Question 1

What is Carvana's P/B ratio?

Accepted Answer

Carvana (CVNA) P/B ratio is 13.2× as of June 5, 2026. The ratio is calculated by dividing market capitalisation by book value of equity, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/B ratio calculated?

Accepted Answer

P/B = Market Capitalisation ÷ Book Value of Equity (most recent quarterly shareholders' equity), or equivalently Share Price ÷ Book Value Per Share. 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/B ratio?

Accepted Answer

The price-to-book (P/B) ratio compares a company's market capitalisation to its book value of equity (total shareholders' equity) on the most recent quarterly balance sheet. It is calculated as market cap ÷ book value of equity (equivalent to share price ÷ book value per share). A P/B below 1× implies the market values the business below its accounting net worth; values well above 1× reflect intangible assets, brand value, or a high return on equity.

Question 4

What is a good P/B ratio for Carvana?

Accepted Answer

A "good" P/B depends on the business model. Banks, insurers, and other capital-heavy financials typically trade near 1×; asset-light technology and consumer-brand companies can sustainably trade at 5×+ because much of their value is intangible. P/B is most informative when paired with return on equity (ROE). For Carvana specifically, the relevant sector benchmark is the current sector median of 4.2×.

Question 5

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

Accepted Answer

Carvana's P/B ratio of 13.2× is below its own 5-year average of 54.7× and above the sector median of 4.2×. That places the current reading at the 4th 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/B ratio range?

Accepted Answer

In the available daily series, Carvana (CVNA) P/B ratio has ranged from a low of 1.9× in 2016 to a high of 374.0× in 2021. The 5-year average is 54.7× and the 5-year median is 38.9×.

Question 7

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

Accepted Answer

Carvana (CVNA) P/B ratio at the end of 2025 was 27.2×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month book value figure available at that date.

Question 8

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

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (book value). 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	$93.51B	$3.44B	27.2×	-5.7×	Dec 31, 2025
2024	$41.38B	$1.26B	32.8×	-6.0×	Dec 31, 2024
2023	$9.45B	$243.00M	38.9×	—	Dec 31, 2023
2022	$784.79M	−$518.00M	—	—	Dec 31, 2022
2021	$31.50B	$306.00M	103.0×	+32.2×	Dec 31, 2021
2020	$27.41B	$387.60M	70.7×	-2.9×	Dec 31, 2020
2019	$7.23B	$98.11M	73.6×	+46.2×	Dec 31, 2019
2018	$2.01B	$73.41M	27.4×	+23.7×	Dec 31, 2018
2017	$474.49M	$125.74M	3.8×	+1.8×	Dec 31, 2017
2016	$260.29M	$135.01M	1.9×	—	Dec 31, 2016


V.F. (VFC)	3.5×
Carnival Corporation (CCL)	3.3×
Genuine Parts (GPC)	3.3×
Lululemon Athletica (LULU)	3.1×
Ball (BALL)	2.8×
PDD Holdings (PDD)	2.3×
GameStop (GME)	2.0×
XPeng (XPEV)	2.0×
Alibaba (BABA)	1.9×
Li Auto (LI)	1.8×
PulteGroup (PHM)	1.7×
Amcor (AMCR)	1.7×
D.R. Horton (DHI)	1.7×
Toll Brothers (TOL)	1.6×
Lucid Group (LCID)	1.5×
Sonoco Products (SON)	1.5×
Leggett & Platt (LEG)	1.3×
International Paper (IP)	1.3×
Lennar (LEN)	1.3×
Weyco Group (WEYS)	1.2×
Ford Motor (F)	1.2×
LKQ (LKQ)	1.2×
Smurfit Westrock (SW)	1.1×
General Motors (GM)	1.1×
Mohawk Industries (MHK)	0.7×

P/B Ratio for Carvana (CVNA)

P/B Ratio daily chart for Carvana (CVNA)

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

About P/B Ratio at Carvana (CVNA)

Carvana P/B Ratio by Year

Carvana P/B Ratio 2025: 27.2×

Carvana P/B Ratio 2024: 32.8×

Carvana P/B Ratio 2023: 38.9×

Carvana P/B Ratio 2021: 103.0×

Carvana P/B Ratio 2020: 70.7×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

Carvana (CVNA) Key Financials

P/B Ratio daily chart for Carvana (CVNA)

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

About P/B Ratio at Carvana (CVNA)

Carvana P/B Ratio by Year

Carvana P/B Ratio 2025: 27.2×

Carvana P/B Ratio 2024: 32.8×

Carvana P/B Ratio 2023: 38.9×

Carvana P/B Ratio 2021: 103.0×

Carvana P/B Ratio 2020: 70.7×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

+What is Carvana's P/B ratio?

+How is the P/B ratio calculated?

+What is the P/B ratio?

+What is a good P/B ratio for Carvana?

+Is Carvana's P/B ratio high or low?

+What is Carvana's historical P/B ratio range?

+What was Carvana's P/B ratio in 2025?

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

Carvana (CVNA) Key Financials