Jim Chanos (left) speaks with Forbes editor Matt Schifrin on stage at the 2025 Forbes Iconoclast Summit.Jamel Toppin/ForbesWhen legendary investor Jim Chanos entered the stage at the 2025 Forbes Iconoclast Summit Thursday, he had a big smile on his face thanks to the very public feud that had erupted behind President Donald Trump and the world’s richest person, Tesla CEO Elon Musk. Chanos, who first shorted Tesla stock back in 2016, said of the spat: “Most predictable breakup ever.”With a long and successfu ...

Summary of Carvana's Conference Call Company Overview - **Company**: Carvana - **Industry**: Used Car Retailing Key Points and Arguments 1. **Growth Trajectory**: Carvana has experienced significant growth, increasing approximately 16 times over the past eight years, with an adjusted EBITDA margin improvement from negative 20% to 11.5% in Q1 [5][24] 2. **Record Performance**: In Q1, Carvana sold approximately 134,000 retail units, achieving an annualized run rate of over half a million units, making it the second-largest seller of used cars in the U.S. [6][34] 3. **Profitability Metrics**: The company reported record adjusted EBITDA of nearly $500 million and GAAP operating income of approximately $400 million for the quarter [7][34] 4. **Market Share Growth**: Carvana's retail units sold grew by 46% year-over-year, significantly outpacing other large players in the industry, which saw growth in the low single digits [8][34] 5. **Customer Experience**: The company has invested in creating a seamless online customer experience, which has resonated well with customers and is expected to drive future growth [11][12] 6. **E-commerce Adoption**: Carvana is positioned early in the e-commerce adoption curve for auto sales, with current penetration at 1-2%, compared to 18-19% in other retail sectors, indicating substantial growth potential [15][16] 7. **Selection and Inventory**: The unique nature of the used vehicle market allows for a vast number of SKUs, providing opportunities for Carvana to expand its selection and improve customer satisfaction [17][19] 8. **Long-term Goals**: Carvana aims to sell 3 million cars per year within 5-10 years, targeting adjusted EBITDA margins of 13.5% [24][27] 9. **Operational Scalability**: The acquisition of the ADESA physical auction network has enhanced Carvana's national footprint, facilitating more efficient scaling of operations [29][30] 10. **Production Capacity**: The company is currently adding about 80 units of production capacity per week across its locations, with plans to integrate more ADESA sites into its operations [31][32] Additional Important Insights - **Customer Trust and Brand Awareness**: Building awareness and trust in Carvana's online offering is seen as a critical long-term growth driver [14][16] - **Positive Feedback Loops**: Increased selection leads to more efficient advertising and improved customer experience, creating a cycle of growth [18][19] - **Financial Performance**: Carvana has maintained strong margins, converting over 80% of adjusted EBITDA into GAAP operating income in Q1 [22][34] - **Future Execution**: The company emphasizes the importance of operational execution at scale to achieve its ambitious growth targets [28][34]

Key Takeaways CVNA reported record Q1 2025 adjusted EBITDA of $488M, up $253M year over year with an 11.5% margin. Approximately 80% of adjusted EBITDA converted into GAAP operating income, hitting 9.3% margin. CVNA expects sequential EBITDA growth in Q2 and aims for 13.5% margins over the next five to ten years.Carvana Co. (CVNA) achieved a record-breaking adjusted EBITDA of $488 million in the first quarter of 2025, which increased $253 million year over year. The company's adjusted EBITDA margin reache ...

Core Insights - Carvana (NYSE: CVNA) is a highly discussed stock in the market, known for its innovative business model and growth potential [1] Company Analysis - Carvana has gained attention since 2020, indicating its significant presence in the investment community [1] - The company operates in sectors such as AI, fintech, finance, and tech, which are critical for long-term growth [1] - The focus on business analysis, fundamental analysis, and valuation highlights the importance of understanding Carvana's earnings performance and competitive positioning [1] Market Trends - The investment landscape is influenced by various sectors, with a particular emphasis on technology and finance, which are essential for Carvana's growth strategy [1] - The analysis of publicly traded companies, including Carvana, is crucial for identifying investment opportunities and risks in the market [1]

If there's a recession brewing in the macro, Carvana (NYSE: CVNA ) wouldn't know it. The used-car dealer, best known for its towering "vending machines" that deliver cars to buyers, has taken advantage of macro crosswinds over the past several years to becomeWith combined experience of covering technology companies on Wall Street and working in Silicon Valley, and serving as an outside adviser to several seed-round startups, Gary Alexander has exposure to many of the themes shaping the industry today. He ha ...

Momentum investing revolves around the idea of following a stock's recent trend in either direction. In the 'long' context, investors will be essentially be "buying high, but hoping to sell even higher." With this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving that way. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.While many investors like to look for moment ...

MIAMI, May 29, 2025 (GLOBE NEWSWIRE) -- Defiance ETFs introduces CVNX, the Defiance Daily Target 2X Long CVNA ETF (CVNX), a 2X leveraged single-stock ETF designed to provide amplified exposure to Carvana Co. (NYSE: CVNA). This ETF offers traders a way to pursue enhanced upside potential in Carvana without the need for a margin account. CVNX seeks daily investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of Carvana Co., a trailblazer in the digital ...

Core Insights - Carvana (CVNA) stock has reached a 52-week high of $312, gaining over 50% in 2025 and more than 800% over the last three years, outperforming peers like Amazon and MercadoLibre [1][2] - The company's end-to-end online business model covers all aspects of used-car retailing, and it is only 15% away from its all-time high of $370 reached in August 2021 [2] Financial Performance - Carvana's strong financial results are attributed to cost-cutting initiatives and debt restructuring, with total liabilities at $7.1 billion, below total assets of $8.87 billion [5] - In Q1, Carvana reported an EPS of $1.51, a significant improvement from an adjusted loss of $0.41 in the previous period, exceeding expectations of $0.75 by 101%. Q1 sales increased by 38% year-over-year to $4.23 billion, surpassing estimates of $4.04 billion [6] Growth Projections - Carvana is expected to increase total sales by 31% in fiscal 2025 and by another 25% in FY26, reaching $22.55 billion [7] - Annual earnings are projected to soar by 192% this year to $4.64 per share, compared to EPS of $1.59 in 2024, with FY26 EPS expected to rise another 33% to $6.16 [7] EPS Revisions - FY25 and FY26 EPS estimates have increased by 35% and 23% over the last 90 days, respectively, indicating a positive growth trajectory [10] - Current EPS estimates for FY25 and FY26 are $4.64 and $6.16, respectively, showing a consistent upward trend in earnings expectations [11] Valuation Insights - Carvana stock is trading at a premium with a forward P/E ratio of 65.5X, but positive EPS revisions are helping to balance the valuation [12] - The stock holds a Zacks Rank 1 (Strong Buy), suggesting potential for further upside [12]

Group 1: Carvana (CVNA) - Carvana is a leading e-commerce platform for buying and selling used cars with a Zacks Rank 1 (Strong Buy) [1] - The Zacks Consensus Estimate for Carvana's current year earnings increased by 33.3% over the last 60 days [1] - Carvana's shares gained 36.2% over the last three months compared to the S&P 500's decline of 0.9% [1] - The company possesses a Momentum Score of A [1] Group 2: Pan American Silver (PAAS) - Pan American Silver is a mining company focused exclusively on silver with a Zacks Rank 1 [2] - The Zacks Consensus Estimate for Pan American Silver's current year earnings increased by 10.7% over the last 60 days [2] - Pan American Silver's shares gained 1.9% over the last three months compared to the S&P 500's decline of 0.9% [2] - The company possesses a Momentum Score of B [2] Group 3: PCB Bancorp (PCB) - PCB Bancorp is a bank holding company offering various financial services with a Zacks Rank 1 [2][3] - The Zacks Consensus Estimate for PCB Bancorp's current year earnings increased by 14.2% over the last 60 days [2] - PCB Bancorp's shares gained 0.4% over the last three months compared to the S&P 500's decline of 0.9% [3] - The company possesses a Momentum Score of B [3]

Core Viewpoint - Carvana is experiencing significant stock market momentum, driven by favorable used auto market conditions and improved unit economics due to cost containment measures [1][5]. Stock Performance - Carvana's stock surged by 280% last year and is up 50% year-to-date, with a 26% increase in the past month, outperforming peers like Sonic Automotive and Lithia Motors, which saw increases of 10% and 7% respectively [2][4]. Financial Results - Carvana reported impressive first-quarter 2025 results, with the stock trading well above its 50-day and 200-day moving averages, and a Momentum Score of A indicating a strong upward trend [5][19]. Business Turnaround - The company has successfully pivoted from near-bankruptcy through disciplined leadership, aggressive cost-cutting, and critical debt restructuring, allowing it to focus on operational improvements [8][10]. Operational Improvements - Carvana has enhanced its reconditioning process, reduced transport costs, and expanded its wholesale segment, leading to improved efficiency and demand generation at lower costs [11]. Profitability Metrics - The gross profit per unit increased by 8% in the last reported quarter, with a record adjusted EBITDA of $488 million, more than double from the previous year, and an adjusted EBITDA margin of 11.5%, significantly higher than competitors [12][19]. Market Position and Growth Potential - As the second-largest used car retailer in the U.S., Carvana holds only about 1% of the total market, indicating substantial growth opportunities in a fragmented industry [15]. Demand Trends - Retail unit sales surged nearly 46% in the last reported quarter, with expectations for continued momentum throughout 2025 [15]. Trade Environment - Carvana's business model may benefit from rising new car prices, as the CEO believes the value-focused used-car model will attract more customers [16]. Unique Business Model - Carvana's distinctive car vending machine experience enhances customer engagement, complemented by a seven-day return policy that mitigates the lack of traditional test drives [17]. Earnings Estimates - The Zacks Consensus Estimate predicts earnings growth of 192% in 2025 and 32.7% in 2026, with rising analyst estimates reflecting growing confidence in the stock [18].