COPART INC (CPRT)

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AI: Fair-priced

Price checkThe shares look fairly priced because quality is high, but recent growth no longer supports a premium.

At $31.61 on August 14, Copart’s market value is about $29.3 billion using 925.8 million shares. The shares rose 7.55% that day. Cash and Treasury bills total $4.20 billion, leaving roughly $25.1 billion for operations. Trailing twelve-month net income was about $1.55 billion, or 18.8 dollars paid for each dollar of profit. Free cash flow—cash left after operations and property spending—was about $1.34 billion. With revenue recently flat, renewed mid-single-digit growth is needed, supporting Fair-priced rather than a clear bargain.

Big pictureProfit kept rising over five years, yet the latest year shows a clear slowdown.

From fiscal 2020 through 2025, revenue rose from $2.21 billion to $4.65 billion and net income from $700 million to $1.55 billion, annual growth of roughly 16% and 17%. Operating profit remained above 36% of revenue in 2025, showing durable pricing and scale. However, revenue for the nine months through April 2026 was $3.514 billion, down 0.2%, while net income was essentially unchanged at $1.157 billion. Prior-year hurricane activity complicates the comparison, but the latest figures still show much slower underlying expansion.

Business strengthStrong margins and ample cash protect Copart while its auction volumes recover.

Service fees supplied 85% of recent revenue, and the April quarter’s operating profit equaled 38% of revenue. At April 30, Copart held $3.35 billion of cash plus $846 million of Treasury bills against only $858 million of total liabilities, with no bank debt reported. Management also spent $1.63 billion repurchasing 43.4 million shares, reducing outstanding shares by about 4%. That outweighs near-term employee-share dilution, but the $37.63 average purchase price was 19% above the observed market price, revealing imperfect capital-allocation timing.

What could change the storyVolume recovery would unlock upside, while lost insurer business or poor capital choices would hurt.

The bull case is renewed United States auction volume alongside international expansion: April-quarter United States service revenue slipped 0.4%, while international service revenue grew 17.9%, partly helped by currency, and revenue per vehicle improved. The bear case is persistent volume loss because sellers have no long-term commitments and can shift business. Weather also makes comparisons uneven; winter normally raises processed vehicles by 5% to 20%, while hurricanes create temporary surges. The thesis strengthens if United States volume turns positive without weaker margins, and weakens if higher prices stop offsetting fewer vehicles.

$31.61 price considered

AI: News

Quarterly growth held upCopart delivered modest quarterly growth despite lower United States volume, easing some slowdown concerns.

On May 21, 2026, Copart reported April-quarter revenue of $1.237 billion, up 2.1%, and gross profit of $572.6 million, up 3.7%. Net income declined 1.0% to $402.4 million, although earnings per share increased from $0.42 to $0.43 because the share count fell. International growth and higher revenue per vehicle offset weaker United States volume. The release therefore showed resilient profitability, but nine-month revenue remained 0.2% below the prior year, leaving the growth question unresolved.

Unexpected chief executive changeThe chief executive left after two years, raising questions despite a longtime former leader’s return.

Copart announced on June 29, 2026, that Jeff Liaw would leave as chief executive and director on July 31. Executive Chairman Jay Adair, who led Copart from 2010 to 2024, returned as chief executive, while Liaw became a transition adviser. Investing.com reported the shares down 5.1% during that day’s trading. The timing supports leadership uncertainty as a likely contributor, though it cannot prove the announcement caused the entire move. Adair’s experience limits operational risk, but the abrupt reversal raises strategy and succession questions.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009
Revenue	$4.65B	$4.24B	$3.87B	$3.50B	$2.69B	$2.21B	$2.04B	$1.81B	$1.45B	$1.27B	$1.15B	$1.16B	$1.05B	$924.2M	$872.2M	$772.9M	$743.1M
Operating expenses	—	—	—	$2.13B	$1.56B	$1.39B	$1.33B	$1.22B	$986.7M	$862.0M	$801.7M	$888.6M	$763.4M	$637.8M	$607.0M	$533.8M	—
Operating income	$1.70B	$1.57B	$1.49B	$1.37B	$1.14B	$816.1M	$716.5M	$584.3M	$461.3M	$406.5M	$344.4M	$274.9M	$283.0M	$286.4M	$265.3M	$239.1M	$225.3M
EBITDAderived	$1.91B	$1.76B	$1.65B	$1.51B	$1.26B	$917.5M	$801.4M	$662.9M	$518.3M	$455.0M	$391.0M	$328.7M	$339.7M	$334.5M	$311.0M	$282.3M	$266.7M
Net income	$1.55B	$1.36B	$1.24B	$1.09B	$936.5M	$699.9M	$591.7M	$417.9M	$394.2M	$270.4M	$219.8M	$178.7M	$180.0M	$182.1M	$166.4M	$151.6M	$141.1M
Basic EPSper diluted share	$1.61	$1.42	$1.30	$1.15	$0.99	$3.00	$2.57	$1.80	$1.72	$1.18	$0.87	$1.42	$1.44	$1.42	$1.10	$0.90	$1.69
Diluted EPSper diluted share	$1.59	$1.40	$1.28	$1.13	$0.97	$2.93	$2.46	$1.73	$1.66	$1.11	$0.84	$1.36	$1.39	$1.39	$1.08	$0.89	$1.66

Review source filings at SEC.gov ↗

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)23$90.12M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Apr 15, 2026Form 4	Liaw JeffreyChief Executive Officer	SellCommon Stock	2.3K	$33.17	$77.7K	79.5K
Apr 15, 2026Form 4	Liaw JeffreyChief Executive Officer	SellCommon Stock	23.9K	$33.18	$792.0K	81.9K
Jan 15, 2026Form 4	Liaw JeffreyChief Executive Officer	SellCommon Stock	22.7K	$40.17	$911.6K	56.0K
Jan 15, 2026Form 4	Liaw JeffreyChief Executive Officer	SellCommon Stock	2.4K	$40.17	$98.2K	78.7K
Nov 25, 2025Form 4	TRYFOROS THOMAS NDirector	SellCommon Stock	100.0K	$39.07	$3.91M	0

Review ownership filings at SEC.gov ↗

COPART INC (CPRT)

Financial charts

Financial statements

Insider buys & sells