KMX
CarMax, Inc.
KMX's fundamentals are mixed: free cash flow grew 67%, but earnings per share fell 38%. At 25x earnings, it's trading above its usual 22x. Analysts expect strong earnings growth, though they disagree widely on how much.
NIO
NIO Inc.
NIO lost money over the past year, so it has no meaningful PE right now. Analysts expect losses to shrink.
KMX Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Stable | |
| Healthy | |
| Weak |
KMX's revenue and cash flow are currently healthy, and its profitability is stable, but its balance sheet is weak.
NIO Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Stable | |
| Stable | |
| Unavailable |
NIO's revenue is currently strong, and its profitability and cash flow are stable. There isn't enough data to rate its balance sheet.
KMX PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 14x | $30.47 | -42% |
| Forward | 16x | $52.58 | — |
| Fair | 22x | $46.67 | -11% |
| Current | 25x | $52.58 | — |
| Expensive | 28x | $60.06 | +14% |
Historical ranges are pointers, not guarantees.
KMX's PE is in its expensive range at 25x. If earnings grow as analysts expect, today's price would be 16x next year's earnings, in its cheap range.
NIO PE Valuation
NIO has no meaningful PE right now: it lost money over the past year.
KMX Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Stable | |
| Moderate | |
| Low |
Analysts expect earnings and revenue growth for KMX, with profitability holding steady. However, they disagree widely on these estimates.
NIO Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Growth | |
| Strongly improving | |
| Limited | |
| Moderate |
NIO has the edge over KMX on the outlook, with more favorable profitability expectations.
KMX Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $3.33 | +56% |
| Q3 2026 | $2.13 | -38% |
| Q2 2026 | $1.61 | -56% |
| Q1 2026 | $1.68 | -48% |
| Q4 2025 | $3.03 | +3.1% |
| Q3 2025 | $3.41 | +29% |
| Q2 2025 | $3.62 | +42% |
| Q1 2025 | $3.21 | +6.3% |
| Q4 2024 | $2.94 | -6.7% |
KMX has the edge over NIO on earnings quality, reporting a profit while its opponent remains loss making.
NIO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | -$0.29 | +$1.45 |
| Q1 2026 | -$0.60 | +$1.16 |
| Q4 2025 | -$1.06 | +$0.60 |
| Q3 2025 | -$1.59 | +$0.02 |
| Q2 2025 | -$1.74 | -$0.10 |
| Q1 2025 | -$1.76 | +$0.06 |
| Q4 2024 | -$1.66 | +$0.21 |
| Q3 2024 | -$1.61 | +$0.32 |
NIO is still losing money, but far less than before: $0.29 per share over the past year, against $1.93 at its worst in late 2023.
KMX Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $7.9B | +19% |
| Q2 2026 | $8B | +6.2% |
| Q1 2026 | $5.9B | -1% |
| Q4 2025 | $5.8B | -6.9% |
| Q3 2025 | $6.6B | -6% |
| Q2 2025 | $7.5B | +6.1% |
| Q1 2025 | $6B | +6.7% |
| Q4 2024 | $6.2B | +1.2% |
KMX's revenue is recovering but still below its 2022 peak: $7.9B last quarter, up 19% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 2.8% | +0.9 points |
| Q2 2026 | 3.2% | -0.5 points |
| Q1 2026 | -1.9% | -3.8 points |
| Q4 2025 | 1.4% | -1.2 points |
| Q3 2025 | 1.9% | -0.6 points |
| Q2 2025 | 3.8% | +0.9 points |
| Q1 2025 | 2% | +0.8 points |
| Q4 2024 | 2.7% | +0.9 points |
KMX has the edge over NIO on profitability, with a higher operating margin.
NIO Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $4.8B | +69% |
| Q1 2026 | $3.8B | +112% |
| Q4 2025 | $5.2B | +76% |
| Q3 2025 | $3.3B | +17% |
| Q2 2025 | $2.9B | +9% |
| Q1 2025 | $1.8B | +21% |
| Q4 2024 | $3B | +15% |
| Q3 2024 | $2.8B | -2.1% |
NIO has the edge over KMX on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | -2.1% | +24 points |
| Q1 2026 | -1.2% | +52 points |
| Q4 2025 | 2.3% | +33 points |
| Q3 2025 | -16% | +12 points |
| Q2 2025 | -26% | +4 points |
| Q1 2025 | -53% | +1.1 points |
| Q4 2024 | -31% | +8.1 points |
| Q3 2024 | -28% | -2.6 points |
NIO's operating margin was −2.1% last quarter, up 24 points from the same quarter a year ago.
KMX Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $805.8M | +23% |
| Q2 2026 | -$85.7M | -153% |
| Q1 2026 | -$687.3M | -3764% |
| Q4 2025 | $1.1B | +$1.3B |
| Q3 2025 | $654M | +28% |
| Q2 2025 | $162.8M | +$384.4M |
| Q1 2025 | $18.8M | -91% |
| Q4 2024 | -$150.6M | -332% |
KMX generated $1.1B in free cash flow over the past year, up 67% from the year before.
NIO Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $0 | +$2.1B |
| Q1 2026 | $0 | $0 |
| Q4 2025 | $0 | +$391.3M |
| Q3 2025 | $0 | $0 |
| Q2 2025 | -$2.1B | +$73.9M |
| Q1 2025 | $0 | $0 |
| Q4 2024 | -$391.3M | -386% |
| Q2 2024 | -$2.2B | +$337.9M |
NIO's free cash flow was $0 over the past year, against −$2.5B the year before.
KMX Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.2% | +302K shares |
| 1 year | -4.8% | -7.2M shares |
| 3 years | -11% | -16.8M shares |
| 5 years | -14% | -23.2M shares |
| Available history | -14% | -24.1M shares |
KMX has the edge over NIO on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $313,000 |
| Q2 2026 | $2.3M |
| Q1 2026 | $54.3M |
| Q4 2025 | $203.6M |
| Q3 2025 | $180.8M |
| Q2 2025 | $204M |
| Q1 2025 | $98.9M |
| Q4 2024 | $116.3M |
KMX spent $261M buying back its own shares over the past year, down 57% from the year before.
NIO Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.6% | +15.6M shares |
| 1 year | +12% | +267M shares |
| 3 years | +51% | +844M shares |
| 5 years | +60% | +933M shares |
| Available history | +143% | +1.5B shares |
NIO has 2.5B diluted shares, up 12% from a year ago.
| Quarter | Spent |
|---|---|
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
NIO hasn't bought back shares in the past year.
KMX Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 21.3x | High |
| Q2 2026 | 25.6x | High |
| Q1 2026 | 24.7x | High |
| Q4 2025 | 18.1x | High |
| Q3 2025 | 17.6x | High |
| Q2 2025 | 17.2x | High |
| Q1 2025 | 18.9x | High |
| Q4 2024 | 20.3x | High |
KMX's net debt is more than 20 years of its operating earnings (EBITDA), up from 18 years a year ago.
NIO Net Leverage
NIO's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
KMX Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 48.5 | Neutral |
| Stochastic | 25.6 | Neutral |
KMX's weekly RSI is 49 (neutral) and its Stochastic is 26 (neutral).
NIO Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 30.7 | Neutral |
| Stochastic | 6.9 | Oversold |
NIO's weekly RSI is 31 (neutral) and its Stochastic is 7 (oversold).
KMX PE vs Consumer Cyclical Sector
| Metric | KMX | Sector median | Relative |
|---|---|---|---|
| PE | 25x | 18x | 37% above |
| PE % | 67 | 47 | 20 pts above |
KMX is trading at 25x earnings, a 37% premium to the Consumer Cyclical sector's median of 18x.
NIO PE vs Consumer Cyclical Sector
NIO has no meaningful PE right now: it lost money over the past year.
KMX Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $53.7 | 2% below |
| 20 week MA | $56.5 | 7% below |
| 50 week MA | $48.6 | 8.3% above |
| 100 week MA | $56.3 | 6.7% below |
| 200 week MA | $65.4 | 20% below |
KMX has the edge over NIO on trend strength, trading above more of its moving averages.
NIO Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $3.36 | 9.2% below |
| 20 week MA | $4.01 | 24% below |
| 50 week MA | $4.81 | 37% below |
| 100 week MA | $4.85 | 37% below |
| 200 week MA | $6.03 | 49% below |
NIO is in a downtrend: it's below all five of its weekly moving averages, and 49% below its 200-week average.
KMX Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $88.4 | $92.3 | +4.4% |
| 2021 | $92.3 | $126.3 | +37% |
| 2022 | $126.3 | $60.2 | -52% |
| 2023 | $60.2 | $76.7 | +28% |
| 2024 | $76.7 | $83.8 | +9.2% |
| 2025 | $83.8 | $39.3 | -53% |
| 2026 YTD | $39.3 | $52.6 | +34% |
KMX has the edge over NIO on returns for 2026, with the stronger performance.
NIO Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $2.42 | $45.8 | +1791% |
| 2021 | $45.8 | $30.5 | -33% |
| 2022 | $30.5 | $11.0 | -64% |
| 2023 | $11.0 | $9.07 | -17% |
| 2024 | $9.07 | $4.48 | -51% |
| 2025 | $4.48 | $5.10 | +14% |
| 2026 YTD | $5.10 | $3.05 | -40% |
NIO's yearly returns have swung widely, from +1791% in 2020 to −64% in 2022. It's down 40% so far in 2026.