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CARVANA CO.（CVNA）与Murphy USA Inc.（MUSA）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Murphy USA Inc.的1.2倍（$5.6B vs $4.7B）。CARVANA CO.净利率更高（15.3% vs 3.0%，领先12.3%）。CARVANA CO.同比增速更快（58.0% vs 0.7%）。CARVANA CO.自由现金流更多（$379.0M vs $128.8M）。过去两年CARVANA CO.的营收复合增速更高（35.3% vs -1.0%）
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。
墨菲美国是总部位于美国阿肯色州埃尔多拉多的企业，2013年由墨菲石油分拆后独立运营，主营连锁零售加油站业务，旗下站点大多毗邻沃尔玛门店开设，为消费者提供燃油及配套零售服务。
CVNA vs MUSA — 直观对比
营收规模更大
CVNA
是对方的1.2倍
$4.7B
营收增速更快
CVNA
高出57.3%
0.7%
净利率更高
CVNA
高出12.3%
3.0%
自由现金流更多
CVNA
多$250.2M
$128.8M
两年增速更快
CVNA
近两年复合增速
-1.0%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $5.6B | $4.7B |
| 净利润 | $857.0M | $141.9M |
| 毛利率 | 18.8% | — |
| 营业利润率 | 7.6% | 4.4% |
| 净利率 | 15.3% | 3.0% |
| 营收同比 | 58.0% | 0.7% |
| 净利润同比 | 984.8% | -0.4% |
| 每股收益（稀释后） | — | $7.35 |
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CVNAMUSA
| Q4 25 | $5.6B | $4.7B | ||
| Q3 25 | $5.6B | $5.1B | ||
| Q2 25 | $4.8B | $5.0B | ||
| Q1 25 | $4.2B | $4.5B | ||
| Q4 24 | $3.5B | $4.7B | ||
| Q3 24 | $3.7B | $5.2B | ||
| Q2 24 | $3.4B | $5.5B | ||
| Q1 24 | $3.1B | $4.8B |
净利润CVNAMUSA
| Q4 25 | $857.0M | $141.9M | ||
| Q3 25 | $151.0M | $129.9M | ||
| Q2 25 | $183.0M | $145.6M | ||
| Q1 25 | $216.0M | $53.2M | ||
| Q4 24 | $79.0M | $142.5M | ||
| Q3 24 | $85.0M | $149.2M | ||
| Q2 24 | $18.0M | $144.8M | ||
| Q1 24 | $28.0M | $66.0M |
毛利率CVNAMUSA
| 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CVNAMUSA
| Q4 25 | 7.6% | 4.4% | ||
| Q3 25 | 9.8% | 3.9% | ||
| Q2 25 | 10.6% | 4.4% | ||
| Q1 25 | 9.3% | 1.9% | ||
| Q4 24 | 7.3% | 4.2% | ||
| Q3 24 | 9.2% | 4.2% | ||
| Q2 24 | 7.6% | 4.0% | ||
| Q1 24 | 4.4% | 2.2% |
净利率CVNAMUSA
| Q4 25 | 15.3% | 3.0% | ||
| Q3 25 | 2.7% | 2.5% | ||
| Q2 25 | 3.8% | 2.9% | ||
| Q1 25 | 5.1% | 1.2% | ||
| Q4 24 | 2.2% | 3.0% | ||
| Q3 24 | 2.3% | 2.8% | ||
| Q2 24 | 0.5% | 2.7% | ||
| Q1 24 | 0.9% | 1.4% |
每股收益（稀释后）CVNAMUSA
| Q4 25 | — | $7.35 | ||
| Q3 25 | — | $6.76 | ||
| Q2 25 | — | $7.36 | ||
| Q1 25 | — | $2.63 | ||
| Q4 24 | — | $6.87 | ||
| Q3 24 | — | $7.20 | ||
| Q2 24 | — | $6.92 | ||
| Q1 24 | $0.24 | $3.12 |
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 | $28.9M |
| 总债务越低越好 | $4.9B | $2.2B |
| 股东权益账面价值 | $3.4B | $623.5M |
| 总资产 | $13.2B | $4.7B |
| 负债/权益比越低杠杆越低 | 1.43× | 3.47× |
8季度趋势，按日历期对齐
现金及短期投资CVNAMUSA
| Q4 25 | $2.3B | $28.9M | ||
| Q3 25 | $2.1B | $42.8M | ||
| Q2 25 | $1.9B | $54.1M | ||
| Q1 25 | $1.9B | $49.4M | ||
| Q4 24 | $1.7B | $47.0M | ||
| Q3 24 | $871.0M | $52.5M | ||
| Q2 24 | $542.0M | $79.8M | ||
| Q1 24 | $252.0M | $56.7M |
总债务CVNAMUSA
| Q4 25 | $4.9B | $2.2B | ||
| Q3 25 | — | $2.2B | ||
| Q2 25 | — | $2.1B | ||
| Q1 25 | — | $2.0B | ||
| Q4 24 | $5.3B | $1.8B | ||
| Q3 24 | — | $1.8B | ||
| Q2 24 | — | $1.8B | ||
| Q1 24 | — | $1.8B |
股东权益CVNAMUSA
| Q4 25 | $3.4B | $623.5M | ||
| Q3 25 | $2.3B | $546.0M | ||
| Q2 25 | $1.7B | $646.1M | ||
| Q1 25 | $1.5B | $719.6M | ||
| Q4 24 | $1.3B | $840.1M | ||
| Q3 24 | $611.0M | $830.1M | ||
| Q2 24 | $526.0M | $811.3M | ||
| Q1 24 | $289.0M | $781.6M |
总资产CVNAMUSA
| Q4 25 | $13.2B | $4.7B | ||
| Q3 25 | $9.9B | $4.7B | ||
| Q2 25 | $9.4B | $4.6B | ||
| Q1 25 | $8.9B | $4.5B | ||
| Q4 24 | $8.5B | $4.5B | ||
| Q3 24 | $7.4B | $4.4B | ||
| Q2 24 | $7.2B | $4.4B | ||
| Q1 24 | $7.0B | $4.3B |
负债/权益比CVNAMUSA
| Q4 25 | 1.43× | 3.47× | ||
| Q3 25 | — | 4.07× | ||
| Q2 25 | — | 3.20× | ||
| Q1 25 | — | 2.74× | ||
| Q4 24 | 4.20× | 2.18× | ||
| Q3 24 | — | 2.19× | ||
| Q2 24 | — | 2.20× | ||
| Q1 24 | — | 2.28× |
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 | $245.5M |
| 自由现金流经营现金流 - 资本支出 | $379.0M | $128.8M |
| 自由现金流率自由现金流/营收 | 6.8% | 2.7% |
| 资本支出强度资本支出/营收 | 0.9% | 2.5% |
| 现金转化率经营现金流/净利润 | 0.50× | 1.73× |
| 过去12个月自由现金流最近4个季度 | $889.0M | $374.3M |
8季度趋势，按日历期对齐
经营现金流CVNAMUSA
| Q4 25 | $430.0M | $245.5M | ||
| Q3 25 | $345.0M | $184.8M | ||
| Q2 25 | $29.0M | $255.1M | ||
| Q1 25 | $232.0M | $128.5M | ||
| Q4 24 | $60.0M | $248.7M | ||
| Q3 24 | $403.0M | $202.1M | ||
| Q2 24 | $354.0M | $260.8M | ||
| Q1 24 | $101.0M | $136.0M |
自由现金流CVNAMUSA
| Q4 25 | $379.0M | $128.8M | ||
| Q3 25 | $307.0M | $67.7M | ||
| Q2 25 | $-2.0M | $137.1M | ||
| Q1 25 | $205.0M | $40.7M | ||
| Q4 24 | $36.0M | $121.7M | ||
| Q3 24 | $376.0M | $65.2M | ||
| Q2 24 | $332.0M | $142.8M | ||
| Q1 24 | $83.0M | $59.8M |
自由现金流率CVNAMUSA
| Q4 25 | 6.8% | 2.7% | ||
| Q3 25 | 5.4% | 1.3% | ||
| Q2 25 | -0.0% | 2.7% | ||
| Q1 25 | 4.8% | 0.9% | ||
| Q4 24 | 1.0% | 2.6% | ||
| Q3 24 | 10.3% | 1.2% | ||
| Q2 24 | 9.7% | 2.6% | ||
| Q1 24 | 2.7% | 1.2% |
资本支出强度CVNAMUSA
| Q4 25 | 0.9% | 2.5% | ||
| Q3 25 | 0.7% | 2.3% | ||
| Q2 25 | 0.6% | 2.4% | ||
| Q1 25 | 0.6% | 1.9% | ||
| Q4 24 | 0.7% | 2.7% | ||
| Q3 24 | 0.7% | 2.6% | ||
| Q2 24 | 0.6% | 2.2% | ||
| Q1 24 | 0.6% | 1.6% |
现金转化率CVNAMUSA
| Q4 25 | 0.50× | 1.73× | ||
| Q3 25 | 2.28× | 1.42× | ||
| Q2 25 | 0.16× | 1.75× | ||
| Q1 25 | 1.07× | 2.42× | ||
| Q4 24 | 0.76× | 1.75× | ||
| Q3 24 | 4.74× | 1.35× | ||
| Q2 24 | 19.67× | 1.80× | ||
| Q1 24 | 3.61× | 2.06× |
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% |
MUSA
| Product Sales Petroleum Retail | $3.3B | 69% |
| Merchandise | $1.1B | 23% |
| Product Sales Petroleum Wholesale | $327.9M | 7% |
| Other | $57.0M | 1% |
| Renewable Identification Numbers | $55.3M | 1% |
| Revenue Other | $1.3M | 0% |
