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olivLaw · US equity research

Copart, Inc. CPRT

Retail-Auto Dealers & Gasoline Stations · SIC 5500 · Vertical: Retail-Auto Dealers & Gasoline Stations (SIC 5500)

31.06USD−2.72% · 1 dayClose 03 Nov 2026

Copart is a leading global provider of online vehicle auctions and remarketing services, operating in eleven countries. Revenue in fiscal 2026 was 4.7 billion USD and operating income was 1.7 billion USD. Net income attributable to Copart fell 4.4% year on year to 1.5 billion USD.

At the close of 03 Nov 2026, Copart, Inc. (CPRT) stock was 31.06 USD (−2.72% on the day), with market capitalisation 28.8 bn USD, P/E 20.0 on diluted EPS of 1.55 USD over the last 12 months, beta 0.48, 52-week range 26.27–42.85 USD. Latest reported quarter (Q4 2026): revenue of 1.2 bn USD (+2.4% YoY), net income of 327.4 m USD (−17.4% YoY), diluted EPS 0.35 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
28.8 bn USD
shares as of 25 Sept 2026
P/E (TTM)
20.0
Diluted EPS TTM 1.55 · TTM to 31 Jul 2026
E/P (TTM)
4.99%
TTM to 31 Jul 2026
Dividend yield
unavailable
Beta (2y)
0.48
Volatility (1y) 33%
52-week range
26.2742.85

Price history

Loading chart…

Technical reading

RSI (14)
64.2
strong (55–70)
Bollinger (20, 2)
25.32 – 31.37
in the upper half of the band · %B 0.95 · band width 21.3%
SMA 50 / 200
29.48 / 32.27
mixed trend
MACD (12, 26, 9)
0.55 / 0.07
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+14.1%−2.0%+16.1 pp—
3 months+5.6%−2.2%+7.8 pp—
6 months−6.3%+4.3%−10.6 pp—
Year to date−20.7%+10.6%−31.2 pp—
1 year−27.8%+10.5%−38.2 pp+0.3%
3 years−32.4%+73.7%−106.0 pp+18.2%
5 years−20.0%+61.7%−81.7 pp—
Max drawdown (1y)
−38.7%
04 Nov 2025 → 14 Oct 2026
Max drawdown (5y)
−58.9%
16 May 2025 → 14 Oct 2026
Compound annual growth (5y)
−4.4%
S&P 500 +10.1%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q4 2026 · 31 Jul 2026

Revenue
1.2 bn USD
+2.4% YoY
Net income
327.4 m USD
−17.4% YoY
Diluted EPS
0.35
−13.3% YoY
net / operating
28.4% / 32.0%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
Revenue1.1 bn1.2 bn1.2 bn1.1 bn1.2 bn1.1 bn1.2 bn1.2 bn
Operating income406.4 m426.2 m451.5 m412.6 m430.7 m388.7 m464.3 m368.9 m
Depreciation & amortisation53.6 m54.2 m54.4 m53.6 m54.0 m8.6 m59.0 m61.0 m
Pre-tax income451.3 m463.1 m502.8 m478.4 m487.1 m441.0 m502.1 m404.7 m
Income tax90.1 m76.5 m97.5 m83.1 m84.9 m91.1 m100.7 m77.9 m
Net income362.1 m387.4 m406.6 m396.4 m403.7 m350.7 m402.4 m327.4 m
Diluted EPS0.370.400.420.41 ≈0.410.360.430.35 ≈
Operating cash flow482.3 m178.1 m ≈700.9 m ≈438.5 m535.3 m127.5 m ≈584.2 m ≈357.5 m
Capex236.8 m174.1 m70.5 m87.6 m108.0 m69.6 m80.9 m ≈78.8 m
Share repurchases——————1.4 bn ≈1.0 k

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 67 percentile of its own 43-quarter history (min 3.1, median 9.7, max 40.1; quarters with earnings only).

Fiscal years

Fiscal year20192020202120222023202420252026
Revenue2.0 bn2.2 bn2.7 bn3.5 bn3.9 bn4.2 bn4.6 bn4.7 bn
Revenue YoY+13.1%+8.0%+22.1%+30.0%+10.5%+9.5%+9.7%+0.4%
Net income591.7 m699.9 m936.5 m1.1 bn1.2 bn1.4 bn1.6 bn1.5 bn
Net income YoY+41.6%+18.3%+33.8%+16.4%+13.5%+10.1%+13.9%−4.4%
Diluted EPS2.462.930.971.131.281.401.591.55
Diluted EPS YoY+42.2%+19.1%−66.9%+16.5%+13.3%+9.4%+13.6%−2.5%
net %29.0%31.7%34.8%31.1%32.0%32.2%33.4%31.8%
Free cash flow272.8 m325.9 m527.9 m839.2 m847.6 m961.6 m1.2 bn1.3 bn

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2026 · 31 Jul 2026

Cash
1.9 bn USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
9.1 bn USD
Total assets
10.0 bn USD
Debt / equity
unavailable
Current ratio
7.91x
ROE
16.2%
ROA
14.8%
FCF margin
27.2%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2024
4.2 bn
2025
4.6 bn
2026
4.7 bn

SEC (XBRL)· 29 Sept 2026verified

Operating income
2024
1.6 bn
2025
1.7 bn
2026
1.7 bn

SEC (XBRL)· 29 Sept 2026verified

Depreciation & amortisation
2024
189.8 m
2025
215.8 m
2026
229.4 m

SEC (XBRL)· 29 Sept 2026verified

EBITDA
2024
1.8 bn ≈
2025
1.9 bn ≈
2026
1.9 bn ≈

SEC (XBRL)· 29 Sept 2026derived

Pre-tax income
2024
1.7 bn
2025
1.9 bn
2026
1.8 bn

SEC (XBRL)· 29 Sept 2026verified

Income tax
2024
352.3 m
2025
347.2 m
2026
354.6 m

SEC (XBRL)· 29 Sept 2026verified

Net income
2024
1.4 bn
2025
1.6 bn
2026
1.5 bn

SEC (XBRL)· 29 Sept 2026verified

Diluted EPS
2024
1.40
2025
1.59
2026
1.55

SEC (XBRL)· 29 Sept 2026verified

Weighted average diluted shares
2024
974.8 m
2025
977.6 m
2026
956.9 m

SEC (XBRL)· 29 Sept 2026verified

Balance sheet · USD

Cash
2024
1.5 bn
2025
2.8 bn
2026
1.9 bn

SEC (XBRL)· 29 Sept 2026verified

Receivables
2024
785.9 m
2025
762.8 m
2026
809.2 m

SEC (XBRL)· 29 Sept 2026verified

Inventories
2024
43.6 m
2025
39.7 m
2026
51.4 m

SEC (XBRL)· 29 Sept 2026verified

Current assets
2024
4.4 bn
2025
5.8 bn
2026
5.6 bn

SEC (XBRL)· 29 Sept 2026verified

Property, plant & equipment, net
2024
3.2 bn
2025
3.6 bn
2026
3.7 bn

SEC (XBRL)· 29 Sept 2026verified

Goodwill
2024
513.9 m
2025
517.8 m
2026
511.3 m

SEC (XBRL)· 29 Sept 2026verified

Intangibles (excl. goodwill)
2024
74.1 m
2025
62.8 m
2026
50.5 m

SEC (XBRL)· 29 Sept 2026verified

Total assets
2024
8.4 bn
2025
10.1 bn
2026
10.0 bn

SEC (XBRL)· 29 Sept 2026verified

Accounts payable
2024
518.1 m
2025
591.8 m
2026
634.7 m

SEC (XBRL)· 29 Sept 2026verified

Long-term debt
2024
—
2025
—
2026
—

SEC (XBRL)· 28 Sept 2023verified

Current liabilities
2024
628.6 m
2025
683.3 m
2026
703.7 m

SEC (XBRL)· 29 Sept 2026verified

Total liabilities
2024
879.2 m
2025
883.4 m
2026
913.9 m

SEC (XBRL)· 29 Sept 2026verified

Equity
2024
7.5 bn
2025
9.2 bn
2026
9.1 bn

SEC (XBRL)· 29 Sept 2026verified

Cash flow · USD

Operating cash flow
2024
1.5 bn
2025
1.8 bn
2026
1.6 bn

SEC (XBRL)· 29 Sept 2026verified

Capex
2024
511.0 m
2025
569.0 m
2026
337.4 m

SEC (XBRL)· 29 Sept 2026verified

Free cash flow
2024
961.6 m ≈
2025
1.2 bn ≈
2026
1.3 bn ≈

SEC (XBRL)· 29 Sept 2026derived

Investing cash flow
2024
-940.1 m
2025
-587.4 m
2026
-877.6 m

SEC (XBRL)· 29 Sept 2026verified

Financing cash flow
2024
19.3 m
2025
52.1 m
2026
-1.6 bn

SEC (XBRL)· 29 Sept 2026verified

Share repurchases
2024
0
2025
0
2026
1.6 bn

SEC (XBRL)· 29 Sept 2026verified

Computed indicators

Growth

Revenue growth (YoY)
0.4%
computed by olivLawFY 2026
Revenue CAGR 3Y
6.4%
computed by olivLawFY 2023 → FY 2026
Revenue CAGR 5Y
11.6%
computed by olivLawFY 2021 → FY 2026
EBIT growth (YoY)
-2.6%
computed by olivLawFY 2026
Net income growth (YoY)
-4.4%
computed by olivLawFY 2026
Net income CAGR 3Y
6.2%
computed by olivLawFY 2023 → FY 2026
Net income CAGR 5Y
9.6%
computed by olivLawFY 2021 → FY 2026
EPS growth (YoY)
-2.5%
computed by olivLawFY 2026
EPS CAGR 3Y
6.6%
computed by olivLawFY 2023 → FY 2026
EPS CAGR 5Y
9.8%
computed by olivLawFY 2021 → FY 2026
FCF growth (YoY)
3.0%
computed by olivLawFY 2026

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
40.3%
computed by olivLawFY 2026
EBIT margin
35.4%
computed by olivLawFY 2026
Net margin
31.8%
computed by olivLawFY 2026
FCF margin
27.2%
computed by olivLawFY 2026

Returns

ROE
16.2%
computed by olivLawFY 2026 · balance sheet at 31 Jul 2026
ROA
14.8%
computed by olivLawFY 2026 · balance sheet at 31 Jul 2026
ROIC
unavailable
input data missing
ROCE
17.7%
computed by olivLawFY 2026 · balance sheet at 31 Jul 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
unavailable
the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used

Liquidity

Current ratio
7.9x
computed by olivLawbalance sheet at 31 Jul 2026
Quick ratio
7.8x
computed by olivLawbalance sheet at 31 Jul 2026
Cash ratio
2.7x
computed by olivLawbalance sheet at 31 Jul 2026

Cash

Operating cash flow
1.6 bn USD
computed by olivLawFY 2026
Capital expenditure
337.4 m USD
computed by olivLawFY 2026
Free cash flow
1.3 bn USD
computed by olivLawFY 2026
FCF conversion
85.4%
computed by olivLawFY 2026
Cash conversion
85.3%
computed by olivLawFY 2026

Efficiency

Days sales outstanding
61 days
computed by olivLawFY 2026 · balance sheet at 31 Jul 2026
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
28.8 bn USD
computed by olivLawbalance sheet at 31 Jul 2026
Enterprise value
unavailable
input data missing
Market cap / net income TTM
19.4x
computed by olivLawFY 2026
P/E (TTM)
20.0x
computed by olivLawFY 2026
Earnings yield
5.0%
computed by olivLawFY 2026
P/B
3.2x
computed by olivLawbalance sheet at 31 Jul 2026
P/S
6.2x
computed by olivLawFY 2026 · balance sheet at 31 Jul 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
22.7x
computed by olivLawFY 2026 · balance sheet at 31 Jul 2026
FCF yield
4.4%
computed by olivLawFY 2026 · balance sheet at 31 Jul 2026
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
5.7%
computed by olivLawFY 2026 · balance sheet at 31 Jul 2026

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 58.3% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

31.06 USD

03 Nov 2026Source: olivLaw, closing series

Market cap: 28.8 bn USD

Key indicators

Market capitalisation
28.8 bn USD
computed by olivLawbalance sheet at 31 Jul 2026
P/E (TTM)
20.0x
computed by olivLawFY 2026
P/B
3.2x
computed by olivLawbalance sheet at 31 Jul 2026
EV/EBITDA
unavailable
input data missing
ROE
16.2%
computed by olivLawFY 2026 · balance sheet at 31 Jul 2026
Net margin
31.8%
computed by olivLawFY 2026
Revenue growth (YoY)
0.4%
computed by olivLawFY 2026
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

28/37 reporting lines present
Latest full fiscal year: 2026
Latest reported period: 31 Jul 2026
Latest balance sheet date: 31 Jul 2026
Share count (cover of the latest filing), as of: 25 Sept 2026
Source: SEC (XBRL)published 29 Sept 2026
verified 2507derived 142

Score by group

58% · Insufficient data

Estimated value range

Low
13.88
USD per share
Mid
21.63
USD per share
High
30.96
USD per share
Price: 31.06 USD
The price is above the range
Potential to the central value: -30.4% (value / price − 1)
Margin of safety: -43.6% (1 − price / value)
Agreement between methods: single method · 1 methods used · 1 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 13.88 – 30.96 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: P/E13.88 – 30.96 (Mid 21.63)
    11 companies used · median multiple 14.0x · quartiles 9.0x – 20.0x
    ABG, AN, CASY, GPI, KMX, LAD, MUSA, OPLN, PAG, RUSHA, SAH
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Multiple comparisons use the SIC vertical: Retail-Auto Dealers & Gasoline Stations (SIC 5500)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: score weight coverage: 58.3% of at least 60%

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality31.8%100 (vs peers)11%
FCF conversion · Quality85.4%79 (on a fixed band)11%
Revenue CAGR 3Y · Growth6.4%54 (on a fixed band)14%
EPS CAGR 3Y · Growth6.6%44 (on a fixed band)14%
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheet7.9x100 (on a fixed band)7%
P/E (TTM) · Valuation20.0x25 (vs peers)18%
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation4.4%55 (on a fixed band)14%
Shareholder yield (distributions) · Returns5.7%81 (on a fixed band)11%
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial100/100 · 1/3 factors with a value
  • Growth49/100 · 2/2 factors with a value
  • Quality90/100 · 2/3 factors with a value
  • Returns· partial81/100 · 1/2 factors with a value
  • Valuation38/100 · 2/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

COPART, INC. (CPRT). Latest full fiscal year: 2026; data up to 2026-07-31.

Figures computed from the financial statements: revenue 4.7 bn USD in 2026; YoY growth 0.4%; net margin 31.8%; ROE 16.2%.

The estimated value range is 13.88–30.96 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 21.63 USD, the price of 31.06 USD leaves a potential of -30.4% (value / price − 1) and a margin of safety of -43.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

Insufficient data for a verdict (score weight coverage: 58.3% of at least 60%).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Net margin: 31.8%
  • FCF conversion: 85.4%
  • Current ratio: 7.9x
  • Shareholder yield (distributions): 5.7%

What contradicts it

  • P/E (TTM): 20.0x
  • The price is above the estimated value range

Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, Interest coverage, EV/EBITDA, Payout ratio (FCF).

Versus the vertical median

Retail-Auto Dealers & Gasoline Stations (SIC 5500) · same industry (4-digit SIC) · compared with 18 companies

The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.

Multiples and returns vs the median

P/E
20.0x
vertical median 12.1x
above median (+65.3%)
EV/EBITDA
—
vertical median 6.0x
P/S
6.2x
vertical median 0.3x
above median (+2,076.8%)
P/B
3.2x
vertical median 1.0x
above median (+206.6%)
ROE
16.2%
vertical median 11.8%
above median (+37.3%)
Net margin
31.8%
vertical median 2.1%
above median (+1,441.5%)
EBIT margin
35.4%
vertical median 3.9%
above median (+814.5%)
Revenue YoY
0.4%
vertical median 4.4%
below median (−90.6%)
Net debt/EBITDA
—
vertical median 0.7x
Dividend yield
—
vertical median 0.6%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
CPRTCopart, Inc.28.8 bn20.016.2%31.8%+0.4%−28% / −32%
CASYCasey’s General Stores, Inc.24.6 bn32.020.0%4.1%+10.2%+17% / +142%
PAGPenske Automotive Group, Inc.13.9 bn15.515.5%2.8%−0.2%+31% / +42%
MUSAMurphy USA Inc.9.1 bn14.199.0%2.9%−4.2%+30% / +36%
KMXCarmax, Inc.7.8 bn26.94.7%1.1%−1.8%+43% / −14%
LADLithia Motors, Inc.6.8 bn9.111.8%2.1%+4.0%−1% / +18%
ANAutonation, Inc.5.9 bn8.830.2%2.6%+3.2%−13% / +36%
OPLNOPENLANE, Inc.4.5 bn24.513.4%9.7%+8.2%+44% / +151%
ABGAsbury Automotive Group, Inc.3.8 bn8.311.8%2.7%+4.7%−10% / −0%
GPIGroup 1 Automotive, Inc3.3 bn8.612.4%1.7%+13.2%−32% / −3%
NXXTNextnrg, Inc.427.3 m——-61.3%+194.7%+108% / −43%
VRMVroom, Inc.36.5 m—-45.0%—−54.2%−66% / unavailable
KXINKaixin Holdings12.2 m—-307.2%-41,788.4%unavailable−96% / −100%
CRMTAmerica’s Car-Mart, Inc.10.5 m—-43.0%-18.6%−7.9%−94% / −98%
JZXNJiuzi Holdings Inc.1.4 m—-90.7%-353.5%+105.9%−86% / −100%
SAHSonic Automotive, Inc.—10.319.4%1.3%+6.5%+2% / +25%
RUSHARush Enterprises, Inc.—14.011.8%3.7%−4.7%+33% / +75%
CVNACarvana Co.00.051.5%6.2%+48.6%+4% / +1,138%
CWHCamping World Holdings, Inc.0—-33.2%-1.6%+4.4%−52% / −74%

1- and 3-year price returns: for CPRT from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
19.35
Total return -38% · Per year -38%
34.18
Total return 10% · Per year 10%
51.44
Total return 66% · Per year 66%
3 years
19.52
Total return -37% · Per year -14%
38.72
Total return 25% · Per year 8%
63.88
Total return 106% · Per year 27%
5 years
19.69
Total return -37% · Per year -9%
43.87
Total return 41% · Per year 7%
79.33
Total return 155% · Per year 21%
What moves the 3-year price the most
  • Exit P/E± 9.68
  • Net margin± 6.78
  • Annual revenue growth± 5.46
  • Annual dilution± 0.57

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

In brief

Copart is a leading global provider of online vehicle auctions and remarketing services, operating in eleven countries. Revenue in fiscal 2026 was 4.7 billion USD and operating income was 1.7 billion USD 1. Net income attributable to Copart fell 4.4% year on year to 1.5 billion USD 2.

SWOT

Strengths

  • The VB3 online auction platform and a global buyer network connecting sellers to a large membership across many countries 2.
  • Strong relationships with insurance companies, which supply most of the vehicles processed 1.
  • A strong financial position with high operating cash flow and substantial liquidity 1.

Weaknesses

  • Dependence on a limited number of major sellers, which can amend or terminate contracts on short notice 1.
  • Profit growth has slowed, with net income and diluted EPS declining in fiscal 2026 2.
  • International expansion carries integration risks and high costs of establishing new facilities 1.

Opportunities

  • Growth in whole-car volumes and related services in the U.S. could diversify revenue sources 1.
  • Extending the auction model into new international markets could generate further growth 1.
  • Developing technology services for sellers and buyers could increase added value 1.

Threats

  • Losing major insurance contracts could significantly affect revenue 1.
  • Cybersecurity and credit card fraud risks could lead to financial and reputational losses 1.
  • Currency fluctuations and geopolitical tensions could affect international operations 1.

Risks

  • Dependence on major sellershigh

    A limited number of sellers generate a substantial share of revenue, and a reduction in their supply could affect results 1.

  • International expansion risksmedium

    Integrating acquired businesses and adapting the model to new markets could generate unexpected costs 1.

  • Cybersecuritymedium

    Attacks on payment systems and customer data could lead to financial losses and loss of confidence 1.

  • Storage capacitymedium

    Capacity constraints at storage facilities, especially after extreme weather, could affect relationships with insurers 1.

  • ACV integrationmedium

    Completing the ACV Auctions acquisition depends on market conditions and antitrust approvals, and integration could prove difficult 1.

Investment thesis

What would need to be true (bull case)

  • If total loss volumes keep rising and market share strengthens, the company could sustain a stable revenue base 1.
  • The global platform and broad geographic coverage could support growth in international markets 1.
  • Solid operating cash flows give flexibility for investment and acquisitions 1.

What would break the thesis

  • Declining net income over recent periods could signal margin pressure if the trend continues 2.
  • Dependence on a small number of major sellers could leave revenue exposed to the loss of one important contract 1.
  • International expansion and the ACV acquisition could bring integration costs that reduce expected returns 1.

What to watch

  • Completion of the ACV Auctions acquisition and its integrationend of calendar year 2026
  • Development of net income and gross margin in the first quartersQ1 2027
  • Pace of new facility openings in the U.S. and abroad2027

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

The business

Copart offers vehicle sellers a full suite of processing and sale services, carried out mainly online through its VB3 platform 1. Insurance companies are the largest sellers, accounting for 79% of vehicles processed in fiscal 2026 1. Buyers are mainly dismantlers, rebuilders, used vehicle dealers, exporters and the general public 1. The company operates over 250 locations and sells more than 4 million units a year 2.

Market context

The vehicle remarketing industry provides a disposal channel for damaged or recovered vehicles, bought by a broad domestic and international buyer pool 1. Total loss frequency and used vehicle prices directly influence auction volumes and values 1. Newer vehicles are more costly to repair and therefore more often declared total losses 1.

Trends

  • International expansionmixed

    The company has expanded into the U.K., Germany, Brazil, the U.A.E. and other countries, and each new market could bring synergies different from those seen in the U.S. 1.

  • Total loss frequencytailwind

    Rising total loss frequency has increased the volume of salvage vehicles, and the company regards this long-term trend as continuing 1.

  • Margin pressureheadwind

    Net income and diluted earnings per share declined in fiscal 2026 and in the last quarter, pointing to pressure on margins 2.

  • ACV Auctions acquisitionmixed

    The planned acquisition of ACV Auctions could expand whole-car sales capacity, but integration could bring unexpected costs 1.

Competitive position

Competition includes online auction operators and used vehicle sales companies that pursue the same insurance sellers 1. The company relies on geographic coverage, integrated services and proprietary technology to maintain its position 1.

Losing major sellers could affect revenue, since some contracts can be terminated on short notice 1. New markets may require new relationships with buyers and sellers to be developed 1.

  • ACV AuctionsACVA

    Online auction platform for wholesale vehicles, which Copart agreed to acquire in September 2026 1.

  • Regional auction and remarketing operators

    Local companies competing for contracts with insurers and other sellers in markets where Copart expands 1.

  • Used vehicle dealers and exporters

    Buyers drawing from the same vehicle supply, relevant to competition for sales volume 1.

  • Dismantling and parts recycling companies

    Players in the value chain whose demand for parts influences the final sale value of vehicles 1.

News & filings

In the press

No news in our archive over the last 180 days.

SEC filings

  • Proxy statement22 Oct 2026
  • Current report16 Oct 2026
    Departure or appointment of officers · Financial statements and exhibits
  • Current report16 Oct 2026
    Acquisition or disposition of assets · Regulation FD disclosure · Financial statements and exhibits
  • Annual report29 Sept 2026
  • Current report10 Sept 2026
    Material agreement · Regulation FD disclosure · Financial statements and exhibits
  • Current report10 Sept 2026
    Results of operations · Financial statements and exhibits
  • Departure or appointment of officers
  • Current report18 Aug 2026
    Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
  • Current report08 Jul 2026
    Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
  • Current report29 Jun 2026
    Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits

Sources

  1. [1] Form 10-K, fiscal year ended 2026-07-31 · SEC / Copart, Inc. · 29 Sept 2026
  2. [2] Form 8-K, results release (exhibit 99.1) · SEC / Copart, Inc. · 10 Sept 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.