Carvana vs Carmax
Carmax is the larger business, with $25.88bn of revenue in fiscal 2026 against $20.32bn for Carvana (1.3 times as much). Carvana grew faster (48.6% against -1.8%). Carvana kept more of each dollar of sales as profit: a net margin of 6.9% against 1.0%.
| Latest fiscal year | CarvanaCVNA, 2025 | CarmaxKMX, 2026 |
|---|---|---|
| Revenue | $20.32bn | $25.88bn |
| Revenue growth | 48.6% | -1.8% |
| Net income | $1.41bn | $247m |
| Operating margin | 9.3% | — |
| Net margin | 6.9% | 1.0% |
| Return on equity | 59.9% | 4.1% |
| Free cash flow | $889m | $1.24bn |
| Cash | $2.33bn | $123m |
| Total debt | $5.27bn | $18.05bn |
| Debt to equity | 153.1% | — |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | — | $643m |
| Employees | 23,100 | 27,796 |
| Market value | $52.73bn | $7.62bn |
| Price vs our value range | Within our value range | — |
| Moat score | 20 (Weak) | 34 (Weak) |
| Insider trades, 12 months | 5 buys, 371 sales | 5 buys, 0 sales |