Carvana Co.CVNA
NYSE•Consumer Cyclical•Auto & Truck Dealerships
Carvana Co., together with its subsidiaries, operates an e-commerce platform for buying and selling used cars. It provides vehicle acquisition, inspection and reconditioning, online search and shopping experience, financing, complementary products, logistics network and distinctive fulfillment experience, and post-sale customer support services. The company also operates auction sites. Carvana Co. was founded in 2012 and is based in Tempe, Arizona.
Carvana Co. (CVNA) reported trailing twelve months revenue of $22.52B as of March 2026, a 51.7% increase year-over-year. Quarterly revenue reached $6.43B, reflecting continued top-line momentum.
Carvana Co. generated $1.44B in TTM net income, with quarterly EBITDA of $650.00M. The operating margin contracted from 9.3% to 9.0%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (9.0%) and net margin (3.9%) indicates moderate non-operating costs. Net margin has narrowed from 5.1% a year ago, reflecting increased costs or interest expense.
CVNA trades at a P/E of 5.8x (below the broader market average) and a P/S of 0.4x. The price-to-book ratio of 2.2x reflects a moderate premium to book value.
The company generated $56.00M in free cash flow over the trailing twelve months, a 72.7% decrease year-over-year, indicating cash generation ability. The balance sheet shows $13.77B in total assets with $4.85B in long-term debt against $3.72B in stockholders equity for a debt-to-equity ratio of 1.3. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~8.8% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE averages 101.2% but has fluctuated — the competitive advantage may be cyclical or emerging.
7 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
TTM revenue has grown consistently (7 of 7 quarters up), with ~93.0% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~9.2% — no sign of cost or pricing stress.
FCF/Net Income has dropped below 0.7x in 4 quarters — monitor for earnings quality deterioration.
D/E ratio is 1.3 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares outstanding increased 20.0% — significant dilution, likely from stock compensation or capital raises.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation