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Copart Inc

CPRTBelow valueExpectations · modest

Held by 7 superinvestors.

Price$32.67
Margin of safety−12%
Holders7
Total value$274.0M

SEC 10-K · fundamentals

Business quality

as of 2025-07-31

Valuation basis: trailing twelve months to 2026-04-30 — latest 10-K plus unaudited 10-Q filings.

Revenue growth
+9.7%
Net margin
33.4%
ROE
16.9%
FCF margin
26.5%
Revenue $2.21B → $4.65B · 6y
What makes a business high quality

Valuation · value band

Margin of safety

$37/ sh · growth-anchored intrinsic value
margin of safety
fair value
above fair value
$33
cheaperpricier

Zero-growth floor

$15

Central IV

$37

Optimistic top

$47

Copart Inc (CPRT): Two methods value the business — a conservative owner-earnings DCF and a growth-credited Greenwald estimate, $15–$47 / sh. Today’s price sits below both (price $33 as of 2026-08-26).

The middle figure is the main read. The right end is the optimistic case under the same conservative caps — not an absolute ceiling.

Revenue growth 11% (lower of historical trend and fundamental cap, capped by moat) · moat 20 yr · discount 10.6% · Zero-growth downside $15

Price as of 2026-08-26 · yahoo · DGS10 4.7% @ 2026-08-26.

Method & numbers

Buybacks over the years shown roughly only offset stock-based-compensation dilution — read them as maintaining the share count, not a net return of capital.

Model cautions

  • The two methods’ midpoints differ materially — growth assumptions warrant review (over 20%).
  • Growth nearly matches the discount rate — the estimate is sensitive to assumptions.

A conservative intrinsic-value band (zero-growth floor to growth-capped DCF) plus a tangible asset floor — not investment advice, not a buy/sell signal, and not a price target.

Owner-earnings DCF $17.76 – $46.56 · Greenwald $21.39 – $33.01 (neutral $26.81) · zero-growth base $19.75 · reproduction $8.70

Moat Franchise (moat) · terminal value 27% of present value · owner-earnings yield 5% vs 10Y 4.7%.

Graham earnings-power value (normalized NOPAT)$16.81 – $19.75 / sh

Normalized NOPAT = average operating margin over the years shown × latest-year revenue × (1 − normalized tax); then + D&A − maintenance capex (write A). Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge applied: + cash − total debt.

Years: TTM 2026-04-30, 2024, 2023, 2022, 2021

v1 simplifications: Maintenance capex (degraded) deducted in full cash (write A): EPV = (NOPAT + D&A − maintenance capex) / WACC; no tax shield on the capex term. Maintenance-capex methods diverge by 186% (> 50%); estimate is degraded. Share-based compensation is left as a real expense (not added back). Operating margin is below its multi-year average (cyclical/declining): normalized margin capped at the latest year — no peak-margin capitalization (audit #2).

Buffett owner-earnings value$14.80 – $18.09 / sh

Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 9–11% rate band (read as a cost-of-equity proxy). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).

Years: TTM 2026-04-30, 2024, 2023, 2022, 2021

v1 simplifications: Owner earnings = net income + D&A − maintenance capex (degraded); the working-capital change is excluded (maintenance ΔNWC ≈ 0; growth ΔNWC is carried in growth value, not double-counted). Maintenance-capex methods diverge by 186% (> 50%); estimate is degraded. One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% band as a cost-of-equity proxy; no leverage premium applied (net cash or debt within the no-charge range).

Reproduction value = tangible net assets $8.20B = $8.70 / sh. Tangible net assets = shareholders' equity − goodwill − intangibles, ÷ diluted shares (no R&D history to capitalize).

Moat reading: Franchise test compares earnings power (EPV) against reproduction value on both AV_conservative (tangible + capitalized R&D) and AV_reproduction (conservative + acquired-reset proxy). Both must clear the franchise multiple for a moat signal; near it, a commodity; below it, value destruction. A directional reading, not a verdict.

Assumes a wide moat · competitive-advantage period ≈ 20 years (earnings intact, ROIC stable over history).

Growth value: if the moat holds for 20 yr at ROIIC ≈ 21%, $1.64–$13.26 / sh (neutral $7.06). Conservative, not a forecast.

Window TTM 2026-04-30, FY 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 19% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.

Owner-earnings DCF: growth g₁ 11% · OE FY TTM 2026-04-30, 2024, 2023, 2022, 2021 · Discount band: 9.16%–12.00% (DGS10 +4.5% to a 12% strict end, as of 2026-08-26). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp. Two-method midpoint gap 32%.

Valuation basis: trailing twelve months to 2026-04-30 — latest 10-K plus unaudited 10-Q filings.

What the price is betting

Today's price pencils in about 9.1% a year in owner-earnings for the next few years. Revenue actually grew 16.0% a year.

Below what it has already done.

Roughly, the price needs its historical revenue growth to run about 7 more years to hold up.

How to read intrinsic value

SEC 13F · holders

Superinvestors Holding This Security

7 holders · $274.0M combined · this quarter +1 opened / -0 exited

This quarter1 opened3 added3 trimmed
Holders 5 → 7 · last 8q

SEC 13F · notes

Written summary

Copart Inc (CPRT) is held by 7 of the superinvestors tracked on Compounder, with a combined $274.0M in reported 13F value. The largest position belongs to Chuck Akre, where it makes up 4.4% of the portfolio.

Other notable holders by value include Nicolai Tangen (0.4% of its book), David Rolfe (2.6% of its book) and Shad Rowe (0.9% of its book).

Over the latest quarter, 1 of the tracked filers opened a new position in CPRT, 3 added to existing ones, 3 trimmed, and 0 sold out entirely.

Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-06-30. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.

How to read a 13F

SEC 13F · co-ownership

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CPRT's price is below its conservative value band. Browse all undervalued stocks by margin of safety

Also on

Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-08-14

Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.

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