CVNA vs PAG: Carvana and Penske Automotive compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Carvana is the larger company, worth $48.8B, about 4.0 times Penske Automotive.
- Carvana grew revenue faster over the last year (+52.4% vs +6.0%).
- Carvana keeps more of each dollar of revenue as operating profit (8.9% vs 3.9%).
- On earnings, Penske Automotive is the cheaper stock (14.3x vs 35.5x).
- Carvana's price assumes faster free cash flow growth: about 18% a year, against 4% for Penske Automotive (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | CVNA | PAG |
|---|---|---|
| Market cap | $48.8B | $12.1B |
| Share price | $63.73 | $196.16 |
| Revenue (last fiscal year) | $20.3B | $31.8B |
| Free cash flow (last fiscal year) | $889M | $650M |
| Revenue growth, last year | +52.4% | +6.0% |
| Revenue growth per year, last 5 fiscal years | +12.2% | +5.6% |
| Operating margin | 8.9% | 3.9% |
| Net margin | 6.3% | 2.8% |
| Return on equity | 38.9% | 15.6% |
| P/E (trailing) | 35.5x | 14.3x |
| Price / free cash flow | 54.8x | 16.4x |
| EV / EBITDA | 26.2x | 14.9x |
| FCF growth the price implies | 18.3% | 4.1% |
| Dividend yield | — | 2.2% |
| Debt / equity | 2.34x | 2.18x |
| Fundamental grade | C | D |
| Superinvestors holding it | 9 | 4 |
| Insider purchases, last 12 months | 8 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Carvana
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $12.8B | -$3.2B | — |
| 2022 | $13.6B | -$1.8B | -17.3% |
| 2023 | $10.8B | $716M | -0.74% |
| 2024 | $13.7B | $827M | 7.2% |
| 2025 | $20.3B | $889M | 9.3% |
Penske Automotive
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $25.6B | $1.0B | 5.3% |
| 2022 | $27.8B | $1.2B | 5.3% |
| 2023 | $30.9B | $759M | 4.6% |
| 2024 | $31.9B | $853M | 4.3% |
| 2025 | $31.8B | $650M | 4.0% |
Where the revenue comes from
Carvana · by products, 2025
Retail vehicle sales, net$14.5B72%
Wholesale sales and revenues$4.1B20%
Other sales and revenues$1.7B9%
Penske Automotive · by segments, 2025
Retail automotive dealership$27.5B86%
Retail commercial truck dealership$3.4B11%
Other$923M3%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open CVNA in InvestinglyQuestions
Which is bigger, Carvana or Penske Automotive?
Carvana (CVNA), at $48.8B against $12.1B.
Is CVNA or PAG cheaper?
By trailing P/E, Penske Automotive (14.3x) is cheaper than Carvana (35.5x). A lower multiple can also mean the market expects less growth.
Which grows faster, CVNA or PAG?
Carvana: revenue grew +52.4% over the last year, against +6.0%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.