Forensic Analysis · Retail / Consumer Discretionary · as of Aug 8, 2026
Copart Inc (CPRT)
A forensic read on Copart Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
B · Sound & dependable
Forensic grade
Safe
Financial health
19.6
Distress distance
Clean
Earnings quality
3
Forensic signals
17.2
P / E (ttm)
16.9%
ROE
$26.9B
Market cap
9.7%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Copart Inc earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 19.6, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by shareholder returns — halted.
What the filings flag
stopped
FY2019→FY2021
Shareholder returns — halted.Capital returns have STOPPED — $365M of buybacks + dividends in FY2019, but ~$0 in FY2021. A halt usually means the company is conserving cash.
+19.8%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +19.8% relative to their own average in FY2025 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. The build is led by PP&E up +13% against revenue +10%. This is the ninth straight fiscal year of building accruals — an even longer streak than the 3-year mark that already signals a materially stronger tell. The cash-flow cross-check is more mixed: reported earnings ran in line with operating cash by 3% of net operating assets, diverging from the balance-sheet accrual read.
+0.4%/yr
FY2022–FY2025
Share count.Diluted share count changed +1% over the last 3 years to FY2025 (+0.4%/yr). Roughly flat — the count is neither shrinking nor growing meaningfully. Per-share value isn't being meaningfully helped or hurt by the count.
Key fundamentals
Latest Revenue$4.65B
Revenue Growth YoY+9.7%
Revenue CAGR (3yr)+9.9%
Net Margin33.4%
Free Cash Flow$1.23B
Return on Equity16.9%
Debt / Equity0.00x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Copart Inc's actual 10-K/10-Q/8-K filings?