Carvana vs O'Reilly Automotive
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The short version
- Carvana is the larger business, with $20.3B of revenue in fiscal 2025 against $17.8B for O'Reilly Automotive.
- Carvana grew revenue faster (48.6%, against 6.4%).
- O'Reilly Automotive kept more of each dollar of sales as operating profit (19.5% operating margin, against 9.3%).
- O'Reilly Automotive turned more of its sales into free cash flow (9.0% FCF margin, against 4.4%).
- O'Reilly Automotive earned a higher return on the capital invested in it (59.7%, against 24.6%).
| Latest fiscal year | CVNA · FY25 | ORLY · FY25 |
|---|---|---|
| Size | ||
| Market cap | $42.8B | $74.5B |
| Revenue | $20.3B | $17.8B |
| Free cash flow | $889M | $1.6B |
| Net income | $1.4B | $2.5B |
| Growth | ||
| Revenue growth | 48.6% | 6.4% |
| 5-year growth | 29.5% | 8.9% |
| Share count change | 69.6% | −2.8% |
| Profitability | ||
| Gross margin | 20.6% | 51.6% |
| Operating margin | 9.3% | 19.5% |
| Net margin | 6.9% | 14.3% |
| FCF margin | 4.4% | 9.0% |
| Return on capital | 24.6% | 59.7% |
| Return on equity | 59.9% | — |
| Balance sheet | ||
| Net debt | $2.7B | $5.8B |
| Net debt / EBITDA | — | 1.5x |
| Dividends and buybacks | $0.0M | $2.1B |
| Valuation & quality | ||
| P/E | — | 28.5x |
| Piotroski F-score | 6 | 7 |
Revenue
FY16
CVNA $365M
ORLY $8.6B
FY17
CVNA $859M
ORLY $9.0B
FY18
CVNA $2.0B
ORLY $9.5B
FY19
CVNA $3.9B
ORLY $10.2B
FY20
CVNA $5.6B
ORLY $11.6B
FY21
CVNA $12.8B
ORLY $13.3B
FY22
CVNA $13.6B
ORLY $14.4B
FY23
CVNA $10.8B
ORLY $15.8B
FY24
CVNA $13.7B
ORLY $16.7B
FY25
CVNA $20.3B
ORLY $17.8B
CVNA
ORLY
Operating margin
FY16
CVNA —
ORLY 19.8%
FY17
CVNA —
ORLY 19.2%
FY18
CVNA —
ORLY 19.0%
FY19
CVNA —
ORLY 18.9%
FY20
CVNA —
ORLY 20.9%
FY21
CVNA —
ORLY 21.9%
FY22
CVNA −17.3%
ORLY 20.5%
FY23
CVNA −0.7%
ORLY 20.2%
FY24
CVNA 7.2%
ORLY 19.5%
FY25
CVNA 9.3%
ORLY 19.5%
CVNA
ORLY
Free cash flow
FY16
CVNA −$280M
ORLY $1.0B
FY17
CVNA −$278M
ORLY $938M
FY18
CVNA −$558M
ORLY $1.2B
FY19
CVNA −$988M
ORLY $1.1B
FY20
CVNA −$968M
ORLY $2.4B
FY21
CVNA −$3.2B
ORLY $2.8B
FY22
CVNA −$1.8B
ORLY $2.6B
FY23
CVNA $716M
ORLY $2.0B
FY24
CVNA $827M
ORLY $2.0B
FY25
CVNA $889M
ORLY $1.6B
CVNA
ORLY
Return on capital
FY16
CVNA —
ORLY 32.5%
FY17
CVNA —
ORLY 34.3%
FY18
CVNA −4.0%
ORLY 38.8%
FY19
CVNA −3.2%
ORLY 37.4%
FY20
CVNA −2.3%
ORLY 46.5%
FY21
CVNA 1.4%
ORLY 63.1%
FY22
CVNA −44.0%
ORLY 69.5%
FY23
CVNA −1.5%
ORLY 73.7%
FY24
CVNA 20.5%
ORLY 67.3%
FY25
CVNA 24.6%
ORLY 59.7%
CVNA
ORLY
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.