Copart
CPRT on Nasdaq. Copart sells salvaged and used vehicles through online auctions to buyers worldwide. Market value $25.6bn.
Price checks use the past 12 months to July 2026. Quality checks use five annual reports, the latest for the year to July 2026.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Worth a closer look
Why it could be worth it
What to watch out for
Nothing stood out in the numbers we check.
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $4.95 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
Each dollar kept in the business earns 23 cents a year. Above 10 is good.
Quality score: 90 of 100. Price score: 76 of 100. Our list needs 70 on quality and 60 on price.
$27.65 a share, 3% above its 1-year low
Over the past year the price has ranged from $26.74 to $45.89.
Pays no dividend
Prices from Monday’s close (5 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $3.5bn | $3.9bn | $4.2bn | $4.6bn | $4.7bn |
| Operating margin | |||||
| Operating margin | 39.3% | 38.4% | 37.1% | 36.5% | 35.4% |
| Debt to equity | |||||
| Debt to equity | 0.00 | 0.00 | 0.00 | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.48bn | 0.96bn | 0.97bn | 0.93bn | 0.93bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)6 of 7 checks we could run
- Profit backed by cash (accruals)Yes
- DebtUnknown
- Revenue growth, five yearsStrong, 11.6% a year
- Buying back its own sharesNo, 94% more shares since 2022
The quarter to July 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $1.2 billion last quarter, up 2% on a year ago.
- Profit: $327 million, down 17% on a year ago.
- It keeps 35 cents of each $1 of sales as operating profit, down from 37 cents a year earlier.
- Spare cash over the past 12 months: $1.3 billion, up from $1.2 billion.
- Sales grew on a year ago in 3 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| October 2024 | $1.1bn |
| January 2025 | $1.2bn |
| April 2025 | $1.2bn |
| July 2025 | $1.1bn |
| October 2025 | $1.2bn |
| January 2026 | $1.1bn |
| April 2026 | $1.2bn |
| July 2026 | $1.2bn |
| Quarter to | Amount |
|---|---|
| October 2024 | $362m |
| January 2025 | $387m |
| April 2025 | $407m |
| July 2025 | $396m |
| October 2025 | $404m |
| January 2026 | $351m |
| April 2026 | $402m |
| July 2026 | $327m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- 19 November 2026
- Last annual report (10-K)
- 29 September 2026
- Next quarterly (estimated, 10-Q)
- 28 August 2026
Who owns it
12 long-term investors we follow own it, down from 13 last quarter. 1,058 funds in all.
- Akre Capital ManagementChuck Akre
- Value
- $225m
- Share of fund
- 4.4%
- Saber Capital ManagementJohn Huber
- Value
- $3m
- Share of fund
- 1.9%
- GAMCO InvestorsMario Gabelli
- Value
- $354,348
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Akre Capital ManagementChuck Akre | $225m | 4.4% | |
| Gotham Asset ManagementJoel Greenblatt | $38m | <0.1% | Added |
| Jensen Investment ManagementEric Schoenstein | $35m | 0.8% | Cut |
| First Manhattan Co.First Manhattan partners | $31m | <0.1% | Cut |
| Seilern Investment ManagementPeter Seilern | $30m | 3.7% | Added |
| AKO CapitalNicolai Tangen (founder) | $19m | 0.4% | Added |
| Wedgewood PartnersDavid Rolfe | $13m | 2.6% | Cut |
| Yacktman Asset ManagementStephen Yacktman | $4m | <0.1% | Added |
| Saber Capital ManagementJohn Huber | $3m | 1.9% | |
| Clarkston Capital PartnersJeff Hakala | $761,948 | <0.1% | Cut |
| GAMCO InvestorsMario Gabelli | $354,348 | <0.1% | |
| Giverny CapitalFrançois Rochon | $233,244 | <0.1% | Cut |
Sold out this quarter
Largest holders overall
- BlackRock$1.9bnAdded
- Vanguard Capital Management$1.6bn
- State Street$1.1bn
- Vanguard Portfolio Management$1.1bnCut
- Invesco$931mAdded
- Geode Capital Management$770mAdded
- Banque Cantonale Vaudoise$590mCut
- Bank of New York Mellon$489mCut
- Morgan Stanley$453mAdded
- Capital World Investors$442mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- Vanguard Capital ManagementPassive investor6.9%Since 31 March 2026
- BlackRock, Inc.Passive investor6.0%Since 31 March 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Vanguard Capital Management Passive investor | 6.9% | 31 March 2026 | |
BlackRock, Inc. Passive investor | 6.0% | 31 March 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 3 sold $10m, $845,945 of it under preset trading plans.
- Liaw JeffreyChief Executive OfficerSoldunder a preset trading plan
- Date
- 28 July 2026
- Shares
- 27,745
- Price
- $30.49
- Value
- $845,945
- Englander Daniel JDirectorSold
- Date
- 13 July 2026
- Shares
- 80,000
- Price
- $27.55
- Value
- $2m
- Liaw JeffreyChief Executive OfficerSold
- Date
- 15 April 2026
- Shares
- 26,213
- Price
- $33.18
- Value
- $869,724
- Liaw JeffreyChief Executive OfficerSold
- Date
- 15 January 2026
- Shares
- 25,137
- Price
- $40.17
- Value
- $1m
- TRYFOROS THOMAS NDirectorSold
- Date
- 25 November 2025
- Shares
- 100,000
- Price
- $39.07
- Value
- $4m
- Liaw JeffreyChief Executive OfficerSold
- Date
- 15 October 2025
- Shares
- 24,283
- Price
- $44.79
- Value
- $1m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 28 July 2026 | Liaw Jeffrey Chief Executive Officer | Sold under a preset trading plan | 27,745 | $30.49 | $845,945 |
| 13 July 2026 | Englander Daniel J Director | Sold | 80,000 | $27.55 | $2m |
| 15 April 2026 | Liaw Jeffrey Chief Executive Officer | Sold | 26,213 | $33.18 | $869,724 |
| 15 January 2026 | Liaw Jeffrey Chief Executive Officer | Sold | 25,137 | $40.17 | $1m |
| 25 November 2025 | TRYFOROS THOMAS N Director | Sold | 100,000 | $39.07 | $4m |
| 15 October 2025 | Liaw Jeffrey Chief Executive Officer | Sold | 24,283 | $44.79 | $1m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 29 Sep 2026, and no later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.