NYSE · Consumer Discretionary

CARVANA CO CVNA

Carvana (CVNA) is an online used car retail platform that sells used cars directly to consumers through an e-commerce model, and provides supporting services such as financing, trade-in, and door-to-door delivery of cars. The company's revenue and sales have grown rapidly in recent years. In the first quarter of 2026, retail sales increased by 40% year-on-year, with an adjusted EBITDA profit margin of 10.4%, and it continues to expand its market share. Its long-term goal is annual sales of 3 million vehicles and an adjusted EBITDA profit margin of 13.5%. It is a high-growth target that growth investors pay attention to. At the same time, they need to pay attention to profitability sustainability and macro risks.

Retail-Auto Dealers and Gas Stations

Company profile

Business mix

  • With online retail as its core, it sells used cars directly to consumers, with supporting financing and logistics services; it also develops wholesale vehicle and marketplace businesses, and improves remarketing efficiency through tools such as ADESA Clear.
  • In Q1 of 2026, retail sales were 187,000 vehicles, a year-on-year increase of 40%, and the growth rate exceeded 40% for six consecutive quarters; total revenue was US$6.43 billion, a year-on-year increase of 52%, of which retail vehicle sales were 4.83 billion and wholesale sales were 1.08 billion.
  • Q1 adjusted EBITDA reached US$672 million (10.4% profit margin), net profit was US$405 million (6.3% profit margin), bicycle SG&A dropped to US$3,682 (GAAP), and operating leverage continued to improve.

Current key questions

  • The company has set a long-term goal: annual sales of 3 million vehicles and an adjusted EBITDA profit margin of 13.5%, which is expected to be achieved between 2030 and 2035. It plans to achieve this through technology investment and improvement of refurbishment efficiency.
  • Revenue growth exceeds whether sales growth can be sustained, whether the 10.4% EBITDA profit margin is sustainable, and the impact of macro factors such as tariffs and geopolitical conflicts on used car price differentials.
Holders 8 Current sample portfolio
Public mentions 0 Videos / interviews / letters
Valuation snapshot
PE 38.88 FCF 1.01% Buyback -77.98%
2026-06-07

Current firm holders

Firm Weight Value Filing period
Viking Global Investors Andreas Halvorsen 2.4% $874.0M 2026-03-31
Sands Capital Management Frank Sands 2.6% $665.6M 2026-03-31
Lone Pine Capital Stephen Mandel 4.4% $551.6M 2026-03-31
Dragoneer Investment Group Marc Stad 13.1% $393.9M 2026-03-31
Durable Capital Partners Henry Ellenbogen 3.2% $313.0M 2026-03-31
Whale Rock Capital Management Alex Sacerdote 3.6% $275.9M 2026-03-31
Sachem Head Capital Management Scott Ferguson 6.0% $248.4M 2026-03-31
Coatue Management Philippe Laffont 0.7% $214.1M 2026-03-31

Recent trading changes over the last 3 quarters

Net buyers 7 Last 3 13F filing periods
Net reducers 2 Last 3 13F filing periods
Unchanged holders 0 Share count unchanged
Increase amount $1.7B Estimated from net added shares
Reduction amount $355.1M Estimated from net reduced shares
Net share change / base shares +60.0% +4,236,027 / 7,064,565
Coatue Management Philippe Laffont 3 filing periods
13F 2025-09-30 Filed 2025-11-14
Minor increase Shares 11.3% 13F value change +$149.1M
13F 2025-12-31 Filed 2026-02-17
Minor reduction Shares -2.2% 13F value change +$70.7M
13F 2026-03-31 Filed 2026-05-15
Major reduction Shares -65.2% 13F value change -$612.3M
Settlement As of 13F 2026-03-31 · Filed 2026-05-15
Base shares 1,800,055 Last 3 periods -1,119,055 (-62.2%) Total shares 681,000 Value $214.1M
Lone Pine Capital Stephen Mandel 3 filing periods
13F 2025-09-30 Filed 2025-11-14
Unchanged Shares 0.0% 13F value change $0
13F 2025-12-31 Filed 2026-02-17
Minor increase Shares 0.8% 13F value change +$85.0M
13F 2026-03-31 Filed 2026-05-15
Minor reduction Shares -1.4% 13F value change -$199.3M
Settlement As of 13F 2026-03-31 · Filed 2026-05-15
Base shares 1,765,291 Last 3 periods -10,582 (-0.6%) Total shares 1,754,709 Value $551.6M
Viking Global Investors Andreas Halvorsen 3 filing periods
13F 2025-09-30 Filed 2025-11-14
Major increase Shares 94.9% 13F value change +$429.4M
13F 2025-12-31 Filed 2026-02-17
Major reduction Shares -49.5% 13F value change -$344.7M
13F 2026-03-31 Filed 2026-05-15
Major increase Shares 161.9% 13F value change +$426.0M
Settlement As of 13F 2026-03-31 · Filed 2026-05-15
Base shares 1,077,976 Last 3 periods +1,702,059 (+157.9%) Total shares 2,780,035 Value $874.0M
Whale Rock Capital Management Alex Sacerdote 3 filing periods
13F 2025-09-30 Filed 2025-11-14
Minor reduction Shares -2.6% 13F value change +$17.8M
13F 2025-12-31 Filed 2026-02-17
Major increase Shares 88.6% 13F value change +$237.7M
13F 2026-03-31 Filed 2026-05-15
Major reduction Shares -18.0% 13F value change -$176.0M
Settlement As of 13F 2026-03-31 · Filed 2026-05-15
Base shares 582,811 Last 3 periods +294,743 (+50.6%) Total shares 877,554 Value $275.9M
Dragoneer Investment Group Marc Stad 3 filing periods
13F 2025-09-30 Filed 2025-11-14
New Shares - 13F value change +$256.1M
13F 2025-12-31 Filed 2026-02-17
Major increase Shares 44.3% 13F value change +$157.2M
13F 2026-03-31 Filed 2026-05-15
Major increase Shares 27.9% 13F value change -$19.4M
Settlement As of 13F 2026-03-31 · Filed 2026-05-15
Base shares 0 Last 3 periods +1,252,960 (New) Total shares 1,252,960 Value $393.9M
Durable Capital Partners Henry Ellenbogen 3 filing periods
13F 2025-09-30 Filed 2025-11-14
Unchanged Shares 0.0% 13F value change $0
13F 2025-12-31 Filed 2026-02-17
Minor increase Shares 3.6% 13F value change +$53.7M
13F 2026-03-31 Filed 2026-05-15
Minor increase Shares 7.6% 13F value change -$77.3M
Settlement As of 13F 2026-03-31 · Filed 2026-05-15
Base shares 892,477 Last 3 periods +103,264 (+11.6%) Total shares 995,741 Value $313.0M
Sachem Head Capital Management Scott Ferguson 2 filing periods
13F 2025-12-31 Filed 2026-02-13
New Shares - 13F value change +$263.8M
13F 2026-03-31 Filed 2026-05-15
Major increase Shares 26.4% 13F value change -$15.4M
Settlement As of 13F 2026-03-31 · Filed 2026-05-15
Base shares 0 Last 3 periods +790,000 (New) Total shares 790,000 Value $248.4M
Sands Capital Management Frank Sands 3 filing periods
13F 2025-09-30 Filed 2025-11-13
Major increase Shares 87.7% 13F value change +$334.4M
13F 2025-12-31 Filed 2026-02-13
Major increase Shares 44.4% 13F value change +$392.7M
13F 2026-03-31 Filed 2026-05-08
Minor reduction Shares -13.3% 13F value change -$365.2M
Settlement As of 13F 2026-03-31 · Filed 2026-05-08
Base shares 901,227 Last 3 periods +1,216,021 (+134.9%) Total shares 2,117,248 Value $665.6M
Gotham Asset Management Joel Greenblatt 2 filing periods
13F 2025-06-30 Filed 2025-08-14
Major increase Shares 21.3% 13F value change +$8.9M
13F 2025-09-30 Filed 2025-11-14
Minor reduction Shares -5.4% 13F value change +$1.1M
Settlement As of 13F 2025-09-30 · Filed 2025-11-14
Base shares 44,728 Last 3 periods +6,617 (+14.8%) Total shares 51,345 Value $19.4M

Recent mentions

No public mentions.