Carvana vs O'Reilly Automotive
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KIRA’s take AI analyst
I put Carvana and O'Reilly Automotive 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 $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%).
Who comes out ahead
Of the 9 measures where higher (or lower) is clearly better, how many each company leads.
Carvana
CVNA
2/9
Revenue growth5-year growth
O'Reilly Automotive
ORLY
7/9
Gross marginOperating marginNet marginFCF marginReturn on capitalPiotroski F-scoreShare count change
Side by side
Best in the row
| Latest fiscal year | CVNA FY25 | ORLY FY25 |
|---|---|---|
| Size | ||
| Market cap | $41.9B | $75.5B |
| 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 | — | 28.9x |
| Piotroski F-score | 6 | 7 |
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.