Copart, Inc. (CPRT) — Fundamental Analysis & Key Financial Ratios

Kaplio's reading: Copart, Inc.

Updated on October 16, 2026 · accounts published on September 10, 2026

Reading of October 15, 2026: A highly profitable, virtually debt-free business whose growth has stalled

Copart trades at a P/E of 17.9 over the last 12 months, 46 % below its ten-year median of 33.2, with a 35 % operating margin and almost no debt.

• Is Copart expensive or cheap? At a P/E of 17.9, Copart sits 46 % below its ten-year median; it has traded lower only 1 % of the past decade.
• How is the business doing? Revenue grew just 0.4 % over the last 12 months, while the 35 % operating margin holds at its 2015-2026 average.
• How strong is the balance sheet? Copart has almost no debt: debt to equity of 0.01 and net cash of $4.63 per share, 17 % of the share price (fiscal 2026).
• What to expect from the next earnings? Copart reports on November 19, 2026; analysts expect EPS of $0.41 after a $0.35 miss in September.
• Does Copart turn its margin into cash, and what multiple of its cycle does it trade at? Free cash flow was 85 % of net income in fiscal 2026, right on the 85 % healthy line for industrials.

Is Copart expensive or cheap?

Over the last 12 months Copart trades at a P/E of 17.9. Its ten-year median is 33.2, and over the decade the P/E has ranged from 16.9 to 49.2. Copart has traded at a lower multiple only 1 % of the time in the last decade. The sector median P/E is 25.9 across 405 companies, which puts Copart 31 % below its peers. EV/EBITDA of 10.9× compares with a seven-year average of 21.7×. The discount comes after a 38 % fall in the share over 12 months, which leaves it 39 % below its 52-week high of $45.76. The market is pricing a much slower business than the one it paid up for in the past.

How is the business doing?

Growth has stalled. Over the last 12 months revenue rose 0.4 % and EPS fell 2.5 %, a sharp break from revenue per share growth of 11.5 % a year over fiscal 2021-2026. Profitability has held up. The operating margin over the last 12 months is 35 %, right on its 2015-2026 average, and the net margin is 32 %. ROIC of 14.3 % is 5.4 points above the sector median of 8.9 %, and it has stayed above 10 % in each of the last 10 fiscal years. Copart is as profitable as it has ever been. Growth is what's missing.

How strong is the balance sheet?

Debt to equity is 0.01 over the last 12 months. Net debt to EBITDA was −0.9× in fiscal 2026, well under the 3.0× ceiling considered healthy for industrials. Cash of $4.73 per share against $0.09 of debt leaves net cash of $4.63, about 17 % of the current price. A current ratio of 7.9 and an Altman Z of 20.9, far above the 2.99 safe-zone line, both point the same way. The only middling figure is the Piotroski score of 5 out of 9. That is short of the 7 that marks high quality and well clear of the 3 that signals deterioration.

What to expect from the next earnings?

The last report, on September 10, 2026, showed EPS of $0.35 against $0.38 expected, an 8.7 % miss. Copart has beaten EPS estimates in 5 of the last 8 quarters. For the quarter due on November 19, 2026, analysts expect EPS of $0.41. Estimates are moving in opposite directions. Over the last 30 days the fiscal 2027 EPS consensus slipped 1.2 % to $1.62, while the revenue consensus rose 1.4 %. Of 23 analysts, 13 rate the stock a buy, 9 a hold and 1 a sell. The thing to watch is whether profit keeps pace as revenue expectations rise.

Does Copart turn its margin into cash, and what multiple of its cycle does it trade at?

Industrials are semi-cyclical, so they are judged on operating margin, cash conversion and multiples against their own cycle rather than on a single year's earnings. Copart's 35 % operating margin in fiscal 2026 is nearly three times the 12 % healthy threshold. Free cash flow covered 85 % of net income, right on the line. Capex took 7 % of revenue, inside the healthy band of 4 % to 8 %. Measured against its cycle, the P/E of 17.9 is about half its ten-year average of 33.1, and EV/EBITDA of 10.9× is half its seven-year average of 21.7×. ROIC of 14.3 % is just under the 15 % mark.

How this was prepared: the data comes from companies' official filings, collected by a professional provider, and from Kaplio's analysis engine (trailing-12-month ratios, 10 years of history and sector medians computed across US-listed companies). The text is written from that data alone, every figure is checked against it before publication, and it is reviewed when the company reports results. This is not investment advice.