Carvana Co. (CVNA) Margin Analysis - Discounting Cash Flows

Carvana Co.

CVNA (NYSE)

(%)

Models
Carvana Co. Margin Analysis

# --- Years and Quarters
assumptions.set({
    "timeseries": "annual",
    "data": {
        "#years": """
            4
        """,
        "#quarters": """
            8
        """,
    },
    "titles": {
        "#years": "Years",
        "#quarters": "Quarters",
    },
    "properties": {
        "width": "responsive",
        "title": "Years and Quarters",
        "id": "component-1",
        "bindTo": None
    },
    "descriptions": {
        "#years": r"""
The number of historical years used to render the annual chart and tables.
        """,
        "#quarters": r"""
The number of historical quarters used to render the quarterly chart and tables.
        """,
    }
})

# Render description block
model.render_description({
    "data": r"""
## Margin Analysis Report

Margins refer to the ratio between a financial report item and the revenue (example: Net Income Margin = Net Income / Revenue).

This analysis provides annual and quarterly sections for reporting key financial margins.
""",
    "properties": {
        "width": "responsive"
    }
})

# Render description block
model.render_description({
    "data": r"""
## Annual Section

The annual section uses annual data to calculate margins and growth rates.
""",
    "properties": {
        "width": "full"
    }
})

# --- Income Statement Margins
data.compute({
    "user:%revenueGrowthRate": """
        ( income:revenue / income:revenue:-1 ) - 1
    """,
    "user:%grossMargin": """
        income:grossProfit / income:revenue
    """,
    "user:%operatingMargin": """
        income:operatingIncome / income:revenue
    """,
    "user:%netMargin": """
        income:netIncome / income:revenue
    """,
}, forecast=0, timeseries="annual")

model.render_table({
    "timeseries": "annual",
    "data": {
        "income:revenue": "Revenue",
        "user:%revenueGrowthRate": "Revenue Growth Rate",
        "income:costOfRevenue": "Cost of Revenue",
        "income:grossProfit": "Gross Profit",
        "user:%grossMargin": "Gross Margin",
        "income:operatingIncome": "Operating Income",
        "user:%operatingMargin": "Operating Margin",
        "income:netIncome": "Net Income",
        "user:%netMargin": "Net Margin",
    },
    "start": data.get("""
        -assumption:#years
    """),
    "end": 0,
    "properties": {
        "title": "Income Statement Margins",
        "order": "descending",
        "number_format": "M",
        "include_ltm": True,
        "display_averages": False,
        "width": "responsive"
    }
})

# --- Cash Flow Statement Margins
data.compute({
    "user:%cashFromOperatingActivitiesMargin": """
        flow:netCashProvidedByOperatingActivities / income:revenue
    """,
    "user:%freeCashFlowMargin": """
        flow:freeCashFlow / income:revenue
    """,
    "user:%depreciationAndAmortizationMargin": """
        flow:depreciationAndAmortization / income:revenue
    """,
    "user:%capitalExpenditureMargin": """
        flow:capitalExpenditure / income:revenue
    """,
}, forecast=0, timeseries="annual")

model.render_table({
    "timeseries": "annual",
    "data": {
        "income:revenue": "Revenue",
        "flow:netCashProvidedByOperatingActivities": "Cash from Operating Activities",
        "user:%cashFromOperatingActivitiesMargin": "Cash from Operating Activities Margin",
        "flow:freeCashFlow": "Free Cash Flow",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
        "flow:depreciationAndAmortization": "Depreciation and Amortization",
        "user:%depreciationAndAmortizationMargin": "Depreciation and Amortization Margin",
        "flow:capitalExpenditure": "Capital Expenditure",
        "user:%capitalExpenditureMargin": "Capital Expenditure Margin",
    },
    "start": data.get("""
        -assumption:#years
    """),
    "end": 0,
    "properties": {
        "title": "Cash Flow Statement Margins",
        "order": "descending",
        "number_format": "M",
        "include_ltm": True,
        "display_averages": False,
        "width": "responsive"
    }
})

model.render_chart({
    "timeseries": "annual",
    "data": {
        "user:%grossMargin": "Gross Margin",
        "user:%operatingMargin": "Operating Margin",
        "user:%netMargin": "Net Margin",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
    },
    "start": data.get("""
        -assumption:#years
    """),
    "end": 0,
    "properties": {
        "title": "Annual Chart",
        "include_ltm": False,
        "set_editable": [],
        "hidden_keys": [],
        "bar_keys": ["user:%grossMargin", "user:%operatingMargin", "user:%netMargin", "user:%freeCashFlowMargin"],
        "width": "full"
    }
})

# Render description block
model.render_description({
    "data": r"""
## Quarterly Section

The quarterly section uses quarterly data to calculate margins and growth rates.
""",
    "properties": {
        "width": "full"
    }
})

model.render_table({
    "timeseries": "quarterly",
    "data": {
        "income:revenue": "Revenue",
        "user:%revenueGrowthRate": "Revenue Growth Rate",
        "income:costOfRevenue": "Cost of Revenue",
        "income:grossProfit": "Gross Profit",
        "user:%grossMargin": "Gross Margin",
        "income:operatingIncome": "Operating Income",
        "user:%operatingMargin": "Operating Margin",
        "income:netIncome": "Net Income",
        "user:%netMargin": "Net Margin",
    },
    "start": data.get("""
        -assumption:#quarters
    """),
    "end": 0,
    "properties": {
        "title": "Income Statement Margins",
        "order": "descending",
        "number_format": "M",
        "display_averages": False,
        "width": "responsive"
    }
})

model.render_table({
    "timeseries": "quarterly",
    "data": {
        "income:revenue": "Revenue",
        "flow:netCashProvidedByOperatingActivities": "Cash from Operating Activities",
        "user:%cashFromOperatingActivitiesMargin": "Cash from Operating Activities Margin",
        "flow:freeCashFlow": "Free Cash Flow",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
        "flow:depreciationAndAmortization": "Depreciation and Amortization",
        "user:%depreciationAndAmortizationMargin": "Depreciation and Amortization Margin",
        "flow:capitalExpenditure": "Capital Expenditure",
        "user:%capitalExpenditureMargin": "Capital Expenditure Margin",
    },
    "start": data.get("""
        -assumption:#quarters
    """),
    "end": 0,
    "properties": {
        "title": "Cash Flow Statement Margins",
        "order": "descending",
        "number_format": "M",
        "display_averages": False,
        "width": "responsive"
    }
})

model.render_chart({
    "timeseries": "quarterly",
    "data": {
        "user:%grossMargin": "Gross Margin",
        "user:%operatingMargin": "Operating Margin",
        "user:%netMargin": "Net Margin",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
    },
    "start": data.get("""
        -assumption:#quarters
    """),
    "end": 0,
    "properties": {
        "title": "Quarterly Chart",
        "set_editable": [],
        "hidden_keys": [],
        "bar_keys": ["user:%grossMargin", "user:%operatingMargin", "user:%netMargin", "user:%freeCashFlowMargin"],
        "width": "full"
    }
})

Years and Quarters

Years Years The number of historical years used to render the annual chart and tables.	#
Quarters Quarters The number of historical quarters used to render the quarterly chart and tables.	#

Margin Analysis Report

Margins refer to the ratio between a financial report item and the revenue (example: Net Income Margin = Net Income / Revenue).

This analysis provides annual and quarterly sections for reporting key financial margins.

Annual Section

The annual section uses annual data to calculate margins and growth rates.

Income Statement Margins

Monetary values in USD amounts except #	LTM Mar 15	2025 Dec 31	2024 Dec 31	2023 Dec 31	2022 Dec 31
Revenue	20,322	20,322	13,673	10,771	13,604
Revenue Growth Rate	0%	48.63%	26.94%	-20.82%	6.17%
Cost of Revenue	16,209	16,130	10,962	9,047	12,603
Gross Profit	4,113	4,192	2,711	1,724	1,001
Gross Margin	20.24%	20.63%	19.83%	16.01%	7.36%
Operating Income	1,883	1,881	1,002	-80	-1,490
Operating Margin	9.27%	9.26%	7.33%	-0.743%	-10.95%
Net Income	1,407	1,407	210	450	-1,587
Net Margin	6.92%	6.92%	1.54%	4.18%	-11.67%

Cash Flow Statement Margins

Monetary values in USD amounts except #	LTM Mar 15	2025 Dec 31	2024 Dec 31	2023 Dec 31	2022 Dec 31
Revenue	20,322	20,322	13,673	10,771	13,604
Cash from Operating Activities	1,036	1,036	918	803	-1,324
Cash from Operating Activities Margin	5.1%	5.1%	6.71%	7.46%	-9.73%
Free Cash Flow	889	889	827	716	-1,836
Free Cash Flow Margin	4.38%	4.38%	6.05%	6.65%	-13.5%
Depreciation and Amortization	275	275	305	352	261
Depreciation and Amortization Margin	1.35%	1.35%	2.23%	3.27%	1.92%
Capital Expenditure	-147	-147	-91	-87	-512
Capital Expenditure Margin	-0.723%	-0.723%	-0.666%	-0.808%	-3.76%

Annual Chart

Monetary values in USD

{"sectionId": "section-chart-1", "sectionType": "chart", "title": "Annual Chart", "timeseries": "annual", "series": [{"label": "Gross Margin", "mappingKey": "user:%grossMargin", "data": [{"l": "2022", "x": "2022-12-31", "y": 7.36}, {"l": "2023", "x": "2023-12-31", "y": 16.01}, {"l": "2024", "x": "2024-12-31", "y": 19.83}, {"l": "2025", "x": "2025-12-31", "y": 20.63}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}, {"label": "Operating Margin", "mappingKey": "user:%operatingMargin", "data": [{"l": "2022", "x": "2022-12-31", "y": -10.95}, {"l": "2023", "x": "2023-12-31", "y": -0.743}, {"l": "2024", "x": "2024-12-31", "y": 7.33}, {"l": "2025", "x": "2025-12-31", "y": 9.26}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}, {"label": "Net Margin", "mappingKey": "user:%netMargin", "data": [{"l": "2022", "x": "2022-12-31", "y": -11.67}, {"l": "2023", "x": "2023-12-31", "y": 4.18}, {"l": "2024", "x": "2024-12-31", "y": 1.54}, {"l": "2025", "x": "2025-12-31", "y": 6.92}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}, {"label": "Free Cash Flow Margin", "mappingKey": "user:%freeCashFlowMargin", "data": [{"l": "2022", "x": "2022-12-31", "y": -13.5}, {"l": "2023", "x": "2023-12-31", "y": 6.65}, {"l": "2024", "x": "2024-12-31", "y": 6.05}, {"l": "2025", "x": "2025-12-31", "y": 4.37}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}], "editableDates": {}, "properties": {"display_table": false}, "width": "full"}

Quarterly Section

The quarterly section uses quarterly data to calculate margins and growth rates.

Income Statement Margins

Monetary values in USD amounts except #	2025 (Q4) Dec 31	2025 (Q3) Sep 30	2025 (Q2) Jun 30	2025 (Q1) Mar 31	2024 (Q4) Dec 31	2024 (Q3) Sep 30
Revenue	5,603	5,647	4,840	4,232	3,547	3,655
Revenue Growth Rate	-0.779%	16.67%	14.37%	19.31%	-2.96%
Cost of Revenue	4,552	4,499	3,813	3,345	2,825	2,888
Gross Profit	1,051	1,148	1,027	887	722	767
Gross Margin	18.76%	20.33%	21.22%	20.96%	20.36%	20.98%
Operating Income	424	552	513	394	269	338
Operating Margin	7.57%	9.78%	10.6%	9.31%	7.58%	9.25%
Net Income	857	151	183	216	79	85
Net Margin	15.3%	2.67%	3.78%	5.1%	2.23%	2.33%

Cash Flow Statement Margins

Monetary values in USD amounts except #	2025 (Q4) Dec 31	2025 (Q3) Sep 30	2025 (Q2) Jun 30	2025 (Q1) Mar 31	2024 (Q4) Dec 31	2024 (Q3) Sep 30
Revenue	5,603	5,647	4,840	4,232	3,547	3,655
Cash from Operating Activities	430	345	29	232	60	403
Cash from Operating Activities Margin	7.67%	6.11%	0.599%	5.48%	1.69%	11.03%
Free Cash Flow	379	307	-2	205	36	376
Free Cash Flow Margin	6.76%	5.44%	-0.041%	4.84%	1.01%	10.29%
Depreciation and Amortization	69	65	68	73	74	73
Depreciation and Amortization Margin	1.23%	1.15%	1.41%	1.73%	2.09%	2%
Capital Expenditure	-51	-38	-31	-27	-24	-27
Capital Expenditure Margin	-0.91%	-0.673%	-0.64%	-0.638%	-0.677%	-0.739%

Quarterly Chart

Monetary values in USD

{"sectionId": "section-chart-2", "sectionType": "chart", "title": "Quarterly Chart", "timeseries": "quarterly", "series": [{"label": "Gross Margin", "mappingKey": "user:%grossMargin", "data": [{"l": "2024 (Q3)", "x": "2024-09-30", "y": 20.98}, {"l": "2024 (Q4)", "x": "2024-12-31", "y": 20.36}, {"l": "2025 (Q1)", "x": "2025-03-31", "y": 20.96}, {"l": "2025 (Q2)", "x": "2025-06-30", "y": 21.22}, {"l": "2025 (Q3)", "x": "2025-09-30", "y": 20.33}, {"l": "2025 (Q4)", "x": "2025-12-31", "y": 18.76}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "quarterly", "hidden": false}, {"label": "Operating Margin", "mappingKey": "user:%operatingMargin", "data": [{"l": "2024 (Q3)", "x": "2024-09-30", "y": 9.25}, {"l": "2024 (Q4)", "x": "2024-12-31", "y": 7.58}, {"l": "2025 (Q1)", "x": "2025-03-31", "y": 9.31}, {"l": "2025 (Q2)", "x": "2025-06-30", "y": 10.6}, {"l": "2025 (Q3)", "x": "2025-09-30", "y": 9.78}, {"l": "2025 (Q4)", "x": "2025-12-31", "y": 7.57}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "quarterly", "hidden": false}, {"label": "Net Margin", "mappingKey": "user:%netMargin", "data": [{"l": "2024 (Q3)", "x": "2024-09-30", "y": 2.33}, {"l": "2024 (Q4)", "x": "2024-12-31", "y": 2.23}, {"l": "2025 (Q1)", "x": "2025-03-31", "y": 5.1}, {"l": "2025 (Q2)", "x": "2025-06-30", "y": 3.78}, {"l": "2025 (Q3)", "x": "2025-09-30", "y": 2.67}, {"l": "2025 (Q4)", "x": "2025-12-31", "y": 15.3}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "quarterly", "hidden": false}, {"label": "Free Cash Flow Margin", "mappingKey": "user:%freeCashFlowMargin", "data": [{"l": "2024 (Q3)", "x": "2024-09-30", "y": 10.29}, {"l": "2024 (Q4)", "x": "2024-12-31", "y": 1.01}, {"l": "2025 (Q1)", "x": "2025-03-31", "y": 4.84}, {"l": "2025 (Q2)", "x": "2025-06-30", "y": -0.041}, {"l": "2025 (Q3)", "x": "2025-09-30", "y": 5.44}, {"l": "2025 (Q4)", "x": "2025-12-31", "y": 6.76}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "quarterly", "hidden": false}], "editableDates": {}, "properties": {"display_table": false}, "width": "full"}