Tearsheet
Investment Highlights Market Valuation Price Chart Business Description Interactive Breakdown Latest Trefis Analyses Better Bets vs. CVNA Recent Active Movers More From Trefis Peer Financials Peer Growth & Margins Peer Valuation Peer Returns Peer Analyses FDIC Bank Data Financials Segment Financials Price Behavior Short Interest Earnings Returns History SEC Filings Insider Activity Industry Resource Links External Quote Links

Carvana (CVNA)

Market Price (9/18/2025): $381.24 | Market Cap: $51.6 Bil
Sector: Consumer Discretionary | Industry: Automotive Retail

Carvana (CVNA)

Market Price (9/18/2025): $381.24
Market Cap: $51.6 Bil
Sector: Consumer Discretionary
Industry: Automotive Retail

Investment Highlights

0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 39%		 Trading close to highs
Dist 52W High is -3.1%, Dist 3Y High is -3.1%		 Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 33x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 71x, P/EPrice/Earnings or Price/(Net Income) is 91x
1  Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 10%		 Stock price has recently run up significantly
6M Rtn6 month market price return is 115%, 12M Rtn12 month market price return is 141%
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 -3.4%
0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 39%
1 Trading close to highs
Dist 52W High is -3.1%, Dist 3Y High is -3.1%
2 Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 10%
3 Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 33x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 71x, P/EPrice/Earnings or Price/(Net Income) is 91x
4 Stock price has recently run up significantly
6M Rtn6 month market price return is 115%, 12M Rtn12 month market price return is 141%
5 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 -3.4%

Market Valuation

 9/18/252024202320222021
Share Price CYE$381.24$203.36$52.94$4.74$231.79
Market Cap CYE ($ Bil)51.626.56.00.520.2
Total Debt ($ Bil)6.16.06.78.85.8
Total Cash ($ Bil)2.32.20.90.80.4
Enterprise Value ($ Bil)55.432.512.79.326.0
Valuation Ratios     
P/S TTM3.21.80.50.01.5
P/EBIT TTM32.823.77.2-0.2-174.5
P/E TTM91.7118.512.9-0.3-142.2
Sector Ratios     
P/S TTM (Sector)0.80.80.90.81.3
P/EBIT TTM (Sector)7.26.97.05.57.4
P/E TTM (Sector)9.58.18.97.39.2
 9/18/2520242023
Share Price CYE$381.24$203.36$52.94
Market Cap CYE ($ Bil)51.626.56.0
Total Debt ($ Bil)6.16.06.7
Total Cash ($ Bil)2.32.20.9
Enterprise Value ($ Bil)55.432.512.7
Valuation Ratios   
P/S TTM3.21.80.5
P/EBIT TTM32.823.77.2
P/E TTM91.7118.512.9
Sector Ratios   
P/S TTM (Sector)0.80.80.9
P/EBIT TTM (Sector)7.26.97.0
P/E TTM (Sector)9.58.18.9

Market Cap Chart

Business Description

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. Show more

Price Returns Compared

Expand for Detailed View

 202020212022202320242025Total [1]
Returns
CVNA Return160%-3%-98%1017%284%86%293%
Peers Return31%48%-11%29%16%12%188%
S&P 500 Return16%27%-19%24%23%12%104%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: ORLY, AZO, KMX, LAD, AN. See CVNA Returns vs. Peers.
[3] 2025 data is for the year up to 9/17/2025 (YTD)

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%), VVV (262.7%), ABG (14.6%)
Op Mgn LTM9.2%ORLY (19.2%), AZO (19.6%), VVV (26.0%)
CFO/Rev LTM4.4%ORLY (17.0%), AZO (17.1%), VVV (16.3%), DRVN (13.0%), PHIN (7.9%)
FCF/Rev LTM3.8%ORLY (10.3%), AZO (10.6%), PHIN (4.5%), ACVA (8.4%), MNRO (6.6%)
Total Yield1.1%ORLY (2.7%), AZO (3.6%), PAG (9.8%), KMX (6.2%), LAD (10.3%)
 CVNABetter Performance than CVNA
MetricValueAll Other Sectors
Rev Chg LTM39.5%NVDA (71.6%), APP (48.2%), MU (58.2%), APH (40.5%), ENB (48.2%)
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 Yield1.1%NVDA (2.1%), MSFT (3.3%), AAPL (3.2%), GOOGL (4.1%), META (3.7%)

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 CVNA 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 7592% 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 Shares Rally 11% In A Week, Now Is Not The Time To Buy The Stock August 29th, 2025
13CVNA vs the Competition: Which Stock Comes Out on Top? August 1st, 2025
Title
0DASHBOARDS
1CVNA Shares Rally 11% In A Week, Now Is Not The Time To Buy The Stock
2CVNA vs the Competition: Which Stock Comes Out on Top?
3ARTICLES
4Carvana Earnings Notes
5Now Is Not The Time To Buy Carvana Stock
6Carvana vs Eli Lilly: Which Is A Better Investment?
7How Does CVNA Stack Up Against Its Peers?
8Better Bet Than CVNA Stock: Pay Less Than Carvana To Get More From MU, CDE 
9Why Carvana Stock Moved: CVNA Stock Has Gained 7592% Since 2022 Fiscal End, Primarily Due To Favorable Change In Price To Sales Multiple (P/S)
10CVNA Dip Buy Analysis
11Carvana vs. General Motors: With Return Forecast Of 34%, General Motors Is A Better Bet
12Carvana vs. Phillips 66: With Return Forecast Of 3.8%, Phillips 66 Is A Better Bet
13Carvana vs. Occidental Petroleum: With Return Forecast Of 17%, Occidental Petroleum Is A Better Bet

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1ECDAECD Automotive Design3347.2%307.9%
2BDSXBiodesix1090.6%-79.7%
3CLSDClearside Biomedical987.7%-74.7%
4ATHAAthira Pharma892.1%544.3%
5SDOTSadot690.6%-79.9%
6ATCHAtlasClear684.9%-83.1%
7HSDTHelius Medical Technologies232.1%-95.5%
8CHEKCheck-Cap222.2%134.4%
9APLMApollomics197.8%89.1%
10SPRCSciSparc147.0%1141.7%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1CURXCuranex Pharmaceuticals-80.5%148.4%
2ATYRaTyr Pharma-80.4%-71.7%
3NAKAKindly MD-70.2% 
4BNGOBionano Genomics-64.0%-89.8%
5XAGELongevity Health-57.6%-86.1%
6FAASDigiAsia-55.4%-88.0%
7ASSTStrive-54.5%650.3%
8VCIGVCI Global-51.0%-98.9%
9REXREX American Resources-50.7%44.3%
10RBNERobin Energy-42.6% 

1 Month Top Gainers

#TickerCompany1M RtnYTD Rtn
1PMIPicard Medical11931.7%11931.7%
2GIBOGIBO10714.0% 
3LNZALanzaTech Global8455.2%-86.3%
4GTIGraphjet Technology3998.4%-93.1%
5GWAVGreenwave Technology Solutions3582.8%-91.4%
6QMMMQMMM3409.6%8153.1%
7ECDAECD Automotive Design2715.2%307.9%
8OESXOrion Energy Systems1373.7%14.2%
9OPOceanPal1266.5%-95.6%
10BCTXBriaCell Therapeutics1032.4%-89.8%

1 Month Top Losers

#TickerCompany1M RtnYTD Rtn
1CJETChijet Motor-94.5%-96.0%
2STFSStar Fashion Culture-92.3%-97.9%
3ELPWElong Power-91.1%-76.9%
4NXTTNext Technology-90.1%-95.4%
5EPIXESSA Pharma-89.4%-8.9%
6NAKAKindly MD-88.1% 
7BINIBollinger Innovations-87.6%-100.0%
8JEM707 Cayman-87.4%-98.2%
9YAASYouxin Technology-83.3%-98.4%
10NEONNeonode-82.5%-51.0%

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1ECDAECD Automotive Design3347.2%307.9%
2BDSXBiodesix1090.6%-79.7%
3CLSDClearside Biomedical987.7%-74.7%
4ATHAAthira Pharma892.1%544.3%
5SDOTSadot690.6%-79.9%
6ATCHAtlasClear684.9%-83.1%
7HSDTHelius Medical Technologies232.1%-95.5%
8CHEKCheck-Cap222.2%134.4%
9APLMApollomics197.8%89.1%
10SPRCSciSparc147.0%1141.7%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1CURXCuranex Pharmaceuticals-80.5%148.4%
2ATYRaTyr Pharma-80.4%-71.7%
3NAKAKindly MD-70.2% 
4BNGOBionano Genomics-64.0%-89.8%
5XAGELongevity Health-57.6%-86.1%
6FAASDigiAsia-55.4%-88.0%
7ASSTStrive-54.5%650.3%
8VCIGVCI Global-51.0%-98.9%
9REXREX American Resources-50.7%44.3%
10RBNERobin Energy-42.6% 

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for Carvana

Financials

CVNAORLYAZOKMXLADANMedian
NameCarvana O'Reilly.AutoZone CarMax Lithia M.AutoNati. 
Mkt Price378.06104.554,232.5759.13333.09220.50276.79
Mkt Cap51.289.370.99.08.88.330.1
Rev LTM16,27417,12218,90126,78736,80527,46422,844
Op Inc LTM1,5023,2913,711-1661,5471,2601,524
FCF LTM6151,7722,002541114-452578
FCF 3Y Avg2532,1332,093246-418173249
CFO LTM7242,9083,2351,042455-150883
CFO 3Y Avg3823,1173,113712-121527619

Growth & Margins

CVNAORLYAZOKMXLADANMedian
NameCarvana O'Reilly.AutoZone CarMax Lithia M.AutoNati. 
Rev Chg LTM39.5%5.1%5.2%3.2%12.8%3.1%5.1%
Rev Chg 3Y Avg6.4%7.6%6.1%-6.9%13.5%1.1%6.2%
Rev Chg Q41.9%5.9%5.4%6.1%7.2%7.6%6.6%
QoQ Delta Rev Chg LTM9.6%1.5%1.2%1.6%1.7%1.8%1.7%
Op Mgn LTM9.2%19.2%19.6%-0.6%4.2%4.6%6.9%
Op Mgn 3Y Avg1.9%19.7%20.0%-1.0%5.1%5.5%5.3%
QoQ Delta Op Mgn LTM0.8%0.0%-0.4%0.2%0.1%0.1%0.1%
CFO/Rev LTM4.4%17.0%17.1%3.9%1.2%-0.5%4.2%
CFO/Rev 3Y Avg2.7%19.3%17.3%2.6%-0.5%2.0%2.7%
FCF/Rev LTM3.8%10.3%10.6%2.0%0.3%-1.6%2.9%
FCF/Rev 3Y Avg1.7%13.3%11.7%0.9%-1.4%0.7%1.3%

Valuation

CVNAORLYAZOKMXLADANMedian
NameCarvana O'Reilly.AutoZone CarMax Lithia M.AutoNati. 
Mkt Cap51.289.370.99.08.88.330.1
P/S3.15.23.70.30.20.31.7
P/EBIT32.527.019.05.54.66.312.7
P/E90.936.827.616.110.313.221.9
P/CFO70.730.721.98.619.3-55.420.6
Total Yield1.1%2.7%3.6%6.2%10.3%7.6%4.9%
Dividend Yield0.0%0.0%0.0%0.0%0.6%0.0%0.0%
FCF Yield 3Y Avg-5.1%3.4%4.0%2.3%-5.4%2.4%2.3%
D/E0.10.10.22.11.61.10.6
Net D/E0.10.10.22.11.51.10.6

Returns

CVNAORLYAZOKMXLADANMedian
NameCarvana O'Reilly.AutoZone CarMax Lithia M.AutoNati. 
1M Rtn5.2%3.1%4.8%1.2%9.4%6.4%5.0%
3M Rtn22.8%18.4%17.5%-8.1%2.1%14.3%15.9%
6M Rtn114.7%17.0%17.8%-16.5%9.0%32.6%17.4%
12M Rtn141.4%39.0%37.5%-25.5%18.3%30.0%33.7%
3Y Rtn1,048.4%126.1%95.4%-30.2%43.3%101.3%98.4%
1M Excs Rtn2.8%0.8%2.4%-1.2%7.0%4.1%2.6%
3M Excs Rtn18.3%7.4%7.1%-18.5%-8.3%5.4%6.3%
6M Excs Rtn109.5%-0.4%-0.4%-33.5%-5.4%17.5%-0.4%
12M Excs Rtn149.1%22.0%18.2%-42.3%2.7%14.7%16.5%
3Y Excs Rtn733.6%55.0%30.0%-95.7%-29.3%28.4%29.2%

Comparison Analyses

Title
0How Does CVNA 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 8/31/2025

 1M2M3M6M1Y3Y
Beta1.771.010.792.352.122.86
Up Beta1.061.110.822.312.222.40
Down Beta4.753.814.332.982.552.26
Up Capture72%56%25%346%423%209658%
Bmk +ve Days10223571142415
Stock +ve Days10223477150390
Down Capture194%-50%-84%145%122%109%
Bmk -ve Days11192754106334
Stock -ve Days1119284898358

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

Short Interest

Short Interest: As Of Date8292025
Short Interest: Shares Quantity13,725,425
Short Interest: % Change Since 81520253.7%
Average Daily Volume2,602,552
Days-to-Cover Short Interest5.27
Basic Shares Quantity135,414,000
Short % of Basic Shares10.1%

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

Expand for More

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

Expand for More

 OwnerTitleFiling DateActionPriceSharesTransacted
Value		Value of
Held Shares		Form
0GARCIA ERNEST C. IIIChief Executive Officer8282025Sell368.61450165,874184,669,924Form
1GARCIA ERNEST C. IIIChief Executive Officer8282025Sell358.95467167,630181,619,008Form
2GARCIA ERNEST C. IIIChief Executive Officer8262025Sell354.80293103,956181,354,956Form
3GARCIA ERNEST C. IIIChief Executive Officer8262025Sell361.4910036,149184,880,446Form
4GARCIA ERNEST C. IIIChief Executive Officer8262025Sell339.0615050,859175,053,287Form

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