Carvana’s stock has been on a spectacular comeback over the past two years. During 2022’s market downturn, CVNA crashed 98%, briefly trading near penny-stock levels around $3–4businessmirror.com.ph. The tide turned in 2023 as Carvana restructured its debt and cut costs, and the rally accelerated through 2024 into 2025. As of late October 2025, shares have soared roughly 78% year-to-datets2.tech, vastly outperforming the broader market. In fact, from its 2022 lows to its 2025 peak, Carvana logged an astounding 9,000% reboundbusinessmirror.com.ph – catapulting its market capitalization above $80 billion at one point, briefly eclipsing legacy automakers like Ford and GMbusinessmirror.com.ph.