CarMax, Inc. (KMX) Financial Ratios
30 years of historical data (1997–2026) · Consumer Cyclical · Auto - Dealerships
EV/EBITDA
↑
N/A
—
5yr avg: 349.82
30Y Low5.3·High68.2
P/FCF
↓
6.12
↓-82% vs avg
5yr avg: 33.56
30Y Low5.1·High191.9
P/B Ratio
↓
1.35
↓-37% vs avg
5yr avg: 2.13
30Y Low0.1·High5.7
ROE
↓
4.1%
↑-62% vs avg
5yr avg: 10.7%
30Y Low-9%·High25%
Debt/EBITDA
↑
N/A
—
5yr avg: 212.65
30Y Low0.4·High30.1
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
KMX Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
CarMax, Inc. trades at 31.9x earnings, 37% above its 5-year average of 23.2x, sitting at the 89th percentile of its historical range. Compared to the Consumer Cyclical sector median P/E of 21.2x, the stock trades at a premium of 51%. On a free-cash-flow basis, the stock trades at 6.1x P/FCF, 82% below the 5-year average of 33.6x.
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $7.6B | $6.4B | $12.9B | $12.5B | $11.0B | $18.1B | $19.7B | $14.6B | $10.9B | $11.4B | $12.4B |
| Enterprise Value | $25.3B | $24.0B | $32.1B | $31.3B | $29.6B | $37.2B | $35.1B | $30.4B | $25.1B | $24.5B | $24.5B |
| P/E Ratio → | 31.94 | 25.70 | 25.85 | 26.16 | 22.79 | 15.69 | 26.44 | 16.38 | 12.96 | 17.20 | 19.80 |
| P/S Ratio | 0.29 | 0.25 | 0.49 | 0.47 | 0.37 | 0.57 | 1.04 | 0.72 | 0.60 | 0.67 | 0.78 |
| P/B Ratio | 1.35 | 1.08 | 2.07 | 2.06 | 1.97 | 3.45 | 4.52 | 3.86 | 3.25 | 3.44 | 3.99 |
| P/FCF | 6.12 | 5.13 | 82.74 | — | 12.82 | — | 39.22 | — | — | — | — |
| P/OCF | 4.27 | 3.57 | 20.74 | 27.34 | 8.60 | — | 29.55 | — | 67.02 | — | — |
P/E links to full P/E history page with 30-year chart
KMX EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.93 | 1.22 | 1.18 | 1.00 | 1.17 | 1.85 | 1.49 | 1.38 | 1.43 | 1.55 |
| EV / EBITDA | — | — | 432.51 | 571.79 | — | 45.14 | 68.21 | 39.46 | 33.87 | 27.47 | 28.41 |
| EV / EBIT | — | 19.03 | 20.86 | 22.26 | 27.77 | 20.51 | 25.73 | 18.95 | 16.97 | 21.59 | 23.09 |
| EV / FCF | — | 19.34 | 205.29 | — | 34.45 | — | 69.81 | — | — | — | — |
KMX Profitability
Margins and return-on-capital ratios measuring operating efficiency
CarMax, Inc. earns an operating margin of -1.6%, below the Consumer Cyclical sector average of 2.0%. ROE of 4.1% is modest, trailing the sector median of 5.3%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 10.8% | 10.8% | 11.0% | 10.2% | 9.4% | 10.3% | 12.6% | 13.4% | 13.6% | 13.6% | 13.8% |
| Operating Margin | -1.6% | -1.6% | -0.8% | -0.8% | -1.0% | 1.7% | 1.4% | 2.7% | 3.1% | 4.2% | 4.4% |
| Net Profit Margin | 1.0% | 1.0% | 1.9% | 1.8% | 1.6% | 3.6% | 3.9% | 4.4% | 4.6% | 3.9% | 3.9% |
Return on Capital
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 4.1% | 4.1% | 8.1% | 8.2% | 8.9% | 24.0% | 18.4% | 24.9% | 25.2% | 20.7% | 20.9% |
| ROA | 0.9% | 0.9% | 1.8% | 1.8% | 1.8% | 4.8% | 3.5% | 4.5% | 4.7% | 3.9% | 4.1% |
| ROIC | -1.3% | -1.3% | -0.7% | -0.6% | -1.0% | 1.9% | 1.0% | 2.2% | 2.5% | 3.4% | 3.6% |
| ROCE | -1.7% | -1.7% | -0.9% | -0.8% | -1.3% | 2.5% | 1.4% | 3.0% | 3.3% | 4.5% | 4.9% |
KMX Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Net debt stands at $17.7B ($17.8B total debt minus $123M cash). Interest coverage of just 1.4x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 3.02 | 3.02 | 3.11 | 3.18 | 3.37 | 3.68 | 3.56 | 4.21 | 4.23 | 3.96 | 3.91 |
| Debt / EBITDA | — | — | 261.52 | 353.06 | — | 23.37 | 30.15 | 20.60 | 19.18 | 14.71 | 14.09 |
| Net Debt / Equity | — | 3.00 | 3.07 | 3.08 | 3.32 | 3.66 | 3.53 | 4.19 | 4.22 | 3.94 | 3.90 |
| Net Debt / EBITDA | — | — | 258.20 | 342.56 | — | 23.25 | 29.89 | 20.53 | 19.12 | 14.66 | 14.05 |
| Debt / FCF | — | 14.21 | 122.55 | — | 21.63 | — | 30.59 | — | — | — | — |
| Interest Coverage | 1.44 | 1.44 | 1.77 | 1.84 | 2.48 | 5.62 | 15.85 | 19.30 | 19.50 | 16.03 | 18.84 |
KMX Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
CarMax, Inc.'s current ratio of 2.20x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The quick ratio of 0.49x is notably lower than the current ratio, indicating a significant portion of current assets is tied up in inventory. The current ratio has declined from 2.26x to 2.20x over the past 3 years.
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.20 | 2.20 | 2.31 | 2.26 | 2.60 | 3.20 | 2.42 | 2.39 | 2.45 | 2.61 | 2.60 |
| Quick Ratio | 0.49 | 0.49 | 0.52 | 0.67 | 0.68 | 0.70 | 0.56 | 0.53 | 0.53 | 0.57 | 0.55 |
| Cash Ratio | 0.05 | 0.05 | 0.11 | 0.25 | 0.16 | 0.05 | 0.08 | 0.04 | 0.04 | 0.04 | 0.03 |
| Asset Turnover | — | 0.98 | 0.96 | 0.98 | 1.13 | 1.21 | 0.88 | 0.96 | 0.97 | 0.98 | 0.98 |
| Inventory Turnover | 5.58 | 5.58 | 5.96 | 6.48 | 7.22 | 5.58 | 5.25 | 6.18 | 6.23 | 6.19 | 6.06 |
| Days Sales Outstanding | — | 2.88 | 2.61 | 3.04 | 3.67 | 6.42 | 4.60 | 3.43 | 2.81 | 2.84 | 3.50 |
KMX Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
CarMax, Inc. returns 8.4% to shareholders annually primarily through share buybacks. The earnings yield of 3.1% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.1% | 3.9% | 3.9% | 3.8% | 4.4% | 6.4% | 3.8% | 6.1% | 7.7% | 5.8% | 5.1% |
| FCF Yield | 16.3% | 19.5% | 1.2% | — | 7.8% | — | 2.5% | — | — | — | — |
| Buyback Yield | 8.4% | 10.1% | 3.3% | 0.8% | 3.0% | 3.2% | 1.2% | 3.9% | 8.3% | 5.1% | 4.5% |
| Total Shareholder Yield | 8.4% | 10.1% | 3.3% | 0.8% | 3.0% | 3.2% | 1.2% | 3.9% | 8.3% | 5.1% | 4.5% |
| Shares Outstanding | — | $148M | $156M | $159M | $160M | $165M | $165M | $167M | $176M | $184M | $192M |
Peer Comparison
Compare KMX with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 KMXYou | $8B | 31.9 | — | 6.1 | 10.8% | -1.6% | 4.1% | -1.3% | — |
 AN | $6B | 11.1 | 10.5 | — | 17.0% | 4.8% | 27.1% | 8.5% | 6.4 |
 PAG | $12B | 12.4 | 14.0 | 15.6 | 16.4% | 4.0% | 17.3% | 6.9% | 6.1 |
 LAD | $7B | 9.1 | 11.4 | 35.0 | 15.2% | 3.8% | 12.3% | 5.2% | 8.0 |
 SAH | $3B | 23.6 | 9.9 | 6.6 | 14.6% | 3.6% | 11.1% | 7.8% | 6.0 |
 ABG | $4B | 7.8 | 9.3 | 6.6 | 16.6% | 5.6% | 13.3% | 8.0% | 5.8 |
 GPI | $4B | 12.5 | 8.9 | 8.8 | 15.5% | 4.2% | 11.2% | 8.5% | 5.5 |
 CVNA | $72B | 39.4 | 32.7 | 81.1 | 20.6% | 9.3% | 50.4% | 34.3% | 0.3 |
 VRM | $53M | -6.6 | 179.2 | 0.8 | 81.2% | 0.2% | -18.6% | 0.0% | 169.9 |
 ACVA | $1B | -16.6 | — | 16.4 | 62.1% | -8.1% | -15.2% | -13.5% | — |
 KAR | $3B | 16.7 | 14.6 | 8.7 | 46.2% | 10.2% | 12.3% | 6.9% | 4.9 |
| Consumer Cyclical Median | — | 21.2 | 12.2 | 15.6 | 36.2% | 2.0% | 5.3% | 5.2% | 4.8 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 30 years · Updated daily
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KMX — Frequently Asked Questions
Quick answers to the most common questions about buying KMX stock.
What is CarMax, Inc.'s P/E ratio?
CarMax, Inc.'s current P/E ratio is 31.9x. The historical average is 27.9x. This places it at the 89th percentile of its historical range.
What is CarMax, Inc.'s ROE?
CarMax, Inc.'s return on equity (ROE) is 4.1%. The historical average is 13.4%.
Is KMX stock overvalued?
Based on historical data, CarMax, Inc. is trading at a P/E of 31.9x. This is at the 89th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What are CarMax, Inc.'s profit margins?
CarMax, Inc. has 10.8% gross margin and -1.6% operating margin.