Copart Inc (CPRT)
Inventory turnover
| Jul 31, 2025 | Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 | Jan 31, 2023 | Oct 31, 2022 | Jul 31, 2022 | Apr 30, 2022 | Jan 31, 2022 | Oct 31, 2021 | Jul 31, 2021 | Apr 30, 2021 | Jan 31, 2021 | Oct 31, 2020 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cost of revenue (ttm) | US$ in thousands | 2,547,315 | 2,538,373 | 2,485,610 | 2,407,898 | 2,329,571 | 2,263,147 | 2,194,862 | 2,165,035 | 2,132,527 | 2,094,330 | 2,059,593 | 1,993,487 | 1,894,700 | 1,784,031 | 1,632,936 | 1,478,351 | 1,349,420 | 1,233,501 | 1,188,679 | 1,194,397 |
| Inventory | US$ in thousands | 39,661 | 44,508 | 59,072 | 52,401 | 43,639 | 46,764 | 42,812 | 42,631 | 39,973 | 44,999 | 52,071 | 53,866 | 58,791 | 56,988 | 52,979 | 48,194 | 44,968 | 39,229 | 30,203 | 28,244 |
| Inventory turnover | 64.23 | 57.03 | 42.08 | 45.95 | 53.38 | 48.40 | 51.27 | 50.79 | 53.35 | 46.54 | 39.55 | 37.01 | 32.23 | 31.31 | 30.82 | 30.68 | 30.01 | 31.44 | 39.36 | 42.29 |
July 31, 2025 calculation
Inventory turnover = Cost of revenue (ttm) ÷ Inventory
= $2,547,315K ÷ $39,661K
= 64.23
The inventory turnover ratio for Copart Inc., as of October 31, 2020, was 42.29, indicating the number of times inventory was sold and replaced within that period. Over the subsequent periods, there has been a general upward trend, with fluctuations, culminating in a peak of 64.23 as of July 31, 2025.
This trend suggests an increasing efficiency in inventory management, with the ratio rising from a low of 30.01 on July 31, 2021, to significantly higher levels—above 50 from January 31, 2023 onward. Notably, there are periods of acceleration, such as between April 30, 2023 (46.54) and July 31, 2025 (64.23). The ratio shows some cyclic variation but generally indicates that Copart has been able to turn over its inventory more rapidly over time, particularly in the last two years of the data.
The rising inventory turnover ratio can be interpreted as improved inventory management efficiency, potentially supporting better cash flow and reduced holding costs. It aligns with the company's operational improvements or shifts in inventory practices, reflecting an overall more dynamic and efficient approach to inventory cycles. However, it remains important to consider other factors such as industry conditions and sales performance when interpreting these ratios in context.
Peer comparison
Jul 31, 2025
Jul 31, 2025