AutoZone vs Carvana
Add, change or remove companies; up to four.
The short version
- Carvana is the larger business, with $20.3B of revenue in fiscal 2025 against $18.9B for AutoZone.
- Carvana grew revenue faster (48.6%, against 2.4%).
- AutoZone kept more of each dollar of sales as operating profit (19.1% operating margin, against 9.3%).
- AutoZone turned more of its sales into free cash flow (9.5% FCF margin, against 4.4%).
- AutoZone earned a higher return on the capital invested in it (58.2%, against 24.6%).
| Latest fiscal year | AZO · FY25 | CVNA · FY25 |
|---|---|---|
| Size | ||
| Market cap | $54.1B | $42.8B |
| Revenue | $18.9B | $20.3B |
| Free cash flow | $1.8B | $889M |
| Net income | $2.5B | $1.4B |
| Growth | ||
| Revenue growth | 2.4% | 48.6% |
| 5-year growth | 8.4% | 29.5% |
| Share count change | −3.1% | 69.6% |
| Profitability | ||
| Gross margin | 52.6% | 20.6% |
| Operating margin | 19.1% | 9.3% |
| Net margin | 13.2% | 6.9% |
| FCF margin | 9.5% | 4.4% |
| Return on capital | 58.2% | 24.6% |
| Return on equity | — | 59.9% |
| Balance sheet | ||
| Net debt | $8.9B | $2.7B |
| Net debt / EBITDA | 2.1x | — |
| Dividends and buybacks | $1.6B | $0.0M |
| Valuation & quality | ||
| P/E | 22.0x | — |
| Piotroski F-score | 6 | 6 |
Revenue
FY16
AZO $10.6B
CVNA $365M
FY17
AZO $10.9B
CVNA $859M
FY18
AZO $11.2B
CVNA $2.0B
FY19
AZO $11.9B
CVNA $3.9B
FY20
AZO $12.6B
CVNA $5.6B
FY21
AZO $14.6B
CVNA $12.8B
FY22
AZO $16.3B
CVNA $13.6B
FY23
AZO $17.5B
CVNA $10.8B
FY24
AZO $18.5B
CVNA $13.7B
FY25
AZO $18.9B
CVNA $20.3B
AZO
CVNA
Operating margin
FY16
AZO 19.4%
CVNA —
FY17
AZO 19.1%
CVNA —
FY18
AZO 16.1%
CVNA —
FY19
AZO 18.7%
CVNA —
FY20
AZO 19.1%
CVNA —
FY21
AZO 20.1%
CVNA —
FY22
AZO 20.1%
CVNA −17.3%
FY23
AZO 19.9%
CVNA −0.7%
FY24
AZO 20.5%
CVNA 7.2%
FY25
AZO 19.1%
CVNA 9.3%
AZO
CVNA
Free cash flow
FY16
AZO $1.2B
CVNA −$280M
FY17
AZO $1.0B
CVNA −$278M
FY18
AZO $1.6B
CVNA −$558M
FY19
AZO $1.6B
CVNA −$988M
FY20
AZO $2.3B
CVNA −$968M
FY21
AZO $2.9B
CVNA −$3.2B
FY22
AZO $2.5B
CVNA −$1.8B
FY23
AZO $2.1B
CVNA $716M
FY24
AZO $1.9B
CVNA $827M
FY25
AZO $1.8B
CVNA $889M
AZO
CVNA
Return on capital
FY16
AZO —
CVNA —
FY17
AZO 43.9%
CVNA —
FY18
AZO 44.7%
CVNA −4.0%
FY19
AZO 53.7%
CVNA −3.2%
FY20
AZO 58.9%
CVNA −2.3%
FY21
AZO 81.8%
CVNA 1.4%
FY22
AZO 99.2%
CVNA −44.0%
FY23
AZO 93.1%
CVNA −1.5%
FY24
AZO 78.5%
CVNA 20.5%
FY25
AZO 58.2%
CVNA 24.6%
AZO
CVNA
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.