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.
Employees27,796IPOFeb 4, 1997SIC5521HQ12800 Tuckahoe Creek Parkway, Richmond, VA, USA, 23238
to
Financials
Profitability
Metric
Current
Margins
Gross Margin
10.5%
Operating Margin
2.2%
EBITDA Margin
3.3%
Net Margin
1.0%
OCF Margin
5.4%
FCF Margin
3.9%
Returns on Capital
ROE
4.8%
ROA
1.1%
ROIC
1.7%
ROCE
2.4%
ROC (Greenblatt)
7.8%
3Y ROIIC
577.3%
Consistency
Years Profitable / 10Y
10
Valuation
Metric
Current
Earnings Multiples
P/E (TTM)
26.12
Forward P/E
16.17
P/E ex-NRI
20.07
Shiller P/E (CAPE)
10.93
Cash Flow Multiples
P/FCF
6.80
P/OCF
4.85
P/Owner Earnings
—
FCF Yield
15.14%
Enterprise Value Multiples
EV / EBIT
43.26
EV / Forward EBIT
36.85
EV / EBITDA
25.83
EV / Forward EBITDA
31.38
EV / Revenue
0.84
EV / Forward Revenue
0.98
Asset / Sales
P/S
0.25
P/B
1.20
P/Tangible Book
1.20
Growth-Adjusted
PEG
—
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
3.60%
5Y Share Change
−10.3%
Combined
Shareholder Yield
17.53%
Balance Sheet
Metric
Current
Leverage
Debt / Equity
2.87
Gross Debt / EBITDA
18.75
Cash / Debt
0.04
Equity / Assets
0.24
Coverage
Interest Coverage
5.34
Short-Term Liquidity
Current Ratio
2.33
Quick Ratio
0.57
Cash Ratio
0.35
Composite Scores
Piotroski F-Score
6
Altman Z-Score
1.79
Split History
Date
Split
2007-03-27
2:1
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 %
4.67%
×
×
Net Margin %
0.99%
×
×
Operating Margin %
2.18%
Operating Income
$643M
÷
Revenue
$29.44B
×
Tax Burden
0.6418
Net Income
$292M
÷
Pretax Income
$455M
×
Interest Burden
0.7076
Pretax Income
$455M
÷
Operating Income
$643M
×
Asset Turnover
1.11
÷
Revenue
$29.44B
÷
Average Total Assets
$26.57B
Begin Total Assets
$27.08B
End Total Assets
$26.07B
×
Equity Multiplier
4.25
÷
Avg Total Assets
$26.57B
÷
Avg Stockholders Equity
$6.25B
Begin Equity
$6.20B
End Equity
$6.30B
Top institutional holders
Q2 2026| Holder | Shares | % Owned | Chg. shares | |
|---|---|---|---|---|
| BlackRock, Inc. | 17.1M | 12.05% | -165.4K | $904.00M |
| VANGUARD PORTFOLIO MANAGEMENT LLC | 7.3M | 5.14% | +10.2K | $385.38M |
| AQR CAPITAL MANAGEMENT LLC | 6.6M | 4.67% | -3.4M | $348.96M |
| VANGUARD CAPITAL MANAGEMENT LLC | 6.4M | 4.53% | +33.4K | $339.56M |
| SRS Investment Management, LLC | 5.9M | 4.18% | +271.2K | $313.26M |
| TWO SIGMA INVESTMENTS, LP | 5.8M | 4.11% | +484.9K | $308.45M |
| STATE STREET CORP | 5.2M | 3.64% | +271.2K | $272.72M |
| DIMENSIONAL FUND ADVISORS LP | 5.0M | 3.51% | +699.1K | $263.12M |
| Jupiter Topco LLC | 4.6M | 3.28% | — | $245.68M |
| PRIMECAP MANAGEMENT CO/CA/ | 4.4M | 3.07% | +870 | $230.55M |
10 of 561
View allTop insider holdings
as reported| Insider | Shares held | % Owned | |
|---|---|---|---|
| Nash William DOfficer | 206.7K | 0.1458% | $11.02M |
| McCreight David W.Director | 39.5K | 0.0279% | $2.11M |
| Goodman ShiraDirector | 39.3K | 0.0277% | $2.10M |
| STEENROD MITCHELL DDirector | 38.3K | 0.0270% | $2.04M |
| Barr KeithOfficer | 33.4K | 0.0235% | $1.78M |
| Shinder MarcellaDirector | 28.7K | 0.0202% | $1.53M |
| Bensen Peter JDirector | 28.5K | 0.0201% | $1.52M |
| Lyski JamesOfficer | 27.2K | 0.0192% | $1.45M |
| FOLLIARD THOMAS JDirector | — | — | — |
| ONeil Mark FDirector | — | — | — |
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View allRecent insider activity
through Jun 26, 2026| Insider | Action | Shares | Date | |
|---|---|---|---|---|
| KESSLER JAMES FRANCISDirector | Grant/Award (Rule 16b-3(d)) | +3.7K | $0 | Jun 26, 2026 |
| OShaughnessy RobertDirector | Grant/Award (Rule 16b-3(d)) | +3.7K | $0 | Jun 26, 2026 |
| COBB WILLIAM CDirector | Grant/Award (Rule 16b-3(d)) | +3.7K | $0 | Jun 26, 2026 |
| ONeil Mark FDirector | Grant/Award (Rule 16b-3(d)) | +3.7K | $0 | Jun 26, 2026 |
| Chawla SonaDirector | Grant/Award (Rule 16b-3(d)) | +3.7K | $0 | Jun 26, 2026 |
| FOLLIARD THOMAS JDirector | Grant/Award (Rule 16b-3(d)) | +3.7K | $0 | Jun 26, 2026 |
| Bensen Peter JDirector | Grant/Award (Rule 16b-3(d)) | +3.7K | $0 | Jun 26, 2026 |
| Shinder MarcellaDirector | Grant/Award (Rule 16b-3(d)) | +3.7K | $0 | Jun 26, 2026 |
| Satriano PietroDirector | Grant/Award (Rule 16b-3(d)) | +3.7K | $0 | Jun 26, 2026 |
| McCreight David W.Director | Grant/Award (Rule 16b-3(d)) | +3.7K | $0 | Jun 26, 2026 |
10 of 2,122
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