Consumer Discretionary · Automotive Retail · US stock · price as of 16 Oct 2026
Key indicators
Price
$58.83
52-week range
$54.46 – $97.38
Market cap
$43.5B
P/E (trailing)
17.9×
EV / EBITDA
20.7×
Free-cash-flow yield
2.1%
Dividend yield
–
Revenue (last 12 months)
$25.1B
Revenue growth (3y a year)
14.3%
Operating margin
8.9%
Return on invested capital
24.2%
Net debt / EBITDA
1.5×
Fair value
Blended fair value$85.80 range $67 – $94
Versus priceFair+46% to fair value
Peer multiples
$42.70
Fundamentals-adjusted multiple
$74.60
10-year DCF (market-scaled)
$140.09
Earnings power value (floor, not blended)
n/m
Model uncertainty
High
X-Ray Score
48/ 100 · Medium confidence · ahead of 40% of sector peers
Valuation40
Growth86
Profitability26
Financial health47
Dividends–
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Carvana is an online used car retailer. Customers browse an inventory of vehicles on its website or app, arrange financing, trade in a current car and have the purchase delivered to their home or collected from one of its automated vending-machine style towers. The company also operates inspection and reconditioning centres where cars are prepared for sale, supported by its own logistics network.
Revenue comes from retail vehicle sales, wholesale vehicle sales, and financing and related services. It was $25.1 billion over the last twelve months, with growth of 14.3% a year across the last three years. The operating margin is 8.9%, and the business earns a profit of 24% on the capital invested in it. Net debt is 1.5 times EBITDA, and no dividend is paid.
StocksXray gives Carvana Co. an X-Ray Score of 48 out of 100 (medium confidence), ahead of 40% of the S&P 500 stocks in its sector. Its strongest lens is growth (86) and its weakest is profitability (26).
Our fair value blend is $85.80 (range $66.97 to $93.95). At $58.83 the stock trades 31% below that blend, so the label is "Fair" with high model uncertainty. Fair value is a range, not a price target.
XStocksXray
Carvana Co. (CVNA)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$46.36
$0.95
$10.59
$40.67
$84.40
$58.83
Market cap
$3.8B
$96M
$2.1B
$5.4B
$18.9B
$43.5B
P/E
–
–
14.1×
25.6×
10.0×
17.9×
EV / revenue
0.7×
0.6×
0.7×
0.7×
1.1×
1.9×
EV / EBITDA
–
–
–
9.7×
12.0×
21.2×
Price / free cash flow
–
–
3.0×
6.5×
21.3×
46.9×
Free-cash-flow yield
−82.1%
−1,916.8%
33.7%
15.4%
4.7%
2.1%
Price / book
12.5×
–
8.7×
4.3×
5.5×
10.8×
Dividend yield
–
–
–
–
–
–
Fundamentals checklist ● 4 Good · ● 4 Average · ● 6 Bad · each check graded against the sector
Cash quality
Earnings backed by cash3.1%Bad
Free-cash-flow yield2.1%Bad
Risk models
Altman Z score4.3×Good
Piotroski F-Score5 of 9Bad
Growth
Revenue growth (3y)14.3%Good
Growth consistency100%Good
Balance sheet
Current ratio3.9×Good
Net debt / EBITDA1.5×Average
Interest cover5.3×Bad
Valuation
Fair value vs price1.5×Average
EBIT / EV yield4.7%Average
Profitability
Return on invested capital24.2%Average
Operating margin8.9%Bad
Gross profitability33.4%Bad
Red flags
Heavy dilution — Share count up more than 5% year on year
XStocksXray
Carvana Co. (CVNA)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
12,814
13,604
10,771
13,673
20,322
25,058
Gross profit
1,929
1,246
1,724
2,876
4,192
4,854
Operating income
–
-2,351
-80
990
1,881
2,237
Net income
-135
-1,587
450
210
1,407
1,568
Diluted EPS ($)
-1.63
-15.74
0.75
1.59
8.45
3.29
Free cash flow
-3,151
-1,836
716
827
889
929
Gross margin
15.1%
9.2%
16.0%
21.0%
20.6%
19.4%
Operating margin
–
−17.3%
−0.7%
7.2%
9.3%
8.9%
Net margin
−1.1%
−11.7%
4.2%
1.5%
6.9%
6.3%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
7,015
8,698
7,071
8,484
13,201
14,552
Cash
403
434
530
1,716
2,327
2,630
Total debt
5,514
8,413
6,382
5,867
5,268
5,429
Equity
306
-518
243
1,260
3,441
4,028
Dividend per share ($)
–
–
–
–
–
–
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.