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$48.1B
Market Cap
49.9
P/E
1.11
PEG
-61.1%
ROCE
67.9%
ROE
1.26
D/E
9.3%
OPM
-22.7%
% from 52W High
38
α RS
🔍 CVNA is showing a notable setup because it matches 2 of 37 tracked screener presets and an ECS of 68.2 last quarter. Net: Partial signal stack, not a recommendation. ? Conviction ECS
Sources
Conviction 2/37 · ECS 68.2
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🌏 Global Investor Returns
Currency-adjusted total returns for CVNA including FX impact
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📈 Price History
Ratio Health
Excellent
Good
Average
Poor
By Category
📊 Sector Averages
About

Carvana Co., together with its subsidiaries, operates an e-commerce platform for buying and selling used cars.

Key Ratios Snapshot
📈 Growth Pattern
📊 Quick Scorecard
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⭐ Superinvestors Holding CVNA
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Manager Shares Value % of Fund Period
Andreas Halvorsen Viking Global Investors 2.78M $874.0M 2.44% Mar 2026
Jim Simons Renaissance Technologies LLC 1.20M $377.6M 0.59% Mar 2026
Steve Cohen Point72 Asset Management 215.0K $67.6M 0.09% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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Good quarter Investor Presentation One-Pager? Q2 2026
Revenue
$7.376B
+52% YoY
Operating Income
$680M
+33% YoY
Net Income
$513M
+67% YoY
Adjusted EBITDA
$769M
+28% YoY
What Went Right
  • Record retail units sold of 197,325, up 38% YoY.
  • Adjusted EBITDA hit $769M, crossing a $3B annual run-rate for the first time.
  • Regions with the most inventory growth (Midwest/Northeast) saw sales growth of 54%, proving the flywheel.
What to Watch
  • Inventory growth lagged sales growth, creating conversion and profitability headwinds.
  • Total GPU fell ~$455 YoY (Retail -$105, Wholesale -$158, Other -$192), with rate pass-backs and fuel costs pressuring margins.
  • SG&A per unit improved, but fuel and advertising costs increased; advertising dollars expected to rise again in Q3.
Management Guidance
  • Q3 2026: sequential increase in retail units sold vs Q2.
  • FY 2026 adjusted EBITDA guided to $2.7B-$3.0B, up from $2.24B in FY 2025.
  • Q3 revenue growth expected to be more in line with retail unit growth as the gross revenue treatment benefit laps.
Investor Lens
The thesis is stronger after this quarter: Carvana delivered record results at only ~1.5% of the auto retail market, and management reiterated a credible path to 3M units and 13.5% EBITDA margin by 2030-2035. The main near-term challenge is inventory growth lagging sales, which dampens conversion, but regional data shows a powerful positive feedback loop. The company is deliberately returning efficiency gains (e.g., ~100bps of rate) to customers, supporting long-term share gains. With leverage at 1.0x and strong returns on net operating assets, the balance sheet and cash generation leave ample room to invest.
From investor presentation · AI-generated analysis · Not investment advice
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📈 STRONG Record Q2: units +38%, revenue +52%, adjusted EBITDA $769M.
Revenue
Revenue was $7.376B, up 52% YoY, while retail units grew 38% to 197,325. Growth exceeded unit growth due to traditional gross revenue treatment on partner-sourced vehicles, higher industry prices, and a mix shift to newer, higher-cost cars.
Profitability
Net income was $513M, up $205M from $308M, and net income margin improved to 7.0% from 6.4%. Adjusted EBITDA was a record $769M, up $168M YoY.
Margins
Operating income was a record $680M (88% of adjusted EBITDA). Adjusted EBITDA margin was 10.4%, down from 12.4% due to the gross revenue treatment, with Retail GPU -$105, Wholesale GPU -$158, and Other GPU -$192 YoY. SG&A per unit fell $157, aided by a $272 overhead reduction, but fuel (+$88/unit) and advertising (+$27/unit) rose.
Balance Sheet
Net debt to trailing 12-month adjusted EBITDA improved to 1.0x, the company's strongest financial position ever. Management also highlighted roughly $2.2B operating income on ~$7.5B net operating assets, implying a ~30% operating return.
Key Risks
Inventory undergrowth relative to sales, which lowers conversion and near-term profitability; higher fuel prices impacting operations; incremental advertising spend expected in Q3; and continued rate pass-backs pressuring Other GPU.
Outlook
The company expects a sequential increase in retail units in Q3 and reiterated full-year 2026 adjusted EBITDA guidance of $2.7B-$3.0B, up from $2.24B. Q3 revenue growth should align more closely with retail unit growth as the gross revenue treatment effect lapses.
Generated by AI · Q2 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-07-29
Record Q2 results with 38% retail unit growth and $7.4B revenue, driven by higher prices and expanded inventory. Adjusted EBITDA run rate exceeded $3B, with strong execution and guidance for continued growth in 2026.
Q1 2026 Q1 2026 2026-04-29
Record Q1 with 40% retail unit growth, $6.43B revenue, and $672M adjusted EBITDA. Operational improvements in reconditioning and technology drove efficiency, while guidance points to continued sequential growth and margin expansion.
Q4 2025 Q4 2025 2026-02-18
Achieved record growth in 2025 with retail units sold up 43% and revenue up 58% year-over-year, driven by operational scale and improved customer experience. Net income surged due to a significant tax benefit, and strong liquidity was maintained. Outlook for 2026 is for continued profitable growth.
Q3 2025 Q3 2025 2025-10-29
Q3 2025 set new records for retail units sold, revenue, and profitability, with margins more than double the industry average and annual revenue run rate surpassing $20B. Operational efficiencies, automation, and strategic investments continue to drive growth, while guidance for Q4 and full-year 2025 remains strong.
Q2 2025 Q2 2025 2025-07-30
Record Q2 results with 41% unit and 42% revenue growth, industry-leading profitability, and strong operational leverage. Raised full-year adjusted EBITDA guidance to $2.0–$2.2 billion, with continued investment in capacity and marketing to support long-term growth.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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