CarMaxMEX:KMX 58 Beneish M-Score is -2.38 as of Jun. 26, 2026. GuruFocus rates MEX:KMX with a GF Score™ of 58/100 and a GF Value™ of MXN1,351.49 (Possible Value Trap). The stock has 5 warning signs investors should review. Among 1,274 Vehicles & Parts companies, CarMax ranks worse than 63.27% on this metric.
The zones of discrimination for M-Score is as such:
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Good Sign:
Beneish M-Score -2.38 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for CarMax's Beneish M-Score or its related term are showing as below:
MEX:KMX'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.15 Med: -2.27 Max: -0.23
Current: -2.38
During the past 13 years, the highest Beneish M-Score of CarMax was -0.23. The lowest was -3.15. And the median was -2.27.
CarMax Beneish M-Score Related Terms
CarMax Beneish M-Score Historical Data
* Premium members only.
The historical data trend for CarMax's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
MEX:KMX vs AN, LAD, RUSHA: Beneish M-Score Comparison
For the Auto & Truck Dealerships subindustry, CarMax's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
CarMax Beneish M-Score vs Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, CarMax's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where CarMax's Beneish M-Score falls into.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of CarMax for today is based on a combination of the following eight different indices:
M
=
-4.84
+
0.92 * DSRI
+
0.528 * GMI
+
0.404 * AQI
+
0.892 * SGI
+
0.115 * DEPI
=
-4.84
+
0.92 * 1.3338
+
0.528 * 1.0652
+
0.404 * 0.9535
+
0.892 * 0.8821
+
0.115 * 0.8837
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.0053
+
4.679 * -0.047468
-
0.327 * 0.9996
=
-2.50
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
DEPI
=
(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))
/
(Depreciation_t / (Depreciaton_t + PPE_t))
=
(6110.789 / (6110.789 + 85348.498))
/
(6430.4 / (6430.4 + 78619.474))
=
0.066814
/
0.075607
=
0.8837
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
TATA
=
(IncomefromContinuingOperations_t
-
CashFlowsfromOperations_t)
/
TotalAssets_t
=
(NetIncome_t - NonOperatingIncome_t
-
CashFlowsfromOperations_t)
/
TotalAssets_t
=
(4080.996 - -2522.1
-
28531.748)
/
461971.355
=
-0.047468
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
CarMax has a M-score of -2.50 suggests that the company is unlikely to be a manipulator.
CarMax (MEX:KMX) has a Beneish M-Score of -2.38 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on CarMax and its competitors. According to the industry distribution chart, CarMax ranks #806 out of 1274 companies in the Vehicles & Parts industry, placing it in the top 63.3%.
Is CarMax's Beneish M-Score too high?
CarMax's current Beneish M-Score is -2.38. Based on the distribution chart, CarMax ranks #806 out of 1274 companies in the Vehicles & Parts industry, which is below the industry midpoint. Overall, CarMax has a GF Score™ of 58/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does CarMax's Beneish M-Score compare to AN and LAD?
According to the Vehicles & Parts industry distribution chart, CarMax ranks #806 out of 1274 companies for Beneish M-Score. This places CarMax in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a Vehicles & Parts company?
A good Beneish M-Score depends on the Vehicles & Parts industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on CarMax and its competitors. CarMax's current Beneish M-Score is -2.38. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is CarMax stock overvalued right now?
Based on GuruFocus' analysis, CarMax (MEX:KMX) is currently considered Possible Value Trap. The stock's GF Value™ is MXN1,351.49, compared to a current price of MXN850.00 — trading 37.1% below its estimated fair value. The current Beneish M-Score is -2.38. CarMax's overall GF Score™ is 58/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For CarMax (MEX:KMX), the current Beneish M-Score is -2.38 as of Jun. 26, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is CarMax (MEX:KMX) Overvalued in 2026?
Based on GuruFocus' analysis, CarMax stock appears to be undervalued.
The current stock price of MXN850.00 is trading 37.1% below its estimated GF Value™ of MXN1,351.49.
GuruFocus considers CarMax to be Possible Value Trap.
Key valuation signals for MEX:KMX:
Beneish M-Score: -2.38
GF Value™: MXN1,351.49 vs. price of MXN850.00 (37.1% below fair value)
No single metric tells the full story. See the MEX:KMX stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
CarMax sells, finances, and services used and new cars through a chain of over about 260 retail stores. It was formed in 1993 as a unit of Circuit City and spun off into an independent company in late 2002. Used-vehicle sales were 80% of fiscal 2026 revenue and wholesale about 17%, with the remaining portion composed of extended service plans and repair. In fiscal 2026, the company retailed and wholesaled 780,684 and 538,203 used vehicles, respectively. CarMax is the largest used-vehicle retailer in the US, but still estimates that it had only about 3.6% US market share of vehicles zero to 10 years old in calendar 2025. CarMax is based in Richmond, Virginia.
58GF Score
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