vs
CARVANA CO.（CVNA）与RUSH ENTERPRISES INC \TX\（RUSHA）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RUSH ENTERPRISES INC \TX\的3.3倍（$5.6B vs $1.7B）。CARVANA CO.净利率更高（15.3% vs 3.8%，领先11.5%）。CARVANA CO.同比增速更快（58.0% vs -12.5%）。CARVANA CO.自由现金流更多（$379.0M vs $31.9M）。过去两年CARVANA CO.的营收复合增速更高（35.3% vs -3.0%）
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。
Rush Enterprises是总部位于美国得克萨斯州新布朗费尔斯的商用车经销商，核心业务是通过旗下Rush Truck Centers销售全新及二手卡车。2019年该公司在全美20个州运营超200家卡车中心，在加拿大设有14个网点，2020年入选财富500强榜单。
CVNA vs RUSHA — 直观对比
营收规模更大
CVNA
是对方的3.3倍
$1.7B
营收增速更快
CVNA
高出70.5%
-12.5%
净利率更高
CVNA
高出11.5%
3.8%
自由现金流更多
CVNA
多$347.1M
$31.9M
两年增速更快
CVNA
近两年复合增速
-3.0%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $5.6B | $1.7B |
| 净利润 | $857.0M | $64.3M |
| 毛利率 | 18.8% | 20.8% |
| 营业利润率 | 7.6% | 5.5% |
| 净利率 | 15.3% | 3.8% |
| 营收同比 | 58.0% | -12.5% |
| 净利润同比 | 984.8% | -13.9% |
| 每股收益（稀释后） | — | $0.81 |
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CVNARUSHA
| Q4 25 | $5.6B | $1.7B | ||
| Q3 25 | $5.6B | $1.8B | ||
| Q2 25 | $4.8B | $1.8B | ||
| Q1 25 | $4.2B | $1.8B | ||
| Q4 24 | $3.5B | $1.9B | ||
| Q3 24 | $3.7B | $1.8B | ||
| Q2 24 | $3.4B | $1.9B | ||
| Q1 24 | $3.1B | $1.8B |
净利润CVNARUSHA
| Q4 25 | $857.0M | $64.3M | ||
| Q3 25 | $151.0M | $66.7M | ||
| Q2 25 | $183.0M | $72.4M | ||
| Q1 25 | $216.0M | $60.3M | ||
| Q4 24 | $79.0M | $74.8M | ||
| Q3 24 | $85.0M | $79.1M | ||
| Q2 24 | $18.0M | $78.7M | ||
| Q1 24 | $28.0M | $71.6M |
毛利率CVNARUSHA
| Q4 25 | 18.8% | 20.8% | ||
| Q3 25 | 20.3% | 21.0% | ||
| Q2 25 | 22.0% | 20.7% | ||
| Q1 25 | 22.0% | 20.3% | ||
| Q4 24 | 21.5% | 19.3% | ||
| Q3 24 | 22.1% | 21.0% | ||
| Q2 24 | 21.0% | 20.2% | ||
| Q1 24 | 19.3% | 21.9% |
营业利润率CVNARUSHA
| Q4 25 | 7.6% | 5.5% | ||
| Q3 25 | 9.8% | 5.6% | ||
| Q2 25 | 10.6% | 6.0% | ||
| Q1 25 | 9.3% | 5.2% | ||
| Q4 24 | 7.3% | 5.8% | ||
| Q3 24 | 9.2% | 6.7% | ||
| Q2 24 | 7.6% | 6.4% | ||
| Q1 24 | 4.4% | 6.2% |
净利率CVNARUSHA
| Q4 25 | 15.3% | 3.8% | ||
| Q3 25 | 2.7% | 3.7% | ||
| Q2 25 | 3.8% | 3.9% | ||
| Q1 25 | 5.1% | 3.4% | ||
| Q4 24 | 2.2% | 3.9% | ||
| Q3 24 | 2.3% | 4.4% | ||
| Q2 24 | 0.5% | 4.1% | ||
| Q1 24 | 0.9% | 4.0% |
每股收益（稀释后）CVNARUSHA
| Q4 25 | — | $0.81 | ||
| Q3 25 | — | $0.83 | ||
| Q2 25 | — | $0.90 | ||
| Q1 25 | — | $0.73 | ||
| Q4 24 | — | $-95.13 | ||
| Q3 24 | — | $0.97 | ||
| Q2 24 | — | $97.00 | ||
| Q1 24 | $0.24 | $0.88 |
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 | $212.6M |
| 总债务越低越好 | $4.9B | $274.8M |
| 股东权益账面价值 | $3.4B | $2.2B |
| 总资产 | $13.2B | $4.4B |
| 负债/权益比越低杠杆越低 | 1.43× | 0.12× |
8季度趋势，按日历期对齐
现金及短期投资CVNARUSHA
| Q4 25 | $2.3B | $212.6M | ||
| Q3 25 | $2.1B | $242.0M | ||
| Q2 25 | $1.9B | $211.1M | ||
| Q1 25 | $1.9B | $228.7M | ||
| Q4 24 | $1.7B | $228.1M | ||
| Q3 24 | $871.0M | $185.1M | ||
| Q2 24 | $542.0M | $167.3M | ||
| Q1 24 | $252.0M | $155.9M |
总债务CVNARUSHA
| Q4 25 | $4.9B | $274.8M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $5.3B | $408.4M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益CVNARUSHA
| Q4 25 | $3.4B | $2.2B | ||
| Q3 25 | $2.3B | $2.2B | ||
| Q2 25 | $1.7B | $2.2B | ||
| Q1 25 | $1.5B | $2.2B | ||
| Q4 24 | $1.3B | $2.1B | ||
| Q3 24 | $611.0M | $2.1B | ||
| Q2 24 | $526.0M | $2.0B | ||
| Q1 24 | $289.0M | $1.9B |
总资产CVNARUSHA
| Q4 25 | $13.2B | $4.4B | ||
| Q3 25 | $9.9B | $4.6B | ||
| Q2 25 | $9.4B | $4.7B | ||
| Q1 25 | $8.9B | $4.7B | ||
| Q4 24 | $8.5B | $4.6B | ||
| Q3 24 | $7.4B | $4.6B | ||
| Q2 24 | $7.2B | $4.5B | ||
| Q1 24 | $7.0B | $4.6B |
负债/权益比CVNARUSHA
| Q4 25 | 1.43× | 0.12× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 4.20× | 0.19× | ||
| 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 | $112.9M |
| 自由现金流经营现金流 - 资本支出 | $379.0M | $31.9M |
| 自由现金流率自由现金流/营收 | 6.8% | 1.9% |
| 资本支出强度资本支出/营收 | 0.9% | 4.8% |
| 现金转化率经营现金流/净利润 | 0.50× | 1.75× |
| 过去12个月自由现金流最近4个季度 | $889.0M | $462.0M |
8季度趋势，按日历期对齐
经营现金流CVNARUSHA
| Q4 25 | $430.0M | $112.9M | ||
| Q3 25 | $345.0M | $367.8M | ||
| Q2 25 | $29.0M | $227.6M | ||
| Q1 25 | $232.0M | $153.5M | ||
| Q4 24 | $60.0M | $392.3M | ||
| Q3 24 | $403.0M | $111.7M | ||
| Q2 24 | $354.0M | $270.6M | ||
| Q1 24 | $101.0M | $-155.1M |
自由现金流CVNARUSHA
| Q4 25 | $379.0M | $31.9M | ||
| Q3 25 | $307.0M | $271.2M | ||
| Q2 25 | $-2.0M | $113.8M | ||
| Q1 25 | $205.0M | $45.1M | ||
| Q4 24 | $36.0M | $263.5M | ||
| Q3 24 | $376.0M | $-20.0M | ||
| Q2 24 | $332.0M | $177.2M | ||
| Q1 24 | $83.0M | $-234.2M |
自由现金流率CVNARUSHA
| Q4 25 | 6.8% | 1.9% | ||
| Q3 25 | 5.4% | 15.2% | ||
| Q2 25 | -0.0% | 6.2% | ||
| Q1 25 | 4.8% | 2.6% | ||
| Q4 24 | 1.0% | 13.7% | ||
| Q3 24 | 10.3% | -1.1% | ||
| Q2 24 | 9.7% | 9.1% | ||
| Q1 24 | 2.7% | -13.1% |
资本支出强度CVNARUSHA
| Q4 25 | 0.9% | 4.8% | ||
| Q3 25 | 0.7% | 5.4% | ||
| Q2 25 | 0.6% | 6.2% | ||
| Q1 25 | 0.6% | 6.2% | ||
| Q4 24 | 0.7% | 6.7% | ||
| Q3 24 | 0.7% | 7.3% | ||
| Q2 24 | 0.6% | 4.8% | ||
| Q1 24 | 0.6% | 4.4% |
现金转化率CVNARUSHA
| Q4 25 | 0.50× | 1.75× | ||
| Q3 25 | 2.28× | 5.51× | ||
| Q2 25 | 0.16× | 3.14× | ||
| Q1 25 | 1.07× | 2.55× | ||
| Q4 24 | 0.76× | 5.25× | ||
| Q3 24 | 4.74× | 1.41× | ||
| Q2 24 | 19.67× | 3.44× | ||
| Q1 24 | 3.61× | -2.17× |
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% |
RUSHA
| New And Used Commercial Vehicle | $1.0B | 62% |
| Parts | $364.2M | 22% |
| Commercial Vehicle Repair Service | $261.0M | 16% |
| Insurance | $2.5M | 0% |
| Financial Service | $2.3M | 0% |
