2022–2026 (latest 5 aligned FYs; v3 window cap 5): revenue $31.9B to $25.9B, decreasing; diluted EPS 6.97 to 1.68, decreasing.
18
Median gross margin 11.8% over 10y, stable.
—
Not enough years of ROIC data to score returns on capital.
6
Net debt/EBITDA 21.3x, interest coverage 4x.
40
Owner earnings changed -9.8%/yr over up to the ten most recent annual observations.
The returnsOnCapital component abstained: Not enough years of ROIC data to score returns on capital. The other four 20% weights were renormalized over the scored 80%.
Price vs. value if growth stopped today
A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.
Above value if growth stopped todayBelow value if growth stopped today
36% above value if growth stopped today
$485M
$37.99
$37.99
$51.55
36% above value if growth stopped today
What today’s price assumes: owner earnings growing ~6%/yr over 5 years. The zero-growth estimate assumes owner earnings stay flat (0% growth).
How to read this
We solve for the constant annual change in owner earnings that would make the five-year zero-growth estimate equal today’s price. This keeps the existing model inputs and calculation unchanged; it is an expectations lens, not a forecast.
This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. KMX revenue fell in each of the three most recent year-over-year FY comparisons, so this estimate is flagged as unreliable for this company.
Among the current top-score group, the median current price is 255% above the zero-growth estimate across 49 of the current top 50 companies by Moat Score with both values.
Missing a usable price or zero-growth estimate: ANF.
Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 0% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.
19 years of fundamentals
The business, in plain English
CARMAX, INC. booked $25.9B of revenue in FY2026 in the Consumer Discretionary sector and kept 10.8% of it as gross profit — a thin-margin business by that measure. After every other cost, 1.0% of each revenue dollar reached the bottom line.
Across the filed record, revenue grew from $7.0B (FY2009) to $25.9B (FY2026) — about 8.0% a year compounded over 17 years.
The balance sheet carried $18.1B of total debt in FY2026 against $247M of owner earnings — roughly 73.0 years of owner earnings to retire it all. Balance-Sheet Safety scores it 6/100.
This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.
FY2008–FY2026 · 19 fiscal years, normalized from KMX’s SEC filings
Sales, as filed$25.9B FY2026Revenue kept after cost of goods10.8% FY2026Standard ROIC or separately labeled Operating ROIC
Exact FY and FY-1 financing invested-capital inputs are required.. Current-year EBIT, tax expense, and non-zero pretax income are required for standard ROIC.
Exact FY and FY-1 financing invested-capital inputs are required.. Current-year EBIT, tax expense, and non-zero pretax income are required for standard ROIC.
Cash an owner could take out$247M FY2026
The explained ROIC gaps have filed inputs but no meaningful positive invested-capital denominator. Other gaps mean the item is not in the filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.
Flagship explainer
How CARMAX, INC. makes its money
CARMAX, INC.'s filing does not supply enough comparable lines for a truthful flow chart — here's what is filed:
Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.
Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.
Insider activity
Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”
These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.
This machine-readable surface covers SEC ownership filings from 2003; it does not represent earlier paper-era records.
Records still being gathered — partial as of retrieval Oct 24, 2026.
2 filings were skipped because the SEC primary document returned 404; the omission is disclosed and aggregates are withheld.
Trailing-12-month totals and the 90-day cluster result are withheld because this issuer walk is incomplete.
No reported Form 4 rows were captured for KMX; the incomplete walk cannot establish zero activity, zero counts, or a negative cluster result.
A filing source-event date will appear when a Form 4 row is captured.
Retrieved .
Track record
How CARMAX, INC.’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.
Point-in-time scores 2011–2025, one methodology version · reconstructed from filings on file each Dec 31 — never with hindsight
Point-in-time Moat Score (dot colored by tier)Indexed price (total-return (dividends reinvested))Rated Wide-moat that year
How to read this: each dot is what the engine would have scored KMX on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.
Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The price path is a total-return (dividends reinvested) index built from the same data the forward returns use; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.
What followed, in the years it rated Wide
In the reconstructed history shown, KMX did not rate Wide-moat in any year, so there is no wide-moat track record to report. That absence is itself the honest answer — we don’t manufacture a comparison where the rating never earned one.
Consumer Discretionary context
#463 of 487 scored Consumer Discretionary companies, ranked by Moat Score.
Based on its FY2026 SEC filings, the Moat Index scores CARMAX, INC. (KMX) 20.9 out of 100 — below the Shallow-moat bar, so no moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 20, pricing power 18, returns on capital not measurable from the filings, balance-sheet safety 6, capital allocation 40.
Is KMX trading below the conservative owner-earnings estimate?
The value if growth stopped today — a zero-growth baseline — is $37.99 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $51.55, that is 36% above value if growth stopped today. The model also publishes a capped-growth comparison, but the zero-growth estimate is the cautious baseline. It assumes trailing owner earnings persist and is unreliable for declining businesses. This is an educational estimate from primary SEC filings, not intrinsic value as a fact or investment advice.
How has KMX's Moat Score changed over time?
The record logs 36 readings since Jul 17, 2026; the latest reads 20.9 out of 100 (no moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.
Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell KMX. See the disclaimer.