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CARVANA CO.（CVNA）与林德（LIN）财务数据对比。点击上方公司名可切换其他公司
林德的季度营收约是CARVANA CO.的1.6倍（$8.8B vs $5.6B），林德净利率更高（17.5% vs 15.3%，领先2.2%），CARVANA CO.同比增速更快（58.0% vs 5.8%），林德自由现金流更多（$1.6B vs $379.0M），过去两年CARVANA CO.的营收复合增速更高（35.3% vs 4.0%）
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。
林德是全球知名跨国化工企业，按市场份额及营收计为全球最大工业气体供应商。公司1879年由德国科学家、工程师卡尔·冯·林德在德国威斯巴登创立，现总部位于英国沃金，在爱尔兰注册，2018年由原林德股份公司与1907年在美国成立的普莱克斯合并组建。
CVNA vs LIN — 直观对比
营收规模更大
LIN
是对方的1.6倍
$5.6B
营收增速更快
CVNA
高出52.1%
5.8%
净利率更高
LIN
高出2.2%
15.3%
自由现金流更多
LIN
多$1.2B
$379.0M
两年增速更快
CVNA
近两年复合增速
4.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.6B | $8.8B |
| 净利润 | $857.0M | $1.5B |
| 毛利率 | 18.8% | — |
| 营业利润率 | 7.6% | 23.0% |
| 净利率 | 15.3% | 17.5% |
| 营收同比 | 58.0% | 5.8% |
| 净利润同比 | 984.8% | -11.3% |
| 每股收益（稀释后） | — | $3.28 |
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CVNALIN
| Q4 25 | $5.6B | $8.8B | ||
| Q3 25 | $5.6B | $8.6B | ||
| Q2 25 | $4.8B | $8.5B | ||
| Q1 25 | $4.2B | $8.1B | ||
| Q4 24 | $3.5B | $8.3B | ||
| Q3 24 | $3.7B | $8.4B | ||
| Q2 24 | $3.4B | $8.3B | ||
| Q1 24 | $3.1B | $8.1B |
净利润CVNALIN
| Q4 25 | $857.0M | $1.5B | ||
| Q3 25 | $151.0M | $1.9B | ||
| Q2 25 | $183.0M | $1.8B | ||
| Q1 25 | $216.0M | $1.7B | ||
| Q4 24 | $79.0M | $1.7B | ||
| Q3 24 | $85.0M | $1.6B | ||
| Q2 24 | $18.0M | $1.7B | ||
| Q1 24 | $28.0M | $1.6B |
毛利率CVNALIN
| Q4 25 | 18.8% | — | ||
| Q3 25 | 20.3% | — | ||
| Q2 25 | 22.0% | — | ||
| Q1 25 | 22.0% | — | ||
| Q4 24 | 21.5% | — | ||
| Q3 24 | 22.1% | — | ||
| Q2 24 | 21.0% | — | ||
| Q1 24 | 19.3% | — |
营业利润率CVNALIN
| Q4 25 | 7.6% | 23.0% | ||
| Q3 25 | 9.8% | 27.5% | ||
| Q2 25 | 10.6% | 27.7% | ||
| Q1 25 | 9.3% | 26.9% | ||
| Q4 24 | 7.3% | 27.4% | ||
| Q3 24 | 9.2% | 25.0% | ||
| Q2 24 | 7.6% | 26.4% | ||
| Q1 24 | 4.4% | 25.9% |
净利率CVNALIN
| Q4 25 | 15.3% | 17.5% | ||
| Q3 25 | 2.7% | 22.4% | ||
| Q2 25 | 3.8% | 20.8% | ||
| Q1 25 | 5.1% | 20.6% | ||
| Q4 24 | 2.2% | 20.8% | ||
| Q3 24 | 2.3% | 18.5% | ||
| Q2 24 | 0.5% | 20.1% | ||
| Q1 24 | 0.9% | 20.1% |
每股收益（稀释后）CVNALIN
| Q4 25 | — | $3.28 | ||
| Q3 25 | — | $4.09 | ||
| Q2 25 | — | $3.73 | ||
| Q1 25 | — | $3.51 | ||
| Q4 24 | — | $3.61 | ||
| Q3 24 | — | $3.22 | ||
| Q2 24 | — | $3.44 | ||
| Q1 24 | $0.24 | $3.35 |
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 | $5.1B |
| 总债务越低越好 | $4.9B | $20.7B |
| 股东权益账面价值 | $3.4B | $38.2B |
| 总资产 | $13.2B | $86.8B |
| 负债/权益比越低杠杆越低 | 1.43× | 0.54× |
8季度趋势，按日历期对齐
现金及短期投资CVNALIN
| Q4 25 | $2.3B | $5.1B | ||
| Q3 25 | $2.1B | $4.5B | ||
| Q2 25 | $1.9B | $4.8B | ||
| Q1 25 | $1.9B | $5.3B | ||
| Q4 24 | $1.7B | $4.8B | ||
| Q3 24 | $871.0M | $5.2B | ||
| Q2 24 | $542.0M | $4.6B | ||
| Q1 24 | $252.0M | $4.8B |
总债务CVNALIN
| Q4 25 | $4.9B | $20.7B | ||
| Q3 25 | — | $18.6B | ||
| Q2 25 | — | $19.7B | ||
| Q1 25 | — | $17.6B | ||
| Q4 24 | $5.3B | $15.3B | ||
| Q3 24 | — | $17.5B | ||
| Q2 24 | — | $16.9B | ||
| Q1 24 | — | $15.2B |
股东权益CVNALIN
| Q4 25 | $3.4B | $38.2B | ||
| Q3 25 | $2.3B | $38.6B | ||
| Q2 25 | $1.7B | $38.5B | ||
| Q1 25 | $1.5B | $38.0B | ||
| Q4 24 | $1.3B | $38.1B | ||
| Q3 24 | $611.0M | $39.2B | ||
| Q2 24 | $526.0M | $38.2B | ||
| Q1 24 | $289.0M | $38.8B |
总资产CVNALIN
| Q4 25 | $13.2B | $86.8B | ||
| Q3 25 | $9.9B | $86.0B | ||
| Q2 25 | $9.4B | $86.1B | ||
| Q1 25 | $8.9B | $82.7B | ||
| Q4 24 | $8.5B | $80.1B | ||
| Q3 24 | $7.4B | $82.5B | ||
| Q2 24 | $7.2B | $80.2B | ||
| Q1 24 | $7.0B | $80.3B |
负债/权益比CVNALIN
| Q4 25 | 1.43× | 0.54× | ||
| Q3 25 | — | 0.48× | ||
| Q2 25 | — | 0.51× | ||
| Q1 25 | — | 0.46× | ||
| Q4 24 | 4.20× | 0.40× | ||
| Q3 24 | — | 0.45× | ||
| Q2 24 | — | 0.44× | ||
| Q1 24 | — | 0.39× |
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 | $3.0B |
| 自由现金流经营现金流 - 资本支出 | $379.0M | $1.6B |
| 自由现金流率自由现金流/营收 | 6.8% | 17.9% |
| 资本支出强度资本支出/营收 | 0.9% | 16.6% |
| 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 | $5.1B |
8季度趋势，按日历期对齐
经营现金流CVNALIN
| Q4 25 | $430.0M | $3.0B | ||
| Q3 25 | $345.0M | $2.9B | ||
| Q2 25 | $29.0M | $2.2B | ||
| Q1 25 | $232.0M | $2.2B | ||
| Q4 24 | $60.0M | $2.8B | ||
| Q3 24 | $403.0M | $2.7B | ||
| Q2 24 | $354.0M | $1.9B | ||
| Q1 24 | $101.0M | $2.0B |
自由现金流CVNALIN
| Q4 25 | $379.0M | $1.6B | ||
| Q3 25 | $307.0M | $1.7B | ||
| Q2 25 | $-2.0M | $954.0M | ||
| Q1 25 | $205.0M | $891.0M | ||
| Q4 24 | $36.0M | $1.6B | ||
| Q3 24 | $376.0M | $1.7B | ||
| Q2 24 | $332.0M | $796.0M | ||
| Q1 24 | $83.0M | $906.0M |
自由现金流率CVNALIN
| Q4 25 | 6.8% | 17.9% | ||
| Q3 25 | 5.4% | 19.4% | ||
| Q2 25 | -0.0% | 11.2% | ||
| Q1 25 | 4.8% | 11.0% | ||
| Q4 24 | 1.0% | 18.8% | ||
| Q3 24 | 10.3% | 19.9% | ||
| Q2 24 | 9.7% | 9.6% | ||
| Q1 24 | 2.7% | 11.2% |
资本支出强度CVNALIN
| Q4 25 | 0.9% | 16.6% | ||
| Q3 25 | 0.7% | 14.8% | ||
| Q2 25 | 0.6% | 14.8% | ||
| Q1 25 | 0.6% | 15.7% | ||
| Q4 24 | 0.7% | 15.1% | ||
| Q3 24 | 0.7% | 12.8% | ||
| Q2 24 | 0.6% | 13.7% | ||
| Q1 24 | 0.6% | 12.9% |
现金转化率CVNALIN
| Q4 25 | 0.50× | 1.98× | ||
| Q3 25 | 2.28× | 1.53× | ||
| Q2 25 | 0.16× | 1.25× | ||
| Q1 25 | 1.07× | 1.29× | ||
| Q4 24 | 0.76× | 1.63× | ||
| Q3 24 | 4.74× | 1.76× | ||
| Q2 24 | 19.67× | 1.16× | ||
| Q1 24 | 3.61× | 1.20× |
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% |
LIN
| Other | $4.9B | 56% |
| Packaged Gas | $1.6B | 19% |
| Merchant | $1.2B | 14% |
| On Site | $950.0M | 11% |
| Other Distribution Methods | $64.0M | 1% |
