Carvana Co.

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Dec 2025, Retail vehicle sales, net was 72% and Wholesale sales and revenues was 20% of revenue; Wholesale sales and revenues fell from 23% in the fiscal year to Dec 2023.

Quarters: Carvana Co.'s SEC filings, named by the month they end. Fiscal years: Carvana Co.'s annual reports to the SEC.

How it makes money

Of every $100 in revenue, $6.9 ends up as net income. Net margin rose from −11.7% to 6.9% over the past 3 years.

Circled: Sep 2023 (net 28.2%, operating 1.7%), Dec 2025 (net 15.3%, operating 7.6%). Net margin is usually about 5 points below operating margin; in those quarters something below operating income (a tax charge or benefit, a gain or loss on investments, a write-down) moved it, not the business itself.

Each margin is that line of the income statement divided by revenue. Fiscal year: Carvana Co.'s annual reports to the SEC; quarters: SEC filings.

Is inventory piling up?

Carvana held $3.5B of inventory at the end of Sep 2026, up 49.2% from a year earlier, while its revenue for the quarter rose 42.4% against the same quarter a year earlier. Inventory outpaced sales by 6.8 points. At the last four quarters' cost of sales, the inventory would last 57 days, against 59 a year earlier.

From Carvana Co.'s SEC filings: inventory at each quarter end, against the same quarter end a year earlier, and the quarter's revenue against the same quarter a year earlier. Inventory days: inventory over the cost of sales of the four quarters to that date, times 365. Gross margin: gross profit over revenue, by quarter.

Customers and suppliers

In its latest annual report Carvana buys from DriveTime, Verde; sells to DriveTime, Ally.

Suppliers

DriveTime

V

Verde

 

CVNACarvana

Customers

Ally

DriveTime

Partners

Root ROOTCarvana invested in it · Equity investment and integrated auto insurance$126 million investment cost, October 2021

DriveTimeCross-licenses intellectual property

Only the companies Carvana names in its 10-K filed Feb 18, 2026 (SEC). The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words.

Is it expensive?

P/E of 34.1x, above the peer median of 11.8x, with earnings roughly flat, so be careful.

Priced 189% above the peer median of 11.8x (excludes 1 unprofitable peer).

What analysts expect

The average analyst price target is $81.14, 15% above the current price; 67% of 24 analysts rate it a buy; earnings beat estimates in 3 of the last 4 quarters.

Buy or Strong Buy: 16 analysts (67%). Sell or Strong Sell: 1.

Over the past year the average of the analysts' latest price targets went from $86.17 to $82.67 (−4%), while CVNA went from $63.71 to $70.84 (+11%). In the past three months targets were raised 3 times and cut 7 times. 1 upgrade and 1 downgrade over the year; the latest: B of A Securities moved it to Neutral from Buy on Apr 6, 2026.

The day after each of these reports the stock moved −5.2% (Dec 2025, beat); −2.6% (Mar 2026, beat); −7.0% (Jun 2026, beat); +15.3% (Sep 2026, missed).

For the quarter ending Dec 2026, analysts expect adjusted earnings of $0.39 a share, and revenue of $7.9B, up 41% on a year earlier. For the fiscal year ending Dec 2027, they expect revenue of $37.5B, up 26% on the year before's estimate.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Generated $1.1B in free cash flow over the year, with no dividends and no buybacks. All of the cash stays in the company.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings.

Financial health

Current ratio 4.3, no pressure to repay short-term debt; debt-to-equity 1.5, debt is moderate.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 8 funds whose copy leaves CVNA out (on the exchange, not in the app yet): Whale Rock Capital Management, Maverick Capital, Coatue Management, Swiss National Bank, Norges Bank, Mirae Asset Global Investments and 2 more.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 17 held CVNA at the end of their latest quarter (for most, Q2 2026). Over that quarter 9 added shares, 6 cut, 1 bought new, 1 sold all and 1 held the same. The largest of them is Viking Global Investors, 12.32M shares worth $811M at Jun 30, 2026, 11.4% fewer than a quarter earlier.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of CVNA at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.

Are insiders buying or selling?

Officers and directors bought $1.5M and sold $280M of CVNA on the open market in the 12 months to Nov 11, 2026. 86% of the sales were made under 10b5-1 plans, set up in advance. The largest was Daniel J. Gill (Chief Product Officer), who sold $72.3M in 5 sales.

From the Form 4s filed with the SEC about Carvana Co. (148 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 201 other transactions (grants, option exercises, shares withheld for tax, gifts and other transfers). On the chart a price filed before a split is divided by the split's ratio, on today's share basis as the price line is; the table gives prices as filed.