KMXCARMAX INC

Retail-Auto Dealers & Gasoline Stations

Revenue: $25.9B; 1.8% YoY
Operating margin: —
EBITDA: —
Market cap: $7.9B
Employees: 600,000; $43K revenue each
Net debt / EBITDA: —; $17.2B net debt
AI in 10-K: 2.3; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
722% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
36% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
95% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeYes
$43K · 0th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.3 per 10K words · 60th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$7.9B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$1M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$31.9B	$29.7B	$26.5B	$26.4B	$25.9B	1.8%
Net income	$1.2B	$485M	$479M	$501M	$247M	51%
Operating cash flow	−$2.5B	$1.3B	$459M	$624M	$1.8B	186%
Capex	$309M	$423M	$465M	$468M	$541M	16%
Stock-based comp	$109M	$86M	$120M	$135M	$99M	26%
Buybacks	$576M	$334M	$94M	$428M	$643M	50%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $1M · 6
Open-market sells, 12 mo: $0 · 0
Net: $1M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	—	—	36	153
FY2025	—	—	69	150
FY2024	—	—	66	130
FY2023	—	—	58	84
FY2022	—	—	91	107