NYSE · CVNA

Carvana Co.

Consumer Cyclical · Auto - Dealerships

$56.59▼ 2.11% ($1.22)at close

After hours$56.62▲ 0.05%7:35 PM ET

52-week

$54.46$97.38

Market cap

$62.07B

P/E

26.71

EPS (TTM)

$2.12

Valuation

Revenue & margin DCF

The price needs 25.0% revenue growth a year for 10 years. Our scenarios assume 12.9–22.4%.

That's 2.0× its past 4-year pace.

Value per share

Base case

$38.80

Price used $56.59 is 46% above this

USD · TTM ending Jun 30, 2026 · Price Oct 26, 8:00 PM UTC

Revenue each value needs

Revenue in 2036

today $25.1B

Price needs$234B

Recent pace$79.4B

Base$131B

+$103Bmore than the Base case · 1.8×

Value per share · Base case

$38.80

Price $56.59
46% above this

10-yr revenue CAGR: 17.9%
Ending operating margin: 6.0%
Discount rate: 14.5%

USD · TTM ending Jun 30, 2026 · Price Oct 26, 8:00 PM UTC

What each scenario assumes. Click a column to start from it.

Choosing a scenario changes the estimate above. Your own case is kept.

Price vs Fundamentals

Why The Stock Is Moving

Likely multiple compressionHigh confidence

1Y Price: -20.3%Revenue (TTM): 53.98%FCF (TTM): 51.06%P/FCF: 58th pct

What changed

The stock fell 20.3% over the last year. Revenue grew 53.98% over the trailing twelve months. Operating margin moved from 9.3% to 8.93%. Free cash flow grew 51.06% over the trailing twelve months.

What the market seems to be pricing

Visible fundamentals weakened far less than the stock price. The market appears to be discounting durability, risk, or trust rather than just the latest reported numbers.

What would invalidate this read

This read changes if operating margin (currently 8.93%) continues to decline, or if revenue growth turns negative. The bull case requires the business to hold its current trajectory.

Return analysis

Company profile

Carvana Co., along with its subsidiaries, operates a digital platform facilitating the purchase and sale of pre-owned vehicles across the United States.

CEOErnest C. Garcia

SectorConsumer Cyclical

IndustryAuto - Dealerships

Employees23,100

IPO dateApr 28, 2017

https://www.carvana.com

Market multiples

Forward P/E—

EV/EBITDA (FY2025 year-end)-854.48

Enterprise value (FY2025 year-end)$93.99B

Stock splits

May 8, 2026↑ Forward

Every 1 shares became 5

+400%

Profitability & growth

Revenue growth (Q2 FY26 YoY)52.4%

Gross margin (FY2025)20.63%▲0.8ppvs FY2024

Operating margin (FY2025)9.26%▲1.9ppvs FY2024

ROE (TTM to Jun 2026)54.46%▼5.4ppvs FY2025

Analyst consensus

RatingHold

Target price$83.57▲47.68%

Buy

Hold

Sell

Analyst ratings tend to be lagging indicators. Use as one signal among many.

Earnings

Actuals vs estimates by quarter, or any quarter against the same one a year earlier.

Next report

Oct 28, 2026

Q3 FY26 · EPS est $0.44 · Revenue est $7.7B

Same quarter, year over year

FY26 YTD +35.7%

Each cell vs the same quarter a year earlier (the cell below) · Q1–Q2 combined $0.76 vs $0.56 · all 2 quarters up

FY total

FY26

—

FY25

$1.61+222.0%

FY24

$0.50—

FY23

—

Fiscal year totals

FY25: $1.61; +222.0%
FY24: $0.50; —

SlowerFaster growth(darkest from 92%)

BeatMissIn lineYear-ago cell

n/m: last year’s figure was zero, a loss or too small to compare against

Q2 FY26

Reported Jul 29, 2026 · Latest

HoverTap a cell to inspect

Actual

$0.42

Beat by 8.6%

Estimate

$0.39

Street consensus

Year over year

+61.5%

vs Q2 FY25 · $0.26

Vs prior quarter

+23.5%

vs Q1 FY26 · $0.34

Price range $62.35-$83.36 · daily closes Apr 1-Jun 30

Implied at 31.3x street P/E $56.59 · street TTM EPS × current multiple

Institutional Sentiment

Carvana Co. · CVNA

From Form 13F filings (managers with $100M+). Filings land up to 45 days after quarter end — read this as positioning context, not live fund flow.

NYSE · CVNA

Carvana Co.

Consumer Cyclical · Auto - Dealerships

$56.59▼ 2.11% ($1.22)at close

After hours$56.62▲ 0.05%7:35 PM ET

52-week

$54.46$97.38

Market cap

$62.07B

P/E

26.71

EPS (TTM)

$2.12

Valuation

Revenue & margin DCF

The price needs 25.0% revenue growth a year for 10 years. Our scenarios assume 12.9–22.4%.

That's 2.0× its past 4-year pace.

Value per share

Base case

$38.80

Price used $56.59 is 46% above this

USD · TTM ending Jun 30, 2026 · Price Oct 26, 8:00 PM UTC

Revenue each value needs

Revenue in 2036

today $25.1B

Price needs$234B

Recent pace$79.4B

Base$131B

+$103Bmore than the Base case · 1.8×

Value per share · Base case

$38.80

Price $56.59
46% above this

10-yr revenue CAGR: 17.9%
Ending operating margin: 6.0%
Discount rate: 14.5%

USD · TTM ending Jun 30, 2026 · Price Oct 26, 8:00 PM UTC

What each scenario assumes. Click a column to start from it.

Choosing a scenario changes the estimate above. Your own case is kept.

Price vs Fundamentals

Why The Stock Is Moving

Likely multiple compressionHigh confidence

1Y Price: -20.3%Revenue (TTM): 53.98%FCF (TTM): 51.06%P/FCF: 58th pct

What changed

The stock fell 20.3% over the last year. Revenue grew 53.98% over the trailing twelve months. Operating margin moved from 9.3% to 8.93%. Free cash flow grew 51.06% over the trailing twelve months.

What the market seems to be pricing

Visible fundamentals weakened far less than the stock price. The market appears to be discounting durability, risk, or trust rather than just the latest reported numbers.

What would invalidate this read

This read changes if operating margin (currently 8.93%) continues to decline, or if revenue growth turns negative. The bull case requires the business to hold its current trajectory.

Return analysis

Company profile

Carvana Co., along with its subsidiaries, operates a digital platform facilitating the purchase and sale of pre-owned vehicles across the United States.

CEOErnest C. Garcia

SectorConsumer Cyclical

IndustryAuto - Dealerships

Employees23,100

IPO dateApr 28, 2017

https://www.carvana.com

Market multiples

Forward P/E—

EV/EBITDA (FY2025 year-end)-854.48

Enterprise value (FY2025 year-end)$93.99B

Stock splits

May 8, 2026↑ Forward

Every 1 shares became 5

+400%

Profitability & growth

Revenue growth (Q2 FY26 YoY)52.4%

Gross margin (FY2025)20.63%▲0.8ppvs FY2024

Operating margin (FY2025)9.26%▲1.9ppvs FY2024

ROE (TTM to Jun 2026)54.46%▼5.4ppvs FY2025

Analyst consensus

RatingHold

Target price$83.57▲47.68%

Buy

Hold

Sell

Analyst ratings tend to be lagging indicators. Use as one signal among many.

Earnings

Actuals vs estimates by quarter, or any quarter against the same one a year earlier.

Next report

Oct 28, 2026

Q3 FY26 · EPS est $0.44 · Revenue est $7.7B

Same quarter, year over year

FY26 YTD +35.7%

Each cell vs the same quarter a year earlier (the cell below) · Q1–Q2 combined $0.76 vs $0.56 · all 2 quarters up

FY total

FY26

—

FY25

$1.61+222.0%

FY24

$0.50—

FY23

—

Fiscal year totals

FY25: $1.61; +222.0%
FY24: $0.50; —

SlowerFaster growth(darkest from 92%)

BeatMissIn lineYear-ago cell

n/m: last year’s figure was zero, a loss or too small to compare against

Q2 FY26

Reported Jul 29, 2026 · Latest

HoverTap a cell to inspect

Actual

$0.42

Beat by 8.6%

Estimate

$0.39

Street consensus

Year over year

+61.5%

vs Q2 FY25 · $0.26

Vs prior quarter

+23.5%

vs Q1 FY26 · $0.34

Price range $62.35-$83.36 · daily closes Apr 1-Jun 30

Implied at 31.3x street P/E $56.59 · street TTM EPS × current multiple

Institutional Sentiment

Carvana Co. · CVNA

From Form 13F filings (managers with $100M+). Filings land up to 45 days after quarter end — read this as positioning context, not live fund flow.