Carmax vs Lithia Motors
Lithia Motors is the larger business, with $37.63bn of revenue in fiscal 2025 against $25.88bn for Carmax (1.5 times as much). Lithia Motors grew faster (4.0% against -1.8%). Lithia Motors kept more of each dollar of sales as profit: a net margin of 2.2% against 1.0%.
| Latest fiscal year | CarmaxKMX, 2026 | Lithia MotorsLAD, 2025 |
|---|---|---|
| Revenue | $25.88bn | $37.63bn |
| Revenue growth | -1.8% | 4.0% |
| Net income | $247m | $820m |
| Operating margin | — | 4.2% |
| Net margin | 1.0% | 2.2% |
| Return on equity | 4.1% | 12.4% |
| Free cash flow | $1.24bn | $5.8m |
| Cash | $123m | $391m |
| Total debt | $18.05bn | $9.81bn |
| Debt to equity | — | 148.6% |
| Dividend per share | — | $2.18 |
| Dividend yield | — | 0.8% |
| Share buybacks | $643m | $961m |
| Employees | 27,796 | — |
| Market value | $7.62bn | $6.48bn |
| Price vs our value range | — | — |
| Moat score | 34 (Weak) | 44 (Weak) |
| Insider trades, 12 months | 5 buys, 0 sales | 0 buys, 8 sales |