss Streak for CarMax Stock with -10% Return (vs. -33% YTD) [8/4/2025] | Notification | ||
| ARTICLES | |||
| Stocks Trading At 52-Week Low | November 7th, 2025 | ||
| Could CarMax Stock’s Cash Flow Spark the Next Rally? | October 23rd, 2025 | ||
| CarMax Stock Fell 26% in a Month, What Now? | October 16th, 2025 | ||
| Could CarMax Stock’s Cash Flow Spark the Next Rally? | October 15th, 2025 | ||
| S&P 500 Stocks Trading At 52-Week Low | October 8th, 2025 |
Trade Ideas
Select ideas related to KMX. For more, see Trefis Trade Ideas.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11302025 | BBWI | Bath & Body Works | Dip Buy | DB | Insider Buys | Low D/EDip Buy with Strong Insider BuyingBuying dips for companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 10.7% | 10.7% | 0.0% |
| 11262025 | HRB | H&R Block | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 3.9% | 3.9% | -0.1% |
| 11262025 | LRN | Stride | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 3.8% | 3.8% | -4.4% |
| 11212025 | ABNB | Airbnb | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 19.9% | 19.9% | 0.0% |
| 11212025 | MTN | Vail Resorts | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 7.5% | 7.5% | -1.6% |
| 10102025 | KMX | CarMax | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | -11.6% | -11.6% | -28.5% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons for CarMax
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 223.41 |
| Mkt Cap | 6.8 |
| Rev LTM | 27,142 |
| Op Inc LTM | 1,149 |
| FCF LTM | 561 |
| FCF 3Y Avg | 293 |
| CFO LTM | 823 |
| CFO 3Y Avg | 506 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 7.1% |
| Rev Chg 3Y Avg | 5.9% |
| Rev Chg Q | 5.9% |
| QoQ Delta Rev Chg LTM | 1.4% |
| Op Mgn LTM | 4.3% |
| Op Mgn 3Y Avg | 4.9% |
| QoQ Delta Op Mgn LTM | -0.1% |
| CFO/Rev LTM | 3.5% |
| CFO/Rev 3Y Avg | 2.8% |
| FCF/Rev LTM | 2.3% |
| FCF/Rev 3Y Avg | 1.6% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 6.8 |
| P/S | 0.2 |
| P/EBIT | 5.2 |
| P/E | 11.3 |
| P/CFO | 8.5 |
| Total Yield | 10.0% |
| Dividend Yield | 0.2% |
| FCF Yield 3Y Avg | 5.4% |
| D/E | 1.3 |
| Net D/E | 1.3 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 4.7% |
| 3M Rtn | -4.2% |
| 6M Rtn | -2.6% |
| 12M Rtn | -3.1% |
| 3Y Rtn | 66.2% |
| 1M Excs Rtn | 4.1% |
| 3M Excs Rtn | -7.9% |
| 6M Excs Rtn | -17.4% |
| 12M Excs Rtn | -18.7% |
| 3Y Excs Rtn | -23.4% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| CarMax Sales Operations and CarMax Auto Finance (CAF) | 26,536 | |||
| CarMax Sales Operations | 29,552 | 31,799 | ||
| Eliminations | -28 | -22 | ||
| Other | 161 | 124 | ||
| Extended protection plan revenues | 437 | |||
| Other sales and revenues | 135 | |||
| Service revenues | 124 | |||
| Third-party finance income/(fees), net | -46 | |||
| Used vehicle sales | 17,170 | |||
| Wholesale vehicle sales | 2,500 | |||
| Total | 26,536 | 29,685 | 31,900 | 20,320 |
Price Behavior
Price Behavior
| Market Price | $38.15 | |
| Market Cap ($ Bil) | 5.7 | |
| First Trading Date | 02/04/1997 | |
| Distance from 52W High | -57.2% | |
| 50 Days | 200 Days | |
| DMA Price | $39.27 | $57.45 |
| DMA Trend | down | down |
| Distance from DMA | -2.9% | -33.6% |
| 3M | 1YR | |
| Volatility | 72.7% | 50.7% |
| Downside Capture | 371.86 | 189.47 |
| Upside Capture | 122.27 | 82.58 |
| Correlation (SPY) | 34.5% | 46.7% |
KMX Betas & Captures as of 11/30/2025
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 3.05 | 2.08 | 2.35 | 1.81 | 1.21 | 1.33 |
| Up Beta | 1.17 | 1.58 | 2.05 | 1.28 | 0.89 | 1.05 |
| Down Beta | 0.32 | 1.59 | 1.24 | 1.85 | 1.39 | 1.39 |
| Up Capture | 370% | 182% | 132% | 88% | 83% | 181% |
| Bmk +ve Days | 13 | 26 | 39 | 74 | 142 | 427 |
| Stock +ve Days | 14 | 25 | 32 | 57 | 115 | 368 |
| Down Capture | 413% | 278% | 358% | 254% | 139% | 110% |
| Bmk -ve Days | 7 | 16 | 24 | 52 | 107 | 323 |
| Stock -ve Days | 6 | 17 | 30 | 67 | 132 | 380 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Comparison of KMX With Other Asset Classes (Last 1Y) | |||||||
|---|---|---|---|---|---|---|---|
| KMX | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | -54.1% | 3.1% | 14.7% | 67.3% | 6.8% | -0.5% | -16.6% |
| Annualized Volatility | 50.5% | 24.7% | 19.7% | 19.3% | 15.2% | 17.6% | 35.4% |
| Sharpe Ratio | -1.35 | 0.07 | 0.57 | 2.54 | 0.23 | -0.18 | -0.25 |
| Correlation With Other Assets | 52.0% | 46.7% | -6.5% | 10.4% | 41.9% | 22.9% | |
ETFs used for asset classes: Sector ETF = XLY, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data
| Comparison of KMX With Other Asset Classes (Last 5Y) | |||||||
|---|---|---|---|---|---|---|---|
| KMX | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | -16.2% | 10.2% | 15.0% | 18.9% | 11.8% | 5.1% | 35.8% |
| Annualized Volatility | 43.3% | 23.8% | 17.1% | 15.5% | 18.7% | 18.9% | 48.9% |
| Sharpe Ratio | -0.26 | 0.39 | 0.71 | 0.98 | 0.51 | 0.18 | 0.63 |
| Correlation With Other Assets | 54.3% | 52.2% | 0.5% | 7.2% | 47.8% | 20.4% | |
ETFs used for asset classes: Sector ETF = XLY, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Comparison of KMX With Other Asset Classes (Last 10Y) | |||||||
|---|---|---|---|---|---|---|---|
| KMX | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | -4.1% | 13.3% | 14.9% | 14.9% | 6.7% | 5.5% | 69.9% |
| Annualized Volatility | 40.0% | 22.0% | 18.0% | 14.8% | 17.6% | 20.8% | 55.8% |
| Sharpe Ratio | 0.03 | 0.56 | 0.71 | 0.84 | 0.30 | 0.23 | 0.90 |
| Correlation With Other Assets | 57.4% | 54.8% | -0.6% | 16.7% | 49.3% | 14.9% | |
ETFs used for asset classes: Sector ETF = XLY, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 12/18/2025 | -4.2% | ||
| 9/25/2025 | -20.1% | -19.3% | -24.4% |
| 6/20/2025 | 6.6% | 3.6% | -1.2% |
| 4/10/2025 | -17.0% | -19.9% | -17.4% |
| 12/19/2024 | 3.5% | 4.6% | -3.9% |
| 9/26/2024 | 5.0% | 1.3% | -2.6% |
| 6/21/2024 | 0.4% | 2.8% | 13.2% |
| 4/11/2024 | -9.2% | -13.6% | -10.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 9 | 10 | 9 |
| # Negative | 15 | 14 | 15 |
| Median Positive | 6.6% | 4.4% | 12.4% |
| Median Negative | -9.2% | -11.7% | -11.7% |
| Max Positive | 10.1% | 20.7% | 35.7% |
| Max Negative | -24.6% | -22.8% | -28.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 8312025 | 9262025 | 10-Q 8/31/2025 |
| 5312025 | 6262025 | 10-Q 5/31/2025 |
| 2282025 | 4112025 | 10-K 2/28/2025 |
| 11302024 | 1072025 | 10-Q 11/30/2024 |
| 8312024 | 9272024 | 10-Q 8/31/2024 |
| 5312024 | 6272024 | 10-Q 5/31/2024 |
| 2292024 | 4152024 | 10-K 2/29/2024 |
| 11302023 | 1052024 | 10-Q 11/30/2023 |
| 8312023 | 9292023 | 10-Q 8/31/2023 |
| 5312023 | 6262023 | 10-Q 5/31/2023 |
| 2282023 | 4132023 | 10-K 2/28/2023 |
| 11302022 | 1062023 | 10-Q 11/30/2022 |
| 8312022 | 9302022 | 10-Q 8/31/2022 |
| 5312022 | 6272022 | 10-Q 5/31/2022 |
| 2282022 | 4142022 | 10-K 2/28/2022 |
| 11302021 | 1062022 | 10-Q 11/30/2021 |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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