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CARVANA CO.（CVNA）与万事达卡（MA）财务数据对比。点击上方公司名可切换其他公司
万事达卡的季度营收约是CARVANA CO.的1.6倍（$8.8B vs $5.6B），万事达卡净利率更高（46.1% vs 15.3%，领先30.8%），CARVANA CO.同比增速更快（58.0% vs 17.6%），万事达卡自由现金流更多（$4.9B vs $379.0M），过去两年CARVANA CO.的营收复合增速更高（35.3% vs 17.8%）
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。
万事达卡是总部位于美国纽约帕切斯的跨国支付卡服务企业，核心业务为处理商户收单银行与持卡人发卡机构之间的支付交易，同时提供旗下品牌借记卡、信用卡、预付卡及相关配套支付服务，服务网络覆盖全球，于2006年公开上市。
CVNA vs MA — 直观对比
营收规模更大
MA
是对方的1.6倍
$5.6B
营收增速更快
CVNA
高出40.4%
17.6%
净利率更高
MA
高出30.8%
15.3%
自由现金流更多
MA
多$4.5B
$379.0M
两年增速更快
CVNA
近两年复合增速
17.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.6B | $8.8B |
| 净利润 | $857.0M | $4.1B |
| 毛利率 | 18.8% | — |
| 营业利润率 | 7.6% | 55.8% |
| 净利率 | 15.3% | 46.1% |
| 营收同比 | 58.0% | 17.6% |
| 净利润同比 | 984.8% | 21.5% |
| 每股收益（稀释后） | — | $4.52 |
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CVNAMA
| Q4 25 | $5.6B | $8.8B | ||
| Q3 25 | $5.6B | $8.6B | ||
| Q2 25 | $4.8B | $8.1B | ||
| Q1 25 | $4.2B | $7.3B | ||
| Q4 24 | $3.5B | $7.5B | ||
| Q3 24 | $3.7B | $7.4B | ||
| Q2 24 | $3.4B | $7.0B | ||
| Q1 24 | $3.1B | $6.3B |
净利润CVNAMA
| Q4 25 | $857.0M | $4.1B | ||
| Q3 25 | $151.0M | $3.9B | ||
| Q2 25 | $183.0M | $3.7B | ||
| Q1 25 | $216.0M | $3.3B | ||
| Q4 24 | $79.0M | $3.3B | ||
| Q3 24 | $85.0M | $3.3B | ||
| Q2 24 | $18.0M | $3.3B | ||
| Q1 24 | $28.0M | $3.0B |
毛利率CVNAMA
| 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CVNAMA
| Q4 25 | 7.6% | 55.8% | ||
| Q3 25 | 9.8% | 58.8% | ||
| Q2 25 | 10.6% | 58.7% | ||
| Q1 25 | 9.3% | 57.2% | ||
| Q4 24 | 7.3% | 52.6% | ||
| Q3 24 | 9.2% | 54.3% | ||
| Q2 24 | 7.6% | 58.0% | ||
| Q1 24 | 4.4% | 56.8% |
净利率CVNAMA
| Q4 25 | 15.3% | 46.1% | ||
| Q3 25 | 2.7% | 45.7% | ||
| Q2 25 | 3.8% | 45.5% | ||
| Q1 25 | 5.1% | 45.2% | ||
| Q4 24 | 2.2% | 44.6% | ||
| Q3 24 | 2.3% | 44.3% | ||
| Q2 24 | 0.5% | 46.8% | ||
| Q1 24 | 0.9% | 47.4% |
每股收益（稀释后）CVNAMA
| Q4 25 | — | $4.52 | ||
| Q3 25 | — | $4.34 | ||
| Q2 25 | — | $4.07 | ||
| Q1 25 | — | $3.59 | ||
| Q4 24 | — | $3.64 | ||
| Q3 24 | — | $3.53 | ||
| Q2 24 | — | $3.50 | ||
| Q1 24 | $0.24 | $3.22 |
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 | $10.6B |
| 总债务越低越好 | $4.9B | — |
| 股东权益账面价值 | $3.4B | $7.7B |
| 总资产 | $13.2B | $54.2B |
| 负债/权益比越低杠杆越低 | 1.43× | — |
8季度趋势，按日历期对齐
现金及短期投资CVNAMA
| Q4 25 | $2.3B | $10.6B | ||
| Q3 25 | $2.1B | $10.3B | ||
| Q2 25 | $1.9B | $9.0B | ||
| Q1 25 | $1.9B | $7.6B | ||
| Q4 24 | $1.7B | $8.4B | ||
| Q3 24 | $871.0M | $11.1B | ||
| Q2 24 | $542.0M | $7.0B | ||
| Q1 24 | $252.0M | $7.3B |
总债务CVNAMA
| Q4 25 | $4.9B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $5.3B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益CVNAMA
| Q4 25 | $3.4B | $7.7B | ||
| Q3 25 | $2.3B | $7.9B | ||
| Q2 25 | $1.7B | $7.9B | ||
| Q1 25 | $1.5B | $6.7B | ||
| Q4 24 | $1.3B | $6.5B | ||
| Q3 24 | $611.0M | $7.4B | ||
| Q2 24 | $526.0M | $7.4B | ||
| Q1 24 | $289.0M | $7.2B |
总资产CVNAMA
| Q4 25 | $13.2B | $54.2B | ||
| Q3 25 | $9.9B | $53.3B | ||
| Q2 25 | $9.4B | $51.4B | ||
| Q1 25 | $8.9B | $48.5B | ||
| Q4 24 | $8.5B | $48.1B | ||
| Q3 24 | $7.4B | $47.2B | ||
| Q2 24 | $7.2B | $42.3B | ||
| Q1 24 | $7.0B | $42.6B |
负债/权益比CVNAMA
| Q4 25 | 1.43× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 4.20× | — | ||
| Q3 24 | — | — | ||
| 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 | $5.0B |
| 自由现金流经营现金流 - 资本支出 | $379.0M | $4.9B |
| 自由现金流率自由现金流/营收 | 6.8% | 55.5% |
| 资本支出强度资本支出/营收 | 0.9% | 1.3% |
| 现金转化率经营现金流/净利润 | 0.50× | 1.23× |
| 过去12个月自由现金流最近4个季度 | $889.0M | $17.2B |
8季度趋势，按日历期对齐
经营现金流CVNAMA
| Q4 25 | $430.0M | $5.0B | ||
| Q3 25 | $345.0M | $5.7B | ||
| Q2 25 | $29.0M | $4.6B | ||
| Q1 25 | $232.0M | $2.4B | ||
| Q4 24 | $60.0M | $4.8B | ||
| Q3 24 | $403.0M | $5.1B | ||
| Q2 24 | $354.0M | $3.1B | ||
| Q1 24 | $101.0M | $1.7B |
自由现金流CVNAMA
| Q4 25 | $379.0M | $4.9B | ||
| Q3 25 | $307.0M | $5.5B | ||
| Q2 25 | $-2.0M | $4.6B | ||
| Q1 25 | $205.0M | $2.2B | ||
| Q4 24 | $36.0M | $4.7B | ||
| Q3 24 | $376.0M | $5.0B | ||
| Q2 24 | $332.0M | $3.0B | ||
| Q1 24 | $83.0M | $1.5B |
自由现金流率CVNAMA
| Q4 25 | 6.8% | 55.5% | ||
| Q3 25 | 5.4% | 63.8% | ||
| Q2 25 | -0.0% | 56.1% | ||
| Q1 25 | 4.8% | 30.6% | ||
| Q4 24 | 1.0% | 63.3% | ||
| Q3 24 | 10.3% | 68.2% | ||
| Q2 24 | 9.7% | 43.4% | ||
| Q1 24 | 2.7% | 23.9% |
资本支出强度CVNAMA
| Q4 25 | 0.9% | 1.3% | ||
| Q3 25 | 0.7% | 2.1% | ||
| Q2 25 | 0.6% | 0.5% | ||
| Q1 25 | 0.6% | 2.2% | ||
| Q4 24 | 0.7% | 1.3% | ||
| Q3 24 | 0.7% | 1.5% | ||
| Q2 24 | 0.6% | 1.7% | ||
| Q1 24 | 0.6% | 2.5% |
现金转化率CVNAMA
| Q4 25 | 0.50× | 1.23× | ||
| Q3 25 | 2.28× | 1.44× | ||
| Q2 25 | 0.16× | 1.24× | ||
| Q1 25 | 1.07× | 0.73× | ||
| Q4 24 | 0.76× | 1.45× | ||
| Q3 24 | 4.74× | 1.57× | ||
| Q2 24 | 19.67× | 0.96× | ||
| Q1 24 | 3.61× | 0.56× |
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% |
MA
| Payment Network | $4.9B | 56% |
| Value Added Services And Solutions | $3.9B | 44% |
