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Carvana CVNA Ratios & Valuation

Q2 '26Q1 '26Q4 '25Q3 '25Q2 '25
Profitability
Gross margin19.4%-2.5pp20.1%-1.5pp20.6%-0.4pp21.4%+1.3pp21.9%+3.1pp
Operating margin8.9%-0.3pp9.2%+0.8pp9.3%+2.0pp9.4%+3.9pp9.2%+5.8pp
Net margin6.3%+2.8pp6.4%+3.7pp6.9%+5.4pp3.4%3.5%
Returns
Return on equity54.5%+4.6pp55.2%+10.8pp59.9%+31.9pp43.5%49.9%
Return on invested capital34.2%+9.8pp32.6%+12.5pp30.3%+14.2pp29%+17.8pp24.3%+18.4pp
Efficiency
Asset turnover2.1×+0.1×+0.1×1.9×+0.1×2.1×+0.4×+0.4×
Liquidity
Current ratio3.9×-0.1×4.1×+0.3×4.3×+0.7×+0.8×+0.9×
Leverage
Debt-to-equity1.4×-2.2×1.5×-2.6×1.7×-3.3×2.5×-7.8×3.6×-8.5×
Per Share
Book value per share$5.44+125%$15.34+61.0%$2.42
Valuation
Market capitalization$76.39B+55.9%$44.95B+60.0%$59.68B+128%$52.09B+142%$43.61B+183%
Price / earnings48.7×-38.3×31.2×-39.4×42.4×-82.0×82.8×77.5×
Price / sales3.1×0.0×+0.1×2.9×+1.0×2.9×+1.1×2.7×+1.4×
Price / book19×-9.4×12.1×-6.6×17.3×-3.4×22.9×-12.4×25.2×-4.1×

FAQ

What are Carvana's profit margins?
Carvana (CVNA) runs a 19.4% gross margin and a 8.9% operating margin, with a 6.3% net margin.
Where do Carvana's ratios come from?
Every ratio is computed from Carvana's SEC filings — trailing-twelve-month flows over period-end balances. Valuation multiples combine those fundamentals with market data, recomputed each period. Switch between quarterly, annual, and TTM, or open any ratio for its full history and peer comparisons.