Carvana Co. (CVNA) Key Metrics
CVNA valuation today
Trailing 12 months · as of October 17, 2026- Market cap
- $65.21B
- Enterprise value
- $72.86B
- P/E (TTM)
- 31.1 10-yr median 67.3
- Forward P/E
- 29.9
- PEG ratio
- —
- Price / sales
- 2.6 10-yr median 1.3
- Price / book
- 11.4 10-yr median 33.8
- EV / EBITDA
- — 10-yr median 22.7
- Dividend yield
- —
- Beta
- 3.55
CVNA key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsCVNA valuation Price multiples at each fiscal year-end price.
P/E ratio−47.5%
67.3
2025 · hover or tap a bar for each year
20162025
Price / sales+136.9%
4.7
2025 · hover or tap a bar for each year
20162025
Price / book+28.9%
27.5
2025 · hover or tap a bar for each year
20162025
Price / free cash flow+227.5%
106.5
2025 · hover or tap a bar for each year
20162025
Free cash flow yield−2.1 pts
0.9%
2025 · hover or tap a bar for each year
20162025
CVNA returns How much profit the business earns on the capital it uses.
Return on equity+11.9 pts
59.9%
2025 · hover or tap a bar for each year
20162025
Return on invested capital+7.4 pts
26.4%
2025 · hover or tap a bar for each year
20162025
Return on assets+10.3 pts
13.0%
2025 · hover or tap a bar for each year
20162025
Free cash flow margin−1.7 pts
4.4%
2025 · hover or tap a bar for each year
20162025
Cash conversion (OCF / net income)−83.2%
0.74
2025 · hover or tap a bar for each year
20162025
Asset turnover+6.6%
1.87
2025 · hover or tap a bar for each year
20162025
CVNA per-share figures Results divided by the shares outstanding at year-end.
Revenue per share−12.4%
$18.12
2025 · hover or tap a bar for each year
20162025
Earnings per share+294.9%
$1.25
2025 · hover or tap a bar for each year
20162025
Free cash flow per share−36.6%
$0.79
2025 · hover or tap a bar for each year
20162025
Book value per share+61.0%
$3.07
2025 · hover or tap a bar for each year
20162025
Shares outstanding+69.6%
1.12B
2025 · hover or tap a bar for each year
20162025
CVNA financial health Debt, liquidity and how easily interest is covered.
Debt / equity−66.6%
1.60
2025 · hover or tap a bar for each year
20162025
Net debt−$1.2B
$2.71B
2025 · hover or tap a bar for each year
20162025
Current ratio+18.5%
4.31
2025 · hover or tap a bar for each year
20162025
Interest coverage+142.0%
3.7
2025 · hover or tap a bar for each year
20162025
Debt / assets−41.3%
0.42
2025 · hover or tap a bar for each year
20162025
CVNA efficiency & capital use Working capital cycle and where the cash goes.
Days sales outstanding−3 days
5 days
2025 · hover or tap a bar for each year
20162025
Days of inventory0 days
45 days
2025 · hover or tap a bar for each year
20162025
Days payables outstanding−2 days
5 days
2025 · hover or tap a bar for each year
20162025
Cash conversion cycle−1 days
45 days
2025 · hover or tap a bar for each year
20162025
Capex / revenue+0.1 pts
0.7%
2025 · hover or tap a bar for each year
20162025
Dividends + buybacks / FCF−13.9 pts
0.0%
2025 · hover or tap a bar for each year
20162025
CVNA valuation history
Fiscal year-endToday10-year median
CVNA returns on capital
ROEROICROA
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
CVNA debt vs cash
Total debtCash & short-term investments
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
CVNA cash returned to shareholders
DividendsBuybacksFree cash flow
CVNA price vs earnings per share
Share price at year-endEPS (right axis)
CVNA key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $94.65B | $26.89B | $2.12B | $477.9M | $19.19B | $15.57B | $4.31B | $982.7M | — | — |
| Enterprise value | $97.36B | $30.75B | $7.93B | $8.54B | $24.18B | $17.00B | $5.75B | $1.54B | — | — |
| P/E ratio | 67.3 | 128.0 | 4.7 | — | — | — | — | — | — | — |
| Price / sales | 4.7 | 2.0 | 0.2 | 0.0 | 1.5 | 2.8 | 1.1 | 0.5 | — | — |
| Price / book | 27.5 | 21.3 | — | — | 62.7 | 40.2 | 44.0 | 13.4 | — | — |
| Price / free cash flow | 106.5 | 32.5 | 3.0 | — | — | — | — | — | — | — |
| Price / operating cash flow | 91.4 | 29.3 | 2.6 | — | — | — | — | — | — | — |
| EV / sales | 4.8 | 2.2 | 0.7 | 0.6 | 1.9 | 3.0 | 1.5 | 0.8 | — | — |
| EV / EBITDA | — | 22.7 | 6.8 | — | — | — | 797.9 | — | — | — |
| EV / free cash flow | 109.5 | 37.2 | 11.1 | — | — | — | — | — | — | — |
| Earnings yield | 1.5% | 0.8% | 21.2% | −332.1% | −0.7% | −1.1% | −2.7% | −6.3% | — | — |
| Free cash flow yield | 0.9% | 3.1% | 33.7% | −384.2% | −16.4% | −6.2% | −22.9% | −56.8% | — | — |
| Dividend yield | — | — | 322.3% | — | — | 0.1% | 0.1% | 0.5% | — | — |
| Shareholder yield (dividends + buybacks) | 0.0% | 0.4% | 322.4% | 1.7% | 0.2% | 0.3% | 0.3% | 0.7% | — | — |
| Share price at fiscal year-end | $84.40 | $40.67 | $10.59 | $0.95 | $46.36 | $47.91 | $18.41 | $6.54 | $3.82 | — |
| Per share | ||||||||||
| Revenue per share | $18.12 | $20.68 | $53.70 | $26.98 | $30.95 | $17.19 | $16.82 | $13.02 | — | — |
| Earnings per share | $1.25 | $0.32 | $2.24 | −$3.15 | −$0.33 | −$0.53 | −$0.49 | −$0.41 | — | — |
| Operating cash flow per share | $0.92 | $1.39 | $4.00 | −$2.63 | −$6.27 | −$1.87 | −$3.23 | −$2.76 | — | — |
| Free cash flow per share | $0.79 | $1.25 | $3.57 | −$3.64 | −$7.61 | −$2.98 | −$4.22 | −$3.71 | — | — |
| Cash per share | $2.51 | $3.30 | $4.47 | $1.50 | $1.90 | $1.33 | $0.75 | $0.52 | — | — |
| Book value per share | $3.07 | $1.91 | −$1.91 | −$1.03 | $0.74 | $1.19 | $0.42 | $0.49 | — | — |
| Tangible book value per share | $3.02 | $1.85 | −$2.17 | −$2.85 | $0.71 | $1.15 | $0.35 | $0.37 | — | — |
| Dividends per share | — | — | $34.12 | — | — | $0.07 | $0.03 | $0.03 | — | — |
| Capex per share | $0.13 | $0.14 | $0.43 | $1.02 | $1.35 | $1.11 | $0.98 | $0.96 | — | — |
| Debt per share | $4.92 | $9.15 | $33.43 | $17.49 | $13.95 | $5.76 | $6.90 | $4.22 | — | — |
| Shares outstanding | 1.12B | 661.0M | 200.6M | 504.1M | 414.0M | 324.9M | 234.2M | 150.2M | — | — |
| Change in shares outstanding | +69.6% | +229.6% | −60.2% | +21.8% | +27.4% | +38.7% | +55.9% | — | — | — |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 59.9% | 47.9% | — | — | −38.9% | −70.5% | −133.7% | −62.0% | −14.0% | −93.0% |
| Return on invested capital (ROIC) | 26.4% | 19.0% | −1.1% | −18.3% | −2.3% | −15.6% | −20.4% | −40.9% | −47.0% | −42.7% |
| Return on assets (ROA) | 13.0% | 2.7% | 5.7% | −20.2% | −2.7% | −6.7% | −7.5% | −7.6% | −3.7% | −39.5% |
| Return on tangible assets | 10.7% | 2.5% | 6.4% | −20.4% | −1.9% | −5.7% | −5.6% | −6.3% | −2.9% | −27.7% |
| Free cash flow margin | 4.4% | 6.0% | 6.6% | −13.5% | −24.6% | −17.3% | −25.1% | −28.5% | −32.4% | −76.6% |
| Income quality (OCF / net income) | 0.74 | 4.37 | 1.78 | — | — | — | — | — | — | — |
| Financial health | ||||||||||
| Total debt | $5.52B | $6.05B | $6.71B | $8.82B | $5.77B | $1.87B | $1.62B | $633.4M | $302.4M | $170.8M |
| Cash & short-term investments | $2.81B | $2.18B | $896.0M | $755.0M | $785.0M | $432.0M | $174.8M | $78.9M | $172.7M | $39.2M |
| Net debt | $2.71B | $3.87B | $5.81B | $8.06B | $4.99B | $1.44B | $1.44B | $554.6M | $129.7M | $131.6M |
| Debt / equity | 1.60 | 4.80 | — | — | 18.87 | 4.82 | 16.48 | 8.63 | 2.40 | 1.26 |
| Debt / assets | 0.42 | 0.71 | 0.95 | 1.01 | 0.82 | 0.62 | 0.79 | 0.64 | 0.47 | 0.51 |
| Net debt / EBITDA | — | 2.85 | 5.01 | — | — | — | 199.93 | — | 141.92 | — |
| Current ratio | 4.31 | 3.64 | 2.16 | 1.77 | 1.69 | 4.12 | 1.57 | 2.01 | 1.60 | 1.40 |
| Quick ratio | 2.73 | 2.44 | 1.41 | 1.05 | 0.60 | 1.90 | 0.69 | 0.76 | 0.86 | 0.46 |
| Interest coverage | 3.7 | 1.5 | -0.1 | -3.1 | -0.6 | -2.5 | -3.5 | -9.1 | -20.3 | -24.9 |
| Working capital | $5.03B | $3.53B | $1.78B | $2.00B | $2.00B | $1.46B | $494.6M | $333.3M | $183.7M | $78.8M |
| Invested capital | $6.15B | $5.13B | $5.43B | $7.54B | $5.29B | $1.83B | $1.54B | $628.0M | $255.4M | $266.6M |
| Tangible asset value | $4.15B | $1.34B | −$436.0M | −$1.97B | $512.0M | $787.0M | $175.4M | $209.2M | $279.5M | $135.0M |
| Net current asset value | −$2.45B | −$2.24B | −$4.13B | −$5.16B | −$1.60B | −$310.0M | −$506.4M | −$100.7M | $128.1M | $74.4M |
| Graham number | $9.31 | $3.69 | — | — | — | — | — | — | — | — |
| Graham net-net per share | −$4.27 | −$5.90 | −$28.84 | −$15.61 | −$9.60 | −$3.77 | −$5.46 | −$3.02 | — | — |
| Capital allocation | ||||||||||
| Dividends paid | — | — | $6.84B | — | — | $23.0M | $6.0M | $4.6M | $4.6M | $0 |
| Share buybacks (net) | $0 | $115.0M | $3.0M | $8.0M | $40.0M | $23.0M | $6.0M | $2.5M | $704,000 | $398,000 |
| Dividends + buybacks / free cash flow | 0.0% | 13.9% | 956.3% | — | — | — | — | — | — | — |
| Capex / revenue | 0.7% | 0.7% | 0.8% | 3.8% | 4.3% | 6.4% | 5.9% | 7.3% | 9.1% | 10.8% |
| Capex / operating cash flow | 14.2% | 9.9% | 10.8% | — | — | — | — | — | — | — |
| Capex / depreciation | 0.53 | 0.30 | 0.25 | 1.96 | 5.30 | 4.88 | 5.59 | 6.10 | 6.79 | 8.49 |
| Stock-based compensation / revenue | 0.5% | 0.7% | 0.7% | 0.5% | 0.3% | 0.4% | 0.8% | 1.2% | 0.7% | 0.2% |
| SG&A / revenue | 11.4% | 12.5% | 14.9% | 18.3% | 15.1% | 10.0% | 20.0% | 21.7% | 26.0% | 29.8% |
| Efficiency | ||||||||||
| Days sales outstanding | 5.0 | 7.6 | 8.8 | 6.2 | 4.1 | 3.9 | 3.4 | 4.4 | 4.2 | 5.0 |
| Days of inventory on hand | 45.4 | 45.9 | 61.0 | 72.8 | 69.5 | 67.5 | 62.5 | 66.4 | 95.3 | 133.8 |
| Days payables outstanding | 5.3 | 7.7 | 8.9 | 4.8 | 3.0 | 4.5 | 4.4 | 4.1 | 3.9 | 3.5 |
| Cash conversion cycle (days) | 45.1 | 45.9 | 61.0 | 74.1 | 70.6 | 66.8 | 61.4 | 66.7 | 95.6 | 135.3 |
| Receivables turnover | 73.50 | 48.06 | 41.51 | 59.28 | 89.92 | 94.00 | 107.97 | 82.81 | 86.77 | 72.42 |
| Payables turnover | 68.35 | 47.66 | 41.12 | 76.38 | 121.41 | 80.40 | 82.57 | 88.63 | 94.40 | 105.65 |
| Inventory turnover | 8.03 | 7.95 | 5.98 | 5.02 | 5.25 | 5.41 | 5.84 | 5.50 | 3.83 | 2.73 |
| Asset turnover | 1.87 | 1.76 | 1.37 | 1.73 | 2.55 | 2.19 | 2.58 | 2.40 | 1.76 | 1.55 |
| Average receivables | $276.5M | $284.5M | $259.5M | $229.5M | $142.5M | $59.4M | $36.5M | $23.6M | $9.9M | $5.0M |
| Average payables | $236.0M | $230.0M | $220.0M | $165.0M | $90.5M | $60.5M | $41.6M | $19.8M | $8.4M | $3.3M |
| Average inventory | $2.01B | $1.38B | $1.51B | $2.51B | $2.09B | $899.3M | $587.5M | $319.8M | $206.5M | $126.8M |
| Intangibles / total assets | 0.4% | 0.4% | 0.7% | 10.5% | 0.2% | 0.5% | 0.8% | 1.8% | 0.0% | 0.0% |
Computed from CVNA's annual financial statements (latest annual report filed February 18, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
CVNA valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Carvana traded at 67.3 times earnings, against a 10-year median of 67.3. Based on the latest twelve months, the trailing P/E is 31.1 and the forward P/E is 29.9. Carvana earned a return on equity of 59.9% and a return on invested capital of 26.4% in fiscal 2025. It ended the year with $5.5 billion of debt and $2.8 billion in cash and short-term investments, net debt of $2.7 billion.
See the CVNA income statement, the CVNA chart for price history, or the CVNA stock overview for the latest quote and news.
CVNA key metrics FAQ
What is Carvana's P/E ratio?
Carvana's trailing P/E ratio is 31.1 based on the last twelve months of earnings (as of October 17, 2026), and its forward P/E is 29.9. At the end of fiscal 2025 it was 67.3, compared with a 10-year median of 67.3.
What is Carvana's return on equity?
Carvana's return on equity (ROE) was 59.9% in fiscal 2025: net income of $1.4 billion on average shareholders' equity of $2.4 billion.
What is Carvana's ROIC?
Carvana's return on invested capital was 26.4% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Carvana have?
Carvana had total debt of $5.5 billion at the end of fiscal 2025, a debt-to-equity ratio of 1.60.
What is Carvana's free cash flow yield?
Carvana generated $889.0 million of free cash flow in fiscal 2025, a free cash flow yield of 0.9% on its market value at year-end ($94.6 billion).
What is Carvana's current ratio?
Carvana's current ratio was 4.31 at the end of fiscal 2025: current assets were 4.31 times current liabilities.