CPRTCOPART INC

Retail-Auto Dealers & Gasoline Stations

Revenue: $4.7B; 0.4% YoY
Operating margin: 35.4%; 3.0% YoY
EBITDA: $1.9B; 1.6% YoY
Market cap: $27.9B
Employees: 1,300; $4M revenue each
Net debt / EBITDA: -1.1×; −$2.1B net debt
AI in 10-K: 3.2; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersNo
1 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
108% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowYes
102% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
5% of assets
Over 40% of assets
Shareholder dissentNo
92% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$4M · 92nd pct
Bottom quartile of its SIC industry
Quiet on AINo
3.2 per 10K words · 72nd pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 1.1× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedNo
$27.9B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$9M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$3.5B	$3.9B	$4.2B	$4.6B	$4.7B	0.4%
Operating income	$1.4B	$1.5B	$1.6B	$1.7B	$1.7B	2.6%
Net income	$1.1B	$1.2B	$1.4B	$1.6B	$1.5B	4.4%
Operating cash flow	$1.2B	$1.4B	$1.5B	$1.8B	$1.6B	11%
Capex	$337M	$517M	$511M	$569M	$337M	41%
Stock-based comp	$39M	$40M	$35M	$38M	$39M	2.1%
Buybacks	—	—	$0	$0	$1.6B

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $9M · 8
Net: −$9M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	—	—	79	116
FY2025	—	—	123	108
FY2024	—	—	142	90
FY2023	—	—	120	85
FY2022	—	—	87	82