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.