CarMax (KMX)

• Market cap: $10.2B
• 1 day: -1.82%
• 5 days: -2.38%
• 1 month: -6.68%
• 3 months: -6.27%
• 6 months: -24.75%
• Year to date: -20.08%
• 1 year: -7.65%
• 5 years: -30.08%
• 10 years: -9.28%
• 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 2025 Q1 regulatory disclosures by fund managers ($100M+ AUM)

70% more call options, than puts

Call options by funds: $237M | Put options by funds: $140M

16% more first-time investments, than exits

New positions opened: 89 | Existing positions closed: 77

0% less funds holding

Funds holding: 739 [Q4 2024] → 738 (-1) [Q1 2025]

8% less repeat investments, than reductions

Existing positions increased: 257 | Existing positions reduced: 279

5.13% less ownership

Funds ownership: 106.92% [Q4 2024] → 101.79% (-5.13%) [Q1 2025]

8% less funds holding in top 10

Funds holding in top 10: 24 [Q4 2024] → 22 (-2) [Q1 2025]

11% less capital invested

Capital invested by funds: $13.8B [Q4 2024] → $12.2B (-$1.56B) [Q1 2025]

Research analyst outlook

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

• Low target: $65 0% upside
• Avg. target: $84 30% upside
• High target: $92 42% upside

7 analyst ratings

• positive: 6 86%
• neutral: 0 0%
• negative: 1 14%

Evercore ISI Group Michael Montani	29% upside $84	Outperform Maintained	28 May 2025
Wedbush Scott Devitt	39% upside $90	Outperform Reiterated	19 May 2025
Wedbush Seth Basham	39% upside $90	Outperform Maintained	21 Apr 2025
RBC Capital Steven Shemesh	23% upside $80	Outperform Maintained	11 Apr 2025
Baird Craig Kennison	39% upside $90	Outperform Maintained	11 Apr 2025