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CarGurus

CARG Nasdaq Interactive Media & Services Financials FY2016–FY2025

CarGurus' revenue rose 13.7% to $907 million in fiscal 2025. Its operating margin was 26.9%, up from 19.7% a year earlier. Free cash flow was $289 million, up 60.2%. It paid out $352 million in dividends and buybacks, 122% of free cash flow. The diluted share count fell 5.5%.

Last close · Oct 23, 2026

$31.52

3.7%
Value it Compare
Revenue Total sales reported in the income statement.
$907M
13.7% vs prior year
Operating margin Operating income as a share of revenue.
27.0%
7.3 pts
Net income Profit after all expenses, interest and tax.
$156M
642.4%
Free cash flow Cash from operations minus capital spending.
$289M
60.2%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
90.3%
46.0 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$2.9B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
17.1x
On $1.84 EPS (TTM)

What CarGurus does

No business description yet.

Legal name
CarGurus, Inc.
Fiscal year ends
December 31, 2025
Latest annual report
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Accession · CIK
0001193125-26-059435
0001494259

Revenue and margins

CarGurus had $907M of revenue in fiscal 2025, up 13.7% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $289M in fiscal 2025, 31.9% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

CarGurus returned $352M to shareholders in fiscal 2025, 122% of free cash flow. The diluted share count fell 5.5%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value CarGurus yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $191M and divides by 100.4M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 17.1x · peers 11.8x · sector 17.3x.

Balance sheet

Cash, debt and the ratios that show how comfortably CarGurus can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $232M$470M$312M$304M$191M
Debt incl. finance leases $0.0M$0.0M$0.0M$0.0M$0.0M
Net debt / EBITDA −1.2x−3.1x−1.9x−1.7x−0.7x
Debt / equity 0.0x0.0x0.0x0.0x0.0x
Interest coverage —1,695.0x212.6x203.6x414.3x
Current ratio 3.3x5.7x3.4x4.2x2.8x
Quick ratio 3.2x5.6x3.4x4.2x2.8x
Total assets $932M$927M$919M$825M$662M
Total liabilities $252M$156M$302M$283M$288M
Shareholders' equity $517M$735M$617M$542M$374M
Net debt (− = net cash) −$232M−$470M−$312M−$304M−$191M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$2.8M

8 insiders

Of sales under plans

87%

$2.4M

DateInsiderTradeSharesPriceValueFiling
Sep 15, 2026 Samuel ZalesCOO and President Sold plan 10,000 $34.62 $0.3M Form 4
Aug 28, 2026 Samuel ZalesCOO and President Sold plan 10,000 $36.50 $0.4M Form 4
Aug 14, 2026 Ismail ElshareefChief Product Officer Sold plan 8,957 $38.00 $0.3M Form 4
Aug 13, 2026 Dafna SarnoffChief Marketing Officer Sold plan 17,151 $37.00 $0.6M Form 4
Aug 12, 2026 Greg M SchwartzDirector Sold 10,000 $36.07 $0.4M Form 4
Aug 7, 2026 Jason TrevisanChief Executive Officer, Director Sold plan 1,100 $41.06 $0.0M Form 4
Aug 3, 2026 Javier ZamoraGeneral Counsel and Secretary Sold plan 6,205 $37.08 $0.2M Form 4
Jul 2, 2026 Javier ZamoraGeneral Counsel and Secretary Sold plan 3,533 $36.06 $0.1M Form 4
Jul 2, 2026 Jennifer Ladd HansonChief People Officer Sold plan 567 $35.03 $0.0M Form 4
Jul 2, 2026 Matthew Todd QuinnChief Technology Officer Sold plan 3,824 $35.03 $0.1M Form 4
Jul 1, 2026 Jennifer Ladd HansonChief People Officer Sold plan 2,499 $34.56 $0.1M Form 4
Jun 29, 2026 Javier ZamoraGeneral Counsel and Secretary Sold plan 3,532 $34.08 $0.1M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✕ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✕ ✕
Current ratio rose ✕ ✓ ✕
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✓ ✓ ✓
Revenue rose relative to assets ✕ ✓ ✓
F-score 5 / 97 / 97 / 9
Accruals ratio −9.5%−26.9%−18.8%
Altman Z'' 6.257.157.44

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
CarGurus CARG $2.9B 13.7% 27.0% 31.9% 90.3% 17.1x 7
ZoomInfo GTM $1.3B 2.9% 18.1% 31.2% 5.3% — 7 Compare →
QuinStreet QNST $961M 18.3% 2.7% 9.9% 17.4% — 7 Compare →
Yelp YELP $1.1B 3.8% 12.6% 22.1% — 9.6x — Compare →
Grindr GRND $2.4B 27.6% 28.7% 32.0% 44.3% 27.4x 6 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $198M $317M $454M $589M $552M $951M $1.7B $698M $798M $907M
Gross profit $189M $299M $429M $553M $509M $657M $658M $637M $728M $842M
Research and development $11.5M $22.5M $47.9M $69.5M $85.7M $106M $124M $137M $139M $138M
Operating income $8.6M $15.3M $23.2M $34.3M $97.8M $148M $109M $120M $157M $244M
Interest expense $0.0M $0.0M $0.0M — — — $0.1M $0.6M $0.8M $0.6M
Pretax income $8.9M $15.8M $25.5M $38.7M $99.1M $149M $111M $139M $168M $253M
Income tax $2.4M $2.6M −$39.7M −$3.4M $21.6M $39.0M $32.4M $46.7M $39.6M $56.1M
Net income $6.5M $13.2M $65.2M $42.1M $77.6M $109M $84.4M $36.9M $21.0M $156M
Diluted EPS −$0.58 $0.12 $0.57 $0.37 $0.68 $0.00 $0.62 $0.19 $0.20 $1.55
Diluted shares 0.04B 0.06B 0.11B 0.11B 0.11B 0.12B 0.13B 0.11B 0.11B 0.10B
Cash flow
Cash from operations $20.0M $25.7M $51.7M $70.1M $157M $98.3M $256M $125M $256M $295M
Capital expenditure $5.8M $5.2M $6.0M $11.2M $3.0M $7.7M $5.9M $24.6M $75.2M $6.4M
Free cash flow $14.2M $20.5M $45.8M $58.9M $154M $90.6M $250M $100.0M $180M $289M
Depreciation and amortization $2.1M $3.8M $5.0M $7.8M $10.2M $40.5M $45.3M $48.5M $25.4M $28.3M
Stock-based compensation $0.3M $5.0M $20.8M $34.3M $45.1M $53.5M $54.8M $63.7M $62.3M $50.4M
Acquisitions $0.0M $0.0M $0.0M $19.1M $21.1M $64.3M $0.0M $0.0M $0.0M $0.0M
Share buybacks $60.0M $0.0M $0.0M $0.0M $0.0M $0.0M $14.4M $209M $146M $352M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $60.0M $0.0M $0.0M $0.0M $0.0M $0.0M $14.4M $209M $146M $352M
Balance sheet
Cash and short-term investments $74.2M $138M — $59.9M $190M $232M $470M $312M $304M $191M
Total debt — — — — — $0.0M $0.0M $0.0M $0.0M $0.0M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $85.5M $157M $195M $219M $332M $563M $557M $391M $391M $283M
Current liabilities $29.0M $43.0M $63.5M $73.8M $66.5M $171M $98.7M $115M $93.1M $101M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $19.7M $5.3M $0.3M $0.3M $0.0M
Property and equipment, net $12.8M $16.6M $24.3M $27.9M $27.5M $32.2M $40.1M $83.4M $124M $133M
Total assets $100M $177M $268M $394M $502M $932M $927M $919M $825M $662M
Total liabilities $35.6M $49.6M $74.2M $137M $129M $252M $156M $302M $283M $288M
Shareholders' equity −$68.0M $127M $194M $257M $374M $517M $735M $617M $542M $374M
Margins
Gross margin 95.2% 94.4% 94.5% 93.8% 92.3% 69.1% 39.7% 91.2% 91.2% 92.8%
Operating margin 4.3% 4.8% 5.1% 5.8% 17.7% 15.6% 6.6% 17.2% 19.7% 27.0%
EBITDA margin 5.4% 6.0% 6.2% 7.2% 19.6% 19.8% 9.3% 24.2% 22.9% 30.1%
Net margin 3.3% 4.2% 14.4% 7.2% 14.1% 11.5% 5.1% 5.3% 2.6% 17.2%
FCF margin 7.2% 6.5% 10.1% 10.0% 27.9% 9.5% 15.1% 14.3% 22.6% 31.9%
Returns
Return on capital — — — — — — 28.0% 28.1% 44.3% 90.3%
Return on capital employed — 14.9% 13.7% 13.1% 25.9% 24.8% 13.7% 14.8% 20.5% 37.8%
Return on equity — 44.7% 40.6% 18.7% 24.6% 24.5% 13.5% 5.5% 3.6% 34.0%
Return on assets — 9.5% 29.3% 12.7% 17.3% 15.2% 9.1% 4.0% 2.4% 21.0%
Growth
Revenue growth 101.0% 59.9% 43.3% 29.7% −6.4% 72.5% 74.0% −57.8% 14.3% 13.7%
Net income growth — 103.2% 393.8% −35.3% 84.0% 40.9% −22.8% −56.2% −43.2% 643.4%
EPS growth — — 375.0% −35.1% 83.8% −100.0% — −69.4% 5.3% 675.0%
FCF growth 115.8% 45.0% 122.9% 28.7% 161.1% −41.1% 176.2% −60.0% 80.4% 60.2%
Share count change 2.3% 37.4% 87.0% 0.1% 0.4% 2.9% 9.4% −10.9% −6.9% −5.5%
Financial health
Net debt / EBITDA — — — — — −1.2x −3.1x −1.9x −1.7x −0.7x
Debt / equity — — — — — 0.0x 0.0x 0.0x 0.0x 0.0x
Interest coverage 329.7x 526.7x 1,220.6x — — — 1,695.0x 212.6x 203.6x 414.3x
Current ratio 2.9x 3.7x 3.1x 3.0x 5.0x 3.3x 5.7x 3.4x 4.2x 2.8x
Quick ratio 2.9x 3.7x 3.1x 3.0x 5.0x 3.2x 5.6x 3.4x 4.2x 2.8x
Capital allocation
Capex / revenue 3.0% 1.6% 1.3% 1.9% 0.5% 0.8% 0.4% 3.5% 9.4% 0.7%
Stock comp / revenue 0.2% 1.6% 4.6% 5.8% 8.2% 5.6% 3.3% 9.1% 7.8% 5.6%
Payouts / FCF 423.8% 0.0% 0.0% 0.0% 0.0% 0.0% 5.8% 208.6% 81.1% 121.8%
Quality scores
Piotroski F-score — — — — — — 4.0 5.0 7.0 7.0
Altman Z'' −0.1 6.4 6.7 5.4 8.7 6.4 10.1 6.3 7.2 7.4
Accruals ratio — −9.0% 6.1% −8.5% −17.7% 1.5% −18.5% −9.5% −26.9% −18.8%

Source: SEC EDGAR XBRL filings (CIK 0001494259). Data updated October 19, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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