Key Takeaways CVNA shares jumped about 117% in 2025, making it the top-performing auto retail stock of the year.Carvana sold a record 155,941 units in Q3 2025, up 44% year over year, with strong demand expected in Q4.CVNA expects adjusted EBITDA of $2-$2.2B in 2025, driven by cost cuts, scale gains and ADESA integration.Used car e-retailer Carvana Inc. (CVNA) has had a stellar 2025, with its shares gaining around 117% so far this year. In fact, CVNA was the best performing auto retail stock, handily outperf ...

公司业务模式 - 公司通过数字化优先、数据驱动、资本效率高的垂直整合模式引领行业从传统汽车零售转型 [1] - 该业务模式提供了比现有参与者更清晰、更具吸引力的购车体验 [2] 分析师观点与预测 - Needham分析师Mackenzie Holleran重申对公司股票的买入评级 目标价为500美元 [1] - 500美元的目标价隐含对2027年调整后EBITDA的35倍市盈率倍数 [3] - 分析师预计公司2025年营收为184.91亿美元 EBITDA为21亿美元 [5] - 市场对次级抵押贷款风险的担忧被过度推断 且往往与公司过去脆弱的运营状况挂钩 [3] 行业与市场环境 - 行业正在加速摆脱经销商模式 信贷担忧消退且需求保持韧性 [1] - 改善的二手车供应和利率趋缓强化了积极前景 [4] - 预计较低的平均售价和较小的月供将抵消信贷紧缩的影响 单位需求应能保持 [4] 财务表现与市场反应 - 公司股价在最新交易中上涨2.21%至349.50美元 [5]