Carvana vs Murphy USA
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KIRA’s take AI analyst
I put Carvana and Murphy USA side by side, using each one’s latest annual report. Here is what stands out:
- 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%).
- Carvana turned more of its sales into free cash flow (4.4% FCF margin, against 1.9%).
- Carvana earned a higher return on the capital invested in it (24.6%, against 20.5%).
Who comes out ahead
Of the 9 measures where higher (or lower) is clearly better, how many each company leads.
Carvana
CVNA
7/9
Revenue growth5-year growthOperating marginNet marginFCF marginReturn on capitalPiotroski F-score
Murphy USA
MUSA
2/9
Return on equityShare count change
Side by side
Best in the row
| Latest fiscal year | CVNA FY25 | MUSA FY25 |
|---|---|---|
| Size | ||
| Market cap | $41.9B | $10.0B |
| 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 | — | 16.5x |
| Piotroski F-score | 6 | 5 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.