Carvana
CVNA · Automotive Retail
$57.81
1.5%Murphy USA
MUSA · Automotive Retail
$534.63
0.5%The short version
- Carvana is the larger business, with $20.3B of revenue in fiscal 2025 against $19.4B for Murphy USA.
- Carvana grew revenue faster (48.6%, against −4.3%).
- Carvana kept more of each dollar of sales as operating profit (9.3% operating margin, against 3.7% operating margin).
- Carvana turned more of its sales into free cash flow (4.4% FCF margin, against 1.9% FCF margin).
- Carvana earned a higher return on the capital invested in it (24.6%, against 20.5%).
| Latest fiscal year | CVNA · FY25 | MUSA · FY25 |
|---|---|---|
| Size | ||
| Market cap | $42.8B | $9.9B |
| Revenue | $20.3B | $19.4B |
| Free cash flow | $889M | $374M |
| Net income | $1.4B | $471M |
| Growth | ||
| Revenue growth | 48.6% | −4.3% |
| 5-year growth | 29.5% | 11.5% |
| Share count change | 69.6% | −6.3% |
| Profitability | ||
| Gross margin | 20.6% | — |
| Operating margin | 9.3% | 3.7% |
| Net margin | 6.9% | 2.4% |
| FCF margin | 4.4% | 1.9% |
| Return on capital | 24.6% | 20.5% |
| Return on equity | 59.9% | 64.3% |
| Balance sheet | ||
| Net debt | $2.7B | $2.2B |
| Net debt / EBITDA | — | 2.2x |
| Dividends and buybacks | $0.0M | $691M |
| Valuation & quality | ||
| P/E | — | 16.3x |
| Piotroski F-score | 6 | 5 |
FY16
CVNA $365M
MUSA $11.6B
FY17
CVNA $859M
MUSA $12.8B
FY18
CVNA $2.0B
MUSA $14.4B
FY19
CVNA $3.9B
MUSA $14.0B
FY20
CVNA $5.6B
MUSA $11.3B
FY21
CVNA $12.8B
MUSA $17.4B
FY22
CVNA $13.6B
MUSA $23.4B
FY23
CVNA $10.8B
MUSA $21.5B
FY24
CVNA $13.7B
MUSA $20.2B
FY25
CVNA $20.3B
MUSA $19.4B
CVNA
MUSA
FY16
CVNA —
MUSA 3.4%
FY17
CVNA —
MUSA 2.2%
FY18
CVNA —
MUSA 2.3%
FY19
CVNA —
MUSA 1.9%
FY20
CVNA —
MUSA 5.0%
FY21
CVNA —
MUSA 3.5%
FY22
CVNA −17.3%
MUSA 4.1%
FY23
CVNA −0.7%
MUSA 3.8%
FY24
CVNA 7.2%
MUSA 3.7%
FY25
CVNA 9.3%
MUSA 3.7%
CVNA
MUSA
FY16
CVNA −$280M
MUSA $75.3M
FY17
CVNA −$278M
MUSA $25.3M
FY18
CVNA −$558M
MUSA $194M
FY19
CVNA −$988M
MUSA $109M
FY20
CVNA −$968M
MUSA $333M
FY21
CVNA −$3.2B
MUSA $463M
FY22
CVNA −$1.8B
MUSA $689M
FY23
CVNA $716M
MUSA $448M
FY24
CVNA $827M
MUSA $390M
FY25
CVNA $889M
MUSA $374M
CVNA
MUSA
FY16
CVNA —
MUSA 19.8%
FY17
CVNA —
MUSA 21.3%
FY18
CVNA −4.0%
MUSA 17.3%
FY19
CVNA −3.2%
MUSA 13.5%
FY20
CVNA −2.3%
MUSA 26.6%
FY21
CVNA 1.4%
MUSA 23.0%
FY22
CVNA −44.0%
MUSA 31.1%
FY23
CVNA −1.5%
MUSA 25.7%
FY24
CVNA 20.5%
MUSA 22.3%
FY25
CVNA 24.6%
MUSA 20.5%
CVNA
MUSA
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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.