Carvana Co. (CVNA)财务
NYSE · Consumer Cyclical · Auto - Dealerships · 员工23,100人 · CEO Ernest C. Garcia
- 股价
- $68.29 -0.03%
- 市值
- $749亿
- 企业价值
- $775亿
- 最近财报
- Q3 '26 2026-10-28提交
- 下次财报
- 2027-02-17 EPS预期 $0.38
营收(TTM)$275亿+50.3% 对比去年同期最近4个季度;柱状图=各季度
营业利润率(TTM)8.7%-0.7 百分点 对比去年同期营业利润 $24亿
净利润(TTM)$17.1亿+171.2% 对比去年同期税后,含营业外收益
自由现金流(TTM)$11.1亿+103.8% 对比去年同期资本支出 $2.17亿
稀释EPS(TTM)$2.34+167.4% 对比去年同期最近4个季度之和
净现金-$25.7亿+15.6% 对比去年同期现金 + 短期投资 - 债务
估值与关键数据
- 市值
- $749亿 EV $775亿
- 营收
- $275亿 过去12个月
- 营收增速
- +46% FY2026年一致预期
- 净利润率
- 6.2% 净利润 / 营收,TTM
- P/E
- 22.2× 预期 43.9×(FY2026)
- P/S
- 2.7× 股价 / 营收,TTM
- EV / EBITDA
- 190.3× TTM
- 自由现金流
- $11.1亿 过去12个月
- 净利润
- $17.1亿 过去12个月
- 营收预期
- $296亿 FY2026年一致预期
- 盈利
- 2027-02-17 营收预期 $77.8亿
- 股息
- – 无股息
核心要点
根据披露数据计算,每条结论都附有其依据的数字。
- 最近财报(2026-10-28):营收超预期4.3%,EPS 低于预期11.6%营收$80.4亿,预期$77.1亿(+4.3%);EPS $0.39,预期$0.44(-11.6%)。
- 营收增长放缓:同比42.4%Q3 '26营收$80.4亿,此前四个季度的平均值为54.2%。
- 营业利润率8.7%(TTM),较去年同期-0.7 百分点营收增长50.3%,营业利润增长38.8%。
- 资本支出占营收的0.8%(去年为0.7%)最近4个季度投入$2.17亿(同比+80.8%)。自由现金流$11.1亿,相当于净利润的65.2%。
- 股东回报$3600万 = 自由现金流的3.2%回购$3600万(去年为$0),股息$0,股权激励$7500万(TTM)。
- 稀释股数一年内增加1.2%Q3 '26稀释股数7.4亿,一年前为7.31亿。
- 净债务 $25.7亿现金 + 短期投资 $30.5亿,含租赁债务 $56.2亿;一年前净债务 $30.4亿。
- Reportable Segment:营收+42.4%,利润率8.9%(此前为9.8%)Q3 '26增长最快的披露分部:营收$80.4亿,营业利润$7.14亿(来自财报的分部附注)。
上一季度:Q3 '26
截至2026-09-30的季度。与去年同期及财报发布前的分析师一致预期对比。
本季度与去年同期
| Q3 '26 | 去年同期 | 变化 | |
|---|---|---|---|
| 营收 | $80.4亿 | $56.5亿 | +42.4% |
| 毛利率 | 18.9% | 20.3% | -1.4 百分点 |
| 营业利润 | $7.14亿 | $5.52亿 | +29.3% |
| 营业利润率 | 8.9% | 9.8% | -0.9 百分点 |
| 净利润 | $2.89亿 | $1.51亿 | +91.4% |
| 稀释EPS | $0.39 | $0.21 | +89.3% |
| 经营现金流 | $5.55亿 | $3.45亿 | +60.9% |
| 资本支出 | $6400万 | $3800万 | +68.4% |
| 自由现金流 | $4.91亿 | $3.07亿 | +59.9% |
| R&D | $0 | $0 | – |
| 股权激励费用 | $2400万 | $2400万 | 0.0% |
实际 vs 一致预期
2026-10-28| 实际 | 一致预期 | 对比预期 | |
|---|---|---|---|
| 营收 | $80.4亿 | $77.1亿 | +4.3% |
| EPS(一致预期口径) | $0.39 | $0.44 | -11.6% |
来自2026-10-28发布的Q3 '26财报：营收及分析师预期口径的EPS（通常为调整后），可能与上方报表中的EPS不同。
EPS与一致预期
最近8次财报营收
收入从何而来,按业务线和地区逐季展示。
营收、营业利润与增速
季度按业务线划分的营收
堆叠,季度| 分部 | Q3 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Used Vehicle Sales | $61.4亿 | +53.8% | 91.2% | $206亿 | +59.6% | |
| Product and Service, Other | $5.94亿 | +25.3% | 8.8% | $21.1亿 | +32.3% |
分部利润
取自每份10-Q / 10-K分部附注的各披露分部营业利润(多数数据源缺少的利润拆分)。
Q3 '26分部
| 分部 | 营收 | 同比 | 营业利润 | 同比 | 利润率 | 去年同期利润率 | TTM营业利润 |
|---|---|---|---|---|---|---|---|
| Reportable Segment | $80.4亿 | +42.4% | $7.14亿 | +29.3% | 8.9% | 9.8% | $24亿 |
各分部营业利润
季度各分部营业利润率
季度第四季度为推算值:10-K披露全年数据,减去10-Q的前三个季度。
利润率与成本结构
每一单位营收在各层级还剩多少,成本又花在哪里。
利润率
季度成本占营收比例
季度现金流与资本配置
创造了多少现金,用在何处,又有多少回到股东手中。
经营现金流、资本支出、自由现金流
季度现金用途与经营现金流
财年最近4个季度
现金流量表- 经营现金流
- $13.3亿
- 资本支出
- -$2.17亿
- 股票回购
- -$3600万
- 股息
- $0
- 收购
- -$1.49亿
- 债务净发行
- -$8500万
- 股权激励费用
- $7500万
- 自由现金流
- $11.1亿
- 股东回报 / FCF
- 3.2%
股数与EPS
季度,稀释资产负债表
各季度末的流动性、投资和债务。
现金、投资与债务
季度末估值与回报
当前估值倍数与公司自身过去五个财年对比;分析师目标价与评级。
估值倍数与回报
TTM与过去5个财年| 当前 | 5年均值 | 当前处于5年区间的位置 | |
|---|---|---|---|
| P/E(TTM) | 22.2× | 57.5× 5年中的3年 | 12.9× – 118.2× |
| EV / EBITDA | 190.3× | 22.5× 5年中的2年 | 13.1× – 31.9× |
| EV / 营收 | 2.8× | 2.5× | 0.7× – 4.6× |
| 股价 / FCF | 67.3× | 34.5× 5年中的3年 | 8.1× – 65.3× |
| 股价 / 净资产 | 11.3× | 30.8× 5年中的4年 | 16.9× – 62.7× |
| FCF收益率 | 1.5% | -76.7% | -384.2% – 12.4% |
| 投入资本回报率 | -161.7% | -8.4% | -33.5% – 13.3% |
| 净资产收益率 | 43.9% | 101.0% | -44.1% – 306.4% |
分析师
一致目标价 $82.40 (+20.7%)
区间 $67.00 – $100.00 · 评级 Hold
强烈买入0
买入21
持有22
卖出2
强烈卖出1
展望
分析师对未来财年的一致预期,以及按当前股价意味着什么。
一致预期
| 财年 | 营收 | 增速 | EPS | 增速 | 按当前股价的P/E | 分析师(EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $296亿 | +45.7% | $1.56 | -8.0% | 43.9× | 10 |
| FY2027 | $374亿 | +26.2% | $2.14 | +37.8% | 31.9× | 11 |
| FY2028 | $463亿 | +23.9% | $2.86 | +33.4% | 23.9× | 7 |
| FY2029 | $523亿 | +12.9% | $3.07 | +7.2% | 22.3× | 2 |
| FY2030 | $604亿 | +15.5% | $2.82 | -8.0% | 24.2× | 4 |
财务报表
利润表、资产负债表和现金流量表的每一项,含12个季度和10个财年,以金额、占营收比例或增速展示。
全部披露项目
Carvana Co.在近期10-Q / 10-K文件中标记的全部232项数据,附SEC官方标签和定义,包括附注(租赁、税务、回购、员工等)。
| 项目(SEC标签) | 最近季度 | 去年同期 | 同比 | 最近财年 | 上一财年 | 同比 |
|---|---|---|---|---|---|---|
| Accounts Payable and Accrued Liabilities, Current | $15.7亿 | $10.1亿 | +55.5% | $11亿 | $8.56亿 | +28.5% |
| Accounts Payable, Current | $3.82亿 | $2.91亿 | +31.3% | $2.36亿 | $2.36亿 | 0.0% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $3.2亿 | $3.52亿 | -9.1% | $2.45亿 | $3.03亿 | -19.1% |
| Accounts Receivable, Allowance for Credit Loss, Current | $600万2025-12-31 | $900万 | -33.3% | $600万 | $900万 | -33.3% |
| Accounts Receivable, Credit Loss Expense (Reversal) | $400万 | $200万 | +100.0% | $1500万 | $2700万 | -44.4% |
| Accrued Advertising, Current | $4300万 | $2500万 | +72.0% | $3100万 | $1800万 | +72.2% |
| Accrued Insurance, Current | $1.21亿 | $8100万 | +49.4% | $8500万 | $6300万 | +34.9% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | $1300万 | – | – | – | – | – |
| Additional Paid in Capital | $35亿 | $31.5亿 | +11.2% | $34.5亿 | $26.8亿 | +28.9% |
| Advertising Expense | – | – | – | $3.63亿 | $2.29亿 | +58.5% |
| Amortization of Debt Issuance Costs | $400万2026-06-30 | $100万 | +300.0% | $1000万 | $1500万 | -33.3% |
| Amortization of Intangible Assets | $200万 | $300万 | -33.3% | $1400万 | $1800万 | -22.2% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $2600万 | $2700万 | -3.7% | $1.07亿 | $1.02亿 | +4.9% |
| Assets | $152亿 | $98.5亿 | +54.2% | $132亿 | $84.8亿 | +55.6% |
| Assets, Current | $86.3亿 | $62.7亿 | +37.7% | $65.5亿 | $48.7亿 | +34.5% |
| Capital Expenditures Incurred but Not yet Paid | $400万 | $0 | – | $600万 | $100万 | +500.0% |
| Cash and Cash Equivalents, at Carrying Value | $30.5亿 | $21.4亿 | +42.3% | $23.3亿 | $17.2亿 | +35.6% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $31.7亿 | $22.2亿 | +42.8% | $24.3亿 | $17.6亿 | +38.0% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $4.29亿 | $2.91亿 | +47.4% | $6.69亿 | $11.7亿 | -42.6% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | $1.94亿 | $1.12亿 | +73.2% | – | – | – |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $3.02亿 | $1.51亿 | +100.0% | – | – | – |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $4.96亿 | $2.63亿 | +88.6% | – | – | – |
| Contract with Customer, Liability, Current | $6800万 | $4900万 | +38.8% | $5100万 | $6300万 | -19.0% |
| Cost of Goods and Services Sold | $65.2亿 | $45亿 | +44.9% | $161亿 | $108亿 | +49.4% |
| Current Federal Tax Expense (Benefit) | – | – | – | -$400万 | $0 | – |
| Current State and Local Tax Expense (Benefit) | – | – | – | $300万 | -$100万 | +400.0% |
| Debt Instrument, Unamortized Discount | $400万 | – | – | – | – | – |
| Debt Instrument, Unamortized Premium | $900万 | $1900万 | -52.6% | $1800万 | $2700万 | -33.3% |
| Debt Issuance Costs, Net | $3700万 | $3700万 | 0.0% | $3600万 | $4600万 | -21.7% |
| Debt Securities, Available-for-sale | $5.57亿 | $4.86亿 | +14.6% | $4.86亿 | $4.64亿 | +4.7% |
| Debt Securities, Available-for-sale, Amortized Cost | $5.6亿 | $4.91亿 | +14.1% | – | – | – |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | -$23.2亿 | -$300万 | -77,100.0% |
| Deferred Income Tax Assets, Net | $29.1亿 | – | – | $30.6亿 | $300万 | +102,033.3% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | -$4.68亿 | $0 | – |
| Deferred Tax Assets, Gross | $30.7亿2025-12-31 | $22.4亿 | +36.7% | $30.7亿 | $22.4亿 | +36.7% |
| Deferred Tax Assets, Investment in Subsidiaries | $17.1亿2025-12-31 | $15.1亿 | +13.4% | $17.1亿 | $15.1亿 | +13.4% |
| Deferred Tax Assets, Net | $30.6亿2025-12-31 | $300万 | +102,033.3% | $30.6亿 | $300万 | +102,033.3% |
| Deferred Tax Assets, Net of Valuation Allowance | $30.6亿2025-12-31 | $300万 | +102,033.3% | $30.6亿 | $300万 | +102,033.3% |
| Deferred Tax Assets, Operating Loss Carryforwards | $3.54亿2025-12-31 | $2.99亿 | +18.4% | $3.54亿 | $2.99亿 | +18.4% |
| Deferred Tax Assets, Other | $1000万2025-12-31 | $400万 | +150.0% | $1000万 | $400万 | +150.0% |
| Deferred Tax Assets, Tax Credit Carryforwards | $1300万2025-12-31 | $600万 | +116.7% | $1300万 | $600万 | +116.7% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Reserves | $0 | $0 | – | $0 | $0 | – |
| Deferred Tax Assets, Valuation Allowance | $300万2025-12-31 | $22.4亿 | -99.9% | $300万 | $22.4亿 | -99.9% |
| Deferred Tax Liabilities, Intangible Assets | $02025-12-31 | $0 | – | $0 | $0 | – |
| Defined Contribution Plan, Cost | – | – | – | $800万 | $800万 | 0.0% |
| Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | – | – | – | 6.0% | 6.0% | 0.0% |
| Defined Contribution Plan, Employer Matching Contribution, Percent of Match | – | – | – | 40.0% | 40.0% | 0.0% |
| Derivative Asset | $1700万 | – | – | – | – | – |
| Dilutive Securities, Effect on Basic Earnings Per Share, Dilutive Convertible Securities | – | – | – | $4.88亿 | $0 | – |
| Earnings Per Share, Basic | – | – | – | $10.22 | $1.72 | +494.2% |
| Earnings Per Share, Diluted | – | – | – | $8.45 | $1.59 | +431.4% |
| Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | – | – | – | -$1.87亿 | $8400万 | -322.6% |
| Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | – | – | – | 21.0% | 21.0% | 0.0% |
| Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | – | – | – | -$19.5亿 | -$900万 | -21,522.2% |
| Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent | – | – | – | 2.19 | -2.2% | +10,040.9% |
| Effective Income Tax Rate Reconciliation, Noncontrolling Interest Income (Loss), Amount | – | – | – | $9900万 | $4200万 | +135.7% |
| Effective Income Tax Rate Reconciliation, Noncontrolling Interest Income (Loss), Percent | – | – | – | -11.1% | 10.6% | -204.7% |
| Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | – | – | – | $100万 | $200万 | -50.0% |
| Effective Income Tax Rate Reconciliation, Other Adjustments, Percent | – | – | – | -0.1% | 0.4% | -125.0% |
| Effective Income Tax Rate Reconciliation, Percent | 12.5% | -1.5% | +933.3% | 3.13 | -1.0% | +31,390.0% |
来源:SEC companyfacts(每份10-Q / 10-K的XBRL)。现金流量表的季度数据由10-Q标记的年初至今累计数推算。分部拆分带有维度标记,在分部章节中单独展示。
数据来源
报表、分部营收、指标、预期:Financial Modeling Prep。分部利润及全部披露项目:SEC EDGAR(XBRL)。 已读取的文件: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30
数据截至 2026-11-01