KMX
CarMax, Inc.
KMX has a slight edge over RIVN overall, supported by stronger modeled upside and lower modeled downside.
RIVN
Rivian Automotive, Inc.
RIVN offers stronger fundamentals, but that advantage does not outweigh its weaker overall profile.
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.
RIVN Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Weak | |
| Weak | |
| Unavailable |
RIVN's revenue is currently healthy, but its profitability and cash flow are weak. 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.
RIVN PE Valuation
RIVN 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.
RIVN Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Low |
RIVN 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 RIVN on earnings quality, reporting a profit while its opponent remains loss making.
RIVN Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$2.25 | +$0.83 |
| Q2 2026 | -$2.58 | +$0.62 |
| Q1 2026 | -$2.92 | +$0.77 |
| Q4 2025 | -$3.07 | +$1.62 |
| Q3 2025 | -$3.08 | +$2.52 |
| Q2 2025 | -$3.20 | +$2.76 |
| Q1 2025 | -$3.69 | +$2.08 |
| Q4 2024 | -$4.69 | +$1.05 |
RIVN is still losing money, but far less than before: $2.25 per share over the past year, against $7.40 at its worst in late 2022.
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 RIVN on profitability, with a higher operating margin.
RIVN Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $2.2B | +38% |
| Q2 2026 | $1.7B | +27% |
| Q1 2026 | $1.4B | +11% |
| Q4 2025 | $1.3B | -26% |
| Q3 2025 | $1.6B | +78% |
| Q2 2025 | $1.3B | +13% |
| Q1 2025 | $1.2B | +3% |
| Q4 2024 | $1.7B | +32% |
RIVN has the edge over KMX on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -41% | +22 points |
| Q2 2026 | -50% | +35 points |
| Q1 2026 | -64% | -11 points |
| Q4 2025 | -65% | -27 points |
| Q3 2025 | -63% | +71 points |
| Q2 2025 | -86% | +33 points |
| Q1 2025 | -53% | +70 points |
| Q4 2024 | -38% | +82 points |
RIVN's operating margin was −41% last quarter, up 22 points from the same quarter a year ago, near the top of its range since 2021.
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 has the edge over RIVN on cash generation, producing positive trailing cash flow while its opponent burns cash.
RIVN Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$1.1B | -$703M |
| Q2 2026 | -$849M | -$451M |
| Q1 2026 | -$1.1B | -$549M |
| Q4 2025 | -$1.1B | -234% |
| Q3 2025 | -$421M | +$732M |
| Q2 2025 | -$398M | +$639M |
| Q1 2025 | -$526M | +$997M |
| Q4 2024 | $856M | +$2.3B |
RIVN has burned cash in almost every quarter: −$4.2B over the past year, against −$489M 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 RIVN 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.
RIVN Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +9.1% | +121M shares |
| 1 year | +19% | +226M shares |
| 3 years | +52% | +494M shares |
RIVN has 1.4B diluted shares, up 19% from a year ago.
| Quarter | Spent |
|---|---|
| Q2 2021 | — |
| Q1 2021 | — |
| Q4 2020 | $6M |
| Q3 2020 | — |
| Q2 2020 | — |
| Q1 2020 | — |
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.
RIVN Net Leverage
RIVN'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).
RIVN Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 41.5 | Neutral |
| Stochastic | 25.6 | Neutral |
RIVN's weekly RSI is 41 (neutral) and its Stochastic is 26 (neutral).
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.
RIVN PE vs Consumer Cyclical Sector
RIVN 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 RIVN on trend strength, trading above more of its moving averages.
RIVN Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $13.3 | 3.9% below |
| 20 week MA | $15.1 | 15% below |
| 50 week MA | $15.9 | 19% below |
| 100 week MA | $14.7 | 13% below |
| 200 week MA | $15.1 | 15% below |
RIVN is in a downtrend: it's below all five of its weekly moving averages, and 15% 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 RIVN on returns for 2026, with the stronger performance.
RIVN Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2021 | $130.0 | $96.8 | -25% |
| 2022 | $96.8 | $19.1 | -80% |
| 2023 | $19.1 | $23.5 | +23% |
| 2024 | $23.5 | $13.7 | -42% |
| 2025 | $13.7 | $20.9 | +53% |
| 2026 YTD | $20.9 | $12.8 | -39% |
RIVN has finished lower in three of the last five years. It's down 39% so far in 2026.