CARVANA CO.
$72.37
+1.53 (+2.16%) · delayed · Nov 13, 2026
Five-year price
52w $54.46 to $97.38
- Market cap
- $16.2B
- Enterprise value
- $18.9B
- P/E
- 8.6×
- 20.1× on 3y avg EPS
- EV / EBIT
- 10.1×
- FCF yield
- 5.5%
- ROIC
- 24.1%
- Debt / equity
- 1.46
- Piotroski F
- 5/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
50
- ○ROIC > 12% (5y avg)5y avg ROIC 3.2%
- ●ROE > 15% (5y avg)5y avg ROE 49.7%
- ○Stable operating marginsMargin volatility 10.4% (σ, 5y)
- ●Earnings convert to cashFCF / net income 205% (5y avg)
- ●Growing revenueRevenue CAGR 5y 29.5%
- ○Shrinking share countDiluted shares 245.1% over 5y
Value
40
- ●P/E below 15P/E 8.6
- ●EV/EBIT below 12EV/EBIT 10.1
- ○FCF yield above 6%FCF yield 5.5%
- ○Price below Graham NumberGraham Number $54.01
- ○P/B below 3P/B 4.7
Safety
40
- ○Debt / equity below 0.5D/E 1.46
- ●Debt payable in < 4 yrs of earningsNet debt $2.7B
- ○Interest coverage > 8xCoverage 3.7x
- ●Current ratio > 1.5Current ratio 4.31
- ○Piotroski F-score ≥ 6F-score 5/9
Graham Defensive
33
- ●Adequate size (revenue > $2B)Revenue $20.3B
- ●Strong condition (current ratio ≥ 2)Current ratio 4.31
- ○Earnings stability (no loss, 10y)10 years of data
- ○Uninterrupted dividendsDividends paid every year on record
- –Earnings growth ≥ 33% (10y, 3y avgs)n/a
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 20.1
- ○P/E × P/B ≤ 22.5Product 94.9
Valuation lab
What do you have to believe?
At $72.37, the market is pricing in about 6.5% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $2.7B · 224M shares · 5y revenue CAGR 29.5%
Intrinsic value
$221.24
Price
$72.37
Margin of safety
67%
What the price implies
The market is paying for 6.5% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
70% of the value sits beyond year 10. That means the answer depends mostly on the long-run assumptions.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 365 | 859 | 1,955 | 3,940 | 5,587 | 12,814 | 13,604 | 10,771 | 13,673 | 20,322 |
| Gross profit | 19 | 68 | 197 | 507 | 794 | 1,929 | 1,246 | 1,724 | 2,876 | 4,192 |
| Operating income | — | — | — | — | — | — | (2,351) | (80) | 990 | 1,881 |
| Operating margin | — | — | — | — | — | — | -17.3% | -0.7% | 7.2% | 9.3% |
| Pre-tax income | — | — | — | — | — | — | — | — | — | — |
| Income tax | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 25 | (4) | (2,785) |
| Net income | (93) | (63) | (55) | (115) | (171) | (135) | (1,587) | 450 | 210 | 1,407 |
| EPS (diluted) | — | — | — | -2.45 | -2.63 | -1.63 | -15.74 | 0.75 | 1.59 | 8.45 |
| Diluted shares | — | — | — | 47 | 65 | 83 | 101 | 201 | 132 | 224 |
Who owns it