vs
CARVANA CO.（CVNA）与MARKEL GROUP INC.（MKL）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MARKEL GROUP INC.的1.6倍（$5.6B vs $3.6B），MARKEL GROUP INC.净利率更高（16.1% vs 15.3%，领先0.8%），CARVANA CO.同比增速更快（58.0% vs -6.9%），MARKEL GROUP INC.自由现金流更多（$599.1M vs $379.0M），过去两年CARVANA CO.的营收复合增速更高（35.3% vs -10.5%）
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。
Markel集团是总部位于美国弗吉尼亚州里士满的综合性企业集团，1930年最初以保险公司的身份创立，发展至今业务已覆盖保险承保、投资管理等多个板块，在全球相关行业拥有较高的市场知名度与稳定的合作网络。
CVNA vs MKL — 直观对比
营收规模更大
CVNA
是对方的1.6倍
$3.6B
营收增速更快
CVNA
高出64.8%
-6.9%
净利率更高
MKL
高出0.8%
15.3%
自由现金流更多
MKL
多$220.1M
$379.0M
两年增速更快
CVNA
近两年复合增速
-10.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.6B | $3.6B |
| 净利润 | $857.0M | $576.8M |
| 毛利率 | 18.8% | — |
| 营业利润率 | 7.6% | 22.2% |
| 净利率 | 15.3% | 16.1% |
| 营收同比 | 58.0% | -6.9% |
| 净利润同比 | 984.8% | 5.0% |
| 每股收益（稀释后） | — | $48.22 |
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CVNAMKL
| Q4 25 | $5.6B | $3.6B | ||
| Q3 25 | $5.6B | $3.9B | ||
| Q2 25 | $4.8B | $4.6B | ||
| Q1 25 | $4.2B | $3.4B | ||
| Q4 24 | $3.5B | $3.8B | ||
| Q3 24 | $3.7B | $4.6B | ||
| Q2 24 | $3.4B | $3.7B | ||
| Q1 24 | $3.1B | $4.5B |
净利润CVNAMKL
| Q4 25 | $857.0M | $576.8M | ||
| Q3 25 | $151.0M | $751.3M | ||
| Q2 25 | $183.0M | $657.1M | ||
| Q1 25 | $216.0M | $121.7M | ||
| Q4 24 | $79.0M | $549.2M | ||
| Q3 24 | $85.0M | $905.0M | ||
| Q2 24 | $18.0M | $267.7M | ||
| Q1 24 | $28.0M | $1.0B |
毛利率CVNAMKL
| 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CVNAMKL
| Q4 25 | 7.6% | 22.2% | ||
| Q3 25 | 9.8% | 25.7% | ||
| Q2 25 | 10.6% | 24.1% | ||
| Q1 25 | 9.3% | 8.3% | ||
| Q4 24 | 7.3% | 15.5% | ||
| Q3 24 | 9.2% | 29.7% | ||
| Q2 24 | 7.6% | 11.1% | ||
| Q1 24 | 4.4% | 29.9% |
净利率CVNAMKL
| Q4 25 | 15.3% | 16.1% | ||
| Q3 25 | 2.7% | 19.1% | ||
| Q2 25 | 3.8% | 14.3% | ||
| Q1 25 | 5.1% | 3.6% | ||
| Q4 24 | 2.2% | 14.3% | ||
| Q3 24 | 2.3% | 19.6% | ||
| Q2 24 | 0.5% | 7.2% | ||
| Q1 24 | 0.9% | 23.0% |
每股收益（稀释后）CVNAMKL
| Q4 25 | — | $48.22 | ||
| Q3 25 | — | $59.25 | ||
| Q2 25 | — | $49.67 | ||
| Q1 25 | — | $12.08 | ||
| Q4 24 | — | $39.02 | ||
| Q3 24 | — | $66.25 | ||
| Q2 24 | — | $18.62 | ||
| Q1 24 | $0.24 | $75.43 |
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 | $4.0B |
| 总债务越低越好 | $4.9B | $4.3B |
| 股东权益账面价值 | $3.4B | $18.6B |
| 总资产 | $13.2B | $68.9B |
| 负债/权益比越低杠杆越低 | 1.43× | 0.23× |
8季度趋势，按日历期对齐
现金及短期投资CVNAMKL
| Q4 25 | $2.3B | $4.0B | ||
| Q3 25 | $2.1B | $4.0B | ||
| Q2 25 | $1.9B | $3.7B | ||
| Q1 25 | $1.9B | $4.2B | ||
| Q4 24 | $1.7B | $3.7B | ||
| Q3 24 | $871.0M | $3.9B | ||
| Q2 24 | $542.0M | $3.5B | ||
| Q1 24 | $252.0M | $3.6B |
总债务CVNAMKL
| Q4 25 | $4.9B | $4.3B | ||
| Q3 25 | — | $4.3B | ||
| Q2 25 | — | $4.4B | ||
| Q1 25 | — | $4.4B | ||
| Q4 24 | $5.3B | $4.3B | ||
| Q3 24 | — | $4.4B | ||
| Q2 24 | — | $4.4B | ||
| Q1 24 | — | $3.9B |
股东权益CVNAMKL
| Q4 25 | $3.4B | $18.6B | ||
| Q3 25 | $2.3B | $18.0B | ||
| Q2 25 | $1.7B | $17.3B | ||
| Q1 25 | $1.5B | $17.1B | ||
| Q4 24 | $1.3B | $16.9B | ||
| Q3 24 | $611.0M | $17.0B | ||
| Q2 24 | $526.0M | $15.9B | ||
| Q1 24 | $289.0M | $15.7B |
总资产CVNAMKL
| Q4 25 | $13.2B | $68.9B | ||
| Q3 25 | $9.9B | $67.4B | ||
| Q2 25 | $9.4B | $66.8B | ||
| Q1 25 | $8.9B | $64.6B | ||
| Q4 24 | $8.5B | $61.9B | ||
| Q3 24 | $7.4B | $62.3B | ||
| Q2 24 | $7.2B | $59.7B | ||
| Q1 24 | $7.0B | $57.3B |
负债/权益比CVNAMKL
| Q4 25 | 1.43× | 0.23× | ||
| Q3 25 | — | 0.24× | ||
| Q2 25 | — | 0.25× | ||
| Q1 25 | — | 0.26× | ||
| Q4 24 | 4.20× | 0.26× | ||
| Q3 24 | — | 0.26× | ||
| Q2 24 | — | 0.28× | ||
| Q1 24 | — | 0.25× |
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 | $662.2M |
| 自由现金流经营现金流 - 资本支出 | $379.0M | $599.1M |
| 自由现金流率自由现金流/营收 | 6.8% | 16.7% |
| 资本支出强度资本支出/营收 | 0.9% | 1.8% |
| 现金转化率经营现金流/净利润 | 0.50× | 1.15× |
| 过去12个月自由现金流最近4个季度 | $889.0M | $2.6B |
8季度趋势，按日历期对齐
经营现金流CVNAMKL
| Q4 25 | $430.0M | $662.2M | ||
| Q3 25 | $345.0M | $1.2B | ||
| Q2 25 | $29.0M | $504.4M | ||
| Q1 25 | $232.0M | $376.2M | ||
| Q4 24 | $60.0M | $493.9M | ||
| Q3 24 | $403.0M | $890.8M | ||
| Q2 24 | $354.0M | $578.6M | ||
| Q1 24 | $101.0M | $630.7M |
自由现金流CVNAMKL
| Q4 25 | $379.0M | $599.1M | ||
| Q3 25 | $307.0M | $1.2B | ||
| Q2 25 | $-2.0M | $453.8M | ||
| Q1 25 | $205.0M | $335.5M | ||
| Q4 24 | $36.0M | $420.0M | ||
| Q3 24 | $376.0M | $838.9M | ||
| Q2 24 | $332.0M | $521.4M | ||
| Q1 24 | $83.0M | $558.7M |
自由现金流率CVNAMKL
| Q4 25 | 6.8% | 16.7% | ||
| Q3 25 | 5.4% | 29.6% | ||
| Q2 25 | -0.0% | 9.9% | ||
| Q1 25 | 4.8% | 9.9% | ||
| Q4 24 | 1.0% | 10.9% | ||
| Q3 24 | 10.3% | 18.2% | ||
| Q2 24 | 9.7% | 14.1% | ||
| Q1 24 | 2.7% | 12.5% |
资本支出强度CVNAMKL
| Q4 25 | 0.9% | 1.8% | ||
| Q3 25 | 0.7% | 1.3% | ||
| Q2 25 | 0.6% | 1.1% | ||
| Q1 25 | 0.6% | 1.2% | ||
| Q4 24 | 0.7% | 1.9% | ||
| Q3 24 | 0.7% | 1.1% | ||
| Q2 24 | 0.6% | 1.5% | ||
| Q1 24 | 0.6% | 1.6% |
现金转化率CVNAMKL
| Q4 25 | 0.50× | 1.15× | ||
| Q3 25 | 2.28× | 1.62× | ||
| Q2 25 | 0.16× | 0.77× | ||
| Q1 25 | 1.07× | 3.09× | ||
| Q4 24 | 0.76× | 0.90× | ||
| Q3 24 | 4.74× | 0.98× | ||
| Q2 24 | 19.67× | 2.16× | ||
| Q1 24 | 3.61× | 0.62× |
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% |
MKL
| Industrial | $1.6B | 45% |
| Consumer And Other | $958.3M | 27% |
| Financial | $737.0M | 21% |
| Other | $198.8M | 6% |
| Corporate Operations | $52.0M | 1% |
| Revenue From Contract With Customer | $10.5M | 0% |
