Copart management check
CPRT · Industrials · Diversified Support Services · CEO Jeffrey Liaw
Filings as of
1 good · 5 to watch · 1 flagged, across the seven questions below.
- Flag
Have owners done well?
Trailed its chosen peers$100 invested at the start of fiscal 2022 grew to $79, against $116 for the peer group the company picked itself.
- Watch
Does pay follow performance?
Pay only loosely tracked returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.09 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Good
What does the CEO cost owners?
0.1% of net income$2.1m of reported pay in fiscal 2026, against $1.5bn of net income.
- Watch
Do they own the stock?
CEO stake ≈ 1.9 years of payThe CEO holds 127,386 shares, directly or through trusts (unvested awards not counted): about 1.9 years of pay. 3 insiders sold $3.6m in the last six months and none bought. 1 of 3 sales ran on pre-arranged 10b5-1 plans.
- Watch
Are owners being diluted?
Share count growingDiluted shares changed +0.6% a year over the last three fiscal years. Stock-based pay was 0.8% of revenue in the latest year.
- Watch
Is leadership stable?
2 CEOs in the pay tableCEOs in the pay table: Mr. Adair, Mr. Liaw. 6 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Watch
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021. The company says it has not adopted insider trading policies.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Industrials.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 11 | 55 | |
| Pay for performance | 54 | 86 | |
| CEO cost | 100 | 48 | |
| Skin in the game | 29 | 55 | |
| Dilution | 43 | 62 | |
| Stable leadership | 55 | 75 | |
| Clean books | 70 | 100 |
Closest peers
Others in Diversified Support Services, by management score. Copart is 74th of 81 in its sector.
- 78CTASCintas78
- 103LDOSLeidos76
- 406FTVFortive52
- 407FASTFastenal52
- 411CPRTCopart52
- 416DDDuPont51
Pay versus performance
From the proxy statement filed October 22, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2026 | Mr. Adair, Mr. Liaw | $2.1m | −$5.2m | $2.2m | $79 | $116 | $1.5bn |
| 2025 | — | $2.1m | −$1.9m | $744k | $123 | $108 | $1.6bn |
| 2024 | — | $2.1m | $13.3m | $4.3m | $142 | $90 | $1.4bn |
| 2023 | — | $2.0m | $26.4m | $3.5m | $120 | $85 | $1.2bn |
| 2022 | — | $31.0m | $28.9m | $360k | $87 | $82 | $1.1bn |
The board says pay is tied most to OperatingIncome. Its other key measures: Net Income, Operating Income, Stock Price.
Insiders and the CEO's stake
Jeffrey Liaw (Chief Executive Officer) held 127,386 shares directly after their latest Form 4 on Jul 28, 2026, roughly $3.9m at that filing's price.
3 insiders sold $3.6m in the last six months and none bought. 1 of 3 sales ran on pre-arranged 10b5-1 plans.
- SoldDaniel J EnglanderDirector$2.2mJul 13, 2026
- SoldJeffrey LiawChief Executive Officer · 10b5-1 plan$846kJul 28, 2026
- SoldDiane M MorefieldDirector$553kOct 15, 2026
Leadership and governance on file
- Oct 16, 2026Leadership change8-K 5.02
- Aug 19, 2026Leadership change8-K/A 5.02
- Aug 18, 2026Leadership change8-K 5.02
- Jul 8, 2026Leadership change8-K 5.02
- Jun 29, 2026Leadership change8-K 5.02
- Mar 12, 2024Leadership change8-K 5.02
- May 26, 2023Leadership change8-K 5.02
- Dec 5, 2022Leadership change8-K 5.02
- Sep 27, 2022Leadership change8-K 5.02
- Jul 19, 2022Leadership change8-K 5.02
- Mar 31, 2022Leadership change8-K 5.02
Latest shareholder vote results: Dec 11, 2025, including the say-on-pay vote.
Where the money went
Over 2021–2025: $0 returned to owners in buybacks and dividends, 0% of net income, and $192.8m of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $2.7bn | $3.5bn | $3.9bn | $4.2bn | $4.6bn |
| Net income | $936.5m | $1.1bn | $1.2bn | $1.4bn | $1.6bn |
| Stock-based pay | $40.9m | $39.0m | $39.7m | $35.2m | $38.0m |
| Buybacks | $0 | — | — | $0 | $0 |
| Dividends | — | — | — | — | — |
| Diluted shares | 961m | 965m | 967m | 975m | 978m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.