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AUTONATION, INC.（AN）与CARVANA CO.（CVNA）财务数据对比。点击上方公司名可切换其他公司
AUTONATION, INC.的季度营收约是CARVANA CO.的1.2倍（$6.9B vs $5.6B）。CARVANA CO.净利率更高（15.3% vs 2.5%，领先12.8%）。CARVANA CO.同比增速更快（58.0% vs -3.9%）。CARVANA CO.自由现金流更多（$379.0M vs $64.2M）。过去两年CARVANA CO.的营收复合增速更高（35.3% vs 3.4%）
AutoNation是总部位于美国佛罗里达州劳德代尔堡的汽车零售企业，1996年由韦恩·休伊森创立，最初仅拥有12家门店，目前在全美运营超300个零售网点，提供新车、二手车销售及相关配套服务。
Carvana Co.是总部位于美国亚利桑那州坦佩市的线上二手车零售企业，主打线上一站式购车服务，2021年成功入选《财富》500强榜单，是该榜单有史以来最年轻的上榜企业之一。
AN vs CVNA — 直观对比
营收规模更大
AN
是对方的1.2倍
$5.6B
营收增速更快
CVNA
高出61.9%
-3.9%
净利率更高
CVNA
高出12.8%
2.5%
自由现金流更多
CVNA
多$314.8M
$64.2M
两年增速更快
CVNA
近两年复合增速
3.4%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $6.9B | $5.6B |
| 净利润 | $172.1M | $857.0M |
| 毛利率 | 17.5% | 18.8% |
| 营业利润率 | 4.5% | 7.6% |
| 净利率 | 2.5% | 15.3% |
| 营收同比 | -3.9% | 58.0% |
| 净利润同比 | -7.5% | 984.8% |
| 每股收益（稀释后） | $4.68 | — |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收ANCVNA
| Q4 25 | $6.9B | $5.6B | ||
| Q3 25 | $7.0B | $5.6B | ||
| Q2 25 | $7.0B | $4.8B | ||
| Q1 25 | $6.7B | $4.2B | ||
| Q4 24 | $7.2B | $3.5B | ||
| Q3 24 | $6.6B | $3.7B | ||
| Q2 24 | $6.5B | $3.4B | ||
| Q1 24 | $6.5B | $3.1B |
净利润ANCVNA
| Q4 25 | $172.1M | $857.0M | ||
| Q3 25 | $215.1M | $151.0M | ||
| Q2 25 | $86.4M | $183.0M | ||
| Q1 25 | $175.5M | $216.0M | ||
| Q4 24 | $186.1M | $79.0M | ||
| Q3 24 | $185.8M | $85.0M | ||
| Q2 24 | $130.2M | $18.0M | ||
| Q1 24 | $190.1M | $28.0M |
毛利率ANCVNA
| Q4 25 | 17.5% | 18.8% | ||
| Q3 25 | 17.6% | 20.3% | ||
| Q2 25 | 18.3% | 22.0% | ||
| Q1 25 | 18.2% | 22.0% | ||
| Q4 24 | 17.2% | 21.5% | ||
| Q3 24 | 18.0% | 22.1% | ||
| Q2 24 | 17.9% | 21.0% | ||
| Q1 24 | 18.5% | 19.3% |
营业利润率ANCVNA
| Q4 25 | 4.5% | 7.6% | ||
| Q3 25 | 5.3% | 9.8% | ||
| Q2 25 | 3.1% | 10.6% | ||
| Q1 25 | 5.0% | 9.3% | ||
| Q4 24 | 4.7% | 7.3% | ||
| Q3 24 | 5.3% | 9.2% | ||
| Q2 24 | 4.2% | 7.6% | ||
| Q1 24 | 5.2% | 4.4% |
净利率ANCVNA
| Q4 25 | 2.5% | 15.3% | ||
| Q3 25 | 3.1% | 2.7% | ||
| Q2 25 | 1.2% | 3.8% | ||
| Q1 25 | 2.6% | 5.1% | ||
| Q4 24 | 2.6% | 2.2% | ||
| Q3 24 | 2.8% | 2.3% | ||
| Q2 24 | 2.0% | 0.5% | ||
| Q1 24 | 2.9% | 0.9% |
每股收益（稀释后）ANCVNA
| Q4 25 | $4.68 | — | ||
| Q3 25 | $5.65 | — | ||
| Q2 25 | $2.26 | — | ||
| Q1 25 | $4.45 | — | ||
| Q4 24 | $4.62 | — | ||
| Q3 24 | $4.61 | — | ||
| Q2 24 | $3.20 | — | ||
| Q1 24 | $4.49 | $0.24 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $58.6M | $2.3B |
| 总债务越低越好 | $3.7B | $4.9B |
| 股东权益账面价值 | $2.3B | $3.4B |
| 总资产 | $14.4B | $13.2B |
| 负债/权益比越低杠杆越低 | 1.58× | 1.43× |
8季度趋势，按日历期对齐
现金及短期投资ANCVNA
| Q4 25 | $58.6M | $2.3B | ||
| Q3 25 | $97.6M | $2.1B | ||
| Q2 25 | $62.9M | $1.9B | ||
| Q1 25 | $70.5M | $1.9B | ||
| Q4 24 | $59.8M | $1.7B | ||
| Q3 24 | $60.2M | $871.0M | ||
| Q2 24 | $85.9M | $542.0M | ||
| Q1 24 | $60.3M | $252.0M |
总债务ANCVNA
| Q4 25 | $3.7B | $4.9B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $3.1B | — | ||
| Q4 24 | $2.6B | $5.3B | ||
| Q3 24 | $3.1B | — | ||
| Q2 24 | $3.1B | — | ||
| Q1 24 | $3.1B | — |
股东权益ANCVNA
| Q4 25 | $2.3B | $3.4B | ||
| Q3 25 | $2.5B | $2.3B | ||
| Q2 25 | $2.5B | $1.7B | ||
| Q1 25 | $2.4B | $1.5B | ||
| Q4 24 | $2.5B | $1.3B | ||
| Q3 24 | $2.4B | $611.0M | ||
| Q2 24 | $2.2B | $526.0M | ||
| Q1 24 | $2.4B | $289.0M |
总资产ANCVNA
| Q4 25 | $14.4B | $13.2B | ||
| Q3 25 | $14.2B | $9.9B | ||
| Q2 25 | $13.6B | $9.4B | ||
| Q1 25 | $13.3B | $8.9B | ||
| Q4 24 | $13.0B | $8.5B | ||
| Q3 24 | $12.9B | $7.4B | ||
| Q2 24 | $12.8B | $7.2B | ||
| Q1 24 | $12.0B | $7.0B |
负债/权益比ANCVNA
| Q4 25 | 1.58× | 1.43× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 1.29× | — | ||
| Q4 24 | 1.06× | 4.20× | ||
| Q3 24 | 1.32× | — | ||
| Q2 24 | 1.43× | — | ||
| Q1 24 | 1.32× | — |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $150.5M | $430.0M |
| 自由现金流经营现金流 - 资本支出 | $64.2M | $379.0M |
| 自由现金流率自由现金流/营收 | 0.9% | 6.8% |
| 资本支出强度资本支出/营收 | 1.2% | 0.9% |
| 现金转化率经营现金流/净利润 | 0.87× | 0.50× |
| 过去12个月自由现金流最近4个季度 | $-197.5M | $889.0M |
8季度趋势，按日历期对齐
经营现金流ANCVNA
| Q4 25 | $150.5M | $430.0M | ||
| Q3 25 | $191.7M | $345.0M | ||
| Q2 25 | $-177.8M | $29.0M | ||
| Q1 25 | $-52.5M | $232.0M | ||
| Q4 24 | $149.8M | $60.0M | ||
| Q3 24 | $-70.0M | $403.0M | ||
| Q2 24 | $-59.6M | $354.0M | ||
| Q1 24 | $294.5M | $101.0M |
自由现金流ANCVNA
| Q4 25 | $64.2M | $379.0M | ||
| Q3 25 | $122.8M | $307.0M | ||
| Q2 25 | $-256.8M | $-2.0M | ||
| Q1 25 | $-127.7M | $205.0M | ||
| Q4 24 | $83.5M | $36.0M | ||
| Q3 24 | $-151.0M | $376.0M | ||
| Q2 24 | $-147.1M | $332.0M | ||
| Q1 24 | $200.8M | $83.0M |
自由现金流率ANCVNA
| Q4 25 | 0.9% | 6.8% | ||
| Q3 25 | 1.7% | 5.4% | ||
| Q2 25 | -3.7% | -0.0% | ||
| Q1 25 | -1.9% | 4.8% | ||
| Q4 24 | 1.2% | 1.0% | ||
| Q3 24 | -2.3% | 10.3% | ||
| Q2 24 | -2.3% | 9.7% | ||
| Q1 24 | 3.1% | 2.7% |
资本支出强度ANCVNA
| Q4 25 | 1.2% | 0.9% | ||
| Q3 25 | 1.0% | 0.7% | ||
| Q2 25 | 1.1% | 0.6% | ||
| Q1 25 | 1.1% | 0.6% | ||
| Q4 24 | 0.9% | 0.7% | ||
| Q3 24 | 1.2% | 0.7% | ||
| Q2 24 | 1.4% | 0.6% | ||
| Q1 24 | 1.4% | 0.6% |
现金转化率ANCVNA
| Q4 25 | 0.87× | 0.50× | ||
| Q3 25 | 0.89× | 2.28× | ||
| Q2 25 | -2.06× | 0.16× | ||
| Q1 25 | -0.30× | 1.07× | ||
| Q4 24 | 0.80× | 0.76× | ||
| Q3 24 | -0.38× | 4.74× | ||
| Q2 24 | -0.46× | 19.67× | ||
| Q1 24 | 1.55× | 3.61× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
AN
| New Vehicle | $3.4B | 50% |
| Transferred At Point In Time | $1.7B | 24% |
| Parts And Service | $1.2B | 18% |
| Finance And Insurance Net | $369.4M | 5% |
| Transferred Over Time | $221.4M | 3% |
| Other | $3.5M | 0% |
CVNA
| Used Vehicle Sales | $4.2B | 74% |
| Wholesale Sales And Revenues | $988.0M | 18% |
| Other | $459.0M | 8% |
