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Carvana Co.

CVNA Consumer Cyclical Auto & Truck Dealerships

Carvana Co.’s revenue for fiscal 2025 (year ended December 2025) was $20.3 billion, up 48.6% from fiscal 2024.

Revenue
+42.4%
EPS
+210.2%
Free cash flow
+59.4%
Total debt
+0.48%

Quarter to September 2026, against a year earlier

72.34 5.22 −6.73%
Market cap
$79.5B
P/E
27.2×
Fwd P/E
41.2×
Dividend yield
—
F-score
6/9
Altman Z
6.34
Beneish M
−0.99
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2024

  • Reportable Segment

Every year since 2017 →

Insider Decisions last twelve months

Bought, $m 1.55
Sold, $m 259.43
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — 1 — — — — — 1 — — — —
Sell 11 4 5 5 4 4 6 3 5 4 4 5
Insider Ownership 6.34%

Capital & Financial Ratios $m

Size
Market Cap 79,520.00
Revenue ttm 27,451.00
Net income ttm 2,352.00
Free cash flow ttm 1,115.00
Net debt Q 2,056.00
Valuation
P/E 27.20
Forward P/E 41.20 (above 35: high)
Price / sales 1.90
Forward P/S Powerpack
Price / FCF 46.77
Price / book 9.22 (above 6: high)
Financial health
Current ratio Q 4.05 (at or above 1.5: strong)
Debt / equity Q 0.92
Interest coverage Q 7.29
Growth
Revenue growth Q +42.38% (above 0%: growing)
Operating income growth Q +29.35% (above 0%: growing)
EPS, this year −8.21% (below 0%: weak)
EPS, next year A +38.29% (at or above 15%: strong)
Revenue, next year A +46.17% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +19.27% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.0×, against a ten-year median of 1.4×; over the ten years it ranged from 0.4× in 2017 to 3.8× in 2020.
P/S against its own 10 years 66.81%
10-year low 10-year high
P/B against its own 10 years 33.89%
10-year low 10-year high
EV/Sales against its own 10 years 63.88%
10-year low 10-year high
EV/FCF against its own 10 years 50.39%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 594 1,760 2,429 3,172
Receivables 1,073 915 1,058 1,216
Inventory 1,150 1,608 2,408 3,456
Other 504 586 654 784
3,321 4,869 6,549 8,628
2023 2024 2025 Q'26
Payables 596 856 1,100 1,574
ST’ Debt 857 376 285 354
Other 83 106 134 202
1,536 1,338 1,519 2,130

Compound Annual Growth %

10y 5y 3y
Sales 65.68% 29.47% 14.31%
Cash Flow 0.00% 0.00% 0.00%
Earnings 0.00% 0.00% 0.00%
Book Value 0.00% 39.28% 0.00%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.47 Actual 0.39

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.23 0.84 Beat by 0.61
Q1 FY26 0.28 0.34 Beat by 0.06
Q2 FY26 0.42 0.42 Met by 0.00
Q3 FY26 0.47 0.39 Miss by 0.08
Q4 FY26 0.38 — Reports 17 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.34 0.42 0.65 — —
’25 0.30 0.26 0.21 0.84 1.69
’24 0.05 0.03 0.13 0.11 0.32
’23 (0.30) (0.11) 0.72 (0.20) 0.15
’22 (0.58) (0.47) (0.53) (1.52) (3.15)
’21 (0.09) 0.05 (0.08) (0.20) (0.33)
’20 (0.24) (0.12) (0.02) (0.17) (0.53)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 6,432 7,376 8,040 — —
’25 4,232 4,840 5,647 5,603 20,322
’24 3,061 3,410 3,655 3,547 13,673
’23 2,606 2,968 2,773 2,424 10,771
’22 3,497 3,884 3,386 2,837 13,604
’21 2,245 3,336 3,480 3,753 12,814
’20 1,098 1,118 1,544 1,827 5,587
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 107 238 555 — —
’25 232 29 345 430 1,036
’24 101 354 403 60 918
’23 (66) 509 599 (239) 803
’22 (593) 106 (98) (739) (1,324)
’21 (532) (607) (283) (1,172) (2,594)
’20 (168) (7) (272) (161) (608)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 56 189 491 — —
’25 206 (2) 308 379 891
’24 88 335 377 38 838
’23 (86) 512 605 (243) 788
’22 (813) (35) (188) (756) (1,792)
’21 (614) (719) (479) (1,339) (3,151)
’20 (258) (88) (371) (251) (968)
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 20.6% a year for ten years.

Implied
20.6%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.9
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 365 859 1,955 3,940 5,587 12,814 13,604 10,771 13,673 20,322 27,451 +56.3% 29,704 37,306 46,302 +31.6%
Gross margin, % 5.26 7.93 10.06 12.87 14.21 15.05 9.16 16.01 21.03 20.63 19.04 +15.4 pt
EBT (93) (164) (255) (365) (462) (286) (2,893) 175 400 (890) (260) +28.5%
EBT margin, % (25.50) (19.13) (13.03) (9.26) (8.27) (2.23) (21.27) 1.62 2.93 (4.38) (0.95) +21.1 pt
Net income (93) (164) (255) (365) (462) (287) (2,894) 150 404 1,895 2,352 n/m
Per share, $
Per share, $ Revenue 4.87 11.27 13.02 16.82 17.20 30.95 26.98 19.70 22.35 29.53 38.08 +22.2%
Earnings (1.24) (0.26) (0.45) (0.49) (0.53) (0.33) (3.15) 0.82 0.34 2.04 2.66 n/m
Cash flow (3.20) (2.62) (2.76) (3.23) (1.87) (6.27) (2.63) 1.47 1.50 1.51 1.85 n/m
Capex (0.53) (1.03) (0.96) (0.99) (1.11) (1.35) (0.93) (0.03) (0.13) (0.21) (0.30) (9.7%)
Free cash flow (3.73) (3.65) (3.71) (4.22) (2.98) (7.61) (3.55) 1.44 1.37 1.29 1.55 n/m
Book value (1.55) 3.67 1.51 0.82 2.47 1.27 (2.09) (0.70) 2.25 6.11 7.84 n/m
Shares, m 75 76 150 234 325 414 504 547 612 688 710 +27.9%
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 0.00 0.00 0.00 12.24 120.33 41.82 27.20 17.4
P/S 0.37 0.32 0.50 1.09 2.79 1.50 0.03 0.50 1.82 2.86 1.90 1.2
P/B 0.00 1.53 4.32 22.47 19.41 36.56 0.00 0.00 18.09 13.82 9.22 11.6
EV/Sales 0.81 0.46 0.78 1.45 3.04 1.87 0.60 1.02 2.10 2.99 1.97 1.5
EV/FCF (1.27) (1.42) (2.74) (5.76) (17.52) (7.61) (4.55) 13.98 34.31 68.20 48.61 7.6
Cash, $m
Cash, $m Operating cash flow (240) (200) (414) (757) (608) (2,594) (1,324) 803 918 1,036 1,330 n/m
Capex (40) (78) (144) (231) (360) (557) (468) (15) (80) (145) (215) +15.5%
Free cash flow (280) (278) (558) (988) (968) (3,151) (1,792) 788 838 891 1,115 n/m
Balance, $m
Balance, $m Working capital 79 184 333 495 1,456 2,002 2,002 1,785 3,531 5,030 6,498 +58.7%
Net debt 121 115 545 1,382 1,393 4,777 7,681 5,679 3,872 2,686 2,056 +41.1%
Shareholders’ equity (116) 280 227 192 802 525 (1,053) (384) 1,375 4,203 5,653 n/m
Returns, %
Returns, % ROA (39.47) (13.20) (7.48) (7.54) (6.72) (2.69) (20.20) 5.71 2.70 12.98 13.62 +52.4 pt
ROIC (1,042.78) (24.59) (18.50) (11.12) (9.45) (1.23) (22.17) (0.94) 11.79 17.07 19.45 +1,059.9 pt
ROE 156.78 (194.09) (29.80) (54.84) (34.41) (20.35) 601.14 (62.63) 42.38 50.45 39.66 (106.3) pt
People
People Employees 1,067 1,864 3,879 7,324 10,400 21,000 16,600 13,700 17,400 23,100 — +40.7%
Revenue/emp, $m 0.34 0.46 0.50 0.54 0.54 0.61 0.82 0.79 0.79 0.88 — +11.1%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Carvana sells used cars to consumers through an online platform. Customers can browse vehicles, arrange financing, trade in or sell a car, and choose delivery or pickup. Carvana also sells vehicles wholesale and operates a marketplace where other sellers can offer vehicles to buyers.

The business acquires used vehicles from consumers, auctions and wholesale suppliers. It transports them to inspection and reconditioning sites, where technicians inspect and prepare vehicles for sale. Cars that do not meet its retail standards are sold wholesale. Customers can view photographs and virtual tours of individual vehicles on the website, including images of imperfections.

Where the money comes from and where it goes Fiscal 2024

Fiscal 2024: revenue by segment, and margins
Reportable Segment 13,673 100.00%
Gross margin 21.03%
Operating margin 7.24%
Pre-tax margin 2.93%

Revenue by segment since 2017

Carvana Co. vs peers in Auto & Truck Dealerships (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
CVNA Carvana Co. $79.5B 27.2× 41.2× +42.38% (above 0%: growing) +210.19% (above 0%: growing) +59.42% (above 0%: growing) 18.92% 8.88%
PAG Penske Automotive Group, Inc. $13.9B 15.5× 16.1× +4.50% (above 0%: growing) +4.24% (above 0%: growing) −28.97% (below 0%: shrinking) 15.73% 3.60% Compare
KMX CarMax, Inc. $7.5B 25.8× 17.2× +19.46% (above 0%: growing) +81.25% (above 0%: growing) +23.18% (above 0%: growing) 10.15% 3.00% Compare
LAD Lithia Motors, Inc. $6.8B 9.1× 8.2× +2.80% (above 0%: growing) +53.54% (above 0%: growing) +39.80% (above 0%: growing) 15.04% 4.22% Compare
AN AutoNation, Inc. $6.0B 9.0× 8.5× −0.39% (below 0%: shrinking) −13.81% (below 0%: shrinking) +8.79% (above 0%: growing) 17.23% 4.49% Compare
RUSHA Rush Enterprises, Inc. $5.7B 19.1× 17.7× +12.35% (above 0%: growing) +19.02% (above 0%: growing) −56.15% (below 0%: shrinking) 18.31% 5.11% Compare
VVV Valvoline $4.6B 44.7× 31.9× +24.05% (above 0%: growing) +15.91% (above 0%: growing) +110.31% (above 0%: growing) 39.46% 20.60% Compare
OPLN OPENLANE, Inc. $4.4B — (loss-making) 29.6× +12.60% (above 0%: growing) +38.46% (above 0%: growing) +44.62% (above 0%: growing) 44.89% 17.57% Compare
RUSHB Rush Enterprises, Inc. $3.9B 26.1× 17.7× −1.61% (below 0%: shrinking) 0.00% −56.15% (below 0%: shrinking) 19.04% 5.12% Compare
Median of peers $5.9B 19.1× 17.5× +8.42% +17.47% +15.99% 17.77% 4.80%

All 25 Auto & Truck Dealerships stocks →

From the latest earnings call

Updated

  • CEO Ernie Garcia said Carvana’s growth is constrained by its ability to scale its supply chain, despite demand across vehicle and customer segments.
  • CFO Mark Jenkins said lower customer interest rates and rising benchmarks reduced other gross profit per retail unit, while fuel and logistics raised operating costs.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Needham Oct 29, 2026 Target cut Buy 120.00 → 100.00
BTIG Oct 29, 2026 Target cut Buy 87.00 → 82.00
Bank of America Oct 29, 2026 Target raised Hold 70.00 → 72.00
Morgan Stanley Oct 29, 2026 Upgrade Buy —
Jefferies Oct 23, 2026 Reiterated Buy 88.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 67.05%
Held by the ten largest 41.36%
Holder Shares Stake Change
Capital Group 100.93m 9.17% +84.15m
Vanguard 85.10m 7.73% +68.32m
T. Rowe Price 84.70m 7.70% +66.91m
BlackRock 48.49m 4.41% +36.96m
Fidelity (FMR) 33.60m 3.05% +26.16m
State Street 29.44m 2.67% +23.74m
CAS Investment Partners, LLC 22.56m 2.05% +18.02m
GREENOAKS LLC 21.34m 1.94% +17.14m
Geode Capital Management 16.65m 1.51% +12.74m
VIKING GLOBAL INVESTORS LP 12.32m 1.12% +9.54m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 25 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 8.38m 110.14m 176.18
2024 10.60m 118.07m 84.90
2023 6.45m 38.12m 22.10
2022 5.59m (10.10m) 1.98
2021 5.05m 5.30m 96.76

Ownership

Directors and executive officers, together 33.00%
Ernest C. Garcia, II 50.00%
Ernest C. Garcia, III 33.00%
CVAN Holdings, LLC 1.00%
The Vanguard Group less than 1%
T. Rowe Price Associates, Inc. less than 1%
BlackRock, Inc. less than 1%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

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CVNA metrics, ten years each

stockrow.com/CVNA · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com