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CARVANA CO.（CVNA）与KLA Corporation（KLAC）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KLA Corporation的1.7倍（$5.6B vs $3.3B），KLA Corporation净利率更高（34.7% vs 15.3%，领先19.5%），CARVANA CO.同比增速更快（58.0% vs 7.2%），KLA Corporation自由现金流更多（$1.3B vs $379.0M），过去两年CARVANA CO.的营收复合增速更高（35.3% vs 18.2%）
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。
KLA Corporation是总部位于美国加利福尼亚州米尔皮塔斯的企业，主营晶圆制造设备，为半导体及相关纳米电子行业提供过程控制与良率管理系统，产品及服务覆盖晶圆、光罩、集成电路、封装生产从研发到批量制造的全流程。
CVNA vs KLAC — 直观对比
营收规模更大
CVNA
是对方的1.7倍
$3.3B
营收增速更快
CVNA
高出50.8%
7.2%
净利率更高
KLAC
高出19.5%
15.3%
自由现金流更多
KLAC
多$883.0M
$379.0M
两年增速更快
CVNA
近两年复合增速
18.2%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $5.6B | $3.3B |
| 净利润 | $857.0M | $1.1B |
| 毛利率 | 18.8% | 61.4% |
| 营业利润率 | 7.6% | — |
| 净利率 | 15.3% | 34.7% |
| 营收同比 | 58.0% | 7.2% |
| 净利润同比 | 984.8% | 39.0% |
| 每股收益（稀释后） | — | $8.68 |
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CVNAKLAC
| Q4 25 | $5.6B | $3.3B | ||
| Q3 25 | $5.6B | $3.2B | ||
| Q2 25 | $4.8B | $3.2B | ||
| Q1 25 | $4.2B | $3.1B | ||
| Q4 24 | $3.5B | $3.1B | ||
| Q3 24 | $3.7B | $2.8B | ||
| Q2 24 | $3.4B | $2.6B | ||
| Q1 24 | $3.1B | $2.4B |
净利润CVNAKLAC
| Q4 25 | $857.0M | $1.1B | ||
| Q3 25 | $151.0M | $1.1B | ||
| Q2 25 | $183.0M | $1.2B | ||
| Q1 25 | $216.0M | $1.1B | ||
| Q4 24 | $79.0M | $824.5M | ||
| Q3 24 | $85.0M | $945.9M | ||
| Q2 24 | $18.0M | $836.4M | ||
| Q1 24 | $28.0M | $601.5M |
毛利率CVNAKLAC
| Q4 25 | 18.8% | 61.4% | ||
| Q3 25 | 20.3% | 61.3% | ||
| Q2 25 | 22.0% | 62.0% | ||
| Q1 25 | 22.0% | 61.6% | ||
| Q4 24 | 21.5% | 60.3% | ||
| Q3 24 | 22.1% | 59.6% | ||
| Q2 24 | 21.0% | 60.7% | ||
| Q1 24 | 19.3% | 57.9% |
营业利润率CVNAKLAC
| Q4 25 | 7.6% | — | ||
| Q3 25 | 9.8% | — | ||
| Q2 25 | 10.6% | 41.9% | ||
| Q1 25 | 9.3% | 41.3% | ||
| Q4 24 | 7.3% | 31.6% | ||
| Q3 24 | 9.2% | 38.0% | ||
| Q2 24 | 7.6% | 36.8% | ||
| Q1 24 | 4.4% | 29.7% |
净利率CVNAKLAC
| Q4 25 | 15.3% | 34.7% | ||
| Q3 25 | 2.7% | 34.9% | ||
| Q2 25 | 3.8% | 37.9% | ||
| Q1 25 | 5.1% | 35.5% | ||
| Q4 24 | 2.2% | 26.8% | ||
| Q3 24 | 2.3% | 33.3% | ||
| Q2 24 | 0.5% | 32.6% | ||
| Q1 24 | 0.9% | 25.5% |
每股收益（稀释后）CVNAKLAC
| Q4 25 | — | $8.68 | ||
| Q3 25 | — | $8.47 | ||
| Q2 25 | — | $9.04 | ||
| Q1 25 | — | $8.16 | ||
| Q4 24 | — | $6.16 | ||
| Q3 24 | — | $7.01 | ||
| Q2 24 | — | $6.16 | ||
| Q1 24 | $0.24 | $4.43 |
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 | $2.5B |
| 总债务越低越好 | $4.9B | $5.9B |
| 股东权益账面价值 | $3.4B | $5.5B |
| 总资产 | $13.2B | $16.7B |
| 负债/权益比越低杠杆越低 | 1.43× | 1.08× |
8季度趋势，按日历期对齐
现金及短期投资CVNAKLAC
| Q4 25 | $2.3B | $2.5B | ||
| Q3 25 | $2.1B | $1.9B | ||
| Q2 25 | $1.9B | $2.1B | ||
| Q1 25 | $1.9B | $1.9B | ||
| Q4 24 | $1.7B | $1.8B | ||
| Q3 24 | $871.0M | $2.0B | ||
| Q2 24 | $542.0M | $2.0B | ||
| Q1 24 | $252.0M | $1.8B |
总债务CVNAKLAC
| Q4 25 | $4.9B | $5.9B | ||
| Q3 25 | — | $5.9B | ||
| Q2 25 | — | $5.9B | ||
| Q1 25 | — | $5.9B | ||
| Q4 24 | $5.3B | $5.9B | ||
| Q3 24 | — | $5.9B | ||
| Q2 24 | — | $5.9B | ||
| Q1 24 | — | $5.9B |
股东权益CVNAKLAC
| Q4 25 | $3.4B | $5.5B | ||
| Q3 25 | $2.3B | $5.0B | ||
| Q2 25 | $1.7B | $4.7B | ||
| Q1 25 | $1.5B | $4.0B | ||
| Q4 24 | $1.3B | $3.6B | ||
| Q3 24 | $611.0M | $3.6B | ||
| Q2 24 | $526.0M | $3.4B | ||
| Q1 24 | $289.0M | $3.1B |
总资产CVNAKLAC
| Q4 25 | $13.2B | $16.7B | ||
| Q3 25 | $9.9B | $16.3B | ||
| Q2 25 | $9.4B | $16.1B | ||
| Q1 25 | $8.9B | $15.2B | ||
| Q4 24 | $8.5B | $15.0B | ||
| Q3 24 | $7.4B | $15.7B | ||
| Q2 24 | $7.2B | $15.4B | ||
| Q1 24 | $7.0B | $15.0B |
负债/权益比CVNAKLAC
| Q4 25 | 1.43× | 1.08× | ||
| Q3 25 | — | 1.18× | ||
| Q2 25 | — | 1.25× | ||
| Q1 25 | — | 1.47× | ||
| Q4 24 | 4.20× | 1.64× | ||
| Q3 24 | — | 1.65× | ||
| Q2 24 | — | 1.75× | ||
| Q1 24 | — | 1.90× |
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 | $1.4B |
| 自由现金流经营现金流 - 资本支出 | $379.0M | $1.3B |
| 自由现金流率自由现金流/营收 | 6.8% | 38.3% |
| 资本支出强度资本支出/营收 | 0.9% | 3.2% |
| 现金转化率经营现金流/净利润 | 0.50× | 1.19× |
| 过去12个月自由现金流最近4个季度 | $889.0M | $4.4B |
8季度趋势，按日历期对齐
经营现金流CVNAKLAC
| Q4 25 | $430.0M | $1.4B | ||
| Q3 25 | $345.0M | $1.2B | ||
| Q2 25 | $29.0M | $1.2B | ||
| Q1 25 | $232.0M | $1.1B | ||
| Q4 24 | $60.0M | $849.5M | ||
| Q3 24 | $403.0M | $995.2M | ||
| Q2 24 | $354.0M | $892.6M | ||
| Q1 24 | $101.0M | $910.0M |
自由现金流CVNAKLAC
| Q4 25 | $379.0M | $1.3B | ||
| Q3 25 | $307.0M | $1.1B | ||
| Q2 25 | $-2.0M | $1.1B | ||
| Q1 25 | $205.0M | $990.0M | ||
| Q4 24 | $36.0M | $757.2M | ||
| Q3 24 | $376.0M | $934.8M | ||
| Q2 24 | $332.0M | $831.9M | ||
| Q1 24 | $83.0M | $838.2M |
自由现金流率CVNAKLAC
| Q4 25 | 6.8% | 38.3% | ||
| Q3 25 | 5.4% | 33.2% | ||
| Q2 25 | -0.0% | 33.5% | ||
| Q1 25 | 4.8% | 32.3% | ||
| Q4 24 | 1.0% | 24.6% | ||
| Q3 24 | 10.3% | 32.9% | ||
| Q2 24 | 9.7% | 32.4% | ||
| Q1 24 | 2.7% | 35.5% |
资本支出强度CVNAKLAC
| Q4 25 | 0.9% | 3.2% | ||
| Q3 25 | 0.7% | 3.0% | ||
| Q2 25 | 0.6% | 3.2% | ||
| Q1 25 | 0.6% | 2.7% | ||
| Q4 24 | 0.7% | 3.0% | ||
| Q3 24 | 0.7% | 2.1% | ||
| Q2 24 | 0.6% | 2.4% | ||
| Q1 24 | 0.6% | 3.0% |
现金转化率CVNAKLAC
| Q4 25 | 0.50× | 1.19× | ||
| Q3 25 | 2.28× | 1.04× | ||
| Q2 25 | 0.16× | 0.97× | ||
| Q1 25 | 1.07× | 0.99× | ||
| Q4 24 | 0.76× | 1.03× | ||
| Q3 24 | 4.74× | 1.05× | ||
| Q2 24 | 19.67× | 1.07× | ||
| Q1 24 | 3.61× | 1.51× |
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% |
KLAC
| Wafer Inspection | $1.6B | 48% |
| Services | $786.1M | 24% |
| Patterning | $696.2M | 21% |
| Specialty Semiconductor Process | $121.6M | 4% |
| PCB And Component Inspection | $80.3M | 2% |
| Other Revenue | $40.2M | 1% |
