Copart (CPRT)
Market Price (8/17/2026): $31.7 | Market Cap: $29.7 BilInvestor Relations Sector: Industrials | Industry: Diversified Support Services
Copart (CPRT)
Market Price (8/17/2026): $31.7Market Cap: $29.7 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 5.2% 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 -14% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 37% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 36%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 29% Stock buyback supportStock Buyback 3Y Total is 1.4 Bil Low stock price volatilityVol 12M is 29% 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 -84%, 3Y Excs Rtn is -102% | 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 5.2% |
| 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 -14% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 37% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 36%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 29% |
| Stock buyback supportStock Buyback 3Y Total is 1.4 Bil |
| Low stock price volatilityVol 12M is 29% |
| 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 -84%, 3Y Excs Rtn is -102% |
| 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 5% since 4/30/2026 because of the following key factors:
1. Declining Insurance Auction Volumes Despite Fiscal Q3 2026 Earnings Beat.
Despite Copart reporting stronger-than-expected fiscal Q3 2026 results on May 21, 2026 (for the quarter ending April 30, 2026), with adjusted EPS of $0.43 against estimates of $0.41 and revenue of $1.24 billion exceeding forecasts, the stock fell 1.8% on May 22, 2026. This decline was attributed to investor concerns over weaker insurance auction volumes and declining global and U.S. insurance units, raising red flags about the company's future prospects. The subsequent fiscal Q4 2026 guidance, forecasting EPS of $0.38 and revenue of $1.136 billion, may also have signaled continued volume pressure.
2. CEO Transition and Related Investigation Created Uncertainty.
Company-specific executive changes significantly impacted investor confidence. On June 29, 2026, Copart announced that CEO Jeff Liaw would step down by July 31, 2026. This news was followed by a legal investigation opened by Bragar Eagel & Squire, P.C. on July 23, 2026, focusing on potential violations of federal securities laws and possible unlawful business practices related to the CEO transition. The stock experienced an over 8% decline after this investigation was announced, contributing to increased management uncertainty and strategic execution risks during an operational slowdown.
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Copart (CPRT) stock has lost about 5% since 4/30/2026 because of the following key factors:
1. Declining Insurance Auction Volumes Despite Fiscal Q3 2026 Earnings Beat.
Despite Copart reporting stronger-than-expected fiscal Q3 2026 results on May 21, 2026 (for the quarter ending April 30, 2026), with adjusted EPS of $0.43 against estimates of $0.41 and revenue of $1.24 billion exceeding forecasts, the stock fell 1.8% on May 22, 2026. This decline was attributed to investor concerns over weaker insurance auction volumes and declining global and U.S. insurance units, raising red flags about the company's future prospects. The subsequent fiscal Q4 2026 guidance, forecasting EPS of $0.38 and revenue of $1.136 billion, may also have signaled continued volume pressure.
2. CEO Transition and Related Investigation Created Uncertainty.
Company-specific executive changes significantly impacted investor confidence. On June 29, 2026, Copart announced that CEO Jeff Liaw would step down by July 31, 2026. This news was followed by a legal investigation opened by Bragar Eagel & Squire, P.C. on July 23, 2026, focusing on potential violations of federal securities laws and possible unlawful business practices related to the CEO transition. The stock experienced an over 8% decline after this investigation was announced, contributing to increased management uncertainty and strategic execution risks during an operational slowdown.
3. Analyst Downgrades and Cautious Outlook.
Analyst sentiment grew more bearish during the period, contributing to the stock's underperformance. On May 22, Barclays maintained a "Sell" rating and a $32 price target. By August 4, 2026, the analyst configuration included two "Strong Sell" ratings, an increase from one a month prior. Zacks Research notably cut Copart from a "hold" to a "strong sell" rating on July 28, 2026, and Barclays set an "underweight" rating with a $26.00 price objective on July 21, 2026. These downgrades and reduced price targets reflected more cautious assumptions on revenue growth and profit margins, as well as a lower future price-to-earnings multiple.
4. Macroeconomic Headwinds Impacting Salvage Unit Volumes.
Broader macroeconomic factors, particularly within the insurance and automotive sectors, served as a significant headwind. A contraction in U.S. insurance vehicle assignments, driven by rising auto insurance premiums leading to lower driver coverage and decreased collision claim frequency, created persistent challenges for Copart's core operational throughput. This industry-wide trend contributed to the stock's underperformance, with CPRT falling nearly 26% year-to-date in 2026, lagging behind the S&P 500 Index's 11% rise and the State Street Industrials Select Sector SPDR ETF's (XLI) 19.6% growth during the same period.
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Stock Movement Drivers
Fundamental Drivers
The -4.5% change in CPRT stock from 4/30/2026 to 8/16/2026 was primarily driven by a -7.3% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 8162026 | Change |
|---|---|---|---|
| Stock Price ($) | 33.11 | 31.61 | -4.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,614 | 4,639 | 0.5% |
| Net Income Margin (%) | 33.8% | 33.5% | -0.8% |
| P/E Multiple | 20.6 | 19.1 | -7.3% |
| Shares Outstanding (Mil) | 967 | 936 | 3.3% |
| Cumulative Contribution | -4.5% |
Market Drivers
4/30/2026 to 8/16/2026| Return | Correlation | |
|---|---|---|
| CPRT | -4.5% | |
| Market (SPY) | 8.0% | -17.5% |
| Sector (XLI) | 6.8% | -10.8% |
Fundamental Drivers
The -22.1% change in CPRT stock from 1/31/2026 to 8/16/2026 was primarily driven by a -22.6% change in the company's P/E Multiple.| (LTM values as of) | 1312026 | 8162026 | Change |
|---|---|---|---|
| Stock Price ($) | 40.58 | 31.61 | -22.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,655 | 4,639 | -0.3% |
| Net Income Margin (%) | 34.2% | 33.5% | -2.2% |
| P/E Multiple | 24.6 | 19.1 | -22.6% |
| Shares Outstanding (Mil) | 968 | 936 | 3.3% |
| Cumulative Contribution | -22.1% |
Market Drivers
1/31/2026 to 8/16/2026| Return | Correlation | |
|---|---|---|
| CPRT | -22.1% | |
| Market (SPY) | 12.5% | 3.2% |
| Sector (XLI) | 13.1% | 6.0% |
Fundamental Drivers
The -30.3% change in CPRT stock from 7/31/2025 to 8/16/2026 was primarily driven by a -35.7% change in the company's P/E Multiple.| (LTM values as of) | 7312025 | 8162026 | Change |
|---|---|---|---|
| Stock Price ($) | 45.33 | 31.61 | -30.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,591 | 4,639 | 1.0% |
| Net Income Margin (%) | 32.2% | 33.5% | 4.0% |
| P/E Multiple | 29.6 | 19.1 | -35.7% |
| Shares Outstanding (Mil) | 966 | 936 | 3.2% |
| Cumulative Contribution | -30.3% |
Market Drivers
7/31/2025 to 8/16/2026| Return | Correlation | |
|---|---|---|
| CPRT | -30.3% | |
| Market (SPY) | 23.9% | 7.8% |
| Sector (XLI) | 24.0% | 11.9% |
Fundamental Drivers
The -28.5% change in CPRT stock from 7/31/2023 to 8/16/2026 was primarily driven by a -47.8% change in the company's P/E Multiple.| (LTM values as of) | 7312023 | 8162026 | Change |
|---|---|---|---|
| Stock Price ($) | 44.20 | 31.61 | -28.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,755 | 4,639 | 23.5% |
| Net Income Margin (%) | 30.7% | 33.5% | 9.0% |
| P/E Multiple | 36.5 | 19.1 | -47.8% |
| Shares Outstanding (Mil) | 954 | 936 | 1.8% |
| Cumulative Contribution | -28.5% |
Market Drivers
7/31/2023 to 8/16/2026| Return | Correlation | |
|---|---|---|
| CPRT | -28.5% | |
| Market (SPY) | 75.6% | 38.6% |
| Sector (XLI) | 75.9% | 38.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CPRT Return | 19% | -20% | 61% | 17% | -32% | -25% | -8% |
| Peers Return | 25% | -26% | 32% | 16% | -19% | 5% | 21% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 14% | 108% |
Monthly Win Rates [3] | |||||||
| CPRT Win Rate | 50% | 42% | 75% | 42% | 42% | 38% | |
| Peers Win Rate | 56% | 40% | 53% | 55% | 43% | 52% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| CPRT Max Drawdown | -18% | -32% | -9% | -15% | -40% | -35% | |
| Peers Max Drawdown | -18% | -42% | -26% | -21% | -43% | -32% | |
| 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 8/14/2026 (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 | 7.4% | 19.1x | -32.9% | -26.5% | -9.1% | — |
| CXW | CoreCivic | 10.6% | 25.4x | 57.6% | 219.6% | 214.7% | +224pp |
| CTAS | Cintas | 8.5% | 39.9x | -6.9% | 69.3% | 112.1% | +121pp |
| MGRC | McGrath RentCorp | 9.1% | 19.6x | 4.0% | 30.3% | 96.4% | +105pp |
| CTOS | Custom Truck One Source | 5.1% | 111.8x | 78.8% | 62.8% | 57.9% | +67pp |
| LDOS | Leidos | 5.9% | 13.2x | -18.2% | 54.5% | 55.2% | +64pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Construction & Engineering | 31 | 39.6% | 143.7% | 221.9% | CDNL 2932% · STRL 2512% · FIX 2318% |
| Marine Transportation | 4 | 54.5% | 63.2% | 164.0% | MATX 211% · SFL 179% · KEX 149% |
| Construction Machinery & Heavy Transportation Equipment | 13 | 17.2% | 61.4% | 115.2% | CAT 337% · ALSN 259% · WAB 248% |
| Aerospace & Defense | 55 | 21.8% | 88.9% | 92.6% | DFNS 3604% · ATI 1103% · FTAI 1014% |
| Industrial Machinery & Supplies & Components | 71 | 17.9% | 58.9% | 64.9% | CRS 1578% · PSIX 953% · EROC 861% |
| Passenger Ground Transportation | 3 | -11.4% | 58.0% | 59.0% | UBER 85% · CAR 59% · LYFT -64% |
| Cargo Ground Transportation | 16 | 49.6% | 18.4% | 54.2% | XPO 293% · R 288% · CVLG 222% |
| Diversified Support Services ← | 34 | 9.8% | 41.3% | 45.6% | LIME 4210% · TH 418% · WLFC 378% |
| Trading Companies & Distributors | 18 | 8.5% | 40.5% | 45.2% | DXPE 550% · AIT 323% · URI 247% |
| Electrical Components & Equipment | 40 | 33.1% | 57.1% | 40.3% | POWL 2616% · BE 1032% · VRT 995% |
| Rail Transportation | 7 | 36.0% | 70.9% | 39.2% | FSTR 117% · CSX 59% · UNP 46% |
| Building Products | 33 | -2.1% | 23.3% | 31.9% | GFF 449% · LMB 415% · PPIH 292% |
| Environmental & Facilities Services | 28 | -8.6% | 18.4% | 7.0% | CECO 1053% · ADUR 667% · NVRI 306% |
| Office Services & Supplies | 10 | 19.3% | 28.1% | 6.7% | TILE 192% · PBI 169% · EBF 56% |
| Industrial Conglomerates | 18 | 22.6% | 36.6% | 2.0% | RCMT 735% · TTI 209% · CSW 177% |
| Research & Consulting Services | 13 | -8.2% | -19.9% | -3.8% | HURN 211% · CRAI 96% · GRNQ 7% |
| Passenger Airlines | 11 | 17.3% | 2.1% | -16.8% | LTM 2325% · UAL 177% · SKYW 157% |
| Agricultural & Farm Machinery | 17 | -8.8% | -14.8% | -17.1% | BLBD 181% · DE 73% · GENC 57% |
| Data Processing & Outsourced Services | 6 | -33.1% | -13.5% | -30.4% | EXLS 44% · BR 6% · G -30% |
| Human Resource & Employment Services | 21 | 13.9% | -20.1% | -31.4% | BBSI 78% · ADP 42% · KFY 37% |
| Air Freight & Logistics | 12 | -7.6% | -1.6% | -34.0% | CHRW 83% · FDX 66% · EXPD 59% |
| Security & Alarm Services | 10 | -27.8% | -10.9% | -40.4% | CIX 116% · MG 89% · BCO 55% |
| Airport Services | 3 | -69.2% | -66.6% | -55.3% | JOBY -15% · ASLE -55% · UP -100% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Copart stock vs Willis Lease Finance stock: Which Is A Better Investment? | 08/05/2026 | |
| Copart Earnings Notes | 05/20/2026 | |
| 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 | |
| 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 | |
| ARTICLES | ||
| 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 | |
| Where The Selling Ran Deepest: 4 S&P 500 Stocks At 52-Week Lows | 07/16/2026 | |
| The 52-Week-Low List: 2 S&P 500 Names On Monday | 07/14/2026 |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 45.77 |
| Mkt Cap | 7.8 |
| 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 | 1.1% |
| Rev Chg 3Y Avg | 4.7% |
| Rev Chg Q | 0.7% |
| QoQ Delta Rev Chg LTM | 0.2% |
| Op Inc Chg LTM | -1.6% |
| Op Inc Chg 3Y Avg | -2.6% |
| Op Mgn LTM | 5.9% |
| Op Mgn 3Y Avg | 6.6% |
| QoQ Delta Op Mgn LTM | -0.0% |
| 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 | 7.8 |
| P/S | 1.1 |
| P/Op Inc | 6.1 |
| P/EBIT | 7.0 |
| P/E | 16.5 |
| P/CFO | 17.9 |
| Total Yield | 5.0% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 3.2% |
| D/E | 0.6 |
| Net D/E | 0.5 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 3.2% |
| 3M Rtn | 9.1% |
| 6M Rtn | -5.9% |
| 12M Rtn | -20.7% |
| 3Y Rtn | -26.5% |
| 1M Excs Rtn | -2.0% |
| 3M Excs Rtn | -0.0% |
| 6M Excs Rtn | -20.2% |
| 12M Excs Rtn | -42.6% |
| 3Y Excs Rtn | -102.8% |
Comparison Analyses
Price Behavior
| Market Price | $31.61 | |
| Market Cap ($ Bil) | 29.6 | |
| First Trading Date | 03/17/1994 | |
| Distance from 52W High | -36.7% | |
| 50 Days | 200 Days | |
| DMA Price | $29.65 | $35.23 |
| DMA Trend | down | down |
| Distance from DMA | 6.6% | -10.3% |
| 3M | 1YR | |
| Volatility | 40.1% | 28.9% |
| Downside Capture | -65.90 | 33.67 |
| Upside Capture | -60.55 | -19.82 |
| Correlation (SPY) | -17.5% | 8.2% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -1.03 | -0.74 | -0.60 | 0.04 | 0.17 | 0.65 |
| Up Beta | -5.19 | -2.75 | -2.25 | -0.60 | -0.15 | 0.63 |
| Down Beta | 1.13 | 0.69 | 0.79 | 1.07 | 0.67 | 0.58 |
| Up Capture | -27% | -98% | -72% | -29% | -12% | 23% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 10 | 20 | 29 | 60 | 120 | 382 |
| Down Capture | -83% | -36% | -45% | 37% | 49% | 95% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 11 | 22 | 33 | 65 | 130 | 365 |
[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 | -33.8% | 28.8% | -1.43 | - |
| Sector ETF (XLI) | 23.7% | 17.0% | 1.08 | 12.0% |
| Equity (SPY) | 21.5% | 12.8% | 1.25 | 7.7% |
| Gold (GLD) | 30.0% | 28.5% | 0.91 | 3.2% |
| Commodities (DBC) | 38.1% | 20.1% | 1.49 | -13.2% |
| Real Estate (VNQ) | 14.4% | 13.9% | 0.73 | 32.9% |
| Bitcoin (BTCUSD) | -49.1% | 42.8% | -1.45 | 8.2% |
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 | -2.7% | 27.0% | -0.11 | - |
| Sector ETF (XLI) | 14.2% | 17.6% | 0.63 | 51.8% |
| Equity (SPY) | 13.4% | 17.2% | 0.60 | 56.8% |
| Gold (GLD) | 19.5% | 18.6% | 0.85 | 2.6% |
| Commodities (DBC) | 9.6% | 19.6% | 0.38 | -1.0% |
| Real Estate (VNQ) | 2.3% | 18.9% | 0.02 | 46.7% |
| Bitcoin (BTCUSD) | 8.0% | 52.8% | 0.34 | 25.3% |
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 | 17.6% | 27.9% | 0.62 | - |
| Sector ETF (XLI) | 14.4% | 20.0% | 0.63 | 57.9% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 61.9% |
| Gold (GLD) | 12.0% | 16.2% | 0.60 | 3.2% |
| Commodities (DBC) | 7.7% | 18.0% | 0.34 | 11.6% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 49.8% |
| Bitcoin (BTCUSD) | 59.9% | 66.1% | 1.00 | 16.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 6/25/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 9 | 9 | 9 |
| # Negative | 15 | 15 | 15 |
| Median Positive | 1.8% | 3.2% | 5.5% |
| Median Negative | -1.8% | -4.6% | -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 |
| 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 | 15 | 15 | 15 |
| Median Positive | 1.8% | 3.2% | 5.5% |
| Median Negative | -1.8% | -4.6% | -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 |
|---|---|---|
| 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 |
| Report Date | Filing Date | Filing |
|---|---|---|
| 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 |
| 07/31/2019 | 09/30/2019 | 10-K |
Insider Activity
Updated 7/30/2026| # | 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 | |||
| 8 | Liaw, Jeffrey | Chief Executive Officer | Direct | Sell | 7162025 | 46.43 | 24,088 | 1,118,419 | 1,463,816 | Form |
Investor Activity (13F)
Updated Aug 17, 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
Neutral / Watch
CONVICTION RATIONALE
Copart's powerful network-based business model continues to generate strong pricing and margins. However, conviction is limited by significant operational questions, including three quarters of declining insurance unit volumes, a sudden change in chief executive, and evidence of a key competitor gaining ground. The path forward depends on new leadership stabilizing the core business.
STOCK ARCHETYPE
Transactional MarketplaceRevenue ≈ (Number of Vehicles Sold) x (Average Selling Price) x (Effective Fee Rate) Operating leverage. The business operates a large network of physical facilities with relatively fixed costs, meaning that increases in volume and vehicle values flow through to profit at a high rate.
INVESTMENT THESIS
Evidence suggests yes. Despite volume headwinds, the global buyer network drove U.S. average selling prices up 4.1%, demonstrating resilient demand.
- U.S. insurance average selling prices increased 4.1% year-over-year in the latest quarter.
- International buyers account for nearly half of U.S. auction proceeds, providing diversified demand.
- Total loss frequency reached 23.6% in early 2026, a long-term tailwind for vehicle supply.
- The company maintains a high 36.6% trailing-twelve-month operating margin.
PRIMARY RISK
Recent performance suggests the competitive moat is being contested. U.S. insurance unit volume fell 4.2% while a key competitor reported 1% unit growth, pointing to potential share loss.
- Global insurance unit sales declined 2.7% in the latest quarter, the third consecutive decline.
- A key competitor, RB Global, reported its automotive unit volumes increased 1% year-over-year.
- The company's CEO will step down effective July 31, 2026, following an 8% stock drop on the news.
- An analyst note mentioned 'distrust of management narratives around industry softness and market share losses'.
| KPI | Status | Rationale |
|---|---|---|
| Global Insurance Unit Sales Growth | -2.7% in Q3 FY2026 - Turning around | Management attributes the ongoing volume softness to shifts in insurance carrier market share and a consumer pullback on insurance coverage due to rising premiums. However, the company noted a moderation in these trends in recent quarters. |
| U.S. Insurance Average Selling Price (ASP) Growth | +4.1% in Q3 FY2026 - Decelerating | Despite the slowdown, the company stated that U.S. insurance ASPs reached a 'seasonally adjusted all-time record high' in the quarter, driven by a diversified global buyer base. |
| Total Loss Frequency | 23.6% (Q1 Calendar 2026) | The percentage of accident-involved vehicles that insurance companies deem a total loss rather than repairing. It is a primary driver of vehicle supply for Copart. |
| International Buyer Share of U.S. Auction Proceeds | 45.5% (Q3 FY2026) | Represents the portion of U.S. auction sales value attributed to international buyers, highlighting the strength and importance of the global buyer network, a key competitive advantage. |
Pricing Power vs. Volume Pressure
BULL VIEW
Bulls believe record average selling prices, up 4.1% in the U.S., prove the global buyer moat is intact and will drive profits as temporary volume headwinds from carrier mix shifts eventually normalize.
CORE TENSION
Can record ASPs driven by the global network offset a 2.7% decline in global insurance units, which a competitor is growing, suggesting a potential market share issue?
PREVAILING SENTIMENT
The latest evidence favors the bears. While pricing is strong, the negative volume trend and peer outperformance, combined with an abrupt chief executive change, suggest the operational challenges are significant.
BEAR VIEW
Bears argue that three straight quarters of declining insurance volumes, most recently down 2.7%, while a key peer grows, signals a permanent loss of market share that pricing power cannot fully offset.
| Timeline | Event & Metric To Watch |
|---|---|
effective July 31, 2026 | CEO Transition Effective Watch: CEO Jeff Liaw will step down, with Executive Chairman Jay Adair resuming the role of Chief Executive Officer. |
effective August 1, 2026 | New President Takes Role Watch: Jane Pocock, currently Managing Director of Copart UK, will be promoted to President of Copart. |
9/23/2026 | Negative Read-Across From Peers Watch: Peer commentary on used vehicle values, total loss trends, and consumer demand, particularly from CarMax. |
10/21/2026 | Peer AutoNation Earnings Watch: Peer AutoNation (AN) is scheduled to report earnings. |
10/29/2026 | Peer LKQ Earnings Watch: Peer LKQ (LKQ) is scheduled to report earnings. |
11/18/2026 | Management Credibility Under Scrutiny Watch: Strategic updates from the incoming CEO on the Q4 earnings call and any disclosures regarding investor lawsuits. |
11/18/2026 | Continued Volume Weakness Watch: Q4 insurance unit volume growth rate and management commentary on market share versus peers. |
No set date | DOJ Investigation Development Watch: Any company or DOJ press release or filing that provides an update on the investigation's status or outcome. |
| Date | Event | Stock Impact |
|---|---|---|
2026-07-08 | Promotes New President Details: The company announced the promotion of Jane Pocock, Managing Director of Copart UK, to President, effective August 1, 2026. | -3.2% $29.27 -> $28.33 |
2026-07-01 | Investor Lawsuits Initiated Details: Following the CEO's departure announcement, multiple law firms began investigating potential violations of federal securities laws on behalf of investors who experienced significant financial losses. | +6.5% $28.19 -> $30.01 |
2026-06-29 | Announces CEO Transition Details: Copart announced CEO Jeff Liaw will step down effective July 31, 2026, with Executive Chairman Jay Adair resuming the role. The stock price fell over 8% following the news. | -7.7% $30.55 -> $28.19 |
2026-05-21 | Reports Q3 FY26 Results Details: For the quarter ended April 30, 2026, revenue was $1.2 billion, an increase of 2.1%. Global insurance unit sales declined 2.7%. | +2.3% $33.04 -> $33.79 |
2026-03-09 | Resumes Share Buybacks Details: The company resumed opportunistic share buybacks, deploying $500 million. Fiscal year-to-date repurchases totaled over 13 million shares for over $500 million. | -3.8% $37.74 -> $36.31 |
2026-02-19 | Reports Q2 FY26 Results Details: For the quarter ended January 31, 2026, revenue was $1.1 billion and net income was $350.7 million. Global insurance units declined 9%. | -3.4% $37.75 -> $36.48 |
Position Sizing
4% - 6%
NORMAL POSITION
Sizing is volatility-based: CPRT trades at roughly 32% annualized options-implied volatility versus about 15% for the S&P 500 (2.1x the market), around the 64th 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 offers exposure to the same industry but is currently demonstrating stronger volume momentum, with automotive units up 1% versus Copart's decline.
LKQ - LKQ Corporation
Value Chain DiversifierAs the largest U.S. dismantler, LKQ provides exposure to the demand side for salvage parts, offering a different business model that benefits from vehicle complexity and total loss trends.
A global, digital marketplace that dominates the conversion of damaged vehicles into assets through superior auction liquidity.
Copart's core business is built on a powerful network effect. Its two-decade head start in online-only auctions has created an unmatched global buyer base, which in turn generates higher selling prices for its insurance company clients. This superior return on salvage vehicles incentivizes insurers to declare more cars a "total loss," directly feeding Copart's supply chain and reinforcing its market leadership. The model is highly profitable and cash-generative, with clear growth paths in international expansion and adjacent non-insurance vehicle markets.
Sustained increases in total loss frequency, continued outperformance of ASPs versus industry benchmarks, and market share gains in non-insurance and international markets.
A structural decline in accident rates not offset by rising total loss frequency, significant and sustained market share loss to a key competitor like RB Global, or new regulations that severely restrict the export of salvage vehicles.
Quarterly volume fluctuations due to the timing and severity of catastrophic weather events or cyclical shifts in market share among its insurance carrier clients.
Repricing Catalyst
The unexpected CEO transition announced in late June 2026, which caused an 8% stock price decline and has prompted multiple investor law firm investigations. An investor call with the incoming CEO scheduled for early July 2026 is a key event for clarifying future strategy.
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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