Tearsheet
Investment Highlights Market Valuation Price Chart Business Description Interactive Breakdown Latest Trefis Analyses Better Bets vs. KMX Recent Active Movers More From Trefis Peer Financials Peer Growth & Margins Peer Valuation Peer Returns Peer Analyses FDIC Bank Data Financials Segment Financials Price Behavior Short Interest Earnings Returns History SEC Filings Insider Activity Industry Resource Links External Quote Links

CarMax (KMX)

Market Price (9/18/2025): $59.26 | Market Cap: $9.0 Bil
Sector: Consumer Discretionary | Industry: Automotive Retail

CarMax (KMX)

Market Price (9/18/2025): $59.26
Market Cap: $9.0 Bil
Sector: Consumer Discretionary
Industry: Automotive Retail

Investment Highlights

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.2%, FCF Yield is 6.0%		 Weak multi-year price returns
2Y Excs Rtn is -74%, 3Y Excs Rtn is -96%		 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -166 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -0.6%
1 Low stock price volatility
Vol 12M is 38%		  Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 211%
2   Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -6.9%
0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.2%, FCF Yield is 6.0%
1 Low stock price volatility
Vol 12M is 38%
2 Weak multi-year price returns
2Y Excs Rtn is -74%, 3Y Excs Rtn is -96%
3 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -166 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -0.6%
4 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 211%
5 Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -6.9%

Market Valuation

 9/18/25202420232022
Share Price CYE$59.26$81.76$76.74$60.89
Market Cap CYE ($ Bil)9.012.612.29.6
Total Debt ($ Bil)19.319.219.318.9
Total Cash ($ Bil)0.30.20.60.3
Enterprise Value ($ Bil)28.031.831.528.5
Valuation Ratios    
P/S TTM0.30.50.50.3
P/EBIT TTM5.58.28.69.1
P/E TTM16.125.425.319.9
Sector Ratios    
P/S TTM (Sector)0.80.80.90.8
P/EBIT TTM (Sector)7.26.97.05.5
P/E TTM (Sector)9.58.18.97.3
 9/18/252024
Share Price CYE$59.26$81.76
Market Cap CYE ($ Bil)9.012.6
Total Debt ($ Bil)19.319.2
Total Cash ($ Bil)0.30.2
Enterprise Value ($ Bil)28.031.8
Valuation Ratios  
P/S TTM0.30.5
P/EBIT TTM5.58.2
P/E TTM16.125.4
Sector Ratios  
P/S TTM (Sector)0.80.8
P/EBIT TTM (Sector)7.26.9
P/E TTM (Sector)9.58.1

Market Cap Chart

Business Description

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. Show more

Price Returns Compared

Expand for Detailed View

 202020212022202320242025Total [1]
Returns
KMX Return8%38%-53%26%7%-28%-32%
Peers Return42%37%-30%211%62%43%879%
S&P 500 Return16%27%-19%24%23%12%104%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: CVNA, PAG, AN, AAP, KAR. See KMX Returns vs. Peers.
[3] 2025 data is for the year up to 9/17/2025 (YTD)

Better Bets than CarMax (KMX)

 KMXBetter Performance than KMX
MetricValueIndustry (Automotive Retail)
Rev Chg LTM3.2%ORLY (5.1%), AZO (5.2%), CVNA (39.5%), PAG (3.3%), LAD (12.8%)
Rev Chg 3Y Avg-6.9%ORLY (7.6%), AZO (6.1%), CVNA (6.4%), PAG (4.6%), LAD (13.5%)
Op Mgn LTM-0.6%ORLY (19.2%), AZO (19.6%), CVNA (9.2%), PAG (4.3%), LAD (4.2%)
CFO/Rev LTM3.9%ORLY (17.0%), AZO (17.1%), CVNA (4.4%), MUSA (4.3%), GPI (3.9%)
FCF/Rev LTM2.0%ORLY (10.3%), AZO (10.6%), CVNA (3.8%), PAG (2.2%), GPI (2.7%)
Total Yield6.2%PAG (9.8%), LAD (10.3%), AN (7.6%), MUSA (6.8%), GPI (8.6%)
 KMXBetter Performance than KMX
MetricValueAll Other Sectors
Rev Chg LTM3.2%NVDA (71.6%), MSFT (14.9%), AAPL (6.0%), GOOGL (13.1%), META (19.4%)
Rev Chg 3Y Avg-6.9%NVDA (92.0%), MSFT (12.5%), AAPL (1.8%), GOOGL (10.2%), META (13.0%)
Op Mgn LTM-0.6%NVDA (58.1%), MSFT (45.6%), AAPL (31.9%), GOOGL (32.7%), META (42.9%)
CFO/Rev LTM3.9%NVDA (46.6%), MSFT (48.3%), AAPL (26.6%), GOOGL (36.0%), META (56.4%)
FCF/Rev LTM2.0%NVDA (43.6%), MSFT (25.4%), AAPL (23.5%), GOOGL (18.0%), META (30.7%)
Total Yield6.2%JPM (6.5%), XOM (9.7%), JNJ (8.1%), BAC (7.1%), UNH (9.4%)

Latest Trefis Analyses

TitleTopicDate
0DASHBOARDS  
1CarMax Earnings Notes  
2How Does KMX Stack Up Against Its Peers?Peer Comparison 
3Day 6 of Loss Streak for CarMax Stock with -10% Return (vs. -33% YTD) [8/4/2025]Notification 
4Will You Be Comfortable Buying CarMax Stock?Return 
5Day 5 of Loss Streak for CarMax Stock with -10% Return (vs. -21% YTD) [7/11/2025]  
6KMX Dip Buy Analysis  
7CarMax vs. Carvana: With Return Forecast Of 7.6%, CarMax Is A Better BetPeer Comparison 
8CarMax vs. Openlane: Both Seem Similar BetsPeer Comparison 
9CarMax vs. AutoNation: With Return Forecast Of 7.6%, CarMax Is A Better BetPeer Comparison 
10CarMax vs. Penske Automotive: With Return Forecast Of 13%, Penske Automotive Is A Better BetPeer Comparison 
11ARTICLES  
12S&P 500 Movers | Winners: ALB, DDOG, KMX | Losers: SBAC, SJM, WSM August 27th, 2025
13KMX Stock Down -10% after 6-Day Loss Streak August 5th, 2025
14Stocks Trading At 52-Week Low August 1st, 2025
15S&P 500 Stocks Trading At 52-Week Low July 30th, 2025
16S&P 500 Stocks Trading At 52-Week Low July 25th, 2025
Title
0DASHBOARDS
1S&P 500 Movers | Winners: ALB, DDOG, KMX | Losers: SBAC, SJM, WSM
2KMX Stock Down -10% after 6-Day Loss Streak
3Stocks Trading At 52-Week Low
4S&P 500 Stocks Trading At 52-Week Low
5S&P 500 Stocks Trading At 52-Week Low
6ARTICLES
7CarMax Earnings Notes
8How Does KMX Stack Up Against Its Peers?
9Day 6 of Loss Streak for CarMax Stock with -10% Return (vs. -33% YTD) [8/4/2025]
10Will You Be Comfortable Buying CarMax Stock?
11Day 5 of Loss Streak for CarMax Stock with -10% Return (vs. -21% YTD) [7/11/2025]
12KMX Dip Buy Analysis
13CarMax vs. Carvana: With Return Forecast Of 7.6%, CarMax Is A Better Bet
14CarMax vs. Openlane: Both Seem Similar Bets
15CarMax vs. AutoNation: With Return Forecast Of 7.6%, CarMax Is A Better Bet
16CarMax vs. Penske Automotive: With Return Forecast Of 13%, Penske Automotive Is A Better Bet

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
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7HSDTHelius Medical Technologies232.1%-95.5%
8CHEKCheck-Cap222.2%134.4%
9APLMApollomics197.8%89.1%
10SPRCSciSparc147.0%1141.7%

1 Week Top Losers

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1CURXCuranex Pharmaceuticals-80.5%148.4%
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10RBNERobin Energy-42.6% 

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10BCTXBriaCell Therapeutics1032.4%-89.8%

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5EPIXESSA Pharma-89.4%-8.9%
6NAKAKindly MD-88.1% 
7BINIBollinger Innovations-87.6%-100.0%
8JEM707 Cayman-87.4%-98.2%
9YAASYouxin Technology-83.3%-98.4%
10NEONNeonode-82.5%-51.0%

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1ECDAECD Automotive Design3347.2%307.9%
2BDSXBiodesix1090.6%-79.7%
3CLSDClearside Biomedical987.7%-74.7%
4ATHAAthira Pharma892.1%544.3%
5SDOTSadot690.6%-79.9%
6ATCHAtlasClear684.9%-83.1%
7HSDTHelius Medical Technologies232.1%-95.5%
8CHEKCheck-Cap222.2%134.4%
9APLMApollomics197.8%89.1%
10SPRCSciSparc147.0%1141.7%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1CURXCuranex Pharmaceuticals-80.5%148.4%
2ATYRaTyr Pharma-80.4%-71.7%
3NAKAKindly MD-70.2% 
4BNGOBionano Genomics-64.0%-89.8%
5XAGELongevity Health-57.6%-86.1%
6FAASDigiAsia-55.4%-88.0%
7ASSTStrive-54.5%650.3%
8VCIGVCI Global-51.0%-98.9%
9REXREX American Resources-50.7%44.3%
10RBNERobin Energy-42.6% 

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for CarMax

Financials

KMXCVNAPAGANAAPKARMedian
NameCarMax Carvana Penske A.AutoNati.Advance .Openlane  
Mkt Price59.13378.06177.81220.5062.6828.53120.25
Mkt Cap9.051.211.98.33.83.18.7
Rev LTM26,78716,27430,61227,4648,7371,88221,530
Op Inc LTM-1661,5021,3051,260-782132696
FCF LTM541615664-452-298295418
FCF 3Y Avg2462538631731148209
CFO LTM1,0427241,006-150-109348536
CFO 3Y Avg7123821,212527231202454

Growth & Margins

KMXCVNAPAGANAAPKARMedian
NameCarMax Carvana Penske A.AutoNati.Advance .Openlane  
Rev Chg LTM3.2%39.5%3.3%3.1%-4.9%8.7%3.2%
Rev Chg 3Y Avg-6.9%6.4%4.6%1.1%-7.3%8.9%2.8%
Rev Chg Q6.1%41.9%2.1%7.6%-7.7%8.5%6.9%
QoQ Delta Rev Chg LTM1.6%9.6%0.5%1.8%-1.9%2.1%1.7%
Op Mgn LTM-0.6%9.2%4.3%4.6%-8.9%7.0%4.4%
Op Mgn 3Y Avg-1.0%1.9%4.7%5.5%-1.7%6.4%3.3%
QoQ Delta Op Mgn LTM0.2%0.8%-0.1%0.1%-0.3%1.5%0.2%
CFO/Rev LTM3.9%4.4%3.3%-0.5%-1.3%18.5%3.6%
CFO/Rev 3Y Avg2.6%2.7%4.1%2.0%2.5%11.2%2.7%
FCF/Rev LTM2.0%3.8%2.2%-1.6%-3.4%15.7%2.1%
FCF/Rev 3Y Avg0.9%1.7%2.9%0.7%-0.0%8.1%1.3%

Valuation

KMXCVNAPAGANAAPKARMedian
NameCarMax Carvana Penske A.AutoNati.Advance .Openlane  
Mkt Cap9.051.211.98.33.83.18.7
P/S0.33.10.40.30.41.60.4
P/EBIT5.532.57.66.3-4.318.47.0
P/E16.190.912.513.2-9.820.314.6
P/CFO8.670.711.8-55.4-34.38.88.7
Total Yield6.2%1.1%9.8%7.6%-8.6%4.9%5.6%
Dividend Yield0.0%0.0%1.8%0.0%1.6%0.0%0.0%
FCF Yield 3Y Avg2.3%-5.1%7.9%2.4%-0.8%6.5%2.3%
D/E2.10.10.71.11.00.00.8
Net D/E2.10.10.71.10.5-0.00.6

Returns

KMXCVNAPAGANAAPKARMedian
NameCarMax Carvana Penske A.AutoNati.Advance .Openlane  
1M Rtn1.2%5.2%-1.5%6.4%10.7%0.7%3.2%
3M Rtn-8.1%22.8%5.1%14.3%29.6%29.0%18.5%
6M Rtn-16.5%114.7%19.9%32.6%71.8%35.7%34.1%
12M Rtn-25.5%141.4%16.2%30.0%55.4%71.2%42.7%
3Y Rtn-30.2%1,048.4%82.6%101.3%-59.8%120.5%92.0%
1M Excs Rtn-1.2%2.8%-3.8%4.1%8.4%-1.6%0.8%
3M Excs Rtn-18.5%18.3%-4.5%5.4%20.2%17.6%11.5%
6M Excs Rtn-33.5%109.5%4.1%17.5%50.6%22.5%20.0%
12M Excs Rtn-42.3%149.1%3.0%14.7%37.7%55.1%26.2%
3Y Excs Rtn-95.7%733.6%9.9%28.4%-123.3%44.2%19.1%

Comparison Analyses

Financials

$ Mil | FY: 2/282026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q2
Period End5/31/20252/28/202511/30/20248/31/20245/31/20242/29/202411/30/20238/31/20235/31/20232/28/202311/30/20228/31/2022
Filing Date6/26/20254/11/20251/7/20259/27/20246/27/20244/15/20241/5/20249/29/20236/26/20234/13/20231/6/20239/30/2022
Key Financials Quarterly            
Total Revenue7,5476,0036,2237,0147,1135,6276,1497,0747,6875,7226,5068,145
Ebitda587414460471490338379406543284234330
Operating Income42-100-59-50-13-148-96-5898-138-178-82
Net Income2109012513315250821192286938126
EPS1.380.580.810.850.970.320.520.751.440.440.240.79
Key Financials TTM            
Total Revenue TTM26,78726,35325,97725,90225,96226,53626,63226,98928,06029,68531,64933,671
Ebitda TTM1,9331,8351,7591,6771,6121,6651,6121,4671,3911,3331,3981,670
Operating Income TTM-166-221-270-307-316-206-195-277-300-311-20984
Net Income TTM558501461418403479498454461485576807
Growth Rates Quarterly            
Total Revenue Growth6.1%6.7%1.2%-0.9%-7.5%-1.7%-5.5%-13.1%-17.4%-25.6%-23.7%2.0%
EBITDA Growth20.0%22.6%21.6%16.1%-9.9%18.9%62.0%22.9%12.1%-18.6%-53.8%-36.2%
Operating Income Growth436.3%33.0%39.2%14.6%-112.9%-7.9%45.9%28.5%12.5%-284.9%-255.0%-158.3%
Net Income Growth38.0%78.8%53.0%11.9%-33.2%-27.2%118.2%-5.8%-9.5%-56.8%-86.1%-55.9%
Margins Quarterly            
EBITDA Margin7.8%6.9%7.4%6.7%6.9%6.0%6.2%5.7%7.1%5.0%3.6%4.1%
Operating Income Margin0.6%-1.7%-0.9%-0.7%-0.2%-2.6%-1.6%-0.8%1.3%-2.4%-2.7%-1.0%
Net Income Margin2.8%1.5%2.0%1.9%2.1%0.9%1.3%1.7%3.0%1.2%0.6%1.5%
Cash & Debt            
Total Cash26324727252521957460552126431568957
Total Debt19,28519,22219,21619,20819,29519,31019,48919,47619,24718,93218,78819,280
Net Debt / (Cash)19,02218,97518,94418,68319,07718,73618,88318,95518,98318,61718,09919,223
Cash Flows Quarterly            
FCF from Operations300146-23619-118310210124-185-3791,182-51
Cash Flows TTM            
FCF from Operations TTM1,0426247881,021526459-2307435671,2831,195-685
Returns to Shareholders Quarterly            
Dividends000000000000
Share Repurchases2049911610610750400409162
Return on Invested Capital (ROIC) Quarterly            
ROIC0.6%-1.4%-0.8%-0.7%-0.2%-2.2%-1.4%-0.8%1.4%-2.2%-2.7%-1.2%
Return on Invested Capital (ROIC) TTM            
ROIC TTM-0.6%-0.8%-1.0%-1.1%-1.1%-0.7%-0.7%-1.0%-1.1%-1.2%-0.8%0.3%

Price Behavior

KMX Betas & Captures as of 8/31/2025

 1M2M3M6M1Y3Y
Beta0.490.770.691.121.061.31
Up Beta-0.360.670.820.950.851.08
Down Beta0.480.200.801.521.351.51
Up Capture125%13%28%60%70%174%
Bmk +ve Days10223571142415
Stock +ve Days11162554113365
Down Capture12%217%106%125%116%107%
Bmk -ve Days11192754106334
Stock -ve Days10253771135384

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Short Interest

Short Interest: As Of Date8292025
Short Interest: Shares Quantity14,835,041
Short Interest: % Change Since 8152025-2.2%
Average Daily Volume2,384,491
Days-to-Cover Short Interest6.22
Basic Shares Quantity152,137,000
Short % of Basic Shares9.8%

Returns Analyses

Earnings Returns History

Expand for More

 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
6/20/20256.6%3.6%-1.2%
4/10/2025-17.0%-19.9%-17.4%
12/19/20243.5%4.6%-3.9%
9/26/20245.0%1.3%-2.6%
6/21/20240.4%2.8%13.2%
4/11/2024-9.2%-13.6%-10.4%
12/21/20235.2%4.2%-7.3%
9/28/2023-13.4%-14.4%-24.2%
...
SUMMARY STATS   
# Positive91110
# Negative151314
Median Positive6.6%4.2%11.3%
Median Negative-8.1%-10.5%-8.9%
Max Positive10.1%20.7%35.7%
Max Negative-24.6%-22.8%-28.2%

SEC Filings

Expand for More

Report DateFiling DateFiling
5312025626202510-Q 5/31/2025
2282025411202510-K 2/28/2025
11302024107202510-Q 11/30/2024
8312024927202410-Q 8/31/2024
5312024627202410-Q 5/31/2024
2292024415202410-K 2/29/2024
11302023105202410-Q 11/30/2023
8312023929202310-Q 8/31/2023
5312023626202310-Q 5/31/2023
2282023413202310-K 2/28/2023
11302022106202310-Q 11/30/2022
8312022930202210-Q 8/31/2022
5312022627202210-Q 5/31/2022
2282022414202210-K 2/28/2022
11302021106202210-Q 11/30/2021
83120211001202110-Q 8/31/2021

Insider Activity

Expand for More

 OwnerTitleFiling DateActionPriceSharesTransacted
Value		Value of
Held Shares		Form
0Daniels Jon GEVP, CAF7032025Sell70.641,540108,786196,309Form
1STEENROD MITCHELL D 4252025Buy65.491,30085,1372,198,958Form

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