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Carvana Co. is a holding company that was formed as a Delaware corporation in 2016 in order to operate the business of Carvana Group, LLC and its subsidiaries (collectively, "Carvana Group"). Class A common stock trades on the New York Stock Exchange ("NYSE") under the symbol "CVNA." Our Company Carvana is the leading e-commerce platform for buying and selling used cars.
Operating margin is thin at 9.26%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue up 48.6% YoY with margins expanding 2.0pp.
Net debt of $3.58B represents 4.0x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$22.52B
▲ +48.6% YoY
Net Income (TTM)
$1.28B
▲ +570.0% YoY
Op. Margin
9.18%
▲ +2.0pp YoY
ROIC
18.33%
▲ +7.0pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$740M
▲ +7.5% YoY
Op. Cash Flow (TTM)
$911M
▲ +12.9% YoY
Net Debt
$3.51B
Cash & Equiv.
$2.41B
5Y CAGR: +29.5%
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