Explain this page
Arphra AIPlain-English read on Carvana Co.’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Headline | |||||||||
| Market cap | — | — | — | — | — | — | — | — | — |
| Enterprise value | — | — | — | — | — | — | — | — | — |
| Multiples | |||||||||
| P / E | — | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — |
| Yields | |||||||||
| Earnings yield | — | — | — | — | — | — | — | — | — |
| Free cash flow yield | — | — | — | — | — | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Margins | |||||||||
| Gross margin | +14.25% | +7.36% | +16.01% | +19.83% | +20.63% | +19.23% | +18.63% | +18.97% | +18.37% |
| Operating margin | -0.81% | -10.95% | -0.74% | +7.33% | +9.26% | +5.23% | +5.22% | +5.19% | +5.20% |
| EBITDA margin | -0.04% | -15.77% | +10.76% | +9.92% | -0.54% | +6.88% | +6.75% | +6.88% | +6.85% |
| EBIT margin | -0.86% | -17.69% | +7.49% | +7.69% | -1.89% | +4.51% | +4.52% | +4.36% | +4.31% |
| Pre-tax margin | -2.23% | -21.27% | +1.62% | +2.93% | -4.38% | +0.06% | +0.06% | +0.06% | +0.06% |
| Net margin | -1.05% | -11.67% | +4.18% | +1.54% | +6.92% | +4.22% | +4.19% | +4.25% | +4.25% |
| Cost structure | |||||||||
| Cost of revenue / sales | +85.75% | +92.64% | +83.99% | +80.17% | +79.37% | +79.76% | +79.54% | +83.57% | +80.71% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | +15.06% | +18.31% | +14.91% | +12.50% | +11.36% | +13.02% | +12.67% | +13.20% | +12.60% |
| Effective tax rate | — | — | +14.29% | -1.00% | — | +6.58% | +6.65% | +6.39% | +6.71% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| Return on equity (ROE) | -25.71% | +150.71% | -117.19% | +15.27% | +33.48% | +44.97% | +45.85% | +47.33% | +45.64% |
| Return on assets (ROA) | -1.92% | -18.25% | +6.36% | +2.48% | +10.66% | +6.69% | +6.72% | +6.58% | +6.61% |
| Return on capital (ROC) | -1.65% | -19.19% | -1.27% | +13.50% | +38.90% | +11.35% | +11.59% | +11.54% | +11.41% |
| Return on invested capital (ROIC) | -1.24% | -14.40% | -0.95% | +2.83% | +29.09% | +9.16% | +9.31% | +9.45% | +9.31% |
| Asset turnover | +182.67% | +156.40% | +152.33% | +161.16% | +153.94% | +158.41% | +160.21% | +154.65% | +155.74% |
| DuPont · ROE decomposition | |||||||||
| Net margin | -1.05% | -11.67% | +4.18% | +1.54% | +6.92% | +4.22% | +4.19% | +4.25% | +4.25% |
| Asset turnover (× revenue / assets) | +182.67% | +156.40% | +152.33% | +161.16% | +153.94% | +158.41% | +160.21% | +154.65% | +155.74% |
| Equity multiplier (× assets / equity) | +1336.19% | -826.02% | -1841.41% | +617.02% | +314.09% | +672.05% | +682.49% | +719.77% | +689.99% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | |||||||||
| Asset turnover | 1.83 | 1.56 | 1.52 | 1.61 | 1.54 | 1.58 | 1.60 | 1.55 | 1.56 |
| Fixed-asset turnover | 6.64 | 3.60 | 3.13 | 4.26 | 6.24 | — | — | — | — |
| Inventory turnover | 3.49 | 6.72 | 7.87 | 6.82 | 6.70 | — | — | — | — |
| Receivables turnover | 62.20 | 53.77 | 40.49 | 45.13 | 82.95 | — | — | — | — |
| Payables turnover | 96.39 | 58.35 | 39.16 | 46.45 | — | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 5.87 | 6.79 | 9.01 | 8.09 | 4.40 | — | — | — | — |
| Days inventory outstanding (DIO) | 104.60 | 54.33 | 46.40 | 53.54 | 54.49 | — | — | — | — |
| Days payables outstanding (DPO) | 3.79 | 6.26 | 9.32 | 7.86 | — | — | — | — | — |
| Cash conversion cycle | 106.68 | 54.86 | 46.09 | 53.77 | 58.89 | — | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 19.21 | 0.83 | 1.78 | 4.37 | 0.74 | 1.51 | 1.51 | 1.52 | 1.55 |
| FCF / Net income | 23.34 | 1.16 | 1.59 | 3.94 | 0.63 | 1.37 | 1.33 | 1.36 | 1.37 |
| FCF margin | -24.59% | -13.50% | +6.65% | +6.05% | +4.37% | +5.77% | +5.58% | +5.76% | +5.80% |
| OCF margin | -20.24% | -9.73% | +7.46% | +6.71% | +5.10% | +6.37% | +6.33% | +6.47% | +6.60% |
| CapEx / Revenue | +4.35% | +3.76% | +0.81% | +0.67% | +0.72% | +0.72% | +0.74% | +0.74% | +0.73% |
| CapEx / D&A | 5.30 | 1.96 | 0.25 | 0.30 | 0.53 | — | — | — | — |
| Stock-based comp / Revenue | +0.30% | +0.51% | +0.68% | +0.67% | +0.47% | — | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| EPS · diluted | -1.63 | -15.74 | 0.75 | 1.59 | 8.45 | 1.51 | 2.06 | 2.78 | 2.66 |
| EPS · basic | -1.63 | -15.74 | 4.12 | 1.72 | 10.22 | 3.98 | 5.40 | 7.29 | 6.94 |
| Book value / share | 6.34 | -10.44 | -1.91 | 10.40 | 18.74 | 11.63 | 14.24 | 16.89 | 20.38 |
| Tangible BV / share | 6.18 | -11.14 | -2.17 | 10.14 | 18.49 | 11.63 | 14.24 | 16.89 | 20.38 |
| Sales / share | 154.75 | 134.92 | 53.70 | 103.42 | 90.61 | 123.86 | 155.72 | 188.00 | 218.98 |
| Operating CF / share | -31.33 | -13.13 | 4.00 | 6.94 | 4.62 | 7.90 | 9.86 | 12.17 | 14.44 |
| Free cash flow / share | -38.05 | -18.21 | 3.57 | 6.26 | 3.96 | 7.15 | 8.69 | 10.83 | 12.69 |
| Dividends / share | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Payout ratio | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Retention ratio | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E | 8y CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Top-line | ||||||||||
| Revenue · YoY | — | +6.17% | -20.82% | +26.94% | +48.63% | +36.59% | +25.59% | +20.90% | +15.90% | +18.21% |
| Gross profit · YoY | — | -45.18% | +72.23% | +57.25% | +54.63% | +27.31% | +21.69% | +23.11% | +12.24% | +22.02% |
| Profit | ||||||||||
| Operating income · YoY | — | -1332.69% | +94.63% | +1352.50% | +87.72% | -22.75% | +25.33% | +20.22% | +16.10% | — |
| EBITDA · YoY | — | -42820.00% | +154.01% | +17.00% | -108.11% | +1836.20% | +23.18% | +23.26% | +15.33% | — |
| Net income · YoY | — | -1075.56% | +128.36% | -53.33% | +570.00% | -16.66% | +24.67% | +22.58% | +15.77% | — |
| Operating | ||||||||||
| EBIT · YoY | — | -2088.18% | +133.53% | +30.24% | -136.63% | +424.99% | +25.92% | +16.76% | +14.36% | — |
| R&D · YoY | — | — | — | — | — | — | — | — | — | — |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | -865.64% | +104.76% | +112.00% | +431.45% | -82.09% | +36.15% | +34.74% | -4.32% | — |
| EPS · basic · YoY | — | -865.64% | +126.18% | -58.25% | +494.19% | -61.04% | +35.55% | +35.10% | -4.79% | — |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | |||||||||
| Total debt | $5.77B | $8.82B | $6.71B | $6.05B | $633M | $10.19B | $12.52B | $15.18B | $17.73B |
| Net debt | $5.37B | $8.38B | $6.18B | $4.33B | -$1.69B | $7.57B | $9.15B | $11.14B | $12.9B |
| Net debt / EBITDA | -1074.20 | -3.91 | 5.33 | 3.19 | 15.40 | 3.96 | 3.89 | 3.84 | 3.86 |
| Debt / equity | 11.00 | -8.37 | -17.46 | 4.40 | 0.15 | 3.91 | 3.93 | 4.01 | 3.90 |
| Debt / assets | +82.31% | +101.36% | +94.84% | +71.26% | +4.80% | +58.16% | +57.54% | +55.69% | +56.54% |
| Equity / assets | +7.48% | -12.11% | -5.43% | +16.21% | +31.84% | +14.88% | +14.65% | +13.89% | +14.49% |
| Coverage | |||||||||
| EBITDA / interest expense | -0.03 | -4.42 | 1.83 | 2.08 | -0.22 | 1.60 | 1.53 | 1.54 | 1.59 |
| Operating income / interest | -0.59 | -3.07 | -0.13 | 1.54 | 3.72 | 1.22 | 1.19 | 1.16 | 1.21 |
| Interest expense | $176M | $486M | $632M | $651M | $505M | $1.19B | $1.53B | $1.89B | $2.1B |
| Liquidity | |||||||||
| Current ratio | 1.69 | 1.77 | 2.16 | 3.64 | 4.31 | — | — | — | — |
| Quick ratio | 0.34 | 0.39 | 0.76 | 1.86 | 1.69 | — | — | — | — |
| Cash ratio | 0.14 | 0.17 | 0.35 | 1.28 | 1.53 | — | — | — | — |
| Working capital | $2B | $2B | $1.79B | $3.53B | $5.03B | — | — | — | — |
| Working capital / revenue | +15.62% | +14.72% | +16.57% | +25.82% | +24.75% | — | — | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).