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Largest US used-vehicle retailer, operating no-haggle superstores plus online sales and its own auto financing arm.
Largest US used-vehicle retailer, operating no-haggle superstores plus online sales and its own auto financing arm.
Makes money three ways: the margin on each used car sold, interest earned by its finance arm on loans to buyers net of funding costs and loan-loss provisions, and wholesale auctions for cars that fail its retail standards. Many cars are bought directly from the public through instant offers, which supplies its stores.
Moat: narrow (brand, scale, installed base). Pioneer no-haggle used-car brand with a large superstore network and captive financing arm, now facing online-native competition.
Headquarters: Richmond, Virginia, United States · Founded: 1993 · Employees: 27,796
Size CarMax (KMX) is a United States Consumer Discretionary company (Specialty Stores) with a market value of $7.31B, the 939th largest of 3,117 United States companies the cockpit tracks. Shares closed at $51.48 on 6 Nov 2026.
Performance Over six months the shares gained 27.6%, against +9.3% for the median peer and -1.1% for the United States market (cap-weighted) — 7th highest of 21 in its peer set.
Growth Revenue grew 4.1% over the last twelve months (peer median +2.6%); the operating margin is 2.2% (peer median 5.1%).
Valuation It trades at 15.5× forward earnings against a peer median of 13.5× (9th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 18% a year for seven years (Req g). Recent delivered growth is +7%, so the hurdle is +11 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 4.9 points below its cost of capital (7.0% WACC).
Short interest Short interest is 7.0% of the free float (15 Oct 2026).
Next results Next results expected around 17 Dec 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $29.4B | $27.7B | $28.2B | $28.2B | $31.1B |
| Revenue growth | — | -2% | 0% | -9% | — |
| Gross profit | $3.10B | $3.06B | $3.22B | $3.04B | $3.24B |
| EBITDA | $1.03B | $969M | $1.10B | $1.05B | $1.03B |
| Net income | $292M | $247M | $501M | $479M | $485M |
| Free cash flow | $1.15B | $1.24B | $156M | -$6.69M | $861M |
| Capital expenditure | $453M | $541M | $468M | $465M | $423M |
| Total debt | $18.1B | $18.7B | $19.4B | $19.5B | $19.1B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| CarMax KMX | $7.31B | +28% | +4% | 2% | 15.5× | 17.6% |
| Carvana CVNA | $81.2B | -6% | +50% | 9% | 35.9× | 43.6% |
| AutoNation AN | $5.88B | -11% | -2% | 5% | 8.3× | n/a |
| Lithia Motors LAD | $6.68B | +5% | +1% | 4% | 8.0× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | KMX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -4.3% | +7.1% | 3rd lowest of 21 |
| 6-month return | +27.6% | +9.3% | 7th highest of 21 |
| Distance from 52-week high | -21.1% | -13.5% | 7th lowest of 21 |
| Revenue growth (TTM) | +4.1% | +2.6% | 10th highest of 21 |
| Operating margin | 2.2% | 5.1% | lowest of 21 |
| Forward P/E | 15.5× | 13.5× | 9th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 17.6% | 0.6% | most demanding of 17 |
| Growth delivered (Del g) | +6.7% | +8.0% | 8th lowest of 17 |
| Hurdle (Req g minus delivered) | +11.0 pp | -4.0 pp | 2nd most demanding of 17 |
| ROIC minus cost of capital | -4.9 pp | +3.1 pp | 2nd lowest of 21 |
| Net debt / EBITDA | 16.8× | 2.3× | most indebted of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| CarMax KMX | United States | $7.31B | +28% | +4% | 2% | 15.5× | 17.6% | +6.7% |
| Pepco Group BV PCO.WA | Poland | $7.18B | +58% | -42% | 15% | 16.8× | 4.6% | +4.5% |
| Lithia Motors LAD | United States | $6.68B | +5% | +1% | 4% | 8.0× | n/a | n/a |
| Kalyan Jewellers India KALYANKJIL.NS | India | $6.47B | +44% | +46% | 6% | 37.6× | n/a | n/a |
| Ultrapar Participacoes S.A. Sponsored ADR UGP | United States | $6.12B | -11% | +20% | 5% | 7.0× | -12.6% | +12.2% |
| AutoNation AN | United States | $5.88B | -11% | -2% | 5% | 8.3× | n/a | n/a |
| Murphy USA MUSA | United States | $9.45B | -10% | +20% | 4% | 17.5× | -9.4% | +11.5% |
| Frasers FRAS.L | United Kingdom | $5.64B | +44% | +8% | 7% | 9.1× | n/a | n/a |
| Rush Enterprises RUSHA | United States | $5.54B | +6% | -3% | 5% | 15.4× | 7.9% | +9.4% |
| Sanrio 8136.T | Japan | $9.78B | +33% | +28% | 39% | 22.4× | 1.9% | +36.4% |
| PriceSmart PSMT | United States | $5.02B | +3% | +12% | 5% | 27.2× | 10.5% | +10.2% |
| Carrefour CA.PA | France | $11.1B | -21% | -8% | 3% | 8.4× | -1.2% | +3.1% |
| Nitori 9843.T | Japan | $11.7B | +47% | 0% | 13% | 20.0× | 2.7% | +4.9% |
| Endeavour EDV.AX | Australia | $4.48B | +10% | +1% | 4% | 21.4× | 14.9% | +1.0% |
| Signet Jewelers SIG | United States | $4.37B | +34% | +1% | 7% | 9.4× | -1.3% | +5.4% |
| Bath & Body Works BBWI | United States | $4.31B | +8% | -2% | 15% | 8.3× | -8.8% | +2.5% |
| Dick's Sporting Goods DKS | United States | $12.5B | -35% | +54% | 6% | 11.8× | 8.7% | +12.4% |
| Academy Sports and Outdoors ASO | United States | $4.14B | +24% | +4% | 10% | 9.9× | -1.2% | +1.2% |
| BJ's Wholesale Club BJ | United States | $13.8B | +18% | +9% | 4% | 22.4× | -0.7% | +6.8% |
| Penske Automotive PAG | United States | $13.9B | +22% | +6% | 3% | 15.2× | 12.6% | +9.2% |
| Asbury Automotive ABG | United States | $3.64B | +1% | -1% | 5% | 7.6× | -2.4% | +20.3% |