CarGurus, Inc. (CARG) intrinsic value & 10-year financials
CarGurus, Inc. (CARG) has a Graham intrinsic value of $51.48 per share. At $30.28 on Oct 17, 2026, the stock trades 41% below that value. Over the last 10 fiscal years revenue grew 18.4% a year to $907.0M, with an average return on invested capital of 20.8%.
- Graham intrinsic value
- $51.48
- Share price (Oct 17, 2026)
- $30.28
- Price vs Graham value
- 41% below
- Market cap
- $3.0B
- Revenue (FY2025)
- $907.0M
- Revenue growth (10-yr CAGR)
- 18.4%
- ROIC (10-yr avg)
- 20.8%
- Free cash flow (FY2025)
- $288.9M
CARG 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $907.0M | $155.9M | $1.55 | $288.9M | 27.0% | 45.7% |
| FY2024 | $894.4M | $21.0M | $0.20 | $180.3M | 1.5% | 2.5% |
| FY2023 | $914.2M | $36.9M | $0.19 | $100.0M | 3.6% | 4.4% |
| FY2022 | $1.7B | $84.4M | $0.62 | $250.2M | 6.6% | 23.8% |
| FY2021 | $951.4M | $109.2M | $0.00 | $90.6M | 15.6% | 37.4% |
| FY2020 | $551.5M | $77.6M | $0.68 | $153.8M | 17.7% | 30.6% |
| FY2019 | $588.9M | $42.1M | $0.37 | $58.9M | 5.8% | 16.1% |
| FY2018 | $454.1M | $65.2M | $0.57 | $45.8M | 5.1% | 13.8% |
| FY2017 | $316.9M | $13.2M | $0.12 | $20.5M | 4.8% | 43.1% |
| FY2016 | $198.1M | $6.5M | -$0.58 | $14.2M | 4.3% | -9.2% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
CarGurus, Inc. is a consistent compounder, expanding top-line revenue at 18.4% annually over the past decade.
CarGurus, Inc. has earned high returns on invested capital, averaging 21.8% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
CarGurus, Inc. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, CarGurus, Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $51.48 per share.