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.

Carvana CVNA Ratios & Valuation

Income Statement Balance Sheet Cash Flow Ratios Segments

Quarterly Annual TTM

YoY

Simplified Detailed

	FY'25	FY'24	FY'23	FY'22
Profitability
Gross margin	20.6%-0.4pp	21%+5.0pp	16%+6.8pp	9.2%-5.9pp
Operating margin	9.3%+2.0pp	7.2%+8.0pp	-0.7%+16.5pp	-17.3%—
Net margin	6.9%+5.4pp	1.5%—	——	-11.7%-10.6pp
Free cash flow margin	4.4%-1.7pp	6%—	——	-13.5%+11.1pp
Returns
Return on equity	59.9%+31.9pp	27.9%—	——	——
Return on assets	13%+10.3pp	2.7%—	——	-20.2%-17.5pp
Return on invested capital	30.3%+14.2pp	16.1%+17.2pp	-1.1%+33.4pp	-34.5%—
Efficiency
Asset turnover	1.9×+0.1×	1.8×+0.4×	1.4×-0.4×	1.7×-0.8×
Inventory turnover	8×+0.2×	7.8×+1.9×	6×+1.1×	4.9×-0.3×
Liquidity
Current ratio	4.3×+0.7×	3.6×+1.5×	2.2×+0.4×	1.8×+0.1×
Quick ratio	2.7×+0.3×	2.4×+1.0×	1.4×+0.4×	1×+0.4×
Cash ratio	1.6×+0.3×	1.3×+0.9×	0.4×+0.1×	0.2×0.0×
Leverage
Debt-to-equity	1.7×-3.3×	4.9×-23.7×	28.6×—	——
Debt-to-assets	0.4×-0.3×	0.7×-0.3×	1×-0.1×	1.1×+0.2×
Interest coverage	3.7×+2.2×	1.5×+1.6×	-0.1×+4.7×	-4.8×—
Per Share
Book value per share	$15.34+61.0%	$9.53+687%	$1.21+124%	-$5.14-239%
Valuation
Market capitalization	$59.68B+128%	$26.13B+333%	$6.04B+1,102%	$502.19M-97.5%
Enterprise value	$62.93B+106%	$30.6B+147%	$12.4B+37.3%	$9.03B-64.1%
Price / earnings	42.4×-82.0×	124.4×—	——	——
Price / sales	2.9×+1.0×	1.9×+1.4×	0.6×+0.5×	0×-1.5×
Price / book	17.3×-3.4×	20.7×-4.1×	24.8×—	——
EV / sales	3.1×+0.9×	2.2×+1.1×	1.2×+0.5×	0.7×-1.3×
Free cash flow yield	1.5%-1.7pp	3.2%—	——	-365.6%-350pp
Earnings yield	2.4%+1.6pp	0.8%—	——	-316%-315pp
PEG ratio	0.1×—	——	——	——

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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.