# Americas Car-Mart (CRMT.US)

Canonical: https://gigainvestors.com/s/CRMT

Analysis as of: 2026-10-16T07:27:45.416Z. Financial observations: FY1997–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $1.35 per share; close as of 2026-10-15.

Estimated value: low $20.38 per share, central $23.08 per share, high $26.66 per share. Buy at or below the central value $23.08 per share. Valuation as of 2026-10-16T07:27:45.416Z; scenarios are not confidence intervals.

Expected annual return: 352.2% at the stated quote. About 352.2% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 3 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 2

- Operating margin variation: 0.98×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.06×

- FY2018: 0.06×

- FY2019: 0.09×

- FY2020: 0.10×

- FY2021: 0.15×

- FY2022: 0.11×

- FY2023: 0.05×

- FY2024: 0.02×

- FY2025: 0.07×

- FY2026: -0.08×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 7.9%

- ROIC, second-lowest year: 1.6%

- Typical minus recent gross margin: 0.0 pp

- Typical gross margin (annual median): 47.8%

- Recent gross margin (lower of latest and 3-year median): 47.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.5%

- ROIC including acquisitions, ten-year median: 8.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 6.2%

- FY2018: 9.6%

- FY2019: 11.5%

- FY2020: 11.2%

- FY2021: 15.9%

- FY2022: 10.6%

- FY2023: 3.7%

- FY2024: 1.6%

- FY2025: 5.3%

- FY2026: -7.4%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$26M

- Net income, five-year total: -$37M

- Return on incremental invested capital: -12.5%

- Working capital / revenue, annual change: 3.1 pp

- Working capital / revenue, change between three-year averages: 22.0 pp

- Working capital / revenue, final three-year average: 87.7%

Chart: Owner earnings · five years; fiscal year observations.

- FY2022: $95M

- FY2023: $20M

- FY2024: -$31M

- FY2025: $22M

- FY2026: -$133M

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 9.6% vs 1.6%

- Per-share earnings: 2.49 to -4.91 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.4%

- Ordinary dilution, 5-year annual growth: 3.6%

- Market cap gain: -$182M

- Cumulative retained earnings: $208M

- Diluted shares, 10-year annual growth: -0.4%

- Diluted shares, 5-year annual growth: 3.6%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value change: -$7.41

- Per-share value, starting three-year median: $2.49

- Per-share value, ending three-year median: -$4.91

- Buybacks concentrated in cheaper years (correlation): 0.65

- Average buyback yield: 3.6%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: $22M

- Cumulative net income, 10 years: $223M

- ROIC, first three-year median: 9.6%

- ROIC, last three-year median: 1.6%

Chart: Earnings per share; fiscal year observations.

- FY2017: $2.49

- FY2018: $4.91

- FY2019: $6.73

- FY2020: $7.39

- FY2021: $15.06

- FY2022: $13.92

- FY2023: $3.11

- FY2024: -$4.91

- FY2025: $2.33

- FY2026: -$16.79

### accounting: pass

- Sloan accruals: -14.4%

- Receivables to sales index (DSRI): 0.99×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 5.7%

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.05×

Chart: Sloan accruals; fiscal year observations.

- FY2017: 3.0%

- FY2018: 5.8%

- FY2019: 4.6%

- FY2020: 4.6%

- FY2021: 19.3%

- FY2022: 18.3%

- FY2023: 11.2%

- FY2024: 2.9%

- FY2025: 4.1%

- FY2026: -14.4%

## Holders

- [Donald Yacktman](https://gigainvestors.com/YAM): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 99% since Oct 2021 · "America’s Car-Mart Revenue Falls 57% as Capital Constraints Drive 82% Drop in Retail Sales" (finance.yahoo.com, Sep 2026) · sales -7.9%

Story as of 2026-10-16T09:58:34.612Z; price observation 2026-10-15.

Price needs cash profits to shrink 59.4% a year for ten years

- 2025-09-04: America's Car-Mart Stock Plunges After Sales Volume Dip, Delinquency Uptick ([finance.yahoo.com](https://finance.yahoo.com/news/americas-car-mart-stock-plunges-152440882.html))

- 2026-09-09: America’s Car-Mart Revenue Falls 57% as Capital Constraints Drive 82% Drop in Retail Sales ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/america-car-mart-revenue-falls-144028664.html))

### Sales · FY2025–2026

sales -7.9%; source https://www.sec.gov/Archives/edgar/data/799850/000162828026048191/crmt-20260430.htm; observed 2026-07-14.

- FY2017: $588M 

- FY2018: $612M 

- FY2019: $669M 

- FY2020: $745M 

- FY2021: $919M 

- FY2022: $1.2B 

- FY2023: $1.4B 

- FY2024: $1.4B 

- FY2025: $1.4B 

- FY2026: $1.3B 

### Gross margin · FY2026

gross margin 48.2%; source https://www.sec.gov/Archives/edgar/data/799850/000162828026048191/crmt-20260430.htm; observed 2026-07-14.

- FY2017: 48.1% 

- FY2018: 48.5% 

- FY2019: 48.6% 

- FY2020: 47.8% 

- FY2021: 47.8% 

- FY2022: 45.3% 

- FY2023: 42.7% 

- FY2024: 45.1% 

- FY2025: 47.8% 

- FY2026: 48.2% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in auto & truck dealerships; annual sales are USD 1.3 billion.

- Source: https://www.sec.gov/Archives/edgar/data/799850/000162828026048191/crmt-20260430.htm (filed 2026-07-14); FY2026: revenue 1281502000; grossProfit 617441000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-30); CRMT.US: America's Car-Mart, Inc., through its subsidiaries, operates as an automotive retailer in the United States. It sells older model used vehicles; and offers financing solutions to customers who purchase vehicles at its dealerships. The company was formerly known as Crown Group, Inc. and changed its name to America's Car-Mart, Inc. in April 2002. America's Car-Mart, Inc. was founded in 1981 and is headquartered in Rogers, Arkansas.

### Why customers stay

Margins ranged from 45.1% to 48.2% during 2024–26; it earns 7.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-14); FY2024: grossProfit / revenue = 45.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-14); FY2025: grossProfit / revenue = 47.8%.

- Source: https://www.sec.gov/Archives/edgar/data/799850/000162828026048191/crmt-20260430.htm (filed 2026-07-14); FY2026: grossProfit / revenue = 48.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-14); 10-year return on capital observations [[2017,0.061965813183900216],[2018,0.09571816226155928],[2019,0.11528040080285608],[2020,0.11206699902595697],[2021,0.15926800250663925],[2022,0.10622478772469542],[2023,0.03684689390963114],[2024,0.015952384138857814],[2025,0.05335492620629855],[2026,-0.0743905145763084]]; median 0.07884198772272975. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 297000 of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-14); FY2017: growth capex 0; upkeep 1587000; owner earnings 22890000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-14); FY2018: growth capex 0; upkeep 2258000; owner earnings 38501000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-14); FY2019: growth capex 60000; upkeep 3969000; owner earnings 47625000. Growth capex / owner earnings = 0.0012598425196850393.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-14); FY2020: growth capex 1583000; upkeep 3839000; owner earnings 51343000. Growth capex / owner earnings = 0.030831856338741404.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-14); FY2021: growth capex 5233000; upkeep 3719000; owner earnings 104820000. Growth capex / owner earnings = 0.04992367868727342.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-14); FY2022: growth capex 16867000; upkeep 4033000; owner earnings 95014000. Growth capex / owner earnings = 0.1775212074010146.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-14); FY2023: growth capex 16632000; upkeep 5602000; owner earnings 20432000. Growth capex / owner earnings = 0.8140172278778387.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-14); FY2025: growth capex 0; upkeep 3890000; owner earnings 21649000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-14); Dividend observations: [[2017,40000],[2018,40000],[2019,40000],[2020,40000],[2021,40000],[2022,40000],[2023,40000],[2024,40000],[2025,40000],[2026,40000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/799850/000162828026048191/crmt-20260430.htm (filed 2026-07-14); FY2026: cash repurchases 297000 USD.

### What the price says

The price assumes cash profits shrink 59.4% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-14); Ten-year compound average after fade. Initial solved rate -0.7573940672217359. Price 1.35; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 1.338098144352357 → FY2026 -16.015067100204494. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $40.85 per share

- 2016-11: $45.55 per share

- 2016-12: $43.75 per share

- 2017-01: $41.95 per share

- 2017-02: $31.85 per share

- 2017-03: $36.45 per share

- 2017-04: $37.30 per share

- 2017-05: $36.15 per share

- 2017-06: $38.90 per share

- 2017-07: $39.20 per share

- 2017-08: $38.40 per share

- 2017-09: $41.13 per share

- 2017-10: $42.85 per share

- 2017-11: $46.45 per share

- 2017-12: $44.65 per share

- 2018-01: $46.10 per share

- 2018-02: $48.70 per share

- 2018-03: $50.45 per share

- 2018-04: $53.30 per share

- 2018-05: $62.40 per share

- 2018-06: $61.90 per share

- 2018-07: $64.00 per share

- 2018-08: $83.45 per share

- 2018-09: $78.20 per share

- 2018-10: $74.90 per share

- 2018-11: $74.21 per share

- 2018-12: $72.45 per share

- 2019-01: $69.96 per share

- 2019-02: $81.60 per share

- 2019-03: $91.34 per share

- 2019-04: $99.05 per share

- 2019-05: $86.10 per share

- 2019-06: $86.08 per share

- 2019-07: $90.16 per share

- 2019-08: $85.78 per share

- 2019-09: $91.70 per share

- 2019-10: $90.99 per share

- 2019-11: $109.26 per share

- 2019-12: $109.66 per share

- 2020-01: $109.78 per share

- 2020-02: $102.77 per share

- 2020-03: $56.35 per share

- 2020-04: $65.95 per share

- 2020-05: $79.57 per share

- 2020-06: $87.87 per share

- 2020-07: $95.16 per share

- 2020-08: $100.50 per share

- 2020-09: $84.88 per share

- 2020-10: $86.52 per share

- 2020-11: $104.50 per share

- 2020-12: $109.84 per share

- 2021-01: $118.78 per share

- 2021-02: $135.00 per share

- 2021-03: $152.37 per share

- 2021-04: $150.83 per share

- 2021-05: $164.39 per share

- 2021-06: $141.72 per share

- 2021-07: $159.00 per share

- 2021-08: $129.33 per share

- 2021-09: $116.78 per share

- 2021-10: $119.49 per share

- 2021-11: $98.14 per share

- 2021-12: $102.40 per share

- 2022-01: $94.92 per share

- 2022-02: $96.18 per share

- 2022-03: $80.56 per share

- 2022-04: $80.85 per share

- 2022-05: $108.40 per share

- 2022-06: $100.60 per share

- 2022-07: $103.57 per share

- 2022-08: $80.61 per share

- 2022-09: $61.02 per share

- 2022-10: $68.36 per share

- 2022-11: $72.76 per share

- 2022-12: $72.26 per share

- 2023-01: $86.14 per share

- 2023-02: $84.96 per share

- 2023-03: $79.21 per share

- 2023-04: $80.39 per share

- 2023-05: $81.53 per share

- 2023-06: $99.78 per share

- 2023-07: $119.12 per share

- 2023-08: $111.31 per share

- 2023-09: $90.99 per share

- 2023-10: $66.98 per share

- 2023-11: $79.87 per share

- 2023-12: $75.77 per share

- 2024-01: $60.89 per share

- 2024-02: $67.34 per share

- 2024-03: $63.87 per share

- 2024-04: $57.24 per share

- 2024-05: $60.27 per share

- 2024-06: $60.21 per share

- 2024-07: $69.25 per share

- 2024-08: $60.53 per share

- 2024-09: $41.92 per share

- 2024-10: $39.04 per share

- 2024-11: $46.16 per share

- 2024-12: $51.25 per share

- 2025-01: $48.69 per share

- 2025-02: $41.86 per share

- 2025-03: $45.39 per share

- 2025-04: $47.42 per share

- 2025-05: $49.76 per share

- 2025-06: $56.04 per share

- 2025-07: $45.04 per share

- 2025-08: $44.81 per share

- 2025-09: $29.21 per share

- 2025-10: $22.24 per share

- 2025-11: $21.65 per share

- 2025-12: $25.26 per share

- 2026-01: $25.72 per share

- 2026-02: $19.96 per share

- 2026-03: $12.73 per share

- 2026-04: $12.21 per share

- 2026-05: $12.29 per share

- 2026-06: $2.79 per share

- 2026-07: $3.19 per share

- 2026-08: $2.30 per share

- 2026-09: $1.02 per share

- 2026-10: $1.35 per share

## Annual estimated value (USD per share)

- FY2017: low $36.20 per share, central $48.70 per share, high $57.04 per share

- FY2018: low $42.57 per share, central $59.40 per share, high $69.70 per share

- FY2019: low $71.53 per share, central $102.18 per share, high $120.03 per share

- FY2020: low $98.09 per share, central $137.37 per share, high $160.24 per share

- FY2021: low $123.70 per share, central $176.70 per share, high $207.57 per share

- FY2022: low $171.92 per share, central $245.60 per share, high $288.50 per share

- FY2023: low $166.51 per share, central $189.46 per share, high $220.02 per share

- FY2024: low $164.44 per share, central $187.11 per share, high $217.30 per share

- FY2025: low $30.80 per share, central $35.05 per share, high $40.71 per share

- FY2026: low $27.14 per share, central $30.53 per share, high $35.03 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:33:25.824Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/799850/000162828026048191/crmt-20260430.htm); period 2026-04-30, filed 2026-07-14.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.