vs
CARVANA CO.（CVNA）与通用磨坊（GIS）财务数据对比。点击上方公司名可切换其他公司
CARVANA CO.的季度营收约是通用磨坊的1.2倍（$5.6B vs $4.9B），CARVANA CO.净利率更高（15.3% vs 8.5%，领先6.8%），CARVANA CO.同比增速更快（58.0% vs -7.2%），通用磨坊自由现金流更多（$675.7M vs $379.0M），过去两年CARVANA CO.的营收复合增速更高（35.3% vs -2.4%）
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。
通用磨坊是美国知名跨国消费食品企业，主营品牌包装食品的生产与营销，产品通过零售渠道面向大众发售。公司发源于明尼阿波利斯市密西西比河畔的圣安东尼瀑布区域，最初以大型面粉加工业务闻名，现总部位于明尼阿波利斯市郊的明尼苏达州金谷市。
CVNA vs GIS — 直观对比
营收规模更大
CVNA
是对方的1.2倍
$4.9B
营收增速更快
CVNA
高出65.2%
-7.2%
净利率更高
CVNA
高出6.8%
8.5%
自由现金流更多
GIS
多$296.7M
$379.0M
两年增速更快
CVNA
近两年复合增速
-2.4%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $5.6B | $4.9B |
| 净利润 | $857.0M | $413.0M |
| 毛利率 | 18.8% | 34.8% |
| 营业利润率 | 7.6% | 15.0% |
| 净利率 | 15.3% | 8.5% |
| 营收同比 | 58.0% | -7.2% |
| 净利润同比 | 984.8% | -48.1% |
| 每股收益（稀释后） | — | $0.78 |
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CVNAGIS
| Q4 25 | $5.6B | $4.9B | ||
| Q3 25 | $5.6B | $4.5B | ||
| Q2 25 | $4.8B | $4.6B | ||
| Q1 25 | $4.2B | $4.8B | ||
| Q4 24 | $3.5B | $5.2B | ||
| Q3 24 | $3.7B | $4.8B | ||
| Q2 24 | $3.4B | $4.7B | ||
| Q1 24 | $3.1B | $5.1B |
净利润CVNAGIS
| Q4 25 | $857.0M | $413.0M | ||
| Q3 25 | $151.0M | $1.2B | ||
| Q2 25 | $183.0M | $294.0M | ||
| Q1 25 | $216.0M | $625.6M | ||
| Q4 24 | $79.0M | $795.7M | ||
| Q3 24 | $85.0M | $579.9M | ||
| Q2 24 | $18.0M | $557.5M | ||
| Q1 24 | $28.0M | $670.1M |
毛利率CVNAGIS
| Q4 25 | 18.8% | 34.8% | ||
| Q3 25 | 20.3% | 33.9% | ||
| Q2 25 | 22.0% | 32.4% | ||
| Q1 25 | 22.0% | 33.9% | ||
| Q4 24 | 21.5% | 36.9% | ||
| Q3 24 | 22.1% | 34.8% | ||
| Q2 24 | 21.0% | 35.8% | ||
| Q1 24 | 19.3% | 33.5% |
营业利润率CVNAGIS
| Q4 25 | 7.6% | 15.0% | ||
| Q3 25 | 9.8% | 38.2% | ||
| Q2 25 | 10.6% | 11.1% | ||
| Q1 25 | 9.3% | 18.4% | ||
| Q4 24 | 7.3% | 20.6% | ||
| Q3 24 | 9.2% | 17.2% | ||
| Q2 24 | 7.6% | 16.5% | ||
| Q1 24 | 4.4% | 17.9% |
净利率CVNAGIS
| Q4 25 | 15.3% | 8.5% | ||
| Q3 25 | 2.7% | 26.7% | ||
| Q2 25 | 3.8% | 6.5% | ||
| Q1 25 | 5.1% | 12.9% | ||
| Q4 24 | 2.2% | 15.2% | ||
| Q3 24 | 2.3% | 12.0% | ||
| Q2 24 | 0.5% | 11.8% | ||
| Q1 24 | 0.9% | 13.1% |
每股收益（稀释后）CVNAGIS
| Q4 25 | — | $0.78 | ||
| Q3 25 | — | $2.22 | ||
| Q2 25 | — | $0.53 | ||
| Q1 25 | — | $1.12 | ||
| Q4 24 | — | $1.42 | ||
| Q3 24 | — | $1.03 | ||
| Q2 24 | — | $0.98 | ||
| Q1 24 | $0.24 | $1.17 |
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 | $683.4M |
| 总债务越低越好 | $4.9B | $12.2B |
| 股东权益账面价值 | $3.4B | $9.3B |
| 总资产 | $13.2B | $32.5B |
| 负债/权益比越低杠杆越低 | 1.43× | 1.31× |
8季度趋势，按日历期对齐
现金及短期投资CVNAGIS
| Q4 25 | $2.3B | $683.4M | ||
| Q3 25 | $2.1B | $952.9M | ||
| Q2 25 | $1.9B | $363.9M | ||
| Q1 25 | $1.9B | $521.3M | ||
| Q4 24 | $1.7B | $2.3B | ||
| Q3 24 | $871.0M | $468.1M | ||
| Q2 24 | $542.0M | $418.0M | ||
| Q1 24 | $252.0M | $588.6M |
总债务CVNAGIS
| Q4 25 | $4.9B | $12.2B | ||
| Q3 25 | — | $12.2B | ||
| Q2 25 | — | $12.7B | ||
| Q1 25 | — | $11.8B | ||
| Q4 24 | $5.3B | $12.4B | ||
| Q3 24 | — | $11.4B | ||
| Q2 24 | — | $11.3B | ||
| Q1 24 | — | $11.0B |
股东权益CVNAGIS
| Q4 25 | $3.4B | $9.3B | ||
| Q3 25 | $2.3B | $9.5B | ||
| Q2 25 | $1.7B | $9.2B | ||
| Q1 25 | $1.5B | $9.3B | ||
| Q4 24 | $1.3B | $9.2B | ||
| Q3 24 | $611.0M | $9.3B | ||
| Q2 24 | $526.0M | $9.4B | ||
| Q1 24 | $289.0M | $9.4B |
总资产CVNAGIS
| Q4 25 | $13.2B | $32.5B | ||
| Q3 25 | $9.9B | $33.0B | ||
| Q2 25 | $9.4B | $33.1B | ||
| Q1 25 | $8.9B | $32.7B | ||
| Q4 24 | $8.5B | $33.4B | ||
| Q3 24 | $7.4B | $31.8B | ||
| Q2 24 | $7.2B | $31.5B | ||
| Q1 24 | $7.0B | $30.9B |
负债/权益比CVNAGIS
| Q4 25 | 1.43× | 1.31× | ||
| Q3 25 | — | 1.29× | ||
| Q2 25 | — | 1.38× | ||
| Q1 25 | — | 1.28× | ||
| Q4 24 | 4.20× | 1.35× | ||
| Q3 24 | — | 1.23× | ||
| Q2 24 | — | 1.20× | ||
| Q1 24 | — | 1.17× |
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 | $819.3M |
| 自由现金流经营现金流 - 资本支出 | $379.0M | $675.7M |
| 自由现金流率自由现金流/营收 | 6.8% | 13.9% |
| 资本支出强度资本支出/营收 | 0.9% | 3.0% |
| 现金转化率经营现金流/净利润 | 0.50× | 1.98× |
| 过去12个月自由现金流最近4个季度 | $889.0M | $1.8B |
8季度趋势，按日历期对齐
经营现金流CVNAGIS
| Q4 25 | $430.0M | $819.3M | ||
| Q3 25 | $345.0M | $397.0M | ||
| Q2 25 | $29.0M | $611.6M | ||
| Q1 25 | $232.0M | $531.9M | ||
| Q4 24 | $60.0M | $1.2B | ||
| Q3 24 | $403.0M | $624.2M | ||
| Q2 24 | $354.0M | $863.7M | ||
| Q1 24 | $101.0M | $943.1M |
自由现金流CVNAGIS
| Q4 25 | $379.0M | $675.7M | ||
| Q3 25 | $307.0M | $287.5M | ||
| Q2 25 | $-2.0M | $391.4M | ||
| Q1 25 | $205.0M | $428.0M | ||
| Q4 24 | $36.0M | $989.6M | ||
| Q3 24 | $376.0M | $483.9M | ||
| Q2 24 | $332.0M | $575.2M | ||
| Q1 24 | $83.0M | $751.4M |
自由现金流率CVNAGIS
| Q4 25 | 6.8% | 13.9% | ||
| Q3 25 | 5.4% | 6.4% | ||
| Q2 25 | -0.0% | 8.6% | ||
| Q1 25 | 4.8% | 8.8% | ||
| Q4 24 | 1.0% | 18.9% | ||
| Q3 24 | 10.3% | 10.0% | ||
| Q2 24 | 9.7% | 12.2% | ||
| Q1 24 | 2.7% | 14.7% |
资本支出强度CVNAGIS
| Q4 25 | 0.9% | 3.0% | ||
| Q3 25 | 0.7% | 2.4% | ||
| Q2 25 | 0.6% | 4.8% | ||
| Q1 25 | 0.6% | 2.1% | ||
| Q4 24 | 0.7% | 3.1% | ||
| Q3 24 | 0.7% | 2.9% | ||
| Q2 24 | 0.6% | 6.1% | ||
| Q1 24 | 0.6% | 3.8% |
现金转化率CVNAGIS
| Q4 25 | 0.50× | 1.98× | ||
| Q3 25 | 2.28× | 0.33× | ||
| Q2 25 | 0.16× | 2.08× | ||
| Q1 25 | 1.07× | 0.85× | ||
| Q4 24 | 0.76× | 1.45× | ||
| Q3 24 | 4.74× | 1.08× | ||
| Q2 24 | 19.67× | 1.55× | ||
| Q1 24 | 3.61× | 1.41× |
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% |
GIS
| Snacks | $1.0B | 21% |
| Convenient Meals | $827.0M | 17% |
| Cereal | $791.2M | 16% |
| Dough | $720.9M | 15% |
| Pet | $698.7M | 14% |
| Baking Mixes And Ingredients | $556.0M | 11% |
| Super Premium Ice Cream | $175.8M | 4% |
| Other Product | $73.3M | 2% |
