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Held by 804 of 6,047 reporting institutions (98th percentile) — extremely crowded.
Data as of Q2 2026
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How management deployed cash over 10 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 17%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $2.33B covers the $153.0M due within a year 15.2× over. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (10-K).
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Coverage is adequate but not comfortable. Effective rate ~10.0% on $5.04B of debt.
Cash of $2.33B fully covers short-term debt of $211.0M.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $0 buybacks = $0 returned on $889.0M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2023, FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $63.20 today, the market must believe free cash flow compounds 29.6%/yr for a decade (off $810.7M on the 3-yr avg basis).
On the basis ($724.0M) the requirement is 31.3%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 29.6% is more optimistic than its 2-yr track record.
Default is 13.2% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.72B shares (market data) · net debt $2.71B
mean 11.5% · volatility σ 6% · implied rate exceeded in 0/2 yrs
Central path = implied 29.6%/yr growth; shaded band = ±1σ (6%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Ranked against 15 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ORLY | $68.4B | 28.5× | 18.7× | 3.9× | 6.4% | 51.6% | 14.3% | -333% | 48.3% | 1.5× | 1,597 |
| AZO | $46.0B | 19.6× | 12.9× | 2.4× | 2.4% | 52.6% | 13.2% | -73.2% | 46.4% | 2.0× | 1,244 |
| CVNA | $45.2B | 7.4× | — | 2.2× | 48.6% | 20.6% | 6.9% | 40.9% | 16.6% | — | 804 |
| CPRT | $24.7B | 16.7× | 12.9× | 5.3× | 9.7% | — | 33.4% | 16.9% | 16.9% | 0.0× | 1,032 |
| CASY | $23.4B | 33.0× | — | 1.3× | 10.2% | — | 4.1% | 18.1% | 11.2% | — | 1,040 |
| PAG | $12.8B | 13.8× | 10.2× | 0.4× | -0.2% | 16.4% | 2.9% | 16.8% | 12.1% | 1.4× | 385 |
| MUSA | $9.4B | 21.2× | 11.6× | 0.5× | -4.2% | — | 2.4% | 75.5% | 16.8% | 2.2× | 586 |
| KMX | $7.6B | 31.7× | 35.3× | 0.3× | -1.8% | 10.8% | 1.0% | 4.2% | 1.0% | — | 546 |
| LAD | $6.3B | 8.9× | 8.4× | 0.2× | 4.0% | 15.2% | 2.2% | 12.4% | 5.0% | 5.1× | 429 |
| RUSHA | $5.3B | 13.8× | 8.2× | 0.7× | -4.7% | 19.6% | 3.5% | 12.0% | 10.6% | 0.1× | 346 |
| AN | $5.2B | 9.2× | — | 0.2× | 3.2% | 17.9% | 2.3% | 27.7% | 10.6% | — | 491 |
| OPLN | $4.2B | — | 16.1× | 2.2× | 8.2% | — | 9.2% | 14.3% | 10.0% | 1.4× | 335 |
| ABG | $3.0B | 6.7× | 7.0× | 0.2× | 4.7% | 17.1% | 2.7% | 12.6% | 6.6% | 3.8× | 1,296 |
| GPI | $2.8B | 9.2× | — | 0.1× | 13.2% | 16.0% | 1.4% | 11.7% | 5.0% | — | 374 |
| AAP | $2.5B | 56.4× | 12.1× | 0.3× | -5.4% | 43.4% | 0.5% | 2.0% | 0.8% | 1.3× | 372 |
| HZO | $1.2B | — | 24.7× | 0.5× | -5.0% | 32.5% | -1.4% | -3.4% | -1.6% | 10.8× | 180 |
Peers = companies sharing CVNA's sector (Retail-Auto Dealers & Gasoline Stations) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
EOD close · as of 2026-10-08
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $20.32B 100.0% | $13.67B 100.0% | $10.77B 100.0% | $13.60B 100.0% | $12.81B 100.0% | $5.59B 100.0% | $3.94B 100.0% | $1.96B 100.0% | $858.9M 100.0% | $365.1M 100.0% |
| Cost of Revenue | $16.13B 79.4% | $10.80B 79.0% | $9.05B 84.0% | $12.36B 90.8% | $10.88B 84.9% | $4.79B 85.8% | $3.43B 87.1% | $1.76B 89.9% | $790.8M 92.1% | $346.0M 94.7% |
| Cost of Products | — | — | — | — | — | — | — | $1.76B 89.9% | $790.8M 92.1% | $346.0M 94.7% |
| Gross Profit | $4.19B 20.6% | $2.88B 21.0% | $1.72B 16.0% | $1.25B 9.2% | $1.93B 15.1% | $794.0M 14.2% | $507.0M 12.9% | $196.7M 10.1% | $68.1M 7.9% | $19.2M 5.3% |
| Selling, General & Admin | $2.31B 11.4% | $1.87B 13.7% | $1.80B 16.7% | $2.74B 20.1% | $2.03B 15.9% | $1.13B 20.2% | $787.0M 20.0% | $425.3M 21.7% | $223.4M 26.0% | $108.7M 29.8% |
| Operating Income | $1.88B 9.3% | $990.0M 7.2% | -$80.0M -0.7% | -$2.35B -17.3% | — | — | — | — | — | — |
| Interest Expense | $505.0M 2.5% | $651.0M 4.8% | $632.0M 5.9% | $486.0M 3.6% | $176.0M 1.4% | $131.0M 2.3% | $81.0M 2.1% | $25.0M 1.3% | $7.7M 0.9% | $3.6M 1.0% |
| Other Income (Expense), net | -$2.25B -11.1% | $73.0M 0.5% | $9.0M 0.1% | -$56.0M -0.4% | -$6.0M -0.0% | $1.0M 0.0% | -$4.0M -0.1% | -$1.2M -0.1% | -$1.3M -0.2% | -$46K -0.0% |
| Income Tax Expense | -$2.79B -13.7% | -$4.0M -0.0% | $25.0M 0.2% | $1.0M 0.0% | $1.0M 0.0% | $0 0.0% | $0 0.0% | $0 0.0% | $0 0.0% | $0 0.0% |
| Net Income | $1.41B 6.9% | $210.0M 1.5% | $450.0M 4.2% | -$1.59B -11.7% | -$135.0M -1.1% | -$171.0M -3.1% | -$115.0M -2.9% | -$55.5M -2.8% | -$62.8M -7.3% | -$93.1M -25.5% |
| Per Share | ||||||||||
| EPS (Basic) | $10.22 | $1.72 | $4.12 | -$15.74 | -$1.63 | — | — | — | — | — |
| EPS (Diluted) | $8.45 | $1.59 | $0.75 | -$15.74 | -$1.63 | -$2.63 | -$2.45 | — | — | — |
| Weighted Avg Shares (Basic) | 137.6M | 122.3M | 109.3M | 100.8M | 82.8M | — | — | — | — | — |
| Weighted Avg Shares (Diluted) | 224.3M | 132.2M | 200.6M | 100.8M | 82.8M | 65.0M | 46.8M | — | — | — |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
EOD close · as of 2026-10-08
Cost of capital cannot be computed, so the spread is unknown.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 5.3% | not reported | -25.5% |
| FY2017 | 7.9% | not reported | -7.3% |
| FY2018 | 10.1% | not reported | -2.8% |
| FY2019 | 12.9% | not reported | -2.9% |
| FY2020 | 14.2% | not reported | -3.1% |
| FY2021 | 15.1% | not reported | -1.1% |
| FY2022 | 9.2% | -17.3% | -11.7% |
| FY2023 | 16.0% | -0.7% | 4.2% |
| FY2024 | 21.0% | 7.2% | 1.5% |
| FY2025 | 20.6% | 9.3% | 6.9% |
No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.
Missing from our data, so excluded from this answer: tax_rate.
Where each multiple sits in its own 9-yr range · 24th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 9-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 41% against ROIC 17% — 24% of the return on equity comes from leverage and buybacks rather than from the operating business.
Equity is the year-end figure. On average equity over the two year-ends, ROE is 59.9% — the two diverge when buybacks or issuance move equity during the year.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 1.9× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 89.9 | 87.1 | 85.8 | 84.9 | 90.8 | 84.0 | 79.0 | 79.4 |
| Gross Profit | 10.1 | 12.9 | 14.2 | 15.1 | 9.2 | 16.0 | 21.0 | 20.6 |
| SG&A | 21.7 | 20.0 | 20.2 | 15.9 | 20.1 | 16.7 | 13.7 | 11.4 |
| Operating Income | — | — | — | — | -17.3 | -0.7 | 7.2 | 9.3 |
| Income Tax | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.2 | -0.0 | -13.7 |
| Net Income | -2.8 | -2.9 | -3.1 | -1.1 | -11.7 | 4.2 | 1.5 | 6.9 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on CVNA: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Leverage and buybacks account for 24 points of the 41% return on equity in FY2025. The business earns 17% on the capital it employs; the rest is balance sheet.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
Converts 2.05x of reported profit into cash — adequate, without much margin.
| Step | Amount | Running total |
|---|---|---|
| Net income | $1.41B | $1.41B |
| Share-based comp | $96M | $1.50B |
| Other non-cash & working capital | −$467M | $1.04B |
| Operating cash flow | $1.04B | $1.04B |
| Capex | −$147M | $889M |
| Free cash flow | $889M | $889M |
| FCF after SBC | $793M | $793M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 41.8% | 98.2% | 56.4 points |
| FY2021 | 129.3% | 160.8% | 31.4 points |
| FY2022 | 6.2% | 22.8% | 16.6 points |
| FY2023 | -20.8% | 5.1% | 26.0 points |
| FY2024 | 26.9% | 13.9% | -13.0 points |
| FY2025 | 48.6% | -19.1% | -67.8 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 3.7 days | 81.1 days | 6.8 days | 78 days |
| FY2020 | 5.2 days | 78.9 days | 5.1 days | 79 days |
| FY2021 | 5.9 days | 105.6 days | 4.7 days | 106.7 days |
| FY2022 | 6.8 days | 55.4 days | 6.9 days | 55.3 days |
| FY2023 | 9 days | 46.4 days | 9.3 days | 46.1 days |
| FY2024 | 8.1 days | 54.4 days | 8 days | 54.5 days |
| FY2025 | 4.4 days | 54.5 days | 5.3 days | 53.5 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | 31.2 percent |
| FY2020 | 14.4 percent |
| FY2021 | 35.0 percent |
| FY2022 | -3.0 percent |
| FY2023 | -5.0 percent |
| FY2024 | -8.3 percent |
| FY2025 | 2.8 percent |
Reported free cash flow is $889M; after share-based compensation it is $793M. The difference is a real cost that the cash flow statement adds back.
Debt is present but there is no positive EBITDA or no reported interest expense, so coverage cannot be measured.
Ladder as of 2025-12-31 (10-K); cash from the 2025-12-31 balance sheet; FCF from FY2025.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
No material counter-signal in the checked set: net debt / EBITDA, interest coverage, stressed coverage, maturity schedule vs cash and one year of FCF, liquidity ratios.
Missing from our data, so excluded from this answer: ebitda.
At $62.76, free cash flow must compound 29.64%/yr for 10 years. It has no positive compounding record to compare against.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2024 | 15.5% | 29.6% |
| FY2025 | 7.5% | 29.6% |
The implied rate of 29.64% has not been achieved in any of the last 2 years.
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.