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CARVANA CO.（CVNA）与诺斯罗普·格鲁曼（NOC）财务数据对比。点击上方公司名可切换其他公司
诺斯罗普·格鲁曼的季度营收约是CARVANA CO.的1.8倍（$9.9B vs $5.6B），CARVANA CO.净利率更高（15.3% vs 8.9%，领先6.4%），CARVANA CO.同比增速更快（58.0% vs 4.4%），CARVANA CO.自由现金流更多（$379.0M vs $-1.8B），过去两年CARVANA CO.的营收复合增速更高（35.3% vs -1.7%）
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。
诺斯罗普·格鲁曼是总部位于美国弗吉尼亚州西福尔斯彻奇的航空航天及防务企业，研发制造航空、防务、任务系统、航天领域的相关产品与系统，是美国联邦政府第五大承包商，获得的订单金额占美国联邦政府面向承包商总支出的2%以上。
CVNA vs NOC — 直观对比
营收规模更大
NOC
是对方的1.8倍
$5.6B
营收增速更快
CVNA
高出53.6%
4.4%
净利率更高
CVNA
高出6.4%
8.9%
自由现金流更多
CVNA
多$2.2B
$-1.8B
两年增速更快
CVNA
近两年复合增速
-1.7%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $5.6B | $9.9B |
| 净利润 | $857.0M | $875.0M |
| 毛利率 | 18.8% | — |
| 营业利润率 | 7.6% | 1.9% |
| 净利率 | 15.3% | 8.9% |
| 营收同比 | 58.0% | 4.4% |
| 净利润同比 | 984.8% | 81.9% |
| 每股收益（稀释后） | — | $6.14 |
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CVNANOC
| Q1 26 | — | $9.9B | ||
| Q4 25 | $5.6B | $11.7B | ||
| Q3 25 | $5.6B | $10.4B | ||
| Q2 25 | $4.8B | $10.4B | ||
| Q1 25 | $4.2B | $9.5B | ||
| Q4 24 | $3.5B | $10.7B | ||
| Q3 24 | $3.7B | $10.0B | ||
| Q2 24 | $3.4B | $10.2B |
净利润CVNANOC
| Q1 26 | — | $875.0M | ||
| Q4 25 | $857.0M | $1.4B | ||
| Q3 25 | $151.0M | $1.1B | ||
| Q2 25 | $183.0M | $1.2B | ||
| Q1 25 | $216.0M | $481.0M | ||
| Q4 24 | $79.0M | $1.3B | ||
| Q3 24 | $85.0M | $1.0B | ||
| Q2 24 | $18.0M | $940.0M |
毛利率CVNANOC
| Q1 26 | — | — | ||
| 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% | — |
营业利润率CVNANOC
| Q1 26 | — | 1.9% | ||
| Q4 25 | 7.6% | 10.9% | ||
| Q3 25 | 9.8% | 11.9% | ||
| Q2 25 | 10.6% | 13.8% | ||
| Q1 25 | 9.3% | 6.1% | ||
| Q4 24 | 7.3% | 10.2% | ||
| Q3 24 | 9.2% | 11.2% | ||
| Q2 24 | 7.6% | 10.7% |
净利率CVNANOC
| Q1 26 | — | 8.9% | ||
| Q4 25 | 15.3% | 12.2% | ||
| Q3 25 | 2.7% | 10.6% | ||
| Q2 25 | 3.8% | 11.3% | ||
| Q1 25 | 5.1% | 5.1% | ||
| Q4 24 | 2.2% | 11.8% | ||
| Q3 24 | 2.3% | 10.3% | ||
| Q2 24 | 0.5% | 9.2% |
每股收益（稀释后）CVNANOC
| Q1 26 | — | $6.14 | ||
| Q4 25 | — | $9.94 | ||
| Q3 25 | — | $7.67 | ||
| Q2 25 | — | $8.15 | ||
| Q1 25 | — | $3.32 | ||
| Q4 24 | — | $8.66 | ||
| Q3 24 | — | $7.00 | ||
| Q2 24 | — | $6.36 |
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 | $2.1B |
| 总债务越低越好 | $4.9B | — |
| 股东权益账面价值 | $3.4B | $17.1B |
| 总资产 | $13.2B | $50.0B |
| 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CVNANOC
| Q1 26 | — | $2.1B | ||
| Q4 25 | $2.3B | $4.4B | ||
| Q3 25 | $2.1B | $2.0B | ||
| Q2 25 | $1.9B | $1.9B | ||
| Q1 25 | $1.9B | $1.7B | ||
| Q4 24 | $1.7B | $4.4B | ||
| Q3 24 | $871.0M | $3.3B | ||
| Q2 24 | $542.0M | $3.3B |
总债务CVNANOC
| Q1 26 | — | — | ||
| Q4 25 | $4.9B | $15.2B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $5.3B | $14.7B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益CVNANOC
| Q1 26 | — | $17.1B | ||
| Q4 25 | $3.4B | $16.7B | ||
| Q3 25 | $2.3B | $16.0B | ||
| Q2 25 | $1.7B | $15.5B | ||
| Q1 25 | $1.5B | $15.0B | ||
| Q4 24 | $1.3B | $15.3B | ||
| Q3 24 | $611.0M | $14.7B | ||
| Q2 24 | $526.0M | $14.3B |
总资产CVNANOC
| Q1 26 | — | $50.0B | ||
| Q4 25 | $13.2B | $51.4B | ||
| Q3 25 | $9.9B | $49.3B | ||
| Q2 25 | $9.4B | $49.5B | ||
| Q1 25 | $8.9B | $48.5B | ||
| Q4 24 | $8.5B | $49.4B | ||
| Q3 24 | $7.4B | $48.3B | ||
| Q2 24 | $7.2B | $47.7B |
负债/权益比CVNANOC
| Q1 26 | — | — | ||
| Q4 25 | 1.43× | 0.91× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 4.20× | 0.96× | ||
| Q3 24 | — | — | ||
| Q2 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 | $-1.7B |
| 自由现金流经营现金流 - 资本支出 | $379.0M | $-1.8B |
| 自由现金流率自由现金流/营收 | 6.8% | -18.4% |
| 资本支出强度资本支出/营收 | 0.9% | 1.7% |
| 现金转化率经营现金流/净利润 | 0.50× | -1.89× |
| 过去12个月自由现金流最近4个季度 | $889.0M | $3.3B |
8季度趋势，按日历期对齐
经营现金流CVNANOC
| Q1 26 | — | $-1.7B | ||
| Q4 25 | $430.0M | $3.9B | ||
| Q3 25 | $345.0M | $1.6B | ||
| Q2 25 | $29.0M | $868.0M | ||
| Q1 25 | $232.0M | $-1.6B | ||
| Q4 24 | $60.0M | $2.6B | ||
| Q3 24 | $403.0M | $1.1B | ||
| Q2 24 | $354.0M | $1.4B |
自由现金流CVNANOC
| Q1 26 | — | $-1.8B | ||
| Q4 25 | $379.0M | $3.2B | ||
| Q3 25 | $307.0M | $1.3B | ||
| Q2 25 | $-2.0M | $637.0M | ||
| Q1 25 | $205.0M | $-1.8B | ||
| Q4 24 | $36.0M | $1.8B | ||
| Q3 24 | $376.0M | $730.0M | ||
| Q2 24 | $332.0M | $1.1B |
自由现金流率CVNANOC
| Q1 26 | — | -18.4% | ||
| Q4 25 | 6.8% | 27.6% | ||
| Q3 25 | 5.4% | 12.1% | ||
| Q2 25 | -0.0% | 6.2% | ||
| Q1 25 | 4.8% | -19.2% | ||
| Q4 24 | 1.0% | 16.5% | ||
| Q3 24 | 10.3% | 7.3% | ||
| Q2 24 | 9.7% | 10.8% |
资本支出强度CVNANOC
| Q1 26 | — | 1.7% | ||
| Q4 25 | 0.9% | 5.7% | ||
| Q3 25 | 0.7% | 2.9% | ||
| Q2 25 | 0.6% | 2.2% | ||
| Q1 25 | 0.6% | 2.7% | ||
| Q4 24 | 0.7% | 7.6% | ||
| Q3 24 | 0.7% | 3.6% | ||
| Q2 24 | 0.6% | 3.1% |
现金转化率CVNANOC
| Q1 26 | — | -1.89× | ||
| Q4 25 | 0.50× | 2.73× | ||
| Q3 25 | 2.28× | 1.42× | ||
| Q2 25 | 0.16× | 0.74× | ||
| Q1 25 | 1.07× | -3.25× | ||
| Q4 24 | 0.76× | 2.04× | ||
| Q3 24 | 4.74× | 1.06× | ||
| Q2 24 | 19.67× | 1.52× |
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% |
NOC
| Aeronautics Systems | $3.3B | 33% |
| Mission Systems | $2.9B | 29% |
| Space Systems | $2.5B | 25% |
| Other | $1.3B | 13% |
