Carvana Co. (CVNA) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-110.5%

-$7.55

vs $71.86 price

Levered DCF

-$9.59

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

7.33

Safe zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	41.37×	118.23×	12.85×	-0.3×	-142.21×	-91.08×	-37.57×	-16.11×
P/B	16.88×	19.74×	23.82×	-0.92×	62.73×	40.16×	43.95×	13.38×
P/S	2.86×	1.82×	0.54×	0.04×	1.5×	2.79×	1.09×	0.5×
EV / EBITDA	-854.48×	31.88×	13.14×	-4.25×	-7,075.46×	-100.73×	-34.12×	-10.14×
Gross margin	20.6%	19.8%	16.0%	7.4%	14.3%	12.9%	11.8%	8.9%
Operating margin	9.3%	7.3%	-0.7%	-11.0%	-0.8%	-5.9%	-7.1%	-11.7%
Net margin	6.9%	1.5%	4.2%	-11.7%	-1.1%	-3.1%	-2.9%	-2.8%
Current ratio	4.31×	3.64×	2.16×	1.77×	1.69×	4.12×	1.57×	2.01×
Debt / equity	1.6×	4.8×	27.6×	-17.02×	18.87×	4.82×	16.48×	8.63×
Interest coverage	3.72×	1.54×	-0.13×	-3.07×	-0.59×	-2.53×	-3.48×	-9.14×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.5%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	-8.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	40.9%	16.7%	185.2%	306.4%	-44.1%	-44.2%	-116.9%	-75.6%
Return on invested capital	-33.5%	13.3%	-1.1%	-19.0%	-1.6%	-12.4%	-15.5%	-26.3%
Return on assets	10.7%	2.5%	6.4%	-18.2%	-1.9%	-5.6%	-5.6%	-5.6%
Free cash flow yield	1.5%	3.3%	12.4%	-384.2%	-16.4%	-6.2%	-22.9%	-56.8%
Earnings yield	2.4%	0.8%	7.8%	-332.1%	-0.7%	-1.1%	-2.7%	-5.6%
Enterprise value	$94B	$43.2B	$15.2B	$9.1B	$35.4B	$25.9B	$8.3B	$2.1B
Net debt / EBITDA	-29.04×	3.19×	5.33×	-3.91×	-1,074.2×	-6.1×	-6.35×	-2.69×
Cash conversion cycle (days)	54	54	46	55	107	78	78	85