Carvana's (NYSE: CVNA) stock is up nearly 950% so far in 2023. That's pretty incredible, but if you pull back and look at the longer-term picture it is still down around 85% from its mid-2021 high water mark. Those two figures should cause investors to pause just a second and ask, "What is going on?" There's good news and bad news to digest.

Heading into 2023, one of the biggest problems facing the used-car dealer was found on its balance sheet. The company's debt rose dramatically over the last few years, as the chart below shows. However, the graph also shows that Carvana is an unprofitable company. That clearly makes it hard to carry so much debt. 

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Source Fool.com