Financial leverage has intensified, with the debt-to-equity ratio rising to 1.99 in 2025Q3 from 1.48 in 2024Q4, reflecting a deteriorating capital structure.
| Metric | TTM | Apr'25 | Apr'24 | Apr'23 | Apr'22 | Apr'21 | Apr'20 | Apr'19 | Apr'18 | Apr'17 | Apr'16 | Apr'15 | Apr'14 | Apr'13 | Apr'12 | Apr'11 | Apr'10 | Apr'09 | Apr'08 | Apr'07 | Apr'06 | Apr'05 | Apr'04 | Apr'03 | Apr'02 | Apr'01 | Apr'00 | Apr'99 | Apr'98 | Apr'97 | Apr'96 |
|---|
| Total Current Assets | 219.09M | 1.42B | 1.31B | 1.26B | 1.04B | 719.76M | 569.65M | 463.65M | 426.63M | 393.76M | 371.19M | 365.58M | 329.03M | 327.73M | 283.04M | 250.52M | 228.19M | 199.92M | 182.09M | 156.36M | 162.18M | 132.36M | 111.68M | 97.36M | 89.19M | 276.65M | 229.57M | 126.6M | 65.8M | 21.5M | 1.5M |
| Cash & Short-Term Investments | 117.91M | 9.81M | 5.52M | 9.8M | 6.92M | 2.89M | 59.56M | 1.75M | 1.02M | 434K | 602K | 790K | 289K | 272K | 276K | 223K | 268K | 168K | 153K | 257K | 255K | 459K | 1.13M | 783.79K | 1.23M | 2.19M | 9.84M | 12.9M | 11.2M | 21.1M | 700K |
| Cash Only | 117.91M | 9.81M | 5.52M | 9.8M | 6.92M | 2.89M | 59.56M | 1.75M | 1.02M | 434K | 602K | 790K | 289K | 272K | 276K | 223K | 268K | 168K | 153K | 257K | 255K | 459K | 1.13M | 783.79K | 1.23M | 2.19M | 9.84M | 12.9M | 6.5M | 21.1M | 700K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.7M | 0 | 0 |
| Accounts Receivable | 1.13B | 1.19B | 1.11B | 1.08B | 868.87M | 628.49M | 469.24M | 419.78M | 387.26M | 359.26M | 337.4M | 326.79M | 295.13M | 292.22M | 253.97M | 224.66M | 206.38M | 182.82M | 167.58M | 141.82M | 150.2M | 123.62M | 104.19M | 92.17M | 84.16M | 218.25M | 5.49M | 91M | 35.9M | 300K | 700K |
| Days Sales Outstanding | 388.07 | 311.78 | 290.26 | 280.17 | 261.59 | 249.72 | 230.02 | 228.99 | 230.89 | 223.1 | 216.85 | 224.92 | 220.21 | 229.54 | 239.63 | 239.87 | 222.26 | 223.2 | 222.72 | 215.29 | 234.07 | 220.34 | 215.86 | 217.2 | 258.93 | 281.94 | 10.26 | 359.47 | 850.88 | 1.09K | 2.56K |
| Inventory | 101.18M | 112.23M | 107.47M | 109.29M | 115.3M | 82.26M | 36.41M | 37.48M | 33.61M | 30.13M | 29.88M | 34.27M | 30.11M | 32.83M | 27.24M | 23.59M | 20.37M | 15.48M | 13.53M | 13.68M | 10.92M | 7.99M | 5.98M | 4.06M | 3.54M | 10.99M | 14.95M | 9.3M | 3.8M | 0 | 0 |
| Days Inventory Outstanding | 56.29 | 56.42 | 51.25 | 49.5 | 63.42 | 62.66 | 34.21 | 39.78 | 38.91 | 36.06 | 35.77 | 45.91 | 43.74 | 50.11 | 44.51 | 43.94 | 42.94 | 36.29 | 34.17 | 39.93 | 33.38 | 28.64 | 25.51 | 19.21 | 20.52 | 23.71 | 46.54 | 58.22 | 146 | - | - |
| Other Current Assets | -1.13B | 114.73M | 88.92M | 58.24M | 41.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1K | 0 | 0 | 0 | 44.17M | 199.29M | 13.4M | 14.9M | 100K | 100K |
| Total Non-Current Assets | 163.72M | 181.6M | 167.27M | 158.58M | 112.86M | 102.4M | 97.67M | 28.89M | 28.95M | 30.49M | 35.11M | 34.32M | 34.27M | 30.54M | 27.9M | 25.89M | 23.08M | 19.7M | 18.5M | 17.24M | 15.44M | 11.3M | 5.56M | 4.48M | 38.96M | 25.87M | 61.34M | 41.5M | 26.4M | 16.7M | 37.8M |
| Property, Plant & Equipment | 103.93M | 120.72M | 121.55M | 120.82M | 104.24M | 95.12M | 90.85M | 28.54M | 28.59M | 30.14M | 34.76M | 33.96M | 33.91M | 30.18M | 27.55M | 25.53M | 22.72M | 19.35M | 18.14M | 16.88M | 15.44M | 11.3M | 5.56M | 4.48M | 2.63M | 17.02M | 27.74M | 22.1M | 9.2M | 1.6M | 17.9M |
| Fixed Asset Turnover | 9.65x | 11.52x | 11.47x | 11.63x | 11.63x | 9.66x | 8.20x | 23.45x | 21.41x | 19.50x | 16.34x | 15.61x | 14.42x | 15.40x | 14.04x | 13.39x | 14.92x | 15.45x | 15.14x | 14.24x | 15.17x | 18.11x | 31.71x | 34.58x | 45.17x | 16.60x | 7.04x | 4.18x | 1.67x | 0.06x | 0.01x |
| Goodwill | 22.77M | 22.8M | 14.45M | 11.72M | 8.62M | 7.28M | 6.82M | 355K | 355K | 355K | 355K | 355K | 355K | 355K | 355K | 355K | 355K | 355K | 355K | 355K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8.85M | 17.24M | 14.3M | 10.6M | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 38.08M | 31.28M | 26.04M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1K | 0 | 0 | 36.21M | 0 | 16.36M | 5.1M | 6.6M | 15.1M | 19.9M |
| Total Assets | 1.63B | 1.61B | 1.48B | 1.41B | 1.15B | 822.16M | 667.32M | 492.54M | 455.58M | 424.26M | 406.3M | 399.9M | 363.3M | 358.26M | 310.94M | 276.41M | 251.27M | 219.62M | 200.59M | 173.6M | 177.61M | 143.67M | 117.24M | 101.84M | 128.14M | 302.52M | 290.91M | 168.1M | 92.2M | 38.2M | 39.3M |
| Asset Turnover | 0.67x | 0.87x | 0.94x | 0.99x | 1.05x | 1.12x | 1.12x | 1.36x | 1.34x | 1.39x | 1.40x | 1.33x | 1.35x | 1.30x | 1.24x | 1.24x | 1.35x | 1.36x | 1.37x | 1.39x | 1.32x | 1.43x | 1.50x | 1.52x | 0.93x | 0.93x | 0.67x | 0.55x | 0.17x | 0.00x | 0.00x |
| Asset Growth % | 24.02% | 8.72% | 4.45% | 22.52% | 40.45% | 23.2% | 35.49% | 8.11% | 7.38% | 4.42% | 1.6% | 10.07% | 1.4% | 15.22% | 12.49% | 10% | 14.41% | 9.49% | 15.55% | -2.26% | 23.63% | 22.54% | 15.12% | -20.53% | -57.64% | 3.99% | 73.06% | 82.32% | 141.36% | -2.8% | -27.89% |
| Total Current Liabilities | 160.31M | 372.08M | 353.8M | 323.07M | 164.83M | 82.14M | 21.4M | 20.17M | 17.66M | 15.72M | 17.14M | 17.01M | 14.41M | 13.83M | 10.82M | 28.05M | 26.72M | 23.93M | 19.57M | 8.71M | 14.77M | 11.26M | 10.13M | 9.91M | 8.27M | 23.74M | 31.76M | 13.6M | 4.6M | 400K | 1M |
| Accounts Payable | 19.01M | 34.98M | 21.38M | 27.2M | 20.05M | 18.21M | 13.12M | 13.66M | 13.61M | 11.22M | 12.31M | 11.02M | 8.54M | 8.83M | 7.35M | 7.74M | 5.8M | 3.93M | 3.87M | 2.47M | 3.1M | 2.8M | 2.12M | 2.08M | 1.98M | 6.44M | 8.61M | 4.7M | 2.5M | 0 | 100K |
| Days Payables Outstanding | 17.46 | 17.59 | 10.19 | 12.32 | 11.03 | 13.87 | 12.32 | 14.5 | 15.76 | 13.44 | 14.74 | 14.77 | 12.41 | 13.48 | 12.01 | 14.42 | 12.22 | 9.21 | 9.78 | 7.22 | 9.46 | 10.03 | 9.06 | 9.87 | 11.51 | 13.89 | 26.8 | 29.43 | 96.05 | - | 33.18 |
| Short-Term Debt | 2.55M | 206.06M | 201.64M | 167.23M | 44.67M | 1.8M | 0 | 1.27M | 506K | 669K | 101K | 1.59M | 1.08M | 1.54M | 128K | 0 | 610K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7.8M | 0 | 0 | 100K |
| Deferred Revenue (Current) | 335.06M | 113.25M | 120.78M | 120.47M | 92.49M | 56.81M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 13.78M | 11.93M | 10.9M | 7.35M | 4.63M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 118.31M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -278K | 0 | -101K | 0 | 0 | 0 | -13.78M | 8.26M | 9.25M | 0 | 0 | 0 | 2.94M | 2.44M | 2.46M | 1.16M | 0 | 6.13M | 23.16M | 1.1M | 2.1M | 400K | 800K |
| Current Ratio | 1.37x | 3.83x | 3.70x | 3.89x | 6.32x | 8.76x | 26.62x | 22.99x | 24.16x | 25.05x | 21.66x | 21.49x | 22.84x | 23.70x | 26.17x | 8.93x | 8.54x | 8.35x | 9.31x | 17.96x | 10.98x | 11.76x | 11.03x | 9.82x | 10.79x | 11.66x | 7.23x | 9.31x | 14.30x | 53.75x | 1.50x |
| Quick Ratio | 0.74x | 3.53x | 3.40x | 3.55x | 5.62x | 7.76x | 24.92x | 21.13x | 22.26x | 23.13x | 19.92x | 19.47x | 20.75x | 21.32x | 23.65x | 8.09x | 7.78x | 7.71x | 8.62x | 16.39x | 10.24x | 11.05x | 10.44x | 9.41x | 10.36x | 11.19x | 6.76x | 8.63x | 13.48x | 53.75x | 1.50x |
| Cash Conversion Cycle | 426.91 | 350.61 | 331.31 | 317.35 | 313.97 | 298.52 | 251.9 | 254.27 | 254.04 | 245.73 | 237.88 | 256.06 | 251.54 | 266.17 | 272.12 | 269.39 | 252.98 | 250.28 | 247.12 | 248.01 | 258 | 238.95 | 232.3 | 226.54 | 267.95 | 291.76 | 30 | 388.27 | 900.82 | - | - |
| Total Non-Current Liabilities | 986.66M | 664.47M | 652.7M | 592.72M | 512.93M | 333.12M | 342.76M | 211.46M | 206.99M | 175.13M | 159.94M | 153.35M | 135.48M | 141.77M | 115.25M | 61.34M | 48.36M | 38.62M | 43.8M | 41.16M | 43.59M | 29.14M | 22.53M | 25.97M | 67.06M | 214.35M | 195.26M | 99.7M | 49.9M | 2.1M | 8.1M |
| Long-Term Debt | 892.16M | 572.01M | 553.63M | 471.37M | 395.99M | 225.92M | 215.12M | 152.08M | 151.25M | 117.94M | 107.9M | 102.22M | 97.03M | 99.56M | 77.9M | 47.54M | 38.77M | 29.84M | 40.34M | 40.83M | 43.59M | 29.14M | 22.53M | 25.97M | 39.79M | 209.39M | 191.05M | 96.2M | 46M | 0 | 4.9M |
| Capital Lease Obligations | 257.26M | 67M | 64.25M | 62.3M | 61.48M | 62.89M | 63.26M | 839K | 1.12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 91.78M | 17.47M | 24.04M | 47.86M | 37.84M | 25.91M | 15.95M | 17.83M | 15.83M | 21.81M | 21.02M | 21.94M | 17.76M | 20.6M | 18.51M | 13.4M | 9.19M | 8.38M | 3.46M | 335K | 0 | 0 | 0 | 0 | 27.27M | 4.96M | 0 | 800K | 1.9M | 1.7M | 3.3M |
| Other Non-Current Liabilities | 0 | 7.98M | 10.77M | -109.27M | -74.86M | -38.41M | 12.31M | 8.75M | 8.64M | 7.29M | 3.68M | 3.95M | 3.23M | 5.23M | 5.06M | 400K | 400K | 400K | 0 | 0 | 1K | 0 | 0 | 0 | 0 | 0 | 4.21M | 2.7M | 2M | 400K | -100K |
| Total Liabilities | 1.15B | 1.04B | 1.01B | 915.79M | 677.76M | 415.26M | 364.17M | 231.63M | 224.65M | 190.85M | 177.08M | 170.37M | 149.89M | 155.6M | 126.07M | 89.4M | 75.08M | 62.55M | 63.37M | 49.87M | 58.36M | 40.4M | 32.66M | 35.88M | 75.33M | 238.09M | 227.02M | 113.3M | 54.5M | 2.5M | 9.1M |
| Total Debt | 952.19M | 845.07M | 819.52M | 700.9M | 502.14M | 290.61M | 278.38M | 154.19M | 153.15M | 118.61M | 108M | 103.81M | 98.12M | 101.1M | 78.03M | 47.54M | 39.38M | 29.84M | 40.34M | 40.83M | 43.59M | 29.14M | 22.53M | 25.97M | 39.79M | 209.39M | 191.05M | 104M | 46M | 0 | 5M |
| Net Debt | 834.28M | 835.26M | 814M | 691.1M | 495.22M | 287.72M | 218.82M | 152.44M | 152.13M | 118.18M | 107.4M | 103.02M | 97.83M | 100.83M | 77.75M | 47.32M | 39.11M | 29.67M | 40.18M | 40.57M | 43.33M | 28.69M | 21.41M | 25.18M | 38.56M | 207.19M | 181.21M | 91.1M | 39.5M | -21.1M | 4.3M |
| Debt / Equity | 1.99x | 1.48x | 1.74x | 1.40x | 1.05x | 0.71x | 0.92x | 0.59x | 0.66x | 0.51x | 0.47x | 0.45x | 0.46x | 0.50x | 0.42x | 0.25x | 0.22x | 0.19x | 0.29x | 0.33x | 0.37x | 0.28x | 0.27x | 0.39x | 0.75x | 3.25x | 2.99x | 1.90x | 1.22x | - | 0.17x |
| Debt / EBITDA | 36.83x | 8.33x | 25.20x | 10.00x | 3.71x | 2.01x | 3.66x | 2.42x | 3.54x | 3.14x | 4.68x | 2.04x | 2.65x | 1.89x | 1.41x | 1.01x | 0.86x | 0.89x | 1.45x | 3.89x | 1.47x | 0.97x | 0.86x | 1.11x | 13.79x | - | - | - | - | - | - |
| Net Debt / EBITDA | 32.27x | 8.24x | 25.03x | 9.86x | 3.65x | 1.99x | 2.87x | 2.39x | 3.52x | 3.13x | 4.65x | 2.02x | 2.64x | 1.88x | 1.41x | 1.01x | 0.85x | 0.89x | 1.45x | 3.86x | 1.46x | 0.95x | 0.82x | 1.07x | 13.36x | - | - | - | - | - | - |
| Interest Coverage | 0.18x | 1.32x | 0.39x | 1.67x | 12.23x | 20.84x | 8.99x | 8.59x | 7.95x | 8.92x | 6.60x | 17.20x | 12.24x | 18.25x | 24.10x | 14.88x | 19.09x | 7.99x | 9.04x | 2.55x | 0.01x | 0.02x | 0.02x | 0.01x | - | - | - | - | - | - | - |
| Total Equity | 479.42M | 569.92M | 471.15M | 498.95M | 476.93M | 406.9M | 303.16M | 260.91M | 230.94M | 233.41M | 229.22M | 229.53M | 213.41M | 202.67M | 184.87M | 187.01M | 176.19M | 157.08M | 137.22M | 123.73M | 119.25M | 103.27M | 84.58M | 65.96M | 52.81M | 64.43M | 63.88M | 54.8M | 37.7M | 35.7M | 30.2M |
| Equity Growth % | 26.98% | 20.96% | -5.57% | 4.62% | 17.21% | 34.22% | 16.19% | 12.98% | -1.06% | 1.83% | -0.14% | 7.56% | 5.3% | 9.63% | -1.14% | 6.14% | 12.17% | 14.47% | 10.91% | 3.75% | 15.48% | 22.1% | 28.22% | 24.89% | -18.03% | 0.86% | 16.58% | 45.36% | 5.6% | 18.21% | 68.72% |
| Book Value per Share | 57.78 | 74.19 | 73.75 | 75.98 | 69.90 | 58.45 | 43.65 | 36.89 | 31.03 | 28.78 | 26.45 | 25.37 | 22.72 | 21.18 | 18.20 | 16.87 | 14.91 | 13.30 | 11.52 | 10.35 | 9.92 | 8.56 | 7.01 | 5.62 | 5.18 | 5.36 | 4.30 | 3.63 | 2.51 | 3.54 | 3.17 |
| Total Shareholders' Equity | 479.42M | 569.82M | 471.05M | 498.85M | 476.83M | 406.8M | 303.06M | 260.81M | 230.84M | 233.31M | 229.12M | 229.43M | 213.31M | 202.57M | 184.77M | 186.91M | 176.09M | 156.98M | 137.22M | 123.73M | 119.25M | 103.27M | 84.58M | 65.96M | 52.81M | 58.93M | 58.87M | 53.1M | 35.1M | 35.7M | 30.2M |
| Common Stock | 157K | 156K | 137K | 137K | 136K | 136K | 135K | 134K | 131K | 129K | 127K | 127K | 125K | 124K | 124K | 123K | 123K | 122K | 121K | 120K | 119K | 119K | 116.37K | 72.08K | 69.44K | 69.8K | 82.48K | 100K | 100K | 0 | 0 |
| Retained Earnings | 567.32M | 672.26M | 654.37M | 685.8M | 665.41M | 564.98M | 460.88M | 409.57M | 361.99M | 325.52M | 305.35M | 293.8M | 264.35M | 243.26M | 211.13M | 178.19M | 150.01M | 123.21M | 105.31M | 90.27M | 86.04M | 69.34M | 51.36M | 35.56M | 21.48M | 35.79M | 29.82M | 15M | -2.5M | -2.9M | -11.7M |
| Treasury Stock | -298.52M | -298.22M | -297.79M | -297.42M | -292.23M | -257.53M | -246.91M | -230.9M | -204.32M | -162.02M | -141.53M | -127.32M | -107.3M | -94.55M | -77.24M | -37.88M | -17.53M | -6.67M | -5.49M | -1.95M | -1.5M | -186K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | -297.42M | -292.23M | -257.53M | -246.91M | -230.9M | -204.32M | -162.02M | -141.53M | -127.32M | -107.3M | -94.55M | -77.24M | 0 | 0 | 0 | 0 | 0 | 1.5M | 186K | 0 | 0 | 0 | 0 | 0 | 0 | 1.9M | 0 | 0 |
| Minority Interest | 100K | 100K | 100K | 100K | 100K | 100K | 100K | 100K | 100K | 100K | 100K | 100K | 100K | 100K | 100K | 100K | 100K | 100K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.5M | 5.02M | 1.7M | 2.6M | 0 | 0 |
Subprime credit portfolio deterioration
As reported in recent financial filings, CRMT's equity base has contracted from $569.8 million in 2024Q4 to $479.4 million in 2025Q3, reflecting a deteriorating balance sheet trajectory driven by persistent net losses and the resulting depletion of retained earnings within the company's capital structure.
The consistent decline in equity suggests that the company is struggling to absorb credit losses without impairing its net worth. Investors should monitor whether this downward trend in retained earnings continues, as it may eventually limit the company's capacity to fund future loan originations.
Based on the latest quarterly data, CRMT's debt-to-equity ratio has climbed to 1.99 in 2025Q3, up from 1.48 in 2024Q4, indicating that the firm is increasingly relying on external financing to sustain its subprime loan portfolio in a period of significant operational stress.
This increase in leverage appears to be a necessity-driven response to maintain liquidity rather than a strategic capital allocation choice. The reliance on debt to fund a portfolio with rising charge-off risks warrants further investigation into the company's long-term solvency and refinancing flexibility.
According to reported financial statements, CRMT's current ratio has fluctuated significantly, dropping from a peak of 6.30 in 2024Q3 to 1.37 in 2025Q3, which suggests a tightening liquidity position as the company consumes cash to manage its underlying credit risk and operational requirements.
The sharp contraction in the current ratio may indicate that the company's liquid assets are failing to keep pace with its short-term obligations. This volatility appears to reflect the capital-intensive nature of the BHPH model and suggests a reduced buffer against potential future shocks.
As indicated by the provided balance sheet figures, the company's reliance on loan receivables and repossessed inventory creates a non-obvious risk, as the carrying value of these assets may not fully account for the potential severity of losses in a cooling used-vehicle market.
The valuation of these assets is highly sensitive to management's internal estimates regarding future default rates and recovery values. If these assumptions prove overly optimistic, the balance sheet may be susceptible to significant impairment charges that are not currently reflected in the headline equity figures.
Quick answers to the most common questions about buying CRMT stock.
As of 2024, America's Car-Mart, Inc. (CRMT) had total assets of $1.61B including $1.42B in current assets.
America's Car-Mart, Inc. (CRMT) carries total debt of $845.1M, offset by $9.8M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
America's Car-Mart, Inc. (CRMT) has total shareholders' equity (book value) of $569.8M ($74.19 book value per share). Book value represents the net worth of the company belonging to common stock holders.
America's Car-Mart, Inc. (CRMT) reported a current ratio of 3.83x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.