CarMax, Inc. (KMX) Key Metrics
KMX valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $7.57B
- Enterprise value
- $26.66B
- P/E (TTM)
- 25.3 10-yr median 21.3
- Forward P/E
- 21.6
- PEG ratio
- 0.61
- Price / sales
- 0.3 10-yr median 0.6
- Price / book
- 1.3 10-yr median 3.3
- EV / EBITDA
- 16.8 10-yr median 18.2
- Dividend yield
- —
- Beta
- 1.23
KMX key metrics, FY2017–FY2026
Fiscal year ended February 28, 2026 · U.S. dollarsKMX valuation Price multiples at each fiscal year-end price.
KMX returns How much profit the business earns on the capital it uses.
KMX per-share figures Results divided by the shares outstanding at year-end.
KMX financial health Debt, liquidity and how easily interest is covered.
KMX efficiency & capital use Working capital cycle and where the cash goes.
KMX valuation history
KMX returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
KMX debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
KMX cash returned to shareholders
KMX price vs earnings per share
KMX key metrics
FY2017–FY2026| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $6.37B | $12.95B | $12.54B | $11.03B | $18.06B | $19.74B | $14.57B | $10.92B | $11.42B | $12.41B |
| Enterprise value | $24.03B | $32.13B | $31.27B | $29.65B | $37.23B | $35.13B | $30.36B | $25.08B | $24.50B | $24.54B |
| P/E ratio | 25.8 | 25.9 | 26.2 | 22.8 | 15.7 | 26.4 | 16.4 | 13.0 | 17.2 | 19.8 |
| Price / sales | 0.2 | 0.5 | 0.5 | 0.4 | 0.6 | 1.0 | 0.7 | 0.6 | 0.7 | 0.8 |
| Price / book | 1.1 | 2.1 | 2.1 | 2.0 | 3.4 | 4.5 | 3.9 | 3.3 | 3.4 | 4.0 |
| Price / free cash flow | 5.1 | 82.7 | — | 12.8 | — | 39.2 | — | — | — | — |
| Price / operating cash flow | 3.6 | 20.7 | 27.3 | 8.6 | — | 29.6 | — | 67.0 | — | — |
| EV / sales | 0.9 | 1.2 | 1.2 | 1.0 | 1.2 | 1.9 | 1.5 | 1.4 | 1.4 | 1.5 |
| EV / EBITDA | 14.9 | 17.5 | 18.8 | 22.2 | 17.8 | 21.9 | 16.7 | 15.1 | 18.6 | 19.9 |
| EV / free cash flow | 19.3 | 205.3 | — | 34.4 | — | 69.8 | — | — | — | — |
| Earnings yield | 3.9% | 3.9% | 3.8% | 4.4% | 6.4% | 3.8% | 6.1% | 7.7% | 5.8% | 5.1% |
| Free cash flow yield | 19.5% | 1.2% | −0.1% | 7.8% | −15.8% | 2.5% | −3.9% | −1.3% | −3.3% | −7.1% |
| Dividend yield | — | — | — | — | — | 63.6% | 124.0% | 139.2% | 126.1% | 101.4% |
| Shareholder yield (dividends + buybacks) | 10.1% | 3.3% | 0.8% | 3.0% | 3.2% | 64.8% | 127.9% | 147.5% | 131.2% | 106.0% |
| Share price at fiscal year-end | $43.17 | $82.97 | $79.00 | $69.04 | $109.33 | $119.51 | $87.31 | $62.10 | $61.92 | $64.54 |
| Per share | ||||||||||
| Revenue per share | $175.33 | $168.87 | $167.20 | $185.80 | $193.13 | $114.76 | $121.81 | $103.32 | $92.81 | $82.59 |
| Earnings per share | $1.68 | $3.21 | $3.02 | $3.03 | $6.97 | $4.52 | $5.33 | $4.79 | $3.60 | $3.26 |
| Operating cash flow per share | $12.08 | $4.00 | $2.89 | $8.03 | −$15.43 | $4.04 | −$1.42 | $0.93 | −$0.44 | −$2.44 |
| Free cash flow per share | $8.42 | $1.00 | −$0.04 | $5.39 | −$17.30 | $3.05 | −$3.41 | −$0.81 | −$2.05 | −$4.61 |
| Cash per share | $0.83 | $1.58 | $3.62 | $1.97 | $0.62 | $0.80 | $0.35 | $0.27 | $0.24 | $0.20 |
| Book value per share | $39.89 | $40.00 | $38.27 | $35.13 | $31.70 | $26.43 | $22.59 | $19.09 | $17.98 | $16.17 |
| Tangible book value per share | $39.89 | $39.10 | $37.38 | $34.25 | $30.84 | $26.43 | $22.59 | $19.09 | $17.98 | $16.17 |
| Dividends per share | — | — | — | — | — | $76.06 | $108.28 | $86.47 | $78.07 | $65.47 |
| Capex per share | $3.66 | $3.00 | $2.93 | $2.65 | $1.87 | $1.00 | $1.99 | $1.73 | $1.61 | $2.18 |
| Debt per share | $120.47 | $124.48 | $121.67 | $118.49 | $116.69 | $94.03 | $95.01 | $80.76 | $71.11 | $63.31 |
| Shares outstanding | 147.6M | 156.1M | 158.7M | 159.8M | 165.2M | 165.1M | 166.8M | 175.9M | 184.5M | 192.2M |
| Change in shares outstanding | −5.4% | −1.7% | −0.7% | −3.3% | +0.0% | −1.0% | −5.2% | −4.7% | −4.0% | −6.5% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 4.1% | 8.1% | 8.2% | 8.9% | 24.0% | 18.4% | 24.9% | 25.2% | 20.7% | 20.9% |
| Return on invested capital (ROIC) | −1.1% | −0.7% | −0.6% | −1.0% | 1.9% | 1.1% | 2.3% | 2.5% | 2.8% | 3.0% |
| Return on assets (ROA) | 0.9% | 1.8% | 1.8% | 1.8% | 4.8% | 3.5% | 4.5% | 4.7% | 3.9% | 4.1% |
| Return on tangible assets | 0.9% | 1.8% | 1.8% | 1.9% | 4.4% | 3.5% | 4.2% | 4.5% | 3.8% | 3.9% |
| Free cash flow margin | 4.8% | 0.6% | −0.0% | 2.9% | −9.0% | 2.7% | −2.8% | −0.8% | −2.2% | −5.6% |
| Income quality (OCF / net income) | 7.21 | 1.25 | 0.96 | 2.65 | −2.21 | 0.89 | −0.27 | 0.19 | −0.12 | −0.75 |
| Financial health | ||||||||||
| Total debt | $17.78B | $19.43B | $19.31B | $18.93B | $19.27B | $15.53B | $15.85B | $14.20B | $13.12B | $12.17B |
| Cash & short-term investments | $122.8M | $247.0M | $574.1M | $314.8M | $102.7M | $132.3M | $58.2M | $46.9M | $44.5M | $38.4M |
| Net debt | $17.66B | $19.18B | $18.74B | $18.62B | $19.17B | $15.39B | $15.79B | $14.16B | $13.07B | $12.13B |
| Debt / equity | 3.02 | 3.11 | 3.18 | 3.37 | 3.68 | 3.56 | 4.21 | 4.23 | 3.96 | 3.91 |
| Debt / assets | 0.67 | 0.71 | 0.71 | 0.72 | 0.73 | 0.72 | 0.75 | 0.76 | 0.75 | 0.75 |
| Net debt / EBITDA | 10.98 | 10.45 | 11.25 | 13.97 | 9.18 | 9.58 | 8.69 | 8.53 | 9.95 | 9.85 |
| Current ratio | 2.20 | 2.31 | 2.26 | 2.60 | 3.20 | 2.42 | 2.39 | 2.45 | 2.61 | 2.60 |
| Quick ratio | 0.49 | 0.52 | 0.67 | 0.68 | 0.70 | 0.56 | 0.53 | 0.53 | 0.57 | 0.55 |
| Interest coverage | -0.5 | -0.3 | -0.3 | -0.7 | 1.7 | 3.2 | 6.7 | 7.4 | 10.1 | 12.3 |
| Working capital | $2.90B | $2.88B | $2.91B | $3.10B | $4.50B | $2.42B | $2.13B | $1.90B | $1.89B | $1.77B |
| Invested capital | $23.55B | $25.42B | $24.81B | $24.23B | $24.41B | $19.76B | $19.56B | $17.51B | $16.39B | $15.24B |
| Tangible asset value | $5.89B | $6.10B | $5.93B | $5.47B | $5.09B | $4.36B | $3.77B | $3.36B | $3.32B | $3.11B |
| Net current asset value | −$15.17B | −$16.08B | −$15.90B | −$15.53B | −$14.55B | −$13.06B | −$13.65B | −$12.15B | −$11.11B | −$10.30B |
| Graham number | $38.78 | $53.73 | $50.99 | $48.97 | $70.50 | $51.86 | $52.03 | $45.35 | $38.16 | $34.45 |
| Graham net-net per share | −$122.85 | −$120.50 | −$116.84 | −$113.71 | −$109.08 | −$92.57 | −$94.04 | −$79.31 | −$69.55 | −$61.85 |
| Capital allocation | ||||||||||
| Dividends paid | — | — | — | — | — | $12.56B | $18.06B | $15.21B | $14.40B | $12.58B |
| Share buybacks (net) | $642.8M | $428.5M | $94.1M | $333.9M | $576.5M | $229.9M | $567.7M | $904.7M | $579.6M | $564.3M |
| Dividends + buybacks / free cash flow | 51.7% | 273.8% | — | 38.8% | — | — | — | — | — | — |
| Capex / revenue | 2.1% | 1.8% | 1.8% | 1.4% | 1.0% | 0.9% | 1.6% | 1.7% | 1.7% | 2.6% |
| Capex / operating cash flow | 30.3% | 74.9% | 101.5% | 32.9% | — | 24.6% | — | 186.9% | — | — |
| Capex / depreciation | 1.56 | 1.59 | 1.79 | 1.59 | 1.13 | 0.68 | 1.54 | 1.67 | 1.65 | 2.48 |
| Stock-based compensation / revenue | 0.4% | 0.5% | 0.5% | 0.3% | 0.3% | 0.6% | 0.5% | 0.4% | 0.4% | 0.6% |
| R&D / revenue | — | — | 0.2% | 0.0% | 0.0% | — | — | — | — | — |
| SG&A / revenue | 9.8% | 9.5% | 8.9% | 8.6% | 7.4% | 9.2% | 8.8% | 9.7% | 9.4% | 9.4% |
| Efficiency | ||||||||||
| Days sales outstanding | 2.8 | 2.8 | 3.6 | 5.3 | 4.6 | 4.1 | 3.0 | 2.7 | 3.0 | 3.3 |
| Days of inventory on hand | 63.8 | 59.2 | 56.7 | 60.1 | 52.8 | 66.1 | 55.6 | 57.1 | 57.4 | 55.9 |
| Days payables outstanding | 16.6 | 14.9 | 13.5 | 12.0 | 11.1 | 16.9 | 13.8 | 13.1 | 12.6 | 12.5 |
| Cash conversion cycle (days) | 50.0 | 47.2 | 46.8 | 53.4 | 46.3 | 53.3 | 44.8 | 46.8 | 47.8 | 46.7 |
| Receivables turnover | 131.65 | 128.59 | 102.07 | 69.05 | 79.75 | 88.11 | 122.80 | 133.05 | 119.84 | 111.58 |
| Payables turnover | 22.02 | 24.54 | 27.07 | 30.48 | 32.94 | 21.57 | 26.46 | 27.95 | 28.87 | 29.23 |
| Inventory turnover | 5.72 | 6.16 | 6.43 | 6.08 | 6.91 | 5.52 | 6.56 | 6.39 | 6.36 | 6.53 |
| Asset turnover | 0.96 | 0.97 | 0.99 | 1.13 | 1.33 | 0.89 | 1.02 | 1.00 | 1.01 | 1.03 |
| Average receivables | $196.6M | $204.9M | $260.0M | $429.9M | $400.0M | $215.1M | $165.5M | $136.6M | $142.9M | $142.3M |
| Average payables | $1.05B | $955.8M | $880.1M | $882.2M | $868.5M | $768.2M | $665.2M | $561.5M | $512.4M | $468.4M |
| Average inventory | $4.04B | $3.81B | $3.70B | $4.43B | $4.14B | $3.00B | $2.68B | $2.46B | $2.33B | $2.10B |
| Intangibles / total assets | 0.0% | 0.5% | 0.5% | 0.5% | 0.5% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Computed from KMX's annual financial statements (latest annual report filed April 15, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
KMX valuation and financial ratios
At the end of fiscal 2026 (February 28, 2026), CarMax traded at 25.8 times earnings, against a 10-year median of 21.3. Based on the latest twelve months, the trailing P/E is 25.3 and the forward P/E is 21.6. CarMax earned a return on equity of 4.1% and a return on invested capital of −1.1% in fiscal 2026. It ended the year with $17.8 billion of debt and $122.8 million in cash and short-term investments, net debt of $17.7 billion. It returned $642.8 million to shareholders: $0 in dividends and $642.8 million in share buybacks, 52% of free cash flow. The share count fell 23.2% from 192.2M to 147.6M over 9 years.
See the KMX income statement, the KMX chart for price history, or the KMX stock overview for the latest quote and news.
KMX key metrics FAQ
What is CarMax's P/E ratio?
CarMax's trailing P/E ratio is 25.3 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 21.6. At the end of fiscal 2026 it was 25.8, compared with a 10-year median of 21.3.
What is CarMax's EV/EBITDA?
CarMax's enterprise value was 14.9 times EBITDA at the end of fiscal 2026 (enterprise value $24.0 billion, EBITDA $1.6 billion); the current EV/EBITDA is 16.8.
What is CarMax's return on equity?
CarMax's return on equity (ROE) was 4.1% in fiscal 2026: net income of $247.3 million on average shareholders' equity of $6.1 billion.
What is CarMax's ROIC?
CarMax's return on invested capital was −1.1% in fiscal 2026, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does CarMax have?
CarMax had total debt of $17.8 billion at the end of fiscal 2026, a debt-to-equity ratio of 3.02 and $17.7 billion of net debt (10.98 times EBITDA).
Does CarMax buy back its shares?
Yes. CarMax spent $642.8 million on net share repurchases in fiscal 2026 Shares outstanding changed −5.4% over the year, to 147.6M..
What is CarMax's free cash flow yield?
CarMax generated $1.2 billion of free cash flow in fiscal 2026, a free cash flow yield of 19.5% on its market value at year-end ($6.4 billion).
What is CarMax's current ratio?
CarMax's current ratio was 2.20 at the end of fiscal 2026: current assets were 2.20 times current liabilities.