CarMax (KMX)

• Market cap: $9.79B
• 1 day: 1.15%
• 5 days: -1.45%
• 1 month: -10.52%
• 3 months: -19.75%
• 6 months: -8.61%
• Year to date: -18.99%
• 1 year: -5.58%
• 5 years: -0.29%
• 10 years: -6.96%
• Sector: Consumer Discretionary
• Industry: Auto & Truck Dealerships

About: 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 were 83% of fiscal 2025 revenue and wholesale about 17%, with the remaining portion composed of extended service plans and repair. In fiscal 2025, the company retailed and wholesaled 789,050 and 544,312 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 calendar 2024. It seeks over 5% share. CarMax is based in Richmond, Virginia.

Employees: 30,048

Fund manager confidence

Based on 2024 Q4 regulatory disclosures by fund managers ($100M+ AUM)

30% more first-time investments, than exits

New positions opened: 95 | Existing positions closed: 73

22% more call options, than puts

Call options by funds: $198M | Put options by funds: $162M

12% more capital invested

Capital invested by funds: $12.3B [Q3] → $13.7B (+$1.44B) [Q4]

4% more funds holding in top 10

Funds holding in top 10: 23 [Q3] → 24 (+1) [Q4]

4.16% more ownership

Funds ownership: 102.68% [Q3] → 106.85% (+4.16%) [Q4]

1% more funds holding

Funds holding: 729 [Q3] → 736 (+7) [Q4]

12% less repeat investments, than reductions

Existing positions increased: 245 | Existing positions reduced: 279

Research analyst outlook

6 Wall Street Analysts provided 1 year price targets over the past 3 months

• Low target: $65 1% downside
• Avg. target: $87 32% upside
• High target: $105 60% upside

6 analyst ratings

• positive: 5 83%
• neutral: 0 0%
• negative: 1 17%

Wedbush Seth Basham 48% 1-year accuracy 59 / 123 met price target	37% upside $90	Outperform Maintained	21 Apr 2025
RBC Capital Steven Shemesh 50% 1-year accuracy 23 / 46 met price target	22% upside $80	Outperform Maintained	11 Apr 2025
Baird Craig Kennison 21% 1-year accuracy 6 / 29 met price target	37% upside $90	Outperform Maintained	11 Apr 2025
Needham Chris Pierce 17% 1-year accuracy 12 / 72 met price target	40% upside $92	Buy Maintained	11 Apr 2025
JP Morgan Rajat Gupta 52% 1-year accuracy 23 / 44 met price target	1% downside $65	Underweight Maintained	27 Mar 2025