Operating margins have collapsed into negative territory, reaching -5.2% in 2025Q3, as the company contends with a 12.0% year-over-year revenue decline.
| 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 |
|---|
| Sales/Revenue | 1.1B | 1.39B | 1.39B | 1.41B | 1.21B | 918.61M | 744.61M | 669.12M | 612.2M | 587.75M | 567.91M | 530.32M | 489.19M | 464.68M | 386.86M | 341.86M | 338.93M | 298.97M | 274.63M | 240.44M | 234.21M | 204.79M | 176.18M | 154.88M | 118.64M | 282.54M | 195.32M | 92.4M | 15.4M | 100K | 100K |
| Revenue Growth % | -20.33% | -0.21% | -0.83% | 15.93% | 31.98% | 23.37% | 11.28% | 9.3% | 4.16% | 3.49% | 7.09% | 8.41% | 5.27% | 20.12% | 13.16% | 0.86% | 13.37% | 8.86% | 14.22% | 2.66% | 14.37% | 16.24% | 13.75% | 30.55% | -58.01% | 44.65% | 111.39% | 500% | 15300% | 0% | 0% |
| Cost of Goods Sold | 698M | 726.05M | 765.42M | 805.87M | 663.63M | 479.15M | 388.48M | 343.9M | 315.27M | 304.93M | 304.89M | 272.45M | 251.32M | 239.09M | 223.39M | 195.99M | 173.11M | 155.67M | 144.54M | 125.07M | 119.43M | 101.77M | 85.51M | 77.07M | 62.97M | 169.23M | 117.24M | 58.3M | 9.5M | 0 | 1.1M |
| COGS % of Revenue | - | 52.2% | 54.91% | 57.34% | 54.74% | 52.16% | 52.17% | 51.4% | 51.5% | 51.88% | 53.69% | 51.37% | 51.37% | 51.45% | 57.75% | 57.33% | 51.07% | 52.07% | 52.63% | 52.02% | 50.99% | 49.7% | 48.53% | 49.76% | 53.07% | 59.9% | 60.02% | 63.1% | 61.69% | - | 1100% |
| Gross Profit | 405.75M | 664.88M | 628.48M | 599.63M | 548.73M | 439.46M | 356.14M | 325.22M | 296.93M | 282.82M | 263.02M | 257.88M | 237.87M | 225.58M | 163.47M | 145.87M | 165.82M | 143.3M | 130.09M | 115.36M | 114.77M | 103.02M | 90.67M | 77.81M | 55.68M | 113.31M | 78.09M | 34.1M | 5.9M | 100K | -1M |
| Gross Margin % | 36.76% | 47.8% | 45.09% | 42.66% | 45.26% | 47.84% | 47.83% | 48.6% | 48.5% | 48.12% | 46.31% | 48.63% | 48.63% | 48.55% | 42.25% | 42.67% | 48.93% | 47.93% | 47.37% | 47.98% | 49.01% | 50.3% | 51.47% | 50.24% | 46.93% | 40.1% | 39.98% | 36.9% | 38.31% | 100% | -1000% |
| Gross Profit Growth % | - | 5.79% | 4.81% | 9.27% | 24.87% | 23.4% | 9.5% | 9.53% | 4.99% | 7.53% | 2% | 8.41% | 5.45% | 38% | 12.06% | -12.03% | 15.72% | 10.15% | 12.77% | 0.51% | 11.41% | 13.62% | 16.53% | 39.76% | -50.86% | 45.11% | 128.99% | 477.97% | 5800% | 110% | 88.51% |
| Operating Expenses | 632.85M | 571.13M | 602.83M | 535.16M | 417.26M | 298.24M | 283.85M | 257.58M | 252.33M | 245.31M | 240.85M | 207.92M | 201.12M | 171.93M | 151.63M | 135.03M | 121.55M | 111.33M | 103.46M | 105.85M | 85.79M | 73.31M | 64.76M | 54.61M | 53.07M | 139.44M | 92.27M | 46.2M | 10.8M | 3.7M | 3.5M |
| OpEx % of Revenue | - | 41.06% | 43.25% | 38.08% | 34.42% | 32.47% | 38.12% | 38.5% | 41.22% | 41.74% | 42.41% | 39.21% | 41.11% | 37% | 39.2% | 39.5% | 35.86% | 37.24% | 37.67% | 44.02% | 36.63% | 35.8% | 36.76% | 35.26% | 44.73% | 49.35% | 47.24% | 50% | 70.13% | 3700% | 3500% |
| Selling, General & Admin | 208.26M | 188.92M | 179.42M | 176.7M | 156.13M | 130.85M | 117.76M | 107.25M | 99.02M | 91.94M | 92.24M | 83.8M | 78.59M | 73.07M | 67.66M | 62.14M | 57.21M | 51.13M | 102.31M | 104.86M | 85.07M | 72.88M | 64.44M | 54.31M | 52.79M | 135.38M | 90.14M | 45M | 10.3M | 3.5M | 3M |
| SG&A % of Revenue | - | 13.58% | 12.87% | 12.57% | 12.88% | 14.24% | 15.82% | 16.03% | 16.17% | 15.64% | 16.24% | 15.8% | 16.07% | 15.72% | 17.49% | 18.18% | 16.88% | 17.1% | 37.25% | 43.61% | 36.32% | 35.59% | 36.57% | 35.07% | 44.5% | 47.91% | 46.15% | 48.7% | 66.88% | 3500% | 3000% |
| Research & Development | 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 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 382.21M | 430.28M | 358.46M | 261.13M | 167.38M | 166.09M | 150.33M | 153.31M | 153.37M | 148.6M | 124.12M | 122.53M | 98.86M | 83.97M | 73.4M | 64.35M | 60.2M | 1.15M | 994K | 723.27K | 425.62K | 321.05K | 299.2K | 283.64K | 4.07M | 2.13M | 1.2M | 500K | 200K | 500K |
| Operating Income | 17.63M | 93.75M | 25.65M | 64.47M | 131.47M | 141.22M | 72.29M | 59.76M | 39M | 33.45M | 18.87M | 47.05M | 33.75M | 50.71M | 52.87M | 45.1M | 44.27M | 31.96M | 26.64M | 9.51M | 28.98M | 29.71M | 25.91M | 23.2M | 2.6M | -26.13M | -14.18M | -12.1M | -4.9M | -3.6M | -4.5M |
| Operating Margin % | 1.6% | 6.74% | 1.84% | 4.59% | 10.84% | 15.37% | 9.71% | 8.93% | 6.37% | 5.69% | 3.32% | 8.87% | 6.9% | 10.91% | 13.67% | 13.19% | 13.06% | 10.69% | 9.7% | 3.96% | 12.37% | 14.51% | 14.71% | 14.98% | 2.19% | -9.25% | -7.26% | -13.1% | -31.82% | -3600% | -4500% |
| Operating Income Growth % | - | 265.5% | -60.21% | -50.96% | -6.9% | 95.36% | 20.97% | 53.24% | 16.6% | 77.27% | -59.9% | 39.42% | -33.45% | -4.08% | 17.23% | 1.87% | 38.51% | 19.99% | 179.98% | -67.17% | -2.46% | 14.65% | 11.71% | 791.51% | 109.96% | -84.22% | -17.23% | -146.94% | -36.11% | 20% | 68.53% |
| EBITDA | 25.85M | 101.4M | 32.52M | 70.07M | 135.5M | 144.94M | 76.13M | 63.73M | 43.25M | 37.72M | 23.07M | 50.88M | 37.03M | 53.54M | 55.2M | 47.03M | 45.97M | 33.36M | 27.79M | 10.51M | 29.69M | 30.14M | 26.24M | 23.5M | 2.89M | -22.07M | -12.05M | -10.9M | -4.4M | -3.4M | -4M |
| EBITDA Margin % | 2.34% | 7.29% | 2.33% | 4.99% | 11.18% | 15.78% | 10.22% | 9.52% | 7.06% | 6.42% | 4.06% | 9.59% | 7.57% | 11.52% | 14.27% | 13.76% | 13.56% | 11.16% | 10.12% | 4.37% | 12.68% | 14.72% | 14.89% | 15.17% | 2.43% | -7.81% | -6.17% | -11.8% | -28.57% | -3400% | -4000% |
| EBITDA Growth % | -71.15% | 211.79% | -53.59% | -48.29% | -6.51% | 90.39% | 19.46% | 47.36% | 14.66% | 63.46% | -54.65% | 37.39% | -30.83% | -3.01% | 17.37% | 2.31% | 37.79% | 20.06% | 164.42% | -64.6% | -1.49% | 14.87% | 11.65% | 714.25% | 113.08% | -83.09% | -10.57% | -147.73% | -29.41% | 15% | 62.62% |
| D&A (Non-Cash Add-back) | 8.23M | 7.65M | 6.87M | 5.6M | 4.03M | 3.72M | 3.84M | 3.97M | 4.25M | 4.27M | 4.21M | 3.83M | 3.29M | 2.83M | 2.33M | 1.93M | 1.69M | 1.4M | 1.15M | 994K | 708.66K | 425.62K | 321.05K | 299.2K | 283.64K | 4.07M | 2.13M | 1.2M | 500K | 200K | 500K |
| EBIT | 12.87M | 93.45M | 25.21M | 64.11M | 133.55M | 142.15M | 72.4M | 67.73M | 44.51M | 36.31M | 21.8M | 49.94M | 36.67M | 53.59M | 55.06M | 47.67M | 44.27M | 32M | 26.64M | 9.51M | 28.98M | 29.71M | 25.91M | 23.2M | 11.88M | 16.91M | -14.18M | -16.1M | -5.4M | -2.9M | -3M |
| Net Interest Income | -71.88M | -70.65M | -65.35M | -38.31M | -10.92M | -6.82M | -8.05M | -7.88M | -5.6M | -4.07M | -3.31M | -2.9M | -3M | -2.94M | -2.29M | -2.63M | 27.86M | 21.62M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 37.46M | 30.17M | 25.63M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 71.88M | 70.65M | 65.35M | 38.31M | 10.92M | 6.82M | 8.05M | 7.88M | 5.6M | 4.07M | 3.31M | 2.9M | 3M | 2.94M | 2.29M | 3.2M | 2.32M | 4.01M | 2.95M | 3.73M | 2.46B | 1.23B | 1.11B | 1.69B | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -76.75M | -70.95M | -65.78M | -38.67M | -9.36M | -6.78M | -7.94M | -7.79M | -5.69M | -5.27M | -3.67M | -2.92M | -3.07M | -3M | -2.38M | -3.19M | -2.32M | -4.01M | -3.47M | -3.83M | -2.46M | -1.23M | -1.11M | -1.69M | -9.68M | 38.71M | 39.13M | 42.6M | 5.7M | 9.9M | 18.8M |
| Pretax Income | -57.47M | 22.8M | -40.13M | 25.79M | 122.11M | 134.44M | 64.35M | 59.85M | 38.91M | 32.24M | 18.5M | 47.03M | 33.67M | 50.66M | 52.78M | 45.05M | 41.95M | 27.96M | 23.16M | 5.68M | 26.52M | 28.48M | 24.8M | 21.51M | 2.2M | 10.72M | 24.94M | 26.5M | 200K | 7M | 15.8M |
| Pretax Margin % | -5.21% | 1.64% | -2.88% | 1.84% | 10.07% | 14.64% | 8.64% | 8.94% | 6.36% | 5.49% | 3.26% | 8.87% | 6.88% | 10.9% | 13.64% | 13.18% | 12.38% | 9.35% | 8.43% | 2.36% | 11.32% | 13.91% | 14.08% | 13.89% | 1.86% | 3.79% | 12.77% | 28.68% | 1.3% | 7000% | 15800% |
| Income Tax | 35.15M | 4.87M | -8.74M | 5.36M | 27.09M | 30.3M | 13.01M | 12.23M | 2.4M | 12.04M | 6.9M | 17.54M | 12.54M | 18.49M | 19.79M | 16.83M | 15.11M | 10.05M | 8.13M | 1.45M | 9.82M | 10.51M | 9.16M | 7.94M | 2.79M | 4.76M | 10.11M | 9M | -100K | -1.9M | 3.5M |
| Effective Tax Rate % | -61.16% | 21.35% | 21.78% | 20.79% | 22.19% | 22.54% | 20.21% | 20.43% | 6.16% | 37.33% | 37.31% | 37.3% | 37.25% | 36.5% | 37.5% | 37.36% | 36.02% | 35.95% | 35.1% | 25.55% | 37.01% | 36.89% | 36.94% | 36.93% | 126.66% | 44.38% | 40.52% | 33.96% | -50% | -27.14% | 22.15% |
| Net Income | -94.31M | 17.89M | -31.39M | 20.43M | 95.01M | 104.82M | 51.34M | 47.63M | 36.51M | 20.2M | 11.6M | 29.49M | 21.13M | 32.16M | 32.99M | 28.21M | 26.84M | 17.91M | 15.03M | 4.23M | 16.7M | 17.98M | 15.8M | 14.07M | -14.31M | 5.96M | 14.84M | 17.5M | 300K | 8.9M | 12.3M |
| Net Margin % | -8.54% | 1.29% | -2.25% | 1.45% | 7.84% | 11.41% | 6.9% | 7.12% | 5.96% | 3.44% | 2.04% | 5.56% | 4.32% | 6.92% | 8.53% | 8.25% | 7.92% | 5.99% | 5.47% | 1.76% | 7.13% | 8.78% | 8.97% | 9.09% | -12.06% | 2.11% | 7.6% | 18.94% | 1.95% | 8900% | 12300% |
| Net Income Growth % | -1499.41% | 156.99% | -253.65% | -78.5% | -9.36% | 104.16% | 7.81% | 30.45% | 80.69% | 74.24% | -60.68% | 39.57% | -34.31% | -2.49% | 16.91% | 5.13% | 49.89% | 19.11% | 255.22% | -74.67% | -7.07% | 13.74% | 12.29% | 198.39% | -339.9% | -59.81% | -15.22% | 5733.33% | -96.63% | -27.64% | 160.59% |
| Net Income (Continuing) | -94.28M | 17.93M | -31.39M | 20.43M | 95.01M | 104.14M | 51.34M | 47.63M | 36.51M | 20.2M | 11.6M | 29.49M | 21.13M | 32.16M | 32.99M | 28.21M | 26.84M | 17.95M | 15.03M | 4.23M | 16.7M | 17.98M | 15.64M | 13.57M | -1.14M | 7.36M | 14.84M | 17.5M | 400K | 8.9M | 12.3M |
| Discontinued Operations | 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 |
| 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 |
| EPS (Diluted) | -11.37 | 2.33 | -4.91 | 3.11 | 13.92 | 14.95 | 7.39 | 6.73 | 4.91 | 2.49 | 1.33 | 3.25 | 2.25 | 3.36 | 3.24 | 2.54 | 2.27 | 1.52 | 1.26 | 0.35 | 1.39 | 1.49 | 1.31 | 1.20 | -1.40 | 0.49 | 0.92 | 1.17 | 0.03 | 0.88 | 1.29 |
| EPS Growth % | -1375.6% | 147.45% | -257.88% | -77.66% | -6.89% | 102.3% | 9.81% | 37.07% | 97.19% | 87.22% | -59.08% | 44.44% | -33.04% | 3.7% | 27.56% | 11.89% | 49.34% | 20.63% | 260% | -74.82% | -6.71% | 13.74% | 9.17% | 185.71% | -385.71% | -46.74% | -21.37% | 4282.02% | -96.97% | -31.78% | 160.56% |
| EPS (Basic) | - | 2.38 | -4.91 | 3.20 | 14.60 | 15.70 | 7.74 | 6.99 | 5.05 | 2.57 | 1.38 | 3.42 | 2.36 | 3.53 | 3.36 | 2.59 | 2.29 | 1.52 | 1.27 | 0.36 | 1.41 | 1.54 | 1.46 | 1.34 | -1.40 | 0.51 | 1.20 | 1.55 | 0.03 | 0.88 | 1.29 |
| Diluted Shares Outstanding | 8.3M | 7.68M | 6.39M | 6.57M | 6.82M | 6.96M | 6.95M | 7.07M | 7.44M | 8.11M | 8.67M | 9.05M | 9.39M | 9.57M | 10.16M | 11.09M | 11.82M | 11.81M | 11.91M | 11.95M | 12.02M | 12.06M | 12.06M | 11.74M | 10.19M | 12.02M | 14.87M | 15.1M | 14.99M | 10.09M | 9.53M |
| Basic Shares Outstanding | 8.3M | 7.53M | 6.39M | 6.37M | 6.51M | 6.63M | 6.63M | 6.81M | 7.23M | 7.85M | 8.37M | 8.62M | 8.93M | 9.11M | 9.79M | 10.86M | 11.68M | 11.75M | 11.83M | 11.85M | 11.85M | 11.71M | 11.22M | 10.52M | 10.19M | 11.55M | 14.26M | 15.1M | 14.99M | 10.09M | 9.53M |
| Dividend Payout Ratio | - | 0.22% | - | 0.2% | 0.04% | 0.04% | 0.08% | 0.08% | 0.11% | 0.2% | 0.34% | 0.14% | 0.19% | 0.12% | 0.12% | 0.14% | - | 0.22% | - | - | - | - | - | - | - | - | - | - | - | - | - |
Subprime credit portfolio deterioration
As reported in recent financial filings, CRMT's revenue growth has shifted into a pronounced decline, with the company posting a 12.0% year-over-year revenue contraction in 2025Q3, signaling that the firm's localized subprime retail model is struggling to maintain volume amidst a challenging macroeconomic environment.
The consistent deceleration in revenue suggests that the company's pricing power is being severely tested by the affordability constraints of its core demographic. Investors should monitor whether this contraction reflects a strategic pullback in loan originations to mitigate risk or a genuine loss of market share to more aggressive competitors.
Based on the latest income statement data, CRMT's operating margins have collapsed into negative territory, reaching -5.2% in 2025Q3, which highlights the difficulty of maintaining historical gross margin levels while absorbing rising credit loss provisions and elevated operational costs within the dealership network.
The volatility in gross margins, which dipped significantly in late 2024, suggests that the company is struggling to balance inventory acquisition costs with the need to remain competitive in the subprime space. This margin compression appears to be a structural issue rather than a temporary anomaly, warranting further investigation into the sustainability of their current pricing model.
According to recent SEC filings, CRMT's net income has deteriorated significantly, culminating in a net loss of $76.7 million in 2025Q3, a trend that raises serious questions regarding the quality of earnings and the adequacy of the company's current provisioning for future credit losses.
The shift from marginal profitability to substantial net losses suggests that the company's reliance on interest income is being undermined by a rising tide of defaults. Analysts should be wary of the potential for further non-operating charges or adjustments that could continue to weigh on the bottom line in upcoming quarters.
Based on the provided financial figures, the most significant risk to the investment thesis is the potential for a 'loss-severity' shock, as the company's shift toward longer loan durations and higher amounts financed leaves it increasingly exposed to collateral value depreciation in a cooling used-car market.
Short-sellers would likely focus on the disconnect between the company's historical valuation and the current reality of its deteriorating loan portfolio. The combination of negative operating margins and a reliance on high-risk subprime lending suggests that the company's business model may be fundamentally misaligned with current economic conditions.
Quick answers to the most common questions about buying CRMT stock.
For fiscal year 2024, America's Car-Mart, Inc. (CRMT) reported total revenue of $1.39B. This represents a 1390832.0% increase compared to $0.1M in 1995.
America's Car-Mart, Inc. (CRMT) is profitable, generating $17.9M in net income for the fiscal year ending 2024 with a net profit margin of 1.3%.
America's Car-Mart, Inc. (CRMT) reported an operating income of $93.8M, resulting in an operating profit margin of 6.7%. This margin reflects the operational efficiency of the business before interest and taxes.
America's Car-Mart, Inc. (CRMT) generated $664.9M in gross profit for the year, representing a gross profit margin of 47.8%. This demonstrates the company's core pricing power and production efficiency.