AutoNation vs Carvana
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The short version
- AutoNation is the larger business, with $27.6B of revenue in fiscal 2025 against $20.3B for Carvana.
- Carvana grew revenue faster (48.6%, against 3.2%).
- Carvana kept more of each dollar of sales as operating profit (9.3% operating margin, against 4.5%).
- Carvana turned more of its sales into free cash flow (4.4% FCF margin, against −0.7%).
- Carvana earned a higher return on the capital invested in it (24.6%, against 14.7%).
| Latest fiscal year | AN · FY25 | CVNA · FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.4B | $42.8B |
| Revenue | $27.6B | $20.3B |
| Free cash flow | −$198M | $889M |
| Net income | $649M | $1.4B |
| Growth | ||
| Revenue growth | 3.2% | 48.6% |
| 5-year growth | 6.3% | 29.5% |
| Share count change | −6.9% | 69.6% |
| Profitability | ||
| Gross margin | 17.9% | 20.6% |
| Operating margin | 4.5% | 9.3% |
| Net margin | 2.4% | 6.9% |
| FCF margin | −0.7% | 4.4% |
| Return on capital | 14.7% | 24.6% |
| Return on equity | 27.1% | 59.9% |
| Balance sheet | ||
| Net debt | $3.9B | $2.7B |
| Net debt / EBITDA | — | — |
| Dividends and buybacks | $792M | $0.0M |
| Valuation & quality | ||
| P/E | 7.5x | — |
| Piotroski F-score | 6 | 6 |
Revenue
FY16
AN $21.6B
CVNA $365M
FY17
AN $21.5B
CVNA $859M
FY18
AN $21.4B
CVNA $2.0B
FY19
AN $21.3B
CVNA $3.9B
FY20
AN $20.4B
CVNA $5.6B
FY21
AN $25.8B
CVNA $12.8B
FY22
AN $27.0B
CVNA $13.6B
FY23
AN $26.9B
CVNA $10.8B
FY24
AN $26.8B
CVNA $13.7B
FY25
AN $27.6B
CVNA $20.3B
AN
CVNA
Operating margin
FY16
AN 4.1%
CVNA —
FY17
AN 3.9%
CVNA —
FY18
AN 3.6%
CVNA —
FY19
AN 3.9%
CVNA —
FY20
AN 2.8%
CVNA —
FY21
AN 7.4%
CVNA —
FY22
AN 7.5%
CVNA −17.3%
FY23
AN 6.1%
CVNA −0.7%
FY24
AN 4.9%
CVNA 7.2%
FY25
AN 4.5%
CVNA 9.3%
AN
CVNA
Free cash flow
FY16
AN $272M
CVNA −$280M
FY17
AN $227M
CVNA −$278M
FY18
AN $110M
CVNA −$558M
FY19
AN $500M
CVNA −$988M
FY20
AN $1.1B
CVNA −$968M
FY21
AN $1.4B
CVNA −$3.2B
FY22
AN $1.3B
CVNA −$1.8B
FY23
AN $314M
CVNA $716M
FY24
AN −$13.8M
CVNA $827M
FY25
AN −$198M
CVNA $889M
AN
CVNA
Return on capital
FY16
AN 11.4%
CVNA —
FY17
AN 11.5%
CVNA —
FY18
AN 11.3%
CVNA −4.0%
FY19
AN 11.5%
CVNA −3.2%
FY20
AN 7.8%
CVNA −2.3%
FY21
AN 28.0%
CVNA 1.4%
FY22
AN 27.3%
CVNA −44.0%
FY23
AN 21.2%
CVNA −1.5%
FY24
AN 16.0%
CVNA 20.5%
FY25
AN 14.7%
CVNA 24.6%
AN
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.