Latest Ratios: P/E Ratio 31.9x · EV/EBITDA 31.4x · ROE 50.4%. (2014–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $80.7B | $94.6B | $26.9B | $10.6B | $478M | $19.2B | $15.6B | $4.3B | $982M | $291M | — |
| Enterprise Value | $83.9B | $97.8B | $31.2B | $16.8B | $8.9B | $24.6B | $17.1B | $5.9B | $1.5B | $421M | — |
| P/E Ratio → | 31.91 | 49.94 | 127.89 | 70.60 | — | — | — | — | — | — | — |
| P/S Ratio | 2.94 | 4.66 | 1.97 | 0.99 | 0.04 | 1.50 | 2.79 | 1.09 | 0.50 | 0.34 | — |
| P/B Ratio | 19.63 | 22.52 | 19.55 | — | — | 36.56 | 19.42 | 22.47 | 4.32 | 1.04 | — |
| P/FCF | 72.50 | 106.46 | 32.51 | 14.83 | — | — | — | — | — | — | — |
| P/OCF | 77.89 | 91.36 | 29.29 | 13.23 | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.81 | 2.28 | 1.56 | 0.65 | 1.92 | 3.07 | 1.49 | 0.79 | 0.49 | — |
| EV / EBITDA | 31.42 | 45.38 | 23.88 | 61.75 | — | 24565.20 | — | — | — | — | — |
| EV / EBIT | 44.60 | — | 29.70 | 20.81 | — | — | — | — | — | — | — |
| EV / FCF | — | 110.05 | 37.74 | 23.46 | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 20.6% | 20.6% | 19.8% | 16.0% | 7.4% | 14.2% | 12.9% | 11.8% | 8.9% | 6.6% | 4.0% |
| Operating Margin | 9.3% | 9.3% | 7.3% | -0.7% | -11.0% | -0.8% | -5.9% | -7.1% | -11.7% | -18.1% | -24.5% |
| Net Profit Margin | 6.9% | 6.9% | 1.5% | 4.2% | -11.7% | -1.1% | -3.1% | -2.9% | -2.8% | -2.1% | -2.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 50.4% | 50.4% | 42.4% | — | — | -20.4% | -34.5% | -54.7% | -21.9% | -8.8% | -10.1% |
| ROA | 13.0% | 13.0% | 2.7% | 5.7% | -20.2% | -2.7% | -6.7% | -7.5% | -6.8% | -3.7% | -4.3% |
| ROIC | 21.5% | 21.5% | 13.1% | -0.9% | -16.9% | -1.9% | -12.2% | -16.7% | -28.8% | -34.5% | -40.6% |
| ROCE | 20.0% | 20.0% | 15.8% | -1.4% | -29.1% | -3.1% | -17.7% | -30.2% | -45.9% | -65.5% | -87.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.31 | 1.31 | 4.40 | — | — | 11.00 | 2.33 | 8.42 | 2.79 | 1.08 | 1.26 |
| Debt / EBITDA | 2.56 | 2.56 | 4.63 | 24.65 | — | 5774.00 | — | — | — | — | — |
| Net Debt / Equity | — | 0.76 | 3.15 | — | — | 10.23 | 1.96 | 8.03 | 2.44 | 0.46 | 0.97 |
| Net Debt / EBITDA | 1.48 | 1.48 | 3.31 | 22.71 | — | 5371.00 | — | — | — | — | — |
| Debt / FCF | — | 3.59 | 5.24 | 8.63 | — | — | — | — | — | — | — |
| Interest Coverage | -0.76 | -0.76 | 1.61 | 1.28 | -4.95 | -0.63 | -2.52 | -3.52 | -9.18 | -20.45 | -24.96 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.31 | 4.31 | 3.64 | 2.16 | 1.77 | 1.69 | 4.12 | 1.57 | 2.01 | 1.60 | 1.40 |
| Quick Ratio | 2.73 | 2.73 | 2.44 | 1.41 | 1.05 | 0.60 | 1.90 | 0.69 | 0.76 | 0.86 | 0.46 |
| Cash Ratio | 1.85 | 1.85 | 1.63 | 0.58 | 0.29 | 0.27 | 0.92 | 0.20 | 0.24 | 0.56 | 0.20 |
| Asset Turnover | — | 1.54 | 1.61 | 1.52 | 1.56 | 1.83 | 1.84 | 1.91 | 1.97 | 1.34 | 1.09 |
| Inventory Turnover | 6.70 | 6.70 | 6.82 | 7.87 | 6.72 | 3.49 | 4.70 | 4.55 | 4.32 | 3.53 | 1.89 |
| Days Sales Outstanding | — | 4.49 | 8.09 | 9.01 | 6.79 | 5.87 | 5.16 | 3.69 | 6.18 | 5.99 | 5.69 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | 0.5% | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.1% | 2.0% | 0.8% | 1.4% | — | — | — | — | — | — | — |
| FCF Yield | 1.4% | 0.9% | 3.1% | 6.7% | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.2% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.2% | 0.0% | 0.0% | 0.5% | 0.0% | — |
| Shares Outstanding | — | $1.1B | $661M | $1.0B | $504M | $414M | $325M | $234M | $150M | $76M | $75M |
Includes 30+ ratios · 12 years · Updated daily
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Quick answers to the most common questions about buying CVNA stock.
Carvana Co.'s current P/E ratio is 31.9x. The historical average is 82.8x.
Carvana Co.'s current EV/EBITDA is 31.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 43.7x.
Carvana Co.'s return on equity (ROE) is 50.4%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is -21.8%.
Based on historical data, Carvana Co. is trading at a P/E of 31.9x. Compare with industry peers and growth rates for a complete picture.
Carvana Co. has 20.6% gross margin and 9.3% operating margin.
Carvana Co.'s Debt/EBITDA ratio is 2.6x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Refinancing and working capital dependence
Metrics are mathematically derived from official filings.
Premium Multiples Price in Sustained Growth
Based on reported figures, CVNA trades at 42.65 trailing P/E and 38.15 EV/EBITDA, roughly double typical used-auto retail multiples, implying the market is capitalizing continued volume expansion well beyond current margins. Forward EV/EBITDA of 25.61 compresses the premium but still embeds significant growth expectations.
The gap between trailing and forward EV/EBITDA suggests the market expects earnings to rise materially as fixed-cost leverage develops. With a P/FCF of 88.93, the valuation rests more on future cash conversion than on current free cash generation, which the cash flow data shows is volatile. Investors should monitor whether revenue growth, which slowed from 52.4% to 42.4% year over year, can sustain multiples that depend on it.
Thin Spreads Limit Earnings Cushion
As reported in financial statements, CVNA's gross margin held between 18.8% and 21.2% across ten quarters, while operating margin reached 8.9% in 2026Q3, leaving a narrow buffer against used-vehicle price swings. Net margin of 3.6% is further distorted by discrete items.
Gross margin stability within a narrow band points to limited pricing power and a structurally thin retail spread rather than scalable unit economics. The 2025Q4 net margin of 15.3% far exceeds the operating margin of 7.6%, which suggests non-operating or tax items rather than recurring earnings power. Operating margin is the more reliable gauge of underlying profitability here.
Deleveraging Driven by Equity Rebuild
According to reported balance sheet figures, CVNA's debt-to-equity fell from 53.45 in 2024Q2 to 0.99 in 2026Q3, while interest coverage improved from 18.29 to 6.63, though coverage dipped from 17.69 negative in 2025Q4 due to distorted earnings. Total debt stayed near $5.5B to $6.1B.
The sharp decline in D/E reflects equity accumulation rather than debt paydown, since total debt was essentially flat. Interest coverage has compressed from its 2024 peak, which may indicate rising interest burden relative to operating earnings. Refinancing terms and access warrant further investigation given the unchanged debt stack.
Strong Current Ratio Masks Inventory Concentration
Based on Carvana's reported figures, the current ratio rose to 4.05 in 2026Q3 from 3.25 in 2024Q3 while cash reached $3.0B, but quick ratio of 2.43 indicates a meaningful portion of current assets is tied up in inventory and receivables.
The gap between current and quick ratios shows reliance on inventory conversion for liquidity, which is sensitive to used-vehicle price movements. Cash of $3.0B provides a meaningful cushion against net debt of roughly $2.6B. Under a severe price decline, inventory write-downs could erode the quick ratio faster than the headline current ratio suggests.
Efficiency Metrics Obscure Supplier Dependence
The most commonly misapplied metric here is the cash conversion cycle, which at 42 days appears efficient but is driven by DPO of 21 days and inventory days of 47, so its stability depends on supplier payment timing rather than operational speed alone.
Applying a traditional retail CCC framework overstates efficiency because vehicle inventory turnover and payables timing are tied to wholesale financing and auction relationships. Asset turnover of 0.54 is low for a retailer and reflects the capital-intensive inventory model. An adjustment using inventory-to-sales velocity and days of floor-plan financing would better isolate operating efficiency.