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Carmax Inc key statistics and ratios

In fiscal 2026, Carmax Inc had return on equity of 4.1% and a net margin of 1.0%. 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.

Fiscal year2010Feb 20102011Feb 20112012Feb 20122013Feb 20132014Feb 20142015Feb 20152016Feb 20162017Feb 20172018Feb 20182019Feb 20192020Feb 20202021Feb 20212022Feb 20222023Feb 20232024Feb 20242025Feb 20252026Feb 2026LTMAug 2026
Net margin3.7%4.2%4.1%4.0%3.9%4.2%4.1%3.9%3.9%4.6%4.4%3.9%3.6%1.6%1.8%1.9%1.0%1.1%
Return on equity14.7%18.3%16.8%15.3%15.5%18.5%20.6%20.9%20.7%25.2%24.9%18.4%24.0%8.9%8.2%8.1%4.1%4.8%
Return on assets10.9%7.8%5.4%4.8%4.6%4.8%4.5%4.1%3.9%4.7%4.5%3.5%4.8%1.8%1.8%1.8%0.9%1.1%
Effective tax rate37.8%37.9%38.0%38.1%38.2%38.4%38.3%37.7%37.6%24.3%23.5%22.6%22.9%23.9%25.3%25.2%35.5%35.7%
SG&A as % of revenue10.6%9.8%9.4%9.4%9.2%8.8%8.9%9.4%9.4%9.5%8.6%9.0%7.3%8.4%8.6%9.2%9.5%8.9%

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

2 of 6 checks passed · August 31, 2026
What it owns · $26.1bn
Short-term assets $5.1bnLonger-term assets $21.0bn
What it owes, and who funded it · $26.1bn
Short-term liabilities $2.2bnLonger-term liabilities $17.6bnShareholders' equity $6.3bn
  • Short-term assets cover short-term liabilities $5.1bn of assets due within a year against $2.2bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $5.1bn short-term assets against $17.6bn of longer-dated liabilities.
  • More cash than debt $171m of cash against $17.4bn of debt.
  • Debt below 40% of shareholders' equity Debt is 276% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 347% to 276% over five years.
  • A year's operating cash flow covers at least 20% of debt $1.6bn of operating cash flow against $17.4bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Carmax 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

34 /100

Weak moat

How hard Carmax'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 1 / 20

    Cash operating profit has been a median 2.7% of total assets over 10 years.

  • Pricing power 8 / 20

    Gross margin has been a median 11.4%, moving by 1.6 percentage points (standard deviation) across 10 years.

  • Durability 5 / 20

    Net margin has been a median 3.1%; its worst year was 1.1%.

  • Cash conversion 5 / 20

    Free cash flow was positive in 5 of 10 years, at a median -0.4% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 13.6% over five years; stock-based pay has been a median 0.5% 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 (39 before it).

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

Compare with peers

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Figures from Carmax 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 Carmax Inc.