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CARVANA CO.（CVNA）与CarMax（KMX）财务数据对比。点击上方公司名可切换其他公司
CarMax的季度营收约是CARVANA CO.的1.0倍（$5.8B vs $5.6B），CARVANA CO.净利率更高（15.3% vs 1.1%，领先14.2%），CARVANA CO.同比增速更快（58.0% vs -6.9%），CarMax自由现金流更多（$1.1B vs $379.0M），过去两年CARVANA CO.的营收复合增速更高（35.3% vs 1.5%）
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。
CarMax是美国知名二手车零售企业，下设两大业务板块：零售运营业务与汽车金融服务。该品牌最初是电路城公司的副业项目，1993年9月在弗吉尼亚州里士满开设首家门店，截至2025年1月在全美共运营253家线下门店。
CVNA vs KMX — 直观对比
营收规模更大
KMX
是对方的1.0倍
$5.6B
营收增速更快
CVNA
高出64.9%
-6.9%
净利率更高
CVNA
高出14.2%
1.1%
自由现金流更多
KMX
多$734.3M
$379.0M
两年增速更快
CVNA
近两年复合增速
1.5%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $5.6B | $5.8B |
| 净利润 | $857.0M | $62.2M |
| 毛利率 | 18.8% | 10.2% |
| 营业利润率 | 7.6% | — |
| 净利率 | 15.3% | 1.1% |
| 营收同比 | 58.0% | -6.9% |
| 净利润同比 | 984.8% | -50.4% |
| 每股收益（稀释后） | — | $0.43 |
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CVNAKMX
| Q4 25 | $5.6B | $5.8B | ||
| Q3 25 | $5.6B | $6.6B | ||
| Q2 25 | $4.8B | $7.5B | ||
| Q1 25 | $4.2B | $6.0B | ||
| Q4 24 | $3.5B | $6.2B | ||
| Q3 24 | $3.7B | $7.0B | ||
| Q2 24 | $3.4B | $7.1B | ||
| Q1 24 | $3.1B | $5.6B |
净利润CVNAKMX
| Q4 25 | $857.0M | $62.2M | ||
| Q3 25 | $151.0M | $95.4M | ||
| Q2 25 | $183.0M | $210.4M | ||
| Q1 25 | $216.0M | $89.9M | ||
| Q4 24 | $79.0M | $125.4M | ||
| Q3 24 | $85.0M | $132.8M | ||
| Q2 24 | $18.0M | $152.4M | ||
| Q1 24 | $28.0M | $50.3M |
毛利率CVNAKMX
| Q4 25 | 18.8% | 10.2% | ||
| Q3 25 | 20.3% | 10.9% | ||
| Q2 25 | 22.0% | 11.8% | ||
| Q1 25 | 22.0% | 11.1% | ||
| Q4 24 | 21.5% | 10.9% | ||
| Q3 24 | 22.1% | 10.8% | ||
| Q2 24 | 21.0% | 11.1% | ||
| Q1 24 | 19.3% | 10.4% |
营业利润率CVNAKMX
| Q4 25 | 7.6% | — | ||
| Q3 25 | 9.8% | — | ||
| Q2 25 | 10.6% | — | ||
| Q1 25 | 9.3% | 2.0% | ||
| Q4 24 | 7.3% | 2.7% | ||
| Q3 24 | 9.2% | 2.5% | ||
| Q2 24 | 7.6% | 2.9% | ||
| Q1 24 | 4.4% | 1.2% |
净利率CVNAKMX
| Q4 25 | 15.3% | 1.1% | ||
| Q3 25 | 2.7% | 1.4% | ||
| Q2 25 | 3.8% | 2.8% | ||
| Q1 25 | 5.1% | 1.5% | ||
| Q4 24 | 2.2% | 2.0% | ||
| Q3 24 | 2.3% | 1.9% | ||
| Q2 24 | 0.5% | 2.1% | ||
| Q1 24 | 0.9% | 0.9% |
每股收益（稀释后）CVNAKMX
| Q4 25 | — | $0.43 | ||
| Q3 25 | — | $0.64 | ||
| Q2 25 | — | $1.38 | ||
| Q1 25 | — | $0.58 | ||
| Q4 24 | — | $0.81 | ||
| Q3 24 | — | $0.85 | ||
| Q2 24 | — | $0.97 | ||
| Q1 24 | $0.24 | $0.31 |
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 | $204.9M |
| 总债务越低越好 | $4.9B | $16.6B |
| 股东权益账面价值 | $3.4B | $6.1B |
| 总资产 | $13.2B | $25.6B |
| 负债/权益比越低杠杆越低 | 1.43× | 2.74× |
8季度趋势，按日历期对齐
现金及短期投资CVNAKMX
| Q4 25 | $2.3B | $204.9M | ||
| Q3 25 | $2.1B | $540.4M | ||
| Q2 25 | $1.9B | $262.8M | ||
| Q1 25 | $1.9B | $247.0M | ||
| Q4 24 | $1.7B | $271.9M | ||
| Q3 24 | $871.0M | $524.7M | ||
| Q2 24 | $542.0M | $218.9M | ||
| Q1 24 | $252.0M | $574.1M |
总债务CVNAKMX
| Q4 25 | $4.9B | $16.6B | ||
| Q3 25 | — | $17.8B | ||
| Q2 25 | — | $18.0B | ||
| Q1 25 | — | $18.1B | ||
| Q4 24 | $5.3B | $18.1B | ||
| Q3 24 | — | $18.1B | ||
| Q2 24 | — | $18.2B | ||
| Q1 24 | — | $18.0B |
股东权益CVNAKMX
| Q4 25 | $3.4B | $6.1B | ||
| Q3 25 | $2.3B | $6.2B | ||
| Q2 25 | $1.7B | $6.3B | ||
| Q1 25 | $1.5B | $6.2B | ||
| Q4 24 | $1.3B | $6.2B | ||
| Q3 24 | $611.0M | $6.2B | ||
| Q2 24 | $526.0M | $6.2B | ||
| Q1 24 | $289.0M | $6.1B |
总资产CVNAKMX
| Q4 25 | $13.2B | $25.6B | ||
| Q3 25 | $9.9B | $27.1B | ||
| Q2 25 | $9.4B | $27.4B | ||
| Q1 25 | $8.9B | $27.4B | ||
| Q4 24 | $8.5B | $27.3B | ||
| Q3 24 | $7.4B | $27.3B | ||
| Q2 24 | $7.2B | $27.2B | ||
| Q1 24 | $7.0B | $27.2B |
负债/权益比CVNAKMX
| Q4 25 | 1.43× | 2.74× | ||
| Q3 25 | — | 2.87× | ||
| Q2 25 | — | 2.86× | ||
| Q1 25 | — | 2.91× | ||
| Q4 24 | 4.20× | 2.92× | ||
| Q3 24 | — | 2.93× | ||
| Q2 24 | — | 2.95× | ||
| Q1 24 | — | 2.96× |
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 | $1.3B |
| 自由现金流经营现金流 - 资本支出 | $379.0M | $1.1B |
| 自由现金流率自由现金流/营收 | 6.8% | 19.2% |
| 资本支出强度资本支出/营收 | 0.9% | 2.4% |
| 现金转化率经营现金流/净利润 | 0.50× | 20.14× |
| 过去12个月自由现金流最近4个季度 | $889.0M | $1.9B |
8季度趋势，按日历期对齐
经营现金流CVNAKMX
| Q4 25 | $430.0M | $1.3B | ||
| Q3 25 | $345.0M | $785.5M | ||
| Q2 25 | $29.0M | $299.5M | ||
| Q1 25 | $232.0M | $146.4M | ||
| Q4 24 | $60.0M | $-23.4M | ||
| Q3 24 | $403.0M | $619.1M | ||
| Q2 24 | $354.0M | $-117.7M | ||
| Q1 24 | $101.0M | $309.6M |
自由现金流CVNAKMX
| Q4 25 | $379.0M | $1.1B | ||
| Q3 25 | $307.0M | $654.0M | ||
| Q2 25 | $-2.0M | $162.8M | ||
| Q1 25 | $205.0M | $18.8M | ||
| Q4 24 | $36.0M | $-150.6M | ||
| Q3 24 | $376.0M | $509.9M | ||
| Q2 24 | $332.0M | $-221.6M | ||
| Q1 24 | $83.0M | $199.8M |
自由现金流率CVNAKMX
| Q4 25 | 6.8% | 19.2% | ||
| Q3 25 | 5.4% | 9.9% | ||
| Q2 25 | -0.0% | 2.2% | ||
| Q1 25 | 4.8% | 0.3% | ||
| Q4 24 | 1.0% | -2.4% | ||
| Q3 24 | 10.3% | 7.3% | ||
| Q2 24 | 9.7% | -3.1% | ||
| Q1 24 | 2.7% | 3.6% |
资本支出强度CVNAKMX
| Q4 25 | 0.9% | 2.4% | ||
| Q3 25 | 0.7% | 2.0% | ||
| Q2 25 | 0.6% | 1.8% | ||
| Q1 25 | 0.6% | 2.1% | ||
| Q4 24 | 0.7% | 2.0% | ||
| Q3 24 | 0.7% | 1.6% | ||
| Q2 24 | 0.6% | 1.5% | ||
| Q1 24 | 0.6% | 2.0% |
现金转化率CVNAKMX
| Q4 25 | 0.50× | 20.14× | ||
| Q3 25 | 2.28× | 8.24× | ||
| Q2 25 | 0.16× | 1.42× | ||
| Q1 25 | 1.07× | 1.63× | ||
| Q4 24 | 0.76× | -0.19× | ||
| Q3 24 | 4.74× | 4.66× | ||
| Q2 24 | 19.67× | -0.77× | ||
| Q1 24 | 3.61× | 6.16× |
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% |
KMX
| Used Vehicles | $4.5B | 78% |
| Wholesale Vehicles | $1.1B | 19% |
| Other | $150.6M | 3% |
| Extendedprotectionplan Domain | $96.6M | 2% |
| Advertising Subscription Revenues Domain | $35.1M | 1% |
| Service Domain | $18.5M | 0% |
| Thirdpartyfinancefees Domain | $3.0M | 0% |
