Question 1

What is Carvana's P/FCF ratio?

Accepted Answer

Carvana (CVNA) P/FCF ratio is 62.8× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. 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 P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for Carvana?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For Carvana specifically, the relevant sector benchmark is the current sector median of 17.1×.

Question 5

Is Carvana's P/FCF ratio high or low?

Accepted Answer

Carvana's P/FCF ratio of 62.8× is below its own 5-year average of 66.4× and above the sector median of 17.1×. That places the current reading at the 61th 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 P/FCF ratio range?

Accepted Answer

In the available daily series, Carvana (CVNA) P/FCF ratio has ranged from a low of 8.4× in 2024 to a high of 128.2× in 2026. The 5-year average is 66.4× and the 5-year median is 50.0×.

Question 7

What was Carvana's P/FCF ratio in 2025?

Accepted Answer

Carvana (CVNA) P/FCF ratio at the end of 2025 was 105.2×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does Carvana's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). 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	$889M	105.2×	+55.2×	Dec 31, 2025
2024	$41.4B	$827M	50.0×	+36.8×	Dec 31, 2024
2023	$9.45B	$716M	13.2×	—	Dec 31, 2023
2022	$785M	-$1.84B	—	—	Dec 31, 2022
2021	$31.5B	-$3.15B	—	—	Dec 31, 2021
2020	$27.4B	-$968M	—	—	Dec 31, 2020
2019	$7.23B	-$988M	—	—	Dec 31, 2019
2018	$2.01B	-$558M	—	—	Dec 31, 2018
2017	$474M	-$278M	—	—	Dec 31, 2017
2016	$260M	-$280M	—	—	Dec 31, 2016


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P/FCF Ratio for Carvana (CVNA) 2023-2026

P/FCF Ratio daily chart for Carvana (CVNA)

Historical P/FCF Ratio for Carvana (CVNA) from 2016 to 2025

About P/FCF Ratio at Carvana (CVNA)

Carvana P/FCF Ratio by Year

Carvana P/FCF Ratio 2025: 105.2×

Carvana P/FCF Ratio 2024: 50.0×

Carvana P/FCF Ratio 2023: 13.2×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

Carvana (CVNA) Key Financials