Carvana CVNA Ratios & Valuation
| Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | ||
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 20.1%-1.5pp | 20.6%-0.4pp | 21.4%+1.3pp | 21.9%+3.1pp | 21.7%+4.1pp | |
| Operating margin | 9.2%+0.8pp | 9.3%+2.0pp | 9.4%+3.9pp | 9.2%+5.8pp | 8.4%+6.8pp | |
| Net margin | 6.4%+3.7pp | 6.9%+5.4pp | 3.4%— | 3.5%— | 2.7%— | |
| Returns | ||||||
| Return on equity | 55.2%+10.8pp | 59.9%+31.9pp | 43.5%— | 49.9%— | 44.4%— | |
| Return on invested capital | 32.6%+12.5pp | 30.3%+14.2pp | 29%+17.8pp | 24.3%+18.4pp | 20.1%+17.5pp | |
| Efficiency | ||||||
| Asset turnover | 2×+0.1× | 1.9×+0.1× | 2.1×+0.4× | 2×+0.4× | 1.9×+0.4× | |
| Liquidity | ||||||
| Current ratio | 4.1×+0.3× | 4.3×+0.7× | 4×+0.8× | 4×+0.9× | 3.8×+1.3× | |
| Leverage | ||||||
| Debt-to-equity | 1.5×-2.6× | 1.7×-3.3× | 2.5×-7.8× | 3.6×-8.5× | 4.1×-18.9× | |
| Valuation | ||||||
| Market capitalization | $44.95B+60.0% | $59.68B+128% | $52.09B+142% | $43.61B+183% | $28.09B+175% | |
| Price / earnings | 31.2×-39.4× | 42.4×-82.0× | 82.8×— | 77.5×— | 70.6×— | |
| Price / sales | 2×+0.1× | 2.9×+1.0× | 2.9×+1.1× | 2.7×+1.4× | 1.9×+1.0× | |
| Price / book | 12.1×-6.6× | 17.3×-3.4× | 22.9×-12.4× | 25.2×-4.1× | 18.7×-16.7× |
Chart any of these lines over time, or line them up against competitors.
Compare these in charts →Questions, answered.
- What are Carvana's profit margins?
- Carvana (CVNA) runs a 20.1% gross margin and a 9.2% operating margin, with a 6.4% 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.
