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Carvana (CVNA)

Market Price (4/22/2026): $403.99 | Market Cap: $57.3 Bil
Sector: Consumer Discretionary | Industry: Automotive Retail

Carvana (CVNA)

Market Price (4/22/2026): $403.99
Market Cap: $57.3 Bil
Sector: Consumer Discretionary
Industry: Automotive Retail

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 49%

Megatrend and thematic drivers
Megatrends include E-commerce & Digital Retail. Themes include Online Marketplaces, Direct-to-Consumer Brands, and Last-Mile Delivery.

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 11%

Expensive valuation multiples
P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 55x

Stock price has recently run up significantly
12M Rtn12 month market price return is 105%

Short seller report
Hindenburg Research report on 1/2/2025.

Key risks
CVNA key risks include [1] its significant reliance on subprime lending and the associated credit risk, Show more.

0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 49%
1 Megatrend and thematic drivers
Megatrends include E-commerce & Digital Retail. Themes include Online Marketplaces, Direct-to-Consumer Brands, and Last-Mile Delivery.
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 11%
3 Expensive valuation multiples
P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 55x
4 Stock price has recently run up significantly
12M Rtn12 month market price return is 105%
5 Short seller report
Hindenburg Research report on 1/2/2025.
6 Key risks
CVNA key risks include [1] its significant reliance on subprime lending and the associated credit risk, Show more.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Carvana (CVNA) stock has lost about 5% since 12/31/2025 because of the following key factors:

1. Adjusted EBITDA for Q4 2025, reported on February 18, 2026, came in at $511 million with a 9.1% margin, which was a decrease from 10.1% in the prior year and slightly below some market expectations, despite overall revenue growth of 58% to $5.603 billion. The decline was primarily attributed to increased reconditioning costs and operational execution challenges, which management anticipated would persist into Q1 2026. This news led to a nearly 16% single-day drop in Carvana's stock price.

2. Market skepticism surrounding Carvana's proposed 5-for-1 stock split, announced on March 13, 2026, contributed to downward pressure on the stock. This corporate action, along with negative headlines including a reported $1 billion accounting allegation, fueled investor uncertainty.

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Stock Movement Drivers

Fundamental Drivers

The -5.0% change in CVNA stock from 12/31/2025 to 4/21/2026 was primarily driven by a -56.7% change in the company's P/E Multiple.
(LTM values as of)123120254212026Change
Stock Price ($)422.02400.92-5.0%
Change Contribution By: 
Total Revenues ($ Mil)18,26620,32211.3%
Net Income Margin (%)3.4%6.9%101.1%
P/E Multiple93.440.4-56.7%
Shares Outstanding (Mil)139142-1.8%
Cumulative Contribution-5.0%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 4/21/2026
ReturnCorrelation
CVNA-5.0% 
Market (SPY)-5.4%49.9%
Sector (XLY)-0.4%54.2%

Fundamental Drivers

The 6.3% change in CVNA stock from 9/30/2025 to 4/21/2026 was primarily driven by a 100.1% change in the company's Net Income Margin (%).
(LTM values as of)93020254212026Change
Stock Price ($)377.24400.926.3%
Change Contribution By: 
Total Revenues ($ Mil)16,27420,32224.9%
Net Income Margin (%)3.5%6.9%100.1%
P/E Multiple90.740.4-55.5%
Shares Outstanding (Mil)135142-4.5%
Cumulative Contribution6.3%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 4/21/2026
ReturnCorrelation
CVNA6.3% 
Market (SPY)-2.9%53.9%
Sector (XLY)-0.5%53.8%

Fundamental Drivers

The 91.8% change in CVNA stock from 3/31/2025 to 4/21/2026 was primarily driven by a 350.8% change in the company's Net Income Margin (%).
(LTM values as of)33120254212026Change
Stock Price ($)209.08400.9291.8%
Change Contribution By: 
Total Revenues ($ Mil)13,67320,32248.6%
Net Income Margin (%)1.5%6.9%350.8%
P/E Multiple129.640.4-68.8%
Shares Outstanding (Mil)130142-8.2%
Cumulative Contribution91.8%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2025 to 4/21/2026
ReturnCorrelation
CVNA91.8% 
Market (SPY)16.3%61.9%
Sector (XLY)21.2%60.3%

Fundamental Drivers

The 3995.2% change in CVNA stock from 3/31/2023 to 4/21/2026 was primarily driven by a 3570.3% change in the company's P/S Multiple.
(LTM values as of)33120234212026Change
Stock Price ($)9.79400.923995.2%
Change Contribution By: 
Total Revenues ($ Mil)13,60420,32249.4%
P/S Multiple0.12.83570.3%
Shares Outstanding (Mil)106142-25.3%
Cumulative Contribution3995.2%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2023 to 4/21/2026
ReturnCorrelation
CVNA3995.2% 
Market (SPY)63.3%42.4%
Sector (XLY)62.7%44.1%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
CVNA Return-3%-98%1017%284%108%-5%68%
Peers Return48%-18%48%13%-7%-3%84%
S&P 500 Return27%-19%24%23%16%4%89%

Monthly Win Rates [3]
CVNA Win Rate50%17%67%75%67%25% 
Peers Win Rate65%45%57%55%48%40% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
CVNA Max Drawdown-15%-98%-7%-23%-20%-33% 
Peers Max Drawdown-3%-31%-2%-14%-23%-15% 
S&P 500 Max Drawdown-1%-25%-1%-2%-15%-7% 

[1] Cumulative total returns since the beginning of 2021
[2] Peers: KMX, AN, LAD, PAG, GPI. 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] 2026 data is for the year up to 4/21/2026 (YTD)

How Low Can It Go

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

Compare to KMX, AN, LAD, PAG, GPI

In The Past

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.

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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.

AI Analysis | Feedback

Here are a few brief analogies for Carvana:

  • Amazon for used cars
  • Wayfair for cars

AI Analysis | Feedback

```html
  • Used Car Sales: Carvana operates an e-commerce platform allowing customers to buy and sell pre-owned vehicles online.
  • Vehicle Financing: The company offers financing solutions to customers for their used car purchases.
  • Vehicle Warranty: Carvana provides warranty coverage for the vehicles sold through its platform.
```

AI Analysis | Feedback

Carvana (CVNA) sells primarily to **individuals**, not other companies. As an e-commerce platform for buying and selling used cars, its business model is direct-to-consumer.

The company serves several categories of individual customers, including:

  1. Convenience-Oriented Buyers: Customers who prioritize a streamlined, hassle-free car buying experience, avoiding the traditional dealership process, high-pressure sales tactics, and time-consuming paperwork. They value online research, home delivery, and features like Carvana's 7-day money-back guarantee.
  2. Digitally-Savvy Consumers: Individuals who are comfortable conducting significant purchases and transactions entirely online. They appreciate Carvana's digital tools, such as 360-degree vehicle imaging, online financing applications, and the ability to complete the entire purchase process from a desktop or mobile device.
  3. Value and Transparency Seekers: Buyers looking for a wide selection of used vehicles, competitive pricing, and transparent information regarding vehicle condition and history. Carvana's inventory and detailed listings appeal to those who want to make an informed decision without hidden fees or surprises.

AI Analysis | Feedback

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AI Analysis | Feedback

Ernest Garcia, III President, Chief Executive Officer and Chairman
Mr. Garcia co-founded Carvana in 2012. Prior to founding Carvana, he held various roles at DriveTime Automotive Group, Inc. from January 2007 to January 2013, including financial strategist, managing director of corporate finance, and Vice President and Treasurer and Director of Quantitative Analytics. DriveTime, a used car business run by his father, Ernest Garcia II, provided the initial funding for Carvana. Carvana was launched as a subsidiary of DriveTime and later spun out in an IPO in 2017. Mr. Garcia began his career as an associate in the Principal Transactions Group at RBS Greenwich Capital from 2005 to 2006, focusing on consumer credit based investments.

Mark Jenkins Chief Financial Officer
Mr. Jenkins has served as Carvana's Chief Financial Officer since July 2014. Before joining Carvana, he was a professor in the finance department at The Wharton School of the University of Pennsylvania from 2009 to 2014, where his teaching and research focused on consumer and corporate credit markets. From 2001 to 2004, Mr. Jenkins worked at The Brattle Group, an economic consulting firm, where he focused on corporate valuation and demand forecasting in technology markets.

Benjamin Huston Chief Operating Officer
Mr. Huston co-founded Carvana in 2012 and has served as its Chief Operating Officer since its inception. From 2011 to 2012, he co-founded and served as CEO of Looterang, a card-linking platform. Prior to that, he was an associate at Latham and Watkins, a global law firm, from 2008 to 2011, focusing on regulatory affairs.

Ryan Keeton Chief Brand Officer
Mr. Keeton co-founded Carvana in 2012 and has served as its Chief Brand Officer since its inception. Prior to joining Carvana, he was a principal at the Montero Group, a strategic consultancy firm, from 2010 to 2012, advising global public and private companies on strategic and business initiatives. From 2008 to 2010, Mr. Keeton was the Director of Strategic Marketing for George P. Johnson, a global marketing agency.

Daniel Gill Chief Product Officer
Mr. Gill has served as Carvana's Chief Product Officer since March 2015. He co-founded and served as CEO of Huddler from 2007 until the company's acquisition by Wikia (now Fandom) in May 2014. Before that, he was Head of Strategy and Business Development for Inflection from May 2014 to March 2015.

AI Analysis | Feedback

Carvana (CVNA) faces several key risks to its business model, primarily stemming from its financial structure, regulatory compliance, and operational execution.

  1. Financial and Credit Risk: Carvana carries a significant debt burden, with its profitability substantially tied to auto-loan financing, including a notable portion of subprime originations. Rising interest rates and increasing delinquencies in subprime auto loans pose a material risk to the company's earnings and liquidity. Furthermore, Carvana has faced allegations of accounting improprieties, overstating earnings, and undisclosed related-party transactions, which could impact investor confidence and lead to further scrutiny.
  2. Regulatory and Legal Scrutiny: The company has a history of regulatory challenges and compliance issues at both federal and state levels. These include investigations by the Federal Trade Commission (FTC) and state agencies concerning deceptive advertising practices, financing disclosures, vehicle condition disclosures, and the proper processing of vehicle titles and registrations. Ongoing or new regulatory actions could result in significant fines, operational restrictions, and damage to Carvana's reputation.
  3. Operational Challenges and Customer Satisfaction: Carvana's rapid growth has introduced operational complexities, particularly regarding vehicle reconditioning, quality control, and logistics. Recurring concerns include variability in inspection rigor, leading to higher-than-expected return rates, and customer complaints about post-purchase fees, unclear delivery terms, and issues with obtaining proper vehicle registrations and titles. These operational inefficiencies and customer service issues can impact the company's brand, increase costs, and hinder its ability to scale profitably.

AI Analysis | Feedback

The clear emerging threat to Carvana is the increasing push by major automotive Original Equipment Manufacturers (OEMs) to establish direct-to-consumer online sales channels for both new and used vehicles. As OEMs seek greater control over the customer lifecycle, they are investing in digital platforms that allow consumers to research, configure, finance, and purchase vehicles directly from the manufacturer, often including home delivery and factory-backed warranties. This trend, already demonstrated by companies like Tesla for new vehicles, could extend more aggressively to the OEMs' own certified pre-owned and trade-in inventory, effectively cutting out third-party online used car retailers like Carvana. OEMs possess significant advantages in terms of brand trust, existing service networks, financing capabilities, and direct access to a continuous supply of their own used vehicles, which could allow them to offer a more integrated and potentially more attractive value proposition to customers.

AI Analysis | Feedback

Carvana's main product and service is operating an e-commerce platform for buying and selling used cars in the United States. The addressable market for Carvana can be defined by the size of the U.S. used car market, with a significant focus on the growing online segment within this market. The United States used car market generated a revenue of approximately USD 393.79 billion in 2024. It is projected to grow, with estimates suggesting the market will reach around USD 519.05 billion by 2030 and nearly USD 568.31 billion by 2035. Another estimate places the U.S. market at USD 274.59 billion in 2026. Specifically, the online segment of this market represents a substantial portion of Carvana's addressable market. In 2025, online sales constituted nearly 40% of all used car transactions in the U.S. The third-party channel sales segment, which includes online platforms, was valued at USD 72.2 billion in 2024. The online sales channel within the U.S. used car market is projected to grow at a compound annual growth rate (CAGR) of 7.4% between 2026 and 2035.

AI Analysis | Feedback

Expected Drivers of Future Revenue Growth for Carvana (CVNA)

Over the next 2-3 years, Carvana (CVNA) is expected to drive future revenue growth through several key initiatives and market dynamics:

  1. Expansion of Retail Unit Sales and Market Share: Carvana is actively focused on increasing its retail unit sales, aiming for significant year-over-year growth. This expansion is supported by its relatively low current market share (around 1.5-1.6%) in the fragmented U.S. used car market, indicating substantial room for growth and market penetration. The company has a long-term objective of selling 3 million retail units annually.
  2. Enhancement of Customer Offering and Experience: A continuous improvement in Carvana's customer offering is a core growth driver. This involves providing a wider selection of vehicles, reducing delivery times, and lowering overall costs for customers. The simplification of the transaction process, including leveraging AI-driven platforms, also contributes to a seamless and improved customer experience.
  3. Increasing Brand Awareness, Understanding, and Trust: As Carvana scales its operations and improves its service, there is an ongoing effort to build greater awareness, understanding, and trust in its online car buying and selling model. This increased confidence in the platform is a fundamental long-term growth driver.
  4. Operational Efficiencies and Benefits of Scale: Carvana is focused on leveraging its scale to drive operational efficiencies, which in turn supports revenue growth. This includes optimizing its inventory selection, improving reconditioning centers (IRCs) for higher vehicle throughput, and reducing costs associated with reconditioning, inbound transport, and selling, general, and administrative (SG&A) expenses per unit. The integration of ADESA operations and the development of new "Megasites" are key to these efficiency gains.
  5. Growth in Financing Solutions and Other Revenue Streams (GPU Improvements): Carvana's financing arm is a significant component of its revenue, offering competitive loan options to a broad customer base. The company is also focused on improving its Gross Profit Per Unit (GPU) through various fundamental gains, such as better cost of funds and higher attachment rates on vehicle service contracts and other complementary products. Furthermore, falling auto finance rates could entice more consumers to purchase vehicles, providing a favorable macroeconomic tailwind.

AI Analysis | Feedback

Share Repurchases

  • Carvana did not make significant share repurchases in recent years, with a 1-Year Share Buyback Ratio of -11.70% as of September 2025, indicating potential share issuance rather than buybacks.

Share Issuance

  • In April 2022, Carvana completed a public offering of 15,625,000 shares of its Class A common stock at $80.00 per share, with company executives purchasing a portion of these shares.
  • In August 2023, Carvana raised $126 million in equity capital from existing shareholders, valuing the Class A common stock at $46.31 per share.
  • In February 2026, Carvana completed a $1.23 billion follow-on equity offering to support its expansion goals and enhance financial flexibility.

Outbound Investments

  • Carvana's most significant outbound investment was the acquisition of ADESA in February 2022 for $2.2 billion, which expanded its logistics, auction, and reconditioning capabilities.

Capital Expenditures

  • Capital expenditures significantly decreased from $512 million in 2022 to $87 million in 2023 and $91 million in 2024, reflecting a strategic shift towards profitability.
  • Annual capital expenditures were $147 million in 2025.
  • The focus of capital expenditures has shifted to leveraging existing infrastructure capacity to support future growth and debt reduction. For 2026 and beyond, Carvana is "massively investing in electrification, focusing on systems for reconditioning and charging electric vehicles".

Better Bets vs. Carvana (CVNA)

Latest Trefis Analyses

TitleDate
0DASHBOARDS 
1Is 22.6% Fall In Carvana (CVNA) Stock A Buying Opportunity?03/11/2026
2The Bear Case: How CVNA Behaves During Market Shocks03/11/2026
3Is 24.4% Fall In Carvana (CVNA) Stock A Buying Opportunity?02/19/2026
4Carvana Stock (-14%): Short-Seller Report Ignites Governance Fears01/29/2026
5Carvana Stock Slides 14% In A Single Day, Wait For A Dip To Buy The Stock01/29/2026
6Can Carvana Stock Recover If Markets Fall?01/29/2026
7CVNA Stock Falls -9.4% With A 5-day Losing Spree On Profit-Taking Fears01/03/2026
8Carvana Earnings Notes12/27/2025
9How Carvana Stock Gained 120%12/25/2025
10ARTICLES 
11The Credibility Gap: Why Carvana’s Best Quarter In Years Led To Its Steepest Sell-Off03/20/2026
12S&P 500 Movers | Winners: LYB, SNDK, CIEN | Losers: CVNA, OTIS, CHTR03/19/2026
13Is Carvana Stock’s 23% Drop A Bargain?03/11/2026
14S&P 500 Movers | Winners: OMC, DE, TPL | Losers: EPAM, POOL, CVNA02/19/2026
15Carvana Stock To $215?02/19/2026
Title
0DASHBOARDS
1Is 22.6% Fall In Carvana (CVNA) Stock A Buying Opportunity?
2The Bear Case: How CVNA Behaves During Market Shocks
3Is 24.4% Fall In Carvana (CVNA) Stock A Buying Opportunity?
4Carvana Stock (-14%): Short-Seller Report Ignites Governance Fears
5Carvana Stock Slides 14% In A Single Day, Wait For A Dip To Buy The Stock
6Can Carvana Stock Recover If Markets Fall?
7CVNA Stock Falls -9.4% With A 5-day Losing Spree On Profit-Taking Fears
8Carvana Earnings Notes
9How Carvana Stock Gained 120%
10ARTICLES
11The Credibility Gap: Why Carvana’s Best Quarter In Years Led To Its Steepest Sell-Off
12S&P 500 Movers | Winners: LYB, SNDK, CIEN | Losers: CVNA, OTIS, CHTR
13Is Carvana Stock’s 23% Drop A Bargain?
14S&P 500 Movers | Winners: OMC, DE, TPL | Losers: EPAM, POOL, CVNA
15Carvana Stock To $215?

Trade Ideas

Select ideas related to CVNA.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
SKY_3312026_Dip_Buyer_FCFYield03312026SKYChampion HomesDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		0.0%0.0%0.0%
DPZ_3272026_Dip_Buyer_FCFYield03272026DPZDomino's PizzaDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		3.1%3.1%0.0%
ETSY_3272026_Dip_Buyer_FCFYield03272026ETSYEtsyDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		5.6%5.6%0.0%
OLLI_3272026_Dip_Buyer_ValueBuy03272026OLLIOllie's Bargain OutletDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		3.1%3.1%0.0%
PATK_3272026_Insider_Buying_GTE_1Mil_EBITp+DE_V203272026PATKPatrick IndustriesInsiderInsider Buys | Low D/EStrong Insider Buying
Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap		3.4%3.4%-1.6%
CVNA_4302022_Insider_Buying_45D_2Buy_200K04302022CVNACarvanaInsiderInsider Buys 45DStrong Insider Buying
Companies with multiple insider buys in the last 45 days		-75.0%-88.0%-93.6%

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Peer Comparisons

Peers to compare with:

Financials

CVNAKMXANLADPAGGPIMedian
NameCarvana CarMax AutoNati.Lithia M.Penske A.Group 1 . 
Mkt Price400.9239.04205.31279.89160.70344.69242.60
Mkt Cap56.85.57.46.710.64.27.0
Rev LTM20,32225,88127,63137,63531,80822,57226,756
Op Inc LTM1,881-4591,3101,4741,2819551,295
FCF LTM8891,243-1986650424538
FCF 3Y Avg81146434-208754257361
CFO LTM1,0361,784112357975694835
CFO 3Y Avg9199563841031,117490705

Growth & Margins

CVNAKMXANLADPAGGPIMedian
NameCarvana CarMax AutoNati.Lithia M.Penske A.Group 1 . 
Rev Chg LTM48.6%-1.8%3.2%4.0%-0.2%13.2%3.6%
Rev Chg 3Y Avg18.2%-4.4%0.8%10.2%4.7%11.6%7.5%
Rev Chg Q58.0%-1.0%-3.9%0.3%-3.1%0.6%-0.3%
QoQ Delta Rev Chg LTM11.3%-0.2%-1.0%0.1%-0.9%0.1%-0.1%
Op Inc Chg LTM90.0%-72.1%2.5%-1.4%-6.5%-0.4%-0.9%
Op Inc Chg 3Y Avg507.4%-22.6%-12.6%-8.0%-4.9%-4.3%-6.4%
Op Mgn LTM9.3%-1.8%4.7%3.9%4.0%4.2%4.1%
Op Mgn 3Y Avg5.3%-1.2%5.2%4.5%4.3%4.9%4.7%
QoQ Delta Op Mgn LTM-0.1%-0.3%-0.0%-0.2%-0.2%-0.1%-0.2%
CFO/Rev LTM5.1%6.9%0.4%0.9%3.1%3.1%3.1%
CFO/Rev 3Y Avg6.4%3.7%1.4%0.2%3.5%2.4%3.0%
FCF/Rev LTM4.4%4.8%-0.7%0.0%2.0%1.9%2.0%
FCF/Rev 3Y Avg5.7%1.8%0.1%-0.7%2.4%1.2%1.5%

Valuation

CVNAKMXANLADPAGGPIMedian
NameCarvana CarMax AutoNati.Lithia M.Penske A.Group 1 . 
Mkt Cap56.85.57.46.710.64.27.0
P/S2.80.20.30.20.30.20.2
P/Op Inc30.2-12.15.64.58.34.45.1
P/EBIT-147.74.45.53.76.95.75.0
P/E40.422.411.38.111.313.012.1
P/CFO54.93.165.718.710.96.114.8
Total Yield2.5%4.5%8.8%13.1%11.2%8.3%8.6%
Dividend Yield0.0%0.0%0.0%0.8%2.4%0.6%0.3%
FCF Yield 3Y Avg5.5%7.4%0.7%-2.3%7.2%5.0%5.3%
D/E0.13.31.42.30.81.41.4
Net D/E0.03.31.42.30.81.41.4

Returns

CVNAKMXANLADPAGGPIMedian
NameCarvana CarMax AutoNati.Lithia M.Penske A.Group 1 . 
1M Rtn42.5%-6.7%13.1%15.2%14.3%8.3%13.7%
3M Rtn-9.4%-17.7%-4.6%-14.1%-0.6%-13.5%-11.4%
6M Rtn12.7%-12.7%-6.1%-9.9%-4.5%-23.2%-8.0%
12M Rtn104.7%-37.4%25.6%-0.6%10.0%-10.3%4.7%
3Y Rtn4,825.3%-43.6%53.9%26.0%23.8%53.3%39.6%
1M Excs Rtn34.0%-15.3%4.6%6.6%5.7%-0.3%5.2%
3M Excs Rtn-13.3%-21.7%-8.6%-18.0%-4.5%-17.4%-15.3%
6M Excs Rtn14.1%-15.0%-10.4%-15.8%-9.6%-26.4%-12.7%
12M Excs Rtn55.9%-73.3%-9.9%-36.0%-24.4%-45.2%-30.2%
3Y Excs Rtn4,298.8%-114.5%-18.5%-43.9%-48.7%-16.9%-31.2%

Comparison Analyses

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Single Segment13,67310,771   
Other sales and revenues  7411,043401
Retail vehicle sales, net  10,2549,8514,741
Wholesale sales and revenues  2,6091,920445
Total13,67310,77113,60412,8145,587


Operating Income by Segment
$ Mil20252024202320222021
Single Segment990    
Total990    


Net Income by Segment
$ Mil20252024202320222021
Single Segment404    
Total404    


Price Behavior

Price Behavior
Market Price$400.92 
Market Cap ($ Bil)56.8 
First Trading Date04/28/2017 
Distance from 52W High-16.2% 
   50 Days200 Days
DMA Price$331.87$366.01
DMA Trendindeterminatedown
Distance from DMA20.8%9.5%
 3M1YR
Volatility68.2%60.5%
Downside Capture1.130.87
Upside Capture294.09219.61
Correlation (SPY)44.4%45.3%
CVNA Betas & Captures as of 3/31/2026

 1M2M3M6M1Y3Y
Beta2.852.742.572.802.272.69
Up Beta5.453.113.852.552.232.42
Down Beta3.160.920.272.172.552.18
Up Capture291%323%363%435%425%84865%
Bmk +ve Days7162765139424
Stock +ve Days11213369143403
Down Capture203%295%288%228%148%113%
Bmk -ve Days12233358110323
Stock -ve Days11213057108345

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with CVNA
CVNA82.7%60.9%1.23-
Sector ETF (XLY)29.2%19.4%1.2048.1%
Equity (SPY)23.7%12.7%1.5247.9%
Gold (GLD)41.4%27.5%1.250.4%
Commodities (DBC)22.4%16.2%1.253.0%
Real Estate (VNQ)14.2%13.8%0.7214.9%
Bitcoin (BTCUSD)-10.4%42.7%-0.1424.2%

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Based On 5-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with CVNA
CVNA7.4%111.1%0.57-
Sector ETF (XLY)6.9%23.8%0.2549.1%
Equity (SPY)10.8%17.1%0.4943.9%
Gold (GLD)21.6%17.8%0.994.4%
Commodities (DBC)10.9%18.8%0.474.4%
Real Estate (VNQ)4.1%18.8%0.1236.3%
Bitcoin (BTCUSD)3.8%56.4%0.2921.2%

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Based On 10-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with CVNA
CVNA42.6%99.8%0.85-
Sector ETF (XLY)12.9%22.0%0.5449.6%
Equity (SPY)13.9%17.9%0.6743.6%
Gold (GLD)13.7%15.9%0.717.0%
Commodities (DBC)8.2%17.6%0.3910.7%
Real Estate (VNQ)5.4%20.7%0.2334.7%
Bitcoin (BTCUSD)68.0%66.9%1.0713.7%

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Short Interest

Short Interest: As Of Date3312026
Short Interest: Shares Quantity15.5 Mil
Short Interest: % Change Since 315202618.1%
Average Daily Volume3.2 Mil
Days-to-Cover Short Interest4.9 days
Basic Shares Quantity141.8 Mil
Short % of Basic Shares10.9%

Returns Analyses

Earnings Returns History

Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
2/18/2026-7.9%-7.4%-18.6%
10/29/2025-13.8%-12.5%6.0%
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%
...
SUMMARY STATS   
# Positive141213
# Negative8109
Median Positive18.1%10.9%25.6%
Median Negative-10.0%-6.7%-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
12/31/202502/18/202610-K
09/30/202510/29/202510-Q
06/30/202507/30/202510-Q
03/31/202505/07/202510-Q
12/31/202402/19/202510-K
09/30/202410/30/202410-Q
06/30/202407/31/202410-Q
03/31/202405/01/202410-Q
12/31/202302/22/202410-K
09/30/202311/02/202310-Q
06/30/202307/19/202310-Q
03/31/202305/04/202310-Q
12/31/202202/23/202310-K
09/30/202211/03/202210-Q
06/30/202208/04/202210-Q
03/31/202205/10/202210-Q

Insider Activity

Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Jenkins, Mark WChief Financial OfficerDirectSell1052026403.0212,7505,138,48282,230,216Form
2Palmer, Stephen RVice President of AccountingDirectSell1052026419.481,000419,48016,252,333Form
3Huston, Benjamin EChief Operating OfficerDirectSell1052026401.9410,0004,019,36140,141,756Form
4Gill, Daniel JChief Product OfficerDirectSell12122025475.2440,00019,009,69690,821,674Form
5Huston, Benjamin EChief Operating OfficerDirectSell12122025475.0020,0009,500,00047,860,050Form

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