CarGurus, Inc.
CARG · NASDAQ
Company research
CarGurus, Inc. (NASDAQ: CARG) is a Boston, Massachusetts-based leading multinational online automotive marketplace, founded in 2005 and publicly traded since October 2017, that connects buyers and sellers of new and used vehicles across the United States and internationally. Operating through two primary segments — U.S. Marketplace and Digital Wholesale — the company leverages proprietary data-driven algorithms, transparent pricing tools such as Instant Market Value (IMV), and a Deal Rating system to empower consumers and over 31,000 paying dealers with actionable market intelligence and streamlined transaction capabilities. CarGurus offers an end-to-end digital retail experience encompassing features such as Digital Deal, Finance in Advance, and Sell My Car options, while also supporting automotive manufacturers through targeted advertising solutions, and extending its reach via additional platforms including Autolist and PistonHeads. Under the leadership of CEO Jason Trevisan, CarGurus commands the #1 position in U.S. digital auto platform traffic with over 30 million monthly unique visitors and a market capitalization of approximately $3.5 billion, generating revenues exceeding $900 million on an annualized basis through a high-margin, asset-light freemium business model.
Research reports
Detailed fundamental note on CarGurus as an online auto marketplace, highlighting very high gross margins, strong EBITDA and free cash flow generation, and improving EPS despite three-year revenue declines. The authors view the stock’s 9x forward EV/EBITDA and consensus one-year price target of 37.38 versus a 31.03 share price as attractive, arguing it is a good time to invest while flagging slower user growth and past demand weakness as key risks.
SignalShield · June 9, 2026CARG 2025 Research ReportIndependent research PDF framed around CarGurus’ 2025 fiscal year, emphasizing that the marketplace is generating a 37.8% return on invested capital while trading at roughly 11.4x EV/EBITDA and 10.6x EV/FCF, and classifying CARG as an “interesting research candidate” rather than a clear buy or sell. The report explicitly calls out macro sensitivity, execution risk around delivering the growth thesis, and valuation risk if premium multiples to peers are not backed by sustained earnings performance, making its stance more cautious and verification-focused than overtly directional.