Morningstar

Copart Inc CPRT

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Stock XNAS Rating as of
$29.40 −0.19 (0.64%)
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As of Delayed Price Closed

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Copart's New CEO Seeks Faster Growth

David Whiston

Since its 1982 inception, Copart has grown into the largest online salvage vehicle auction operator in the US, connecting buyers and sellers around the world. The firm has grown its top line over fivefold since fiscal 2011 via significant land expansion and robust service quality to drive higher salvage vehicle volume. Copart receives the majority of its vehicle volume through contracts with large auto insurers and sells them on consignment for high margins to dismantlers or retailers in emerging markets. The company prioritizes maintaining amicable insurance relationships, which are fostered by having adequate storage capacity (even after catastrophes) and providing flexible service. All auctions have been online since 2003.

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Price vs Fair Value

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CPRT is trading at a LOCK|KHqHx premium.
Price
$29.59
Fair Value
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Uncertainty
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1-Star Price
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5-Star Price
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Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

We see Copart’s wide moat as safe, given minimal competition and an excellent ability to provide a high-liquidity marketplace for buyers and sellers.

Bears

Copart’s moat could be weakened if RB Global meaningfully improves IAA following its 2023 acquisition, which may be occurring now.

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Trading Information

Previous Close Price
$29.59
Day Range
$29.19–29.66
52-Week Range
$26.81–50.11
Bid/Ask
$29.37 / $29.40
Shares Outstanding
925.81M
Market Cap
$27.22B
Volume/Avg
8M / 12M

Key Statistics

Price/Earnings (Normalized)
18.36
Price/Sales
6.14
Dividend Yield (Trailing)
0.00%
Dividend Yield (Forward)
0.00%
Total Yield
—

Company Profile

Based in Dallas, Copart operates a global online salvage vehicle auction with operations in 11 countries across North America, Europe, and the Middle East, facilitating over 4 million transactions annually. The company utilizes its virtual bidding platform, VB3, to connect vehicle sellers with over 750,000 registered buyers around the world. Buyers primarily consist of vehicle dismantlers, rebuilders, individuals, and used vehicle retailers. About 80% of Copart’s vehicle volume is supplied by auto insurance companies holding vehicles deemed a total loss. Copart also offers services such as vehicle transportation, storage, title transfer, and salvage value estimation. The company primarily operates on a consignment basis and collects fees based on the vehicle’s final selling price.
Sector
Industrials
Industry
Specialty Business Services
Stock Style Box
Mid Core
Total Number of Employees
11,600
Website
https://www.copart.com

Competitors

Valuation

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Metric
CPRT
RBA
KMX
Price/Earnings (Normalized)
 18.3621.4522.60
Price/Book Value
 3.102.981.35
Price/Sales
 6.143.460.32
Price/Cash Flow
 15.8614.333.73
Price/Earnings
CPRT
RBA
KMX

Financial Strength

Metric
CPRT
RBA
KMX
Quick Ratio
 7.291.010.18
Current Ratio
 7.611.312.70
Interest Coverage
 —4.28−0.70
Quick Ratio
CPRT
RBA
KMX

Profitability

Metric
CPRT
RBA
KMX
Return on Assets (Normalized)
 15.53%6.36%1.59%
Return on Equity (Normalized)
 17.03%14.11%6.91%
Return on Invested Capital (Normalized)
 15.14%8.86%−0.72%
Return on Assets
CPRT
RBA
KMX

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