Latest Ratios: P/E Ratio 41.6x · EV/EBITDA 34.6x · ROE 50.4%. (2014–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $76.3B | $94.6B | $26.9B | $10.6B | $478M | $19.2B | $15.6B | $4.3B | $982M | $291M | — |
| Enterprise Value | $74.6B | $93.0B | $31.2B | $16.8B | $8.9B | $24.6B | $17.1B | $5.9B | $1.5B | $421M | — |
| P/E Ratio → | 41.65 | 49.94 | 127.89 | 70.60 | — | — | — | — | — | — | — |
| P/S Ratio | 3.75 | 4.66 | 1.97 | 0.99 | 0.04 | 1.50 | 2.79 | 1.09 | 0.50 | 0.34 | — |
| P/B Ratio | 18.78 | 22.52 | 19.55 | — | — | 36.56 | 19.42 | 22.47 | 4.32 | 1.04 | — |
| P/FCF | 85.82 | 106.46 | 32.51 | 14.83 | — | — | — | — | — | — | — |
| P/OCF | 73.64 | 91.36 | 29.29 | 13.23 | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.57 | 2.28 | 1.56 | 0.65 | 1.92 | 3.07 | 1.49 | 0.79 | 0.49 | — |
| EV / EBITDA | 34.60 | 43.11 | 23.88 | 61.75 | — | 24565.20 | — | — | — | — | — |
| EV / EBIT | 39.66 | — | 29.70 | 20.81 | — | — | — | — | — | — | — |
| EV / FCF | — | 104.56 | 37.74 | 23.46 | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 20.6% | 20.6% | 19.8% | 16.0% | 7.4% | 14.2% | 12.9% | 11.8% | 8.9% | 6.6% | 4.0% |
| Operating Margin | 9.3% | 9.3% | 7.3% | -0.7% | -11.0% | -0.8% | -5.9% | -7.1% | -11.7% | -18.1% | -24.5% |
| Net Profit Margin | 6.9% | 6.9% | 1.5% | 4.2% | -11.7% | -1.1% | -3.1% | -2.9% | -2.8% | -2.1% | -2.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 50.4% | 50.4% | 42.4% | — | — | -20.4% | -34.5% | -54.7% | -21.9% | -8.8% | -10.1% |
| ROA | 13.0% | 13.0% | 2.7% | 5.7% | -20.2% | -2.7% | -6.7% | -7.5% | -6.8% | -3.7% | -4.3% |
| ROIC | 34.3% | 34.3% | 13.1% | -0.9% | -16.9% | -1.9% | -12.2% | -16.7% | -28.8% | -34.5% | -40.6% |
| ROCE | 20.0% | 20.0% | 15.8% | -1.4% | -29.1% | -3.1% | -17.7% | -30.2% | -45.9% | -65.5% | -87.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.15 | 0.15 | 4.40 | — | — | 11.00 | 2.33 | 8.42 | 2.79 | 1.08 | 1.26 |
| Debt / EBITDA | 0.29 | 0.29 | 4.63 | 24.65 | — | 5774.00 | — | — | — | — | — |
| Net Debt / Equity | — | -0.40 | 3.15 | — | — | 10.23 | 1.96 | 8.03 | 2.44 | 0.46 | 0.97 |
| Net Debt / EBITDA | -0.79 | -0.79 | 3.31 | 22.71 | — | 5371.00 | — | — | — | — | — |
| Debt / FCF | — | -1.91 | 5.24 | 8.63 | — | — | — | — | — | — | — |
| Interest Coverage | -0.76 | -0.76 | 1.61 | 1.28 | -4.95 | -0.63 | -2.52 | -3.52 | -9.18 | -20.45 | -24.96 |
Net cash position: cash ($2.3B) exceeds total debt ($633M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.31 | 4.31 | 3.64 | 2.16 | 1.77 | 1.69 | 4.12 | 1.57 | 2.01 | 1.60 | 1.40 |
| Quick Ratio | 2.73 | 2.73 | 2.44 | 1.41 | 1.05 | 0.60 | 1.90 | 0.69 | 0.76 | 0.86 | 0.46 |
| Cash Ratio | 1.53 | 1.53 | 1.63 | 0.58 | 0.29 | 0.27 | 0.92 | 0.20 | 0.24 | 0.56 | 0.20 |
| Asset Turnover | — | 1.54 | 1.61 | 1.52 | 1.56 | 1.83 | 1.84 | 1.91 | 1.97 | 1.34 | 1.09 |
| Inventory Turnover | 6.70 | 6.70 | 6.82 | 7.87 | 6.72 | 3.49 | 4.70 | 4.55 | 4.32 | 3.53 | 1.89 |
| Days Sales Outstanding | — | 4.40 | 8.09 | 9.01 | 6.79 | 5.87 | 5.16 | 3.69 | 6.18 | 5.99 | 5.69 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | 0.5% | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.4% | 2.0% | 0.8% | 1.4% | — | — | — | — | — | — | — |
| FCF Yield | 1.2% | 0.9% | 3.1% | 6.7% | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.2% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.2% | 0.0% | 0.0% | 0.5% | 0.0% | — |
| Shares Outstanding | — | $1.1B | $661M | $1.0B | $504M | $414M | $325M | $234M | $150M | $76M | $75M |
Used vehicle price volatility
Based on current market data, Carvana trades at a forward P/E of 40.41, which suggests that investors are pricing in significant future earnings expansion relative to the broader dealership sector, as reported in recent financial statements and market valuation metrics.
The current P/E multiple appears to command a tech-platform premium, implying that the market expects the company to maintain its recent trajectory of margin expansion and volume growth. Investors should monitor whether this valuation remains sustainable if the company's growth rate normalizes or if the competitive landscape intensifies.
According to recent quarterly reports, the company's ROIC has trended upward to 16.3% in 2026Q1, indicating that the firm is finally beginning to generate meaningful returns on its massive historical investments in logistics and reconditioning infrastructure.
This shift from negative returns in 2023 to double-digit ROIC suggests that the centralized IRC network is achieving the necessary throughput to drive efficiency. Analysts should investigate whether this improvement is structural or if it remains sensitive to temporary fluctuations in used vehicle pricing.
As reported in financial filings, the company's days inventory outstanding has stabilized near 44 days as of 2026Q1, which suggests that management is successfully balancing inventory velocity with the fixed-cost requirements of its national reconditioning network.
The ability to maintain consistent inventory turns is critical for minimizing depreciation risk in a volatile used car market. This efficiency appears to be a key driver of the recent margin expansion, though it warrants further investigation into how these metrics hold up during periods of softening consumer demand.
Based on the latest balance sheet data, the current ratio has reached 4.09, providing a substantial liquidity cushion that appears to mitigate the immediate risks associated with the company's high-fixed-cost business model and potential volatility in credit markets.
This liquidity position represents a significant improvement from the 2.16 ratio observed in 2023Q4, suggesting that the company is better equipped to navigate cyclical downturns. Investors should monitor whether this liquidity is deployed for further expansion or maintained as a defensive buffer against future market shocks.
As indicated by industry analysis, the P/E ratio is frequently misapplied to Carvana, as it obscures the significant non-cash accounting gains from loan sales that can artificially inflate earnings quality and distort the company's true operational profitability.
Because the business model relies heavily on the gain-on-sale of finance receivables, traditional dealership metrics fail to capture the credit-sensitive nature of the earnings. Analysts should instead focus on Total GPU and cash flow generation to better assess the underlying health of the business.
Includes 30+ ratios · 12 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying CVNA stock.
Carvana Co.'s current P/E ratio is 41.6x. The historical average is 82.8x.
Carvana Co.'s current EV/EBITDA is 34.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 42.9x.
Carvana Co.'s return on equity (ROE) is 50.4%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is -21.8%.
Based on historical data, Carvana Co. is trading at a P/E of 41.6x. Compare with industry peers and growth rates for a complete picture.
Carvana Co. has 20.6% gross margin and 9.3% operating margin.
Carvana Co.'s Debt/EBITDA ratio is 0.3x, indicating low leverage. A ratio below 2x is generally considered financially healthy.