CarMax operates a chain of 250+ used-car retail stores across the U.S., making it the largest used-vehicle retailer in the country. The core business is buying and reselling used cars directly to consumers at no-haggle prices, plus selling vehicles wholesale through dealer auctions. Revenue comes primarily from used-car sales (~83%), wholesale vehicle auctions (~17%), and a smaller slice from financing, extended warranties, and repair services. Customers are everyday car buyers; CarMax also runs its own in-house auto lending arm (CarMax Auto Finance), which earns interest income on loans made to those buyers.
Employees30,048IPOJan 18, 2018SIC5521HQ12800 Tuckahoe Creek Parkway, Richmond, VA, USA, 23238
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Financials
Profitability
Metric
Current
Margins
Gross Margin
11.1%
Operating Margin
−1.5%
EBITDA Margin
7.1%
Net Margin
1.8%
OCF Margin
—
FCF Margin
7.5%
Returns on Capital
ROE
7.4%
ROA
1.7%
ROIC
−1.1%
ROCE
6.1%
ROC (Greenblatt)
19.6%
3Y ROIIC
−74.1%
Consistency
Years Profitable / 10Y
10
Valuation
Metric
Current
Earnings Multiples
P/E (TTM)
17.69
Forward P/E
20.64
P/E ex-NRI
17.69
Shiller P/E (CAPE)
10.92
Cash Flow Multiples
P/FCF
4.06
P/OCF
3.19
P/Owner Earnings
13.06
FCF Yield
25.64%
Enterprise Value Multiples
EV / EBIT
16.82
EV / Forward EBIT
42.23
EV / EBITDA
13.75
EV / Forward EBITDA
26.56
EV / Revenue
0.97
EV / Forward Revenue
0.98
Asset / Sales
P/S
0.31
P/B
1.26
P/Tangible Book
1.32
Growth-Adjusted
PEG
35.38
Capital Returns
Metric
Current
Dividends
Dividend Yield (TTM)
0.00%
Forward Dividend Yield
0.00%
3Y Dividend Growth
0.0%
Payout Ratio
0.00
5Y Yield on Cost
0.00%
Buybacks & Dilution
3Y Buyback Ratio
1.60%
5Y Share Change
−6.6%
Combined
Shareholder Yield
13.50%
Balance Sheet
Metric
Current
Leverage
Debt / Equity
2.94
Gross Debt / EBITDA
9.74
Cash / Debt
0.01
Equity / Assets
0.24
Coverage
Interest Coverage
—
Short-Term Liquidity
Current Ratio
1.99
Quick Ratio
0.51
Cash Ratio
0.10
Composite Scores
Piotroski F-Score
6
Altman Z-Score
1.72
Split History
Date
Split
No split history found.
Ex-date
Amount
Pay date
No dividend history found.
Date
Transcript
Type
2026-09-29
Q2 2027 Carmax Inc Earnings Call Transcript
Earnings Call
2026-06-23
Carmax Inc Annual Shareholders Meeting Transcript
Shareholders and Annual Meetings
2026-06-17
Q1 2027 Carmax Inc Earnings Call Transcript
Earnings Call
2026-04-14
Q4 2026 Carmax Inc Earnings Call Transcript
Earnings Call
2025-12-18
Q3 2026 Carmax Inc Earnings Call Transcript
Earnings Call
2025-09-25
Q2 2026 Carmax Inc Earnings Call Transcript
Earnings Call
2025-06-20
Q1 2026 Carmax Inc Earnings Call Transcript
Earnings Call
2025-04-10
Q4 2025 Carmax Inc Earnings Call Transcript
Earnings Call
2024-12-19
Q3 2025 Carmax Inc Earnings Call Transcript
Earnings Call
2024-09-26
Q2 2025 Carmax Inc Earnings Call Transcript
Earnings Call
10 of 35
5-Step DuPont Analysis
ROE %
7.46%
×
×
Net Margin %
1.77%
×
×
Operating Margin %
-1.46%
Operating Income
−$378M
÷
Revenue
$25.94B
×
Tax Burden
0.7471
Net Income
$458M
÷
Pretax Income
$613M
×
Interest Burden
-1.6217
Pretax Income
$613M
÷
Operating Income
−$378M
×
Asset Turnover
0.98
÷
Revenue
$25.94B
÷
Average Total Assets
$26.43B
Begin Total Assets
$27.30B
End Total Assets
$25.56B
×
Equity Multiplier
4.31
÷
Avg Total Assets
$26.43B
÷
Avg Stockholders Equity
$6.14B
Begin Equity
$6.21B
End Equity
$6.07B