Cargurus, Inc. key statistics and ratios

In fiscal 2025, Cargurus, Inc. had return on equity of 34.0%, an operating margin of 27.0%, debt equal to 0.0% of equity and a current ratio of 2.81. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Cargurus, Inc.: financial ratios, annual
Fiscal year	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Gross margin	95.7%	95.2%	94.4%	94.5%	93.8%	92.3%	69.1%	39.7%	91.2%	91.2%	92.8%	92.3%
Operating margin	−2.6%	4.3%	4.8%	5.1%	5.8%	17.7%	15.6%	6.6%	17.2%	19.7%	27.0%	28.6%
Net margin	−1.7%	3.3%	4.2%	14.4%	7.2%	14.1%	11.5%	5.1%	5.3%	2.6%	17.2%	18.2%
Free-cash-flow margin	6.7%	7.1%	6.5%	10.1%	10.0%	27.9%	9.5%	15.1%	14.3%	22.6%	31.9%	32.6%
Return on equity	—	—	44.7%	40.6%	18.7%	24.6%	24.5%	13.5%	5.5%	3.6%	34.0%	55.1%
Return on assets	—	6.5%	9.5%	29.3%	12.7%	17.3%	15.2%	9.1%	4.0%	2.4%	21.0%	28.9%
Asset turnover	—	1.97	2.29	2.04	1.78	1.23	1.33	1.78	0.76	0.92	1.22	1.59
Current ratio	—	2.94	3.66	3.07	2.97	4.99	3.30	5.65	3.40	4.20	2.81	1.85
Debt to equity	—	—	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Interest cover (operating income ÷ interest)	n/m	—	—	—	—	—	—	—	—	—	—	—
Effective tax rate	—	27.4%	16.7%	—	−8.9%	21.8%	26.1%	29.1%	33.6%	23.5%	22.2%	23.0%
R&D as % of revenue	8.4%	5.8%	7.1%	10.5%	11.8%	15.5%	11.2%	7.5%	19.6%	17.4%	15.2%	14.8%
Capital spending as % of revenue	6.4%	3.0%	1.6%	1.3%	1.9%	0.5%	0.8%	0.4%	3.5%	9.4%	0.7%	0.4%
Free cash flow ÷ net income	—	217.9%	155.6%	70.2%	139.8%	198.3%	82.9%	296.5%	270.6%	859.8%	185.3%	179.2%
Dividends and buybacks ÷ free cash flow	274.3%	423.8%	—	—	—	—	—	5.8%	208.6%	81.1%	121.8%	117.2%

US$ thousands unless shown otherwise. Fiscal quarters.

Cargurus, Inc.: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Gross margin	87.7%	93.3%	93.2%	92.9%	92.7%	92.3%	92.2%	92.1%
Operating margin	13.4%	93.7%	23.9%	27.3%	23.6%	49.4%	16.5%	25.1%
Net margin	11.0%	21.8%	18.4%	10.1%	19.3%	20.7%	13.2%	19.6%
Free-cash-flow margin	22.4%	31.2%	30.9%	32.2%	30.1%	34.0%	28.5%	37.5%
Current ratio	2.95	4.20	2.67	3.18	2.87	2.81	1.65	1.85
Debt to equity	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
R&D as % of revenue	17.8%	14.5%	16.5%	15.2%	15.7%	13.0%	15.5%	15.2%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

7 of 7 checks passed · June 30, 2026

What it owns · $555m

Short-term assets $203mLonger-term assets $353m

What it owes, and who funded it · $555m

Short-term liabilities $110mLonger-term liabilities $181mShareholders' equity $264m

Short-term assets cover short-term liabilities $203m of assets due within a year against $110m of liabilities due within a year.
Short-term assets cover long-term liabilities $203m short-term assets against $181m of longer-dated liabilities.
More cash than debt $122m of cash against $0 of debt.
Debt below 40% of shareholders' equity Debt is 0% of equity.
Debt burden no higher than five years ago Debt to equity moved from 0% to 0% over five years.
A year's operating cash flow covers at least 20% of debt No debt to cover.
Operating profit covers interest at least five times over No material interest expense reported.

From Cargurus, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

67 /100

Moderate moat

How hard Cargurus's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 20 / 20

Cash operating profit has been a median 28.5% of total assets over 9 years.
Pricing power 12 / 20

Gross margin has been a median 92.3%, moving by 16.9 percentage points (standard deviation) across 10 years.
Durability 8 / 20

Operating margin has been a median 7.9%; its worst year was 3.5%.
Cash conversion 17 / 20

Free cash flow was positive in 9 of 9 years, at a median 13.2% of revenue.
Discipline 16 / 20

The diluted share count fell 17.7% over five years; stock-based pay has been a median 5.3% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (72 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Cargurus, Inc.'s SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Cargurus, Inc.