CarMax - Public Comps and Valuation Multiples

CarMax Overview

About CarMax

CarMax sells, finances, and services used and new cars through a chain of around 250 used retail stores. It was formed in 1993 as a unit of Circuit City and spun off into an independent company in late 2002. Used-vehicle sales typically account for about 83% of revenue (79% in fiscal 2024 due to the chip shortage) and wholesale about 13% (19% in fiscal 2024), with the remaining portion composed of extended service plans and repair. In fiscal 2024, the company retailed and wholesaled 765,572, and 546,331 used vehicles, respectively. CarMax is the largest used-vehicle retailer in the US but still estimates that it had only about 3.7% US market share of vehicles 0-10 years old in 2023. It seeks over 5% share a few years from now. CarMax is based in Richmond, Virginia.

Founded

1996

HQ

Employees

30.0K+

Website

carmax.com

Sectors

Specialty Stores

Financials

LTM Revenue $26.5B

LTM EBITDA $1.1B

EV

$29.3B

Valuation Multiples

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CarMax Financials

CarMax has a last 12-month revenue of $26.5B and a last 12-month EBITDA of $1.1B.

In the most recent fiscal year, CarMax achieved revenue of $26.4B and an EBITDA of $1.8B.

CarMax expects next 12-month revenue of XXX and NTM EBITDA of XXX

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CarMax P&L

	FY 2023	FY 2024	FY 2025	LTM	NTM
Revenue	$29.7B	$26.5B	XXX	XXX	XXX
Gross Profit	$2.8B	$2.7B	XXX	XXX	XXX
Gross Margin	9%	10%	XXX	XXX	XXX
EBITDA	$1.3B	$1.7B	XXX	XXX	XXX
EBITDA Margin	4%	6%	XXX	XXX	XXX
Net Profit	$485M	$479M	XXX	XXX	XXX
Net Margin	2%	2%	XXX	XXX	XXX
Net Debt	$18.0B	$18.2B	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

CarMax Stock Performance

As of April 15, 2025, CarMax's stock price is $67.

CarMax has current market cap of $10.3B, and EV of $29.3B.

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CarMax Stock Data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$29.3B	$10.3B	XXX	XXX	XXX	XXX	$3.27

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CarMax Valuation Multiples

As of April 15, 2025, CarMax has market cap of $10.3B and EV of $29.3B.

CarMax's trades at 1.1x LTM EV/Revenue multiple, and 26.9x LTM EBITDA.

Analysts estimate CarMax's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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CarMax Financial Valuation Multiples

	FY 2024	FY 2025E	FY 2026E	FY 2027E
EV	$29.3B	XXX	XXX	XXX
EV/Revenue	1.1x	XXX	XXX	XXX
EV/EBITDA	16.2x	XXX	XXX	XXX
P/E	20.7x	XXX	XXX	XXX
P/E/Growth	1.7x	XXX	XXX	XXX
EV/FCF	226.5x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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CarMax Valuation Multiples

CarMax's NTM/LTM revenue growth is 4%

CarMax's revenue per employee for the last fiscal year averaged $0.9M, while opex per employee averaged $0.1M for the same period.

Over next 12 months, CarMax's ratio of sales and marketing spend to revenue is estimated to be XXX , while its R&D spend to revenue to be XXX .

Analysts estimate CarMax's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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CarMax Operational Valuation Multiples

	FY 2024	NTM	FY 2025E	FY 2026E	FY 2027E
Revenue Growth	-11%	XXX	XXX	XXX	XXX
EBITDA Margin	7%	XXX	XXX	XXX	XXX
EBITDA Growth	25%	XXX	XXX	XXX	XXX
Rule of 40 (SaaS-only)	11%	XXX	XXX	XXX	XXX
Revenue per Employee	$0.9M	XXX	XXX	XXX	XXX
Opex per Employee	$0.1M	XXX	XXX	XXX	XXX
S&M Expenses to Revenue	1%	XXX	XXX	XXX	XXX
G&A Expenses to Revenue	9%	XXX	XXX	XXX	XXX
R&D Expenses to Revenue	n/a	XXX	XXX	XXX	XXX
Opex to Revenue	12%	XXX	XXX	XXX	XXX

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