ACV Auctions Inc. (ACVA)

Price$10.41Cached quoteAs of 2026-09-12 09:31 UTC

AI: Fair-priced

Price checkThe shares sit near a binding cash offer, leaving little upside and meaningful deal risk.

Copart’s definitive agreement sets a cash value only about 1% above the observed close, so the market mainly assumes completion by year-end. Both boards approved the deal, Copart plans to use cash on hand, and closing has no financing condition. Still, more than half of ACV shares must be tendered and antitrust clearance is required. The agreed price was about 45% above the unaffected reference close, showing how far a failed deal could reopen downside. The narrow spread and asymmetric risk support Fair-priced.

Big pictureRevenue keeps growing, but reported losses and uneven cash generation still limit confidence.

Revenue rose 19% in 2025 to $760 million and reached $418 million in first-half 2026, up 11% from the prior year. Trailing twelve-month revenue was about $801 million. Over that span, operating cash flow was roughly $39 million and capital spending $10 million, leaving about $29 million of free cash flow, meaning cash left after running and investing in the business. Yet second-quarter operations used $35 million of cash, and reported losses continue. Cash generation is improving, but not reliably durable.

Business strengthA liquid balance sheet helps, but debt growth and stock awards reduce the cushion.

At June 30, ACV held $242 million of cash against $205 million of debt, while current assets exceeded current liabilities by $228 million. Some borrowing supports dealer inventory financing, but the net cushion is modest. ACV spent $50 million on an accelerated repurchase and initially retired about 6.0 million shares, cutting outstanding shares from 173.2 million at year-end to 169.1 million. However, first-half stock compensation was $28.3 million. The buyback reversed recent share growth but consumed cash while reported earnings remained negative.

What could change the storyCompletion of the sale matters most; without it, operating progress must carry the valuation.

At the observed close, the market values ACV’s shares at about $1.77 billion. Subtracting cash above debt leaves a business value near $1.73 billion, roughly 2.2 times trailing revenue and 23 times management’s $75 million midpoint for 2026 adjusted cash-like earnings. That measure excludes about $63 million of stock compensation and $10 million of acquired-intangible charges, so it overstates shareholder earnings. The bull case is a timely cash sale. Without it, stronger auction-unit growth through seasonal dealer-wholesale swings plus sustained free cash flow would help; continued flat volumes would hurt.

AI: News

Copart cash acquisitionCopart agreed to buy ACV in cash, sharply limiting upside while introducing closing risk.

On September 10, Copart and ACV announced a definitive cash transaction valuing ACV’s equity at about $1.9 billion, a 45% premium to the unaffected reference close. ACV shares closed 44.2% higher in the next session and just below the agreed payout; that alignment is consistent with deal repricing, though timing alone does not prove attribution. Completion requires majority tender participation and antitrust clearance, but no financing condition, and the companies expect closing by calendar year-end.

Mixed second-quarter resultsRevenue reached a record, but flat auction activity and continued losses kept the quality mixed.

On August 10, ACV reported second-quarter revenue of $214 million, up 10%, while marketplace units and transacted vehicle value were essentially flat. Adjusted cash-like earnings rose to $21 million from $19 million, but the reported net loss widened to $8 million from $7 million. Full-year revenue guidance stayed at $845 million to $855 million. Shares were indicated 18.8% lower before the next open; reporting linked concern to a modest revenue miss and cautious third-quarter guidance, but that was not a full-session result.

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Revenue

2019

2020

2021

2022

2023

2024

2025

Net income

2019

2020

2021

2022

2023

2024

2025

Free cash flow

2019

2020

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2025

Total cash / debt

CashTotal debt

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Financial statements

	2025	2024	2023	2022	2021	2020	2019
Revenue	$759.6M	$637.2M	$481.2M	$3.8M	$358.4M	$208.4M	$106.8M
Operating expenses	$822.8M	$721.3M	$570.9M	$527.7M	$435.2M	$249.0M	$186.1M
Operating income	−$63.2M	−$84.1M	−$89.7M	−$106.2M	−$76.8M	−$40.6M	−$79.3M
Operating margin	−8.32%	−13.20%	−18.63%	−2,794.97%	−21.43%	−19.51%	−74.20%
EBITDA	−$19.4M	−$47.3M	−$70.4M	−$94.8M	−$68.1M	−$33.4M	−$77.4M
EBITDA margin	−2.56%	−7.42%	−14.63%	−2,495.55%	−18.99%	−16.03%	−72.48%
Net income	−$66.1M	−$79.7M	−$75.3M	−$102.2M	−$78.2M	−$41.0M	−$77.2M
Net profit margin	−8.71%	−12.51%	−15.64%	−2,689.29%	−21.81%	−19.69%	−72.27%
Basic EPSper basic share	-$0.39	-$0.48	-$0.47	-$0.65	-$0.62	-$1.90	-$4.20
Diluted EPSper diluted share	-$0.39	-$0.48	-$0.47	-$0.65	-$0.62	-$1.90	-$4.20

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

8.32%of listed shares

BlackRock, Inc.14.07M shares · Jun 30, 2026

View holders

Top 20 reported holders of ACVA
Holder	% owned
BlackRock, Inc.	8.32%14.07M shares
Atreides Management, LP	5.86%9.9M shares
VANGUARD CAPITAL MANAGEMENT LLC	4.42%7.47M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	4.36%7.38M shares
BROWN ADVISORY INC	4.09%6.92M shares
CRAMER ROSENTHAL MCGLYNN LLC	3.55%6.01M shares
FRONTIER CAPITAL MANAGEMENT CO LLC	3.44%5.81M shares
Paradice Investment Management LLC	2.97%5.02M shares
IRIDIAN ASSET MANAGEMENT LLC/CT	2.71%4.58M shares
GEODE CAPITAL MANAGEMENT, LLC	2.57%4.35M shares
Senvest Management, LLC	2.53%4.28M shares
STATE STREET CORP	2.46%4.17M shares
ROYCE & ASSOCIATES LP	2.34%3.95M shares
D. E. Shaw & Co., Inc.	2.29%3.88M shares
Chamoun George	≈2.02%3.42M shares
Nuveen, LLC	2.01%3.4M shares
AQR CAPITAL MANAGEMENT LLC	1.94%3.28M shares
JPMORGAN CHASE & CO	1.53%2.58M shares
MARSHALL WACE, LLP	1.52%2.58M shares
ADVISORY RESEARCH INC	1.49%2.51M shares

Percentages use 169.12M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys9$7.36M disclosed value

Sells (SEC code S)80$60.96M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Mar 9, 2026Form 4 · 10b5-1	Chamoun GeorgeChief Executive Officer	BuyCommon Stock	24.3K	$5.05	$122.6K	2.95M
Feb 26, 2026Form 4	Waterman MichaelChief Sales Officer	BuyCommon Stock	214.6K	$4.66	$1.00M	569.1K
Feb 9, 2026Form 4 · 10b5-1	Chamoun GeorgeChief Executive Officer	BuyCommon Stock	16.9K	$7.30	$123.3K	2.93M
Jan 15, 2026Form 4 · 10b5-1	Peer AndrewVP, Corporate Controller & CAO	SellCommon Stock	1.8K	$8.85	$15.5K	72.5K
Jan 12, 2026Form 4 · 10b5-1	Chamoun GeorgeChief Executive Officer	BuyCommon Stock	14.3K	$8.81	$125.9K	2.60M