Carvana (CVNA) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Carvana

NYSE•Consumer Cyclical•Auto & Truck Dealerships

$68.29-0.02(<0.01%)Market closed

Market Cap

$51.38B

P/E

30.1x

P/S

1.9x

P/B

11.8x

Carvana Co., together with its subsidiaries, operates an e-commerce platform for buying and selling used cars. It provides vehicle acquisition, inspection and reconditioning, online search and shopping experience, financing, complementary products, logistics network and distinctive fulfillment experience, and post-sale customer support services. The company also operates auction sites. Carvana Co. was founded in 2012 and is based in Tempe, Arizona.

How this company scores

GoodMetricSide Score: 74/100

Strongest: Growth (22/25); weakest: Balance Sheet & Red Flags (15/25).

Profitability17/25

Growth22/25

Balance Sheet & Red Flags15/25

Cash & Earnings Quality20/25

Strengths

Growing revenueRising free cash flowHigh ROERising earnings

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 30.1x5y range 13.4x – 1268.8x

Currently near its 12-quarter median.

P/S · 1.9x5y range 0.0x – 3.0x

Currently above its 20-quarter median.

P/B · 11.8x5y range 4.1x – 141.9x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Watch

Operating margins declined 6.1% — watch for continued compression, which may signal competitive or cost pressure.

Earnings Quality

Red Flag

FCF consistently trails net income (avg 0.8x) — earnings may be inflated by non-cash items or aggressive accounting.

Price & Volume

Market Cap $51.38B

Metrics at a Glance

as of September 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $27.45B
Q. Revenue: $8.04B
TTM EBITDA: $2.67B
TTM Op. Income: $2.40B
Q. Op. Income: $714.00M
TTM Net Income: $1.71B
Q. Net Income: $289.00M
EPS: N/A
Shares Out.: $720.86M

$27.45B in TTM revenue grew 50.3% YoY, reaching $8.04B last quarter. TTM EBITDA of $2.67B and TTM operating income of $2.40B show growth is flowing through to the bottom line. TTM net income of $1.71B means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 18.9%
EBITDA Margin: 9.7%
Op. Margin: 8.9%
Net Margin: 3.6%

Op. margin of 8.9% is down 0.9% YoY — costs are rising relative to revenue. Net margin at 3.6% and gross margin of 18.9% show how much of each revenue dollar survives to profit. Over the past year, operating margin is down 9% — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 30.1x
P/S Ratio: 1.9x
P/B Ratio: 11.8x

At 30.1x P/E, the stock trades above typical market levels — the market expects above-average growth. P/S of 1.9x and P/B of 11.8x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Across the last 8 quarters, P/E has risen for 2 consecutive quarters — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $15.20B
Cash: $3.05B
Long-Term Debt: $4.87B
Book Value: $4.35B
D/E Ratio: 1.1
Debt/EBITDA: 6.3

With $15.20B in assets and $4.87B in long-term debt, D/E is 1.1and book value is $4.35B — moderate leverage. Across the last 8 quarters, debt/equity has fallen for 7 consecutive quarters — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $555.00M
TTM Free Cash Flow: $1.11B
FCF Margin: 4.1%
FCF / Net Income: 0.7

TTM FCF of $1.11B on $555.00M in operating cash flow. The FCF / Net Income ratio of 0.7x means cash covers only part of net income — earnings quality needs attention. Across the last 8 quarters, free cash flow has risen for 2 consecutive quarters — an improving trend.