Added to YB: 2026-02-16
Pitch date: 2026-02-13
CVNA [neutral]
Carvana Co.
-4.6%
current return
Author Info
No bio for this author
Company Info
Carvana Co., together with its subsidiaries, operates an e-commerce platform for buying and selling used cars.
Market Cap
$47.3B
Pitch Price
$67.49
Price Target
N/A
Dividend
N/A
EV/EBITDA
21.14
P/E
38.60
EV/Sales
2.26
Sector
Specialty Retail
Category
N/A
Carvana: Dissecting the Gotham Short Report
CVNA (update): Gotham short report alleges $1B earnings overstatement & related-party issues. Analysis shows claims rely on modeling errors (5yr vs 2yr loan duration), incorrect leverage ratios (included non-recourse debt), misinterpreted disclosures (historical vs current loan sales). DT's negative OCF driven by origination growth outpacing collections (like KMX FY13-20), not value transfer. Servicing fees market-consistent when corrected. SilverRock margins align with ABG/TCA comps. Report's analytical flaws undermine core thesis.
Read full article (19 min)