Carvana demonstrates operational profitability with $20.32B revenue, $1.881B operating income, and $2.23B adj. EBITDA, but faces margin compression. Retail GPU declined to $2,990 due to higher reconditioning costs and operational inefficiencies, raising concerns about structural sensitivity and execution. A conservative valuation scenario yields a $241/share price target, reflecting uncertainty over GPU normalization and recon efficiency.









