12 years of historical data (2014–2025) · Consumer Cyclical · Specialty Retail
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Carvana Co. trades at 39.5x earnings, 52% 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 18.8x, the stock trades at a premium of 111%. On a free-cash-flow basis, the stock trades at 28.6x P/FCF, 44% below 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 | $25.4B | $94.6B | $26.9B | $10.6B | $478M | $19.2B | $15.6B | $4.3B | $983M | $291M | — |
| Enterprise Value | $23.7B | $93.0B | $31.2B | $16.8B | $8.9B | $24.6B | $17.1B | $5.9B | $1.5B | $421M | — |
| P/E Ratio → | 39.55 | 49.94 | 127.90 | 70.59 | — | — | — | — | — | — | — |
| P/S Ratio | 1.25 | 4.66 | 1.97 | 0.99 | 0.04 | 1.50 | 2.79 | 1.09 | 0.50 | 0.34 | — |
| P/B Ratio | 17.83 | 22.52 | 19.55 | — | — | 36.56 | 19.42 | 22.47 | 4.32 | 1.04 | — |
| P/FCF | 28.61 | 106.47 | 32.51 | 14.83 | — | — | — | — | — | — | — |
| P/OCF | 24.55 | 91.36 | 29.29 | 13.22 | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
Carvana Co.'s enterprise value stands at 12.6x EBITDA, 100% below its 5-year average of 6174.9x. The Consumer Cyclical sector median is 11.0x, placing the stock at a 15% 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 | 12.62 | 49.42 | 23.88 | 61.74 | — | 24564.37 | — | — | — | — | — |
| EV / EBIT | 12.62 | — | 29.70 | 20.81 | — | — | — | — | — | — | — |
| EV / FCF | — | 104.56 | 37.75 | 23.46 | — | — | — | — | — | — | — |
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 2.4%. 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 6.5%. ROIC of 34.3% represents excellent returns on invested capital versus a sector median of 5.6%.
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 | 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% |
Solvency and debt-coverage ratios — lower is generally safer
Carvana Co. carries a Debt/EBITDA ratio of 0.3x, which is very conservative (92% below the sector average of 4.2x). 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. Interest coverage of 3.7x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| 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 | 0.34 | 0.34 | 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 | -0.90 | -0.90 | 3.31 | 22.71 | — | 5371.00 | — | — | — | — | — |
| Debt / FCF | — | -1.91 | 5.24 | 8.63 | — | — | — | — | — | — | — |
| Interest Coverage | 3.72 | 3.72 | 1.54 | -0.13 | -3.07 | -0.59 | -2.53 | -3.48 | -9.14 | -20.28 | -24.95 |
Net cash position: cash ($2.3B) exceeds total debt ($633M)
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 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Carvana Co. returns 0.3% to shareholders annually primarily through share buybacks. The earnings yield of 2.5% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
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 | 2.5% | 2.0% | 0.8% | 1.4% | — | — | — | — | — | — | — |
| FCF Yield | 3.5% | 0.9% | 3.1% | 6.7% | — | — | — | — | — | — | — |
| Buyback Yield | 0.3% | 0.1% | 0.0% | 0.0% | 0.0% | 0.2% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Total Shareholder Yield | 0.3% | 0.1% | 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 |
Compare CVNA with 4 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| CVNAYou | $25B | 39.5 | 12.6 | 28.6 | 20.6% | 9.3% | 50.4% | 34.3% | 0.3 |
| GPC | $17B | 253.7 | 13.9 | 39.4 | 34.6% | 5.0% | 1.5% | 8.3% | 4.7 |
| AAP | $3B | 72.8 | 12.2 | — | 43.7% | 1.9% | 2.0% | 2.9% | 12.1 |
| HZO | $667M | -21.3 | 11.4 | 55.9 | 32.5% | 4.5% | -3.3% | 3.8% | 8.2 |
| PRTS | $49M | -1.0 | — | — | 33.4% | -6.9% | -41.0% | -32.1% | — |
| Consumer Cyclical Median | — | 18.8 | 11.0 | 14.0 | 38.6% | 2.4% | 6.5% | 5.6% | 4.2 |
Peers based on L4 peer group classification. Compare multiple stocks →
Includes 30+ ratios · 12 years · Updated daily
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Start ComparisonCarvana Co.'s current P/E ratio is 39.5x. The historical average is 82.8x.
Carvana Co.'s current EV/EBITDA is 12.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 45.0x.
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 39.5x. 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 0.3x, indicating low leverage. A ratio below 2x is generally considered financially healthy.