Carmax Inc. (KMX) intrinsic value & 10-year financials
Carmax Inc. (KMX) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue grew 5.6% a year to $25.9B, with an average return on invested capital of 3.4%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $53.33
- Market cap
- $7.9B
- Revenue (FY2026)
- $25.9B
- Revenue growth (10-yr CAGR)
- 5.6%
- ROIC (10-yr avg)
- 3.4%
- Free cash flow (FY2026)
- $1.2B
KMX 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2026 | $25.9B | $247.3M | $1.68 | $1.2B | — | 1.0% |
| FY2025 | $26.4B | $500.6M | $3.21 | $156.5M | — | 2.0% |
| FY2024 | $26.5B | $479.2M | $3.02 | -$6.7M | — | 2.0% |
| FY2023 | $29.7B | $484.8M | $3.03 | $860.6M | — | 2.0% |
| FY2022 | $31.9B | $1.2B | $6.97 | -$2.9B | — | 5.3% |
| FY2021 | $19.0B | $746.9M | $4.52 | $503.2M | — | 3.9% |
| FY2020 | $20.3B | $888.4M | $5.33 | -$568.5M | — | 4.8% |
| FY2019 | $18.2B | $842.4M | $4.79 | -$141.7M | — | 5.0% |
| FY2018 | $17.1B | $664.1M | $3.60 | -$377.4M | — | 4.2% |
| FY2017 | $15.9B | $627.0M | $3.26 | -$886.3M | — | 4.1% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
CARMAX INC has demonstrated mature, steady growth, with revenue compounding at 5.6% annually over the past decade.
CARMAX INC has historically struggled to out-earn its cost of capital, averaging just 3.4% ROIC.
Over the decade, CARMAX INC shows that management has aggressively returned capital to shareholders by retiring 23.2% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, CARMAX INC is modeled at -7.1% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-8.26 per share.