Carvana Co.

New York Stock Exchange
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Bullish +75

Carvana Co. (CVNA): Stephen Mandel Is Bullish on This Stock

📈 Carvana is a long-term holding in the Lone Pine Capital portfolio with a current stake of roughly 44 million shares.

💰 The company ended 2025 with record revenue of $20.3 billion and record adjusted EBITDA of $2.2 billion.

📊 Carvana achieved a 9.3% net income margin in 2025, proving its ability to generate massive cash flow.

🚀 Management aims to scale annual retail unit sales from 600,000 in 2025 to 3 million units long-term.

🏗️ The firm currently operates 34 reconditioning centers and a logistics fleet sufficient to support its growth goals.

💼 Wall Street is treating Carvana as a top retail pick with significant upside potential post-liquidity crisis.

Bullish Signals
  • Carvana ended 2025 with record revenue of $20.3 billion, representing a 49% increase year-over-year.
  • The company achieved record adjusted EBITDA of $2.2 billion in 2025, signaling strong operational profitability.
  • Carvana posted a 9.3% net income margin in 2025, validating its ability to generate substantial cash flow.
  • Management has a clear long-term vision to scale annual retail unit sales from 600,000 to 3 million units.
  • The firm possesses the existing infrastructure of 34 reconditioning centers and a logistics fleet needed for expansion without new capital.
Full Analysis
Carvana Co. (CVNA) is identified as a long-term holding within the portfolio of Lone Pine Capital, managed by Stephen Mandel. The fund currently holds approximately 44 million shares, representing a significant institutional accumulation following previous position adjustments in 2019 and 2020. Wall Street analysts are increasingly viewing Carvana as a hyper-growth stock that has successfully navigated its recent liquidity crisis. The company reported record revenue of $20.3 billion and record adjusted EBITDA of $2.2 billion for the year ended in 2025, demonstrating strong cash flow generation capabilities. Management maintains a long-term vision to scale annual retail unit sales from 600,000 in 2025 to 3 million units. The firm asserts it possesses the necessary infrastructure, including 34 reconditioning centers and a logistics fleet, to achieve this ambitious growth target without requiring new capital infusions.