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Carvana CVNA Debt-to-equity

Debt-to-equity at other companies

Copart logo
CopartCPRT
0.0×
Rivian Automotive, Inc. logo
Rivian Automotive, Inc.RIVN
1.2×+0.4×
Ford Motor Company logo
Ford Motor CompanyF
0.0×
Casey's General Stores logo
Casey's General StoresCASY
0.8×-0.2×
S&P Global logo
S&P GlobalSPGI
0.4×0.0×
Caterpillar logo
CaterpillarCAT
1.7×+0.1×

Other financials

Income statement

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Revenue$6.4B+52.0%
Gross profit$1.3B+36.8%
Operating income$581.0M+47.5%
Net income$250.0M+15.7%

Balance sheet

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Cash & equivalents$2.5B+31.9%
Total debt$5.7B-8.4%
Total equity$3.7B+147%
Total assets$13.8B+55.1%

Cash flow

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Operating cash flow$107.0M-53.9%
CapEx$51.0M+88.9%
Free cash flow$56.0M-72.7%

Valuation

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Market cap$47.68B+60.0%
Enterprise value$50.85B+48.6%
P/E33.1×-41.8×
P/S2.1×+0.1×

Profitability

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Gross margin20.1%-1.5pp
Operating margin9.2%+0.8pp
Net margin6.4%+3.7pp

Returns & leverage

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Return on equity55.2%+10.8pp
Current ratio4.1×+0.3×

Where this comes from

Calculated from Carvana’s reported figures.

Based on the most recent quarter.

The official record: Carvana’s 10-Q, filed April 29, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Carvana's debt-to-equity?
Carvana (CVNA) reported debt-to-equity of 1.5× in Q1 2026.
How has Carvana's debt-to-equity changed year-over-year?
Carvana's debt-to-equity decreased by 63.0% year-over-year, from 4.1× to 1.5×.
What is the long-term trend for Carvana's debt-to-equity?
Over 2 years (2021 to 2025), Carvana's debt-to-equity has grown at a -46.9% compound annual growth rate (CAGR), from 42.3× to 11.9×.
What does debt-to-equity mean?
How much debt the company carries for every dollar of shareholder equity.
How do you interpret debt-to-equity?
Lower is generally safer, but moderate leverage can boost returns. Read in the context of cash-flow stability — a utility tolerates more debt than a cyclical. Negative equity makes the ratio meaningless and it is suppressed there.
How does debt-to-equity compare across companies?
Comparable within an industry; capital structures differ sharply across sectors. Not meaningful for banks.