Detailed financial statements for America's Car-Mart, Inc. (CRMT): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Through its various subsidiaries, America's Car-Mart, Inc. functions as an automotive retailer across the United States. The company's core business involves selling pre-owned, older model vehicles, complemented by providing financing solutions directly to its clientele. As of April 30, 2022, it managed 154 dealership locations, predominantly situated within the South-Central U.S. This Rogers, Arkansas-based enterprise commenced operations in 1981.
Analysis Summary
America's Car-Mart, Inc. reported revenue of $1.28B in the most recent fiscal year, growing at a 5-year CAGR of 6.9%.
Trailing-twelve-month margins: gross margin 44.9%, operating margin -4.2%, net margin -19.3%.
At the current price of $1.05, CRMT has negative trailing earnings (P/E not meaningful) and an ROE of -42.60%. Market capitalisation stands at $9M.
Balance sheet quality for CRMT: current ratio of 8.0, net debt of $725.2M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Revenue | $587.8M | $612.2M | $669.1M | $744.6M | $918.6M | $1.21B | $1.41B | $1.39B | $1.39B | $1.28B |
| Cost of Revenue | $304.9M | $315.3M | $343.9M | $388.5M | $479.2M | $663.6M | $805.9M | $765.4M | $726.1M | $664.0M |
| Gross Profit | $282.8M | $296.9M | $325.2M | $356.1M | $439.5M | $548.7M | $599.6M | $628.5M | $664.9M | $617.4M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $91.9M | $99.0M | $107.2M | $117.8M | $130.9M | $156.1M | $176.7M | $602.8M | $188.9M | $208.1M |
| Operating Expenses | $245.3M | $252.3M | $257.6M | $283.8M | $298.2M | $417.3M | $535.2M | $602.8M | $571.1M | $725.5M |
| Operating Income | $33.4M | $39.0M | $59.8M | $72.3M | $141.2M | $131.5M | $64.5M | $25.6M | $93.8M | -$108.1M |
| EBITDA | $40.6M | $48.8M | $71.7M | $76.2M | $145.9M | $135.4M | $69.7M | $32.1M | $101.1M | -$99.8M |
| Interest Expense | $4.1M | $5.6M | $7.9M | $8.1M | $6.8M | $10.9M | $38.3M | $65.3M | $70.7M | $74.5M |
| Pre-tax Income | $32.2M | $38.9M | $59.9M | $64.4M | $134.4M | $122.1M | $25.8M | -$40.1M | $22.8M | -$108.0M |
| Income Tax | $12.0M | $2.4M | $12.2M | $13.0M | $30.3M | $27.1M | $5.4M | -$8.7M | $4.9M | $31.1M |
| Net Income | $20.2M | $36.5M | $47.6M | $51.3M | $104.8M | $95.0M | $20.4M | -$31.4M | $17.9M | -$139.2M |
| EPS | $2.57 | $5.05 | $6.99 | $7.74 | $15.70 | $14.60 | $3.20 | $-4.91 | $2.38 | $-16.79 |
| EPS (Diluted) | $2.49 | $4.91 | $6.73 | $7.39 | $14.95 | $13.92 | $3.11 | $-4.91 | $2.33 | $-16.79 |
| Shares Outstanding (Diluted) | $8.1M | $7.4M | $7.1M | $6.9M | $7.0M | $6.8M | $6.6M | $6.4M | $7.7M | $8.3M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|
| Revenue | $350.2M | $286.8M | $242.6M | $145.8M |
| Gross Profit | $169.1M | $141.9M | $75.6M | $73.7M |
| Operating Income | -$7.2M | -$14.8M | $28.1M | -$49.4M |
| EBITDA | -$9.7M | -$12.9M | $30.0M | -$45.8M |
| Net Income | -$22.5M | -$76.7M | -$29.6M | -$69.0M |
| EPS | $-2.72 | $-9.25 | $-3.56 | $-8.28 |
| EPS (Diluted) | $-2.72 | $-9.25 | $-3.56 | $-8.28 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Cash & Equivalents | $434,000 | $1.0M | $1.8M | $59.6M | $2.9M | $6.9M | $9.8M | $5.5M | $9.8M | $47.0M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $359.3M | $387.3M | $419.8M | $469.2M | $628.5M | $868.9M | $1.08B | $1.11B | $1.19B | $1.09B |
| Inventory | $30.1M | $33.6M | $37.5M | $36.4M | $82.3M | $115.3M | $109.3M | $107.5M | $112.2M | $54.1M |
| Total Current Assets | $393.8M | $426.6M | $463.6M | $569.7M | $719.8M | $1.04B | $1.26B | $1.31B | $1.42B | $1.31B |
| Property, Plant & Equipment | $30.1M | $28.6M | $28.5M | $90.9M | $95.1M | $104.2M | $120.8M | $121.5M | $120.7M | $86.3M |
| Goodwill | $355,000 | $355,000 | $355,000 | $6.8M | $7.3M | $8.6M | $11.7M | $14.4M | $22.8M | $22.8M |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $424.3M | $455.6M | $492.5M | $667.3M | $822.2M | $1.15B | $1.41B | $1.48B | $1.61B | $1.42B |
| Accounts Payable | $11.2M | $13.6M | $13.7M | $13.1M | $18.2M | $20.1M | $27.2M | $21.4M | $35.0M | $32.1M |
| Short-term Debt | $669,000 | $506,000 | $1.3M | 0 | $1.8M | $44.7M | $167.2M | $201.6M | $206.1M | 0 |
| Total Current Liabilities | $15.7M | $17.7M | $20.2M | $21.4M | $82.1M | $164.8M | $323.1M | $353.8M | $372.1M | $164.4M |
| Long-term Debt | $117.9M | $151.2M | $152.1M | $215.1M | $225.9M | $396.0M | $471.4M | $553.6M | $572.0M | $722.4M |
| Total Liabilities | $190.8M | $224.6M | $231.6M | $364.2M | $415.3M | $677.8M | $915.8M | $1.01B | $1.04B | $971.2M |
| Retained Earnings | $325.5M | $362.0M | $409.6M | $460.9M | $565.0M | $665.4M | $685.8M | $654.4M | $672.3M | $533.1M |
| Total Equity | $233.3M | $230.8M | $260.8M | $303.1M | $406.8M | $476.8M | $498.8M | $471.1M | $569.8M | $445.6M |
| Total Debt | $118.6M | $153.2M | $154.2M | $278.4M | $290.6M | $502.1M | $700.9M | $819.5M | $845.1M | $772.2M |
| Net Debt | $118.2M | $152.1M | $152.4M | $218.8M | $287.7M | $495.2M | $691.1M | $814.0M | $835.3M | $725.2M |
| Working Capital | $378.0M | $409.0M | $443.5M | $548.3M | $637.6M | $877.0M | $933.1M | $956.6M | $1.05B | $1.14B |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|
| Cash & Equivalents | $122.4M | $117.9M | $47.0M | $27.5M |
| Total Assets | $1.72B | $1.63B | $1.42B | $1.21B |
| Total Liabilities | $1.16B | $1.15B | $969.4M | $829.7M |
| Total Equity | $555.4M | $479.4M | $445.7M | $376.5M |
| Total Debt | $962.8M | $952.2M | $772.2M | $671.2M |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Net Income | $20.2M | $36.5M | $47.6M | $51.3M | $104.1M | $93.3M | $20.4M | -$31.4M | $17.9M | -$139.1M |
| Depreciation & Amortization | $4.3M | $4.2M | $4.0M | $3.8M | $3.7M | $4.0M | $5.6M | $6.9M | $13.8M | $8.2M |
| Stock-based Compensation | $1.3M | $1.6M | $3.7M | $4.7M | $6.0M | $5.5M | $5.3M | $4.2M | $4.7M | $3.7M |
| Change in Working Capital | -$184.1M | -$192.2M | -$195.6M | -$218.1M | -$357.6M | -$490.6M | -$542.0M | -$495.8M | -$498.5M | -$300.0M |
| Operating Cash Flow | $7.3M | $10.0M | $24.9M | $20.9M | -$53.8M | -$114.3M | -$138.0M | -$73.9M | -$48.8M | $65.0M |
| Capital Expenditure | -$1.6M | -$2.3M | -$4.0M | -$5.4M | -$9.0M | -$20.9M | -$22.2M | -$6.1M | -$3.9M | -$1.8M |
| Acquisitions | $932,000 | $554,000 | $142,000 | $184,000 | $694,000 | $20,000 | $84,000 | 0 | 0 | 0 |
| Stock Repurchased | -$20.5M | -$42.3M | -$26.6M | -$16.0M | -$10.6M | -$34.7M | -$5.2M | -$365,000 | -$434,000 | -$297,000 |
| Dividends Paid | -$40,000 | -$40,000 | -$40,000 | -$40,000 | -$40,000 | -$40,000 | -$40,000 | -$40,000 | -$40,000 | -$40,000 |
| Free Cash Flow | $5.7M | $7.7M | $20.9M | $15.5M | -$62.8M | -$135.2M | -$160.2M | -$80.1M | -$52.7M | $63.1M |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|
| Operating Cash Flow | $9.1M | -$5.9M | $67.7M | $80.1M |
| Capital Expenditure | -$784,000 | -$278,000 | -$289,000 | -$90,000 |
| Free Cash Flow | $8.3M | -$6.2M | $67.3M | $80.1M |
| Dividends Paid | -$10,000 | -$10,000 | -$10,000 | -$10,000 |
| Stock-based Compensation | $1.2M | $969,000 | 0 | 0 |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Revenue Growth (YoY) | | +4.2% | +9.3% | +11.3% | +23.4% | +32.0% | +15.9% | -0.8% | -0.2% | -7.9% |
| Net Income Growth (YoY) | | +80.7% | +30.4% | +7.8% | +104.2% | -9.4% | -78.5% | -253.6% | +157.0% | -877.7% |
| EPS Growth (YoY) | | +96.5% | +38.4% | +10.7% | +102.8% | -7.0% | -78.1% | -253.4% | +148.5% | -805.5% |
| Shares Change (YoY) | | -8.3% | -5.0% | -1.8% | +0.2% | -2.0% | -3.8% | -2.7% | +20.2% | +7.9% |
| FCF Growth (YoY) | | +34.6% | +169.8% | -25.8% | -505.1% | -115.4% | -18.5% | +50.0% | +34.3% | +219.9% |
| Gross Margin | 48.1% | 48.5% | 48.6% | 47.8% | 47.8% | 45.3% | 42.7% | 45.1% | 47.8% | 48.2% |
| Operating Margin | 5.7% | 6.4% | 8.9% | 9.7% | 15.4% | 10.8% | 4.6% | 1.8% | 6.7% | -8.4% |
| EBITDA Margin | 6.9% | 8.0% | 10.7% | 10.2% | 15.9% | 11.2% | 5.0% | 2.3% | 7.3% | -7.8% |
| Net Margin | 3.4% | 6.0% | 7.1% | 6.9% | 11.4% | 7.8% | 1.5% | -2.3% | 1.3% | -10.9% |
| FCF Margin | 1.0% | 1.3% | 3.1% | 2.1% | -6.8% | -11.2% | -11.4% | -5.7% | -3.8% | 4.9% |
| Effective Tax Rate | 37.3% | 6.2% | 20.4% | 20.2% | 22.5% | 22.2% | 20.8% | 21.8% | 21.4% | -28.8% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| FCF Per Share | $0.71 | $1.04 | $2.95 | $2.23 | $-9.02 | $-19.81 | $-24.40 | $-12.54 | $-6.85 | $7.62 |
| Dividends Per Share | $0.00 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.00 |
| Shares Outstanding (Basic) | $7.9M | $7.2M | $6.8M | $6.6M | $6.6M | $6.5M | $6.4M | $6.4M | $7.5M | $8.3M |
What to look at in Consumer Cyclical companies
- 5y avg operating margin (Cycle average) — Look at the cycle average, not the current year (peak or trough).
- Inventory turnover (>=4x/year) — Healthy retail rotates inventory fast. A drop signals weak demand.
- 5y avg ROIC (>=12%) — Cyclicals with avg ROIC >12% are structural winners.
- Net debt / EBITDA (peak) (<3x trough) — In cyclicals debt kills in recessions.
- Current Ratio (>1.5x) — Survives 12-18 months without operating cash.
- Altman Z-Score (>2.99 safe) — Bankruptcy model — key in cyclicals sensitive to recessions.
Profitability
| Return on Equity | -42.60% |
| Return on Invested Capital | -55.50% |
| Return on Assets | -16.40% |
| Gross Margin | 44.89% |
| Operating Margin | -4.24% |
| Net Margin | -19.29% |
Financial Health
| Debt / Equity | 1.78 |
| Current Ratio | 0.48 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| P/E | 14.16 | 10.55 | 14.17 | 8.52 | 9.61 | 5.54 | 24.80 | -11.66 | 19.92 | -0.73 |
| P/B | 1.23 | 1.67 | 2.59 | 1.44 | 2.46 | 1.10 | 1.01 | 0.78 | 0.63 | 0.23 |
| P/S | 0.49 | 0.63 | 1.01 | 0.59 | 1.09 | 0.43 | 0.36 | 0.26 | 0.26 | 0.08 |
| Gross Margin | 48.1% | 48.5% | 48.6% | 47.8% | 47.8% | 45.3% | 42.7% | 45.1% | 47.8% | 48.2% |
| Operating Margin | 5.7% | 6.4% | 8.9% | 9.7% | 15.4% | 10.8% | 4.6% | 1.8% | 6.7% | -8.4% |
| Net Margin | 3.4% | 6.0% | 7.1% | 6.9% | 11.4% | 7.8% | 1.5% | -2.3% | 1.3% | -10.9% |