CVNA

CARVANA CO.

Consumer Discretionary • CIK: 0001690820

Loading...

Market Cap
$58.08B
P/E (TTM)
41.3x
Rev Growth (TTM)
+48.6%
Net Margin (TTM)
6.9%
FCF Yield (TTM)
1.5%
FCF Margin (TTM)
4.4%

Filing Intelligence

5.0/10
10-K filed Feb 18, 2026 • FY 2025

Executive Summary

The company is actively managing its debt, with significant repurchases and redemptions of senior notes, alongside efforts to optimize its cost of capital through strategic financing choices.....

Key Concerns

  • ●Certain prior period amounts have been reclassified to conform to current period presentation to account for the additions of deferred tax...
  • ●Significant portion of TRA liability due to related parties.
  • ●Ongoing securities litigation with potential material impact.

Key Strengths

  • ●Carvana achieved significant revenue growth in 2025, driven by strong increases in both retail and wholesale vehicle unit sales, alongside...
  • ●While overall gross profit increased due to higher volumes, gross profit per retail unit remained relatively flat, indicating stable...
  • ●Management expresses confidence in its growth strategy and ability to fund operations through operating cash flow, while acknowledging...
View Full Quarterly Insights →

LATEST EARNINGS

•
Q4 FY2025
•
about 1 month ago
•View source
Revenue
$988.00M
—
Net Income
$951.00M
—
EPS
$4.22
+653.6%
Gross
18.8%↓ -2.8%
Operating
7.6%↑ +0.2%
Net
17.0%↑ +12.5%
  • •Revenue increased 58% year-over-year to $5.603 billion in Q4 and 49% year-over-year to $20.322 billion for the full year.
  • •Retail units sold increased 43% year-over-year in Q4 to 163,522 and 43% year-over-year for the full year to 596,641.
  • •Achieved record company-level profitability with Net income of $1.895 billion for the full year, a significant increase from $404 million in the prior year.
  • •Adjusted EBITDA margin improved to 11.0% for the full year, up from 10.1% in the prior year.
View Full Earnings →

Cash Flow Health

Free Cash Flow7/8 positive
TTM$889M
Q4 '25
$379M+23%
Q3 '25
$307M+15450%
FCF Margin
TTM4.4%
Q4 '256.8%+24%
Sector: 2.7%Above Avg
OCF Margin5.1%
OCF/NI0.74x
CapEx Coverage7.0x
FCF Yield1.5%
FCF Growth (2Y)–
Cash Conversion Cycle
45 days
DSO: 6+DIO: 44−DPO: 6
View Insights from Latest Filing →View Full Cash Flow Statement →

Capital Allocation & Returns

Total Shareholder Yield
TTM0.0%
Div Yield0.0%

Insufficient data

Dividend & Payout Metrics
Dividend Yield (TTM)0.0%
Free Cash Flow (TTM)$889.0M
Capital Return / FCF0.0%
Est. Dividends Paid (TTM)$0
Shows how management rewards shareholders

Operational Efficiency & Returns

Return on Invested CapitalTTM
-25.7%
Moderate
-0.4% YoY-2.8%
P25MedianP75
25th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
-9.5%
8Q: 8.4%
Asset Turnover
2.09x
8Q: 1.95x
Leverage (1+D/E)
2.46x
D/E: 1.46x
DuPont: -48.6% ≈ -25.7% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
7.40x
8Q:5.64x
+436.4%
Invested Cap Turn
2.72x
8Q:2.48x
+53.0%
CapEx Intensity
2.0%
8Q:1.7%
Asset-based ROIC formula
Full Analysis

QUARTERLY TRENDS

Last 8 quarters + TTM

MetricTTMQ4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024
Revenue
$20.3B
$5.6B↓0.8%
$5.6B↑16.7%
$4.8B↑14.4%
$4.2B↑19.3%
$3.5B↓3.0%
$3.7B↑7.2%
$3.4B↑11.4%
$3.1B
Operating Income
$1.9B
$424.0M↓23.2%
$552.0M↑8.0%
$511.0M↑29.7%
$394.0M↑51.5%
$260.0M↓22.8%
$337.0M↑30.1%
$259.0M↑93.3%
$134.0M
Net Income
$1.4B
$857.0M↑467.5%
$151.0M↓17.5%
$183.0M↓15.3%
$216.0M↑173.4%
$79.0M↓7.1%
$85.0M↑372.2%
$18.0M↓35.7%
$28.0M
Operating Cash Flow
$1.0B
$430.0M↑24.6%
$345.0M↑1089.7%
$29.0M↓87.5%
$232.0M↑286.7%
$60.0M↓85.1%
$403.0M↑13.8%
$354.0M↑250.5%
$101.0M
Free Cash Flow
$889.0M
$379.0M↑23.5%
$307.0M↑15450.0%
$-2.0M↓101.0%
$205.0M↑469.4%
$36.0M↓90.4%
$376.0M↑13.3%
$332.0M↑300.0%
$83.0M
Total Equity
N/A
Income StatementCash Flow StatementBalance Sheet

Valuation Analysis

Fair Value
Price-to-EarningsTTM
41.3x
Volatile
8Q: 287.6x-40261%
Valuation Lenses
Earnings
41.3x
vs – sector
Cash Flow
69.1x
EV/FCF vs –
Growth-Adj
0.1xPEG
Undervalued for growth
Quality-Adj
–P/E per %ROIC
ROIC: -25.7%
Shareholder Returns
Dividend
–
Buyback
–
Total Yield
–
Market Cap$58.08B
EV$61.46B
Multi-angle valuation analysis with sector context

Business Quality & Moat

Overall Quality Score
73/100
High Quality

Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)

Returns on Capital

Return on Equity (ROE)Top 10%
71.6%
8Q:–
Return on Invested Capital (ROIC)Below Avg
-25.7%
8Q:–
-2.8%
vs Sector:0.1%

DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)

NOPAT Margin: -9.5%
Asset Turnover: 2.09x

Earnings Quality

Cash Conversion

0.74x

OCF / Net Income

FCF Consistency

–

Positive quarters

Competitive Moat Indicators

Pricing Power

Gross Margin20.6%

Capital Efficiency

Invested Capital Turnover2.72x

Working Capital

Cash Conversion Cycle45 days

Growth Quality & Momentum

Moderate Growth
Growth Quality Score
70/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%

Growth Rates

Revenue Growth YoY
48.6%
OpInc Growth YoY
63.1%
EPS Growth YoY
428.1%
FCF 3Y CAGR
N/A

Margin Quality & Sustainability

Low Quality
Profitability Cascade
Gross
20.6%
Operating
9.3%
Above Avg in sector
Net
6.9%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
-2.5 pts
FCF: 4.4% | Net: 6.9%

Quality = stability + cash conversion + low dilution

Balance Sheet & Solvency

Leveraged
Net Debt / EBITDA
–Net Debt: $2.61B
Interest Coverage
–
Balance sheet risk & solvency analysis

Research

All research