Copart (CPRT)
Industrials · $30.1B market cap · SEC CIK 0000900075
ahead of 64% of the S&P 500 · #30 of 79 in Industrials
Next reports on Nov 18, 2026, with analysts expecting $0.41 in earnings per share.
52-week range $25.72 to $42.05. 23% below its 52-week high and 26% above its low.
The case for CPRT
- Generated $1.3B of free cash flow in FY2026, 27% of revenue.
- 32% of revenue drops through to net profit.
- Has compounded revenue at 11.6% a year over five years.
- Return on equity of 16%.
- Carries essentially no debt.
- Current assets cover the near-term bills 7.9 times over.
The case against
- Down 20.1% over the past year.
- Priced at 6.4× sales with revenue growing only 0.4%.
- Revenue was flat on the year (+0.4%).
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Industrials companies (momentum is judged against fixed thresholds only), and the five are blended by weight. The score is where that blend places it in the S&P 500. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings and cash, against the growth you get | 48 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 47 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 81 |
| Momentumhow the price has behaved lately | 43 |
| Stabilityhow violently it moves, what it owes and what it pays you | 86 |
- Each factor except momentum is half fixed thresholds, half rank among the 79 Industrials companies.
The financials
Revenue growth
Is the business growing? No, flat
| Last 12 months | +0.4% |
|---|---|
| Over 5 years | +11.6% a year |
| FY2026 revenue | $4.7B (0%) |
Free cash flow
Is it generating real cash? Yes, plenty
| FY2026 free cash flow | $1.3B |
|---|---|
| Of revenue | 27% |
| Of profit | 85% |
Profit margins
Is profitability improving? No, slipping
| Gross margin | 45% |
|---|---|
| Operating margin | 35% |
| Net margin, FY25 → FY26 → now | 33.4% → 31.8% → 31.8% |
Debt vs. cash
Is the balance sheet healthy? Yes, little debt
| Cash | $1.9B |
|---|---|
| Long-term debt | n/a |
| Net cash | n/a |
| Years to repay | n/a |
| Debt / equity | 0.00× |
Valuation
Is the stock price reasonable? Yes, about fair
| P/E | 20.3× |
|---|---|
| Fair P/E for its growth | 19× |
| P/FCF | 23.7× |
| Forward P/E | 18.1× |
| EV / EBITDA | 16.8× |
At 20.3× earnings it trades close to the 19× that 7% a year of growth would justify. At 23.7× free cash flow it trades above that same mark.
The financials, five years deep
Pulled from Copart's XBRL filings on SEC EDGAR. Italic rows are worked out from the others.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue growth | |||||
| Revenue | $4.7B | $4.6B | $4.2B | $3.9B | $3.5B |
| Change on the year | 0% | +10% | +9% | +11% | — |
| Free cash flow | |||||
| Free cash flow | $1.3B | $1.2B | $867M | $848M | $733M |
| Of revenue | 27% | 26% | 20% | 22% | 21% |
| Profit margins | |||||
| Operating margin | 35.4% | 36.5% | 37.1% | 38.4% | 39.3% |
| Net margin | 31.8% | 33.4% | 32.2% | 32.0% | 31.1% |
| Debt vs. cash | |||||
| Cash | $1.9B | $2.8B | $1.5B | $957M | $1.4B |
| Long-term debt | — | — | $0 | $11.0M | $0 |
| Net cash (debt) | — | — | $1.5B | $946M | $1.4B |
What Copart says it does
2 Industry Overview 4 Operating and Growth Strategy 5 Our Competitive Advantages 6 Our Business Segments 7 Our Service Offerings 8 Sales 11 Members 12 Competition 12 Management Information Systems 12 Employees and Human Capital 12 Environmental Matters 14 Governmental Regulations 14 Intellectual Property and Proprietary Rights 14 Seasonality