Carvana - Public Comps and Valuation Multiples

Carvana Overview

About Carvana

Carvana Co is an e-commerce platform for buying and selling used cars. The company derives revenue from used vehicle sales, wholesale vehicle sales and other sales and revenues. The other sales and revenues include sales of loans originated and sold in securitization transactions or to financing partners, commissions received on VSCs and sales of GAP waiver coverage. The foundation of the business is retail vehicle unit sales. This drives the majority of the revenue and allows the company to capture additional revenue streams associated with financing, VSCs, auto insurance and GAP waiver coverage, as well as trade-in vehicles.

Founded

2016

HQ

Employees

17.4K+

Website

carvana.com

Sectors

Consumer Marketplaces
Vertical Marketplaces
Consumer E-commerce
Vertical E-commerce
AutomotiveTech

Financials

LTM Revenue $17.9B

LTM EBITDA $2.0B

EV

$51.6B

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Carvana Financials

As of September 2025, Carvana reported last 12-month revenue of $17.9B and EBITDA of $2.0B.

In the same period, Carvana generated $4.0B in LTM gross profit and $1.1B in net income.

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Carvana P&L

In the most recent fiscal year, Carvana reported revenue of $13.7B and EBITDA of $1.4B.

Carvana expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$17.9B	XXX	$13.7B	XXX	XXX	XXX
Gross Profit	$4.0B	XXX	$2.9B	XXX	XXX	XXX
Gross Margin	22%	XXX	21%	XXX	XXX	XXX
EBITDA	$2.0B	XXX	$1.4B	XXX	XXX	XXX
EBITDA Margin	11%	XXX	10%	XXX	XXX	XXX
EBIT	$1.7B	XXX	$990M	XXX	XXX	XXX
EBIT Margin	9%	XXX	7%	XXX	XXX	XXX
Net Profit	$1.1B	XXX	$210M	XXX	XXX	XXX
Net Margin	6%	XXX	2%	XXX	XXX	XXX
Net Debt	XXX	XXX	$3.9B	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Carvana including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $17.9B. EBITDA for the last twelve months was $2.0B. In the most recent fiscal year, Carvana achieved $13.7B in revenue and $1.4B in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$17.9B	Analyst estimates available to subscribers	$13.7B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$4.0B	Analyst estimates available to subscribers	$2.9B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	22.2% gross margin	Analyst estimates available to subscribers	21.0% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$2.0B	Analyst estimates available to subscribers	$1.4B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	11.4% EBITDA margin	Analyst estimates available to subscribers	9.9% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$1.7B	Analyst estimates available to subscribers	$990M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	9.3% EBIT margin	Analyst estimates available to subscribers	7.2% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$1.1B	Analyst estimates available to subscribers	$210M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	5.9% net profit margin	Analyst estimates available to subscribers	1.5% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$3.9B	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Carvana

This financial data table provides comprehensive performance metrics for Carvana, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Carvana generated $17.9B in revenue over the last twelve months.
The company achieved $2.0B in EBITDA over the last twelve months.
Gross profit for the last twelve months was $4.0B.
Net income over the last twelve months reached $1.1B.

Fiscal Year Performance

In the most recent fiscal year, Carvana reported $13.7B in total revenue.
Fiscal year EBITDA was $1.4B.
The company maintained a gross profit margin of 21.0% in the most recent fiscal year.
EBITDA margin for the fiscal year was 9.9%.
Net profit margin reached 1.5% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Carvana. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Carvana Stock Performance

Carvana has current market cap of $47.8B, and EV of $51.6B.

Market Cap Evolution

Carvana Stock Data

As of October 15, 2025, Carvana's stock price is $346.

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$51.6B	$47.8B	XXX	XXX	XXX	XXX	$4.59

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Carvana Valuation Multiples

Carvana's trades at 3.8x EV/Revenue multiple, and 38.0x EV/EBITDA.

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Carvana Financial Valuation Multiples

As of October 15, 2025, Carvana has market cap of $47.8B and EV of $51.6B.

Equity research analysts estimate Carvana's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Carvana has a P/E ratio of 45.1x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$47.8B	XXX	$47.8B	XXX	XXX	XXX
EV (current)	$51.6B	XXX	$51.6B	XXX	XXX	XXX
EV/Revenue	2.9x	XXX	3.8x	XXX	XXX	XXX
EV/EBITDA	25.4x	XXX	38.0x	XXX	XXX	XXX
EV/EBIT	30.9x	XXX	52.1x	XXX	XXX	XXX
EV/Gross Profit	13.0x	XXX	n/a	XXX	XXX	XXX
P/E	45.1x	XXX	227.4x	XXX	XXX	XXX
EV/FCF	60.4x	XXX	62.3x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Carvana Margins & Growth Rates

Carvana's last 12 month revenue growth is 28%

Carvana's revenue per employee in the last FY averaged $0.8M, while opex per employee averaged $0.1M for the same period.

Carvana's rule of 40 is 39% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Carvana's rule of X is 81% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Carvana Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	28%	XXX	32%	XXX	XXX	XXX
EBITDA Margin	11%	XXX	10%	XXX	XXX	XXX
EBITDA Growth	34%	XXX	38%	XXX	XXX	XXX
Rule of 40	39%	XXX	38%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	81%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.8M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	2%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	14%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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