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. In the quarter to June 2026, revenue grew 52.4%, EPS grew 59.3%, free cash flow grew 9,550.0% and total debt fell 8.25%, each against the same quarter a year earlier. Member of the S&P 500; operating cash flow growth for three consecutive years; insiders bought in the last twelve months.
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Carvana Co. (CVNA) Altman Z-score
Carvana Co.'s Altman Z-score for fiscal 2025 is 6.34, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 6.34 | 1.98 |
| FY2024 | 4.36 | 2.43 |
| FY2023 | 1.93 | 1.29 |
| FY2022 | 0.64 | (3.15) |
| FY2021 | 3.80 | (2.28) |
| FY2020 | 6.07 | 3.06 |
| FY2019 | 3.02 | 0.72 |
| FY2018 | 2.29 | 0.95 |
| FY2017 | 1.34 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.38 | — | 0.46 | |
| Retained earnings / total assets | 0.00 | — | −0.00 | |
| EBIT / total assets | 0.14 | — | 0.47 | |
| Market value of equity / total liabilities | 6.46 | — | 3.87 | |
| Sales / total assets | 1.54 | — | 1.54 | |
| Altman Z-score | Safe zone | 6.34 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 3.95 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| CVNA Carvana Co. | 6.3× |
| RUSHB Rush Enterprises, Inc. compare | 3.9× |
| RUSHA Rush Enterprises, Inc. compare | 3.9× |
| AN AutoNation, Inc. compare | 3.1× |
| PAG Penske Automotive Group, Inc. compare | 3.0× |
| VVV Valvoline compare | 2.4× |
| LAD Lithia Motors, Inc. compare | 2.4× |
| KMX CarMax, Inc. compare | 1.6× |
| OPLN OPENLANE, Inc. compare | 1.4× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets
More on CVNA
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Beneish M-score
- The full statement