Carvana Co CVNA

Consumer DiscretionarySpecialty RetailersUnited States of America

Last close 72.00 USD on Nov 2, 2026, −14.7% year to date

Quant rating

Quant rating A Rank 23 of 344 in Consumer Discretionary

Growth A 11 of 344
Valuation D 293 of 344
Quality A 27 of 344
Revisions A 34 of 344
Momentum B 90 of 344

Wall Street consensus Buy (2.08)Average target 80.70 USD +12.1%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 79.4B
Enterprise value: 82.4B
52-week range: 54.50 – 97.38
3-year range: 5.73 – 97.38
Dividend yield: –
Beta (5 years): 3.65
Shares outstanding: 1,103M
Next earnings: Feb 16, 2027

About the company

Carvana Co. is a holding company. The Company operates an e-commerce platform for buying and selling used cars. The Company primarily acquires used vehicle inventory directly from customers, used car auctions, and wholesale used vehicle suppliers, including retail marketplace partners. Once it acquires a vehicle, the Company leverages its in-house logistics network or a vendor to transport the vehicle to one of its inspection and reconditioning centers (IRC) or auction locations with reconditioning capabilities, at which point the vehicle enters its inventory management system. The Company offers a mobile-optimized Website, where prospective retail car buyers can immediately begin browsing, researching, filtering, and identifying their vehicle of choice, where it offers an annotated virtual vehicle tour, which includes a 360-degree view of the interior and exterior of the actual vehicle. The Company also offers integrated financing using its loan origination platform.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	20,322	13,673	10,771	13,604	12,814	–
Revenue growth	48.6%	26.9%	−20.8%	6.2%	129.4%	29.5%
EPS (basic, normalized)	0.64	0.32	0.15	−1.47	−0.33	–
EPS growth	102.5%	112.0%	–	–	–	–
Gross margin	20.6%	21.0%	16.0%	9.2%	15.1%	16.4%
Net margin	6.9%	1.5%	4.2%	−11.7%	−1.1%	0.0%
ROE	59.9%	27.9%	–	–	−38.9%	16.3%

Balance sheet, last quarter
Cash & short-term investments (mil)	3,606
Current ratio	4.05x
Long-term debt (mil)	4,874
Net debt (mil)	2,923
Total equity (mil)	4,352
Net debt / equity	0.67x
Net debt / EBITDA	1.36x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	20,322	+48.6%	4.1x	2,156	+61.5%	38.2x	0.64	+102.5%	111.8x
2026	29,551	+45.4%	2.8x	2,939	+36.3%	28.0x	1.62	+151.9%	44.4x
2027	37,320	+26.3%	2.2x	3,878	+31.9%	21.2x	2.26	+39.3%	31.9x
2028	46,127	+23.6%	1.8x	4,991	+28.7%	16.5x	3.20	+41.6%	22.5x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	29,551	+2.3%	+2.8%	+6.9%	1.62	−2.2%	−1.9%	+2.3%
2027	37,320	+3.1%	+3.6%	+7.7%	2.26	+3.0%	+1.2%	+5.0%
2028	46,127	+3.7%	+5.4%	+11.0%	3.20	+10.8%	+10.7%	+8.2%

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	3,061	3,410	3,655	3,547	4,232	4,840	5,647	5,603	6,432	7,376
Sales mean (mil)	2,673	3,244	3,452	3,314	3,981	4,589	5,077	5,257	6,077	6,909
Surprise	+14.5%	+5.1%	+5.9%	+7.0%	+6.3%	+5.5%	+11.2%	+6.6%	+5.8%	+6.8%
EPS reported	0.05	0.03	0.13	0.11	0.30	0.26	0.21	0.21	0.34	0.42
EPS mean	−0.15	−0.01	0.05	0.06	0.13	0.22	0.25	0.22	0.30	0.41
Surprise	−131.1%	−298.0%	+155.1%	+94.5%	+135.4%	+15.6%	−18.3%	−3.6%	+14.3%	+3.3%

Peer comparison Specialty Retailers

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
CVNA Carvana Co	79.4B	1.36x	6.9%	18.24x	44.4x	31.9x	28.0x	21.2x
HD The Home Depot, Inc.	340.4B	2.03x	8.6%	20.49x	22.7x	21.4x	15.4x	14.8x
LOW Lowe's Companies Inc	122.4B	2.71x	7.7%	−16.46x	17.8x	16.8x	12.2x	11.9x
ORLY O'Reilly Automotive, Inc.	73.0B	1.89x	14.3%	−34.87x	27.4x	24.8x	18.4x	17.3x
AZO AutoZone, Inc.	52.4B	1.98x	12.6%	−21.02x	19.2x	17.0x	12.9x	12.2x
TSCO Tractor Supply Company	18.4B	1.07x	7.1%	6.92x	18.2x	17.1x	10.8x	10.3x
Mean		1.84x	9.5%	−4.45x	24.9x	21.5x	16.3x	14.6x
Median		1.94x	8.1%	−4.77x	20.9x	19.2x	14.1x	13.5x

Technical analysis

1M+12.9%
3M+15.5%
1Y+17.4%
3Y+1,103.2%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Carvana Co, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	20,322	13,673	10,771	13,604	12,814	5,587
Cost of revenue	16,130	10,797	9,047	12,358	10,885	4,793
Gross profit	4,192	2,876	1,724	1,246	1,929	794
Selling, general & administrative expenses	2,144	1,709	1,623	2,496	1,930	1,054
Research & development	–	–	–	–	–	–
Depreciation/amortization	164	165	166	183	103	72.2
Interest expense (income), operating	–	–	632	486	176	132
Unusual expense (income)	16.0	12.0	−871	904	–	–
Other operating expenses	3.0	12.0	−1.0	70.0	6.0	−1.4
Operating income	1,865	978	175	−2,893	−286	−462
Net interest income (expense)	−505	−651	–	–	–	–
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−2,250	73.0	0	0	0	0
Net income before taxes	−890	400	175	−2,893	−286	−462
Provision for taxes	−2,785	−4.0	25.0	1.0	1.0	−0.3
Minority interest	−488	−194	300	1,307	152	291
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	1,407	210	450	−1,587	−135	−171
Extraordinary items	–	–	–	–	–	–
Net income	1,407	210	450	−1,587	−135	−171
EBIT, normalized	1,881	990	−64.0	−1,503	−110	−331
EBITDA, normalized	2,156	1,295	288	−1,242	−5.0	−257
Basic EPS, normalized	0.64	0.32	0.15	−1.47	−0.33	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Carvana Co, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	2,813	2,180	896	755	785	432
Receivables	1,058	915	1,073	1,587	562	354
Total inventory	2,408	1,608	1,150	1,876	3,149	1,036
Prepaid expenses	–	–	–	–	–	–
Other current assets	270	166	202	376	396	101
Total current assets	6,549	4,869	3,321	4,594	4,892	1,923
Property, plant & equipment	3,257	3,213	3,437	3,780	1,929	1,065
Goodwill	10.0	–	–	0	9.0	9.4
Intangibles	47.0	34.0	52.0	70.0	4.0	5.6
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	3,338	368	261	254	181	31.8
Total assets	13,201	8,484	7,071	8,698	7,015	3,035
Liabilities
Accounts payable	236	236	231	232	141	66.5
Payable/accrued	168	75.0	57.0	60.0	44.0	25.1
Accrued expenses	543	482	275	462	437	234
Short-term debt	58.0	67.0	668	1,534	2,053	39.8
Current portion of long-term debt	227	309	189	201	152	65.5
Other current liabilities	287	169	116	103	63.0	36.4
Total current liabilities	1,519	1,338	1,536	2,592	2,890	467
Long-term debt	4,830	5,256	5,416	6,574	3,208	1,617
Minority interest	762	115	−627	−535	219	414
Other liabilities	2,649	515	503	585	392	149
Total liabilities	9,760	7,224	6,828	9,216	6,709	2,647
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0.2	0.2	0.2	0.2	0.2	0.2
Additional paid-in capital	3,450	2,676	1,869	1,558	795	742
Retained earnings (accumulated deficit)	−9.0	−1,416	−1,626	−2,076	−489	−354
Treasury stock	–	–	–	–	–	–
Other equity	−0.2	−0.2	−0.2	−0.2	−0.2	0
Total equity	3,441	1,260	243	−518	306	388
Total liabilities & shareholders' equity	13,201	8,484	7,071	8,698	7,015	3,035

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Carvana Co, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	1,895	404	150	−2,894	−287	−462
Depreciation, depletion & amortization	275	305	352	261	105	73.8
Deferred taxes	−2,784	–	–	–	–	–
Non-cash items	2,130	386	−263	−84.0	−330	13.0
Changes in working capital	−480	−177	564	1,393	−2,082	−233
Cash from operations	1,036	918	803	−1,324	−2,594	−608
Investing activities
Capital expenditures	−147	−91.0	−87.0	−512	−557	−360
Other investing cash flows	−83.0	78.0	118	−2,071	−70.0	13.9
Cash from investing	−230	−13.0	31.0	−2,583	−627	−346
Financing activities
Financing cash flow items	−68.0	−23.0	−84.0	−83.0	−64.0	−52.5
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−69.0	284	−784	3,982	3,592	1,218
Cash from financing	−137	261	−868	3,899	3,528	1,165
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	669	1,166	−34.0	−8.0	307	211
Free cash flow	889	827	716	−1,836	−3,151	−968

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.