CarMax, Inc. (KMX)
CarMax is the largest US used-car retailer, selling vehicles through stores and an online platform.
KMX vs ORLY: how the two businesses compare
- Bigger business: KMX, with $25.9B of yearly revenue, about 1.5× ORLY's $17.8B.
- More profitable: ORLY keeps 14 cents of each sales dollar as profit, against 1 cents at KMX.
- More cash from each sale: ORLY turns 16 cents of each sales dollar into operating cash flow, against 7 cents at KMX.
From each company's latest annual SEC filing. Fiscal years can end on different dates.
CarMax (KMX) is the larger business by reported revenue: $25.9B in its fiscal year ended Feb 2026, about 1.5× ORLY's $17.8B (fiscal year ended Dec 2025). KMX's net margin was 1.0% and ORLY's 14.3%. The SEC places them in related industries (Retail-Auto Dealers & Gasoline Stations; Retail-Auto & Home Supply Stores), and both map to the Economic trends research theme.
Figures come from each company's own SEC filings. This page compares the businesses; it is not a price target or a verdict.
- Consumer Discretionary
- Different
- Separate classifications
- Different
- KMX February 28 · ORLY December 31
- Apr 15, 2026
KMX vs ORLY: quick comparison
| Company fact | KMX | ORLY |
|---|---|---|
| Company | CarMax, Inc. | O'Reilly Automotive, Inc. |
| Exchange | NYSE | NASDAQ |
| SEC industry | Retail-Auto Dealers & Gasoline Stations | Retail-Auto & Home Supply Stores |
| Fiscal year-end | February 28 | December 31 |
| Latest annual filing | 10-K · 2026-04-15 | 10-K · 2026-02-27 |
KMX vs ORLY: audited financials
- Scale: KMX's $25.9B of revenue is about 1.5× ORLY's $17.8B.
- Net margin: ORLY kept 14.3% of revenue as net income versus 1.0% at KMX.
- Cash conversion: operating cash flow equalled KMX 6.9% of revenue, or 7.22× net income; ORLY 15.5% of revenue, or 1.09× net income. A ratio well above 1× usually reflects non-cash charges or working-capital release; well below 1× can reflect working-capital build or non-cash gains.
- Periods: the fiscal years end about 2 months apart (2026-02-28 for KMX, 2025-12-31 for ORLY), so each figure reflects somewhat different demand and cost conditions.
| Metric | KMX | ORLY |
|---|---|---|
| Revenue | $25.9B2025-03-01 to 2026-02-28 · SEC filing | $17.8B2025-01-01 to 2025-12-31 · SEC filing |
| Net income | $247M2025-03-01 to 2026-02-28 · SEC filing | $2.5B2025-01-01 to 2025-12-31 · SEC filing |
| Operating cash flow | $1.8B2025-03-01 to 2026-02-28 · SEC filing | $2.8B2025-01-01 to 2025-12-31 · SEC filing |
| Diluted EPS | $1.682025-03-01 to 2026-02-28 · SEC filing | $2.972025-01-01 to 2025-12-31 · SEC filing |
| Net margin | 1.0%2025-03-01 to 2026-02-28 · SEC filing | 14.3%2025-01-01 to 2025-12-31 · SEC filing |
KMX: FY ending 2026-02-28 · ORLY: FY ending 2025-12-31. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where KMX and ORLY overlap, and where they don't
Overlap
- Related SEC industries: both sit in SIC major group 55.
- Shared research theme: Economic trends.
Differences
- Different four-digit SIC codes: KMX is 5500 (Retail-Auto Dealers & Gasoline Stations); ORLY is 5531 (Retail-Auto & Home Supply Stores).
- Offset fiscal calendars: KMX's year ends February 28 and ORLY's December 31, about 2 months apart.
- Profitability: net margin of 1.0% for KMX versus 14.3% for ORLY.
Overlap is drawn from SEC classifications and Yield Theory research themes. It is not evidence that the companies sell to the same customers or compete product for product.
O'Reilly Automotive, Inc. (ORLY)
O'Reilly Automotive sells replacement auto parts, tools, and accessories to retail customers and professional mechanics.
What moves each company
Company-specific drivers maintained by Yield Theory. Use them to decide which filing deserves deeper work; they are not predictions.
What moves KMX
We have not yet published a company-specific driver list for KMX. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-04-15.
What moves ORLY
We have not yet published a company-specific driver list for ORLY. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-27.
The investment question
You now know KMX reports about 1.5× ORLY's revenue, and ORLY keeps more of each dollar as net income. Those are the facts. The investment question is what each share price already assumes about their exposure to economic trends, and which evidence in the next filings would prove that assumption wrong.
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Read the full researchSEC filing comparison and disclosure evidence
Start with primary filings because fiscal calendars and accounting presentation can make superficially similar quarters incomparable. KMX's fiscal year ends February 28, while ORLY's ends December 31. Normalize the reporting periods before comparing growth, margins, capital intensity, or guidance.
The current verified House and Senate snapshot contains 2 matched transaction rows for KMX and 18 matched transaction rows for ORLY. These delayed, range-based disclosures can identify a filing to inspect; they do not establish motive, conviction, or a real-time trading signal.
KMX primary filings
ORLY primary filings
What this comparison cannot tell you
This page does not contain licensed live prices, a valuation model, earnings estimates, portfolio constraints, or a forecast of future returns. SEC classifications can be broad, company descriptions can lag strategic change, and the latest annual filing may predate a material acquisition or divestiture. Read subsequent quarterly and current reports before making a decision.
A stronger business is not automatically the better stock. Starting valuation, expectations, capital structure, cyclicality, dilution, and the probability of each thesis determine the investment outcome. Use this comparison to frame the work, then verify the numbers in the linked filings and current company disclosures.
KMX vs ORLY FAQs
Are KMX and ORLY direct competitors?
Not necessarily. CarMax files as Retail-Auto Dealers & Gasoline Stations and O'Reilly Automotive as Retail-Auto & Home Supply Stores. The pair is compared because both map to the Economic trends research theme, not because the filings show head-to-head competition.
Is KMX or ORLY the bigger company by revenue?
CarMax (KMX) is the larger business by reported revenue: $25.9B in its fiscal year ended Feb 2026, about 1.5× ORLY's $17.8B (fiscal year ended Dec 2025). KMX's net margin was 1.0% and ORLY's 14.3%. The SEC places them in related industries (Retail-Auto Dealers & Gasoline Stations; Retail-Auto & Home Supply Stores), and both map to the Economic trends research theme. Each figure is the annual amount tagged in the company's own SEC XBRL filing; market value depends on live prices, which this page does not publish.
Which is better, KMX or ORLY?
There is no context-free winner. Compare the operating exposures, filing evidence, valuation, balance sheet, and risks against the specific thesis you are testing. This page deliberately does not turn a static profile into a buy or sell recommendation.
Does this KMX vs ORLY comparison include live prices?
No. Yield Theory does not republish unlicensed real-time market data. The financial figures on this page are the audited annual numbers CarMax, Inc. and O'Reilly Automotive, Inc. tagged in their SEC XBRL filings. Use a regulated broker or licensed quote provider for current prices and valuation multiples.
Where does the company information come from?
Company classifications, fiscal year-ends, and filing links come from the SEC EDGAR submissions API snapshot refreshed 2026-11-09. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-11-09. Independent educational research; not investment advice.
Which business differences matter to the investment thesis?
KMX vs ORLY compares reported results. The reports below show how we connect operating evidence to an investment thesis, its assumptions, catalysts, and risks. $39/month or $249/year.
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