Valuation Update With 7 Day Price Move • May 28
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €64.20, the stock trades at a forward P/E ratio of 44x. Average forward P/E is 12x in the Specialty Retail industry in Europe. Total returns to shareholders of 14% over the past year. Recent Insider Transactions • May 17
President of Special Projects recently sold €1.9m worth of stock On the 8th of May, Thomas Taira sold around 28k shares on-market at roughly €67.94 per share. This transaction amounted to 18% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €53m more than they bought in the last 12 months. Tillkännagivande • May 08
Carvana Brings Inspection and Reconditioning Center Capabilities to ADESA Chicago Carvana announced plans to bring Inspection and Reconditioning Center (IRC) capabilities to its existing ADESA Chicago wholesale auction site. The integration creates additional reconditioning capacity and a new inventory pool in Carvana’s national network that supports greater selection for retail customers nationwide, faster delivery speeds for Chicago car buyers, and a more robust offering for local wholesale customers. Carvana has already begun hiring local team members and expects the integration to create about 100 new good-paying, skilled, and entry-level jobs in inspection, reconditioning, and vehicle fulfillment over time. These roles require no college degree and come with comprehensive benefits. The announcement builds on Carvana's growing presence in the Chicago market, which also includes Car Vending Machines in Schaumburg and Oak Brook, as well as a multi-year front-of-kit sponsorship with Chicago Fire FC. Carvana is committed to its fast-growing Chicago customer base and continues to roll out new enhancements to the local customer experience, like same-day delivery, which launched last year. Located in Hoffman Estates, Illinois, ADESA Chicago has served wholesale customers since 2016. Now the facility will also house the teams and tools that drive Carvana retail reconditioning and fulfillment. The approximately 75-acre site includes nearly 6,000 parking spaces and offers significant infrastructure to support IRC operations alongside ongoing wholesale auction activities. The integration will establish a new pool of local retail inventory, giving Chicagoland customers access to a broader selection of vehicles with delivery options as soon as the same day. Wholesale buyers will benefit from enhanced on-site inspection and reconditioning capabilities, as well as ongoing access to ADESA's in-lane and digital auction services. Carvana’s proprietary software platform, CARLI, will power the site’s transition to an IRC-enabled facility, supporting operational efficiency and consistency across its national reconditioning network. Buy Or Sell Opportunity • May 07
Now 42% undervalued after recent price drop Over the last 90 days, the stock has fallen 80% to €13.42. The fair value is estimated to be €23.24, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 18% per annum. Earnings are also forecast to grow by 18% per annum over the same time period. New Risk • May 05
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 33% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (11% average weekly change). Minor Risk Large one-off items impacting financial results. Reported Earnings • May 02
First quarter 2026 earnings released: EPS: US$1.75 (vs US$1.61 in 1Q 2025) First quarter 2026 results: EPS: US$1.75 (up from US$1.61 in 1Q 2025). Revenue: US$6.43b (up 52% from 1Q 2025). Net income: US$250.0m (up 16% from 1Q 2025). Profit margin: 3.9% (down from 5.1% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Specialty Retail industry in Italy. New Risk • May 02
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 18% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (18% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (11% average weekly change). Board Change • Apr 22
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 5 highly experienced directors. Independent Director Neha Parikh was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Apr 17
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €335, the stock trades at a forward P/E ratio of 54x. Average forward P/E is 13x in the Specialty Retail industry in Europe. Simply Wall St's valuation model estimates the intrinsic value at €371 per share. Tillkännagivande • Apr 01
Carvana Co. to Report Q1, 2026 Results on Apr 29, 2026 Carvana Co. announced that they will report Q1, 2026 results After-Market on Apr 29, 2026 Tillkännagivande • Mar 14
Carvana Co., Annual General Meeting, May 05, 2026 Carvana Co., Annual General Meeting, May 05, 2026. Tillkännagivande • Mar 11
Carvana Expands Same-Day Delivery Service in Los Angeles Carvana had announced the expansion of same-day vehicle delivery for customers in the greater Los Angeles area. Select local customers can now receive their vehicle as soon as the same day they place an order on Carvana.com. With this launch, Los Angeles-area customers interested in selling their vehicles to Carvana can also take advantage of same-day pickup and drop-off after completing Carvana’s online vehicle appraisal process. Carvana’s intuitive e-commerce platform allows customers to shop from tens of thousands of high-quality vehicles, secure financing, trade in a vehicle, and complete a purchase entirely online. Customers can now also opt for same-day pickup at one of Carvana’s two Vending Machines in the area, providing even more flexibility in the car buying or selling experience. Initially launched in Arizona, Carvana’s same-day delivery service is currently available in select markets across more than 20 states. Buy Or Sell Opportunity • Mar 09
Now 25% undervalued after recent price drop Over the last 90 days, the stock has fallen 35% to €257. The fair value is estimated to be €344, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 19% per annum. Earnings are also forecast to grow by 20% per annum over the same time period. Tillkännagivande • Feb 20
Carvana Co. has completed a Follow-on Equity Offering in the amount of $1.225 billion. Carvana Co. has completed a Follow-on Equity Offering in the amount of $1.225 billion.
Security Name: Class A Common Stock
Security Type: Common Stock
Securities Offered: 4,900,000
Price\Range: $45.918367
Security Name: Class A Common Stock
Security Type: Common Stock
Securities Offered: 2,256,838
Price\Range: $49.183858
Security Name: Class A Common Stock
Security Type: Common Stock
Securities Offered: 3,047,468
Price\Range: $114.849442
Security Name: Class A Common Stock
Security Type: Common Stock
Securities Offered: 3,778,796
Security Name: Class A Common Stock
Security Type: Common Stock
Securities Offered: 1,476,348
Transaction Features: At the Market Offering Reported Earnings • Feb 19
Full year 2025 earnings released: EPS: US$10.22 (vs US$1.72 in FY 2024) Full year 2025 results: EPS: US$10.22 (up from US$1.72 in FY 2024). Revenue: US$20.3b (up 49% from FY 2024). Net income: US$1.41b (up US$1.20b from FY 2024). Profit margin: 6.9% (up from 1.5% in FY 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Specialty Retail industry in Italy. Buy Or Sell Opportunity • Feb 17
Now 21% undervalued Over the last 90 days, the stock has risen 3.3% to €290. The fair value is estimated to be €367, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.8% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 18% per annum. Earnings are also forecast to grow by 25% per annum over the same time period. Valuation Update With 7 Day Price Move • Feb 13
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to €277, the stock trades at a forward P/E ratio of 52x. Average forward P/E is 13x in the Specialty Retail industry in Europe. Simply Wall St's valuation model estimates the intrinsic value at €349 per share. Tillkännagivande • Jan 21
Carvana Co. to Report Q4, 2025 Results on Feb 18, 2026 Carvana Co. announced that they will report Q4, 2025 results After-Market on Feb 18, 2026 Buy Or Sell Opportunity • Jan 02
Now 24% undervalued Over the last 90 days, the stock has risen 3.2% to €339. The fair value is estimated to be €445, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.8% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 21% per annum. Earnings are also forecast to grow by 26% per annum over the same time period. Tillkännagivande • Dec 20
Carvana Co.(NYSE:CVNA) dropped from Russell Small Cap Comp Growth Index Carvana Co.(NYSE:CVNA) dropped from Russell Small Cap Comp Growth Index Buy Or Sell Opportunity • Dec 05
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 12% to €346. The fair value is estimated to be €288, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 8.8% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 21% per annum. Earnings are also forecast to grow by 29% per annum over the same time period. Recent Insider Transactions • Nov 29
Co-Founder & Chief Brand Officer recently sold €3.0m worth of stock On the 25th of November, Ryan Keeton sold around 10k shares on-market at roughly €303 per share. This transaction amounted to 15% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth €5.0m. Ryan has been a net seller over the last 12 months, reducing personal holdings by €24m. Recent Insider Transactions • Nov 14
Co-Founder & Chief Brand Officer recently sold €2.8m worth of stock On the 10th of November, Ryan Keeton sold around 10k shares on-market at roughly €281 per share. This transaction amounted to 13% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth €5.0m. Ryan has been a net seller over the last 12 months, reducing personal holdings by €21m. Recent Insider Transactions • Nov 06
Co-Founder & Chief Brand Officer recently sold €5.0m worth of stock On the 31st of October, Ryan Keeton sold around 19k shares on-market at roughly €262 per share. This transaction amounted to 20% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Ryan has been a net seller over the last 12 months, reducing personal holdings by €18m. Reported Earnings • Oct 30
Third quarter 2025 earnings released: EPS: US$1.09 (vs US$0.69 in 3Q 2024) Third quarter 2025 results: EPS: US$1.09 (up from US$0.69 in 3Q 2024). Revenue: US$5.65b (up 55% from 3Q 2024). Net income: US$151.0m (up 78% from 3Q 2024). Profit margin: 2.7% (up from 2.3% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Specialty Retail industry in Italy. Recent Insider Transactions • Oct 05
Co-Founder recently sold €1.7m worth of stock On the 1st of October, Ernest Garcia sold around 5k shares on-market at roughly €331 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth €11m. Ernest has been a net seller over the last 12 months, reducing personal holdings by €8.5m. Buy Or Sell Opportunity • Oct 02
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 14% to €337. The fair value is estimated to be €281, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 21% per annum. Earnings are also forecast to grow by 27% per annum over the same time period. Tillkännagivande • Oct 01
Carvana Co. to Report Q3, 2025 Results on Oct 29, 2025 Carvana Co. announced that they will report Q3, 2025 results After-Market on Oct 29, 2025 Recent Insider Transactions • Sep 05
Co-Founder recently sold €2.5m worth of stock On the 2nd of September, Ernest Garcia sold around 8k shares on-market at roughly €314 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth €11m. Ernest has been a net seller over the last 12 months, reducing personal holdings by €6.9m. Tillkännagivande • Sep 04
Carvana Expands Same-Day Delivery to Seattle Carvana announced the launch of same-day vehicle delivery in the greater Seattle area. Select local customers can now receive their newly purchased vehicle as soon as the same day they place an order on Carvana.com. Seattle-area customers looking to sell a car can also take advantage of as-soon-as same-day drop-off and pickup options after completing Carvana's online appraisal process. Carvana expands same-day delivery to Seattle, bringing greater convenience and faster deliveries to local residents. Tillkännagivande • Aug 14
Carvana Expands Same-Day Delivery to the Greater Chicago Area Carvana announced the expansion of same-day vehicle delivery for customers in the greater Chicago area. Select Chicago-area residents can now receive their vehicle as soon as the same day they place an order on Carvana.com. Carvana expands same-day delivery to Chicago, bringing more convenience and faster deliveries to local residents. With this launch, Chicago-area customers interested in selling their vehicles to Carvana can also take advantage of same-day drop-off options after completing Carvana's online vehicle appraisal and sales process. Carvana's intuitive e-commerce platform allows customers to shop from tens of thousands of high-quality pre-owned vehicles, secure financing, trade in a vehicle, and complete their purchase entirely online. Enabled by Carvana's integrated logistics network and reconditioning operations, eligible customers in the Chicago area can now receive or sell their vehicle in less than 24 hours. Initially launched in Arizona, Carvana's same-day delivery service is currently available in select markets across more than 15 states. The company plans to continue scaling the offering regionally as it expands its national logistics and reconditioning infrastructure. Recent Insider Transactions • Aug 05
VP, General Counsel recently sold €11m worth of stock On the 4th of August, Paul Breaux sold around 33k shares on-market at roughly €321 per share. This transaction amounted to 39% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €51m more than they bought in the last 12 months. New Risk • Aug 01
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Italian stocks, typically moving 8.4% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.6x net interest cover). Share price has been highly volatile over the past 3 months (8.4% average weekly change). Minor Risks Profit margins are more than 30% lower than last year (3.5% net profit margin). Significant insider selling over the past 3 months (€15m sold). Reported Earnings • Jul 31
Second quarter 2025 earnings released: EPS: US$1.35 (vs US$0.15 in 2Q 2024) Second quarter 2025 results: EPS: US$1.35 (up from US$0.15 in 2Q 2024). Revenue: US$4.84b (up 42% from 2Q 2024). Net income: US$183.0m (up US$165.0m from 2Q 2024). Profit margin: 3.8% (up from 0.5% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 24% growth forecast for the Specialty Retail industry in Italy. Buy Or Sell Opportunity • Jul 31
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 39% to €292. The fair value is estimated to be €242, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 3.0% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 17% per annum. Earnings are also forecast to grow by 27% per annum over the same time period. Recent Insider Transactions • Jul 04
Co-Founder recently sold €2.3m worth of stock On the 2nd of July, Ernest Garcia sold around 8k shares on-market at roughly €289 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth €3.5m. Ernest has been a net seller over the last 12 months, reducing personal holdings by €4.4m. Tillkännagivande • Jul 02
Carvana Co. to Report Q2, 2025 Results on Jul 30, 2025 Carvana Co. announced that they will report Q2, 2025 results After-Market on Jul 30, 2025 Buy Or Sell Opportunity • Jun 17
Now 21% overvalued The stock has been flat over the last 90 days, currently trading at €256. The fair value is estimated to be €211, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 3.0% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 16% per annum. Earnings are also forecast to grow by 27% per annum over the same time period. Recent Insider Transactions • Jun 13
Co-Founder & Chief Brand Officer recently sold €3.4m worth of stock On the 10th of June, Ryan Keeton sold around 11k shares on-market at roughly €298 per share. This transaction amounted to 11% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth €3.5m. Ryan has been a net seller over the last 12 months, reducing personal holdings by €13m. Recent Insider Transactions • Jun 05
Co-Founder recently sold €2.1m worth of stock On the 2nd of June, Ernest Garcia sold around 7k shares on-market at roughly €286 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth €3.5m. This was Ernest's only on-market trade for the last 12 months. Recent Insider Transactions • May 13
Lead Independent Director recently sold €2.2m worth of stock On the 9th of May, Michael Maroone sold around 9k shares on-market at roughly €243 per share. This transaction amounted to 4.6% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €37m more than they bought in the last 12 months. Board Change • May 09
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 5 highly experienced directors. Independent Director Neha Parikh was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model.