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CarMax, Inc.

KMX Consumer Cyclical Auto & Truck Dealerships

CarMax, Inc.’s revenue for fiscal 2026 (year ended February 2026) was $25.9 billion, down 1.79% from fiscal 2025. In the quarter to August 2026, revenue grew 19.5%, EPS grew 82.0%, free cash flow grew 23.2% and total debt fell 6.82%, each against the same quarter a year earlier. Insiders bought in the last twelve months.

53.33 0.71 +1.35%
Market cap
$7.5B
P/E
26.0×
Fwd P/E
20.1×
Dividend yield
—
F-score
5/9
Altman Z
1.58
Beneish M
−2.73
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 1.27
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — 5 — — — —
Sell — — — — — — — — — — — —
Insider Ownership 2.03%

Capital & Financial Ratios $m

Market Cap 7,470.00
Revenue 27,631.34
Net Income 292.45
Free Cash Flow 1,146.43
Net Debt 16,028.14
Current Ratio 2.33 (at or above 1.5: strong)
Debt/Equity 2.67 (above 2: weak)
P/E ratio 25.96
Fwd P/E 20.10
P/S ratio 0.27
P/B ratio 1.20
Past 5Y EPS Growth (17.96%) (below 0%: weak)
This Y EPS Growth 9.57%
Next Y EPS Growth (11.99%) (below 0%: weak)
Next Y revenue growth 12.05% (at or above 10%: strong)
Next 5Y EPS Growth 13.22%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.9×, against a ten-year median of 1.3×; over the ten years it ranged from 0.8× in 2022 to 1.9× in 2021.
P/E against its own 10 years 81.31%
10-year low 10-year high
P/S against its own 10 years 7.00%
10-year low 10-year high
P/B against its own 10 years 7.11%
10-year low 10-year high
EV/Sales against its own 10 years 4.05%
10-year low 10-year high
EV/FCF against its own 10 years 11.91%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2026 Powerpack
2025 Powerpack
2024 Powerpack
2023 Powerpack
2022 Powerpack
2021 Powerpack
2020 Powerpack
2018 Powerpack
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2024 2025 2026 Q'26
Cash 1,081 806 715 775
Receivables 221 189 204 225
Inventory 3,678 3,935 4,137 3,855
Other 247 148 154 147
5,227 5,078 5,310 5,108
2024 2025 2026 Q'26
Payables 934 978 1,118 989
ST’ Debt 313 17 217 18
Other — — — —
2,312 2,198 2,415 2,194

Compound Annual Growth %

10y 5y 3y
Sales 5.50% 6.43% (4.47%)
Cash Flow 0.00% 21.72% 11.60%
Earnings (8.83%) (19.83%) (20.10%)
Book Value 7.32% 6.17% 1.61%

Revenue $m

May Aug Nov Feb Year
’26 8,014 7,878 — — —
’26 7,547 6,595 5,794 5,946 25,881
’25 7,113 7,014 6,223 6,003 26,353
’24 7,687 7,074 6,149 5,627 26,536
’23 9,312 8,145 6,506 5,722 29,685
’22 7,698 7,988 8,528 7,687 31,900
’21 3,229 5,372 5,185 5,164 18,950
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

May Aug Nov Feb Year
’26 18 883 — — —
’26 300 785 1,253 (554) 1,784
’25 (118) 619 (23) 146 624
’24 (185) 124 210 310 459
’23 531 (51) 1,182 (379) 1,283
’22 (112) (1,273) (697) (467) (2,549)
’21 1,250 (360) (21) (201) 668
Fiscal quarters ending in the months shown.

Free Cash Flow $m

May Aug Nov Feb Year
’26 (86) 806 — — —
’26 163 654 1,113 (687) 1,243
’25 (222) 510 (151) 19 157
’24 (321) 51 65 200 (5)
’23 436 (161) 1,071 (481) 866
’22 (171) (1,352) (786) (548) (2,858)
’21 1,187 (388) (52) (241) 505
Fiscal quarters ending in the months shown.

EPS $

May Aug Nov Feb Year
’26 1.31 1.16 — — —
’26 1.38 0.64 0.43 (0.85) 1.68
’25 0.97 0.85 0.81 0.58 3.21
’24 1.44 0.75 0.52 0.32 3.02
’23 1.56 0.79 0.24 0.44 3.03
’22 2.63 1.72 1.63 0.98 6.97
’21 0.03 1.79 1.42 1.27 4.52
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.7
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to February

Group Line 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Trend 2027e 2028e 2029e
Price, $
Price, $ Low 54.29 55.24 57.95 37.59 92.13 52.10 55.77 65.83 30.26 35.17

Analyst estimates 2027–2029

Powerpack
High 77.64 81.67 100.49 109.31 155.98 130.57 87.50 91.25 89.47 65.28
People
People Employees 24,344 25,110 25,946 27,050 26,889 32,647 30,621 29,836 30,048 27,796
Revenue/emp, $m 0.65 0.68 0.70 0.75 0.70 0.98 0.97 0.89 0.88 0.93
Income, $m
Income, $m Revenue 15,875 17,120 18,173 20,320 18,950 31,900 29,685 26,536 26,353 25,881
Gross margin, % 13.75 13.60 13.65 13.40 12.55 10.31 9.43 10.22 11.00 10.84
EBT 1,006 1,064 1,113 1,161 965 1,492 637 642 669 383
EBT margin, % 6.34 6.21 6.12 5.71 5.09 4.68 2.15 2.42 2.54 1.48
Net income 627 664 842 888 747 1,151 485 479 501 247
Depreciation 169 180 182 216 242 273 265 260 295 487
Per share, $
Per share, $ Revenue 83.40 93.73 104.17 123.27 116.13 196.42 186.93 167.72 169.66 175.75
Earnings 3.29 3.64 4.83 5.39 4.58 7.09 3.05 3.03 3.22 1.68
Cash flow (2.39) (0.44) 0.93 (1.44) 4.09 (15.70) 8.08 2.90 4.02 12.11
Capex (2.19) (1.62) (1.74) (2.01) (1.00) (1.90) (2.63) (2.93) (3.01) (3.67)
Free cash flow (4.58) (2.07) (0.81) (3.45) 3.10 (17.60) 5.45 (0.03) 1.01 8.44
Book value 16.33 18.16 19.24 22.86 26.75 32.24 35.35 38.39 40.19 39.99
Shares, m 190 183 174 165 163 162 159 158 155 147
Valuation, ×
Valuation, × P/E 19.56 17.06 12.88 16.68 26.50 15.44 22.71 26.07 25.85 26.13
P/S 0.77 0.66 0.60 0.73 1.05 0.56 0.37 0.47 0.49 0.24
P/B 3.95 3.41 3.23 3.92 4.54 3.39 1.95 2.06 2.06 1.05
EV/Sales 1.49 1.38 1.33 1.44 1.78 1.11 0.95 1.12 1.15 0.89
EV/FCF (27.17) (62.63) (171.19) (51.37) 66.94 (12.35) 32.41 (5,561.19) 192.79 18.44
Cash, $m
Cash, $m Operating cash flow (455) (81) 163 (237) 668 (2,549) 1,283 459 624 1,784
Capex (417) (297) (304) (332) (163) (308) (418) (464) (468) (541)
Free cash flow (872) (377) (141) (568) 505 (2,858) 866 (5) 157 1,243
Balance, $m
Balance, $m Working capital 1,768 1,887 1,903 2,129 2,418 4,502 3,103 2,914 2,880 2,896
Total debt 12,169 13,119 13,787 14,953 14,630 18,186 17,887 18,273 18,154 17,478
Net debt 11,751 12,675 13,299 14,414 14,001 17,535 17,101 17,192 17,348 16,763
Shareholders’ equity 3,109 3,317 3,357 3,769 4,365 5,235 5,613 6,074 6,243 5,889
Returns, %
Returns, % ROA 4.08 3.93 4.65 4.46 3.50 4.81 1.85 1.80 1.83 0.92
ROIC 4.47 4.43 4.46 4.26 3.55 4.26 2.06 2.03 2.09 1.38
ROE 20.85 20.67 25.25 24.94 18.37 23.99 8.94 8.20 8.13 4.08
Negative figures in brackets.

All 10 years →

Fiscal years to Feb 2026 · latest quarter Aug 2026 · fundamentals updated 6 Oct 2026

Charts ten years each

CarMax, Inc. vs peers in Auto & Truck Dealerships (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
PAG Penske Automotive Group, Inc. $13.9B 15.6× 12.7× +5.98% (above 0%: growing) +4.76% (above 0%: growing) −11.32% (below 0%: shrinking) 15.94% 3.97% Compare
KMX CarMax, Inc. $7.5B 26.0× 20.1× +19.46% (above 0%: growing) +81.97% (above 0%: growing) +23.18% (above 0%: growing) 10.15% 3.00%
LAD Lithia Motors, Inc. $6.5B 9.8× 8.8× +2.17% (above 0%: growing) +16.92% (above 0%: growing) −108.58% (below 0%: shrinking) 15.29% 4.58% Compare
RUSHA Rush Enterprises, Inc. $5.6B 20.0× 18.1× −1.61% (below 0%: shrinking) 0.00% −56.15% (below 0%: shrinking) 19.04% 5.12% Compare
AN AutoNation, Inc. $5.3B 7.5× 8.7× −0.64% (below 0%: shrinking) +138.50% (above 0%: growing) +45.21% (above 0%: growing) 17.77% 4.60% Compare
OPLN OPENLANE, Inc. $4.5B — (loss-making) 29.2× +15.13% (above 0%: growing) +106.25% (above 0%: growing) −60.76% (below 0%: shrinking) 44.75% 16.80% Compare
VVV Valvoline $4.0B 39.3× 33.8× +24.05% (above 0%: growing) +15.91% (above 0%: growing) +110.31% (above 0%: growing) 39.46% 20.60% Compare
RUSHB Rush Enterprises, Inc. $3.9B 25.3× 18.1× −1.61% (below 0%: shrinking) 0.00% −56.15% (below 0%: shrinking) 19.04% 5.12% Compare
ABG Asbury Automotive Group, Inc. $3.1B 6.3× 6.7× +0.26% (above 0%: growing) −19.43% (below 0%: shrinking) −83.11% (below 0%: shrinking) 17.18% 5.01% Compare
Median of peers $4.9B 15.6× 15.4× +1.22% +10.34% −56.15% 18.41% 5.07%

All 26 Auto & Truck Dealerships stocks →

CarMax, Inc. (KMX) key facts

  • Concern: CarMax, Inc.’s revenue for fiscal 2026 (year ended February 2026) was $25.9 billion, down 1.79% from fiscal 2025.
  • CarMax, Inc. (KMX) is an Auto & Truck Dealerships company in the Consumer Cyclical sector, listed on the New York Stock Exchange.
  • As of October 16, 2026, KMX traded at $53.33, a market capitalization of $7.5 billion.
  • Return on equity was 4.08% and debt-to-equity 2.67.
  • Its Piotroski F-score is 5 out of 9 and its Altman Z-score is 1.58 (distress zone) for fiscal 2026.

Source: company filings (standardised) and stockrow calculations · fundamentals updated Oct 6, 2026.

CarMax, Inc. (KMX) Latest News

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stockrow.com/KMX · Data as of Oct 6, 2026 · For information only; not investment advice. · © 2026 stockrow.com