Carvana Co (CVNA) — Working Capital to Net Assets Ratio
Carvana Co (CVNA) has a Working Capital to Net Assets ratio of 119.7% as of December 2025. Working capital of $5.03 Billion (current assets of $6.55 Billion minus current liabilities of $1.52 Billion) is measured against net assets of $4.20 Billion. A higher ratio indicates strong short-term liquidity financed by the equity base. See Carvana Co balance sheet independence to measure how much of total assets are equity-financed.
WC/NA Ratio
Working Capital
Current Assets
Current Liabilities
Carvana Co Working Capital to Net Assets (2014–2025)
This chart shows how Carvana Co's Working Capital to Net Assets ratio has evolved across 12 annual periods from 2014 to 2025. As of December 2025, the ratio stands at 119.7%, reflecting working capital of $5.03 Billion against net assets of $4.20 Billion USD. Check tangible equity quality of Carvana Co to evaluate the tangible quality of the company's equity base.
Annual Working Capital to Net Assets for Carvana Co (2014–2025)
The table below presents the year-by-year Working Capital to Net Assets ratio for Carvana Co from 2014 to 2025, covering 12 annual filings. Each row shows current assets, current liabilities, working capital, net assets, the ratio, and the change in percentage points compared to the prior year. For live market cap and the full company profile, see Carvana Co market capitalisation.
| Year | WC/NA Ratio | Working Capital (USD) | Net Assets | Current Assets | Current Liabilities | Change (pp) |
|---|---|---|---|---|---|---|
| 2025 | 119.7% | $5.03 Billion | $4.20 Billion | $6.55 Billion | $1.52 Billion | ▼ -137.1 pp |
| 2024 | 256.8% | $3.53 Billion | $1.38 Billion | $4.87 Billion | $1.34 Billion | ▲ +721.6 pp |
| 2023 | -464.8% | $1.78 Billion | $-384.00 Million | $3.32 Billion | $1.54 Billion | ▼ -274.7 pp |
| 2022 | -190.1% | $2.00 Billion | $-1.05 Billion | $4.59 Billion | $2.59 Billion | ▼ -571.5 pp |
| 2021 | 381.3% | $2.00 Billion | $525.00 Million | $4.89 Billion | $2.89 Billion | ▲ +199.8 pp |
| 2020 | 181.5% | $1.46 Billion | $801.97 Million | $1.92 Billion | $467.14 Million | ▼ -76.1 pp |
| 2019 | 257.7% | $494.55 Million | $191.94 Million | $1.36 Billion | $864.87 Million | ▲ +111.1 pp |
| 2018 | 146.6% | $333.34 Million | $227.43 Million | $662.85 Million | $329.51 Million | ▲ +80.9 pp |
| 2017 | 65.7% | $183.69 Million | $279.54 Million | $489.72 Million | $306.03 Million | ▲ +7.3 pp |
| 2016 | 58.4% | $78.82 Million | $135.01 Million | $275.24 Million | $196.42 Million | ▼ -15.9 pp |
| 2015 | 74.2% | $48.41 Million | $65.20 Million | $119.22 Million | $70.81 Million | ▲ +0.2 pp |
| 2014 | 74.0% | $15.18 Million | $20.50 Million | $34.78 Million | $19.61 Million | — |