Copart (CPRT)
Market Price (9/30/2026): $27.29 | Market Cap: $25.3 BilInvestor Relations Sector: Industrials | Industry: Diversified Support Services
Copart (CPRT)
Market Price (9/30/2026): $27.29Market Cap: $25.3 BilSector: IndustrialsIndustry: Diversified Support Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.9%, FCF Yield is 5.0% Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -17% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 35% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 34%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 27% Stock buyback supportStock Buyback 3Y Total is 1.4 Bil Low stock price volatilityVol 12M is 31% Megatrend and thematic driversMegatrends include E-commerce & Digital Retail, Circular Economy & Recycling, and E-commerce & DTC Adoption. Themes include Online Marketplaces, Show more. | Weak multi-year price returns2Y Excs Rtn is -82%, 3Y Excs Rtn is -115% | Key risksCPRT key risks include [1] an over-reliance on a few large insurance companies who may shift business to competitors, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.9%, FCF Yield is 5.0% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -17% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 35% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 34%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 27% |
| Stock buyback supportStock Buyback 3Y Total is 1.4 Bil |
| Low stock price volatilityVol 12M is 31% |
| Megatrend and thematic driversMegatrends include E-commerce & Digital Retail, Circular Economy & Recycling, and E-commerce & DTC Adoption. Themes include Online Marketplaces, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -82%, 3Y Excs Rtn is -115% |
| Key risksCPRT key risks include [1] an over-reliance on a few large insurance companies who may shift business to competitors, Show more. |
Qualitative Assessment
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Copart (CPRT) stock has lost about 15% since 5/31/2026 because of the following key factors:
1. Copart reported weaker-than-expected financial results for its fiscal Q4 2026, which ended July 31, 2026. The company announced earnings on September 10, 2026, with diluted earnings per share (EPS) of $0.35, missing the consensus estimate of $0.38 by $0.03, representing a 7.89% surprise miss. Additionally, net income attributable to Copart decreased 17.4% year-over-year to $327.4 million, and global gross profit declined 5.5%. Global unit sales also saw a decrease of 2.9% in the quarter.
2. The announcement of the $1.9 billion cash acquisition of ACV Auctions on September 10, 2026, coincided with the disappointing earnings report. This significant acquisition is expected to be breakeven in fiscal year 2027 and accretive to earnings only by fiscal year 2028, potentially raising concerns among investors regarding immediate financial impact and integration challenges amid a soft quarter.
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Copart (CPRT) stock has lost about 15% since 5/31/2026 because of the following key factors:
1. Copart reported weaker-than-expected financial results for its fiscal Q4 2026, which ended July 31, 2026. The company announced earnings on September 10, 2026, with diluted earnings per share (EPS) of $0.35, missing the consensus estimate of $0.38 by $0.03, representing a 7.89% surprise miss. Additionally, net income attributable to Copart decreased 17.4% year-over-year to $327.4 million, and global gross profit declined 5.5%. Global unit sales also saw a decrease of 2.9% in the quarter.
2. The announcement of the $1.9 billion cash acquisition of ACV Auctions on September 10, 2026, coincided with the disappointing earnings report. This significant acquisition is expected to be breakeven in fiscal year 2027 and accretive to earnings only by fiscal year 2028, potentially raising concerns among investors regarding immediate financial impact and integration challenges amid a soft quarter.
3. Macroeconomic headwinds impacted the broader used vehicle market, affecting demand and dealer sentiment during the period. Used vehicle sales are projected to decline by 0.9% in 2026 to 38.3 million units, with retail sales specifically expected to be down 0.7% to 20.3 million units. Dealer sentiment in fiscal Q3 2026 (surveyed July 22 to August 5, 2026) indicated a drop in confidence for used vehicle sales, falling below the long-term average, attributed to affordability concerns and elevated interest rates.
4. Copart experienced approximately $6.08 million in insider sales over the past ninety days. While individual transactions varied, this aggregate amount exceeded the $5 million threshold, indicating significant selling activity from company insiders during a period of stock decline, which can be interpreted negatively by the market.
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Stock Movement Drivers
Fundamental Drivers
The -17.2% change in CPRT stock from 5/31/2026 to 9/29/2026 was primarily driven by a -14.2% change in the company's P/E Multiple.| (LTM values as of) | 5312026 | 9292026 | Change |
|---|---|---|---|
| Stock Price ($) | 32.77 | 27.14 | -17.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,639 | 4,666 | 0.6% |
| Net Income Margin (%) | 33.5% | 31.8% | -5.0% |
| P/E Multiple | 19.8 | 16.9 | -14.2% |
| Shares Outstanding (Mil) | 936 | 927 | 1.0% |
| Cumulative Contribution | -17.2% |
Market Drivers
5/31/2026 to 9/29/2026| Return | Correlation | |
|---|---|---|
| CPRT | -17.2% | |
| Market (SPY) | 1.3% | -12.8% |
| Sector (XLI) | -2.1% | -9.6% |
Fundamental Drivers
The -28.7% change in CPRT stock from 2/28/2026 to 9/29/2026 was primarily driven by a -26.7% change in the company's P/E Multiple.| (LTM values as of) | 2282026 | 9292026 | Change |
|---|---|---|---|
| Stock Price ($) | 38.09 | 27.14 | -28.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,655 | 4,666 | 0.2% |
| Net Income Margin (%) | 34.2% | 31.8% | -7.1% |
| P/E Multiple | 23.1 | 16.9 | -26.7% |
| Shares Outstanding (Mil) | 968 | 927 | 4.4% |
| Cumulative Contribution | -28.7% |
Market Drivers
2/28/2026 to 9/29/2026| Return | Correlation | |
|---|---|---|
| CPRT | -28.7% | |
| Market (SPY) | 12.0% | -1.0% |
| Sector (XLI) | -4.0% | -1.2% |
Fundamental Drivers
The -44.4% change in CPRT stock from 8/31/2025 to 9/29/2026 was primarily driven by a -46.9% change in the company's P/E Multiple.| (LTM values as of) | 8312025 | 9292026 | Change |
|---|---|---|---|
| Stock Price ($) | 48.81 | 27.14 | -44.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,591 | 4,666 | 1.6% |
| Net Income Margin (%) | 32.2% | 31.8% | -1.2% |
| P/E Multiple | 31.9 | 16.9 | -46.9% |
| Shares Outstanding (Mil) | 966 | 927 | 4.3% |
| Cumulative Contribution | -44.4% |
Market Drivers
8/31/2025 to 9/29/2026| Return | Correlation | |
|---|---|---|
| CPRT | -44.4% | |
| Market (SPY) | 19.8% | 6.3% |
| Sector (XLI) | 12.7% | 7.9% |
Fundamental Drivers
The -39.5% change in CPRT stock from 8/31/2023 to 9/29/2026 was primarily driven by a -54.3% change in the company's P/E Multiple.| (LTM values as of) | 8312023 | 9292026 | Change |
|---|---|---|---|
| Stock Price ($) | 44.83 | 27.14 | -39.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,755 | 4,666 | 24.3% |
| Net Income Margin (%) | 30.7% | 31.8% | 3.5% |
| P/E Multiple | 37.1 | 16.9 | -54.3% |
| Shares Outstanding (Mil) | 954 | 927 | 2.9% |
| Cumulative Contribution | -39.5% |
Market Drivers
8/31/2023 to 9/29/2026| Return | Correlation | |
|---|---|---|
| CPRT | -39.5% | |
| Market (SPY) | 76.1% | 35.9% |
| Sector (XLI) | 63.2% | 35.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CPRT Return | 19% | -20% | 61% | 17% | -32% | -30% | -14% |
| Peers Return | 25% | -26% | 32% | 16% | -19% | 3% | 18% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 105% |
Monthly Win Rates [3] | |||||||
| CPRT Win Rate | 50% | 42% | 75% | 42% | 42% | 33% | |
| Peers Win Rate | 56% | 40% | 53% | 55% | 43% | 47% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| CPRT Max Drawdown | -18% | -32% | -9% | -15% | -40% | -35% | |
| Peers Max Drawdown | -18% | -42% | -26% | -21% | -43% | -35% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: RBA, ACVA, KMX, AN, LKQ. See CPRT Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/29/2026 (YTD)
How Low Can It Go
| Event | CPRT | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -30.1% | -24.5% |
| % Gain to Breakeven | 43.0% | 32.4% |
| Time to Breakeven | 286 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -43.8% | -33.7% |
| % Gain to Breakeven | 77.8% | 50.9% |
| Time to Breakeven | 163 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -14.8% | -19.2% |
| % Gain to Breakeven | 17.4% | 23.8% |
| Time to Breakeven | 50 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -10.5% | -12.2% |
| % Gain to Breakeven | 11.7% | 13.9% |
| Time to Breakeven | 36 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -12.1% | -6.8% |
| % Gain to Breakeven | 13.8% | 7.3% |
| Time to Breakeven | 42 days | 15 days |
| 2013 Taper Tantrum | ||
| % Loss | -14.7% | -0.2% |
| % Gain to Breakeven | 17.3% | 0.2% |
| Time to Breakeven | 163 days | 1 days |
In The Past
Copart's stock fell -9.1% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 10.0% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | CPRT | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -30.1% | -24.5% |
| % Gain to Breakeven | 43.0% | 32.4% |
| Time to Breakeven | 286 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -43.8% | -33.7% |
| % Gain to Breakeven | 77.8% | 50.9% |
| Time to Breakeven | 163 days | 140 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -45.6% | -53.4% |
| % Gain to Breakeven | 83.7% | 114.4% |
| Time to Breakeven | 847 days | 1085 days |
In The Past
Copart's stock fell -9.1% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 10.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Copart (CPRT)
Copart, Inc. (CPRT) is a global leader in online vehicle auctions and remarketing services. The company specializes in processing and selling a wide range of vehicles, from salvage to used cars, primarily through its proprietary virtual bidding internet auction technology. This innovative platform enables the efficient resale of vehicles across numerous international markets, connecting sellers with a vast network of buyers.
Copart offers a comprehensive suite of services designed to support both sellers and buyers throughout the entire vehicle remarketing process. Key offerings include salvage estimation, transportation, title processing, and flexible vehicle processing programs. Beyond auctions, the company operates specialized platforms such as CashForCars.com for direct vehicle acquisition, U-Pull-It for parts harvesting, and Copart 360 for high-quality vehicle imaging, enhancing the value proposition for diverse user segments.
The company serves a broad and diverse customer base worldwide. On the selling side, Copart's primary clients include insurance companies, banks, finance companies, fleet operators, dealers, charities, and individuals looking to sell vehicles. Buyers, who actively participate in Copart's auctions, primarily consist of licensed vehicle dismantlers, rebuilders, repair licensees, used vehicle dealers, exporters, and the general public, all seeking vehicles for various purposes including repair, parts, or resale.
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It's like eBay, but exclusively for damaged, salvage, and end-of-life vehicles.
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- Online Vehicle Auction Platform: Provides a virtual bidding system for sellers to process and sell vehicles over the internet.
- Vehicle Remarketing Services: A suite of services that includes salvage estimation, transportation, title processing, and reporting to facilitate vehicle sales for various clients.
- CashForCars.com: A dedicated service for individuals to directly sell vehicles to Copart.
- U-Pull-It Service: An operation where buyers can remove valuable parts from vehicles, with the remaining car bodies and parts also available for sale.
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Major Customers of Copart (CPRT)
Copart serves a diverse customer base, primarily consisting of businesses on both the selling and buying sides of its vehicle remarketing and auction services. While specific company names of these customers are not provided in the background description, its major corporate customers fall into the following categories:
Customer Categories (Businesses):
- Vehicle Sellers (for whom Copart provides remarketing and processing services):
- Insurance companies
- Banks and finance companies
- Charities
- Fleet operators
- Dealers
- Vehicle rental companies
- Vehicle Buyers (who purchase vehicles from Copart's auctions):
- Licensed vehicle dismantlers
- Rebuilders
- Repair licensees
- Used vehicle dealers
- Exporters
Customer Categories (Individuals):
In addition to businesses, Copart also serves individuals who act as both sellers (e.g., through CashForCars.com) and as members of the public who purchase vehicles directly from its auctions.
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Jeff Liaw, Chief Executive Officer
Jeff Liaw has served as CEO and a member of the board of directors of Copart since April 2024, having previously held the role of Co-CEO from March 2022 to April 2024. He joined Copart in 2016 as CFO and was also President of the company from 2019 to 2022. Prior to his tenure at Copart, Liaw was the CFO of Fleetpride, an independent distributor of aftermarket truck parts in the U.S. Fleetpride was owned by TPG Capital, where Liaw had served as a principal investor, overseeing private equity investments in the financial services and industrial sectors. This highlights a pattern of managing companies backed by private equity firms.
Leah Stearns, Senior Vice President and Chief Financial Officer
Leah Stearns joined Copart in December 2022, where she leads the company's finance and accounting functions. She is a seasoned Fortune 500 executive who most recently served as Chief Financial Officer of CBRE, a global leader in commercial real estate services and investments. Earlier in her career, Stearns held financial and operational leadership roles at American Tower.
A. Jayson Adair, Executive Chairman
A. Jayson Adair has served as Executive Chairman of Copart since April 2024. He was Copart's CEO from February 2010 to April 2024, and before that, he served as Co-CEO with Jeff Liaw from March 2022 to April 2024. Adair joined Copart in 1989 and held various positions, including President from 1996 to 2010 and Executive Vice President from 1995. He worked closely with Copart's founder, Willis Johnson, learning the business under his guidance.
David Kang, Chief Marketing and Analytics Officer
David Kang leads Copart's product, marketing, and analytics functions. His responsibilities include strategic analytics, data science, digital marketing, brand, communications, member services, global member development, and leading the Cash for Cars business. Kang has extensive experience in marketing, product, and data analytics, having most recently served as SVP, Data Insights, and CMO and Head of Product, Consumer Auto Finance, at Capital One. Prior to Capital One, he held various leadership positions at McKinsey & Company, supporting clients in the Travel, Transportation, and Logistics practice.
Rob Vannuccini, Chief Sales Officer
Rob Vannuccini leads Copart's sales teams, recognized as one of the top sales forces in the automotive remarketing industry. He was appointed as Chief Sales Officer in 2010. Vannuccini began his career at Copart in 1994, holding roles such as Vice President of National Accounts and Midwest Regional Account Manager. His prior experience includes gaining significant leadership skills as the Midwest Regional Manager of NER Auction Systems and Assistant Vice President of Fleet Financial Group.
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The key risks to Copart's business revolve around the core dynamics of the vehicle remarketing industry, regulatory scrutiny, and its reliance on key partners.
- Dependence on Salvage Vehicle Supply and Pricing: Copart's business is highly sensitive to the volume and value of salvage and used vehicles, which form the "lifeblood" of its auction operations. Fluctuations in the market value of these vehicles, commodity prices, and foreign exchange rates can directly impact revenue and profitability, especially given the company's international reach. Recent trends show a correction in used vehicle prices and declining unit volumes, which could lead to lower average selling prices (ASPs) and service volumes. Factors such as accident frequency, total-loss rates, repair costs, and insurer behavior directly influence the supply of salvage vehicles. A sustained decline in total-loss rates or reduced comprehensive insurance coverage due to economic pressures could significantly decrease the number of vehicles entering Copart's auction system.
- Regulatory and Legal Risks: Copart operates in a complex regulatory environment, encompassing domestic and international laws on vehicle import/export, environmental protection, privacy, and data security. A significant ongoing concern is a U.S. Department of Justice (DOJ) investigation into potential money laundering violations related to its auction platform. The outcome, duration, scope, and potential financial or reputational losses from this investigation are currently not estimable, introducing considerable uncertainty. Changes in other regulations could also adversely affect operations.
- Reliance on Major Vehicle Sellers: A substantial portion of Copart's vehicle volume, approximately 80%, originates from auto insurance companies. This high dependence on a limited number of major vehicle sellers, particularly insurance providers, creates a concentration risk. Any disruption in these key relationships, or significant industry-wide changes impacting insurance companies (such as regulatory shifts or economic pressures), could expose Copart to considerable revenue impacts if these sellers reduce their volume or alter their remarketing practices.
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Copart, Inc. (CPRT) operates within several significant addressable markets related to vehicle remarketing and auctions. The company's main products and services primarily cater to the online salvage vehicle auction market and the broader used car market.
Online Salvage Auctions Market
- The global online salvage auctions market was estimated at approximately USD 3.45 billion in 2023 and is projected to reach about USD 8.12 billion by 2032, with a compound annual growth rate (CAGR) of 9.8% over the forecast period. Other estimates place the global market size at USD 10.63 billion in 2024, projected to grow to USD 27.20 billion by 2030 at a CAGR of 17.4% from 2025 to 2030. Another source indicates a market size of USD 15 billion in 2023, expected to reach USD 67.9 billion by 2030, with a CAGR of 25.0% during 2024-2030. Furthermore, the global market is expected to reach USD 54.6 billion by 2034, growing from USD 10.8 billion in 2024 at a CAGR of 17.6% from 2025 to 2034.
- In the **United States**, the online salvage auctions market generated a revenue of USD 3,420.0 million in 2024 and is anticipated to reach USD 7,202.9 million by 2030, exhibiting a CAGR of 13.7% from 2025 to 2030. North America, overall, held a significant share of the online salvage auctions market, valued at approximately USD 1.25 billion in 2023, and is expected to grow at a CAGR of 8.5%. The U.S. dominated the online salvage auctions market in 2024, accounting for 38.44% of the global market share.
- In **Europe**, the online salvage auctions market was valued at approximately USD 0.95 billion in 2023 and is expected to grow at a CAGR of 8.8%. More recent data suggests the European online salvage auctions market generated a revenue of USD 3,536.0 million in 2024 and is projected to reach USD 9,858.5 million by 2030, growing at a CAGR of 19.1% from 2025 to 2030.
Used Car Market
Copart's services extend to selling vehicles to used vehicle dealers, rebuilders, and the public, aligning with the broader used car market.
- The **global** used car market was estimated at USD 1,898,501.3 million in 2024 and is projected to reach USD 2,701,501.4 million by 2030, growing at a CAGR of 6% from 2025 to 2030. Another estimate for the global market size is USD 1.90 trillion in 2024, projected to reach USD 2.70 trillion by 2030, with a CAGR of 6.0% from 2025 to 2030.
- For the **United States**, the used car market was valued at USD 234,451.01 billion in 2024. Other reports indicate the U.S. used car market generated a revenue of USD 393,786.4 million in 2024 and is expected to reach USD 519,050.4 million by 2030, growing at a CAGR of 4.6% from 2025 to 2030. In terms of units, the U.S. used car market reached 38.6 million units in 2025 and is estimated to reach 51.4 million units by 2034.
- In **Europe**, the used car market was valued at USD 67.90 billion in 2025 and is anticipated to reach USD 99.35 billion by 2034, growing at a CAGR of 4.32% during the forecast period from 2026 to 2034. In 2024, the Europe used car market generated a revenue of USD 536,511.1 million. The market was also valued at EUR 429 billion in 2021.
Automotive Remarketing Solution Market
Copart provides comprehensive vehicle remarketing services.
- The **global** market for Automotive Remarketing Solutions was estimated to be worth US$ 32,945 million in 2024 and is forecast to reach a readjusted size of US$ 51,819 million by 2031 with a CAGR of 6.6% during the forecast period 2025-2031.
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Copart (CPRT) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:
- International Expansion: Copart's strategic push into new international markets, including Germany, Brazil, and the Middle East, is anticipated to open up higher-margin revenue streams and contribute to overall profitability beyond its mature U.S. business. For instance, in the second quarter of fiscal year 2026, international revenue increased by 6.1%, or 7.7% excluding catastrophic events. Furthermore, international non-insurance units saw a 9.1% increase during the same period.
- Digital Innovation and AI-enabled Platforms: Significant investments in proprietary, AI-enabled platforms are expected to enhance auction transaction efficiency, foster greater engagement from both sellers and buyers, and ultimately improve net margins. The company continues to heavily invest in artificial intelligence and auction liquidity. These digital tools, such as AI-enabled image recognition, are also considered proactive levers to stimulate growth within the insurance segment.
- Growth in Insurance Volume and Total Loss Frequency: Fundamental drivers for Copart's insurance business include macroeconomic factors like increasing total loss frequency. Management anticipates a reversal of cyclical trends in insurance coverage and policy growth, which is expected to bolster future vehicle volume. Despite some temporary challenges, analysts believe that rising total loss frequencies will benefit the company in the long term.
- Expansion of Value-Added Services: The growth of value-added services, such as the Title Express platform, is a significant revenue driver. This platform processes over 1 million titles annually, helping to integrate insurers' salvage vehicles into Copart's ecosystem. These services are crucial for generating higher ancillary revenues, improving operational efficiencies, and boosting overall profitability.
- Higher Average Selling Prices (ASPs): Copart has observed record average selling prices for U.S. insurance consignors, with ASPs increasing by 6% year-over-year, and 9% when excluding catastrophic events, in the second quarter of fiscal year 2026. U.S. non-insurance ASPs also rose by 2%, and international insurance ASPs increased by 9% in the same quarter. Analysts project a continued upward trend in average selling prices for vehicles, supported by positive movements in wholesale vehicle prices.
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Share Repurchases
- Copart resumed opportunistic share buybacks, deploying $500 million as of mid-February 2026.
- For the quarter ending January 31, 2026, Copart made $218.22 million in stock buybacks.
- Copart did not repurchase any shares under its stock repurchase program during fiscal years 2023, 2024, and 2025. As of July 31, 2025, 325,803,208 shares remained available for repurchase under the program.
Share Issuance
- Copart's shares outstanding for the quarter ending January 31, 2026, were 0.975 billion, a 0.29% decline year-over-year.
- The company generates working capital and liquidity from the issuance of shares through option exercises and shares issued under its Employee Stock Purchase Plan.
- Copart's annual net common equity issued/repurchased was $0.057 billion in 2025, a 56.65% increase from 2024.
Outbound Investments
- Historically, Copart's business growth has been attributed in part to acquisitions.
- As of March 2026, management prioritizes buybacks over mergers and acquisitions (M&A).
Capital Expenditures
- Copart's capital expenditures for the last 12 months totaled -$393.3 million.
- In fiscal year 2025, Copart opened new operational facilities in the U.K., Spain, and the U.S. to enhance capacity, increase market presence, and improve operational efficiency.
- Projected capital expenditures are approximately $591 million for 2026, and are expected to be around 13% of revenue in subsequent years.
Peer Outperformance in Diversified Support Services
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| CPRT | Copart | 6.5% | 16.9x | -39.1% | -37.0% | -21.7% | — |
| CTAS | Cintas | 8.5% | 39.6x | -2.1% | 68.8% | 117.7% | +139pp |
| MGRC | McGrath RentCorp | 9.1% | 18.3x | -0.6% | 19.9% | 74.4% | +96pp |
| LDOS | Leidos | 5.9% | 11.3x | -32.9% | 38.1% | 36.5% | +58pp |
| UNF | UniFirst | 4.6% | 39.8x | 53.6% | 59.5% | 23.9% | +46pp |
| CTOS | Custom Truck One Source | 5.1% | 97.9x | 45.4% | 48.7% | -1.2% | +21pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Construction & Engineering | 31 | 3.3% | 113.9% | 189.8% | FIX 2283% · STRL 2127% · CDNL 2005% |
| Marine Transportation | 5 | 87.4% | 59.3% | 175.1% | HOS 40479% · MATX 199% · KEX 175% |
| Construction Machinery & Heavy Transportation Equipment | 13 | 3.8% | 46.8% | 114.3% | CAT 369% · WAB 248% · ALSN 245% |
| Aerospace & Defense | 54 | -10.8% | 59.6% | 67.8% | ATI 1036% · FTAI 834% · HWM 651% |
| Trading Companies & Distributors | 19 | 3.8% | 34.4% | 52.9% | DXPE 517% · AIT 289% · WCC 227% |
| Rail Transportation | 7 | 18.8% | 59.2% | 52.1% | FSTR 141% · CSX 69% · UNP 57% |
| Industrial Machinery & Supplies & Components | 72 | 13.8% | 48.8% | 49.3% | CRS 1167% · PSIX 1123% · GHM 600% |
| Diversified Support Services ← | 33 | 12.7% | 28.0% | 35.8% | LIME 3206% · TH 417% · WLFC 323% |
| Cargo Ground Transportation | 16 | 37.5% | 1.4% | 30.1% | XPO 266% · R 215% · CVLG 151% |
| Building Products | 33 | -14.1% | 1.4% | 21.6% | LMB 624% · GFF 365% · PPIH 302% |
| Electrical Components & Equipment | 41 | 3.4% | 51.6% | 14.0% | POWL 2392% · BE 1456% · VRT 936% |
| Industrial Conglomerates | 17 | 10.7% | 4.9% | -1.0% | RCMT 578% · CSW 135% · DD 76% |
| Passenger Ground Transportation | 3 | -33.9% | 43.0% | -3.5% | UBER 55% · CAR -4% · LYFT -72% |
| Environmental & Facilities Services | 30 | -13.5% | 10.1% | -6.7% | CECO 903% · ADUR 437% · NVRI 315% |
| Agricultural & Farm Machinery | 17 | 8.8% | -0.6% | -7.0% | BLBD 170% · DE 116% · GENC 55% |
| Research & Consulting Services | 13 | -18.0% | -27.1% | -14.2% | HURN 201% · CRAI 78% · GRNQ 39% |
| Data Processing & Outsourced Services | 6 | -35.1% | -15.8% | -28.9% | EXLS 40% · BR 6% · G -27% |
| Passenger Airlines | 11 | 16.0% | 16.8% | -31.9% | LTM 2814% · UAL 137% · DAL 106% |
| Office Services & Supplies | 9 | 15.5% | 18.6% | -32.9% | PBI 175% · TILE 134% · HNI 50% |
| Human Resource & Employment Services | 22 | -2.0% | -16.7% | -36.6% | BBSI 70% · ADP 46% · KFY 10% |
| Air Freight & Logistics | 12 | -30.0% | -23.7% | -38.5% | CHRW 94% · FDX 81% · EXPD 67% |
| Security & Alarm Services | 10 | -25.4% | 20.5% | -40.5% | CIX 169% · MG 110% · NL 79% |
| Airport Services | 3 | -70.4% | -78.1% | -68.8% | JOBY -40% · ASLE -69% · UP -100% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Copart stock vs Willis Lease Finance stock: Which Is A Better Investment? | 08/05/2026 | |
| Is 10.0% Fall In Copart (CPRT) Stock A Buying Opportunity? | 03/11/2026 | |
| Copart Stock Looks Undervalued, Ready to Move Up? | 01/10/2026 | |
| Copart Earnings Notes | 12/26/2025 | |
| How Does Copart Stock Stack Up Against Its Peers? | 12/02/2025 | |
| CPRT Now 23% Cheaper, Buy? | 11/05/2025 | |
| CPRT Leadership & 23% Price Drop - Time to Buy? | 11/05/2025 | |
| Copart Stock at Support Zone - Bargain or Trap? | 10/23/2025 | |
| Is Copart Stock Built to Withstand More Downside? | 10/17/2025 | |
| ARTICLES | ||
| Should You Buy Copart Stock On The ACV Deal? | 09/18/2026 | |
| How Will Copart Stock React To Its Upcoming Earnings? | 09/09/2026 | |
| S&P 500 Movers | Winners: CPRT, SNDK, AMD | Losers: AVGO, GDDY, AMAT | 08/17/2026 | |
| 18 Stocks Hit 52-Week Lows On Wednesday | 07/23/2026 | |
| The 52-Week-Low List: 19 Names On Tuesday | 07/22/2026 |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 43.30 |
| Mkt Cap | 7.2 |
| Rev LTM | 9,268 |
| Op Inc LTM | 894 |
| FCF LTM | 563 |
| FCF 3Y Avg | 520 |
| CFO LTM | 843 |
| CFO 3Y Avg | 940 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 0.8% |
| Rev Chg 3Y Avg | 4.3% |
| Rev Chg Q | 0.9% |
| QoQ Delta Rev Chg LTM | 0.2% |
| Op Inc Chg LTM | -4.5% |
| Op Inc Chg 3Y Avg | -3.8% |
| Op Mgn LTM | 5.9% |
| Op Mgn 3Y Avg | 6.6% |
| QoQ Delta Op Mgn LTM | -0.2% |
| CFO/Rev LTM | 6.5% |
| CFO/Rev 3Y Avg | 6.8% |
| FCF/Rev LTM | 4.7% |
| FCF/Rev 3Y Avg | 3.4% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 7.2 |
| P/S | 1.3 |
| P/Op Inc | 5.1 |
| P/EBIT | 6.6 |
| P/E | 14.9 |
| P/CFO | 16.7 |
| Total Yield | 5.4% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 3.2% |
| D/E | 0.6 |
| Net D/E | 0.6 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -7.4% |
| 3M Rtn | -7.2% |
| 6M Rtn | -16.1% |
| 12M Rtn | -22.0% |
| 3Y Rtn | -23.7% |
| 1M Excs Rtn | -6.9% |
| 3M Excs Rtn | -9.5% |
| 6M Excs Rtn | -35.7% |
| 12M Excs Rtn | -37.3% |
| 3Y Excs Rtn | -103.2% |
Comparison Analyses
Price Behavior
| Market Price | $27.14 | |
| Market Cap ($ Bil) | 25.4 | |
| First Trading Date | 03/17/1994 | |
| Distance from 52W High | -40.7% | |
| 50 Days | 200 Days | |
| DMA Price | $30.49 | $33.80 |
| DMA Trend | down | up |
| Distance from DMA | -11.0% | -19.7% |
| 3M | 1YR | |
| Volatility | 41.0% | 31.2% |
| Downside Capture | 20.17 | 40.13 |
| Upside Capture | -3.04 | -24.64 |
| Correlation (SPY) | -7.7% | 5.3% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.15 | -0.50 | -0.53 | -0.06 | 0.15 | 0.63 |
| Up Beta | -0.11 | -2.28 | -1.98 | -0.65 | -0.28 | 0.61 |
| Down Beta | 0.46 | 0.78 | 0.66 | 0.77 | 0.77 | 0.58 |
| Up Capture | 114% | 41% | -40% | -18% | -11% | 22% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 12 | 21 | 32 | 62 | 116 | 381 |
| Down Capture | -147% | -90% | -61% | 8% | 41% | 93% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 8 | 19 | 30 | 63 | 132 | 363 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CPRT | |
|---|---|---|---|---|
| CPRT | -39.6% | 31.1% | -1.60 | - |
| Sector ETF (XLI) | 11.9% | 17.2% | 0.48 | 6.8% |
| Equity (SPY) | 16.5% | 13.0% | 0.90 | 5.5% |
| Gold (GLD) | 10.5% | 29.6% | 0.34 | 7.3% |
| Commodities (DBC) | 40.5% | 20.8% | 1.52 | -11.2% |
| Real Estate (VNQ) | 3.2% | 13.6% | -0.02 | 31.4% |
| Bitcoin (BTCUSD) | -24.6% | 44.7% | -0.50 | 11.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CPRT | |
|---|---|---|---|---|
| CPRT | -5.0% | 27.4% | -0.19 | - |
| Sector ETF (XLI) | 13.1% | 17.6% | 0.57 | 50.0% |
| Equity (SPY) | 13.5% | 17.2% | 0.60 | 55.4% |
| Gold (GLD) | 18.2% | 18.9% | 0.78 | 4.1% |
| Commodities (DBC) | 10.6% | 19.6% | 0.42 | -1.8% |
| Real Estate (VNQ) | 0.9% | 18.9% | -0.06 | 45.9% |
| Bitcoin (BTCUSD) | 15.3% | 52.4% | 0.46 | 25.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CPRT | |
|---|---|---|---|---|
| CPRT | 15.7% | 28.2% | 0.56 | - |
| Sector ETF (XLI) | 13.4% | 20.0% | 0.58 | 56.9% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 61.1% |
| Gold (GLD) | 11.8% | 16.4% | 0.59 | 3.9% |
| Commodities (DBC) | 8.3% | 18.1% | 0.37 | 11.3% |
| Real Estate (VNQ) | 4.6% | 20.7% | 0.18 | 49.4% |
| Bitcoin (BTCUSD) | 63.5% | 66.2% | 1.03 | 16.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 9/21/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 9/10/2026 | -2.6% | -3.5% | |
| 5/21/2026 | -1.8% | -4.7% | -14.0% |
| 2/19/2026 | -3.1% | -1.3% | -12.7% |
| 11/20/2025 | -0.7% | -4.6% | -4.6% |
| 9/4/2025 | -2.8% | -2.1% | -9.7% |
| 5/22/2025 | -11.5% | -15.1% | -19.8% |
| 2/20/2025 | -2.8% | -5.1% | -7.9% |
| 11/21/2024 | 10.2% | 11.4% | 2.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 9 | 9 | 9 |
| # Negative | 16 | 16 | 15 |
| Median Positive | 1.8% | 3.2% | 5.5% |
| Median Negative | -1.8% | -4.4% | -6.0% |
| Max Positive | 10.2% | 11.4% | 16.2% |
| Max Negative | -11.5% | -15.1% | -19.8% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 9/10/2026 | -2.6% | -3.5% | |
| 5/21/2026 | -1.8% | -4.7% | -14.0% |
| 2/19/2026 | -3.1% | -1.3% | -12.7% |
| 11/20/2025 | -0.7% | -4.6% | -4.6% |
| 9/4/2025 | -2.8% | -2.1% | -9.7% |
| 5/22/2025 | -11.5% | -15.1% | -19.8% |
| 2/20/2025 | -2.8% | -5.1% | -7.9% |
| 11/21/2024 | 10.2% | 11.4% | 2.6% |
| 9/4/2024 | -6.7% | -6.9% | -1.6% |
| 5/16/2024 | -0.1% | -1.9% | -0.4% |
| 2/22/2024 | 4.0% | 7.6% | 16.2% |
| 11/16/2023 | 1.8% | 3.0% | -1.2% |
| 9/14/2023 | -2.2% | -3.8% | 2.0% |
| 5/17/2023 | 7.8% | 5.4% | 6.4% |
| 2/21/2023 | 0.9% | 2.3% | 4.0% |
| 11/17/2022 | 0.4% | 1.5% | -6.0% |
| 9/7/2022 | -1.6% | -6.8% | -4.6% |
| 5/19/2022 | 1.1% | 3.2% | -4.5% |
| 2/16/2022 | -1.6% | -4.2% | 1.9% |
| 11/17/2021 | -0.9% | -5.5% | -8.9% |
| 9/8/2021 | -1.8% | 3.0% | -2.6% |
| 5/19/2021 | 2.6% | 5.7% | 5.9% |
| 2/18/2021 | -1.4% | -10.0% | -10.3% |
| 11/18/2020 | -1.8% | -1.0% | 5.5% |
| 9/3/2020 | 0.5% | -0.9% | 6.6% |
| SUMMARY STATS | |||
| # Positive | 9 | 9 | 9 |
| # Negative | 16 | 16 | 15 |
| Median Positive | 1.8% | 3.2% | 5.5% |
| Median Negative | -1.8% | -4.4% | -6.0% |
| Max Positive | 10.2% | 11.4% | 16.2% |
| Max Negative | -11.5% | -15.1% | -19.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 07/31/2026 | 09/29/2026 | 10-K |
| 04/30/2026 | 05/29/2026 | 10-Q |
| 01/31/2026 | 03/03/2026 | 10-Q |
| 10/31/2025 | 11/24/2025 | 10-Q |
| 07/31/2025 | 09/26/2025 | 10-K |
| 04/30/2025 | 06/03/2025 | 10-Q |
| 01/31/2025 | 02/26/2025 | 10-Q |
| 10/31/2024 | 11/26/2024 | 10-Q |
| 07/31/2024 | 09/30/2024 | 10-K |
| 04/30/2024 | 05/23/2024 | 10-Q |
| 01/31/2024 | 02/27/2024 | 10-Q |
| 10/31/2023 | 11/21/2023 | 10-Q |
| 07/31/2023 | 09/28/2023 | 10-K |
| 04/30/2023 | 05/25/2023 | 10-Q |
| 01/31/2023 | 02/24/2023 | 10-Q |
| 10/31/2022 | 11/18/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 07/31/2026 | 09/29/2026 | 10-K |
| 04/30/2026 | 05/29/2026 | 10-Q |
| 01/31/2026 | 03/03/2026 | 10-Q |
| 10/31/2025 | 11/24/2025 | 10-Q |
| 07/31/2025 | 09/26/2025 | 10-K |
| 04/30/2025 | 06/03/2025 | 10-Q |
| 01/31/2025 | 02/26/2025 | 10-Q |
| 10/31/2024 | 11/26/2024 | 10-Q |
| 07/31/2024 | 09/30/2024 | 10-K |
| 04/30/2024 | 05/23/2024 | 10-Q |
| 01/31/2024 | 02/27/2024 | 10-Q |
| 10/31/2023 | 11/21/2023 | 10-Q |
| 07/31/2023 | 09/28/2023 | 10-K |
| 04/30/2023 | 05/25/2023 | 10-Q |
| 01/31/2023 | 02/24/2023 | 10-Q |
| 10/31/2022 | 11/18/2022 | 10-Q |
| 07/31/2022 | 09/27/2022 | 10-K |
| 04/30/2022 | 05/25/2022 | 10-Q |
| 01/31/2022 | 03/03/2022 | 10-Q |
| 10/31/2021 | 11/19/2021 | 10-Q |
| 07/31/2021 | 09/27/2021 | 10-K |
| 04/30/2021 | 05/24/2021 | 10-Q |
| 01/31/2021 | 02/24/2021 | 10-Q |
| 10/31/2020 | 11/20/2020 | 10-Q |
| 07/31/2020 | 09/28/2020 | 10-K |
| 04/30/2020 | 05/28/2020 | 10-Q |
| 01/31/2020 | 02/27/2020 | 10-Q |
| 10/31/2019 | 11/25/2019 | 10-Q |
Insider Activity
Updated 8/18/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Liaw, Jeffrey | Chief Executive Officer | Direct | Sell | 7302026 | 30.49 | 27,745 | 845,945 | 3,038,054 | Form |
| 2 | Englander, Daniel J | Ursula Capital Partners | Sell | 7152026 | 27.55 | 80,000 | 2,204,000 | 7,585,948 | Form | |
| 3 | Liaw, Jeffrey | Chief Executive Officer | Direct | Sell | 4172026 | 33.18 | 26,213 | 869,724 | 2,638,801 | Form |
| 4 | Liaw, Jeffrey | Chief Executive Officer | Direct | Sell | 1162026 | 40.17 | 25,137 | 1,009,753 | 2,248,315 | Form |
| 5 | Tryforos, Thomas N | Direct | Sell | 11252025 | 39.07 | 100,000 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Liaw, Jeffrey | Chief Executive Officer | Direct | Sell | 7302026 | 30.49 | 27,745 | 845,945 | 3,038,054 | Form |
| 2 | Englander, Daniel J | Ursula Capital Partners | Sell | 7152026 | 27.55 | 80,000 | 2,204,000 | 7,585,948 | Form | |
| 3 | Liaw, Jeffrey | Chief Executive Officer | Direct | Sell | 4172026 | 33.18 | 26,213 | 869,724 | 2,638,801 | Form |
| 4 | Liaw, Jeffrey | Chief Executive Officer | Direct | Sell | 1162026 | 40.17 | 25,137 | 1,009,753 | 2,248,315 | Form |
| 5 | Tryforos, Thomas N | Direct | Sell | 11252025 | 39.07 | 100,000 | Form | |||
| 6 | Liaw, Jeffrey | Chief Executive Officer | Direct | Sell | 10172025 | 44.79 | 24,283 | 1,087,668 | 1,403,402 | Form |
| 7 | Tryforos, Thomas N | Direct | Sell | 9172025 | 47.54 | 228,840 | Form |
Investor Activity (13F)
Updated Sep 30, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Prevatt Capital Ltd | $23.2 Mil | 6.3% | 11 | ADD +64.7% | 13F |
| Lionstone Capital Management LLC | $25.8 Mil | 6.2% | 12 | Hold | 13F |
| Weybosset Research & Management LLC | $21.1 Mil | 6.1% | 33 | Hold | 13F |
| Ycg, LLC | $58.3 Mil | 5.3% | 42 | ADD +18.7% | 13F |
| Bowie Capital Management, LLC | $97.2 Mil | 4.6% | 29 | Hold | 13F |
| Akre Capital Management LLC | $265.6 Mil | 4.3% | 19 | Hold | 13F |
| Robertson Opportunity Capital, LLC | $11.2 Mil | 4.3% | 30 | Hold | 13F |
| Maren Capital LLC | $82.2 Mil | 4.3% | 19 | ADD +12.1% | 13F |
| Mcdonald Capital Investors Inc/Ca | $56.7 Mil | 3.9% | 21 | ADD +15.1% | 13F |
| Wedgewood Partners Inc | $15.4 Mil | 3.2% | 22 | Hold | 13F |
| Quantum Capital Management, LLC / NJ | $17.4 Mil | 2.2% | 34 | TRIM -63.1% | 13F |
| PineStone Asset Management Inc. | $277.2 Mil | 1.9% | 44 | Hold | 13F |
| Kinsale Capital Group, Inc. | $5.8 Mil | 0.9% | 41 | ADD +11.7% | 13F |
| Greenbrier Partners Capital Management, LLC | $11.5 Mil | 0.9% | 11 | Hold | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Prevatt Capital Ltd | $23.2 Mil | 6.3% | 11 | ADD +64.7% | 13F |
| Ycg, LLC | $58.3 Mil | 5.3% | 42 | ADD +18.7% | 13F |
| Mcdonald Capital Investors Inc/Ca | $56.7 Mil | 3.9% | 21 | ADD +15.1% | 13F |
| Maren Capital LLC | $82.2 Mil | 4.3% | 19 | ADD +12.1% | 13F |
| Kinsale Capital Group, Inc. | $5.8 Mil | 0.9% | 41 | ADD +11.7% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| Gobi Capital LLC | $61.7 Mil | 3.1% | 12 | Exited | Dec 31, 2025 | 13F |
| One Fin Capital Management LP | $19.8 Mil | 6.9% | 18 | Exited | Dec 31, 2025 | 13F |
| Nitorum Capital, L.P. | $8.0 Mil | 1.8% | 25 | Exited | Dec 31, 2025 | 13F |
| Quantum Capital Management, LLC / NJ | $17.4 Mil | 2.2% | 34 | TRIM -63.1% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| PineStone Asset Management Inc. | $277.2 Mil | 1.9% | 44 | Hold | 13F |
| Akre Capital Management LLC | $265.6 Mil | 4.3% | 19 | Hold | 13F |
| Bowie Capital Management, LLC | $97.2 Mil | 4.6% | 29 | Hold | 13F |
| Maren Capital LLC | $82.2 Mil | 4.3% | 19 | ADD +12.1% | 13F |
| Ycg, LLC | $58.3 Mil | 5.3% | 42 | ADD +18.7% | 13F |
| Mcdonald Capital Investors Inc/Ca | $56.7 Mil | 3.9% | 21 | ADD +15.1% | 13F |
| Lionstone Capital Management LLC | $25.8 Mil | 6.2% | 12 | Hold | 13F |
| Prevatt Capital Ltd | $23.2 Mil | 6.3% | 11 | ADD +64.7% | 13F |
| Weybosset Research & Management LLC | $21.1 Mil | 6.1% | 33 | Hold | 13F |
| Quantum Capital Management, LLC / NJ | $17.4 Mil | 2.2% | 34 | TRIM -63.1% | 13F |
| Wedgewood Partners Inc | $15.4 Mil | 3.2% | 22 | Hold | 13F |
| Greenbrier Partners Capital Management, LLC | $11.5 Mil | 0.9% | 11 | Hold | 13F |
| Robertson Opportunity Capital, LLC | $11.2 Mil | 4.3% | 30 | Hold | 13F |
| Kinsale Capital Group, Inc. | $5.8 Mil | 0.9% | 41 | ADD +11.7% | 13F |
CPRT Trade Sentinel
Constructive
CONVICTION RATIONALE
Conviction is constructive as Copart is using its fortress balance sheet to fund a decisive pivot into the larger wholesale auto market via the ACV acquisition. This move directly addresses slowing growth and competitive pressure in its core business. While execution risk is high and recent volume trends are negative, the strategic response is clear, funded, and creates a path to renewed growth.
STOCK ARCHETYPE
Marketplace(Number of Vehicles Sold) x (Average Fees per Vehicle) Operating leverage on the company's fixed network of physical facilities as vehicle volume and average selling prices increase.
INVESTMENT THESIS
Evidence suggests a strategic pivot is underway to enter the larger non-insurance market, funded by a strong balance sheet.
- Announced acquisition of ACV for approximately $1.9 billion in cash.
- ACV acquisition is expected to be accretive to earnings in the first full year.
- The non-insurance addressable market is over 15 million vehicles.
- International unit sales, a key growth area, grew 10% in the latest quarter.
PRIMARY RISK
The core insurance business is losing share to a key rival, with domestic insurance volumes falling 7.5% in the latest quarter. This erosion could outpace any contribution from the new ACV business.
- Global unit sales declined 2.9% in Q4 2026.
- A competitor's auto unit volumes increased 11% in its most recent quarter.
- The company confirmed a "single customer loss" negatively impacted domestic volumes.
- Operating expenses per car increased 12.7% in Q4 2026.
| KPI | Status | Rationale |
|---|---|---|
| Global Unit Volume Growth | a 2.9% year-over-year decline in Q4 FY2026 - Stagnant | Global unit volumes have been in decline for at least three consecutive quarters. While the latest quarter's -2.9% decline is a significant improvement from the -8.0% drop seen in Q2, it represents a slight deceleration from the -2.4% decline in Q3. Management noted on the September 2026 call that domestic insurance assignments would have been up 2.3% excluding a single customer loss, suggesting an underlying stabilization in the core business that is masked by this specific event. |
| Global Average Selling Price (ASP) Growth | a 3.5% year-over-year increase in Q4 FY2026 - Decelerating | Global ASP growth has been consistently positive but has decelerated for two consecutive quarters. Management highlighted on the September 2026 call that this growth outpaced the Manheim Used Vehicle Value Index, which was up 2.8%, indicating that the company's marketplace is achieving prices above the broader used car market. |
| Total Loss Frequency | 23.3% (Q2 2026) | The percentage of cars in accidents that insurance companies salvage rather than repair. A higher frequency increases the supply of vehicles for Copart's auctions. |
| U.S. Vehicles Sold to International Buyers (% of Units) | 38.2% (Fiscal Year 2026) | The portion of U.S. vehicles purchased by buyers outside the U.S., a key indicator of the strength and breadth of its global buyer base and a driver of higher auction prices. |
| U.S. Vehicles Sold to International Buyers (% of Dollar Value) | 45.7% (Fiscal Year 2026) | The share of total auction proceeds from international buyers. This being higher than the unit share indicates international buyers purchase higher-value vehicles, boosting overall returns for sellers. |
Strategic Pivot vs. Core Decay
BULL VIEW
The ACV acquisition is a bold, funded pivot that opens a vast new market, making the recent, isolated customer loss in the core business a secondary issue.
CORE TENSION
Can the ACV acquisition's future growth offset the 7.5% decline in domestic insurance units, a segment where a key competitor is actively taking share?
PREVAILING SENTIMENT
The latest evidence favors the bears, as the core business decay is a present reality while the benefits from the ACV acquisition are entirely in the future.
BEAR VIEW
The ACV deal is a risky, defensive move to distract from a breached moat, as evidenced by a major customer loss and competitor RB Global gaining share.
| Timeline | Event & Metric To Watch |
|---|---|
10/22/2026 | Worsening Industry Volume Headwinds Watch: Peer results from AutoNation (10/22) and CarMax (12/16) for macro context. CPRT's commentary on claims frequency. |
11/3/2026 | Peer ACV Auctions Earnings Watch: Peer ACV Auctions (ACVA) is scheduled to report earnings. |
11/18/2026 | Accelerated Market Share Cession Watch: Domestic insurance unit volume growth versus peers. Any management commentary on customer relationships or competitive pricing. |
11/18/2026 | Company Earnings Report Watch: Copart is scheduled to report its next quarterly earnings. |
12/16/2026 | Peer CarMax Earnings Watch: Peer CarMax (KMX) is scheduled to report earnings. |
by the end of the calendar year | ACV Acquisition Integration Failure Watch: Deal closing announcement. Management commentary on integration milestones, costs, and expected synergies in subsequent earnings calls. |
No set date | Adverse DOJ Investigation Outcome Watch: Company press releases or SEC filings mentioning the investigation. News reports on developments from the DOJ. |
| Date | Event | Stock Impact |
|---|---|---|
2026-09-10 | Reports Q4 Results and Announces ACV Acquisition Details: Copart reported Q4 revenue of $1.2 billion and announced a definitive agreement to acquire ACV for approximately $1.9 billion in cash. The stock reacted negatively, falling 6.0% over two days (MKT-1). | -6.5% $32.03 -> $29.95 |
2026-08-24 | Competitive Narrative Intensifies Details: Press reports in August highlighted near-term headwinds for Copart, including competition from rival IAA (a subsidiary of RB Global). | -1.4% $33.80 -> $33.33 |
2026-07-01 | Law Firm Announces Investigation Details: Following the CEO departure announcement, a law firm announced it was investigating potential violations of federal securities laws on behalf of investors. | +6.5% $28.19 -> $30.01 |
2026-06-29 | Announces CEO Transition Details: Copart announced that Jeff Liaw would step down as CEO, with Executive Chairman Jay Adair resuming the role, effective July 31, 2026. | -7.7% $30.55 -> $28.19 |
2026-05-21 | Reports Q3 Fiscal 2026 Results Details: The company reported Q3 revenue of $1.2 billion and net income of $402.4 million. The stock reacted positively, with a two-day return of 2.0% (MKT-1). | +2.3% $33.04 -> $33.79 |
2026-04-13 | Stock Experiences Major Drawdown Details: Press reports in April noted the stock was in a drawdown of approximately 50% from its all-time high of $64.38 per share reached in November 2024. | +1.6% $32.76 -> $33.29 |
2026-03-28 | Analyst Price Target Set Details: Press reports in March indicated that analysts had set an average price target of $44.40 for Copart stock. | -1.3% $33.03 -> $32.61 |
Position Sizing
4% - 6%
NORMAL POSITION
Sizing is volatility-based: CPRT trades at roughly 31% annualized options-implied volatility versus about 12% for the S&P 500 (2.6x the market), around the 44th percentile of its own trailing year. A 4% - 6% position keeps a single-name swing of that size within a diversified portfolio's risk budget.
Diversification Alternatives
RBA - RB Global
Direct CompetitorRB Global is demonstrating positive volume momentum, with automotive units up 11%, and is actively gaining market share in the core U.S. insurance segment.
ACVA - ACV Auctions
Acquisition TargetACV provides pure-play exposure to the digital dealer-to-dealer wholesale market, an asset-light model which Copart is now acquiring to fuel its next growth phase.
A durable, high-margin global marketplace whose primary moat is the network effect of its vast, liquid international buyer base, which drives superior pricing for its insurance clients.
Copart's core business is driven by the non-discretionary supply of salvage vehicles from insurance carriers. Its key advantage is its global online auction platform, which attracts a diverse international buyer base willing to pay higher prices, thereby maximizing returns for sellers. This liquidity creates a powerful network effect, making it the preferred channel for insurance companies. The company is now leveraging its physical infrastructure and buyer base to expand into the non-salvage, whole-car market through the acquisition of ACV.
Sustained increases in total loss frequency, growth in international buyer participation, and successful integration of ACV leading to market share gains in the dealer wholesale market.
A significant, secular decline in accident rates due to vehicle autonomy, loss of a major insurance partner to a competitor, or a sustained downturn in used vehicle values that compresses auction returns.
Short-term quarterly fluctuations in accident volume due to weather patterns or temporary shifts in claims frequency.
Repricing Catalyst
The announced acquisition of ACV Auctions for approximately $1.9 billion, which expands Copart's presence into the dealer-to-dealer wholesale market and is expected to be accretive to earnings in the first full year.
Industry Resources
| Industrials Resources |
| IndustryWeek |
| Manufacturing.net |
| Aviation Week |
| Diversified Support Services Resources |
| Facilities Management Journal (FMJ) |
| Supply Chain Brain |
| Corporate Services News |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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