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Carvana key statistics and ratios

In fiscal 2025, Carvana had return on equity of 59.9%, an operating margin of 9.3%, debt equal to 153.1% of equity and a current ratio of 4.31. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Gross margin1.0%5.3%7.9%10.1%12.9%14.2%15.1%9.2%16.0%21.0%20.6%19.0%
Operating margin———————−17.3%−0.7%7.2%9.3%8.7%
Net margin−28.2%−25.5%−7.3%−2.8%−2.9%−3.1%−1.1%−11.7%4.2%1.5%6.9%6.2%
Free-cash-flow margin−51.7%−76.6%−32.4%−28.5%−25.1%−17.3%−24.6%−13.5%6.6%6.0%4.4%4.1%
Return on equity———−54.0%−129.4%−70.4%−38.9%——27.9%59.9%43.8%
Return on assets—−27.7%−12.9%−6.8%−7.5%−6.7%−2.7%−20.2%5.7%2.7%13.0%12.0%
Asset turnover—1.091.762.402.582.192.551.731.371.761.871.93
Current ratio—1.401.602.011.574.121.691.772.163.644.314.05
Debt to equity——240.7%>999%>999%453.9%>999%—>999%465.6%153.1%125.4%
Interest cover (operating income ÷ interest)———————n/mn/m1.5x3.7x6.1x
SG&A as % of revenue28.1%29.8%26.0%21.7%20.0%20.2%15.9%20.1%16.7%13.7%11.4%10.3%
Capital spending as % of revenue10.7%10.8%9.1%7.3%5.9%6.4%4.3%3.8%0.8%0.7%0.7%0.8%
Free cash flow ÷ net income————————159.1%393.8%63.2%65.2%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

5 of 7 checks passed · September 30, 2026
What it owns · $15.2bn
Short-term assets $8.6bnLonger-term assets $6.6bn
What it owes, and who funded it · $13.9bn
Short-term liabilities $2.1bnLonger-term liabilities $7.4bnShareholders' equity $4.4bn
  • Short-term assets cover short-term liabilities $8.6bn of assets due within a year against $2.1bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $8.6bn short-term assets against $7.4bn of longer-dated liabilities.
  • More cash than debt $3.0bn of cash against $5.2bn of debt.
  • Debt below 40% of shareholders' equity Debt is 119% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 4108% to 119% over five years.
  • A year's operating cash flow covers at least 20% of debt $1.3bn of operating cash flow against $5.2bn of debt.
  • Operating profit covers interest at least five times over Operating income of $2.4bn against $396m of interest.

From Carvana's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

20 /100

Weak moat

How hard Carvana's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Cash operating profit has been a median -13.7% of total assets over 9 years.

  • Pricing power 6 / 20

    Gross margin has been a median 13.9%, moving by 4.4 percentage points (standard deviation) across 10 years.

  • Durability 10 / 20

    Net margin has been a median -2.3%; its worst year was -13.3%.

  • Cash conversion 4 / 20

    Free cash flow was positive in 4 of 10 years, at a median -17.7% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (25 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: AN vs CVNACVNA vs KMXCVNA vs MUSACVNA vs PAG

More: Automotive Retail stocks compared, Consumer Discretionary sector, rankings of US companies

Figures from Carvana's SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Carvana.