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Online used-car retailer letting customers buy, finance and get cars delivered (or picked up from vending-machine towers) without visiting a dealership.
Online used-car retailer letting customers buy, finance and get cars delivered (or picked up from vending-machine towers) without visiting a dealership.
Earns from selling used cars at a markup after reconditioning them, and from financing: it originates auto loans, then sells most to outside investors, collecting gains on sale and servicing fees. The 2022 purchase of ADESA's auction sites gave it reconditioning capacity. The Garcia family controls the company through super-voting shares.
Moat: narrow (scale, installed base, data). National reconditioning/logistics infrastructure (via ADESA) and digital purchase funnel are hard to replicate quickly, though profitability has been volatile.
Headquarters: Tempe, Arizona, United States · Founded: 2012 · Employees: 23,100
Size Carvana (CVNA) is a United States Consumer Discretionary company (Specialty Stores) with a market value of $81.2B, the 168th largest of 3,117 United States companies the cockpit tracks. Shares closed at $73.57 on 6 Nov 2026.
Performance Over six months the shares fell 5.6%, against +5.3% for the median peer and -1.1% for the United States market (cap-weighted) — 2nd lowest of 6 in its peer set.
Growth Revenue grew 50.3% over the last twelve months (peer median +8.7%); the operating margin is 8.8% (peer median 17.8%).
Valuation It trades at 35.9× forward earnings against a peer median of 21.1× (most expensive of 6).
Price implies For today's price to make sense, revenue must grow about 44% a year for seven years (Req g). Recent delivered growth is +29%, so the hurdle is +14 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 2.1 points above its cost of capital (18.9% WACC).
Credit Carvana has 1 bond outstanding ($2.27B), rated BB by the agencies.
Short interest Short interest is 9.3% of the free float (15 Oct 2026).
Next results Next results expected around 25 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $27.5B | $20.3B | $13.7B | $10.8B | $13.6B |
| Revenue growth | — | +49% | +27% | -21% | — |
| Gross profit | $5.05B | $4.03B | $2.71B | $1.54B | $1.00B |
| EBITDA | $2.67B | $2.16B | $1.31B | $287M | -$1.23B |
| Net income | $1.71B | $1.41B | $210M | $450M | -$1.59B |
| Free cash flow | $1.11B | $889M | $827M | $716M | -$1.84B |
| Capital expenditure | $217M | $147M | $91.0M | $87.0M | $512M |
| Total debt | $5.82B | $5.66B | $6.15B | $6.79B | $8.90B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Carvana CVNA | $81.2B | -6% | +50% | 9% | 35.9× | 43.6% |
| CarMax KMX | $7.31B | +28% | +4% | 2% | 15.5× | 17.6% |
| AutoNation AN | $5.88B | -11% | -2% | 5% | 8.3× | n/a |
| Cars.com CARS | $715M | +14% | +1% | 11% | 6.2× | 5.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | CVNA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +16.4% | +7.9% | highest of 6 |
| 6-month return | -5.6% | +5.3% | 2nd lowest of 6 |
| Distance from 52-week high | -24.4% | -12.3% | lowest of 6 |
| Revenue growth (TTM) | +50.3% | +8.7% | highest of 6 |
| Operating margin | 8.8% | 17.8% | 2nd lowest of 6 |
| Forward P/E | 35.9× | 21.1× | most expensive of 6 |
| Growth the price implies (Req g, 7 yrs) | 43.6% | 4.1% | most demanding of 6 |
| Growth delivered (Del g) | +29.5% | +8.9% | highest of 6 |
| Hurdle (Req g minus delivered) | +14.2 pp | -7.9 pp | most demanding of 6 |
| ROIC minus cost of capital | +2.1 pp | +21.3 pp | lowest of 6 |
| EV / EBITDA | 31.6× | 15.3× | most expensive of 6 |
| Net debt / EBITDA | 0.8× | 1.7× | 2nd least indebted of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Carvana CVNA | United States | $81.2B | -6% | +50% | 9% | 35.9× | 43.6% | +29.5% |
| O’Reilly Automotive ORLY | United States | $72.3B | -3% | +9% | 20% | 25.2× | 4.1% | +8.9% |
| Alimentation Couche-Tard ATD.TO | Canada | $54.5B | +5% | +12% | 6% | 18.3× | 1.3% | +12.0% |
| AutoZone AZO | United States | $51.8B | -8% | +7% | 18% | 19.0× | -2.8% | +6.8% |
| Williams-Sonoma WSM | United States | $29.9B | +40% | +2% | 19% | 25.6× | 15.4% | +2.9% |
| Ulta Beauty ULTA | United States | $27.6B | +24% | +11% | 13% | 21.1× | 7.1% | +15.0% |
Carvana has 1 bond outstanding with $2.27B face value. The agencies rate it BB.