Copart, Inc. (CPRT)
Fair ValueFundamental
62
Price
$29.00
Market Cap
$25.82B
Part 1 · What the company is worth
Overview
Copart runs the auction yards and online platform where wrecked or stolen vehicles change hands. When an insurer declares a car a total loss, it typically pays Copart to take it, store it, process the paperwork and sell it online to buyers such as dismantlers, rebuilders and exporters. Copart owns the land, the logistics and the software (VB3) that runs the auction, but it is a service and infrastructure business, not a car dealer.
How it makes money
Most revenue is service fees paid mainly by insurance companies for storage, towing, title handling and running the auction — Copart earns this whether the car sells for little or a lot. A smaller share comes from vehicle sales, where Copart itself buys the car, typically outside the U.S. or under certain insurer contracts, and keeps the sale proceeds rather than just a fee. Fee revenue is the more stable, higher-margin part of the business.
Revenue by segment
Auction and auction-related fees — storage, towing, title processing — charged mostly to insurance companies as the seller of record.
Cases where Copart buys the vehicle itself and resells it, keeping the sale price instead of a fee.
Competitive moat
Network effects · WideCopart's auctions are more valuable to sellers the more registered buyers compete for each car, and more valuable to buyers the more inventory is listed — a flywheel that reinforces itself. On top of that, its nationwide network of owned storage yards took decades to assemble and would be extremely costly and slow for a new entrant to replicate.
What drives demand
Moderately cyclicalThe number of total-loss vehicles is fairly steady, tied to accident rates and the rising cost of repairing increasingly complex cars, so unit volume does not swing wildly with the economy. What does move is the value Copart captures per vehicle, which follows used-car prices and scrap metal prices — both of which can be volatile.
Key risks
- Dependence on the insurance industry — The large majority of vehicles Copart handles are assigned by insurance companies; a change in how a major insurer manages total-loss claims, or the loss of a key relationship, would directly hit volume.
- Exposure to used-vehicle and scrap prices — What a wrecked car fetches at auction depends on used-vehicle values and scrap-metal prices, both of which move with markets Copart does not control.
- Catastrophic weather events strain capacity — Hurricanes, floods and hailstorms can flood Copart with tens of thousands of vehicles at once, straining yard space, staff and the cash needed to advance payments to sellers.
- Land and real estate constraints — Growth depends on securing suitable storage land near population centers and clearing local zoning and environmental requirements, a slow and increasingly expensive process.
Customer concentration
Copart does not disclose a single dominant customer, but the insurance industry as a whole supplies the large majority of the vehicles it handles, so a shift in how insurers manage total-loss claims would affect the whole business.
The case for
Buyers argue that Copart's owned real estate, its scale advantage over the only comparable rival network, and its steadily growing international footprint give it durable pricing power over a service that insurance companies need regardless of the economic cycle.
The case against
Sellers fear that vehicle values realized at auction are more exposed to used-car and commodity price swings than the steady-looking volume numbers suggest, and that land costs and regulatory friction will slow the yard expansion the growth story depends on.
Written by the editors, published on August 18, 2026
Direct competitors
Who this company fights with for the same customers
Generated with artificial intelligence on September 18, 2026, shared with all users
Through its IAA subsidiary it is the only other operator handling insurance total-loss and salvage vehicles at national scale in the United States, bidding for the same long-term supply contracts with the same insurance carriers.
As the largest vehicle dismantler it buys salvage vehicles directly from insurers, taking supply that would otherwise pass through Copart's auctions, and resells recycled parts to the same repair market.
Buys and resells used vehicles online at scale and now sources and remarkets wholesale inventory, competing with Copart for the same vehicle supply and the same online buyers.
The largest wholesale vehicle auction network in the United States, competing for the same sellers — fleets, lessors and dealers — and for the same dealer buyers that bid on Copart's lots.
Runs digital wholesale vehicle marketplaces in North America and Europe that compete with Copart for consignment volume from fleets, finance companies and dealers.
Online dealer-to-dealer auction platform that competes for the same wholesale used-vehicle transactions and for the same buyer base of dealers and reconditioners.
Balance Sheet & Liquidity
Revenue
$4.67B
Trailing 12 months (through 7/31/2026)
Net Income
$1.48B
Trailing 12 months (through 7/31/2026)
Free Cash Flow
$1.27B
Total Equity
$9.10B
Total Liabilities
$914M
Current Ratio
7.91
Interest Coverage
-
Debt/EBITDA
0.05
Earnings Per Share
Revenue & Net Income
Free Cash Flow
Income Breakdown
Historical statement
Margins over time
Debt over time
How heavy the debt is
Growth grid
Growth — Revenue
Fair Value Estimation
Fair Value
$29.68
Current Price
$29.00
Margin of Safety
+2.3%
Fair Value Range
$20.78 - $38.57
Spread across the valuation methods used, not a statistically calibrated confidence interval.
Estimation Methods
Valuation Metrics
P/E Ratio
18.71
ROE
16.3%
P/B Ratio
2.95
P/FCF
21.20
Gross Margin
-
ROIC
14.0%
Profitability Radar
Value Creation (Economic Moat)
ROIC
14.0%
WACC
10.2%
ROIC − WACC
+3.8 pp
ROIC exceeds the cost of capital — the company is creating value for shareholders.
Fundamental Analysis Criteria
Passed (17)
- Price CAGR 15.34%
- ROIC 14.0%
- P/FCF 21.20
- P/B ratio 2.95
- Debt/equity ratio
- Operating margin 35.4%
- Positive free cash flow
- Current ratio
- Debt/EBITDA
- Return on tangible assets
- Low reliance on intangibles
- ROE 15.9%
- Revenue growth 5Y 11.6%
- PEG ratio 1.78
- Earnings quality (operating cash flow / net income) 1.08
- Share dilution -1.9%
- Piotroski F-Score 5/9
Failed (7)
- EPS shows upward trend
- EPS CAGR -0.40%
- CapEx intensity
- Price below Graham Number
- DCF valuation (Overvalued)
- Earnings surprise, average -3.3%
- Net margin trend 31.8% vs 33.4%
Unavailable (3)
- Gross margin –
- Dividend payout –
- Interest coverage
Piotroski F-Score
Mixed signals: some areas need attention
Earnings Quality
High quality: earnings backed by cash
Share Dilution
Buying back shares. Shareholder friendly
Institutional Holdings
Governance
Executive Team
| Name | Title | Age |
|---|---|---|
| Mr. Willis J. Johnson | Founder & Chairman | 78 |
| Mr. A. Jayson Adair | Executive Chairman & CEO | 56 |
| Ms. Leah C. Stearns | Senior VP & CFO | 44 |
| Ms. Jane Pocock | President | 54 |
| Mr. Steve Powers | Interim COO & Chief Business Development Officer | - |
| Mr. Gavin Renfrew | VP & Chief Accounting Officer | 49 |
| Mr. Paul K. Kirkpatrick | Chief Legal Officer & Secretary | 54 |
| Mr. Robert H. Vannuccini | Chief Sales Officer | 59 |
| Mr. Adiel Avelar | Managing Director of Copart Brazil | - |
| Mr. Santiago Zamit | Managing Director of Copart Spain | - |
Audit Risk
10
Board Risk
9
Compensation Risk
7
Shareholder Rights Risk
2
Documents
- View document
Annual Report (10-K)
A yearly overview of the business, its financial results, and the risks it faces.
Filed on 2026-09-29
- View document
Quarterly Report (10-Q)
A snapshot of financial performance for the most recent three-month period.
Filed on 2026-05-29
- View document
Current Report (8-K)
An announcement of a major event, such as a leadership change or big news.
Filed on 2026-10-16
via SEC EDGAR
Income History
via SEC EDGAR
Part 2 · The price and its context
This part shows how the price has behaved, not whether the company is worth owning. Inside: technical analysis, potential, historical drawdowns, gamma exposure.
Market Reaction Profile
How much CPRT moves, measured on its daily prices.
More volatile than 62% of the tracked stocks (90-day volatility).
- Volatility 30d
- 37.9%
- Volatility 90d
- 41.4%
- Beta vs S&P 500 (1y)
- 0.05Correlation 0.02
- Max drawdown (12m)
- -41.2%
- ATR (14d, % of price)
- 3.15%
Earnings reactions
How CPRT moved around its past quarterly results.
Next earnings release
Nov 19, 2026 · In 26 days · Time not known
EPS estimate: 0.40Revenue estimate: $1.2B
What usually happens
- Over the last 12 releases the stock moved a median of 2.8% the next day, up or down.
- Next-day moves: up 3, down 9 (out of 12).
Release history
| Date | When | EPS est. | EPS actual | Surprise | Gap | 1 day | 5 days |
|---|---|---|---|---|---|---|---|
| Sep 10, 2026 | After the close | 0.41 | 0.43 | +3.8% | +4.1% | -2.6% | -3.5% |
| May 21, 2026 | After the close | 0.40 | 0.36 | -10.0% | -0.6% | -1.8% | -4.7% |
| Feb 19, 2026 | After the close | 0.40 | 0.41 | +3.5% | -8.9% | -3.1% | -1.3% |
| Nov 20, 2025 | After the close | n/a | n/a | n/a | -2.2% | -0.7% | -5.0% |
| Sep 4, 2025 | After the close | n/a | n/a | n/a | -2.4% | -2.8% | -2.1% |
| May 22, 2025 | After the close | n/a | n/a | n/a | -5.3% | -11.5% | -15.1% |
| Feb 20, 2025 | After the close | n/a | n/a | n/a | +0.9% | -2.8% | -5.1% |
| Nov 21, 2024 | After the close | n/a | n/a | n/a | +5.1% | +10.2% | +11.4% |
| Sep 4, 2024 | After the close | n/a | n/a | n/a | -5.7% | -6.7% | -6.9% |
| May 16, 2024 | After the close | n/a | n/a | n/a | -1.8% | -0.1% | -1.9% |
| Feb 22, 2024 | After the close | n/a | n/a | n/a | -1.0% | +4.0% | +7.6% |
| Nov 16, 2023 | After the close | n/a | n/a | n/a | +3.9% | +1.8% | +3.0% |
Release dates from SEC 8-K filings.
Updated 10/24/2026
Historical statistics for educational purposes only. They are not forecasts and not investment advice.
Price reaction to the news
Latest news on CPRT and what the price did next.
- 6/15/2026PositiveHere's How Much You Would Have Made Owning Copart Stock In The Last 15 Years
- +1 day
- +2.0%
- +3 days
- +0.8%
- 5/20/2026PositiveHere's How Much $100 Invested In Copart 10 Years Ago Would Be Worth Today
- +1 day
- +3.9%
- +3 days
- -0.7%
Return of the stock minus return of SPY over the same days. A news item close to a price move did not necessarily cause it. Historical data for educational purposes only, not investment advice.
Latest News
Recent headlines for CPRT.
- 6/15/2026POSITIVEHere's How Much You Would Have Made Owning Copart Stock In The Last 15 Years
Copart Inc. stock has delivered exceptional returns over the past 15 years, significantly outperforming the broader market. While specific figures from the article are not provided, the implication of substantial gains suggests a robust growth trajectory for the company. This performance is likely driven by Copart's dominant position in the online vehicle auction industry, benefiting from increased demand for used vehicles and efficient remarketing solutions. Investors who held Copart stock during this period would have seen considerable wealth appreciation, underscoring the company's strong business model and execution.
- 5/20/2026POSITIVEHere's How Much $100 Invested In Copart 10 Years Ago Would Be Worth Today
An investment of $100 in Copart Inc. (CPRT) ten years ago would have yielded a substantial return, growing to approximately $1,690 today. This represents a remarkable 16-fold increase, significantly outperforming the broader market. The company, a leading online vehicle remarketing and salvage auction platform, has demonstrated consistent growth in its digital transformation and global expansion efforts. This performance underscores the long-term value creation potential for investors who identified Copart's strategic advantages in its niche market.