Copart

Copart’s revenue and cash flow have compounded steadily over long periods, supported by recurring salvage supply from insurers and a large, diversified buyer base. Ten‑year trends in revenue and free cash flow show consistent growth with periodic weather‑related spikes.

Management notes that total loss frequency has trended upward over decades, aided by higher repair costs and used‑car values, while the U.S. car parc continues to age (average age ~12.8 years in 2025).

Near‑term variability stems from used‑car price swings, catastrophe activity, and macro cycles, but overall the model is less cyclical than traditional auto retailers and remains relatively predictable.