Carvana Co.
- Open
- 71.90
- Day high
- 75.46
- Day low
- 71.83
- Prev close
- 72.15
- Volume
- 7.1M
- Mkt cap
- $53.4B
- P/E (TTM)
- 25.6
- EPS (TTM)
- $2.89
- P/B
- 13.3
- P/S
- 2.1
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$18.3M over the last 3 months (2 open-market buys, 35 sales)
- 🏛Institutions accumulating (13F)
Carvana Co. (CVNA) is a Consumer Cyclical company listed on NYSE. The stock is up 3% over the past year. Over the trailing 3 months, insiders filed 2 open-market buys and 35 sales (SEC Form 4). Drillr has 7 published research articles covering CVNA.
Carvana Co. (CVNA) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 11 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
CVNA earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 29, 2026 | $0.39 | $0.42 | +8.6% | $7.4B | +6.9% |
| Apr 29, 2026 | $1.58 | $1.75 | +10.8% | $6.4B | +5.1% |
| Feb 18, 2026 | $1.14 | $4.22 | +270.2% | $5.6B | +6.3% |
| Oct 29, 2025 | $1.30 | $1.03 | -20.8% | $5.6B | +10.5% |
| Jul 30, 2025 | $1.17 | $1.28 | +9.4% | $4.8B | +5.7% |
| Feb 19, 2025 | $0.29 | $0.56 | +93.9% | $3.5B | +7.0% |
| Jul 31, 2024 | $-0.07 | $0.14 | +300.0% | $3.4B | +5.7% |
| May 1, 2024 | $-0.67 | $-0.41 | +39.0% | $3.1B | +14.9% |
| Feb 22, 2024 | $-0.95 | $-1.00 | -5.3% | $2.4B | -3.5% |
| Nov 2, 2023 | $-0.85 | $0.23 | +127.1% | $2.8B | +0.5% |
| Jul 19, 2023 | $-1.13 | $-0.55 | +51.3% | $3.0B | +7.0% |
| May 4, 2023 | $-1.87 | $-1.51 | +19.3% | $2.6B | -2.0% |
CVNA insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 17, 2026 | PLATT IRA J.director | Option | 15,000 | $3.00 |
| Aug 17, 2026 | QUAYLE J DANFORTHdirector | Option | 14,525 | $3.00 |
| Aug 17, 2026 | QUAYLE J DANFORTHdirector | Sell | 14,525 | $75.00 |
| Aug 17, 2026 | PLATT IRA J.director | Sell | 15,000 | $73.00 |
| Aug 4, 2026 | HUSTON BENJAMIN E.officer: Chief Operating Officer | Sell | 6,320 | $63.18 |
| Aug 4, 2026 | HUSTON BENJAMIN E.officer: Chief Operating Officer | Sell | 15,920 | $65.06 |
| Aug 4, 2026 | GILL DANIEL J.officer: Chief Product Officer | Grant | 119,883 | — |
| Aug 4, 2026 | GILL DANIEL J.officer: Chief Product Officer | Tax | 7,707 | $62.36 |
| Aug 4, 2026 | JENKINS MARK W.officer: Chief Financial Officer | Option | 50,000 | $2.01 |
| Aug 4, 2026 | HUSTON BENJAMIN E.officer: Chief Operating Officer | Grant | 133,972 | — |
| Aug 4, 2026 | MAROONE MICHAEL Edirector | Buy | 3,847 | $62.40 |
| Aug 4, 2026 | JENKINS MARK W.officer: Chief Financial Officer | Sell | 22,886 | $64.93 |
| Aug 4, 2026 | HUSTON BENJAMIN E.officer: Chief Operating Officer | Sell | 22,144 | $64.14 |
| Aug 4, 2026 | Palmer Stephen Rofficer: Vice President of Accounting | Sell | 520 | $65.82 |
| Aug 4, 2026 | MAROONE MICHAEL Edirector | Buy | 21,153 | $61.69 |
Source: CVNA SEC Form 4 filings, latest Aug 17, 2026. For informational purposes only — not investment advice.
See the full CVNA insider & 13F page →CVNA research & analysis
What must Keith Barr signal on his first KMX earnings call to prevent Starboard from gaining shareholder support?
Keith Barr's first CarMax earnings call in April 2026 is a proxy fight inflection point. With Starboard Value nominating two board directors and Q3 FY2026 EPS down 47% year-over-year to $0.43, Barr must deliver specific margin recovery targets, a credible digital strategy to close the 10x market cap gap with Carvana, and a disciplined capital allocation framework — or risk handing Starboard the shareholder mandate for board-level change.
KMXCan Starboard squeeze meaningful margin from CarMax's 2.5% EBIT margin without disrupting the omnichannel pivot?
Starboard Value has nominated two directors to CarMax's board, targeting the company's 2.5% EBIT margin that trails peers AutoNation (4.5%) and Lithia (4.1%) by 160-200 basis points. The activist's cost-cutting playbook faces a core tension: CarMax's $150M SG&A savings initiative may not close the margin gap, but deeper cuts risk undermining the omnichannel platform that differentiates the company from both franchise dealers and Carvana.
KMXANLADHow does Starboard's KMX campaign compare to past activist wins in auto retail like Carvana and Lithia?
Starboard Value's proxy fight at CarMax targets a company with 2.5% EBIT margins and -41% one-year stock returns, significantly trailing peers Carvana (9.3% EBIT margin), Lithia Motors (4.1%), and Group 1 Automotive (4.2%). While Carvana's turnaround from near-bankruptcy shows dramatic margin improvement is possible in auto retail, CarMax's $19.4B debt load and declining quarterly earnings present a more complex challenge for activist-driven transformation.
KMXLADGPIIs CarMax's $150M SG&A Savings Target Achievable Without Sacrificing the Omnichannel Investment Thesis?
CarMax's $150M+ SG&A savings target by FY2027 exit rate faces a credibility challenge: SG&A rose $149M year-over-year in FY2025 to $2.44B, even as revenue held flat at $28.2B. Sequential improvement in FY2026 quarterly SG&A is encouraging, but achieving the target without cutting technology investment—the foundation of CarMax's omnichannel differentiation against Carvana—requires operational efficiency gains that the company has yet to demonstrate at scale.
KMXVROOMCan Keith Barr's First Strategic Roadmap Reverse CarMax's Three-Year GPU Compression?
CarMax's Q4 FY2026 earnings call in April will mark new CEO Keith Barr's first public strategic roadmap, arriving after three years of severe GPU compression that cut diluted EPS from $6.97 to $3.21 and sent the stock down 42% over the past year. The key questions are whether Barr validates the $150M SG&A savings target, commits to a GPU reset floor, and frames a multi-year earnings recovery algorithm that can close the widening gap with Carvana.
KMXWhich Digital Retail and Financing Investments Will Keith Barr Prioritize to Close the Gap with Carvana?
CarMax faces a widening competitive gap with Carvana, with a 9-percentage-point gross margin deficit (11.3% vs. 20.2%), flat revenue growth versus Carvana's 49% surge, and a market cap gap of $60 billion. Incoming CEO Keith Barr's Q4 FY2026 strategic roadmap must prioritize end-to-end digital transactions, AI-driven inventory pricing, and CarMax Auto Finance digital modernization to deliver a credible margin expansion thesis and close the valuation discount.
KMXALLYDoes CarMax's Board Composition Change Meaningfully Alter the Odds of a Strategic Sale or Breakup?
Starboard Value's proxy campaign at CarMax targets board seats that could catalyze a formal strategic review, most plausibly a separation of CarMax Auto Finance from retail operations rather than a full company sale. While board composition change is a necessary precondition for strategic action, minority representation alone does not guarantee a transaction given CarMax's $19.4B debt load and the structural complexity of its captive lending business. The most credible value-unlock path is a CAF spinoff that lets each segment trade at appropriate multiples.
KMXACV
Carvana Co. company profile
Overview
Carvana Co. (NYSE:CVNA) is an e-commerce platform for buying and selling used cars that was founded in 2012 and went public in 2017. Based in Tempe, Arizona, the company has transformed from a growth-focused startup that experienced significant losses during 2022-2023 into a profitable automotive retailer. Carvana operates entirely online, allowing customers to purchase vehicles through digital channels and receive delivery or pickup through its distinctive car vending machines and delivery network across the United States.
Business
Carvana operates in the used car retail industry, which is part of the broader automotive retail sector worth approximately $1 trillion annually in the United States. The company's core offering is Carvana's e-commerce platform, which enables customers to buy and sell used vehicles entirely online without visiting traditional dealerships. The platform provides several integrated services. Customers can research and browse vehicle inventory using 360-degree vehicle imaging technology that allows detailed virtual inspection of cars. The system handles financing arrangements, warranty coverage, and vehicle purchasing through desktop or mobile devices. For vehicle delivery, Carvana operates a network of distinctive multi-story car vending machines where customers can pick up their purchases, or they can opt for home delivery service. The company operates three main business segments. The retail segment represents the primary revenue driver, accounting for the majority of sales through direct-to-consumer vehicle sales. The wholesale segment involves selling vehicles to dealers and other automotive businesses, typically cars that don't meet Carvana's retail standards. The other segment includes ancillary services such as financing, warranties, and vehicle service contracts. Based on recent financial data, retail operations generate approximately 75-80% of total revenue, with wholesale and other services comprising the remainder. Carvana's infrastructure includes over 6,500 acres of facilities and more than 500,000 parking spots across its network. The company also acquired ADESA, a wholesale auction platform, which provides additional reconditioning capacity and logistics capabilities to support potential expansion to 3 million annual retail units.
Revenue model
Carvana generates revenue through multiple streams within its integrated automotive retail ecosystem. The primary revenue source is vehicle sales through its retail segment, where the company purchases used cars from consumers and other sources, reconditions them, and sells them at higher prices to end customers. The company earns gross profit per unit (GPU) of approximately $3,300-$3,600 on retail sales. The wholesale business provides a secondary revenue stream by selling vehicles that don't meet retail standards to dealers and other automotive businesses, generating GPU of around $800-$1,100 per unit. Additionally, Carvana operates ancillary services including vehicle financing, extended warranties, and service contracts, which contribute GPU of approximately $2,700-$2,900 per unit. The company's customers are primarily individual consumers purchasing used vehicles, though the wholesale segment serves automotive dealers and businesses. Carvana's financing operations also generate interest income from customer loans. Several factors influence Carvana's margins and profitability. Positive margin drivers include operational efficiency improvements in logistics and reconditioning, economies of scale from higher unit volumes, and the company's vertically integrated infrastructure that reduces third-party costs. The acquisition of ADESA provides additional reconditioning capacity and wholesale market access. Negative margin pressures come from used car price volatility, rising interest rates that affect customer financing costs, competitive pricing pressure from traditional dealers, and depreciation risks on inventory. Seasonal demand patterns and broader economic conditions also impact sales volumes and pricing power. The company's strategy involves sharing efficiency gains with customers through lower prices to drive market share growth, which can pressure short-term margins while building long-term competitive advantages.
Competitive moat
Carvana's competitive moat appears moderate but strengthening as the company achieves scale and operational efficiency. The primary moat elements include its vertically integrated infrastructure with extensive reconditioning facilities, logistics network, and proprietary technology platform that creates switching costs for customers who appreciate the convenience of online car buying. The company's network effects provide some protection, as higher unit volumes improve logistics efficiency through better route optimization and inventory utilization. The 360-degree imaging technology and digital inspection processes create a differentiated customer experience that traditional dealers struggle to replicate. Carvana's scale advantages in vehicle sourcing, with ability to acquire 80-85% of inventory directly from consumers, provides cost advantages over smaller competitors. However, the moat faces significant challenges. Traditional automotive dealers are increasingly adopting digital tools and online sales capabilities, potentially eroding Carvana's technological differentiation. Large automotive retailers like CarMax and AutoNation have substantial resources to compete directly. New digital-first competitors could enter the market with similar business models, and established e-commerce platforms like Amazon could potentially expand into automotive retail. The used car market remains highly fragmented with low barriers to entry for basic vehicle sales, and Carvana's premium pricing model may be vulnerable during economic downturns when customers become more price-sensitive. The company's dependence on consumer financing also creates vulnerability to interest rate cycles and credit market conditions. While Carvana has achieved operational improvements and profitability, the sustainability of its competitive advantages will depend on continued execution and market share expansion before competitors fully digitize their operations.
Risks & safety
Carvana's margin of safety appears moderate to strong based on recent financial improvements, though elevated debt levels remain a concern. **Cash and Solvency:** • Strong cash position of $1.86 billion as of Q1 2025 • Positive free cash flow of $205 million in Q1 2025, up from $36 million in Q4 2024 • Current ratio of 3.81, indicating strong short-term liquidity • Operating cash flow positive at $232 million quarterly **Debt and Leverage:** • High debt-to-equity ratio of 4.02, indicating significant leverage • Total liabilities of $7.1 billion against $8.9 billion in assets • However, debt levels appear manageable given improved cash generation **Valuation Metrics:** • P/E ratio of 32.4x based on recent profitability • EV/EBITDA of 20.4x, reflecting growth expectations • Price-to-book ratio of 18.6x, indicating premium valuation • Graham number suggests potential overvaluation at current levels **Other Considerations:** • Five consecutive quarters of positive net income demonstrates operational turnaround • Strong EBITDA margins of 11.5% approaching mid-range of long-term targets • Significant operational leverage with capacity to scale to 3 million annual units • Market share of only 1% in $1 trillion industry provides substantial growth runway
Recent development
Over the past few years, Carvana has undergone a dramatic strategic transformation from growth-at-all-costs to profitability-focused operations. In 2022, the company faced severe financial distress with negative $2.9 billion net income and negative EBITDA, prompting management to shift priorities entirely toward achieving breakeven operations. The most significant strategic move was the acquisition of ADESA in 2022, which provided Carvana with wholesale auction capabilities and massive reconditioning capacity. This acquisition created potential to scale operations to 3 million annual retail units, roughly 8 times the current run rate, while providing additional revenue streams through wholesale operations. Operational efficiency improvements became the primary focus, with the company implementing "Project Catapult" to drive cost reductions across all business segments. Key achievements included reducing inbound transport miles by 20%, decreasing outbound transport miles by 30%, and doubling the efficiency of customer care operations. The company successfully reduced quarterly SG&A expenses by $100 million while maintaining service quality. Recent developments show Carvana's transition back to controlled growth phase. The company achieved five consecutive quarters of positive net income through 2024-2025, with record-breaking financial performance including becoming "the most profitable public automotive retailer in U.S. history" according to management. Current strategy focuses on expanding market share from the current 1% while maintaining operational discipline and sharing efficiency gains with customers through improved pricing and experience. Technology initiatives include exploring AI applications across customer experience and operations, leveraging the company's extensive transaction data and vertical integration. The company is also developing a retail marketplace with commercial sellers and testing same-day delivery capabilities in select markets to further differentiate the customer experience.
CVNA company profile · for informational purposes only — not investment advice.
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