Carvana
CVNA on NYSE. Carvana sells used cars to people online. Market value $43.8bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Retail & consumer stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $6.48 of spare cash in the past 12 months. A savings account pays about $4.
You pay 7.6 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 7 cents a year. Above 10 is good.
Quality score: 60 of 100. Price score: 100 of 100. Our list needs 70 on quality and 60 on price.
$63.88 a share, 17% above its 1-year low
Over the past year the price has ranged from $54.46 to $97.38.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $12.8bn | $13.6bn | $10.8bn | $13.7bn | $20.3bn |
| Operating margin | |||||
| Operating margin | n/a | -17.3% | -0.7% | 7.2% | 9.3% |
| Debt to equity | |||||
| Debt to equity | 18.20 | n/a | 26.58 | 4.56 | 1.51 |
| Shares outstanding | |||||
| Shares outstanding | 0.08bn | 0.10bn | 0.20bn | 0.13bn | 0.22bn |
Health checks
- Free cash flow positive3 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)5 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- Debt1.51× equity
- Revenue growth, five yearsStrong, 29.5% a year
- Buying back its own sharesNo, 171% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $7.4 billion last quarter, up 52% on a year ago.
- Profit: $310 million, up 69% on a year ago.
- It keeps 9 cents of each $1 of sales as operating profit, about the same as a year earlier.
- Spare cash over the past 12 months: $929 million, up from $615 million.
- 3% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $2.7 billion more than cash, down from $3.9 billion a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $3.7bn |
| December 2024 | $3.5bn |
| March 2025 | $4.2bn |
| June 2025 | $4.8bn |
| September 2025 | $5.6bn |
| December 2025 | $5.6bn |
| March 2026 | $6.4bn |
| June 2026 | $7.4bn |
| Quarter to | Amount |
|---|---|
| September 2024 | $85m |
| December 2024 | $79m |
| March 2025 | $216m |
| June 2025 | $183m |
| September 2025 | $151m |
| December 2025 | $857m |
| March 2026 | $250m |
| June 2026 | $310m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- 28 October 2026
- Last annual report (10-K)
- 18 February 2026
- Next quarterly (estimated, 10-Q)
- 28 October 2026
Who owns it
5 long-term investors we follow own it, unchanged from 5 last quarter. 814 funds in all.
- CAS Investment PartnersClifford Sosin
- Value
- $1.5bn
- Share of fund
- 78.9%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| CAS Investment PartnersClifford Sosin | $1.5bn | 78.9% | |
| Viking Global InvestorsAndreas Halvorsen | $811m | 2.3% | Cut |
| Sachem Head CapitalScott Ferguson | $295m | 6.1% | Added |
| Gotham Asset ManagementJoel Greenblatt | $17m | <0.1% | Cut |
| Polen CapitalDan Davidowitz | $2m | <0.1% | Added |
Largest holders overall
- Price T Rowe Associates$5.6bnCut
- Capital Research Global Investors$4.2bnAdded
- BlackRock$3.2bnCut
- Vanguard Capital Management$3.0bn
- FMR$2.2bnCut
- Vanguard Portfolio Management$2.1bn
- State Street$1.9bnAdded
- Capital International Investors$1.5bnAdded
- CAS Investment Partners$1.5bn
- Greenoaks$1.4bn
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
10 investors own more than 5%.
- Ernest C. Garcia IIPassive investorat least 22.9%−1.0 pts(filed with 2 related holders)Since 29 April 2026
What they said
Item 4 of the Original Schedule 13D is hereby amended and restated to include the following information. The information set forth in Item 5 is incorporated by reference in its entirety into this Item 4. The Reporting Persons' acquisitions of the securities reported herein were…
Read the filing - Ernest C. Garcia, IIIPassive investor18.2%Since 31 July 2025
- T. Rowe Price Associates, Inc.Passive investor12.6%Since 31 December 2025
- Capital Research Global InvestorsPassive investor8.9%+1.3 ptsSince 30 June 2026
- Vanguard Capital ManagementPassive investor7.2%Since 31 March 2026
- BlackRock, Inc.Passive investor6.3%−1.3 ptsSince 30 June 2026
- FMR LLCPassive investorat least 5.2%+0.7 pts(filed with 1 related holder)Since 31 March 2026
- CVAN Holdings, LLCPassive investorat least 4.3%(filed with 9 related holders)Since 30 June 2025
- GREENOAKS CAPITAL PARTNERS LLCPassive investorat least 4.2%(filed with 2 related holders)Since 30 June 2025
- CAS Investment PartnersPassive investorat least 4.2%(filed with 1 related holder)Since 31 March 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Ernest C. Garcia II Passive investor | at least 22.9%−1.0 pts (filed with 2 related holders) | 29 April 2026 | What they saidItem 4 of the Original Schedule 13D is hereby amended and restated to include the following information. The information set forth in Item 5 is incorporated by reference in its entirety into this Item 4. The Reporting Persons' acquisitions of the securities reported herein were… Read the filing |
Ernest C. Garcia, III Passive investor | 18.2% | 31 July 2025 | |
T. Rowe Price Associates, Inc. Passive investor | 12.6% | 31 December 2025 | |
Capital Research Global Investors Passive investor | 8.9%+1.3 pts | 30 June 2026 | |
Vanguard Capital Management Passive investor | 7.2% | 31 March 2026 | |
BlackRock, Inc. Passive investor | 6.3%−1.3 pts | 30 June 2026 | |
FMR LLC Passive investor | at least 5.2%+0.7 pts (filed with 1 related holder) | 31 March 2026 | |
CVAN Holdings, LLC Passive investor | at least 4.3% (filed with 9 related holders) | 30 June 2025 | |
GREENOAKS CAPITAL PARTNERS LLC Passive investor | at least 4.2% (filed with 2 related holders) | 30 June 2025 | |
CAS Investment Partners Passive investor | at least 4.2% (filed with 1 related holder) | 31 March 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $2m of shares on the open market. 12 sold $282m, $252m of it under preset trading plans.
- Palmer Stephen RVice President of AccountingSoldunder a preset trading plan
- Date
- 1 October 2026
- Shares
- 5,000
- Price
- $61.64
- Value
- $308,203
- JENKINS MARK W.Chief Financial OfficerSoldunder a preset trading plan
- Date
- 1 October 2026
- Shares
- 63,750
- Price
- $61.64
- Value
- $4m
- Taira ThomasPresident, Special ProjectsSoldunder a preset trading plan
- Date
- 14 September 2026
- Shares
- 16,789
- Price
- $70.58
- Value
- $1m
- Palmer Stephen RVice President of AccountingSoldunder a preset trading plan
- Date
- 1 September 2026
- Shares
- 5,000
- Price
- $71.55
- Value
- $357,768
- JENKINS MARK W.Chief Financial OfficerSoldunder a preset trading plan
- Date
- 1 September 2026
- Shares
- 63,750
- Price
- $71.55
- Value
- $5m
- HUSTON BENJAMIN E.Chief Operating OfficerSoldunder a preset trading plan
- Date
- 1 September 2026
- Shares
- 50,000
- Price
- $71.55
- Value
- $4m
- PLATT IRA J.DirectorSold
- Date
- 14 August 2026
- Shares
- 15,000
- Price
- $75.50
- Value
- $1m
- QUAYLE J DANFORTHDirectorSoldunder a preset trading plan
- Date
- 14 August 2026
- Shares
- 14,525
- Price
- $75.00
- Value
- $1m
- PLATT IRA J.DirectorSold
- Date
- 13 August 2026
- Shares
- 15,000
- Price
- $73.00
- Value
- $1m
- Palmer Stephen RVice President of AccountingSoldunder a preset trading plan
- Date
- 3 August 2026
- Shares
- 5,000
- Price
- $64.49
- Value
- $322,474
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 1 October 2026 | Palmer Stephen R Vice President of Accounting | Sold under a preset trading plan | 5,000 | $61.64 | $308,203 |
| 1 October 2026 | JENKINS MARK W. Chief Financial Officer | Sold under a preset trading plan | 63,750 | $61.64 | $4m |
| 14 September 2026 | Taira Thomas President, Special Projects | Sold under a preset trading plan | 16,789 | $70.58 | $1m |
| 1 September 2026 | Palmer Stephen R Vice President of Accounting | Sold under a preset trading plan | 5,000 | $71.55 | $357,768 |
| 1 September 2026 | JENKINS MARK W. Chief Financial Officer | Sold under a preset trading plan | 63,750 | $71.55 | $5m |
| 1 September 2026 | HUSTON BENJAMIN E. Chief Operating Officer | Sold under a preset trading plan | 50,000 | $71.55 | $4m |
| 14 August 2026 | PLATT IRA J. Director | Sold | 15,000 | $75.50 | $1m |
| 14 August 2026 | QUAYLE J DANFORTH Director | Sold under a preset trading plan | 14,525 | $75.00 | $1m |
| 13 August 2026 | PLATT IRA J. Director | Sold | 15,000 | $73.00 | $1m |
| 3 August 2026 | Palmer Stephen R Vice President of Accounting | Sold under a preset trading plan | 5,000 | $64.49 | $322,474 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 18 Feb 2026, plus the 10-Q filed 29 Jul 2026 and 4 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.