Carvana Co. Financial Ratios — CVNA Stock

Profitability (USD)

	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	- -	-5.9	-39.47	-3.75	-6.8	-7.54	-6.72	-2.69	-20.2	5.71	2.7	12.98
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	24.24	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	-0.96	- -	- -
Gross Margin (%)	-1.02	1.03	5.26	7.93	10.06	12.87	14.21	15.05	9.16	16.01	21.03	20.63
EBITDA Margin (%)	-32.16	-24.95	-23.23	-16.74	-10.48	-6.07	-4.62	0.01	-9.14	2.53	9.47	10.61
Operating Margin (%)	-36.25	-27.1	-24.5	-18.08	-11.69	-7.11	-5.94	-0.81	-11.06	-0.74	7.24	9.26
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	36.87	13.4
Pretax Margin (%)	-36.56	-28.21	-25.5	-19.13	-13.03	-9.26	-8.27	-2.23	-21.27	1.62	2.93	-4.38
Profit Margin (%)	-36.56	-3.07	-25.5	-2.13	-2.84	-2.92	-3.06	-1.05	-11.67	4.18	1.54	6.92
Net Income to Common Margin (%)	-36.56	22.06	-31.14	-2.18	-3.05	-2.92	-3.06	-1.05	-11.67	4.18	1.54	6.92
Effective Tax Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	14.29	- -	- -
Dvd Payout Ratio (%)	- -	-180.27	18.1	0.13	-0.09	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Credit (USD)

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	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	- -	42	171	302	633	1,617	1,870	5,774	8,816	6,706	6,046	5,521
ST Debt	- -	42	166	254	208	618	105	2,205	1,735	857	376	285
LT Debt	- -	- -	4	48	425	999	1,765	3,569	7,081	5,849	5,670	5,236
Total Debt/EBITDA	- -	-1.3	-2.01	-2.1	-3.09	-6.76	-7.25	5,774	-7.09	24.65	4.67	2.56
Net Debt/EBITDA	- -	0.03	-1.55	-0.9	-2.71	-5.96	-5.51	5,010	-6.34	21.11	3.02	1.29
Total Debt/EBIT	- -	-1.2	-1.91	-1.95	-2.77	-5.77	-5.63	-55.52	-5.86	-83.82	6.11	2.94
Net Debt/EBIT	- -	0.02	-1.47	-0.84	-2.43	-5.09	-4.28	-48.17	-5.24	-71.79	3.96	1.48
EBITDA to Interest Expense	-124.1	-23.04	-23.65	-18.77	-8.19	-2.95	-1.97	0.01	-2.56	0.43	1.99	4.27
EBITDA-CapEx/Interest Expense	-158.99	-32.92	-34.67	-29.02	-13.94	-5.8	-4.72	-3.16	-3.61	0.29	1.85	3.98
EBIT to Interest Expense	-139.89	-25.02	-24.95	-20.28	-9.14	-3.46	-2.53	-0.59	-3.09	-0.13	1.52	3.72
Interest Expense	- -	1	4	8	25	81	131	176	486	632	651	505
Common Equity/Total Assets	- -	-2.07	-52.29	-1.99	-6.88	-8.89	-11.66	-6.97	-23.87	-23	-16.69	-0.07
Long-Term Debt/Equity (%)	- -	- -	3.26	17.34	187.03	520.55	220.07	679.81	- -	- -	412.36	124.58
Long-Term Debt/Capital (%)	- -	- -	1.79	8.97	59.66	65.4	91.45	64.84	114.12	131.35	119.49	83.46
Long-Term Debt/Total Assets (%)	- -	- -	1.31	7.56	42.92	48.55	58.15	50.88	81.41	82.72	66.83	39.66
Total Debt/Equity (%)	- -	64.88	126.49	108.17	278.53	842.3	233.17	1,099.81	-837.23	-1,746.35	439.71	131.36
Total Debt/Capital (%)	- -	39.35	69.38	55.94	88.85	105.83	96.89	104.91	142.08	150.6	127.42	88
Total Debt/Total Assets (%)	- -	31.1	50.85	47.16	63.92	78.57	61.61	82.31	101.36	94.84	71.26	41.82
Net Debt to Equity	- -	-1.28	97.47	46.4	243.85	742.22	177.18	954.29	-747.86	-1,495.57	284.8	66.33
Net Debt/Capital (%)	- -	-1.29	63.59	35.26	87.46	98.14	87.23	98.22	136.46	146.39	129.28	70.64
EBITDA	-13	-33	-85	-144	-205	-239	-258	1	-1,243	272	1,295	2,156
EBITDA-CapEx	-17	-46	-124	-222	-349	-470	-618	-556	-1,755	185	1,204	2,009
Operating Income (Loss)	-15	-35	-89	-155	-229	-280	-332	-104	-1,504	-80	990	1,881

Liquidity (USD)

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	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	- -	0.61	0.2	0.56	0.24	0.09	0.64	0.14	0.29	0.58	1.63	1.85
Current Ratio	- -	1.68	1.4	1.6	2.01	1.57	4.12	1.69	1.77	2.16	3.64	4.31
Quick Ratio	- -	0.67	0.23	0.61	0.34	0.13	0.81	0.21	0.39	0.76	1.86	2.02
CFO/Avg Current Liab	- -	-1.51	-1.8	-0.8	-1.3	-1.27	-0.91	-1.55	-0.48	0.39	0.64	0.73
Common Equity/Total Assets	- -	-2.07	-52.29	-1.99	-6.88	-8.89	-11.66	-6.97	-23.87	-23	-16.69	-0.07
Long-Term Debt/Equity (%)	- -	- -	3.26	17.34	187.03	520.55	220.07	679.81	- -	- -	412.36	124.58
Long-Term Debt/Capital (%)	- -	- -	1.79	8.97	59.66	65.4	91.45	64.84	114.12	131.35	119.49	83.46
Long-Term Debt/Total Assets (%)	- -	- -	1.31	7.56	42.92	48.55	58.15	50.88	81.41	82.72	66.83	39.66
Total Debt/Equity (%)	- -	64.88	126.49	108.17	278.53	842.3	233.17	1,099.81	-837.23	-1,746.35	439.71	131.36
Total Debt/Capital (%)	- -	39.35	69.38	55.94	88.85	105.83	96.89	104.91	142.08	150.6	127.42	88
Total Debt/Total Assets (%)	- -	31.1	50.85	47.16	63.92	78.57	61.61	82.31	101.36	94.84	71.26	41.82
CFO/Total Liabilities	- -	-75.57	-119.62	-55.29	-54.26	-40.57	-27.23	-39.97	-13.58	10.77	12.91	11.51
CFO/CapEx	-8	-3.84	-6.08	-2.55	-2.88	-3.28	-1.69	-4.66	-2.59	9.23	10.09	7.05
Altman's Z-Score	- -	-0.11	-0.24	1.34	2.32	3.03	6.08	3.8	0.97	1.94	4.37	6.35

Working Capital (USD)

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	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	- -	91.15	85.38	86.77	82.81	107.97	94.01	89.92	59.28	41.51	48.06	74.17
Days Sales Outstanding	- -	4	4.27	4.21	4.41	3.38	3.88	4.06	6.16	8.79	7.59	4.92
Inventory Turnover	- -	3.79	2.73	3.83	5.5	5.84	5.33	5.2	4.92	5.98	7.83	8.03
Days Inventory Outstanding	- -	96.22	133.75	95.3	66.38	62.46	68.49	70.17	74.21	61.04	46.62	45.44
Accounts Payable Turnover	- -	1,155.92	141.52	99.41	97.94	90.98	83.72	143.62	67.18	37.23	48.2	71.74
Accounts Payable Turnover Days	- -	0.32	2.58	3.67	3.73	4.01	4.36	2.54	5.43	9.8	7.57	5.09
Cash Conversion Cycle	- -	99.91	135.45	95.84	67.06	61.83	68.01	71.68	74.93	60.03	46.64	45.27
Inventory to Cash Days	- -	-92.22	-129.48	-91.1	-61.97	-59.08	-64.61	-66.11	-68.05	-52.25	-39.02	-40.52
Inventories	- -	68	186	227	412	763	1,036	3,149	1,876	1,150	1,608	2,408
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	68	186	227	412	763	1,036	3,149	1,876	1,150	1,608	2,408
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	- -	- -	- -	291	982	4,312	15,566	19,194	478	5,789	24,879	58,082
- Cash & Cash Equivalents	- -	43	39	173	79	76	301	403	434	530	1,716	2,327
+ Preferred Equity and Hybrid Capital	- -	68	251	97	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	154	148	94	414	219	-535	-627	115	762
+ Total Debt	- -	42	171	302	633	1,617	1,870	5,774	8,816	6,706	6,046	5,521
Enterprise Value	- -	67	383	672	1,685	5,947	17,549	24,784	8,004	10,972	28,860	61,552
Total Capital	- -	108	246	541	713	1,528	1,930	5,504	6,205	4,453	4,745	6,274
Total Debt/Capital (%)	- -	39.35	69.38	55.94	88.85	105.83	96.89	104.91	142.08	150.6	127.42	88
Total Debt / EV	- -	0.63	0.45	0.45	0.38	0.27	0.11	0.23	1.1	0.61	0.21	0.09
EV/Sales	- -	0.52	1.05	0.78	0.86	1.51	3.14	1.93	0.59	1.02	2.11	3.03
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	24,784.2	- -	40.34	22.29	28.55
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	29.15	32.72
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	8.16	18.32	- -
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	7.66	17.32	571.26
Diluted Market Cap	- -	- -	- -	291	982	4,312	15,566	19,194	478	10,621	26,884	94,645
Diluted Enterprise Value	- -	67	383	672	1,685	5,947	17,549	24,784	8,325	16,170	31,329	98,601
EV per Share	- -	0.9	5.1	8.82	11.22	25.39	54.01	59.86	15.88	20.07	47.18	89.44
TTM Sales	42	130	365	859	1,955	3,940	5,587	12,814	13,604	10,771	13,673	20,322
TTM EBITDA	-13	-33	-85	-144	-205	-239	-258	1	-1,243	272	1,295	2,156
TTM Operating Income	-15	-35	-89	-155	-229	-280	-332	-104	-1,504	-80	990	1,881
TTM Cash Flow to Firm	-30	-52	-237	-192	-389	-676	-477	-2,417	-838	1,345	1,576	-39
TTM Free Cash Flow to Firm	-26	-38	-197	-114	-246	-445	-117	-1,860	-326	1,432	1,667	108

Multiples (USD)

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	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	- -	- -	- -	-2.4	-3.63	-8.2	-62.77	-9.42	-0.59	11.93	26.64	80
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	29.15	32.72
Enterprise Value	- -	67	383	672	1,685	5,947	17,549	24,784	8,004	10,972	28,860	61,552
Low Price	- -	- -	- -	1.63	3.2	5.75	4.43	38.94	0.71	0.85	8.04	29.65
EV/Sales	- -	0.52	1.05	0.78	0.86	1.51	3.14	1.93	0.59	1.02	2.11	3.03
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	24,784.2	- -	40.34	22.29	28.55
Price/Earnings	- -	- -	- -	- -	- -	- -	- -	- -	- -	12.86	118.47	41.28
Price/Earnings Average	- -	- -	- -	-13.36	-18.39	-26.78	-55.08	-177.28	-3.81	6.28	77.75	30.11
Price/Earnings High	- -	- -	- -	-20.27	-36.55	-40.41	-111.25	-231.15	-15.29	15.21	156.34	47.48
Price/Earnings Low	- -	- -	- -	-6.63	-8.05	-11.71	-8.42	-119.42	-0.23	1.03	23.42	14.5
Price/Book Value	- -	- -	- -	-22.8	-14.4	-23.58	-43.97	-39.25	-0.23	-3.56	-17.57	-6,453.51
Price/Book Value Average	- -	- -	- -	-19.6	-16.09	-16.84	-26.61	-48.94	-2.91	-1.74	-11.53	-4,707.13
Price/Book Value High	- -	- -	- -	-29.73	-31.97	-25.41	-53.74	-63.81	-11.69	-4.21	-23.19	-7,422.3
Price/Book Value Low	- -	- -	- -	-9.73	-7.05	-7.36	-4.07	-32.97	-0.17	-0.28	-3.47	-2,267.14
Price/Tangible Book Value	- -	- -	- -	1.6	4.7	24.59	19.78	37.49	-0.43	-13.28	18.55	14.01
Price/Tangible Book Value Average	- -	- -	- -	1.37	5.25	17.56	11.97	46.74	-5.39	-6.49	12.18	10.22
Price/Tangible Book Value High	- -	- -	- -	2.08	10.43	26.5	24.17	60.95	-21.6	-15.7	24.48	16.11
Price/Tangible Book Value Low	- -	- -	- -	0.68	2.3	7.68	1.83	31.49	-0.32	-1.06	3.67	4.92
Price/Sales	- -	- -	- -	0.34	0.5	1.09	2.79	1.5	0.04	0.54	1.82	2.86
Price/Sales Average	- -	- -	- -	0.29	0.56	0.78	1.69	1.87	0.44	0.26	1.19	2.08
Price/Sales High	- -	- -	- -	0.44	1.12	1.18	3.4	2.44	1.78	0.64	2.4	3.29
Price/Sales Low	- -	- -	- -	0.14	0.25	0.34	0.26	1.26	0.03	0.04	0.36	1
Price/Cash Flow	- -	- -	- -	-1.46	-2.37	-5.7	-25.6	-7.4	-0.36	7.21	27.1	56.06
Price/Cash Flow Average	- -	- -	- -	-1.25	-2.65	-4.07	-15.49	-9.23	-4.57	3.52	17.79	40.89
Price/Cash Flow High	- -	- -	- -	-1.9	-5.26	-6.14	-31.29	-12.03	-18.32	8.52	35.76	64.48
Price/Cash Flow Low	- -	- -	- -	-0.62	-1.16	-1.78	-2.37	-6.22	-0.27	0.58	5.36	19.7
Price/Free Cash Flow Average	- -	- -	- -	-2.06	-4.05	-5.85	-37.98	-11.75	-7.45	5.83	17.49	58.35
Price/Free Cash Flow High	- -	- -	- -	-3.13	-8.06	-8.84	-76.71	-15.32	-29.88	14.11	35.16	92.01
Price/Free Cash Flow Low	- -	- -	- -	-1.02	-1.78	-2.56	-5.8	-7.91	-0.44	0.95	5.27	28.11
EV/Sales Average	- -	0.52	1.05	0.73	0.92	1.2	2.04	2.3	1.02	0.78	1.52	2.28
EV/Sales High	- -	0.52	1.05	0.89	1.47	1.59	3.76	2.87	2.36	1.15	2.73	3.48
EV/Sales Low	- -	0.52	1.05	0.59	0.6	0.76	0.61	1.69	0.6	0.56	0.68	1.2
EV/EBITDA Average	- -	-2.07	-4.51	-4.39	-8.78	-19.72	-44.19	29,522.39	-11.18	30.8	16.04	21.48
EV/EBITDA High	- -	-2.07	-4.51	-5.29	-14.06	-26.28	-81.42	36,795.06	-25.83	45.56	28.78	32.82
EV/EBITDA Low	- -	-2.07	-4.51	-3.51	-5.77	-12.47	-13.26	21,712.13	-6.6	22.1	7.23	11.3
EV/EBIT Average	- -	-1.9	-4.28	-4.06	-7.87	-16.84	-34.34	-283.87	-9.24	-104.71	20.98	24.63
EV/EBIT High	- -	-1.9	-4.28	-4.89	-12.62	-22.43	-63.27	-353.8	-21.35	-154.91	37.65	37.62
EV/EBIT Low	- -	-1.9	-4.28	-3.25	-5.18	-10.65	-10.31	-208.77	-5.46	-75.14	9.46	12.95
Last Price	- -	- -	- -	3.82	6.54	18.41	47.91	46.36	0.95	10.59	40.67	84.4
High Price	- -	- -	- -	4.98	14.52	19.84	58.55	75.37	48.12	12.52	53.67	97.07
Enterprise Value Average	- -	67	383	631	1,800	4,714	11,402	29,522	13,894	8,377	20,772	46,320
Enterprise Value High	- -	67	383	760	2,883	6,282	21,006	36,795	32,106	12,393	37,276	70,757
Enterprise Value Low	- -	67	383	505	1,183	2,981	3,422	21,712	8,205	6,011	9,363	24,360

Shares Outstanding	- -	75	75	90	206	253	383	450	530	571	666	711
Diluted Weighted Avg Shares	75	75	75	76	150	234	325	414	504	1,003	661	1,121
Basic Weighted Avg Shares	75	75	75	76	150	234	325	414	504	547	612	688
Revenue per Share	0.56	1.74	4.87	11.27	13.02	16.82	17.2	30.95	26.98	19.7	22.35	29.53
EBITDA per Share	-0.18	-0.43	-1.13	-1.89	-1.36	-1.02	-0.79	- -	-2.47	0.5	2.12	3.13
Operating Income per Share	-0.2	-0.47	-1.19	-2.04	-1.52	-1.2	-1.02	-0.25	-2.98	-0.15	1.62	2.73
Basic EPS, GAAP	-0.2	0.38	-1.52	-0.25	-0.4	-0.49	-0.53	-0.33	-3.15	0.82	0.34	2.04
Basic EPS from Cont Ops	-0.2	-0.49	-1.24	-2.16	-1.7	-1.56	-1.42	-0.69	-5.74	0.27	0.66	2.75
Diluted EPS, GAAP	-0.2	0.38	-1.52	-0.25	-0.4	-0.49	-0.53	-0.33	-3.15	0.45	0.32	1.25
Diluted EPS from Cont Ops	-0.2	-0.49	-1.24	-2.16	-1.7	-1.56	-1.42	-0.69	-5.74	0.15	0.61	1.69
Dividend per Share	- -	0.45	- -	- -	0.03	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	-0.4	-0.71	-3.2	-2.62	-2.76	-3.23	-1.87	-6.27	-2.63	1.47	1.5	1.51
Free Cash Flow per Basic Share	-0.45	-0.9	-3.73	-3.65	-3.71	-4.22	-2.98	-7.61	-3.64	1.31	1.35	1.29
Cash & Equivalents per Share	- -	0.58	0.52	2.27	0.52	0.32	0.93	0.97	1.5	1.64	3.56	4.09
Book Value per Share	- -	-0.04	-2.34	-0.17	-0.45	-0.78	-1.09	-1.18	-4.12	-2.97	-2.31	-0.01
Tangible Book Value per Share	- -	-0.04	-1.55	2.39	1.39	0.75	2.42	1.24	-2.23	-0.8	2.19	6.02

Carvana Co.

Profitability (USD)

Credit (USD)

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Working Capital (USD)

Enterprise Value (USD)

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Per Share Data Items (USD)