Carmax Ratios (2009-2025) | KMX

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Ratios	Feb2009	May2009	Aug2009	Nov2009	Feb2010	May2010	Aug2010	Nov2010	Feb2011	May2011	Aug2011	Nov2011	Feb2012	May2012	Aug2012	Nov2012	Feb2013	May2013	Aug2013	Nov2013	Feb2014	May2014	Aug2014	Nov2014	Feb2015	May2015	Aug2015	Nov2015	Feb2016	May2016	Aug2016	Nov2016	Feb2017	May2017	Aug2017	Nov2017	Feb2018	May2018	Aug2018	Nov2018	Feb2019	May2019	Aug2019	Nov2019	Feb2020	May2020	Aug2020	Nov2020	Feb2021	May2021	Aug2021	Nov2021	Feb2022	May2022	Aug2022	Nov2022	Feb2023	May2023	Aug2023	Nov2023	Feb2024	May2024	Aug2024	Nov2024	Feb2025	May2025	Aug2025	Nov2025
Profitability
Gross Margin	18.67%	12.80%	15.15%	14.07%	14.47%	14.75%	14.91%	14.06%	14.23%	14.30%	13.69%	13.41%	13.66%	13.77%	13.34%	13.27%	13.06%	13.53%	13.40%	12.98%	12.49%	13.38%	12.87%	13.12%	13.54%	13.54%	13.42%	13.10%	13.20%	13.88%	13.64%	13.59%	13.88%	14.29%	13.77%	13.13%	13.14%	13.80%	13.65%	13.25%	13.88%	13.83%	13.33%	12.81%	13.56%	10.97%	14.00%	12.18%	12.42%	12.01%	10.21%	9.81%	9.25%	9.40%	9.05%	8.86%	10.68%	10.63%	9.85%	9.97%	10.42%	11.13%	10.84%	10.89%	11.13%	11.84%	10.88%	10.18%
EBT Margin	-20.20%	2.16%	8.06%	6.72%	6.31%	7.27%	7.48%	6.29%	6.01%	7.56%	6.95%	5.82%	6.17%	7.05%	6.57%	5.86%	6.09%	7.17%	7.00%	5.89%	5.19%	7.33%	6.96%	6.19%	6.63%	7.37%	7.20%	5.87%	6.10%	6.85%	6.55%	5.93%	5.98%	7.44%	6.62%	5.48%	5.14%	6.67%	6.07%	5.77%	5.92%	6.55%	5.87%	4.75%	5.57%	0.13%	7.23%	5.99%	5.08%	7.37%	4.60%	4.17%	2.62%	3.61%	2.06%	0.77%	1.44%	4.00%	2.24%	1.80%	1.16%	2.90%	2.54%	2.67%	1.97%	3.75%	1.93%	1.45%
EBIT Margin	-88.82%	1.80%	4.31%	1.47%	4.88%	5.02%	5.57%	4.00%	4.16%	5.28%	4.81%	3.43%	3.82%	4.62%	4.11%	3.38%	3.67%	4.77%	4.67%	3.31%	2.82%	5.02%	4.60%	3.82%	4.15%	4.83%	4.91%	3.58%	4.19%	4.66%	4.48%	3.96%	4.36%	5.40%	4.54%	3.40%	3.13%	4.66%	4.14%	3.72%	3.95%	4.71%	4.09%	2.69%	3.79%	0.91%	5.77%	3.87%	2.61%	4.81%	3.02%	3.06%	1.17%	2.35%	0.87%	-0.23%	0.67%	3.35%	1.57%	0.86%	0.09%	2.16%	2.14%	1.64%	0.96%	3.10%	1.77%	0.15%
EBITDA Margin	-88.82%	1.80%	4.31%	1.47%	4.88%	5.02%	5.57%	4.00%	4.16%	5.28%	4.81%	3.43%	3.82%	4.62%	4.11%	3.38%	3.67%	4.77%	4.67%	3.31%	2.82%	5.02%	4.60%	3.82%	4.15%	4.83%	4.91%	3.58%	4.19%	4.66%	4.48%	3.96%	4.36%	5.40%	4.54%	3.40%	3.13%	4.66%	4.14%	3.72%	3.95%	4.71%	4.09%	2.69%	3.79%	0.91%	5.77%	3.87%	2.61%	4.81%	3.02%	3.06%	1.17%	2.35%	0.87%	-0.23%	0.67%	3.35%	1.57%	0.86%	0.09%	2.16%	2.14%	1.64%	0.96%	3.10%	1.77%	0.15%
Operating Margin	-88.82%	1.80%	4.31%	1.47%	4.88%	5.02%	5.57%	4.00%	4.16%	5.28%	4.81%	3.43%	3.82%	4.62%	4.11%	3.38%	3.67%	4.77%	4.67%	3.31%	2.82%	5.02%	4.60%	3.82%	4.15%	4.83%	4.91%	3.58%	4.19%	4.66%	4.48%	3.96%	4.36%	5.40%	4.54%	3.40%	3.13%	4.66%	4.14%	3.72%	3.95%	4.71%	4.09%	2.69%	3.79%	0.91%	5.77%	3.87%	2.61%	4.81%	3.02%	3.06%	1.17%	2.35%	0.87%	-0.23%	0.67%	3.35%	1.57%	0.86%	0.09%	2.16%	2.14%	1.64%	0.96%	3.10%	1.77%	0.15%
Net Margin	-12.33%	1.29%	4.96%	4.32%	3.90%	4.47%	4.61%	3.89%	3.82%	4.68%	4.30%	3.63%	3.80%	4.35%	4.05%	3.64%	3.79%	4.43%	4.32%	3.62%	3.22%	4.52%	4.29%	3.82%	4.07%	4.53%	4.43%	3.62%	3.81%	4.25%	4.06%	3.69%	3.77%	4.66%	4.14%	3.62%	2.99%	4.98%	4.63%	4.43%	4.46%	4.97%	4.49%	3.61%	4.33%	0.15%	5.52%	4.54%	4.07%	5.67%	3.57%	3.16%	2.08%	2.71%	1.55%	0.58%	1.21%	2.97%	1.68%	1.33%	0.89%	2.14%	1.89%	2.02%	1.50%	2.79%	1.45%	1.07%
FCF Margin	-2.48%	-3.34%	0.39%	6.01%	-0.06%	2.05%	-3.04%	-1.71%	-0.99%	-0.23%	-5.80%	2.50%	-5.46%	-5.88%	-8.22%	-11.31%	-11.67%	-3.61%	-8.63%	-10.42%	-7.07%	-7.01%	-8.59%	-13.26%	-7.24%	1.45%	-7.43%	-11.06%	5.13%	-0.24%	-5.95%	-10.91%	-5.48%	2.47%	-4.24%	-8.44%	1.06%	3.15%	-4.43%	-1.59%	-0.30%	-0.67%	-5.02%	-1.47%	-4.06%	36.75%	-7.24%	-1.03%	-4.67%	-2.22%	-16.93%	-9.22%	-7.13%	4.68%	-1.98%	16.41%	-8.42%	-4.19%	0.72%	1.05%	3.55%	-3.12%	7.27%	-2.42%	0.31%	2.16%	9.92%	19.22%
Efficiency
Inventory Average	0.44B	0.10B	0.36B	0.77B	0.80B	0.40B	0.44B	0.97B	1.03B	1.08B	1.09B	1.04B	1.05B	1.15B	1.20B	1.27B	1.43B	1.46B	1.38B	1.46B	1.60B	1.66B	1.70B	1.84B	2.03B	1.97B	1.88B	2.03B	2.04B	1.90B	1.89B	2.04B	2.22B	2.20B	2.19B	2.34B	2.42B	2.33B	2.31B	2.39B	2.47B	2.54B	2.58B	2.64B	2.76B	2.37B	2.36B	2.80B	2.97B	3.20B	3.68B	4.38B	4.89B	4.91B	4.68B	4.04B	3.57B	3.90B	3.96B	3.74B	3.66B	3.73B	3.59B	3.53B	3.80B	3.78B	3.39B	3.14B
Assets Average	2.30B	2.46B	2.57B	2.50B	2.48B	4.46B	6.47B	6.64B	6.91B	7.14B	7.26B	7.50B	7.98B	8.46B	8.73B	9.08B	9.59B	10.17B	10.69B	11.12B	11.51B	11.93B	12.27B	12.62B	13.02B	13.43B	13.81B	14.17B	14.42B	14.62B	15.15B	15.63B	16.02B	16.38B	16.68B	17.09B	17.39B	17.62B	17.97B	18.29B	18.56B	19.22B	19.93B	20.31B	20.78B	20.53B	20.61B	21.09B	21.24B	22.19B	23.64B	25.01B	25.96B	26.34B	26.40B	26.20B	26.06B	26.57B	27.13B	27.24B	27.19B	27.22B	27.27B	27.30B	27.35B	27.40B	27.23B	26.32B
Equity Average								2.13B	2.21B	2.33B	2.49B	2.59B	2.65B	2.75B	2.88B	2.99B	3.02B	3.05B	3.13B	3.24B	3.30B	3.32B	3.34B	3.27B	3.17B	3.22B	3.24B	3.06B	2.91B	2.94B	3.02B	3.04B	3.06B	3.13B	3.18B	3.25B	3.31B	3.35B	3.43B	3.46B	3.40B	3.40B	3.53B	3.65B	3.73B	3.67B	3.78B	4.06B	4.25B	4.53B	4.81B	5.01B	5.17B	5.32B	5.41B	5.45B	5.55B	5.72B	5.91B	6.03B	6.06B	6.12B	6.17B	6.20B	6.23B	6.26B	6.24B	6.13B
Invested Capital	1.71B	0.24B	0.20B	0.12B	2.01B	0.12B	2.07B	2.18B	2.24B	2.43B	2.55B	2.64B	2.85B	2.82B	3.12B	3.19B	3.20B	3.28B	3.40B	3.50B	3.54B	3.58B	3.62B	3.42B	3.46B	3.56B	3.51B	3.19B	3.32B	3.27B	3.56B	3.52B	3.41B	3.65B	3.70B	3.80B	3.62B	3.88B	3.98B	3.94B	17.13B	3.87B	4.04B	4.10B	18.71B	17.99B	18.78B	18.61B	18.98B	19.86B	21.55B	22.57B	23.41B	23.19B	23.46B	23.13B	23.39B	23.98B	24.09B	24.21B	24.03B	24.38B	24.28B	24.36B	24.38B	24.29B	24.02B	22.65B
Asset Utilization Ratio	3.06	2.85	2.72	2.73	3.16	1.77	1.26	1.29	1.30	1.32	1.33	1.30	1.25	1.19	1.18	1.17	1.14	1.13	1.12	1.11	1.09	1.09	1.09	1.10	1.10	1.08	1.07	1.06	1.05	1.04	1.01	0.99	0.99	0.99	1.00	1.00	0.98	0.99	0.99	0.98	0.98	0.98	0.96	0.97	0.98	0.89	0.89	0.89	0.89	1.06	1.10	1.17	1.23	1.27	1.28	1.21	1.14	1.06	0.99	0.98	0.98	0.95	0.95	0.95	0.96	0.98	0.97	0.99
Leverage & Solvency
Interest Coverage Ratio	-709.04	19.31	66.32	37.66	2.72	0.00B	92.32	105.81	2.89	16.56	14.70	9.27	11.34	15.76	13.90	10.90	12.97	20.04	19.53	12.73	11.49	24.77	22.54	17.71	66.80	27.31	25.58	12.66	13.19	17.35	12.89	9.71	10.81	14.58	11.82	8.02	6.50	12.36	10.98	8.49	8.12	14.21	10.09	5.90	8.43	1.22	13.81	10.31	6.63	18.04	10.76	10.72	3.35	7.60	2.17	-0.50	1.33	8.45	3.52	1.69	0.17	4.89	5.55	4.01	2.38	8.64	4.10	0.33
Debt to Equity	0.22				0.08		1.87	1.78	1.73	1.65	1.69	1.70	1.82	1.71	1.72	1.78	2.00	2.14	2.18	2.18	2.25	2.37	2.43	2.65	2.77	2.79	2.94	3.30	3.38	3.42	3.46	3.57	3.56	3.60	3.64	3.59	3.62	3.65	3.63	3.72	3.85	3.86	3.76	3.71	3.72	3.80	3.48	3.41	3.26	3.16	3.15	3.12	2.95	2.93	2.99	2.97	2.91	2.88	2.88	2.87	2.77	2.78	2.77	2.75	2.74	2.77	2.78	2.66
Debt Ratio	0.14	0.16	0.15	0.06	0.06	0.60	0.59	0.58	0.54	0.56	0.58	0.59	0.58	0.56	0.57	0.58	0.61	0.63	0.64	0.64	0.64	0.65	0.66	0.66	0.66	0.67	0.68	0.67	0.68	0.69	0.68	0.68	0.68	0.69	0.69	0.68	0.69	0.70	0.70	0.69	0.69	0.68	0.67	0.67	0.67	0.68	0.65	0.67	0.66	0.65	0.63	0.62	0.59	0.60	0.61	0.63	0.62	0.62	0.63	0.64	0.62	0.63	0.63	0.63	0.62	0.63	0.64	0.63
Equity Ratio	0.65				0.74		0.31	0.33	0.31	0.34	0.35	0.35	0.32	0.33	0.33	0.33	0.31	0.29	0.29	0.29	0.28	0.27	0.27	0.25	0.24	0.24	0.23	0.20	0.20	0.20	0.20	0.19	0.19	0.19	0.19	0.19	0.19	0.19	0.19	0.19	0.18	0.18	0.18	0.18	0.18	0.18	0.19	0.20	0.20	0.21	0.20	0.20	0.20	0.21	0.20	0.21	0.21	0.22	0.22	0.22	0.22	0.23	0.23	0.23	0.23	0.23	0.23	0.24
Times Interest Earned	-709.04	19.31	66.32	37.66	2.72	0.00B	92.32	105.81	2.89	16.56	14.70	9.27	11.34	15.76	13.90	10.90	12.97	20.04	19.53	12.73	11.49	24.77	22.54	17.71	66.80	27.31	25.58	12.66	13.19	17.35	12.89	9.71	10.81	14.58	11.82	8.02	6.50	12.36	10.98	8.49	8.12	14.21	10.09	5.90	8.43	1.22	13.81	10.31	6.63	18.04	10.76	10.72	3.35	7.60	2.17	-0.50	1.33	8.45	3.52	1.69	0.17	4.89	5.55	4.01	2.38	8.64	4.10	0.33
Valuation
Enterprise Value	-0.14B	-0.14B	-0.14B	-0.14B	-0.02B	-0.02B	-0.06B	-0.07B	-0.04B	-0.16B	-0.18B	-0.38B	-0.44B	-0.46B	-0.46B	-0.45B	-0.45B	-0.73B	-0.75B	-0.66B	-0.63B	-0.53B	-0.35B	-0.19B	-0.03B	-0.35B	-0.10B	-0.03B	-0.04B	-0.05B	-0.32B	-0.02B	-0.38B	-0.39B	-0.40B	-0.39B	-0.40B	-0.43B	-0.45B	-0.43B	-0.44B	-0.48B	-0.48B	-0.46B	-0.48B	-0.66B	-0.71B	-0.49B	-0.50B	-0.55B	-0.57B	-0.55B	-0.55B	-0.53B	-0.53B	-0.69B	-0.47B	-0.51B	-0.53B	-0.61B	-0.57B	-0.54B	-0.57B	-0.54B	-0.56B	-0.58B	-0.62B	-0.57B
Return Ratios
Return on Sales	-0.12%	0.01%	0.05%	0.04%	0.04%	0.04%	0.05%	0.04%	0.04%	0.05%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.03%	0.05%	0.04%	0.04%	0.04%	0.05%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.05%	0.04%	0.04%	0.03%	0.05%	0.05%	0.04%	0.04%	0.05%	0.04%	0.04%	0.04%	0.00%	0.06%	0.05%	0.04%	0.06%	0.04%	0.03%	0.02%	0.03%	0.02%	0.01%	0.01%	0.03%	0.02%	0.01%	0.01%	0.02%	0.02%	0.02%	0.01%	0.03%	0.01%	0.01%
Return on Capital Employed	-0.33%	-0.33%	-0.28%	-0.28%	0.12%	0.08%	0.06%	0.07%	0.07%	0.07%	0.07%	0.06%	0.06%	0.05%	0.05%	0.05%	0.05%	0.05%	0.05%	0.05%	0.05%	0.05%	0.05%	0.05%	0.05%	0.05%	0.05%	0.05%	0.05%	0.05%	0.05%	0.05%	0.05%	0.05%	0.05%	0.05%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.03%	0.03%	0.04%	0.03%	0.05%	0.04%	0.04%	0.04%	0.03%	0.03%	0.02%	0.01%	0.01%	0.02%	0.02%	0.02%	0.01%	0.01%	0.02%	0.02%	0.02%	0.02%	0.02%
Return on Invested Capital	-0.35%	-0.33%	-0.69%	-0.60%	0.11%	0.15%	0.16%	0.12%	0.12%	0.12%	0.11%	0.10%	0.10%	0.09%	0.09%	0.08%	0.08%	0.09%	0.09%	0.09%	0.09%	0.09%	0.09%	0.10%	0.11%	0.11%	0.11%	0.12%	0.13%	0.12%	0.12%	0.12%	0.13%	0.13%	0.13%	0.13%	0.12%	0.12%	0.12%	0.13%	0.05%	0.06%	0.15%	0.14%	0.05%	0.02%	0.03%	0.03%	0.03%	0.04%	0.04%	0.04%	0.03%	0.03%	0.02%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.02%	0.02%	0.01%
Return on Assets	0.03%	0.01%	0.02%	0.04%	0.11%	0.08%	0.05%	0.05%	0.05%	0.06%	0.06%	0.05%	0.05%	0.05%	0.05%	0.05%	0.05%	0.05%	0.05%	0.05%	0.04%	0.04%	0.04%	0.04%	0.05%	0.05%	0.05%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.05%	0.05%	0.04%	0.04%	0.04%	0.03%	0.03%	0.04%	0.04%	0.05%	0.05%	0.05%	0.04%	0.04%	0.03%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.01%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%
Return on Equity								0.17%	0.17%	0.17%	0.16%	0.16%	0.16%	0.15%	0.14%	0.14%	0.14%	0.15%	0.16%	0.15%	0.15%	0.16%	0.16%	0.17%	0.19%	0.19%	0.19%	0.20%	0.21%	0.21%	0.20%	0.20%	0.20%	0.21%	0.21%	0.21%	0.20%	0.21%	0.21%	0.22%	0.25%	0.26%	0.25%	0.24%	0.24%	0.17%	0.18%	0.19%	0.18%	0.26%	0.24%	0.24%	0.22%	0.18%	0.15%	0.11%	0.09%	0.08%	0.08%	0.08%	0.08%	0.07%	0.07%	0.07%	0.08%	0.09%	0.08%	0.07%

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Carmax Ratios (2009-2025) | KMX

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