# Copart (CPRT.US)

Canonical: https://gigainvestors.com/s/CPRT

Analysis as of: 2026-10-16T07:27:41.984Z. Financial observations: FY1997–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: $27.75 per share; close as of 2026-10-15.

Estimated value: low $27.52 per share, central $37.97 per share, high $43.80 per share. Buy at or below the central value $37.97 per share. Valuation as of 2026-10-16T07:27:41.984Z; scenarios are not confidence intervals.

Expected annual return: 12.9% at the stated quote. About 12.9% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 0 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.08×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.32×

- FY2018: 0.32×

- FY2019: 0.35×

- FY2020: 0.37×

- FY2021: 0.42×

- FY2022: 0.39×

- FY2023: 0.38×

- FY2024: 0.37×

- FY2025: 0.37×

- FY2026: 0.35×

### moat: pass

- ROIC, median of available years: 34.9%

- ROIC, second-lowest year: 31.9%

- Typical minus recent gross margin: 0.3 pp

- Typical gross margin (annual median): 45.0%

- Recent gross margin (lower of latest and 3-year median): 44.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 12.8%

- ROIC including acquisitions, ten-year median: 29.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 35.0%

- FY2018: 31.7%

- FY2019: 36.2%

- FY2020: 32.6%

- FY2021: 35.9%

- FY2022: 37.8%

- FY2023: 35.3%

- FY2024: 33.7%

- FY2025: 34.8%

- FY2026: 31.9%

### economics: pass

- Owner earnings / net income, 5-yr: 0.97×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $6.5B

- Net income, five-year total: $6.7B

- Return on incremental invested capital: 37.6%

- Working capital / revenue, annual change: -0.7 pp

- Working capital / revenue, change between three-year averages: -4.5 pp

- Working capital / revenue, final three-year average: 10.8%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 1.00×

- FY2023: 0.95×

- FY2024: 0.99×

- FY2025: 0.98×

- FY2026: 0.94×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 35.0% vs 33.7%

- Per-share earnings: 0.41 to 1.55 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.2%

- Ordinary dilution, 5-year annual growth: -0.1%

- Market cap gain: $12B

- Cumulative retained earnings: $7.2B

- Diluted shares, 10-year annual growth: -0.2%

- Diluted shares, 5-year annual growth: -0.1%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 18.0%

- Per-share value change: $1.14

- Per-share value, starting three-year median: $0.41

- Per-share value, ending three-year median: $1.55

- Buybacks concentrated in cheaper years (correlation): 0.45

- Average buyback yield: 0.9%

- Buyback history: 9 years

- Debt-funded buybacks: No

- Acquisition spending: $344M

- Cumulative net income, 10 years: $9.8B

- ROIC, first three-year median: 35.0%

- ROIC, last three-year median: 33.7%

Chart: Earnings per share; fiscal year observations.

- FY2017: $0.41

- FY2018: $0.43

- FY2019: $0.62

- FY2020: $0.73

- FY2021: $0.97

- FY2022: $1.13

- FY2023: $1.28

- FY2024: $1.40

- FY2025: $1.59

- FY2026: $1.55

### accounting: pass

- Sloan accruals: -1.2%

- Receivables to sales index (DSRI): 1.06×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 2.4%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.08×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.06×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -4.9%

- FY2018: -5.1%

- FY2019: -2.2%

- FY2020: -6.2%

- FY2021: -1.2%

- FY2022: -1.6%

- FY2023: -1.9%

- FY2024: -1.3%

- FY2025: -2.5%

- FY2026: -1.2%

## Holders

- [Chuck Akre](https://gigainvestors.com/AC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Nicolai Tangen](https://gigainvestors.com/AKO): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Francois Rochon](https://gigainvestors.com/GC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Allen Bond](https://gigainvestors.com/JIM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [David Rolfe](https://gigainvestors.com/WP): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Donald Yacktman](https://gigainvestors.com/YAM): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 64% since Oct 2021 · "Copart signals continued investment in land capacity and AI as insurance volumes decline 9%" (seekingalpha.com, Feb 2026) · sales +0.4%

Story as of 2026-10-16T09:58:33.769Z; price observation 2026-10-15.

Price needs cash profits to grow 3% a year for ten years

- 2025-05-28: CPRT Q1 Earnings Call: Revenue Miss, Margin Pressures, and Market Cycle Headwinds ([finance.yahoo.com](https://finance.yahoo.com/news/cprt-q1-earnings-call-revenue-074611397.html))

- 2025-07-28: Copart (CPRT) Fell as It Missed Revenue Expectations ([finance.yahoo.com](https://finance.yahoo.com/news/copart-cprt-fell-missed-revenue-132003144.html))

- 2025-11-20: Copart misses revenue estimates on weak demand for used cars ([finance.yahoo.com](https://finance.yahoo.com/news/copart-misses-revenue-estimates-weak-222104497.html))

- 2026-02-20: Copart signals continued investment in land capacity and AI as insurance volumes decline 9% ([seekingalpha.com](https://seekingalpha.com/news/4554392-copart-signals-continued-investment-in-land-capacity-and-ai-as-insurance-volumes-decline-9?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

### Sales · FY2025–2026

sales +0.4%; source https://www.sec.gov/Archives/edgar/data/900075/000119312526405731/cprt-20260731.htm; observed 2026-09-29.

- FY2017: $1.4B 

- FY2018: $1.8B 

- FY2019: $2.0B 

- FY2020: $2.2B 

- FY2021: $2.7B 

- FY2022: $3.5B 

- FY2023: $3.9B 

- FY2024: $4.2B 

- FY2025: $4.6B 

- FY2026: $4.7B 

### Gross margin · FY2026

gross margin 44.7%; source https://www.sec.gov/Archives/edgar/data/900075/000119312526405731/cprt-20260731.htm; observed 2026-09-29.

- FY2017: 42.5% 

- FY2018: 42.2% 

- FY2019: 44.0% 

- FY2020: 45.7% 

- FY2021: 49.9% 

- FY2022: 45.9% 

- FY2023: 44.9% 

- FY2024: 45.0% 

- FY2025: 45.2% 

- FY2026: 44.7% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in specialty business services; annual sales are USD 4.7 billion.

- Source: https://www.sec.gov/Archives/edgar/data/900075/000119312526405731/cprt-20260731.htm (filed 2026-09-29); FY2026: revenue 4666209000; grossProfit 2083858000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CPRT.US: Copart, Inc. provides online auctions and vehicle remarketing services in the United States, the United Kingdom, Germany, Brazil, Canada, the United Arab Emirates, Spain, Finland, Oman, the Republic of Ireland, and Bahrain. The company provides a range of services to process and sell vehicles over the internet through its virtual bidding third generation internet auction-style sales technology. It offers services, such as online seller access; salvage estimation; estimating; end-of-life vehicle processing; transportation; vehicle inspection stations; on-demand reporting; title processing and express; loan payoff; flexible vehicle processing programs; buy it now and make an offer; sales process; and dealer services. In addition, the company provides IntelliSeller, an automated tool for detailed vehicle and sales data to assist sellers in making vital auction decisions; BluCar, a financial institutions, fleet and rental car companies; CashForCars.com, CashForCars.ca, CashForCars.de, CashForCars.co.uk, and Cash-for-cars.ie; and national powersport auctions services, which include services through live and online auction platforms to dealers, financial institutions, and original equipment manufacturers. Further, it offers wholesale construction, agriculture, and fleet remarketing services through no-reserve online auctions under Purple Wave brand name; Copart Recycling services; Copart 360, a proprietary technology that captures clear 360-degree views of interiors and exteriors of cars, trucks, and vans. The company sells its products to licensed vehicle dismantlers, rebuilders, repair licenses, used vehicle dealers, and exporters, as well as directly to the public Copart, BID4U, CI & Design, DRIVE Auto Auctions, 1-800 CAR BUYER, CA$HFORCARS.COM, COPART & DESIGN, VB3 & DESIGN, VB3, National Powersports Auctions; NPA; Purple Wave Auction; and CrashedToys.com. Copart, Inc. was incorporated in 1982 and is headquartered in Dallas, Texas.

### Why customers stay

Margins ranged from 44.7% to 45.2% during 2024–26; it earns 34.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-29); FY2024: grossProfit / revenue = 45%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-29); FY2025: grossProfit / revenue = 45.2%.

- Source: https://www.sec.gov/Archives/edgar/data/900075/000119312526405731/cprt-20260731.htm (filed 2026-09-29); FY2026: grossProfit / revenue = 44.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-29); 10-year return on capital observations [[2017,0.34998784651099935],[2018,0.3171331601150721],[2019,0.3622749476218385],[2020,0.32615894980690857],[2021,0.358895550946546],[2022,0.3777796118777979],[2023,0.3534082126724414],[2024,0.33697588272871665],[2025,0.347878945692309],[2026,0.31861233179265863]]; median 0.3489333961016542. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 1.1% of cash earnings on expansion; earns 37.6% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-29); FY2017: growth capex 113091286.47255564; upkeep 59086713.52744436; owner earnings 392581286.47255564. Growth capex / owner earnings = 0.28807100687022064.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-29); FY2018: growth capex 217657000; upkeep 79040000; owner earnings 417867000. Growth capex / owner earnings = 0.5208762596711394.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-29); FY2019: growth capex 153595929.52227426; upkeep 221032070.47772574; owner earnings 455994929.52227426. Growth capex / owner earnings = 0.3368369242245521.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-29); FY2020: growth capex 116943037.55030072; upkeep 486730962.4496993; owner earnings 317433037.5503007. Growth capex / owner earnings = 0.36840222571908515.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-29); FY2021: growth capex 339912000; upkeep 123084000; owner earnings 936495000. Growth capex / owner earnings = 0.36296189515160254.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-29); FY2022: growth capex 198843000; upkeep 138605000; owner earnings 1090130000. Growth capex / owner earnings = 0.18240301615403667.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-29); FY2023: growth capex 297595893.4805878; upkeep 219040106.51941222; owner earnings 1178384893.4805877. Growth capex / owner earnings = 0.252545577533314.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-29); FY2024: growth capex 302270614.1391409; upkeep 208719385.8608591; owner earnings 1344556614.1391408. Growth capex / owner earnings = 0.2248106260164219.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-29); FY2025: growth capex 326170765.4317487; upkeep 242819234.5682513; owner earnings 1525478765.4317486. Growth capex / owner earnings = 0.2138153429749212.

- Source: https://www.sec.gov/Archives/edgar/data/900075/000119312526405731/cprt-20260731.htm (filed 2026-09-29); FY2026: growth capex 15004366.931140423; upkeep 322358633.0688596; owner earnings 1391411366.9311404. Growth capex / owner earnings = 0.010783559260575578.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-29); Incremental return on capital 0.3762054615966731, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-29); Dividend observations: [[2017,0],[2018,235000],[2019,0],[2020,103451000],[2021,6145000],[2022,1925000],[2023,4709000],[2024,0],[2025,0],[2026,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/900075/000119312526405731/cprt-20260731.htm (filed 2026-09-29); FY2026: cash repurchases 1632538000 USD.

### Are managers owners

Insiders own 9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CPRT.US SharesStats.PercentInsiders = 9.007 percentage points; cache date 2026-10-16.

### What could break it

"We face risks associated with transacting on a principal rather than agent basis" (SEC filing, Sep 2026)

- Source: https://www.sec.gov/Archives/edgar/data/900075/000119312526405731/cprt-20260731.htm (filed 2026-09-29); We face risks associated with transacting on a principal rather than agent basis

### What the price says

The price assumes cash profits grow 3% yearly over ten years; actual growth was 20.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-29); Ten-year compound average after fade. Initial solved rate 0.029198757143172334. Price 27.75; FX 1; discount 0.1; same compounder ten-year fade to terminal 0.03. FY2016 owner earnings/share 0.22796418500904306 → FY2026 1.4541431002770944. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $26.24 per share

- 2016-11: $27.36 per share

- 2016-12: $27.70 per share

- 2017-01: $28.37 per share

- 2017-02: $29.57 per share

- 2017-03: $30.97 per share

- 2017-04: $15.45 per share

- 2017-05: $15.60 per share

- 2017-06: $15.90 per share

- 2017-07: $15.75 per share

- 2017-08: $16.35 per share

- 2017-09: $17.19 per share

- 2017-10: $18.15 per share

- 2017-11: $21.58 per share

- 2017-12: $21.60 per share

- 2018-01: $22.04 per share

- 2018-02: $23.41 per share

- 2018-03: $25.47 per share

- 2018-04: $25.54 per share

- 2018-05: $27.42 per share

- 2018-06: $28.28 per share

- 2018-07: $28.70 per share

- 2018-08: $32.16 per share

- 2018-09: $25.77 per share

- 2018-10: $24.46 per share

- 2018-11: $25.59 per share

- 2018-12: $23.89 per share

- 2019-01: $25.32 per share

- 2019-02: $29.34 per share

- 2019-03: $30.30 per share

- 2019-04: $33.66 per share

- 2019-05: $35.74 per share

- 2019-06: $37.37 per share

- 2019-07: $38.77 per share

- 2019-08: $37.70 per share

- 2019-09: $40.17 per share

- 2019-10: $41.32 per share

- 2019-11: $44.50 per share

- 2019-12: $45.47 per share

- 2020-01: $50.73 per share

- 2020-02: $42.24 per share

- 2020-03: $34.26 per share

- 2020-04: $40.06 per share

- 2020-05: $44.70 per share

- 2020-06: $41.64 per share

- 2020-07: $46.63 per share

- 2020-08: $51.66 per share

- 2020-09: $52.58 per share

- 2020-10: $55.18 per share

- 2020-11: $57.73 per share

- 2020-12: $63.63 per share

- 2021-01: $54.88 per share

- 2021-02: $54.58 per share

- 2021-03: $54.31 per share

- 2021-04: $62.26 per share

- 2021-05: $64.51 per share

- 2021-06: $65.92 per share

- 2021-07: $73.50 per share

- 2021-08: $72.16 per share

- 2021-09: $69.36 per share

- 2021-10: $77.65 per share

- 2021-11: $72.58 per share

- 2021-12: $75.81 per share

- 2022-01: $64.63 per share

- 2022-02: $61.44 per share

- 2022-03: $62.74 per share

- 2022-04: $56.83 per share

- 2022-05: $57.27 per share

- 2022-06: $54.33 per share

- 2022-07: $64.05 per share

- 2022-08: $59.83 per share

- 2022-09: $53.20 per share

- 2022-10: $57.51 per share

- 2022-11: $33.28 per share

- 2022-12: $30.45 per share

- 2023-01: $33.31 per share

- 2023-02: $35.23 per share

- 2023-03: $37.61 per share

- 2023-04: $39.53 per share

- 2023-05: $43.80 per share

- 2023-06: $45.61 per share

- 2023-07: $44.20 per share

- 2023-08: $44.83 per share

- 2023-09: $43.09 per share

- 2023-10: $43.52 per share

- 2023-11: $50.22 per share

- 2023-12: $49.00 per share

- 2024-01: $48.04 per share

- 2024-02: $53.15 per share

- 2024-03: $57.92 per share

- 2024-04: $54.31 per share

- 2024-05: $53.06 per share

- 2024-06: $54.16 per share

- 2024-07: $52.33 per share

- 2024-08: $52.96 per share

- 2024-09: $52.40 per share

- 2024-10: $51.47 per share

- 2024-11: $63.39 per share

- 2024-12: $57.39 per share

- 2025-01: $57.93 per share

- 2025-02: $54.80 per share

- 2025-03: $56.59 per share

- 2025-04: $61.03 per share

- 2025-05: $51.48 per share

- 2025-06: $49.07 per share

- 2025-07: $45.33 per share

- 2025-08: $48.81 per share

- 2025-09: $44.97 per share

- 2025-10: $43.01 per share

- 2025-11: $38.98 per share

- 2025-12: $39.15 per share

- 2026-01: $40.58 per share

- 2026-02: $38.09 per share

- 2026-03: $33.20 per share

- 2026-04: $33.11 per share

- 2026-05: $32.77 per share

- 2026-06: $28.19 per share

- 2026-07: $29.12 per share

- 2026-08: $32.99 per share

- 2026-09: $27.28 per share

- 2026-10: $26.48 per share

## Annual estimated value (USD per share)

- FY2017: low $3.60 per share, central $5.06 per share, high $5.91 per share

- FY2018: low $4.95 per share, central $7.10 per share, high $8.31 per share

- FY2019: low $7.04 per share, central $10.19 per share, high $11.96 per share

- FY2020: low $7.43 per share, central $10.42 per share, high $12.16 per share

- FY2021: low $10.45 per share, central $14.77 per share, high $17.18 per share

- FY2022: low $13.56 per share, central $19.15 per share, high $22.27 per share

- FY2023: low $20.07 per share, central $28.19 per share, high $32.72 per share

- FY2024: low $23.08 per share, central $32.09 per share, high $37.12 per share

- FY2025: low $26.71 per share, central $36.76 per share, high $42.36 per share

- FY2026: low $26.64 per share, central $36.76 per share, high $42.40 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/900075/000119312526405731/cprt-20260731.htm); period 2026-07-31, filed 2026-09-29.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.