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CAR Group Limited CAR

ASXInternet platformsFinancials to Jun 30, 2026 · Updated Nov 11, 2026

On Stock Analysis · affiliate link
CAR financials
Moat score
84
ROIC
9.5%
P/E
31.5
EV/EBIT
23.0
FCF yield
4.4%
Dividend yield
3.0%
Market cap
A$9.9B

Moat ranks

Score rankTied #91 of 396
Durabilitydurable
Market structureOligopoly
Pricing powerstrong

Balance sheet

6/30/26
A$BJun '25Jun '26
Cash0.30.3
Securities0.00.0
Debt1.41.5
Net cash-1.1-1.2
Equity3.02.7
Leverage
Debt / EBITDA
2.28×
Debt / equity
0.56×
Leases (6/30/26)
A$77M
Capital
Diluted shares
379M
Book value / share
A$7.24
Price / book
3.6×
Net cash / share
−A$3.16
Market cap
A$9.9B
Enterprise value
A$11.1B

Per-share record

Fiscal years and TTM
Scale
A$0A$1A$2A$3A$4'17'18'19'20'21'22'23'24'253.31'26
Revenue per shareCash flow per share

Key indicators

Latest: H2 '26
IndicatorLatestVs year agoLast 8 halves
Revenue growth3.8%-2.6 pts
Operating margin39.6%–
FCF margin37.9%-2.7 pts
Capex / revenue12.1%+2.1 pts
Subscribed dealers~50,000+2%
Vehicles online~2.4M+4%
Monthly unique audience~52.0M+6%
Page views~19.00B0%
Dealer leads~23.0M+5%

Margins and growth from reported quarters; company KPIs as reported in results releases.

About CAR

CAR Group connects vehicle buyers and sellers through carsales in Australia, Trader Interactive in North America, webmotors in Brazil and Encar in South Korea. Australia supplies 41% of FY2026 revenue, followed by North America at 26%, Latin America at 20% and Asia at 12%.

Revenue mix
Australia 41.3%North America 26.1%Latin America 20.2%Asia 11.6%Investments 0.9%
  • Two Sided Network

    High buyer traffic and dealer participation reinforce each other, supporting ongoing lead generation and monetisation.

  • Brand Trust

    A current commissioned survey finds a large trust advantage in private sales; trust can sustain buyer preference where fraud and transaction risk matter.

  • Ecosystem Complements

    Payments, Autogate and Nexgate tools extend carsales into transaction and dealer workflows.

  • Two Sided Network

    Vertical focus concentrates supply and demand, improving match quality and lead volume for dealers.

Timeline
  1. Nov 9, 2026

    Appointed OrlaGlynn as independent nonexecutive director, bringing board size to eight and adding data/AI transformation experience. Source: https://app.sharelinktechnologies.com/announcement/asx/3bc63a98afc610c06e71f8d93366b335

  2. Oct 29, 2026

    webmotors agreed to acquire51%ofAutoAvaliar forR$543m (aboutA$144m), adding dealerB2B valuation/trading workflow. Closing requiresCADE, CentralBankofBrazil and customary approvals; issuer expects no material grouprevenue/earnings impact. Source: https://app.sharelinktechnologies.com/announcement/asx/a899d410592569c548100fe6f40dc9ca

  3. Sep 22, 2026

    Kee Wong retired from the board after eight years, leaving a board and sustainability-committee succession task.

  4. Aug 4, 2026

    CAR Group refinanced its syndicated facility from A$820m to A$1.2bn, extending maturities into 2029-2031 while retaining floating-rate exposure.

  5. Mar 2, 2026

    Geoff Trumbull joined as CFO, adding capital-allocation and acquisition experience under the new CEO.

Ownership

CEO
William Elliott
Since 2025 · 1 yrs
Professional CEOSingle share class

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Financial record

Fiscal year2017201820192020202120222023202420252026TrendChange 2017–26
Per share (A$)
Revenue1.541.551.711.601.721.742.192.913.133.31+8.9%/yr
Cash flow0.520.490.650.700.810.690.841.211.371.52+12.8%/yr
Earnings0.450.750.540.490.530.551.810.660.720.83+6.9%/yr
Free cash flow0.500.450.540.560.670.530.600.951.061.15+9.6%/yr
Capex0.010.040.110.140.130.160.240.270.310.37+46.7%/yr
Dividends0.350.370.390.430.460.430.520.650.740.79+9.3%/yr
Book value1.121.351.271.183.773.458.617.647.877.24+23.0%/yr
Diluted shares (M)242243244246249293357378378379+5.1%/yr
Totals (A$B)
Revenue0.40.40.40.40.40.50.81.11.21.3+14.4%/yr
Operating income0.20.20.20.20.20.20.30.40.40.5+12.5%/yr
Net income0.10.20.10.10.10.20.60.20.30.3+12.4%/yr
Free cash flow0.10.10.10.10.20.20.20.40.40.4+15.2%/yr
Buybacks0.00.00.00.00.00.00.00.00.00.0–
Dividends0.10.10.10.10.10.10.20.20.30.3+14.8%/yr
Net cash-0.2-0.4-0.4-0.40.2-0.5-1.0-1.0-1.1-1.2−A$1.0B
Margins & returns (%)
Operating margin44.847.943.542.047.143.732.737.537.738.4-6.3 pts
Net margin29.448.431.630.430.631.682.622.723.225.0-4.4 pts
FCF margin32.829.331.535.039.130.527.232.533.934.8+2.0 pts
ROIC30.419.520.719.622.411.34.98.38.59.5-20.9 pts
Return on equity40.355.742.741.213.915.921.08.79.211.4-28.9 pts
Stock pay % of revenue-0.10.5-0.00.90.70.40.30.40.60.5+0.5 pts
Capex % of revenue0.82.36.48.57.89.511.19.310.011.3+10.5 pts

Change uses 2017 and 2026 only: compound annual growth for amounts, points for margins and returns, and the change in amount for net cash. A dash means no 2017 base. Trend shows the fiscal years.

Per-share values use diluted weighted shares.ROIC = operating income × (1 − 22.4% tax rate, the company's own over three fiscal years excluding one-offs) ÷ (equity + debt − cash and current securities). Returns show a dash when their base is negative or under 10% of revenue. Free cash flow = operating cash flow − capex. Debt is all borrowings; net cash counts long-term securities and excludes leases. No trailing-twelve-month column: no complete four quarters end after the last fiscal year.

Moat

Moat scorecard

Moat score84
Strength
Confidence
Structure
Oligopoly
Durability
durable
Trajectory
widening
Pricing power
strong
Segments
  • Australia41.3%
    3 claims
  • North America26.1%
    1 claim
  • Latin America20.2%
    1 claim
  • Asia11.6%
    1 claim
  • Investments0.9%
    Not scored: evidence insufficient

Moat claims

Applies to
Australia
Confidence
Durability
durable
Trajectory
wideningas of Aug 10, 2026
Why it holds

High buyer traffic and dealer participation reinforce each other, supporting ongoing lead generation and monetisation.

Why widening

Carsales had 6.6 times the nearest vertical competitor's sessions in FY2026, versus 6.4 times in H1, while dealer revenue grew 8% on more leads and higher yield.

Indicators
  • Subscribed dealers~50,000+2%
  • Vehicles online~2,400,000+4%
  • Monthly unique audience~52,000,000+6%
  • Page views~19.00B0%
  • Dealer leads~23,000,000+5%
  • Carsales sessions versus nearest vertical rival7
Risks
  • Multi-homing by dealers across multiple platforms
  • Buyer discovery shifting to social platforms (e.g., Facebook Marketplace)
  • OEMs increasing direct-to-consumer and owned media channels

Profile change log

  1. Nov 11, 2026 · business change

    Appointed OrlaGlynn as independent nonexecutive director, bringing board size to eight and adding data/AI transformation experience. Source: https://app.sharelinktechnologies.com/announcement/asx/3bc63a98afc610c06e71f8d93366b335

  2. Nov 11, 2026 · business change

    webmotors agreed to acquire51%ofAutoAvaliar forR$543m (aboutA$144m), adding dealerB2B valuation/trading workflow. Closing requiresCADE, CentralBankofBrazil and customary approvals; issuer expects no material grouprevenue/earnings impact. Source: https://app.sharelinktechnologies.com/announcement/asx/a899d410592569c548100fe6f40dc9ca

  3. Oct 7, 2026 · business change

    Kee Wong retired from the board after eight years, leaving a board and sustainability-committee succession task.

  4. Oct 7, 2026 · business change

    CAR Group refinanced its syndicated facility from A$820m to A$1.2bn, extending maturities into 2029-2031 while retaining floating-rate exposure.

  5. Oct 7, 2026 · business change

    Geoff Trumbull joined as CFO, adding capital-allocation and acquisition experience under the new CEO.

  6. Oct 7, 2026 · business change

    CAR Group bought Syonet for A$106.7m, adding customer-management software in Brazil and increasing acquisition-related goodwill.

  7. Oct 7, 2026 · business change

    CAR Group bought Machines4U for A$49.8m, adding an Australian equipment marketplace.

  8. Oct 7, 2026 · business change

    William Elliott became CAR Group CEO after Cameron McIntyre, moving the former group CFO into the operating leadership role.

  9. Oct 7, 2026 · business change

    CAR Group bought 70.45% of Revenda Mais, adding dealer software in Brazil.

  10. Oct 7, 2026 · business change

    CAR Group bought Pop Sells, adding a transaction commission model alongside its North American advertising businesses.

  11. Oct 7, 2026 · business change

    CAR Group bought DP360, adding dealer customer-management software to its North American marketplace services.

  12. Oct 7, 2026 · business change

    CAR Group announced the exit of its Australian tyres business, reducing reported goods revenue and making like-for-like growth differ from reported growth.

  13. Oct 7, 2026 · business change

    CAR Group increased its webmotors holding to 70%, taking control of the Brazilian marketplace and bringing its revenue into consolidated results.

  14. Oct 7, 2026 · business change

    CAR Group took full control of Trader Interactive, adding North American specialty marketplaces and a large acquired-intangible balance.

  15. Oct 7, 2026 · analyst revision

    Added six sourced moat trajectories, operating KPI histories, management, a testable bull/bear debate and regional market profiles. Corrected H1 source dates to the public release on 9 February. Preserved sector, industry, claim strengths and page timestamps.

  16. Oct 7, 2026 · analyst revision

    Replaced H1 revenue weights with FY2026 external revenue and corrected Investments from minority holdings to inspection services, early-stage ventures and AI development. The annual report gives insufficient competitive evidence for that small segment; no claim was removed and its score exclusion is unchanged.

Industry & peers

Peer map

0%10%20%30%40%50%60708090100Moat scoreIndustry medianCARMELI

Hover a point for its values; click a peer to compare. Dashed lines: industry medians.

Australian online vehicle marketplaces

As of Oct 7, 2026
OligopolyMedium cyclicality

Digital vehicle classified listings, dealer and manufacturer advertising, and supporting automotive data and transaction services in Australia. Excludes vehicle manufacturing, the sale price of the vehicles themselves, and wholesale auctions.

  1. Carsales
  2. Gumtree
  3. CarsGuide / Autotrader
  4. Facebook Marketplace
2020 leaders, no comparable shares · ACCC 2020 merger assessment names Australian automotive-classified competitors; no current shares
StocksMoatGross m.Op. m.
CAR84–38.4%
Industry median197556.7%24.1%
Sector median178156.7%29.4%
All stocks median3987653.1%20.0%

Moat medians cover every stock. Margin medians count only stocks with collected numbers and need at least three.

Drivers & risks

Demand drivers
  • Digitising vehicle searches and dealer lead management gives large marketplaces more ways to earn from a buyer journey.
  • New electric and hybrid brands need an audience of active buyers; carsales reported 37% growth in media revenue from new manufacturer entrants in FY2026.
  • Trusted payments, ownership records and vehicle data can reduce sale friction and create service revenue beyond listing fees.
  • Vehicle replacement needs support used-car activity through softer economic periods, while dealer stock turnover determines lead demand.
Risks
  • Higher loan rates and weaker household spending can delay transactions and reduce dealer advertising budgets.
  • Free general classifieds, dealer multi-listing and search or AI discovery can weaken paid traffic and listing exclusivity.
  • Scams, payment failures and misuse of buyer data can damage the trust that supports paid transactions.
  • Data, AI and dealer-software investment raises fixed costs; more features alone do not prove customer retention.

Bulls & bears

Key question · as of Oct 7, 2026

Can CAR Group keep its buyer and dealer networks strong enough to sell more useful services per customer, without rising acquisition, software and finance costs absorbing the gains?

Arguments

4 forFaded: weakening or settled4 against

What to watch

  1. 1Regional traffic lead, buyer leads and active dealer customers
  2. 2Payment volume, Wallet dealers and Encar Home completed transactions
  3. 3Reported operating cash flow, software capex and borrowing costs

Next check: H1 FY2027 results: test the October 30 guidance of 11–14% constant-currency revenue growth, integration of acquired dealer workflows and consistent listing/traffic definitions. AutoAvaliar closing remains subject to regulatory approval.

Sources: company filings and dated sources collected for Find My Moat; market cap as of Nov 10, 2026. Not investment advice.

Cite or reuse this data

Free to reuse, commercially too, with a credit link. See the data license.

Moat Score 84/100 by <a href="https://www.findmymoat.com/stocks/XASX:CAR">Find My Moat</a> (as of September 2026)

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