Does CARVANA CO. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores CARVANA CO. (CVNA) 27.2 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 0, returns on capital 35, balance-sheet safety 39, capital discipline 44.

Is CVNA stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $5.90 per share versus a recent price of $67.36 — 1043% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has CVNA's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 27.2 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

CARVANA CO.

CVNA · Consumer Discretionary · $15.1B mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power0

Median gross margin 13.5% over 10y, variable.

Returns on capital35

Median ROIC 9.1%, above the 9% hurdle in 50% of years.

Balance-sheet safety39

Net debt/EBITDA 1.4x, interest coverage 4x.

Capital discipline44

Owner earnings trend unclear, share count n/a.

Margin of safety

Above valueOn sale

1043% above value

Owner earnings (normalized): $119.0M
Est. intrinsic value / share: $5.90
Recent price: $67.36
Discount to value: 1043% above value

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

12 years of fundamentals

The business, in plain English

CARVANA CO. booked $20.3B of revenue in FY2025 in the Consumer Discretionary sector and kept 20.6% of it as gross profit — a moderate-margin business by that measure. After every other cost, 6.9% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $130.4M (FY2015) to $20.3B (FY2025) — about 65.7% a year compounded over 10 years.

It earned 24.1% on invested capital in FY2025, with a median of 9.1% across 4 filed years. The Returns on Capital filter above scores it 35/100.

The balance sheet carried $5.0B of total debt in FY2025 against $1.3B of owner earnings — roughly 4.0 years of owner earnings to retire it all. Balance-Sheet Safety scores it 39/100.

The share count rose 378.7% between FY2019 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 44/100.

Put together: Capital Discipline is the strongest of the four filters (44/100) and Pricing Power the weakest (0/100), which is how CVNA lands at 27/100 — a None moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$20.3B FY2025

Gross marginRevenue kept after cost of goods20.6% FY2025

Return on invested capitalOperating profit on the capital employed24.1% FY2025

Owner earningsCash an owner could take out$1.3B FY2025

Gaps in a line mean that item isn’t in CVNA’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale27.2 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — CVNA has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Consumer Discretionary context

#278 of 340 scored Consumer Discretionary companies, ranked by Moat Score.

Nearest peers by Moat Score

#276PRTS CARPARTS.COM, INC.28.1 out of 100, No moatNo moat
#277BBBY BED BATH & BEYOND, INC.28.0 out of 100, No moatNo moat
#279WOOF Petco Health and Wellness Company, Inc.26.5 out of 100, No moatNo moat
#280SRI STONERIDGE, INC.26.1 out of 100, No moatNo moat

Compare CVNA with its nearest peers →All Consumer Discretionary companies on the Index →

Common questions about CVNA

Does CARVANA CO. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores CARVANA CO. (CVNA) 27.2 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 0, returns on capital 35, balance-sheet safety 39, capital discipline 44.
Is CVNA stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $5.90 per share versus a recent price of $67.36 — 1043% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has CVNA's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 27.2 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell CVNA. See the disclaimer.