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Carvana (CVNA)

Market Price (10/15/2025): $346.7 | Market Cap: $46.9 Bil
Sector: Consumer Discretionary | Industry: Automotive Retail

Carvana (CVNA)

Market Price (10/15/2025): $346.7
Market Cap: $46.9 Bil
Sector: Consumer Discretionary
Industry: Automotive Retail

Investment Highlights

0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 39%		  Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 30x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 65x, P/EPrice/Earnings or Price/(Net Income) is 83x
1   Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.2%
0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 39%
1 Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 30x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 65x, P/EPrice/Earnings or Price/(Net Income) is 83x
2 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.2%

Market Valuation & Key Metrics

CVNAS&P 500
REVENUE GROWTHVERY GOOD
Rev LTM ($ Bil)16.3
Rev Chg Q41.9%6.1%
Rev Chg LTM39.5%5.2%
Rev Chg 3Y Avg6.4%5.3%
PROFITABILITYVERY POOR
Op Inc LTM ($ Bil)1.5
Op Mgn LTM9.2%18.6%
CFO LTM ($ Bil)0.7
CFO/Rev LTM4.4%20.3%
Net Inc LTM ($ Bil)0.6
Net Inc Mgn3.5%12.7%
VALUATIONVERY HIGH
P/S2.93.2
P/CFO64.815.7
P/FCF76.320.6
P/E83.423.6
STABILITYVERY GOOD
Debt/Equity0.130.21
Cash/Assets0.250.07

CVNA Stock

Factor Drivers of Stock Movement
The 61.8% change in CVNA stock from 4/15/2025 to 10/14/2025 was primarily driven by a 125.2% change in the company's Net Income Margin (%).

415202510142025Change
Stock Price ($)213.81345.9161.78%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)13673.0016274.0019.02%
Net Income Margin (%)1.54%3.46%125.25%
P/E Multiple132.5883.20-37.25%
Shares Outstanding (Mil)130.22135.41-3.99%
Cumulative Contribution61.53%

LTM = Last Twelve Months as of date shown
The 82.9% change in CVNA stock from 10/14/2024 to 10/14/2025 was primarily driven by a 164.2% change in the company's P/E Multiple.

1014202410142025Change
Stock Price ($)189.09345.9182.93%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)11668.0016274.0039.48%
Net Income Margin (%)6.12%3.46%-43.47%
P/E Multiple31.5083.20164.15%
Shares Outstanding (Mil)118.93135.41-13.86%
Cumulative Contribution79.42%

LTM = Last Twelve Months as of date shown
The 1918.1% change in CVNA stock from 10/15/2022 to 10/14/2025 was primarily driven by a 2319.0% change in the company's P/S Multiple.

1015202210142025Change
Stock Price ($)17.14345.911918.14%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)14614.0016274.0011.36%
P/S Multiple0.122.882319.02%
Shares Outstanding (Mil)101.45135.41-33.48%
Cumulative Contribution1691.95%

LTM = Last Twelve Months as of date shown

Price Returns Compared

 202020212022202320242025Total [1]
Returns
CVNA Return160%-3%-98%1017%284%70%258%
Peers Return31%48%-11%29%16%6%172%
S&P 500 Return16%27%-19%24%23%13%103%

Monthly Win Rates [3]
CVNA Win Rate67%50%17%67%75%67% 
Peers Win Rate58%67%43%50%62%53% 
S&P 500 Win Rate58%75%42%67%75%67% 

Max Drawdowns [4]
CVNA Max Drawdown-68%-15%-98%-7%-23%-20% 
Peers Max Drawdown-48%-4%-30%-5%-11%-16% 
S&P 500 Max Drawdown-31%-1%-25%-1%-2%-15% 

[1] Cumulative total returns since the beginning of 2020
[2] Peers: ORLY, AZO, LAD, KMX, AN. See CVNA Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 10/14/2025 (YTD)

Downturns Compared

Unique KeyEventCVNAS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-99.0%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven9848.9%34.1%
2022 Inflation ShockTime to BreakevenTime to Breakeven947 days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-73.3%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven275.1%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven77 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-57.9%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven137.3%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven130 days120 days


How Low Can It Go?

Carvana's stock fell -99.0% during the 2022 Inflation Shock from a high on 8/10/2021. A -99.0% loss requires a 9848.9% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Carvana (CVNA)

Carvana Co., together with its subsidiaries, operates an e-commerce platform for buying and selling used cars in the United States. The company's platform allows customers to research and identify a vehicle; inspect it using company's 360-degree vehicle imaging technology; obtain financing and warranty coverage; purchase the vehicle; and schedule delivery or pick-up from their desktop or mobile devices. Carvana Co. was founded in 2012 and is headquartered in Tempe, Arizona.

Better Bets than Carvana (CVNA)

 CVNABetter Performance than CVNA
MetricValueIndustry (Automotive Retail)
Rev Chg LTM39.5%
Rev Chg 3Y Avg6.4%ORLY (7.6%), LAD (13.5%), GPI (13.9%), ABG (14.6%), VVV (262.7%)
Op Mgn LTM9.2%ORLY (19.2%), AZO (19.6%), VVV (26.0%)
CFO/Rev LTM4.4%ORLY (17.0%), AZO (17.1%), KMX (4.6%), VVV (16.3%), DRVN (13.0%)
FCF/Rev LTM3.8%ORLY (10.3%), AZO (10.6%), PHIN (4.5%), ACVA (8.4%), MNRO (6.6%)
Total Yield1.2%ORLY (2.8%), AZO (3.8%), PAG (10.0%), AN (7.6%), LAD (11.0%)
 CVNABetter Performance than CVNA
MetricValueAll Other Sectors
Rev Chg LTM39.5%NVDA (71.6%), MU (48.9%), APP (48.2%), APH (40.5%), HOOD (59.6%)
Rev Chg 3Y Avg6.4%NVDA (92.0%), MSFT (12.5%), GOOGL (10.2%), META (13.0%), AVGO (24.0%)
Op Mgn LTM9.2%NVDA (58.1%), MSFT (45.6%), AAPL (31.9%), GOOGL (32.7%), META (42.9%)
CFO/Rev LTM4.4%NVDA (46.6%), MSFT (48.3%), AAPL (26.6%), GOOGL (36.0%), META (56.4%)
FCF/Rev LTM3.8%NVDA (43.6%), MSFT (25.4%), AAPL (23.5%), GOOGL (18.0%), META (30.7%)
Total Yield1.2%NVDA (2.0%), MSFT (3.3%), AAPL (3.1%), GOOGL (4.2%), META (4.0%)

Latest Trefis Analyses

TitleTopicDate
0DASHBOARDS  
1Carvana Earnings Notes  
2Now Is Not The Time To Buy Carvana StockBuy or Fear 
3Carvana vs Eli Lilly: Which Is A Better Investment?Counter-Intuitive Comparisons 
4How Does Carvana Stock Stack Up Against Its Peers?Peer Comparison 
5Better Bet Than CVNA Stock: Pay Less Than Carvana To Get More From MU, CDE   
6Why Carvana Stock Moved: CVNA Stock Has Gained 7037% Since 2022 Fiscal End, Primarily Due To Favorable Change In Price To Sales Multiple (P/S)  
7CVNA Dip Buy Analysis  
8Carvana vs. General Motors: With Return Forecast Of 34%, General Motors Is A Better BetPeer Comparison 
9Carvana vs. Phillips 66: With Return Forecast Of 3.8%, Phillips 66 Is A Better BetPeer Comparison 
10Carvana vs. Occidental Petroleum: With Return Forecast Of 17%, Occidental Petroleum Is A Better BetPeer Comparison 
11ARTICLES  
12CVNA Jumps 16% In A Month, Now Is Not The Time To Buy The Stock September 22nd, 2025
13CVNA Shares Rally 11% In A Week, Now Is Not The Time To Buy The Stock August 29th, 2025
14CVNA vs the Competition: Which Stock Comes Out on Top? August 1st, 2025
Title
0DASHBOARDS
1CVNA Jumps 16% In A Month, Now Is Not The Time To Buy The Stock
2CVNA Shares Rally 11% In A Week, Now Is Not The Time To Buy The Stock
3CVNA vs the Competition: Which Stock Comes Out on Top?
4ARTICLES
5Carvana Earnings Notes
6Now Is Not The Time To Buy Carvana Stock
7Carvana vs Eli Lilly: Which Is A Better Investment?
8How Does Carvana Stock Stack Up Against Its Peers?
9Better Bet Than CVNA Stock: Pay Less Than Carvana To Get More From MU, CDE 
10Why Carvana Stock Moved: CVNA Stock Has Gained 7037% Since 2022 Fiscal End, Primarily Due To Favorable Change In Price To Sales Multiple (P/S)
11CVNA Dip Buy Analysis
12Carvana vs. General Motors: With Return Forecast Of 34%, General Motors Is A Better Bet
13Carvana vs. Phillips 66: With Return Forecast Of 3.8%, Phillips 66 Is A Better Bet
14Carvana vs. Occidental Petroleum: With Return Forecast Of 17%, Occidental Petroleum Is A Better Bet

Trade Ideas

Select past trade ideas related to CVNA and Automotive Retail.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
ANF_9302025_Dip_Buyer_FCFYield09302025ANFAbercrombie & FitchDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		-15.3%-15.3%-15.3%
DECK_9302025_Dip_Buyer_FCFYield09302025DECKDeckers OutdoorDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		-2.1%-2.1%-6.2%
CHH_9302025_Dip_Buyer_ValueBuy09302025CHHChoice Hotels InternationalDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		-5.1%-5.1%-7.6%
VAC_9302025_Dip_Buyer_ValueBuy09302025VACMarriott Vacations WorldwideDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		-0.1%-0.1%-6.1%
FUN_9302025_Short_Squeeze09302025FUNSix Flags EntertainmentSpecialShort Squeeze PotentialShort Squeeze Potential
Has potential for a short squeeze. High short interest, rising short interest and high debt.		-5.9%-5.9%-11.7%
Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
ANF_9302025_Dip_Buyer_FCFYield09302025ANFAbercrombie & FitchDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		-15.3%-15.3%-15.3%
DECK_9302025_Dip_Buyer_FCFYield09302025DECKDeckers OutdoorDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		-2.1%-2.1%-6.2%
CHH_9302025_Dip_Buyer_ValueBuy09302025CHHChoice Hotels InternationalDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		-5.1%-5.1%-7.6%
VAC_9302025_Dip_Buyer_ValueBuy09302025VACMarriott Vacations WorldwideDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		-0.1%-0.1%-6.1%
FUN_9302025_Short_Squeeze09302025FUNSix Flags EntertainmentSpecialShort Squeeze PotentialShort Squeeze Potential
Has potential for a short squeeze. High short interest, rising short interest and high debt.		-5.9%-5.9%-11.7%

See Trefis Trade Ideas for more.

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1UAMYUnited States Antimony100.8%887.0%
2BITFBitfarms69.7%295.3%
3NVTSNavitas Semiconductor61.6%252.1%
4ASPIASP Isotopes58.0%210.2%
5UUUUEnergy Fuels49.1%411.3%
6GLUEMonte Rosa Therapeutics43.8%52.9%
7SSIISS Innovations International34.1%15.2%
8METCRamaco Resources34.0%439.5%
9MPMP Materials33.7%532.4%
10ORKAOruka Therapeutics33.6%41.7%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1BNTBrookfield Wealth Solutions-33.2%18.5%
2BNBrookfield-33.0%18.9%
3VGVenture Global-30.2% 
4ALABAstera Labs-23.8%22.0%
5HELEHelen Of Troy-23.3%-65.4%
6CORTCorcept Therapeutics-20.2%43.1%
7USNAUsana Health Sciences-19.4%-40.9%
8SRRKScholar Rock-19.2%-26.2%
9TASKTaskUs-18.8%-18.1%
10BBBYBed Bath & Beyond-18.1% 

1 Month Top Gainers

#TickerCompany1M RtnYTD Rtn
1WOLFWolfspeed1000.7%389.2%
2QUREuniQure297.4%233.9%
3UAMYUnited States Antimony244.6%887.0%
4LACLithium Americas214.1%238.4%
5RGTIRigetti Computing192.1%267.8%
6USARUSA Rare Earth173.3%125889.9%
7PLUGPlug Power158.0%90.1%
8FLNCFluence Energy149.7%16.2%
9CLPTClearPoint Neuro148.6%69.2%
10SESSES AI140.2%44.7%

1 Month Top Losers

#TickerCompany1M RtnYTD Rtn
1ANGXAngel Studios-53.8% 
2REXREX American Resources-46.2%57.7%
3VGVenture Global-34.0% 
4LDIloanDepot-33.8%46.6%
5FLYFirefly Aerospace-31.4% 
6ALABAstera Labs-30.2%22.0%
7FWRDForward Air-29.4%-34.3%
8USNAUsana Health Sciences-29.1%-40.9%
9IDTIDT-28.9%-0.4%
10PGYPagaya Technologies-28.8%221.4%

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1UAMYUnited States Antimony100.8%887.0%
2BITFBitfarms69.7%295.3%
3NVTSNavitas Semiconductor61.6%252.1%
4ASPIASP Isotopes58.0%210.2%
5UUUUEnergy Fuels49.1%411.3%
6GLUEMonte Rosa Therapeutics43.8%52.9%
7SSIISS Innovations International34.1%15.2%
8METCRamaco Resources34.0%439.5%
9MPMP Materials33.7%532.4%
10ORKAOruka Therapeutics33.6%41.7%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1BNTBrookfield Wealth Solutions-33.2%18.5%
2BNBrookfield-33.0%18.9%
3VGVenture Global-30.2% 
4ALABAstera Labs-23.8%22.0%
5HELEHelen Of Troy-23.3%-65.4%
6CORTCorcept Therapeutics-20.2%43.1%
7USNAUsana Health Sciences-19.4%-40.9%
8SRRKScholar Rock-19.2%-26.2%
9TASKTaskUs-18.8%-18.1%
10BBBYBed Bath & Beyond-18.1% 

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for Carvana

Financials

CVNAORLYAZOLADKMXANMedian
NameCarvana O'Reilly.AutoZone Lithia M.CarMax AutoNati. 
Mkt Price345.91103.054,055.99311.6744.00220.99266.33
Mkt Cap46.888.067.98.26.68.427.6
Rev LTM16,27417,12218,90136,80526,36827,46422,635
Op Inc LTM1,5023,2913,7111,547-2341,2601,524
FCF LTM6151,7722,002114685-452650
FCF 3Y Avg2532,1332,093-418517173385
CFO LTM7242,9083,2354551,208-150966
CFO 3Y Avg3823,1173,113-121991527759

Growth & Margins

CVNAORLYAZOLADKMXANMedian
NameCarvana O'Reilly.AutoZone Lithia M.CarMax AutoNati. 
Rev Chg LTM39.5%5.1%5.2%12.8%1.8%3.1%5.1%
Rev Chg 3Y Avg6.4%7.6%6.1%13.5%-7.4%1.1%6.2%
Rev Chg Q41.9%5.9%5.4%7.2%-6.0%7.6%6.6%
QoQ Delta Rev Chg LTM9.6%1.5%1.2%1.7%-1.6%1.8%1.6%
Op Mgn LTM9.2%19.2%19.6%4.2%-0.9%4.6%6.9%
Op Mgn 3Y Avg1.9%19.7%20.0%5.1%-1.0%5.5%5.3%
QoQ Delta Op Mgn LTM0.8%0.0%-0.4%0.1%-0.3%0.1%0.0%
CFO/Rev LTM4.4%17.0%17.1%1.2%4.6%-0.5%4.5%
CFO/Rev 3Y Avg2.7%19.3%17.3%-0.5%3.8%2.0%3.2%
FCF/Rev LTM3.8%10.3%10.6%0.3%2.6%-1.6%3.2%
FCF/Rev 3Y Avg1.7%13.3%11.7%-1.4%2.0%0.7%1.8%

Valuation

CVNAORLYAZOLADKMXANMedian
NameCarvana O'Reilly.AutoZone Lithia M.CarMax AutoNati. 
Mkt Cap46.888.067.98.26.68.427.6
P/S2.95.13.60.20.20.31.6
P/EBIT29.826.618.24.34.16.312.3
P/E83.236.326.59.712.613.219.8
P/CFO64.730.321.018.05.4-55.519.5
Total Yield1.2%2.8%3.8%11.0%7.9%7.6%5.7%
Dividend Yield0.0%0.0%0.0%0.7%0.0%0.0%0.0%
FCF Yield 3Y Avg-5.1%3.4%4.0%-5.4%4.7%2.4%2.9%
D/E0.10.10.21.72.91.10.6
Net D/E0.10.10.21.62.81.10.6

Returns

CVNAORLYAZOLADKMXANMedian
NameCarvana O'Reilly.AutoZone Lithia M.CarMax AutoNati. 
1M Rtn-4.4%-4.1%-6.2%-6.7%-26.4%-0.4%-5.3%
3M Rtn-0.7%13.0%9.7%-6.3%-30.1%7.6%3.5%
6M Rtn61.8%10.6%11.7%7.5%-35.0%34.8%11.1%
12M Rtn82.9%28.5%28.6%1.7%-39.8%32.1%28.6%
3Y Rtn1,918.1%111.2%79.9%53.8%-26.9%118.1%95.5%
1M Excs Rtn-5.8%-3.5%-4.6%-6.1%-27.6%-0.0%-5.2%
3M Excs Rtn-7.8%6.9%4.1%-11.8%-35.6%2.0%-2.9%
6M Excs Rtn46.1%-13.6%-12.7%-15.4%-57.7%10.8%-13.2%
12M Excs Rtn65.6%17.0%15.6%-11.8%-53.1%20.2%16.3%
3Y Excs Rtn1,612.5%34.9%4.0%-27.1%-111.9%36.6%19.5%

Comparison Analyses

Title
0How Does Carvana Stock Stack Up Against Its Peers?
1Carvana vs. General Motors: With Return Forecast Of 34%, General Motors Is A Better Bet
2Carvana vs. Phillips 66: With Return Forecast Of 3.8%, Phillips 66 Is A Better Bet
3Carvana vs. Occidental Petroleum: With Return Forecast Of 17%, Occidental Petroleum Is A Better Bet
4Carvana vs. AutoZone: With Return Forecast Of 7.7%, AutoZone Is A Better Bet
5Carvana vs. CarMax: With Return Forecast Of 7.1%, CarMax Is A Better Bet
6Carvana vs. AutoNation: With Return Forecast Of 2.2%, AutoNation Is A Better Bet
7Carvana vs. O'Reilly Automotive: With Return Forecast Of 14%, O'Reilly Automotive Is A Better Bet
8Carvana vs. Lithia Motors: With Return Forecast Of 35%, Lithia Motors Is A Better Bet
9Carvana vs. Air Products & Chemicals: With Return Forecast Of 3.8%, Air Products & Chemicals Is A Better Bet

Financials

$ Mil | FY: 12/312025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q22023Q12022Q42022Q3
Period End6/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/20236/30/20233/31/202312/31/20229/30/2022
Filing Date7/30/20255/7/20252/19/202510/30/20247/31/20245/1/20242/22/202411/2/20237/19/20235/4/20232/23/202311/3/2022
Key Financials Quarterly            
Total Revenue4,8404,2323,5473,6553,4103,0612,4242,7732,9682,6062,8373,386
Ebitda519587378377298303451,010140-36-1,206-277
Operating Income511394260337259134-384842-132-453-297
Net Income18321679851828-114782-58-160-806-283
EPS1.351.610.610.690.150.24-1.127.05-0.55-1.51-7.61-2.67
Key Financials TTM            
Total Revenue TTM16,27414,84413,67312,55011,66811,22610,77111,18411,79712,71313,60414,520
Ebitda TTM1,8611,6401,3561,0231,6561,4981,159-92-1,379-1,777-2,146-1,033
Operating Income TTM1,5021,250990692403186-80-495-840-1,207-1,504-1,155
Net Income TTM56339821017714638450-242-1,307-1,487-1,587-870
Growth Rates Quarterly            
Total Revenue Growth41.9%38.3%46.3%31.8%14.9%17.5%-14.6%-18.1%-23.6%-25.5%-24.4%-2.7%
EBITDA Growth74.2%93.7%740.0%-62.7%112.9%941.7%103.7%464.6%154.3%91.1%-1196.8%-4716.7%
Operating Income Growth97.3%194.0%784.2%602.1%516.7%201.5%91.6%116.2%112.9%69.2%-335.6%-1191.3%
Net Income Growth916.7%671.4%169.3%-89.1%131.0%117.5%85.9%376.3%75.6%38.5%-805.6%-784.4%
Margins Quarterly            
EBITDA Margin10.7%13.9%10.7%10.3%8.7%9.9%1.9%36.4%4.7%-1.4%-42.5%-8.2%
Operating Income Margin10.6%9.3%7.3%9.2%7.6%4.4%-1.6%1.7%1.4%-5.1%-16.0%-8.8%
Net Income Margin3.8%5.1%2.2%2.3%0.5%0.9%-4.7%28.2%-2.0%-6.1%-28.4%-8.4%
Cash & Debt            
Total Cash2,3232,3332,180871542252896544541488755316
Total Debt6,1096,0436,0466,1456,1476,4376,7066,3878,3718,9508,8168,073
Net Debt / (Cash)3,7863,7103,8665,2745,6056,1855,8105,8437,8308,4628,0617,757
Cash Flows Quarterly            
FCF from Operations2923260403354101-239599509-66-739-98
Cash Flows TTM            
FCF from Operations TTM7241,049918619815970803303-394-797-1,324-1,757
Returns to Shareholders Quarterly            
Dividends000000000000
Share Repurchases-0-0-0-0-0-0-0-0-0-0-0-0
Return on Invested Capital (ROIC) Quarterly            
ROIC31.3%24.4%15.9%18.3%13.2%6.6%-2.0%2.4%1.8%-5.2%-18.8%-12.8%
Return on Invested Capital (ROIC) TTM            
ROIC TTM23.0%19.5%15.1%9.4%5.0%2.2%-0.9%-6.4%-8.9%-12.0%-15.6%-12.4%

Segment Financials

Revenue by Segment

$ Mil20242023202220212020
Single Segment10,77113,604   
Other sales and revenues  1,043401252
Retail vehicle sales, net  9,8514,7413,421
Wholesale sales and revenues  1,920445268
Total10,77113,60412,8145,5873,940


Price Behavior

CVNA Betas & Captures as of 9/30/2025

 1M2M3M6M1Y3Y
Beta0.601.480.692.092.082.76
Up Beta-3.700.330.952.272.252.38
Down Beta6.875.143.382.732.572.13
Up Capture48%60%28%191%325%147026%
Bmk +ve Days13233574144420
Stock +ve Days9193273147391
Down Capture54%146%-66%84%117%111%
Bmk -ve Days8192952107330
Stock -ve Days12233152103357

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Short Interest

Short Interest: As Of Date9302025
Short Interest: Shares Quantity11,904,824
Short Interest: % Change Since 9152025-9.3%
Average Daily Volume2,965,951
Days-to-Cover Short Interest4.01
Basic Shares Quantity135,414,000
Short % of Basic Shares8.8%

Returns Analyses

Earnings Returns History

Expand for More

 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/30/202517.0%6.4%13.1%
5/7/202510.2%17.9%31.8%
2/19/2025-12.1%-17.5%-34.2%
10/30/202419.3%15.3%25.6%
7/31/202410.0%-3.4%12.6%
2/22/202432.1%44.9%64.0%
11/2/20237.9%1.7%33.9%
7/19/202340.2%10.8%-4.4%
...
SUMMARY STATS   
# Positive151314
# Negative8109
Median Positive19.3%11.0%26.4%
Median Negative-9.8%-5.5%-12.5%
Max Positive40.2%66.1%108.3%
Max Negative-39.0%-30.4%-50.5%

SEC Filings

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Report DateFiling DateFiling
6302025730202510-Q 6/30/2025
3312025507202510-Q 3/31/2025
12312024219202510-K 12/31/2024
93020241030202410-Q 9/30/2024
6302024731202410-Q 6/30/2024
3312024501202410-Q 3/31/2024
12312023222202410-K 12/31/2023
93020231102202310-Q 9/30/2023
6302023719202310-Q 6/30/2023
3312023504202310-Q 3/31/2023
12312022223202310-K 12/31/2022
93020221103202210-Q 9/30/2022
6302022804202210-Q 6/30/2022
3312022510202210-Q 3/31/2022
12312021224202210-K 12/31/2021
93020211104202110-Q 9/30/2021

Insider Activity

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 OwnerTitleFiling DateActionPriceSharesTransacted
Value		Value of
Held Shares		Form
0GARCIA ERNEST C. IIIChief Executive Officer9292025Sell361.2225090,305143,111,752Form
1GARCIA ERNEST C. IIIChief Executive Officer9292025Sell368.6525092,162147,419,448Form
2GARCIA ERNEST C. IIIChief Executive Officer9292025Sell356.3210035,632143,005,469Form
3GARCIA ERNEST C. IIIChief Executive Officer9252025Sell369.305018,465150,079,827Form
4GARCIA ERNEST C. IIIChief Executive Officer9252025Sell392.46282110,674159,655,868Form

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