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CARVANA CO.（CVNA）与潘世奇汽车集团（PAG）财务数据对比。点击上方公司名可切换其他公司
潘世奇汽车集团的季度营收约是CARVANA CO.的1.6倍（$8.8B vs $5.6B）。CARVANA CO.净利率更高（15.3% vs 2.6%，领先12.7%）。CARVANA CO.同比增速更快（58.0% vs 14.6%）。CARVANA CO.自由现金流更多（$379.0M vs $25.1M）。过去两年CARVANA CO.的营收复合增速更高（35.3% vs 9.0%）
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。
潘世奇汽车集团（PAG）是总部位于美国密歇根州布卢姆菲尔德希尔斯的交通服务企业，主营汽车与商用卡车经销业务，覆盖美国、加拿大及西欧市场，同时在澳大利亚、新西兰分销商用车、发动机、动力系统及相关配件服务，还持有潘世奇运输解决方案公司28.9%的股份，后者管理超40万辆卡车的车队。
CVNA vs PAG — 直观对比
营收规模更大
PAG
是对方的1.6倍
$5.6B
营收增速更快
CVNA
高出43.4%
14.6%
净利率更高
CVNA
高出12.7%
2.6%
自由现金流更多
CVNA
多$353.9M
$25.1M
两年增速更快
CVNA
近两年复合增速
9.0%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $5.6B | $8.8B |
| 净利润 | $857.0M | $228.1M |
| 毛利率 | 18.8% | 15.9% |
| 营业利润率 | 7.6% | 3.6% |
| 净利率 | 15.3% | 2.6% |
| 营收同比 | 58.0% | 14.6% |
| 净利润同比 | 984.8% | -3.5% |
| 每股收益（稀释后） | — | $3.46 |
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CVNAPAG
| Q4 25 | $5.6B | $8.8B | ||
| Q3 25 | $5.6B | $7.7B | ||
| Q2 25 | $4.8B | $7.7B | ||
| Q1 25 | $4.2B | $7.6B | ||
| Q4 24 | $3.5B | $7.7B | ||
| Q3 24 | $3.7B | $7.6B | ||
| Q2 24 | $3.4B | $7.7B | ||
| Q1 24 | $3.1B | $7.4B |
净利润CVNAPAG
| Q4 25 | $857.0M | $228.1M | ||
| Q3 25 | $151.0M | $213.0M | ||
| Q2 25 | $183.0M | $250.0M | ||
| Q1 25 | $216.0M | $244.3M | ||
| Q4 24 | $79.0M | $236.4M | ||
| Q3 24 | $85.0M | $226.1M | ||
| Q2 24 | $18.0M | $241.2M | ||
| Q1 24 | $28.0M | $215.2M |
毛利率CVNAPAG
| Q4 25 | 18.8% | 15.9% | ||
| Q3 25 | 20.3% | 16.2% | ||
| Q2 25 | 22.0% | 16.9% | ||
| Q1 25 | 22.0% | 16.7% | ||
| Q4 24 | 21.5% | 16.3% | ||
| Q3 24 | 22.1% | 16.4% | ||
| Q2 24 | 21.0% | 16.4% | ||
| Q1 24 | 19.3% | 16.7% |
营业利润率CVNAPAG
| Q4 25 | 7.6% | 3.6% | ||
| Q3 25 | 9.8% | 3.9% | ||
| Q2 25 | 10.6% | 4.5% | ||
| Q1 25 | 9.3% | 4.1% | ||
| Q4 24 | 7.3% | 4.3% | ||
| Q3 24 | 9.2% | 4.2% | ||
| Q2 24 | 7.6% | 4.4% | ||
| Q1 24 | 4.4% | 4.4% |
净利率CVNAPAG
| Q4 25 | 15.3% | 2.6% | ||
| Q3 25 | 2.7% | 2.8% | ||
| Q2 25 | 3.8% | 3.3% | ||
| Q1 25 | 5.1% | 3.2% | ||
| Q4 24 | 2.2% | 3.1% | ||
| Q3 24 | 2.3% | 3.0% | ||
| Q2 24 | 0.5% | 3.1% | ||
| Q1 24 | 0.9% | 2.9% |
每股收益（稀释后）CVNAPAG
| Q4 25 | — | $3.46 | ||
| Q3 25 | — | $3.23 | ||
| Q2 25 | — | $3.78 | ||
| Q1 25 | — | $3.66 | ||
| Q4 24 | — | $3.53 | ||
| Q3 24 | — | $3.39 | ||
| Q2 24 | — | $3.61 | ||
| Q1 24 | $0.24 | $3.21 |
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 | $64.7M |
| 总债务越低越好 | $4.9B | $2.2B |
| 股东权益账面价值 | $3.4B | $5.6B |
| 总资产 | $13.2B | $17.6B |
| 负债/权益比越低杠杆越低 | 1.43× | 0.39× |
8季度趋势，按日历期对齐
现金及短期投资CVNAPAG
| Q4 25 | $2.3B | $64.7M | ||
| Q3 25 | $2.1B | $80.3M | ||
| Q2 25 | $1.9B | $155.3M | ||
| Q1 25 | $1.9B | $118.4M | ||
| Q4 24 | $1.7B | $72.4M | ||
| Q3 24 | $871.0M | $91.9M | ||
| Q2 24 | $542.0M | $115.1M | ||
| Q1 24 | $252.0M | $116.9M |
总债务CVNAPAG
| Q4 25 | $4.9B | $2.2B | ||
| Q3 25 | — | $1.6B | ||
| Q2 25 | — | $1.8B | ||
| Q1 25 | — | $1.8B | ||
| Q4 24 | $5.3B | $1.9B | ||
| Q3 24 | — | $1.9B | ||
| Q2 24 | — | $1.8B | ||
| Q1 24 | — | $1.7B |
股东权益CVNAPAG
| Q4 25 | $3.4B | $5.6B | ||
| Q3 25 | $2.3B | $5.7B | ||
| Q2 25 | $1.7B | $5.6B | ||
| Q1 25 | $1.5B | $5.4B | ||
| Q4 24 | $1.3B | $5.2B | ||
| Q3 24 | $611.0M | $5.2B | ||
| Q2 24 | $526.0M | $5.0B | ||
| Q1 24 | $289.0M | $4.8B |
总资产CVNAPAG
| Q4 25 | $13.2B | $17.6B | ||
| Q3 25 | $9.9B | $17.1B | ||
| Q2 25 | $9.4B | $17.4B | ||
| Q1 25 | $8.9B | $16.9B | ||
| Q4 24 | $8.5B | $16.7B | ||
| Q3 24 | $7.4B | $17.1B | ||
| Q2 24 | $7.2B | $16.6B | ||
| Q1 24 | $7.0B | $16.1B |
负债/权益比CVNAPAG
| Q4 25 | 1.43× | 0.39× | ||
| Q3 25 | — | 0.28× | ||
| Q2 25 | — | 0.32× | ||
| Q1 25 | — | 0.33× | ||
| Q4 24 | 4.20× | 0.36× | ||
| Q3 24 | — | 0.36× | ||
| Q2 24 | — | 0.36× | ||
| Q1 24 | — | 0.35× |
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 | $123.2M |
| 自由现金流经营现金流 - 资本支出 | $379.0M | $25.1M |
| 自由现金流率自由现金流/营收 | 6.8% | 0.3% |
| 资本支出强度资本支出/营收 | 0.9% | 1.1% |
| 现金转化率经营现金流/净利润 | 0.50× | 0.54× |
| 过去12个月自由现金流最近4个季度 | $889.0M | $650.5M |
8季度趋势，按日历期对齐
经营现金流CVNAPAG
| Q4 25 | $430.0M | $123.2M | ||
| Q3 25 | $345.0M | $379.5M | ||
| Q2 25 | $29.0M | $189.7M | ||
| Q1 25 | $232.0M | $282.7M | ||
| Q4 24 | $60.0M | $217.7M | ||
| Q3 24 | $403.0M | $271.0M | ||
| Q2 24 | $354.0M | $235.1M | ||
| Q1 24 | $101.0M | $456.0M |
自由现金流CVNAPAG
| Q4 25 | $379.0M | $25.1M | ||
| Q3 25 | $307.0M | $300.4M | ||
| Q2 25 | $-2.0M | $118.9M | ||
| Q1 25 | $205.0M | $206.1M | ||
| Q4 24 | $36.0M | $131.6M | ||
| Q3 24 | $376.0M | $190.1M | ||
| Q2 24 | $332.0M | $135.9M | ||
| Q1 24 | $83.0M | $353.5M |
自由现金流率CVNAPAG
| Q4 25 | 6.8% | 0.3% | ||
| Q3 25 | 5.4% | 3.9% | ||
| Q2 25 | -0.0% | 1.6% | ||
| Q1 25 | 4.8% | 2.7% | ||
| Q4 24 | 1.0% | 1.7% | ||
| Q3 24 | 10.3% | 2.5% | ||
| Q2 24 | 9.7% | 1.8% | ||
| Q1 24 | 2.7% | 4.7% |
资本支出强度CVNAPAG
| Q4 25 | 0.9% | 1.1% | ||
| Q3 25 | 0.7% | 1.0% | ||
| Q2 25 | 0.6% | 0.9% | ||
| Q1 25 | 0.6% | 1.0% | ||
| Q4 24 | 0.7% | 1.1% | ||
| Q3 24 | 0.7% | 1.1% | ||
| Q2 24 | 0.6% | 1.3% | ||
| Q1 24 | 0.6% | 1.4% |
现金转化率CVNAPAG
| Q4 25 | 0.50× | 0.54× | ||
| Q3 25 | 2.28× | 1.78× | ||
| Q2 25 | 0.16× | 0.76× | ||
| Q1 25 | 1.07× | 1.16× | ||
| Q4 24 | 0.76× | 0.92× | ||
| Q3 24 | 4.74× | 1.20× | ||
| Q2 24 | 19.67× | 0.97× | ||
| Q1 24 | 3.61× | 2.12× |
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% |
PAG
| New Vehicle | $3.9B | 44% |
| Used Vehicle | $2.3B | 26% |
| Service And Parts | $953.6M | 11% |
| Retail Commercial Truck Dealership Segment | $725.4M | 8% |
| Other | $414.5M | 5% |
| Commercial Vehicle Distribution And Other | $303.3M | 3% |
| Finance And Insurance Net | $221.9M | 3% |
