CarMax, Inc. (KMX)
NEUTRAL基本面
57
价格
$64.20
市值
-
第一部分 · 这家公司值多少
概览
CarMax buys and sells used vehicles at fixed, no-haggle prices out of large superstores, rather than negotiating deal by deal like a traditional dealer. It sources cars from trade-ins, direct purchases from consumers, and wholesale auctions, reconditions them to a common standard, and resells them nationwide. A finance arm, CarMax Auto Finance, lends directly to a portion of its buyers. The company is the largest used-vehicle retailer in the United States by units sold.
盈利方式
Most revenue comes from selling used vehicles at retail, plus a wholesale channel that auctions off cars CarMax will not recondition for its own lots. A smaller slice comes from extended protection plans and other add-ons sold at the time of sale. CarMax Auto Finance adds a separate line: interest income earned on loans it originates, net of expected losses. Margins are thin per vehicle, so profit depends on turning inventory quickly at high volume.
分部营收
Retail sales of used cars and light trucks through CarMax's superstores — the core of the business and the bulk of revenue.
Auction sales of trade-ins and other vehicles CarMax decides not to recondition for retail, sold on to licensed dealers.
Extended protection plans, service contracts, and advertising and subscription revenue sold alongside a vehicle purchase.
Interest income, net of expected credit losses, earned on auto loans CarMax originates for its own customers.
护城河
规模效应 · 狭窄CarMax's size lets it buy, recondition and move vehicles at a lower cost per unit than most independent dealers, and its pricing draws on data from millions of past transactions. But the advantage is narrow: the company's own filings warn that online competitors and other large dealers could replicate its no-haggle model, and the used vehicles it sells are not scarce or proprietary.
需求驱动因素
周期性CarMax's own risk disclosures tie sales directly to employment levels, consumer spending and the availability of auto financing. A downturn that tightens credit or raises unemployment reduces both the number of buyers who qualify for a loan and the prices they can afford, squeezing volume and margins on the retail and financing sides at the same time.
主要风险
- Intense, easily replicated competition — The used vehicle market is highly fragmented, with competition from franchised dealers, online platforms, independent dealers and private sellers. CarMax warns that competitors could replicate its no-haggle model or expand their own online offerings.
- Sensitivity to economic conditions — The business depends on employment levels, consumer spending and credit availability. A downturn, inflation or tariff impacts could reduce vehicle demand, limit financing access and compress margins.
- Reliance on securitization markets — CarMax Auto Finance relies on securitization markets to fund its lending, and continuous access to capital is needed for store expansion. Market disruption could curtail lending and slow growth.
- Vehicle price fluctuations — Significant swings in new and used vehicle prices directly affect sales volume and margins, and price volatility could materially reduce profitability on retail sales.
看多理由
Buyers argue that CarMax's scale in appraisal, reconditioning and logistics, combined with a financing arm that captures a large share of its own buyers, gives it a cost and conversion advantage smaller dealers cannot match, especially as it grows online sales alongside its physical stores.
看空理由
Sellers fear that the no-haggle format is not hard to copy, that a slowdown in employment or a tightening of auto credit would hit CarMax's retail volumes and CarMax Auto Finance's loan performance at the same time, and that dependence on securitization markets to fund lending leaves it exposed if those markets seize up.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
资产负债表与流动性
营收
$26.35B
最近12个月（截至2026/5/31）
净利润
$223M
最近12个月（截至2026/5/31）
自由现金流
$1.24B
股东权益合计
$5.89B
负债合计
$20.48B
流动比率
2.70
利息覆盖率
-
债务/EBITDA
17.72
每股收益
营收与净利润
自由现金流
收入构成
历史财务表
利润率变化
债务变化
债务负担有多重
增长一览表
增长 — 营业收入
公允价值估算
公允价值
$54.82
当前价格
$64.20
安全边际
-17.1%
公允价值区间
$35.63 - $74.01
估算方法
估值指标
市盈率（P/E）
39.01
ROE
4.2%
市净率（P/B）
1.46
P/FCF
8.96
毛利率
10.5%
ROIC
-
盈利能力雷达图
Value Creation (Economic Moat)
ROIC
-
WACC
3.9%
ROIC − WACC
-
基本面分析标准
通过（13）
- EPS shows upward trend
- EPS CAGR 11.35%
- P/FCF 8.96
- P/B Ratio 1.46
- Debt/Equity ratio
- Positive Free Cash Flow
- Current Ratio
- Low reliance on intangibles
- Revenue Growth 5Y 6.4%
- Earnings Surprise avg 18.4%
- Earnings Quality (OCF/NI) 6.75
- Share Dilution -5.6%
- Piotroski F-Score 5/9
未通过（10）
- Price CAGR -0.36%
- Gross Margin 10.5%
- CapEx intensity
- Debt/EBITDA
- Return on Tangible Assets
- Price below Graham Number
- DCF valuation (Fairly valued)
- ROE 3.7%
- Analyst Consensus 28% Buy
- Net Margin Trend 0.8% vs 2.1%
不可用（5）
- ROIC NaN%
- Dividend Payout NaN%
- Operating Margin NaN%
- Interest Coverage
- PEG Ratio (need PE > 0 and growth > 0)
Piotroski F-评分
信号混杂：部分领域需关注
盈利质量
高质量：盈利有现金流支撑
股权稀释
正在回购股份，对股东友好
公司治理
管理团队
| 姓名 | 职位 | 年龄 |
|---|---|---|
| Mr. Enrique N. Mayor-Mora | Executive VP, CFO & Principal Accounting Officer | 56 |
| Mr. Charles Joseph Wilson | Executive VP & COO | 52 |
| Mr. Shamim Mohammad CPA | Executive VP and Chief Information & Technology Officer | 56 |
| Ms. Diane Long Cafritz J.D. | Executive VP, Chief Innovation & People Officer | 54 |
| Mr. Keith Barr | CEO, President & Director | 54 |
| Mr. David L. Lowenstein | Vice President of Investor Relations | - |
| Mr. John M. Stuckey III | Senior VP, General Counsel & Corporate Secretary | 51 |
| Craig Cronheim | Senior VP & Chief Human Resources Officer | - |
| Mr. Jon G. Daniels | Executive VP of CarMax Auto Finance | 53 |
| Mr. Darren C. Newberry | Senior Vice President of Store & CEC Execution | 56 |
审计风险
3
董事会风险
4
薪酬风险
9
股东权利风险
2
第二部分 · 价格与买入时机
这一部分不判断公司是否值得拥有：它帮助你在基本面说服你之后，选择何时买入。包含：技术分析、潜力、历史回撤、Gamma 敞口。
Latest News
Recent headlines for KMX, sourced from Markets Gazette.
- 6/18/2026POSITIVEOptions Recaps, 3 Plays for Thursday
A recent options recap highlights significant gains, with one specific play on Kohl's Corporation (KMX) achieving an extraordinary 2000% return. This exceptional performance in the options market suggests a strong upward price movement or volatility in KMX, likely driven by specific market events or analyst expectations that were realized. Investors in options strategies often target such high-growth opportunities, and this outcome underscores the potential for substantial profits when correctly positioned.
- 6/18/2026POSITIVECarMax Analysts Boost Their Forecasts After Upbeat Q1 Results
CarMax Inc. has reported first-quarter earnings that surpassed analyst expectations, signaling a strong start to the fiscal year. The company also unveiled a new growth strategy, which, coupled with positive revisions to price targets by analysts, suggests an optimistic outlook. While specific figures for earnings per share and revenue were not detailed in this summary, the overall sentiment from analysts indicates a potential upward re-evaluation of the company's stock. Investors will be watching the execution of the new growth strategy closely.
- 6/17/2026NEGATIVECarMax Slips as Used Vehicle Sales Keep Falling Amid Turnaround
CarMax Inc. shares experienced a decline as the company reported its fourth consecutive quarter of falling same-store sales and reduced profits from used-vehicle sales. This persistent downturn casts doubt on the effectiveness and sustainability of the company's ongoing turnaround strategy. Investors are closely monitoring these trends for signs of stabilization or further deterioration, as the automotive retail sector navigates shifting consumer demand and inventory challenges.
- 6/15/2026NEUTRALCarMax Earnings Are Imminent; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call
CarMax is scheduled to release its first-quarter earnings on June 17. Analysts are forecasting earnings per share of $0.94 on revenue of $7.42 billion, a slight decrease from the $7.55 billion reported in the same quarter last year. While the company's upcoming earnings report is a key event, recent analyst rating changes show mixed sentiment, with upgrades and downgrades from different firms. Investors will be closely watching the earnings call for forward guidance and commentary on used car market dynamics.
- 4/13/2026NEUTRALCarMax Q4 Preview: Activist Heat, Leadership Shift Frame Results
CarMax is set to release its fourth-quarter financial results, with investor attention focused on commentary from its new CEO, following a recent leadership transition. The company is also navigating an ongoing activist investor campaign, which adds another layer of scrutiny to the upcoming earnings report. While the results themselves could provide directional clues, the concurrent leadership changes and shareholder activism introduce significant uncertainty, making it difficult to predict a clear market reaction based solely on the upcoming announcement.
- 4/9/2026NEUTRALTop Wall Street Forecasters Revamp CarMax Expectations Ahead Of Q4 Earnings
CarMax is set to report its fourth-quarter earnings on April 14th, with analysts anticipating a decline in both earnings and revenue. Despite the bearish outlook from analysts, the stock experienced a modest 2.2% increase on Wednesday. Recent analyst ratings show mixed sentiment, with Evercore ISI downgrading its rating in February 2022 and Seaport Global upgrading its rating in January 2022, while RBC Capital maintained an outperform rating in December 2021. Investors will be closely watching the earnings report for any signs of a turnaround or further challenges.
- 3/11/2026NEUTRALStarboard CEO Smith Discusses CarMax Stake, Board Seats
Activist investor Starboard Value, led by CEO Jeff Smith, has acquired a $350 million stake in CarMax Inc. Starboard believes it can help accelerate the used car retailer's turnaround under its new CEO, Keith Barr. To that end, Starboard has nominated Jeff Smith for a seat on the CarMax board. This move signals Starboard's intent to influence CarMax's strategic direction, potentially leading to operational improvements or restructuring. Investors will be watching for any immediate changes or strategic shifts proposed by Starboard.
- 3/11/2026POSITIVEActivist Investor Starboard Urges CarMax To Fix 'Execution Gaps'
Activist investor Starboard Value has publicly urged CarMax to address perceived "execution gaps" within the company and has nominated two directors to its board. The news of Starboard's involvement, known for its successful campaigns at other corporations, has already seen CarMax shares (KMX) experience an uptick. Investors will be watching closely to see if CarMax's management engages with Starboard's proposals, which could lead to strategic changes aimed at improving operational efficiency and shareholder value.
via Markets Gazette