CVNA vs KMX
Carvana Co. and CarMax Inc., side by side — 10 fiscal years reported in USD, drawn from SEC filings.
Most recent reported year
| Metric | CVNA | KMX |
|---|---|---|
| Revenue | $20.3B | $25.9B |
| Net income | $1.4B | $247.3M |
| Gross margin | 20.6% | 10.8% |
| Net margin | 9.3% | 1.0% |
| Return on equity | 59.9% | 4.1% |
| Diluted EPS | $8.45 | $1.68 |
| Dividend / share | · | · |
| Payout ratio | · | · |
| Free cash flow | $889.0M | $1.2B |
| Equity | $3.4B | · |
| Net debt / equity | 0.79× | 2.95× |
| Current ratio | 4.31× | 2.20× |
| Revenue CAGR 5y | 29.5% | 6.4% |
| Profit CAGR 5y | · | −19.8% |
KMX bills 1.3× the revenue of CVNA, and CVNA keeps more of each dollar of revenue as profit (9.3% against 1.0%).
The stronger figure of the pair is set in bold. That is arithmetic, not a recommendation — this page does not pick a winner. "·" marks a figure not available in our data.
10 years side by side
| Fiscal year | CVNA | KMX |
|---|---|---|
| FY2025 | $20.3B | $25.9B |
| FY2024 | $13.7B | $26.4B |
| FY2023 | $10.8B | $26.5B |
| FY2022 | $13.6B | $29.7B |
| FY2021 | $12.8B | $31.9B |
| FY2020 | $5.6B | $19.0B |
| FY2019 | $3.9B | $20.3B |
| FY2018 | $2.0B | $18.2B |
| FY2017 | $858.9M | $17.1B |
| FY2016 | $365.1M | $15.9B |
Bottom line
| Fiscal year | CVNA | KMX |
|---|---|---|
| FY2025 | $1.4B | $247.3M |
| FY2024 | $210.0M | $500.6M |
| FY2023 | $450.0M | $479.2M |
| FY2022 | $-1.6B | $484.8M |
| FY2021 | $-135.0M | $1.2B |
| FY2020 | $-171.0M | $746.9M |
| FY2019 | $-115.0M | $888.4M |
| FY2018 | $-55.5M | $842.4M |
| FY2017 | $-62.8M | $664.1M |
| FY2016 | $-93.1M | $627.0M |
11 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | −$5,559,131,000 | KMX |
| FY2024 | −$12,680,420,000 | KMX |
| FY2023 | −$15,765,040,000 | KMX |
| FY2022 | −$16,080,900,000 | KMX |
| FY2021 | −$19,086,412,000 | KMX |
| FY2020 | −$13,363,149,000 | KMX |
| FY2019 | −$16,380,000,000 | KMX |
| FY2018 | −$16,217,633,000 | KMX |
| FY2017 | −$16,261,339,000 | KMX |
| FY2016 | −$15,509,970,000 | KMX |
| FY2015 | −$15,019,283,000 | KMX |
KMX has reported the higher revenue in every one of these 11 fiscal years. The gap has narrowed since the earliest year compared.
11 of 18 comparable fiscal years — a year missing data on either side is not counted.
11 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | +8.4 pp | CVNA |
| FY2024 | +1.1 pp | CVNA |
| FY2023 | −0.4 pp | KMX |
| FY2022 | −22.9 pp | KMX |
| FY2021 | −5.8 pp | KMX |
| FY2020 | −12.2 pp | KMX |
| FY2019 | −13.6 pp | KMX |
| FY2018 | −17.7 pp | KMX |
| FY2017 | −23.0 pp | KMX |
| FY2016 | −29.4 pp | KMX |
| FY2015 | −32.3 pp | KMX |
The higher net margin has changed hands between CVNA and KMX over this period.
11 of 18 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
CVNA's net margin has been more volatile than KMX's over the 11 comparable fiscal years — 11.8 percentage points of standard deviation against 1.2.
11 of 18 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in net margin changed hands between CVNA and KMX over these 11 fiscal years — CVNA led in 2 and KMX in 9.
11 of 18 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
CVNA's return on equity has been more volatile than KMX's over the 7 comparable fiscal years — 58.2 percentage points of standard deviation against 7.9.
7 of 18 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in return on equity changed hands between CVNA and KMX over these 7 fiscal years — CVNA led in 2 and KMX in 5.
7 of 18 comparable fiscal years — a year missing data on either side is not counted.