Carvana
CVNA · Automotive Retail
$57.81
1.5%CarMax
KMX · Automotive Retail
$51.55
2.7%The short version
- CarMax is the larger business, with $25.9B of revenue in fiscal 2026 against $20.3B for Carvana.
- Carvana grew revenue faster (48.6%, against −1.8%).
- Carvana earned a higher return on the capital invested in it (24.6%, against 1.3%).
| Latest fiscal year | CVNA · FY25 | KMX · FY26 |
|---|---|---|
| Size | ||
| Market cap | $42.8B | $7.3B |
| Revenue | $20.3B | $25.9B |
| Free cash flow | $889M | $1.2B |
| Net income | $1.4B | $247M |
| Growth | ||
| Revenue growth | 48.6% | −1.8% |
| 5-year growth | 29.5% | 6.4% |
| Share count change | 69.6% | −5.4% |
| Profitability | ||
| Gross margin | 20.6% | 10.8% |
| Operating margin | 9.3% | — |
| Net margin | 6.9% | 1.0% |
| FCF margin | 4.4% | 4.8% |
| Return on capital | 24.6% | 1.3% |
| Return on equity | 59.9% | 4.1% |
| Balance sheet | ||
| Net debt | $2.7B | $17.3B |
| Net debt / EBITDA | — | 20.6x |
| Dividends and buybacks | $0.0M | $643M |
| Valuation & quality | ||
| P/E | — | 24.3x |
| Piotroski F-score | 6 | 5 |
FY17
CVNA $859M
KMX $15.9B
FY18
CVNA $2.0B
KMX $17.1B
FY19
CVNA $3.9B
KMX $18.2B
FY20
CVNA $5.6B
KMX $20.3B
FY21
CVNA $12.8B
KMX $19.0B
FY22
CVNA $13.6B
KMX $31.9B
FY23
CVNA $10.8B
KMX $29.7B
FY24
CVNA $13.7B
KMX $26.5B
FY25
CVNA $20.3B
KMX $26.4B
FY26
CVNA —
KMX $25.9B
CVNA
KMX
FY17
CVNA —
KMX —
FY18
CVNA —
KMX —
FY19
CVNA —
KMX —
FY20
CVNA —
KMX —
FY21
CVNA —
KMX —
FY22
CVNA −17.3%
KMX —
FY23
CVNA −0.7%
KMX —
FY24
CVNA 7.2%
KMX —
FY25
CVNA 9.3%
KMX —
FY26
CVNA —
KMX —
CVNA
KMX
FY17
CVNA −$278M
KMX −$873M
FY18
CVNA −$558M
KMX −$377M
FY19
CVNA −$988M
KMX −$142M
FY20
CVNA −$968M
KMX −$569M
FY21
CVNA −$3.2B
KMX $503M
FY22
CVNA −$1.8B
KMX −$2.9B
FY23
CVNA $716M
KMX $861M
FY24
CVNA $827M
KMX −$6.7M
FY25
CVNA $889M
KMX $157M
FY26
CVNA —
KMX $1.2B
CVNA
KMX
FY17
CVNA —
KMX 4.5%
FY18
CVNA −4.0%
KMX 4.4%
FY19
CVNA −3.2%
KMX 5.3%
FY20
CVNA −2.3%
KMX 5.3%
FY21
CVNA 1.4%
KMX 4.3%
FY22
CVNA −44.0%
KMX 5.8%
FY23
CVNA −1.5%
KMX 2.5%
FY24
CVNA 20.5%
KMX 2.4%
FY25
CVNA 24.6%
KMX 2.4%
FY26
CVNA —
KMX 1.3%
CVNA
KMX
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.