Carvana Co
Held by 7 superinvestors (CVNA).
Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.
Valuation
Valuation · two methods
Earnings Power & Asset Floor
Two intrinsic-value methods and a tangible asset floor — deterministic, not price forecasts or recommendations.
Carvana Co (CVNA): A conservative earnings-power estimate, $4–$15 / sh; today’s price sits above it (price $69 as of 2026-07-02).
Model cautions
- Owner-earnings yield diverges sharply from the 10-year Treasury (over 300 bps).
An observation from two valuation methods — not investment advice, not a buy/sell signal, and not a price target.
Price as of 2026-07-02 · yahoo · DGS10 4.4% @ 2026-06-25.
Method & numbers
Owner-earnings DCF $4.46 – $6.01 · Greenwald zero-growth $15.09 · zero-growth base $15.09 · reproduction $15.09
Moat Below asset base · terminal value 37% of present value · owner-earnings yield 1% vs 10Y 4.4%.
Graham earnings-power value (normalized NOPAT)
Normalized operating earnings net of maintenance capex are non-positive over the years shown; earnings power cannot be capitalized.
Normalized NOPAT = average operating margin over the years shown × latest-year revenue × (1 − normalized tax); then + D&A − maintenance capex (write A). Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge applied: + cash − total debt.
Years: 2025, 2024, 2023, 2022
v1 simplifications: Maintenance capex unavailable → degraded to the v1 simplification (maintenance capex = D&A, so the depreciation add-back nets to zero). Share-based compensation is left as a real expense (not added back).
Buffett owner-earnings value$4.86 – $5.95 / sh
Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 9–11% rate band (read as a cost-of-equity proxy). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).
Years: 2025, 2024, 2023, 2022
v1 simplifications: Maintenance capex or D&A unavailable → degraded to normalized net income (= average net income over the years shown). One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the same 9–11% band as a cost-of-equity proxy (theoretically the cost of equity is higher; v2 simplification, v3 to refine).
Reproduction value = tangible net assets $3.38B = $15.09 / sh. Tangible net assets = shareholders' equity − goodwill − intangibles, ÷ diluted shares (no R&D history to capitalize).
Moat reading: Franchise test compares earnings power (EPV) against reproduction value (tangible net assets + capitalized R&D). EPV well above reproduction value signals a moat; near it, a commodity; below it, value destruction. A directional reading, not a verdict.
Growth value gated to zero — no moat / ROIIC ≤ WACC, so no growth value is credited.
Window FY 2025, 2024, 2023, 2022 · discount band 9%–11% · normalized tax 21% (No effective-rate data available; fell back to the statutory 21%.) · diluted shares.
Owner-earnings DCF: growth g₁ 0% · OE FY 2025, 2024, 2023, 2022 · Discount band: 8.90%–12.00% (DGS10 +4.5% to a 12% strict end, as of 2026-06-25). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp.
Ownership · 13F consensus
Who's buying it
Institutional ownership aggregated across funds — consensus strength and this quarter's moves. Describes actions, not advice.
7 superinvestors hold it · $3.42B combined
Largest holder Clifford Sosin
Held by 7 superinvestors of Carvana Co (CVNA); this quarter 3 added, 4 trimmed (as of 2026-03-31).
13F positions are self-reported and can lag up to 45 days. Informational only — not investment advice.
Next · is it cheap
CVNA's price is not below its conservative value band.
See which stocks are in the strike zone right nowSuperinvestors Holding This Security
- Value$1.43BWeight (prev→now)83.2% → 81.7% ▼
- Value$874.0MWeight (prev→now)1.2% → 2.4% ▲
- Value$551.6MWeight (prev→now)5.5% → 4.4% ▼
- Value$313.0MWeight (prev→now)3.7% → 3.2% ▲
- Value$132.1MWeight (prev→now)2.1% → 1.5% ▼
- Value$118.8MWeight (prev→now)29.8% → 31.1% ▲
- Value$2.3MWeight (prev→now)0.0% → 0.0% ▼
Ownership overview
Carvana Co (CVNA) is held by 7 of the superinvestors tracked on Compounder, with a combined $3.42B in reported 13F value. The largest position belongs to Clifford Sosin, where it makes up 81.7% of the portfolio.
Other notable holders by value include Andreas Halvorsen (2.4% of its book), Stephen Mandel (4.4% of its book) and Henry Ellenbogen (3.2% of its book).
Over the latest quarter, 0 of the tracked filers opened a new position in CVNA, 3 added to existing ones, 4 trimmed, and 0 sold out entirely.
Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-03-31. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.
Holders over time
Superinvestors holding this security over the last 8 quarters: 4 → 7.
Early quarters may understate holder counts due to data backfill — read the slope with care.
Sources· SEC EDGAR 13F as of 2026-03-31 · filed 2026-05-15
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