• CarMax average return on tangible equity for 2023 was 8.59, a 50.55% decline from 2022.
• CarMax average return on tangible equity for 2022 was 17.37, a 28.81% decline from 2021.
• CarMax average return on tangible equity for 2021 was 24.4, a 22.92% decline from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.