Carvana Co. (CVNA) Financial Ratios
12 years of historical data (2014–2025) · Consumer Cyclical · Specialty Retail
EV/EBITDA
↓
39.46
↓-99% vs avg
5yr avg: 6173.28
30Y Low23.9·High61.7
P/FCF
↑
97.60
↑+90% vs avg
5yr avg: 51.27
30Y Low14.8·High106.5
P/B Ratio
↓
21.36
↓-19% vs avg
5yr avg: 26.21
30Y Low1.0·High36.6
ROE
↑
50.4%
↓+109% vs avg
5yr avg: 24.2%
30Y Low-86%·High50%
Debt/EBITDA
↓
0.29
↓-100% vs avg
5yr avg: 1450.89
30Y Low0.3·High24.7
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
CVNA Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Carvana Co. trades at 47.4x earnings, 43% below its 5-year average of 82.8x, sitting at the 0th percentile of its historical range. Compared to the Consumer Cyclical sector median P/E of 19.4x, the stock trades at a premium of 144%. On a free-cash-flow basis, the stock trades at 97.6x P/FCF, 90% above the 5-year average of 51.3x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $86.8B | $94.6B | $26.9B | $10.6B | $478M | $19.2B | $15.6B | $4.3B | $983M | $291M | — |
| Enterprise Value | $85.1B | $93.0B | $31.2B | $16.8B | $8.9B | $24.6B | $17.1B | $5.9B | $1.5B | $421M | — |
| P/E Ratio → | 47.36 | 49.94 | 127.90 | 70.59 | — | — | — | — | — | — | — |
| P/S Ratio | 4.27 | 4.66 | 1.97 | 0.99 | 0.04 | 1.50 | 2.79 | 1.09 | 0.50 | 0.34 | — |
| P/B Ratio | 21.36 | 22.52 | 19.55 | — | — | 36.56 | 19.42 | 22.47 | 4.32 | 1.04 | — |
| P/FCF | 97.60 | 106.47 | 32.51 | 14.83 | — | — | — | — | — | — | — |
| P/OCF | 83.75 | 91.36 | 29.29 | 13.22 | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
CVNA EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Carvana Co.'s enterprise value stands at 39.5x EBITDA, 99% below its 5-year average of 6173.3x. The Consumer Cyclical sector median is 11.4x, placing the stock at a 247% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.57 | 2.28 | 1.56 | 0.65 | 1.92 | 3.07 | 1.49 | 0.79 | 0.49 | — |
| EV / EBITDA | 39.46 | 43.11 | 23.88 | 61.74 | — | 24564.37 | — | — | — | — | — |
| EV / EBIT | 45.23 | — | 29.70 | 20.81 | — | — | — | — | — | — | — |
| EV / FCF | — | 104.56 | 37.75 | 23.46 | — | — | — | — | — | — | — |
CVNA Profitability
Margins and return-on-capital ratios measuring operating efficiency
Carvana Co. earns an operating margin of 9.3%, above the Consumer Cyclical sector average of 2.9%. Operating margins have expanded from -0.7% to 9.3% over the past 3 years, signaling improving operational efficiency. Return on equity of 50.4% is exceptionally high — well above the sector median of 5.7%. ROIC of 34.3% represents excellent returns on invested capital versus a sector median of 5.8%.
Margins
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% |
Return on Capital
| 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 | 34.3% | 34.3% | 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% |
CVNA Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Carvana Co. carries a Debt/EBITDA ratio of 0.3x, which is very conservative (93% below the sector average of 4.4x). The company holds a net cash position — cash of $2.3B exceeds total debt of $633M, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.15 | 0.15 | 4.40 | — | — | 11.00 | 2.33 | 8.42 | 2.79 | 1.08 | 1.26 |
| Debt / EBITDA | 0.29 | 0.29 | 4.63 | 24.65 | — | 5774.00 | — | — | — | — | — |
| Net Debt / Equity | — | -0.40 | 3.15 | — | — | 10.23 | 1.96 | 8.03 | 2.44 | 0.46 | 0.97 |
| Net Debt / EBITDA | -0.79 | -0.79 | 3.31 | 22.71 | — | 5371.00 | — | — | — | — | — |
| Debt / FCF | — | -1.91 | 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 |
Net cash position: cash ($2.3B) exceeds total debt ($633M)
CVNA Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
Carvana Co.'s current ratio of 4.31x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The quick ratio of 2.73x is notably lower than the current ratio, indicating a significant portion of current assets is tied up in inventory. The current ratio has improved from 2.16x to 4.31x over the past 3 years.
| 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 | 1.53 | 1.53 | 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 | — | 4.40 | 8.09 | 9.01 | 6.79 | 5.87 | 5.16 | 3.69 | 6.18 | 5.99 | 5.69 |
CVNA Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Carvana Co. does not currently pay a dividend and has no material buyback yield, reinvesting earnings back into the business. The earnings yield of 2.1% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
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 | — | — | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.1% | 2.0% | 0.8% | 1.4% | — | — | — | — | — | — | — |
| FCF Yield | 1.0% | 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 | — | $224M | $132M | $201M | $101M | $83M | $65M | $47M | $30M | $15M | $15M |
Peer Comparison
Compare CVNA with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 CVNAYou | $87B | 47.4 | 39.5 | 97.6 | 20.6% | 9.3% | 50.4% | 34.3% | 0.3 |
 VRM | $65M | -0.1 | — | — | 100.0% | -1092.2% | -362.1% | -10.0% | — |
 CPRT | $33B | 21.3 | 15.7 | 26.6 | 45.2% | 36.5% | 18.5% | 20.1% | 0.1 |
 KMX | $6B | 12.4 | 22.6 | 36.5 | 11.4% | 2.8% | 8.1% | 2.4% | 17.6 |
 ACVA | $1B | -16.7 | — | 16.4 | 62.1% | -8.1% | -15.2% | -13.5% | — |
 AN | $7B | 12.0 | 10.8 | — | 17.0% | 4.8% | 27.1% | 8.5% | 6.4 |
 PAG | $11B | 12.2 | 13.8 | 15.3 | 16.4% | 4.0% | 17.3% | 6.9% | 6.1 |
 LAD | $7B | 9.0 | 11.4 | 34.6 | 15.2% | 3.8% | 12.3% | 5.2% | 8.0 |
 SAH | $3B | 23.5 | 9.9 | 6.5 | 14.6% | 3.6% | 11.1% | 7.8% | 6.0 |
 ABG | $4B | 8.0 | 9.4 | 6.7 | 16.6% | 5.6% | 13.3% | 8.0% | 5.8 |
 GPI | $4B | 13.9 | 9.3 | 9.8 | 15.5% | 4.2% | 11.2% | 8.5% | 5.5 |
| Consumer Cyclical Median | — | 19.4 | 11.4 | 15.3 | 36.8% | 2.9% | 5.7% | 5.8% | 4.4 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 12 years · Updated daily
Full CVNA Stock Analysis
Analyst consensus, bull case, AI-generated risk factors, and peer comparison — all in one place.
See CVNA's True Return
Price is only half the story. See total return with reinvested dividends.
Launch CalculatorIs CVNA Undervalued?
DCF intrinsic value, peer multiples, and analyst estimates — see what the stock is really worth.
View ValuationCompare CVNA vs VRM
Side-by-side business, growth, and profitability comparison vs Vroom, Inc..
Start ComparisonCVNA — Frequently Asked Questions
Quick answers to the most common questions about buying CVNA stock.
What is Carvana Co.'s P/E ratio?
Carvana Co.'s current P/E ratio is 47.4x. The historical average is 82.8x.
What is Carvana Co.'s EV/EBITDA?
Carvana Co.'s current EV/EBITDA is 39.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 42.9x.
What is Carvana Co.'s ROE?
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%.
Is CVNA stock overvalued?
Based on historical data, Carvana Co. is trading at a P/E of 47.4x. Compare with industry peers and growth rates for a complete picture.
What are Carvana Co.'s profit margins?
Carvana Co. has 20.6% gross margin and 9.3% operating margin.
How much debt does Carvana Co. have?
Carvana Co.'s Debt/EBITDA ratio is 0.3x, indicating low leverage. A ratio below 2x is generally considered financially healthy.