COPART INC
$31.83
−0.17 (−0.53%) · delayed · Nov 13, 2026
Five-year price
52w $25.72 to $41.79
- Market cap
- $29.5B
- Enterprise value
- $27.6B
- P/E
- 20.5×
- 21.0× on 3y avg EPS
- EV / EBIT
- 16.7×
- FCF yield
- 4.3%
- ROIC
- 18.5%
- Debt / equity
- —
- Piotroski F
- 6/9
Value scorecard · FY2026
Does it pass the value tests?
Quality
83
- ●ROIC > 12% (5y avg)5y avg ROIC 23.8%
- ●ROE > 15% (5y avg)5y avg ROE 19.1%
- ●Stable operating marginsMargin volatility 1.4% (σ, 5y)
- ○Earnings convert to cashFCF / net income 76% (5y avg)
- ●Growing revenueRevenue CAGR 5y 11.6%
- ●Shrinking share countDiluted shares -0.4% over 5y
Value
0
- ○P/E below 15P/E 20.5
- ○EV/EBIT below 12EV/EBIT 16.7
- ○FCF yield above 6%FCF yield 4.3%
- ○Price below Graham NumberGraham Number $18.51
- ○P/B below 3P/B 3.2
Safety
100
- –Debt / equity below 0.5D/E n/a
- ●Debt payable in < 4 yrs of earningsNet debt $-1.9B
- ●Interest coverage > 8xCoverage 885.6x
- ●Current ratio > 1.5Current ratio 7.91
- ●Piotroski F-score ≥ 6F-score 6/9
Graham Defensive
43
- ●Adequate size (revenue > $2B)Revenue $4.7B
- ●Strong condition (current ratio ≥ 2)Current ratio 7.91
- ●Earnings stability (no loss, 10y)10 years of data
- ○Uninterrupted dividendsDividends paid every year on record
- ○Earnings growth ≥ 33% (10y, 3y avgs)EPS growth -22%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 21.0
- ○P/E × P/B ≤ 22.5Product 68.2
Valuation lab
What do you have to believe?
At $31.83, the market is pricing in about 6.8% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt −$1.9B · 926M shares · 5y revenue CAGR 11.6%
Intrinsic value
$46.29
Price
$31.83
Margin of safety
31%
What the price implies
The market is paying for 6.8% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
64% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 1,448 | 1,806 | 2,042 | 2,206 | 2,693 | 3,501 | 3,870 | 4,237 | 4,647 | 4,666 |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Operating income | 461 | 584 | 716 | 816 | 1,136 | 1,375 | 1,487 | 1,572 | 1,697 | 1,653 |
| Operating margin | 31.9% | 32.4% | 35.1% | 37.0% | 42.2% | 39.3% | 38.4% | 37.1% | 36.5% | 35.4% |
| Pre-tax income | 440 | 563 | 705 | 801 | 1,122 | 1,341 | 1,554 | 1,715 | 1,896 | 1,835 |
| Income tax | 46 | 145 | 113 | 101 | 185 | 251 | 317 | 352 | 347 | 355 |
| Net income | 394 | 418 | 592 | 700 | 936 | 1,090 | 1,238 | 1,363 | 1,552 | 1,484 |
| EPS (diluted) | 1.66 | 1.73 | 2.46 | 2.93 | 0.97 | 1.13 | 1.28 | 1.40 | 1.59 | 1.55 |
| Diluted shares | 237 | 242 | 240 | 239 | 961 | 965 | 967 | 975 | 978 | 957 |
Who owns it