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CARVANA CO.（CVNA）与福陆（FLR）财务数据对比。点击上方公司名可切换其他公司
CARVANA CO.的季度营收约是福陆的1.3倍（$5.6B vs $4.2B），CARVANA CO.净利率更高（15.3% vs -37.7%，领先53.0%），CARVANA CO.同比增速更快（58.0% vs -2.0%），CARVANA CO.自由现金流更多（$379.0M vs $-378.0M），过去两年CARVANA CO.的营收复合增速更高（35.3% vs 5.7%）
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。
福陆是总部位于美国得克萨斯州欧文市的工程建设企业，通过旗下子公司提供油气、工业与基础设施、政府项目及电力三大核心领域的服务，是《财富》世界500强中排名最高的上市工程建设企业，总排名位列第265位。
CVNA vs FLR — 直观对比
营收规模更大
CVNA
是对方的1.3倍
$4.2B
营收增速更快
CVNA
高出60.0%
-2.0%
净利率更高
CVNA
高出53.0%
-37.7%
自由现金流更多
CVNA
多$757.0M
$-378.0M
两年增速更快
CVNA
近两年复合增速
5.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.6B | $4.2B |
| 净利润 | $857.0M | $-1.6B |
| 毛利率 | 18.8% | 3.2% |
| 营业利润率 | 7.6% | 1.3% |
| 净利率 | 15.3% | -37.7% |
| 营收同比 | 58.0% | -2.0% |
| 净利润同比 | 984.8% | -184.4% |
| 每股收益（稀释后） | — | $-9.40 |
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CVNAFLR
| Q4 25 | $5.6B | $4.2B | ||
| Q3 25 | $5.6B | $3.4B | ||
| Q2 25 | $4.8B | $4.0B | ||
| Q1 25 | $4.2B | $4.0B | ||
| Q4 24 | $3.5B | $4.3B | ||
| Q3 24 | $3.7B | $4.1B | ||
| Q2 24 | $3.4B | $4.2B | ||
| Q1 24 | $3.1B | $3.7B |
净利润CVNAFLR
| Q4 25 | $857.0M | $-1.6B | ||
| Q3 25 | $151.0M | $-697.0M | ||
| Q2 25 | $183.0M | $2.5B | ||
| Q1 25 | $216.0M | $-241.0M | ||
| Q4 24 | $79.0M | $1.9B | ||
| Q3 24 | $85.0M | $54.0M | ||
| Q2 24 | $18.0M | $169.0M | ||
| Q1 24 | $28.0M | $59.0M |
毛利率CVNAFLR
| Q4 25 | 18.8% | 3.2% | ||
| Q3 25 | 20.3% | -13.3% | ||
| Q2 25 | 22.0% | 1.4% | ||
| Q1 25 | 22.0% | 3.5% | ||
| Q4 24 | 21.5% | 4.9% | ||
| Q3 24 | 22.1% | 2.1% | ||
| Q2 24 | 21.0% | 4.2% | ||
| Q1 24 | 19.3% | 2.7% |
营业利润率CVNAFLR
| Q4 25 | 7.6% | 1.3% | ||
| Q3 25 | 9.8% | -14.7% | ||
| Q2 25 | 10.6% | -0.7% | ||
| Q1 25 | 9.3% | 2.3% | ||
| Q4 24 | 7.3% | 4.4% | ||
| Q3 24 | 9.2% | 1.2% | ||
| Q2 24 | 7.6% | 4.2% | ||
| Q1 24 | 4.4% | 1.4% |
净利率CVNAFLR
| Q4 25 | 15.3% | -37.7% | ||
| Q3 25 | 2.7% | -20.7% | ||
| Q2 25 | 3.8% | 61.8% | ||
| Q1 25 | 5.1% | -6.1% | ||
| Q4 24 | 2.2% | 43.7% | ||
| Q3 24 | 2.3% | 1.3% | ||
| Q2 24 | 0.5% | 4.0% | ||
| Q1 24 | 0.9% | 1.6% |
每股收益（稀释后）CVNAFLR
| Q4 25 | — | $-9.40 | ||
| Q3 25 | — | $-4.30 | ||
| Q2 25 | — | $14.81 | ||
| Q1 25 | — | $-1.42 | ||
| Q4 24 | — | $10.68 | ||
| Q3 24 | — | $0.31 | ||
| Q2 24 | — | $0.97 | ||
| Q1 24 | $0.24 | $0.34 |
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 | $2.2B |
| 总债务越低越好 | $4.9B | — |
| 股东权益账面价值 | $3.4B | $3.2B |
| 总资产 | $13.2B | $8.2B |
| 负债/权益比越低杠杆越低 | 1.43× | — |
8季度趋势，按日历期对齐
现金及短期投资CVNAFLR
| Q4 25 | $2.3B | $2.2B | ||
| Q3 25 | $2.1B | $2.8B | ||
| Q2 25 | $1.9B | $2.3B | ||
| Q1 25 | $1.9B | $2.5B | ||
| Q4 24 | $1.7B | $3.0B | ||
| Q3 24 | $871.0M | $3.0B | ||
| Q2 24 | $542.0M | $2.7B | ||
| Q1 24 | $252.0M | $2.4B |
总债务CVNAFLR
| Q4 25 | $4.9B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $5.3B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益CVNAFLR
| Q4 25 | $3.4B | $3.2B | ||
| Q3 25 | $2.3B | $5.2B | ||
| Q2 25 | $1.7B | $5.9B | ||
| Q1 25 | $1.5B | $3.6B | ||
| Q4 24 | $1.3B | $3.9B | ||
| Q3 24 | $611.0M | $2.3B | ||
| Q2 24 | $526.0M | $2.1B | ||
| Q1 24 | $289.0M | $2.0B |
总资产CVNAFLR
| Q4 25 | $13.2B | $8.2B | ||
| Q3 25 | $9.9B | $11.5B | ||
| Q2 25 | $9.4B | $11.8B | ||
| Q1 25 | $8.9B | $8.4B | ||
| Q4 24 | $8.5B | $9.1B | ||
| Q3 24 | $7.4B | $7.1B | ||
| Q2 24 | $7.2B | $6.8B | ||
| Q1 24 | $7.0B | $6.7B |
负债/权益比CVNAFLR
| Q4 25 | 1.43× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 4.20× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $-366.0M |
| 自由现金流经营现金流 - 资本支出 | $379.0M | $-378.0M |
| 自由现金流率自由现金流/营收 | 6.8% | -9.1% |
| 资本支出强度资本支出/营收 | 0.9% | 0.3% |
| 现金转化率经营现金流/净利润 | 0.50× | — |
| 过去12个月自由现金流最近4个季度 | $889.0M | $-437.0M |
8季度趋势，按日历期对齐
经营现金流CVNAFLR
| Q4 25 | $430.0M | $-366.0M | ||
| Q3 25 | $345.0M | $286.0M | ||
| Q2 25 | $29.0M | $-21.0M | ||
| Q1 25 | $232.0M | $-286.0M | ||
| Q4 24 | $60.0M | $327.0M | ||
| Q3 24 | $403.0M | $330.0M | ||
| Q2 24 | $354.0M | $282.0M | ||
| Q1 24 | $101.0M | $-111.0M |
自由现金流CVNAFLR
| Q4 25 | $379.0M | $-378.0M | ||
| Q3 25 | $307.0M | $273.0M | ||
| Q2 25 | $-2.0M | $-35.0M | ||
| Q1 25 | $205.0M | $-297.0M | ||
| Q4 24 | $36.0M | $296.0M | ||
| Q3 24 | $376.0M | $279.0M | ||
| Q2 24 | $332.0M | $234.0M | ||
| Q1 24 | $83.0M | $-145.0M |
自由现金流率CVNAFLR
| Q4 25 | 6.8% | -9.1% | ||
| Q3 25 | 5.4% | 8.1% | ||
| Q2 25 | -0.0% | -0.9% | ||
| Q1 25 | 4.8% | -7.5% | ||
| Q4 24 | 1.0% | 6.9% | ||
| Q3 24 | 10.3% | 6.8% | ||
| Q2 24 | 9.7% | 5.5% | ||
| Q1 24 | 2.7% | -3.9% |
资本支出强度CVNAFLR
| Q4 25 | 0.9% | 0.3% | ||
| Q3 25 | 0.7% | 0.4% | ||
| Q2 25 | 0.6% | 0.4% | ||
| Q1 25 | 0.6% | 0.3% | ||
| Q4 24 | 0.7% | 0.7% | ||
| Q3 24 | 0.7% | 1.2% | ||
| Q2 24 | 0.6% | 1.1% | ||
| Q1 24 | 0.6% | 0.9% |
现金转化率CVNAFLR
| Q4 25 | 0.50× | — | ||
| Q3 25 | 2.28× | — | ||
| Q2 25 | 0.16× | -0.01× | ||
| Q1 25 | 1.07× | — | ||
| Q4 24 | 0.76× | 0.18× | ||
| Q3 24 | 4.74× | 6.11× | ||
| Q2 24 | 19.67× | 1.67× | ||
| Q1 24 | 3.61× | -1.88× |
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% |
FLR
| Urban Solutions Segment | $2.6B | 63% |
| Energy Solutions Segment | $943.0M | 23% |
| Mission Solutions Segment | $600.0M | 14% |
