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CARVANA CO.（CVNA）与易贝（EBAY）财务数据对比。点击上方公司名可切换其他公司
CARVANA CO.的季度营收约是易贝的1.9倍（$5.6B vs $3.0B），易贝净利率更高（17.8% vs 15.3%，领先2.5%），CARVANA CO.同比增速更快（58.0% vs 15.0%），易贝自由现金流更多（$478.0M vs $379.0M），过去两年CARVANA CO.的营收复合增速更高（35.3% vs 7.7%）
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。
eBay是总部位于美国加利福尼亚州圣何塞的跨国电商企业，1995年9月由皮埃尔·奥米迪亚创立。其业务覆盖全球190个市场，旗下线上平台支持拍卖及“立即购买”两种销售模式，消费者可便捷选购各类商品，平台会在卖家完成交易后收取相应佣金。
CVNA vs EBAY — 直观对比
营收规模更大
CVNA
是对方的1.9倍
$3.0B
营收增速更快
CVNA
高出43.0%
15.0%
净利率更高
EBAY
高出2.5%
15.3%
自由现金流更多
EBAY
多$99.0M
$379.0M
两年增速更快
CVNA
近两年复合增速
7.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.6B | $3.0B |
| 净利润 | $857.0M | $528.0M |
| 毛利率 | 18.8% | 71.4% |
| 营业利润率 | 7.6% | 20.3% |
| 净利率 | 15.3% | 17.8% |
| 营收同比 | 58.0% | 15.0% |
| 净利润同比 | 984.8% | -22.2% |
| 每股收益（稀释后） | — | $1.14 |
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CVNAEBAY
| Q4 25 | $5.6B | $3.0B | ||
| Q3 25 | $5.6B | $2.8B | ||
| Q2 25 | $4.8B | $2.7B | ||
| Q1 25 | $4.2B | $2.6B | ||
| Q4 24 | $3.5B | $2.6B | ||
| Q3 24 | $3.7B | $2.6B | ||
| Q2 24 | $3.4B | $2.6B | ||
| Q1 24 | $3.1B | $2.6B |
净利润CVNAEBAY
| Q4 25 | $857.0M | $528.0M | ||
| Q3 25 | $151.0M | $632.0M | ||
| Q2 25 | $183.0M | $368.0M | ||
| Q1 25 | $216.0M | $503.0M | ||
| Q4 24 | $79.0M | $679.0M | ||
| Q3 24 | $85.0M | $634.0M | ||
| Q2 24 | $18.0M | $224.0M | ||
| Q1 24 | $28.0M | $438.0M |
毛利率CVNAEBAY
| Q4 25 | 18.8% | 71.4% | ||
| Q3 25 | 20.3% | 70.9% | ||
| Q2 25 | 22.0% | 71.6% | ||
| Q1 25 | 22.0% | 72.0% | ||
| Q4 24 | 21.5% | 72.2% | ||
| Q3 24 | 22.1% | 71.8% | ||
| Q2 24 | 21.0% | 71.4% | ||
| Q1 24 | 19.3% | 72.6% |
营业利润率CVNAEBAY
| Q4 25 | 7.6% | 20.3% | ||
| Q3 25 | 9.8% | 20.4% | ||
| Q2 25 | 10.6% | 17.7% | ||
| Q1 25 | 9.3% | 23.8% | ||
| Q4 24 | 7.3% | 21.1% | ||
| Q3 24 | 9.2% | 23.1% | ||
| Q2 24 | 7.6% | 21.3% | ||
| Q1 24 | 4.4% | 24.7% |
净利率CVNAEBAY
| Q4 25 | 15.3% | 17.8% | ||
| Q3 25 | 2.7% | 22.4% | ||
| Q2 25 | 3.8% | 13.5% | ||
| Q1 25 | 5.1% | 19.5% | ||
| Q4 24 | 2.2% | 26.3% | ||
| Q3 24 | 2.3% | 24.6% | ||
| Q2 24 | 0.5% | 8.7% | ||
| Q1 24 | 0.9% | 17.1% |
每股收益（稀释后）CVNAEBAY
| Q4 25 | — | $1.14 | ||
| Q3 25 | — | $1.35 | ||
| Q2 25 | — | $0.79 | ||
| Q1 25 | — | $1.06 | ||
| Q4 24 | — | $1.35 | ||
| Q3 24 | — | $1.29 | ||
| Q2 24 | — | $0.45 | ||
| Q1 24 | $0.24 | $0.85 |
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 | $2.3B | $1.9B |
| 总债务越低越好 | $4.9B | $6.0B |
| 股东权益账面价值 | $3.4B | $4.6B |
| 总资产 | $13.2B | $17.6B |
| 负债/权益比越低杠杆越低 | 1.43× | 1.30× |
8季度趋势，按日历期对齐
现金及短期投资CVNAEBAY
| Q4 25 | $2.3B | $1.9B | ||
| Q3 25 | $2.1B | $2.4B | ||
| Q2 25 | $1.9B | $2.1B | ||
| Q1 25 | $1.9B | $3.1B | ||
| Q4 24 | $1.7B | $2.4B | ||
| Q3 24 | $871.0M | $1.6B | ||
| Q2 24 | $542.0M | $2.0B | ||
| Q1 24 | $252.0M | $2.1B |
总债务CVNAEBAY
| Q4 25 | $4.9B | $6.0B | ||
| Q3 25 | — | $5.0B | ||
| Q2 25 | — | $5.0B | ||
| Q1 25 | — | $5.8B | ||
| Q4 24 | $5.3B | $5.8B | ||
| Q3 24 | — | $6.2B | ||
| Q2 24 | — | $6.2B | ||
| Q1 24 | — | $6.2B |
股东权益CVNAEBAY
| Q4 25 | $3.4B | $4.6B | ||
| Q3 25 | $2.3B | $4.7B | ||
| Q2 25 | $1.7B | $4.7B | ||
| Q1 25 | $1.5B | $5.0B | ||
| Q4 24 | $1.3B | $5.2B | ||
| Q3 24 | $611.0M | $5.4B | ||
| Q2 24 | $526.0M | $5.5B | ||
| Q1 24 | $289.0M | $6.3B |
总资产CVNAEBAY
| Q4 25 | $13.2B | $17.6B | ||
| Q3 25 | $9.9B | $17.8B | ||
| Q2 25 | $9.4B | $18.0B | ||
| Q1 25 | $8.9B | $19.0B | ||
| Q4 24 | $8.5B | $19.4B | ||
| Q3 24 | $7.4B | $19.9B | ||
| Q2 24 | $7.2B | $20.4B | ||
| Q1 24 | $7.0B | $21.4B |
负债/权益比CVNAEBAY
| Q4 25 | 1.43× | 1.30× | ||
| Q3 25 | — | 1.06× | ||
| Q2 25 | — | 1.05× | ||
| Q1 25 | — | 1.16× | ||
| Q4 24 | 4.20× | 1.12× | ||
| Q3 24 | — | 1.14× | ||
| Q2 24 | — | 1.12× | ||
| Q1 24 | — | 0.98× |
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 | $430.0M | $595.0M |
| 自由现金流经营现金流 - 资本支出 | $379.0M | $478.0M |
| 自由现金流率自由现金流/营收 | 6.8% | 16.1% |
| 资本支出强度资本支出/营收 | 0.9% | 3.9% |
| 现金转化率经营现金流/净利润 | 0.50× | 1.13× |
| 过去12个月自由现金流最近4个季度 | $889.0M | $1.5B |
8季度趋势，按日历期对齐
经营现金流CVNAEBAY
| Q4 25 | $430.0M | $595.0M | ||
| Q3 25 | $345.0M | $934.0M | ||
| Q2 25 | $29.0M | $-307.0M | ||
| Q1 25 | $232.0M | $787.0M | ||
| Q4 24 | $60.0M | $677.0M | ||
| Q3 24 | $403.0M | $755.0M | ||
| Q2 24 | $354.0M | $367.0M | ||
| Q1 24 | $101.0M | $615.0M |
自由现金流CVNAEBAY
| Q4 25 | $379.0M | $478.0M | ||
| Q3 25 | $307.0M | $803.0M | ||
| Q2 25 | $-2.0M | $-441.0M | ||
| Q1 25 | $205.0M | $644.0M | ||
| Q4 24 | $36.0M | $560.0M | ||
| Q3 24 | $376.0M | $646.0M | ||
| Q2 24 | $332.0M | $278.0M | ||
| Q1 24 | $83.0M | $472.0M |
自由现金流率CVNAEBAY
| Q4 25 | 6.8% | 16.1% | ||
| Q3 25 | 5.4% | 28.5% | ||
| Q2 25 | -0.0% | -16.2% | ||
| Q1 25 | 4.8% | 24.9% | ||
| Q4 24 | 1.0% | 21.7% | ||
| Q3 24 | 10.3% | 25.1% | ||
| Q2 24 | 9.7% | 10.8% | ||
| Q1 24 | 2.7% | 18.5% |
资本支出强度CVNAEBAY
| Q4 25 | 0.9% | 3.9% | ||
| Q3 25 | 0.7% | 4.6% | ||
| Q2 25 | 0.6% | 4.9% | ||
| Q1 25 | 0.6% | 5.5% | ||
| Q4 24 | 0.7% | 4.5% | ||
| Q3 24 | 0.7% | 4.2% | ||
| Q2 24 | 0.6% | 3.5% | ||
| Q1 24 | 0.6% | 5.6% |
现金转化率CVNAEBAY
| Q4 25 | 0.50× | 1.13× | ||
| Q3 25 | 2.28× | 1.48× | ||
| Q2 25 | 0.16× | -0.83× | ||
| Q1 25 | 1.07× | 1.56× | ||
| Q4 24 | 0.76× | 1.00× | ||
| Q3 24 | 4.74× | 1.19× | ||
| Q2 24 | 19.67× | 1.64× | ||
| Q1 24 | 3.61× | 1.40× |
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
CVNA
| Used Vehicle Sales | $4.2B | 74% |
| Wholesale Sales And Revenues | $988.0M | 18% |
| Other | $459.0M | 8% |
EBAY
| Marketplace Revenues | $2.4B | 82% |
| Advertising Revenues | $544.0M | 18% |
