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Copart, Inc. (CPRT) 财务分析 | 估值·财报 | 100Baggers.club

Copart, Inc.

CPRT

Copart, Inc. provides online auctions and vehicle remarketing services in the United States, Canada, the United Kingdom, Brazil, the Republic of Ireland, Germany, Finland, the United Arab Emirates, Oman, Bahrain, and Spain. It offers a range of services for processing and selling vehicles over the internet through its virtual bidding third generation internet auction-style sales technology to vehicle sellers, insurance companies, banks and finance companies, charities, fleet operators, dealers, vehicle rental companies, and individuals. The company's services include online seller access, salvage estimation, estimating, end-of-life vehicle processing, virtual insured exchange, transportation, vehicle inspection stations, on-demand reporting, title processing and procurement, loan payoff, flexible vehicle processing programs, buy it now, member network, sales process, and dealer services. Its services also comprise services to sell vehicles through CashForCars.com; U-Pull-It service that allows buyer to remove valuable parts and sell the remaining parts and car body; copart 360, an online technology for posting vehicle images; membership tiers for those registering to buy vehicles through Copart.com; and virtual queue to secure a place in line while visiting one of its locations. The company sells its products principally to licensed vehicle dismantlers, rebuilders, repair licensees, used vehicle dealers, and exporters, as well as to the public. The company was incorporated in 1982 and is headquartered in Dallas, Texas.

深度研究阅读完整报告

科帕特(CPRT)股票深度分析 — 垄断者的裂缝：当最大客户开始自建

一家近乎垄断市场的公司，却面临最大客户“叛变”自建平台的威胁。这究竟是其商业模式的致命裂缝，还是市场对B2B网络效应的根本性误读？

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📊 估值

关键估值指标

EV/EBITDA (TTM)

i

Enterprise Value, EBITDA and Ratio

EV/EBIT (TTM)

i

Enterprise Value, EBIT and Ratio

EV/Sales (TTM)

i

Enterprise Value, Revenue and Ratio

P/E Ratio (TTM)

i

Market Cap, Net Income and Ratio

P/B Ratio (Quarterly)

i

Market Cap, Book Value and Ratio

FCF Yield (TTM)

i

FCF, Enterprise Value and Yield

PR Profit Ratio (PPM)

i

PE Ratio, ROE and Profit Ratio (PR = PE / ROE)

📈 成长

营收、盈利和每股成长指标

Revenue (Quarterly)

i

Quarterly Revenue

Revenue/Share (Quarterly)

i

Revenue Per Share

Net Income (Quarterly)

i

Quarterly Net Income

EPS (Quarterly)

i

Earnings Per Share

Gross Profit/Share (Quarterly)

i

Gross Profit Per Share

OCF/Share (Quarterly)

i

Operating Cash Flow Per Share

FCF/Share (Quarterly)

i

Free Cash Flow Per Share

Operating Leverage (YoY)

i

Change in Operating Income / Change in Revenue

💰 盈利

利润率和净资产收益率

Gross Margin (TTM)

i

Revenue, Gross Profit and Gross Margin

Operating Margin (TTM)

i

Revenue, Operating Income and Operating Margin

Net Profit Margin (TTM)

i

Revenue, Net Income and Net Profit Margin

ROE (TTM)

i

Equity, Net Income and Return on Equity

ROA (TTM)

i

Assets, Net Income and Return on Assets

ROTCE - Return on Tangible Common Equity (TTM)

i

Net Income, Tangible Common Equity and ROTCE

OCF Margin (TTM)

i

Revenue, Operating Cash Flow and OCF Margin

FCF Margin (TTM)

i

Revenue, Free Cash Flow and FCF Margin

💵 现金质量

现金流质量和转换指标

OCF/NI Ratio (TTM)

i

Operating Cash Flow, Net Income and Ratio

FCF/NI Ratio (TTM)

i

Free Cash Flow, Net Income and Ratio

OCF/Capex (TTM)

i

Operating Cash Flow, Capex and Coverage Ratio

OCF/SBC (TTM)

i

Operating Cash Flow, SBC and Coverage Ratio

🛡️ 财务韧性

债务、流动性和财务健康度

Debt/Equity (quarterly)

i

Total Debt, Total Equity and Debt/Equity Ratio

EBITDA/Net Debt (TTM)

i

EBITDA, Net Debt and Coverage Ratio

Interest Coverage (TTM)

i

EBIT, Interest Expense and Coverage Ratio

Current Ratio (quarterly)

i

Current Assets, Current Liabilities and Current Ratio

Quick Ratio (quarterly)

i

Quick Assets, Current Liabilities and Quick Ratio

Altman Z-Score

i

Financial Distress Prediction Model

⚙️ 运营与资本效率

资产利用率、营运资本、ROIC和资本效率

ROIC (TTM)

i

NOPAT, Invested Capital and Return on Invested Capital

ROCE - Return on Capital Employed (TTM)

i

EBIT, Capital Employed and Return on Capital Employed

Asset Turnover (TTM)

i

Revenue, Total Assets and Turnover Ratio

CapEx/Depreciation - Investment Intensity (TTM)

i

CapEx, Depreciation and Ratio (>1=Expansion, <1=Contraction)

R&D/Gross Profit - R&D Intensity (TTM)

i

R&D Expenses, Gross Profit and Ratio

SG&A/Revenue - SG&A Efficiency (TTM)

i

SG&A Expenses, Revenue and Ratio

Cash Conversion Cycle (TTM)

i

DSO + DIO - DPO (in days)

DSO - Days Sales Outstanding (TTM)

i

Average Receivables and Days Sales Outstanding

DIO - Days Inventory Outstanding (TTM)

i

Average Inventory and Days Inventory Outstanding

DPO - Days Payables Outstanding (TTM)

i

Average Payables and Days Payables Outstanding

Goodwill/Assets (Quarterly)

i

Goodwill as % of Total Assets

🎁 股东回报

股息、股票回购、稀释和内部人交易活动

Dividend Yield (TTM)

i

Dividend Per Share, Share Price and Dividend Yield

Buyback Yield (TTM)

i

Net Buyback and Buyback Yield

Buyback Yield (3 Years)

i

Net Buyback 3Y and Buyback Yield 3Y

Dilution Rate (1 Year)

i

Current Shares, 1Y Ago Shares and Dilution Rate

Dilution Rate (3 Years)

i

Current Shares, 3Y Ago Shares and Dilution Rate

SBC Offset Rate (TTM)

i

Buyback / Stock-Based Comp and SBC Ratio

Insider Activity Rate (TTM)

i

Insider Net Buying and Activity Rate

利润瀑布图分析

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P

盈利能力指标

Gross Profit Margini毛利率

43.94%

毛利润 = $0.49B

营业收入 = $1.12B

Operating Profit Margini营业利润率

34.65%

营业利润 = $0.39B

营业收入 = $1.12B

EBITDA MarginiEBITDA利润率

39.59%

EBITDA = $0.44B

营业收入 = $1.12B

EBIT MarginiEBIT利润率

34.65%

EBIT = $0.44B

营业收入 = $1.12B

Net Profit Margini净利率

31.27%

净利润 = $0.35B

营业收入 = $1.12B

Pretax Profit Margini税前利润率

39.32%

税前利润 = $0.44B

营业收入 = $1.12B

E

运营效率指标

Interest Coveragei利息保障倍数

N/A (无利息支出)

EBIT (TTM) = $1.75B

利息费用 (TTM) = $0

N/A

N/A

N/A

N/A

N/A

SG&A / Revenuei销管费率

7.97%

销售及管理费用 = $0.09B

营业收入 = $1.12B

R&D / Revenuei研发占比

0.00%

研发费用 = $0.00B

营业收入 = $1.12B

R

回报率指标 (TTM)

ROAi总资产回报率

15.75%

净利润 = $1.56B

平均总资产 = $9.89B

ROEi净资产收益率

17.22%

净利润 = $1.56B

平均股东权益 = $9.05B

ROICi投入资本回报率

29.11%

NOPAT (TTM) = $1.37B

平均投入资本 = $4.70B

(NOPAT = 营业利润 × (1 - 有效税率))

(平均投入资本 = (本期IC + 去年同期IC) / 2)

Revenue Growthi营收增长率

-3.58%

当期营收 = $1.12B

去年同期营收 = $1.16B

+14.0%

+7.5%

+5.3%

+0.7%

-3.6%

Operating Cash Flow/Sharei每股经营现金流

$1.85

经营现金流 = $1.80B

流通股数 = 0.98B

$1.63

$1.84

$1.84

$1.90

$1.85

综合分析

利润表项目	同比增长	当季数据	趋势
营业收入	-3.6%	$1.12B	↓
毛利	-6.2%	$0.49B, 43.94%	↓
营业利润	-8.8%	$0.39B, 34.65%	↓
EBITDA	-7.6%	$0.44B, 39.59%	↓
税前利润	-4.8%	$0.44B, 39.32%	↓
净利润	-9.5%	$0.35B, 31.27%	↓
稀释每股收益	-10.0%	0.36	↓

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L

流动性指标

Current Ratioi流动比率

10.06

健康

流动资产 = $6.18B

流动负债 = $0.61B

Quick Ratioi速动比率

9.99

健康

速动资产 = $6.13B

流动负债 = $0.61B

Cash Ratioi现金比率

8.31

健康

现金及等价物 = $5.10B

流动负债 = $0.61B

Cash Ratio = (Cash + Short-term Investments) / Current Liabilities

L

杠杆指标

Debt to Equityi债务权益比

0.01

健康

总债务 = $0.10B

总权益 = $9.79B

Liabilities to Assetsi资产负债率 (总负债)

7.4%

健康

总负债 = $0.79B

总资产 = $10.59B

Equity Multiplieri权益乘数

1.08

健康

总资产 = $10.59B

总权益 = $9.79B

E

效率指标

Asset Turnoveri总资产周转率

0.47

关注

营收 (TTM) = $4.61B

平均总资产 = $9.89B

Inventory Turnoveri存货周转率

61.30

健康

营业成本 (TTM) = $2.52B

平均存货 = $0.04B

Receivables Turnoveri应收账款周转率

5.69

正常

营收 (TTM) = $4.61B

平均应收账款 = $0.81B

S

偿债能力

Interest Coveragei利息保障倍数

N/A

正常

EBIT (TTM) = $1.75B

利息费用 (TTM) = $0.00B

Net Debt to EBITDAi净债务/EBITDA

-2.55

健康

净债务 = $-5.01B

EBITDA (TTM) = $1.96B

Debt Service Coveragei偿债覆盖率

100.22

健康

经营现金流 (TTM) = $1.80B

债务偿付 = $0.02B

V

价值指标

Goodwill %i商誉占比

4.9%

健康

商誉 = $0.52B

总资产 = $10.59B

Working Capital Ratioi营运资本比率

0.52

健康

营运资本 = $5.56B

总资产 = $10.59B

现金流瀑布图

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流入

流出

小计

起止点

C

现金流指标

经营现金流 TTMi

$1.80B

自由现金流 TTMi

$1.41B

FCF = OCF - CapEx

经营现金流 (TTM) = $1.80B

资本支出 (TTM) = $-0.39B

自由现金流收益率i

3.50%

关注

FCF (TTM) = $1.41B

市值 = $40.20B

经营现金流/销售比i

39.06%

健康

经营现金流 (TTM) = $1.80B

营业收入 (TTM) = $4.61B

Q

质量与覆盖指标

收益质量i

1.16x

正常

经营现金流 (TTM) = $1.80B

净利润 (TTM) = $1.56B

现金流/债务比i

18.75x

健康

经营现金流 (TTM) = $1.80B

总负债 = $0.10B

短期覆盖率i

2.94x

健康

经营现金流 (TTM) = $1.80B

流动负债 = $0.61B

资本支出覆盖率i

4.58x

健康

经营现金流 (TTM) = $1.80B

资本支出 (TTM) = $0.39B

E

效率指标

⚡ 比率按USD计算，去除汇率影响

自由/经营现金流比i

78.18%

正常

自由现金流 (TTM) = $1.41B

经营现金流 (TTM) = $1.80B

资本支出/营收比i

8.52%

正常

资本支出 (TTM) = $0.39B

营业收入 (TTM) = $4.61B

净债务/EBITDAi

-2.55

健康

净债务 = $-5.01B

EBITDA (TTM) = $1.96B

G

增长指标

经营现金流增长率i

-28.42%

关注

当期OCF (TTM) = $0.13B

上期OCF = $0.18B

股东盈余i

$1.38B

健康

净利润 (TTM) = $1.56B

+ 折旧摊销 (TTM) = $0.22B

- 资本支出 (TTM) = $-0.39B