The Carvana Comeback

By Staff of Bespoke Investment Group

Financial Research, Money Management • Jul 31, 2025 at 3:01 PM EDT

CVNA has not only fully recovered its 99% drawdown, but it has also eclipsed its prior highs. In less than three years, the stock has gained 10,460%.

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Even if you've been following markets for decades, you've likely never seen anything as crazy as the comeback that online used-car company Carvana (CVNA) has experienced in the last couple of years. Big stocks like Netflix (NFLX) and Meta (META) saw massive drawdowns of 75%+ during the bear market of 2021 and 2022, but Carvana (CVNA) was on another level with a decline of 99% from a peak of $370/share to its closing low of $3.72 made on 12/27/22.

As shown below, a stock that falls 70% needs to gain 233% to get back to even. That's a tall task, but it at least seems do-able. A stock that falls 99%, however, needs to gain 9,900% to get back to even. That seems downright impossible!

Below is a price chart of Carvana (CVNA) over the last five years. As of today, with the stock currently up 17% on earnings to $393/share, CVNA has not only fully recovered its 99% drawdown, but it has also eclipsed its prior highs. In less than three years, the stock has gained 10,460%! Maybe you have, but we've never seen any recovery quite this remarkable.

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Disclaimer:

Bespoke Investment Group, LLC believes all information contained in this report to be accurate, but we do not guarantee its accuracy. None of the information in this report or any opinions expressed constitutes a solicitation of the purchase or sale of any securities or commodities. This is not personalized advice. Investors should do their own research and/or work with an investment professional when making portfolio decisions. As always, past performance of any investment is not a guarantee of future results. Bespoke representatives or clients may have positions in securities discussed or mentioned in its published content.

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