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  "documentTitle": "CarMax Inc. (KMX)",
  "authorId": "03_Starboard_Value",
  "authorName": "Jeffrey Smith",
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  "presentationDate": "2026-03-10 00:00:00",
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  "notes": "This page serves as the conclusion of a shareholder letter, summarizing the investment thesis and providing necessary data disclosures.",
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      "text": "We encourage you and the board to set this as a budgeted and incentivized target.",
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      "text": "5 CapiQ data as of March 10th, 2026. Starboard has identified CVNA, ABG, AN, GPI, LAD, PAG, and SAH as the relevant peer set... 6 Represents last reported value from Company filings... 7 Represents Bloomberg Consensus estimates... 8 Represents Bloomberg Consensus estimates...",
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      "text": "SG&A as % of gross profit: 71.9%",
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      "text": "We are thrilled to be involved in CarMax, a structurally strong and durable business that trades at or near tangible book value while producing ~$3 in free cash flow per share in FY 2027E. Further, the Company is currently trading at ~8x NTM EBITDA with substantial opportunity for improvement.",
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