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CARVANA CO.（CVNA）与Live Nation Entertainment（LYV）财务数据对比。点击上方公司名可切换其他公司
Live Nation Entertainment的季度营收约是CARVANA CO.的1.1倍（$6.3B vs $5.6B），CARVANA CO.净利率更高（15.3% vs -3.2%，领先18.5%），CARVANA CO.同比增速更快（58.0% vs 11.1%），CARVANA CO.自由现金流更多（$379.0M vs $-405.6M），过去两年CARVANA CO.的营收复合增速更高（35.3% vs 28.9%）
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。
Live Nation Entertainment是美国跨国娱乐企业，2010年由Live Nation与Ticketmaster合并成立，旗下保留运营两大原有品牌。公司业务覆盖全球，主营现场娱乐活动宣发、票务销售，同时持有并运营多家娱乐场馆，还为音乐人提供艺人经纪管理服务。
CVNA vs LYV — 直观对比
营收规模更大
LYV
是对方的1.1倍
$5.6B
营收增速更快
CVNA
高出46.8%
11.1%
净利率更高
CVNA
高出18.5%
-3.2%
自由现金流更多
CVNA
多$784.6M
$-405.6M
两年增速更快
CVNA
近两年复合增速
28.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.6B | $6.3B |
| 净利润 | $857.0M | $-202.1M |
| 毛利率 | 18.8% | — |
| 营业利润率 | 7.6% | -2.3% |
| 净利率 | 15.3% | -3.2% |
| 营收同比 | 58.0% | 11.1% |
| 净利润同比 | 984.8% | -204.6% |
| 每股收益（稀释后） | — | $-1.06 |
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CVNALYV
| Q4 25 | $5.6B | $6.3B | ||
| Q3 25 | $5.6B | $8.5B | ||
| Q2 25 | $4.8B | $7.0B | ||
| Q1 25 | $4.2B | $3.4B | ||
| Q4 24 | $3.5B | $5.7B | ||
| Q3 24 | $3.7B | $7.7B | ||
| Q2 24 | $3.4B | $6.0B | ||
| Q1 24 | $3.1B | $3.8B |
净利润CVNALYV
| Q4 25 | $857.0M | $-202.1M | ||
| Q3 25 | $151.0M | $431.5M | ||
| Q2 25 | $183.0M | $243.4M | ||
| Q1 25 | $216.0M | $23.2M | ||
| Q4 24 | $79.0M | $193.2M | ||
| Q3 24 | $85.0M | $451.8M | ||
| Q2 24 | $18.0M | $298.0M | ||
| Q1 24 | $28.0M | $-46.7M |
毛利率CVNALYV
| 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CVNALYV
| Q4 25 | 7.6% | -2.3% | ||
| Q3 25 | 9.8% | 9.3% | ||
| Q2 25 | 10.6% | 6.9% | ||
| Q1 25 | 9.3% | 3.4% | ||
| Q4 24 | 7.3% | -4.3% | ||
| Q3 24 | 9.2% | 8.4% | ||
| Q2 24 | 7.6% | 7.7% | ||
| Q1 24 | 4.4% | -1.0% |
净利率CVNALYV
| Q4 25 | 15.3% | -3.2% | ||
| Q3 25 | 2.7% | 5.1% | ||
| Q2 25 | 3.8% | 3.5% | ||
| Q1 25 | 5.1% | 0.7% | ||
| Q4 24 | 2.2% | 3.4% | ||
| Q3 24 | 2.3% | 5.9% | ||
| Q2 24 | 0.5% | 4.9% | ||
| Q1 24 | 0.9% | -1.2% |
每股收益（稀释后）CVNALYV
| Q4 25 | — | $-1.06 | ||
| Q3 25 | — | $0.73 | ||
| Q2 25 | — | $0.41 | ||
| Q1 25 | — | $-0.32 | ||
| Q4 24 | — | $0.58 | ||
| Q3 24 | — | $1.66 | ||
| Q2 24 | — | $1.03 | ||
| Q1 24 | $0.24 | $-0.53 |
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 | $7.1B |
| 总债务越低越好 | $4.9B | $7.6B |
| 股东权益账面价值 | $3.4B | $271.0M |
| 总资产 | $13.2B | $22.9B |
| 负债/权益比越低杠杆越低 | 1.43× | 28.09× |
8季度趋势，按日历期对齐
现金及短期投资CVNALYV
| Q4 25 | $2.3B | $7.1B | ||
| Q3 25 | $2.1B | $6.8B | ||
| Q2 25 | $1.9B | $7.1B | ||
| Q1 25 | $1.9B | $7.2B | ||
| Q4 24 | $1.7B | $6.1B | ||
| Q3 24 | $871.0M | $5.5B | ||
| Q2 24 | $542.0M | $6.4B | ||
| Q1 24 | $252.0M | $6.5B |
总债务CVNALYV
| Q4 25 | $4.9B | $7.6B | ||
| Q3 25 | — | $6.1B | ||
| Q2 25 | — | $5.0B | ||
| Q1 25 | — | $5.9B | ||
| Q4 24 | $5.3B | $6.2B | ||
| Q3 24 | — | $5.7B | ||
| Q2 24 | — | $5.1B | ||
| Q1 24 | — | $5.1B |
股东权益CVNALYV
| Q4 25 | $3.4B | $271.0M | ||
| Q3 25 | $2.3B | $521.3M | ||
| Q2 25 | $1.7B | $360.1M | ||
| Q1 25 | $1.5B | $106.0M | ||
| Q4 24 | $1.3B | $173.3M | ||
| Q3 24 | $611.0M | $288.0M | ||
| Q2 24 | $526.0M | $-43.3M | ||
| Q1 24 | $289.0M | $-114.8M |
总资产CVNALYV
| Q4 25 | $13.2B | $22.9B | ||
| Q3 25 | $9.9B | $22.9B | ||
| Q2 25 | $9.4B | $23.2B | ||
| Q1 25 | $8.9B | $21.8B | ||
| Q4 24 | $8.5B | $19.6B | ||
| Q3 24 | $7.4B | $19.7B | ||
| Q2 24 | $7.2B | $20.5B | ||
| Q1 24 | $7.0B | $20.0B |
负债/权益比CVNALYV
| Q4 25 | 1.43× | 28.09× | ||
| Q3 25 | — | 11.71× | ||
| Q2 25 | — | 13.86× | ||
| Q1 25 | — | 55.93× | ||
| Q4 24 | 4.20× | 35.65× | ||
| Q3 24 | — | 19.70× | ||
| 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 | $-53.7M |
| 自由现金流经营现金流 - 资本支出 | $379.0M | $-405.6M |
| 自由现金流率自由现金流/营收 | 6.8% | -6.4% |
| 资本支出强度资本支出/营收 | 0.9% | 5.6% |
| 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 | $333.6M |
8季度趋势，按日历期对齐
经营现金流CVNALYV
| Q4 25 | $430.0M | $-53.7M | ||
| Q3 25 | $345.0M | $-95.7M | ||
| Q2 25 | $29.0M | $223.5M | ||
| Q1 25 | $232.0M | $1.3B | ||
| Q4 24 | $60.0M | $1.0B | ||
| Q3 24 | $403.0M | $-720.9M | ||
| Q2 24 | $354.0M | $412.1M | ||
| Q1 24 | $101.0M | $988.9M |
自由现金流CVNALYV
| Q4 25 | $379.0M | $-405.6M | ||
| Q3 25 | $307.0M | $-371.3M | ||
| Q2 25 | $-2.0M | $-39.9M | ||
| Q1 25 | $205.0M | $1.2B | ||
| Q4 24 | $36.0M | $890.2M | ||
| Q3 24 | $376.0M | $-879.0M | ||
| Q2 24 | $332.0M | $212.4M | ||
| Q1 24 | $83.0M | $854.8M |
自由现金流率CVNALYV
| Q4 25 | 6.8% | -6.4% | ||
| Q3 25 | 5.4% | -4.4% | ||
| Q2 25 | -0.0% | -0.6% | ||
| Q1 25 | 4.8% | 34.0% | ||
| Q4 24 | 1.0% | 15.7% | ||
| Q3 24 | 10.3% | -11.5% | ||
| Q2 24 | 9.7% | 3.5% | ||
| Q1 24 | 2.7% | 22.5% |
资本支出强度CVNALYV
| Q4 25 | 0.9% | 5.6% | ||
| Q3 25 | 0.7% | 3.2% | ||
| Q2 25 | 0.6% | 3.8% | ||
| Q1 25 | 0.6% | 5.0% | ||
| Q4 24 | 0.7% | 2.7% | ||
| Q3 24 | 0.7% | 2.1% | ||
| Q2 24 | 0.6% | 3.3% | ||
| Q1 24 | 0.6% | 3.5% |
现金转化率CVNALYV
| Q4 25 | 0.50× | — | ||
| Q3 25 | 2.28× | -0.22× | ||
| Q2 25 | 0.16× | 0.92× | ||
| Q1 25 | 1.07× | 56.94× | ||
| Q4 24 | 0.76× | 5.41× | ||
| Q3 24 | 4.74× | -1.60× | ||
| Q2 24 | 19.67× | 1.38× | ||
| Q1 24 | 3.61× | — |
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% |
LYV
| Concerts | $5.1B | 82% |
| Ticketing | $846.2M | 13% |
| Sponsorship And Advertising | $329.9M | 5% |
