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Side-by-side financial comparison of Assurant (AIZ) and CarMax (KMX). Click either name above to swap in a different company.
CarMax is the larger business by last-quarter revenue ($5.8B vs $3.4B, roughly 1.7× Assurant). Assurant runs the higher net margin — 6.7% vs 1.1%, a 5.6% gap on every dollar of revenue. On growth, Assurant posted the faster year-over-year revenue change (7.9% vs -6.9%). CarMax produced more free cash flow last quarter ($1.1B vs $611.7M). Over the past eight quarters, Assurant's revenue compounded faster (7.9% CAGR vs 1.5%).
Assurant, Inc. is a global provider of risk management products and services with headquarters in Atlanta. Its businesses provide a diverse set of specialty, niche-market insurance products in the property, casualty, extended device protection, and preneed insurance sectors. The company's main operating segments are Global Housing and Global Lifestyle.
CarMax, Inc. is a used vehicle retailer based in the United States. It operates two business segments: CarMax Sales Operations and CarMax Auto Finance. The company began as a side business of Circuit City Corporation, Inc., opening its first location in September 1993 in Richmond, Virginia. As of January 2025, CarMax operates 253 locations.
AIZ vs KMX — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $3.4B | $5.8B |
| Net Profit | $225.2M | $62.2M |
| Gross Margin | — | 10.2% |
| Operating Margin | 8.5% | — |
| Net Margin | 6.7% | 1.1% |
| Revenue YoY | 7.9% | -6.9% |
| Net Profit YoY | 11.9% | -50.4% |
| EPS (diluted) | $4.37 | $0.43 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $3.4B | $5.8B | ||
| Q3 25 | $3.2B | $6.6B | ||
| Q2 25 | $3.2B | $7.5B | ||
| Q1 25 | $3.1B | $6.0B | ||
| Q4 24 | $3.1B | $6.2B | ||
| Q3 24 | $3.0B | $7.0B | ||
| Q2 24 | $2.9B | $7.1B | ||
| Q1 24 | $2.9B | $5.6B |
| Q4 25 | $225.2M | $62.2M | ||
| Q3 25 | $265.6M | $95.4M | ||
| Q2 25 | $235.3M | $210.4M | ||
| Q1 25 | $146.6M | $89.9M | ||
| Q4 24 | $201.3M | $125.4M | ||
| Q3 24 | $133.8M | $132.8M | ||
| Q2 24 | $188.7M | $152.4M | ||
| Q1 24 | $236.4M | $50.3M |
| Q4 25 | — | 10.2% | ||
| Q3 25 | — | 10.9% | ||
| Q2 25 | — | 11.8% | ||
| Q1 25 | — | 11.1% | ||
| Q4 24 | — | 10.9% | ||
| Q3 24 | — | 10.8% | ||
| Q2 24 | — | 11.1% | ||
| Q1 24 | — | 10.4% |
| Q4 25 | 8.5% | — | ||
| Q3 25 | 10.2% | — | ||
| Q2 25 | 9.2% | — | ||
| Q1 25 | 6.0% | 2.0% | ||
| Q4 24 | 8.1% | 2.7% | ||
| Q3 24 | 5.1% | 2.5% | ||
| Q2 24 | 8.0% | 2.9% | ||
| Q1 24 | 10.2% | 1.2% |
| Q4 25 | 6.7% | 1.1% | ||
| Q3 25 | 8.2% | 1.4% | ||
| Q2 25 | 7.4% | 2.8% | ||
| Q1 25 | 4.8% | 1.5% | ||
| Q4 24 | 6.5% | 2.0% | ||
| Q3 24 | 4.5% | 1.9% | ||
| Q2 24 | 6.5% | 2.1% | ||
| Q1 24 | 8.2% | 0.9% |
| Q4 25 | $4.37 | $0.43 | ||
| Q3 25 | $5.17 | $0.64 | ||
| Q2 25 | $4.56 | $1.38 | ||
| Q1 25 | $2.83 | $0.58 | ||
| Q4 24 | $3.86 | $0.81 | ||
| Q3 24 | $2.55 | $0.85 | ||
| Q2 24 | $3.58 | $0.97 | ||
| Q1 24 | $4.47 | $0.31 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.8B | $204.9M |
| Total DebtLower is stronger | — | $16.6B |
| Stockholders' EquityBook value | $5.9B | $6.1B |
| Total Assets | $36.3B | $25.6B |
| Debt / EquityLower = less leverage | — | 2.74× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.8B | $204.9M | ||
| Q3 25 | $1.7B | $540.4M | ||
| Q2 25 | $1.5B | $262.8M | ||
| Q1 25 | $1.7B | $247.0M | ||
| Q4 24 | $1.8B | $271.9M | ||
| Q3 24 | $1.8B | $524.7M | ||
| Q2 24 | $1.7B | $218.9M | ||
| Q1 24 | $1.3B | $574.1M |
| Q4 25 | — | $16.6B | ||
| Q3 25 | — | $17.8B | ||
| Q2 25 | — | $18.0B | ||
| Q1 25 | — | $18.1B | ||
| Q4 24 | — | $18.1B | ||
| Q3 24 | — | $18.1B | ||
| Q2 24 | — | $18.2B | ||
| Q1 24 | — | $18.0B |
| Q4 25 | $5.9B | $6.1B | ||
| Q3 25 | $5.8B | $6.2B | ||
| Q2 25 | $5.5B | $6.3B | ||
| Q1 25 | $5.2B | $6.2B | ||
| Q4 24 | $5.1B | $6.2B | ||
| Q3 24 | $5.3B | $6.2B | ||
| Q2 24 | $5.0B | $6.2B | ||
| Q1 24 | $4.9B | $6.1B |
| Q4 25 | $36.3B | $25.6B | ||
| Q3 25 | $35.8B | $27.1B | ||
| Q2 25 | $35.5B | $27.4B | ||
| Q1 25 | $35.0B | $27.4B | ||
| Q4 24 | $35.0B | $27.3B | ||
| Q3 24 | $35.3B | $27.3B | ||
| Q2 24 | $33.8B | $27.2B | ||
| Q1 24 | $33.2B | $27.2B |
| Q4 25 | — | 2.74× | ||
| Q3 25 | — | 2.87× | ||
| Q2 25 | — | 2.86× | ||
| Q1 25 | — | 2.91× | ||
| Q4 24 | — | 2.92× | ||
| Q3 24 | — | 2.93× | ||
| Q2 24 | — | 2.95× | ||
| Q1 24 | — | 2.96× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $671.0M | $1.3B |
| Free Cash FlowOCF − Capex | $611.7M | $1.1B |
| FCF MarginFCF / Revenue | 18.3% | 19.2% |
| Capex IntensityCapex / Revenue | 1.8% | 2.4% |
| Cash ConversionOCF / Net Profit | 2.98× | 20.14× |
| TTM Free Cash FlowTrailing 4 quarters | $1.6B | $1.9B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $671.0M | $1.3B | ||
| Q3 25 | $505.0M | $785.5M | ||
| Q2 25 | $265.5M | $299.5M | ||
| Q1 25 | $392.4M | $146.4M | ||
| Q4 24 | $102.8M | $-23.4M | ||
| Q3 24 | $436.5M | $619.1M | ||
| Q2 24 | $710.9M | $-117.7M | ||
| Q1 24 | $82.5M | $309.6M |
| Q4 25 | $611.7M | $1.1B | ||
| Q3 25 | $442.1M | $654.0M | ||
| Q2 25 | $205.6M | $162.8M | ||
| Q1 25 | $339.0M | $18.8M | ||
| Q4 24 | $34.8M | $-150.6M | ||
| Q3 24 | $389.4M | $509.9M | ||
| Q2 24 | $655.5M | $-221.6M | ||
| Q1 24 | $31.7M | $199.8M |
| Q4 25 | 18.3% | 19.2% | ||
| Q3 25 | 13.7% | 9.9% | ||
| Q2 25 | 6.5% | 2.2% | ||
| Q1 25 | 11.0% | 0.3% | ||
| Q4 24 | 1.1% | -2.4% | ||
| Q3 24 | 13.1% | 7.3% | ||
| Q2 24 | 22.4% | -3.1% | ||
| Q1 24 | 1.1% | 3.6% |
| Q4 25 | 1.8% | 2.4% | ||
| Q3 25 | 1.9% | 2.0% | ||
| Q2 25 | 1.9% | 1.8% | ||
| Q1 25 | 1.7% | 2.1% | ||
| Q4 24 | 2.2% | 2.0% | ||
| Q3 24 | 1.6% | 1.6% | ||
| Q2 24 | 1.9% | 1.5% | ||
| Q1 24 | 1.8% | 2.0% |
| Q4 25 | 2.98× | 20.14× | ||
| Q3 25 | 1.90× | 8.24× | ||
| Q2 25 | 1.13× | 1.42× | ||
| Q1 25 | 2.68× | 1.63× | ||
| Q4 24 | 0.51× | -0.19× | ||
| Q3 24 | 3.26× | 4.66× | ||
| Q2 24 | 3.77× | -0.77× | ||
| Q1 24 | 0.35× | 6.16× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AIZ
| Global Lifestyle | $2.6B | 78% |
| Global Housing | $749.1M | 22% |
| Service Contracts And Sales | $34.5M | 1% |
KMX
| Used Vehicles | $4.5B | 78% |
| Wholesale Vehicles | $1.1B | 19% |
| Other | $150.6M | 3% |
| Extendedprotectionplan Domain | $96.6M | 2% |
| Advertising Subscription Revenues Domain | $35.1M | 1% |
| Service Domain | $18.5M | 0% |
| Thirdpartyfinancefees Domain | $3.0M | 0% |
