Intrinsic value of Carvana Cl A - CVNA

Previous Close

$20.90

  Intrinsic Value

$0.25

stock screener

  Rating & Target

str. sell

-99%

Previous close

$20.90

 
Intrinsic value

$0.25

 
Up/down potential

-99%

 
Rating

str. sell

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of CVNA stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  180.77
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  365
  584
  902
  1,349
  1,958
  2,762
  3,797
  5,097
  6,693
  8,612
  10,878
  13,508
  16,515
  19,906
  23,684
  27,849
  32,395
  37,316
  42,604
  48,252
  54,249
  60,589
  67,265
  74,271
  81,605
  89,266
  97,254
  105,573
  114,228
  123,227
  132,581
Variable operating expenses, $m
 
  723
  1,117
  1,671
  2,424
  3,420
  4,701
  6,310
  8,286
  10,662
  13,467
  16,723
  20,446
  24,644
  29,321
  34,477
  40,105
  46,197
  52,744
  59,736
  67,161
  75,009
  83,274
  91,948
  101,028
  110,511
  120,400
  130,699
  141,414
  152,555
  164,135
Fixed operating expenses, $m
 
  6
  6
  6
  7
  7
  7
  7
  7
  7
  8
  8
  8
  8
  8
  9
  9
  9
  9
  10
  10
  10
  10
  11
  11
  11
  11
  12
  12
  12
  13
Total operating expenses, $m
  458
  729
  1,123
  1,677
  2,431
  3,427
  4,708
  6,317
  8,293
  10,669
  13,475
  16,731
  20,454
  24,652
  29,329
  34,486
  40,114
  46,206
  52,753
  59,746
  67,171
  75,019
  83,284
  91,959
  101,039
  110,522
  120,411
  130,711
  141,426
  152,567
  164,148
Operating income, $m
  -93
  -145
  -221
  -328
  -473
  -664
  -911
  -1,220
  -1,600
  -2,057
  -2,597
  -3,223
  -3,939
  -4,746
  -5,645
  -6,637
  -7,719
  -8,890
  -10,149
  -11,494
  -12,921
  -14,430
  -16,019
  -17,687
  -19,433
  -21,256
  -23,158
  -25,138
  -27,198
  -29,340
  -31,567
EBITDA, $m
  -88
  -137
  -209
  -309
  -446
  -627
  -859
  -1,151
  -1,509
  -1,940
  -2,448
  -3,039
  -3,713
  -4,474
  -5,322
  -6,257
  -7,277
  -8,381
  -9,568
  -10,836
  -12,181
  -13,604
  -15,102
  -16,674
  -18,320
  -20,039
  -21,832
  -23,698
  -25,640
  -27,660
  -29,759
Interest expense (income), $m
  3
  4
  7
  11
  17
  25
  35
  49
  66
  87
  112
  142
  177
  216
  261
  310
  365
  425
  489
  559
  633
  712
  795
  883
  975
  1,072
  1,172
  1,277
  1,387
  1,500
  1,619
Earnings before tax, $m
  -93
  -149
  -228
  -338
  -489
  -689
  -946
  -1,269
  -1,666
  -2,144
  -2,709
  -3,365
  -4,115
  -4,962
  -5,906
  -6,947
  -8,084
  -9,315
  -10,639
  -12,052
  -13,554
  -15,142
  -16,815
  -18,570
  -20,408
  -22,328
  -24,330
  -26,415
  -28,585
  -30,841
  -33,185
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -93
  -149
  -228
  -338
  -489
  -689
  -946
  -1,269
  -1,666
  -2,144
  -2,709
  -3,365
  -4,115
  -4,962
  -5,906
  -6,947
  -8,084
  -9,315
  -10,639
  -12,052
  -13,554
  -15,142
  -16,815
  -18,570
  -20,408
  -22,328
  -24,330
  -26,415
  -28,585
  -30,841
  -33,185

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  64
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  336
  435
  672
  1,005
  1,459
  2,058
  2,830
  3,798
  4,987
  6,418
  8,106
  10,066
  12,306
  14,833
  17,649
  20,752
  24,139
  27,806
  31,747
  35,955
  40,424
  45,148
  50,123
  55,344
  60,809
  66,517
  72,469
  78,668
  85,117
  91,823
  98,793
Adjusted assets (=assets-cash), $m
  272
  435
  672
  1,005
  1,459
  2,058
  2,830
  3,798
  4,987
  6,418
  8,106
  10,066
  12,306
  14,833
  17,649
  20,752
  24,139
  27,806
  31,747
  35,955
  40,424
  45,148
  50,123
  55,344
  60,809
  66,517
  72,469
  78,668
  85,117
  91,823
  98,793
Revenue / Adjusted assets
  1.342
  1.343
  1.342
  1.342
  1.342
  1.342
  1.342
  1.342
  1.342
  1.342
  1.342
  1.342
  1.342
  1.342
  1.342
  1.342
  1.342
  1.342
  1.342
  1.342
  1.342
  1.342
  1.342
  1.342
  1.342
  1.342
  1.342
  1.342
  1.342
  1.342
  1.342
Average production assets, $m
  39
  61
  95
  142
  206
  290
  399
  535
  703
  904
  1,142
  1,418
  1,734
  2,090
  2,487
  2,924
  3,401
  3,918
  4,473
  5,066
  5,696
  6,362
  7,063
  7,799
  8,569
  9,373
  10,212
  11,085
  11,994
  12,939
  13,921
Working capital, $m
  79
  290
  448
  669
  971
  1,370
  1,884
  2,528
  3,320
  4,272
  5,396
  6,700
  8,191
  9,873
  11,747
  13,813
  16,068
  18,509
  21,132
  23,933
  26,908
  30,052
  33,363
  36,839
  40,476
  44,276
  48,238
  52,364
  56,657
  61,121
  65,760
Total debt, $m
  171
  189
  309
  477
  705
  1,007
  1,396
  1,884
  2,484
  3,204
  4,055
  5,043
  6,172
  7,446
  8,865
  10,429
  12,136
  13,984
  15,970
  18,091
  20,344
  22,725
  25,232
  27,863
  30,618
  33,495
  36,495
  39,619
  42,869
  46,249
  49,762
Total liabilities, $m
  201
  219
  339
  507
  735
  1,037
  1,426
  1,914
  2,514
  3,234
  4,085
  5,073
  6,202
  7,476
  8,895
  10,459
  12,166
  14,014
  16,000
  18,121
  20,374
  22,755
  25,262
  27,893
  30,648
  33,525
  36,525
  39,649
  42,899
  46,279
  49,792
Total equity, $m
  135
  216
  333
  499
  724
  1,021
  1,404
  1,884
  2,474
  3,183
  4,021
  4,993
  6,104
  7,357
  8,754
  10,293
  11,973
  13,792
  15,746
  17,834
  20,050
  22,394
  24,861
  27,451
  30,161
  32,992
  35,945
  39,019
  42,218
  45,544
  49,001
Total liabilities and equity, $m
  336
  435
  672
  1,006
  1,459
  2,058
  2,830
  3,798
  4,988
  6,417
  8,106
  10,066
  12,306
  14,833
  17,649
  20,752
  24,139
  27,806
  31,746
  35,955
  40,424
  45,149
  50,123
  55,344
  60,809
  66,517
  72,470
  78,668
  85,117
  91,823
  98,793
Debt-to-equity ratio
  1.267
  0.880
  0.930
  0.960
  0.970
  0.990
  0.990
  1.000
  1.000
  1.010
  1.010
  1.010
  1.010
  1.010
  1.010
  1.010
  1.010
  1.010
  1.010
  1.010
  1.010
  1.010
  1.010
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
Adjusted equity ratio
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -93
  -149
  -228
  -338
  -489
  -689
  -946
  -1,269
  -1,666
  -2,144
  -2,709
  -3,365
  -4,115
  -4,962
  -5,906
  -6,947
  -8,084
  -9,315
  -10,639
  -12,052
  -13,554
  -15,142
  -16,815
  -18,570
  -20,408
  -22,328
  -24,330
  -26,415
  -28,585
  -30,841
  -33,185
Depreciation, amort., depletion, $m
  5
  8
  12
  18
  27
  38
  52
  70
  91
  117
  148
  184
  225
  271
  323
  380
  442
  509
  581
  658
  740
  826
  917
  1,013
  1,113
  1,217
  1,326
  1,440
  1,558
  1,680
  1,808
Funds from operations, $m
  -370
  -141
  -215
  -320
  -463
  -651
  -894
  -1,200
  -1,575
  -2,027
  -2,560
  -3,181
  -3,890
  -4,691
  -5,583
  -6,567
  -7,642
  -8,806
  -10,058
  -11,394
  -12,815
  -14,316
  -15,898
  -17,558
  -19,295
  -21,111
  -23,004
  -24,976
  -27,027
  -29,160
  -31,378
Change in working capital, $m
  -130
  109
  158
  222
  302
  399
  513
  645
  792
  952
  1,124
  1,304
  1,491
  1,682
  1,874
  2,065
  2,255
  2,441
  2,623
  2,801
  2,975
  3,145
  3,311
  3,475
  3,638
  3,800
  3,962
  4,126
  4,293
  4,464
  4,639
Cash from operations, $m
  -240
  -250
  -373
  -542
  -764
  -1,050
  -1,408
  -1,844
  -2,366
  -2,979
  -3,684
  -4,485
  -5,381
  -6,373
  -7,457
  -8,633
  -9,897
  -11,247
  -12,681
  -14,196
  -15,789
  -17,461
  -19,209
  -21,033
  -22,933
  -24,910
  -26,966
  -29,102
  -31,320
  -33,624
  -36,017
Maintenance CAPEX, $m
  0
  -5
  -8
  -12
  -18
  -27
  -38
  -52
  -70
  -91
  -117
  -148
  -184
  -225
  -271
  -323
  -380
  -442
  -509
  -581
  -658
  -740
  -826
  -917
  -1,013
  -1,113
  -1,217
  -1,326
  -1,440
  -1,558
  -1,680
New CAPEX, $m
  -40
  -23
  -33
  -47
  -64
  -84
  -109
  -136
  -168
  -202
  -238
  -276
  -316
  -356
  -397
  -437
  -477
  -517
  -555
  -593
  -630
  -666
  -701
  -736
  -770
  -804
  -839
  -873
  -909
  -945
  -982
Cash from investing activities, $m
  -48
  -28
  -41
  -59
  -82
  -111
  -147
  -188
  -238
  -293
  -355
  -424
  -500
  -581
  -668
  -760
  -857
  -959
  -1,064
  -1,174
  -1,288
  -1,406
  -1,527
  -1,653
  -1,783
  -1,917
  -2,056
  -2,199
  -2,349
  -2,503
  -2,662
Free cash flow, $m
  -288
  -277
  -415
  -601
  -847
  -1,161
  -1,554
  -2,033
  -2,604
  -3,271
  -4,040
  -4,910
  -5,881
  -6,954
  -8,125
  -9,393
  -10,754
  -12,206
  -13,745
  -15,369
  -17,077
  -18,866
  -20,736
  -22,686
  -24,716
  -26,827
  -29,022
  -31,301
  -33,668
  -36,127
  -38,679
Issuance/(repayment) of debt, $m
  123
  82
  120
  168
  229
  302
  389
  488
  599
  721
  851
  988
  1,129
  1,274
  1,419
  1,564
  1,707
  1,848
  1,986
  2,121
  2,252
  2,381
  2,507
  2,631
  2,754
  2,877
  3,000
  3,124
  3,250
  3,380
  3,513
Issuance/(repurchase) of shares, $m
  162
  230
  345
  504
  714
  986
  1,329
  1,750
  2,256
  2,854
  3,546
  4,337
  5,226
  6,215
  7,302
  8,486
  9,764
  11,134
  12,593
  14,140
  15,771
  17,486
  19,282
  21,160
  23,119
  25,159
  27,282
  29,490
  31,784
  34,167
  36,643
Cash from financing (excl. dividends), $m  
  284
  312
  465
  672
  943
  1,288
  1,718
  2,238
  2,855
  3,575
  4,397
  5,325
  6,355
  7,489
  8,721
  10,050
  11,471
  12,982
  14,579
  16,261
  18,023
  19,867
  21,789
  23,791
  25,873
  28,036
  30,282
  32,614
  35,034
  37,547
  40,156
Total cash flow (excl. dividends), $m
  -4
  35
  50
  71
  96
  127
  163
  205
  252
  303
  358
  415
  474
  535
  596
  657
  717
  777
  834
  891
  946
  1,000
  1,053
  1,106
  1,157
  1,209
  1,260
  1,313
  1,366
  1,420
  1,476
Retained Cash Flow (-), $m
  -70
  -230
  -345
  -504
  -714
  -986
  -1,329
  -1,750
  -2,256
  -2,854
  -3,546
  -4,337
  -5,226
  -6,215
  -7,302
  -8,486
  -9,764
  -11,134
  -12,593
  -14,140
  -15,771
  -17,486
  -19,282
  -21,160
  -23,119
  -25,159
  -27,282
  -29,490
  -31,784
  -34,167
  -36,643
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  -195
  -295
  -433
  -618
  -859
  -1,165
  -1,544
  -2,004
  -2,551
  -3,189
  -3,922
  -4,752
  -5,680
  -6,706
  -7,829
  -9,047
  -10,357
  -11,759
  -13,249
  -14,825
  -16,485
  -18,229
  -20,054
  -21,962
  -23,951
  -26,022
  -28,177
  -30,418
  -32,747
  -35,167
Discount rate, %
 
  8.40
  8.82
  9.26
  9.72
  10.21
  10.72
  11.26
  11.82
  12.41
  13.03
  13.68
  14.37
  15.09
  15.84
  16.63
  17.46
  18.34
  19.25
  20.22
  21.23
  22.29
  23.40
  24.57
  25.80
  27.09
  28.45
  29.87
  31.36
  32.93
  34.58
PV of cash for distribution, $m
 
  -180
  -249
  -332
  -426
  -528
  -632
  -732
  -820
  -890
  -937
  -957
  -949
  -914
  -856
  -779
  -689
  -592
  -494
  -401
  -316
  -241
  -179
  -128
  -89
  -60
  -39
  -24
  -15
  -9
  -5
Current shareholders' claim on cash, %
  100
  85.5
  73.7
  64.0
  56.0
  49.3
  43.6
  38.8
  34.6
  31.0
  27.9
  25.2
  22.8
  20.7
  18.8
  17.2
  15.7
  14.4
  13.2
  12.1
  11.1
  10.2
  9.4
  8.7
  8.0
  7.4
  6.8
  6.3
  5.8
  5.4
  5.0

Carvana Co. is an e-commerce platform for buying used cars. On the Company’s platform, consumers can research and identify a vehicle, inspect it using its proprietary 360-degree vehicle imaging technology, obtain financing and warranty coverage, purchase the vehicle and schedule delivery or pick-up, all from their desktop or mobile devices. The Company’s transaction technologies and online platform transform a traditionally time consuming process by allowing customers to secure financing, complete a purchase and schedule delivery online.


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FINANCIAL RATIOS  of  Carvana Cl A (CVNA)

Valuation Ratios
P/E Ratio -29.7
Price to Sales 7.6
Price to Book 20.5
Price to Tangible Book
Price to Cash Flow -11.5
Price to Free Cash Flow -9.9
Growth Rates
Sales Growth Rate 180.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 185.7%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio 0
Current Ratio 0.1
LT Debt to Equity 3.7%
Total Debt to Equity 126.7%
Interest Coverage -30
Management Effectiveness
Return On Assets -38.1%
Ret/ On Assets - 3 Yr. Avg. -30.4%
Return On Total Capital -45%
Ret/ On T. Cap. - 3 Yr. Avg. -38.1%
Return On Equity -93%
Return On Equity - 3 Yr. Avg. -68.9%
Asset Turnover 1.5
Profitability Ratios
Gross Margin 5.2%
Gross Margin - 3 Yr. Avg. 1.2%
EBITDA Margin -23.3%
EBITDA Margin - 3 Yr. Avg. -26.5%
Operating Margin -25.5%
Oper. Margin - 3 Yr. Avg. -29.9%
Pre-Tax Margin -25.5%
Pre-Tax Margin - 3 Yr. Avg. -29.9%
Net Profit Margin -25.5%
Net Profit Margin - 3 Yr. Avg. -29.9%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

CVNA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CVNA stock intrinsic value calculation we used $365 million for the last fiscal year's total revenue generated by Carvana Cl A. The default revenue input number comes from 2016 income statement of Carvana Cl A. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our CVNA stock valuation model: a) initial revenue growth rate of 60% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 8.4%, whose default value for CVNA is calculated based on our internal credit rating of Carvana Cl A, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Carvana Cl A.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of CVNA stock the variable cost ratio is equal to 123.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $6 million in the base year in the intrinsic value calculation for CVNA stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Carvana Cl A.

Corporate tax rate of 27% is the nominal tax rate for Carvana Cl A. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the CVNA stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for CVNA are equal to 10.5%.

Life of production assets of 7.7 years is the average useful life of capital assets used in Carvana Cl A operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for CVNA is equal to 49.6%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $135 million for Carvana Cl A - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 136.506 million for Carvana Cl A is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Carvana Cl A at the current share price and the inputted number of shares is $2.9 billion.

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COMPANY NEWS

▶ Why Carvana Cos (NYSE:CVNA) CEO Pay Matters To You   [Feb-06-18 07:49PM  Simply Wall St.]
▶ How Financially Strong Is Carvana Co (NYSE:CVNA)?   [Jan-23-18 12:33PM  Simply Wall St.]
▶ Carvana Brings Corpus Christi the New Way to Buy a Car   [Dec-28-17 07:00AM  Business Wire]
▶ Carvana to Attend Upcoming Auto Industry Conference   [Dec-21-17 04:15PM  Business Wire]
▶ Forbes: How a Valley ex-con became a billionaire from used cars   [Dec-18-17 04:45PM  American City Business Journals]
▶ Carvana unveils ugly Christmas sweater on wheels   [Dec-14-17 10:30AM  American City Business Journals]
▶ Carvana unveils (possibly) the world's largest ugly Christmas sweater on wheels   [Dec-13-17 01:02PM  American City Business Journals]
▶ Carvana launches its second Arizona market   [Dec-06-17 08:20AM  American City Business Journals]
▶ Carvana raises cash without scrutiny   [Dec-04-17 02:56PM  Reuters]
▶ Carvana Hires Vice President of Investor Relations   [Nov-28-17 06:00AM  Business Wire]
▶ Carvana launches its used vehicle delivery service in its 40th market   [Nov-15-17 04:05PM  American City Business Journals]
▶ Highlights From Carvana's In-Line Q3   [Nov-08-17 12:43PM  Benzinga]
▶ Despite record revenue, Carvana sees losses widen in latest quarter   [Nov-07-17 06:15PM  American City Business Journals]
▶ Carvana trolls car dealerships with one of the largest Halloween costumes   [Oct-31-17 09:50AM  American City Business Journals]
▶ Carvana to Attend Upcoming Investor Conferences   [Oct-27-17 08:15AM  Business Wire]
▶ Carvana Deals Las Vegas a New Way to Buy a Car   [Oct-25-17 09:00AM  Business Wire]
▶ New Carvana vending machine on Orlando's horizon literally   [Oct-18-17 02:30PM  American City Business Journals]
▶ This car stock was up 72% on its debut, Dow, S&P 500, Nasdaq slip   [Oct-12-17 05:23PM  American City Business Journals]
▶ Bank of America drives into e-commerce car shopping   [Oct-11-17 07:25PM  American City Business Journals]
▶ Online car site debuts in Albuquerque   [09:40AM  American City Business Journals]
▶ Carvana opens its first car vending machine in this state   [Oct-05-17 09:50AM  American City Business Journals]
▶ Carvanas Newest Car Vending Machine Debuts in Florida   [Oct-04-17 06:00AM  Business Wire]
▶ Go inside Carvana's Tolleson inspection center   [Sep-28-17 06:40PM  American City Business Journals]
▶ Carvana opens in 37th market in this West Coast state   [Sep-06-17 09:20AM  American City Business Journals]
▶ Carvana drives online car-buying platform to West Coast   [09:20AM  American City Business Journals]
▶ Carvana opens car vending machine beside Raleigh's I-440 (Photos)   [08:51AM  American City Business Journals]
▶ Carvana opens its sixth car vending machine   [06:25AM  American City Business Journals]
▶ Here are the Arizona companies on the latest Inc. 5000 list   [Aug-16-17 05:25PM  American City Business Journals]
▶ Carvana acquires its first company: a Bay Area automotive disruptor startup   [Aug-08-17 08:15PM  American City Business Journals]
▶ Carvana reports record revenue, widens loss in latest quarter   [06:15PM  American City Business Journals]
▶ Carvana Acquires Carlypso   [04:15PM  Business Wire]
▶ Carvana (finally) launching in Phoenix. Here's why it took so long   [Aug-02-17 09:20AM  American City Business Journals]
▶ Overstock.com Launches Online Car-Buying Site   [Jul-28-17 01:03PM  InvestorPlace]
▶ EXCLUSIVE: See inside Carvana's new Tempe headquarters   [Jul-07-17 08:35PM  American City Business Journals]
▶ Carvana Races into the Derby City with Its Kentucky Debut   [Jul-05-17 06:00AM  Business Wire]
▶ Can Carvana Keep Going After Last Week's 45% Pop?   [Jun-18-17 10:00AM  Motley Fool]
▶ Fed Rates: Live Blog   [03:19PM  TheStreet.com]
▶ Can Carvana Keep Going After Last Week's 40% Pop?   [Jun-12-17 09:12AM  Motley Fool]
▶ Why a Raleigh dealer isn't worried about Carvana's I-440 'vending machine'   [Jun-08-17 02:05PM  American City Business Journals]
▶ Carvana and CME Group jump while Duluth Holdings tumbles   [Jun-07-17 05:14PM  Associated Press]
▶ Story Stocks from Briefing.com   [11:24AM  Briefing.com]
Financial statements of CVNA
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