Question 1

What is Carvana's EV/EBITDA ratio?

Accepted Answer

Carvana (CVNA) EV/EBITDA ratio is 28.1× as of February 17, 2026. The ratio is calculated by dividing enterprise value by trailing twelve-month EBITDA, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the EV/EBITDA ratio calculated?

Accepted Answer

EV/EBITDA = Enterprise Value ÷ Trailing Twelve-Month (TTM) EBITDA, where Enterprise Value = Market Capitalisation + Total Debt − Cash & Short-Term Investments. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the EV/EBITDA ratio?

Accepted Answer

The EV/EBITDA ratio (the enterprise multiple) compares enterprise value (EV) to trailing twelve-month (TTM) EBITDA. EV is calculated as market capitalisation + total debt − cash & short-term investments. Because EV/EBITDA is capital-structure-neutral and ignores non-cash depreciation and amortisation, it is the standard multiple used in M&A and for cross-company or cross-border comparisons. Note: this calculation uses a simplified EV (minority interest and preferred equity excluded due to data availability), consistent with most public financial-data providers.

Question 4

What is a good EV/EBITDA ratio for Carvana?

Accepted Answer

Mature, cash-generative businesses commonly trade in the 8–12× EV/EBITDA range; higher-growth, asset-light companies often trade at 15–25×+. EV/EBITDA is most useful for comparing companies with different capital structures (debt levels) or tax regimes. For Carvana specifically, the relevant sector benchmark is the current sector median of 13.4×.

Question 5

Is Carvana's EV/EBITDA ratio high or low?

Accepted Answer

Carvana's EV/EBITDA ratio of 28.1× is below its own 5-year average of 420.5× and above the sector median of 13.4×. That places the current reading at the 41th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Carvana's historical EV/EBITDA ratio range?

Accepted Answer

In the available daily series, Carvana (CVNA) EV/EBITDA ratio has ranged from a low of 10.2× in 2024 to a high of 1754.5× in 2021. The 5-year average is 420.5× and the 5-year median is 35.5×.

Question 7

What was Carvana's EV/EBITDA ratio in 2024?

Accepted Answer

Carvana (CVNA) EV/EBITDA ratio at the end of 2024 was 33.4×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month EBITDA figure available at that date.

Question 8

Why does Carvana's EV/EBITDA ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (enterprise value, which tracks share price plus net debt) and the denominator (EBITDA). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$93.5B	-$110M	—	—	Dec 31, 2025
2024	$41.4B	$1.36B	33.4×	+20.2×	Dec 31, 2024
2023	$9.45B	$1.16B	13.2×	—	Dec 31, 2023
2022	$785M	-$2.15B	—	—	Dec 31, 2022
2021	$31.5B	-$4M	—	—	Dec 31, 2021
2020	$27.4B	-$269M	—	—	Dec 31, 2020
2019	$7.23B	-$243M	—	—	Dec 31, 2019
2018	$2.01B	-$206M	—	—	Dec 31, 2018
2017	$474M	-$145M	—	—	Dec 31, 2017
2016	$260M	-$84.9M	—	—	Dec 31, 2016


Amazon (AMZN)	12.2×
Packaging Corporation of America (PKG)	12.2×
Avery Dennison (AVY)	11.9×
Wynn Resorts (WYNN)	11.7×
Williams-Sonoma (WSM)	11.7×
Amcor (AMCR)	11.6×
Lennar (LEN)	11.2×
GameStop (GME)	11.0×
Ball (BALL)	10.7×
Hasbro (HAS)	10.7×
NVR (NVR)	10.6×
Norwegian Cruise Line (NCLH)	9.9×
LKQ (LKQ)	9.0×
Deckers Outdoor (DECK)	9.0×
Carnival Corporation (CCL)	8.7×
Toll Brothers (TOL)	8.6×
Smurfit Westrock (SW)	8.3×
Expedia Group (EXPE)	8.0×
Mohawk Industries (MHK)	6.4×
General Motors (GM)	6.3×
Best Buy Co. (BBY)	6.2×
Weyco Group (WEYS)	6.2×
Lululemon Athletica (LULU)	6.0×
Leggett & Platt (LEG)	5.4×
PDD Holdings (PDD)	3.6×

EV/EBITDA for Carvana (CVNA) 2023-2026

EV/EBITDA daily chart for Carvana (CVNA)

Historical EV/EBITDA for Carvana (CVNA) from 2016 to 2025

About EV/EBITDA at Carvana (CVNA)

Carvana EV/EBITDA by Year

Carvana EV/EBITDA 2024: 33.4×

Carvana EV/EBITDA 2023: 13.2×

Sector peers by EV/EBITDA — chart

Sector peers by EV/EBITDA — table

Frequently asked questions

Carvana (CVNA) Key Financials