As of Q4'25, Carvana's ( CVNA ) P/E ratio stands at 17.45, marking a significant decrease from previous quarters. The most recent data point reflects a return to a more typical valuation level after a period of extreme volatility. From Q1'23 to Q4'25, the P/E ratio for CVNA exhibited substantial fluctuations, moving from negative values in 2023 to a sharp positive spike in 2024, peaking at 2.53K in Q3'24. This was followed by a rapid normalization, with the ratio dropping to 286.07 in Q4'24 and continuing to decline through 2025. The trend suggests a period of significant earnings volatility and market revaluation, with the latest quarters indicating stabilization towards more conventional P/E levels.