OPENLANE, Inc. (OPLN)

Price$35.07Cached quoteAs of 2026-09-10 14:46 UTC

AI: Fair-priced

Price checkThe stock looks fairly priced because strong growth is already reflected in what investors are paying.

Using about 123 million common shares after the preferred-stock conversion, the observed quote implies an equity value near $4.3 billion. Adding roughly $396 million of corporate net debt gives an enterprise value near $4.7 billion, meaning the value of the operating business after debt and cash, or about 12 times management's $385-$400 million 2026 adjusted operating-profit measure before interest, taxes, depreciation and amortization. The shares also trade around 23-25 times the $1.40-$1.50 adjusted earnings guide. That is not cheap, but current growth makes an overvaluation call too strong.

Big pictureSales and profits are accelerating, but part of the improvement comes from a cyclical vehicle-supply rebound.

Revenue rose from $1.33 billion in 2020 to $1.93 billion in 2025, while operating profit recovered from a 2023 loss to about $197 million in 2025. The first half of 2026 strengthened further: revenue increased 15% to $1.08 billion and operating profit rose about 43% to $141 million. The bull case is continued digital share gains plus more off-lease vehicles returning to market. The caution is that this supply rebound is cyclical, so today's growth rates may not persist indefinitely.

Business strengthCash generation is healthy, while debt and financing complexity reduce the balance-sheet margin of safety.

Operating cash flow reached $392 million in 2025 against $55 million of capital spending, superficially leaving about $337 million of free cash flow, meaning cash left after running and investing in the business. First-half 2026 operating cash flow was $212 million. Corporate debt was about $586 million versus $190 million of cash, while a separate $1.89 billion financing obligation was backed by $2.62 billion of finance receivables. OPENLANE warns those finance balances can swing cash-flow categories, so the simple free-cash-flow figure deserves caution. Goodwill of $1.24 billion also absorbs much of reported equity.

What could change the storySustained volume growth would support today's price; slower recovery or new dilution would weaken the case.

Second-quarter commercial vehicle volume rose 39%, dealer volume rose 13%, and management raised 2026 adjusted earnings guidance to $1.40-$1.50 per share. If volume gains and margins continue, the current multiple can compress quickly as earnings grow. The bear case is a slower off-lease recovery while the stock still carries a premium multiple. Capital allocation is mixed: buybacks totaled about $48 million in the first half, but the May preferred conversion lifted common shares by roughly 17 million. August's secondary sale was not new company issuance and included a 727,590-share company repurchase.

AI: News

Second-quarter growth beatSecond-quarter growth beat expectations and management raised guidance, but the shares still sold off afterward.

On August 4, OPENLANE reported second-quarter revenue of $555 million, up 15%, adjusted operating profit before interest, taxes, depreciation and amortization of $103 million, up 19%, and marketplace gross merchandise value of about $10.5 billion, up 41%. Management raised full-year adjusted operating-profit guidance to $385-$400 million and adjusted earnings guidance to $1.40-$1.50 per share. Despite those improvements, the shares fell about 7% across August 4-5. That timing shows expectations were demanding, although it does not prove the earnings release alone caused the decline.

Preferred shares convertedThe remaining preferred shares converted into common stock, increasing the share count while removing the preferred claim.

OPENLANE announced on June 2 that its remaining Series A preferred stock had converted into roughly 17 million common shares, taking the common share count to about 123.1 million. The June quarter filing says the conversion also moved about $290 million from temporary equity into stockholders' equity and eliminated the preferred series. The event matters because future earnings are spread across more common shares, although the conversion removed preferred dividends and was largely an already-known contractual feature.

Apax secondary saleApax sold a large block of existing shares, adding market supply without creating new company dilution.

On August 11, an Apax-advised holder launched and priced a secondary sale of 8 million OPENLANE shares. The company received none of the proceeds because these were existing shares, not newly issued stock. OPENLANE simultaneously repurchased 727,590 shares for about $25 million. The stock weakened over the following week, which is consistent with temporary supply pressure or an ownership overhang, but the timing alone cannot establish that the secondary sale caused the decline.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009
Revenue	$1.93B	$1.79B	$1.70B	$1.53B	$1.45B	$1.33B	$2.78B	$2.44B	$2.24B	$3.15B	$2.69B	$2.42B	$2.17B	$1.96B	$1.89B	$1.82B	$1.74B
Gross profit	$892.8M	$832.2M	$828.1M	$694.9M	$658.1M	$582.6M	$1.16B	$1.12B	$1.03B	—	—	—	—	—	—	—	—
Gross margin	46.15%	46.53%	48.84%	45.44%	45.37%	43.91%	41.87%	45.90%	45.99%	—	—	—	—	—	—	—	—
Operating expenses	$1.74B	$1.61B	$1.83B	$1.43B	$1.32B	$1.26B	$2.47B	$2.10B	$1.91B	$2.65B	—	—	—	—	—	—	—
Operating income	$196.6M	$182.2M	−$135.8M	$94.7M	$127.5M	$69.2M	$314.1M	$340.1M	$326.5M	$499.0M	$427.3M	$377.7M	$256.7M	$267.0M	$281.9M	$268.8M	$195.3M
Operating margin	10.16%	10.19%	−8.01%	6.19%	8.79%	5.22%	11.29%	13.92%	14.58%	15.84%	15.88%	15.63%	11.81%	13.60%	14.94%	14.75%	11.25%
EBITDA	$288.3M	$277.4M	−$34.3M	$194.9M	$237.4M	$178.3M	$502.8M	$512.5M	$498.0M	$739.6M	$640.1M	$574.3M	$451.1M	$457.2M	$461.7M	$440.1M	$367.7M
EBITDA margin	14.90%	15.51%	−2.02%	12.75%	16.37%	13.44%	18.07%	20.98%	22.24%	23.48%	23.79%	23.76%	20.76%	23.29%	24.48%	24.15%	21.19%
Net income	$177.7M	$109.9M	−$154.1M	$241.2M	$66.5M	$500,000	$188.5M	$328.0M	$362.0M	$222.4M	$214.6M	$169.3M	$67.7M	$92.0M	$72.2M	—	—
Net profit margin	9.19%	6.14%	−9.09%	15.77%	4.58%	0.04%	6.78%	13.43%	16.17%	7.06%	7.98%	7.00%	3.12%	4.69%	3.83%	—	—
Basic EPSper basic share	-$0.96	$0.46	-$1.82	$1.30	$0.16	-$0.35	$1.43	$2.44	$2.66	$1.62	$1.53	$1.21	$0.49	$0.67	$0.53	$0.52	$0.21
Diluted EPSper diluted share	-$0.96	$0.45	-$1.82	$1.30	$0.16	-$0.35	$1.42	$2.42	$2.62	$1.60	$1.51	$1.19	$0.48	$0.66	$0.52	$0.51	$0.21

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

≈13.36%of listed shares

Ignition Acquisition Holdings LP / Apax Guernsey (Holdco) PCC Ltd / Ignition Acquisition Holdings GP LLC / Ignition Topco Ltd / Ignition GP LLC / Ignition Parent LP / Apax X GP Co. Ltd16.42M shares · May 28, 2026

View holders

Top 20 reported holders of OPLN
Holder	% owned
Ignition Acquisition Holdings LP / Apax Guernsey (Holdco) PCC Ltd / Ignition Acquisition Holdings GP LLC / Ignition Topco Ltd / Ignition GP LLC / Ignition Parent LP / Apax X GP Co. Ltd	≈13.36%16.42M shares
BlackRock, Inc.	13.02%16.01M shares
DIMENSIONAL FUND ADVISORS LP	5.32%6.53M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	4.91%6.04M shares
HAWK RIDGE CAPITAL MANAGEMENT LP	4.04%4.97M shares
BANK OF MONTREAL /CAN/	3.89%4.78M shares
VANGUARD CAPITAL MANAGEMENT LLC	3.88%4.77M shares
STATE STREET CORP	3.46%4.25M shares
NEUBERGER BERMAN GROUP LLC	3.05%3.75M shares
GEODE CAPITAL MANAGEMENT, LLC	2.21%2.71M shares
AMERICAN CENTURY COMPANIES INC	2.17%2.67M shares
BROWN ADVISORY INC	1.64%2.02M shares
Invesco Ltd.	1.52%1.87M shares
FMR LLC	1.50%1.84M shares
MORGAN STANLEY	1.40%1.72M shares
ADVISORY RESEARCH INC	1.25%1.53M shares
Nuveen, LLC	1.25%1.53M shares
Driehaus Capital Management LLC	1.23%1.52M shares
NORTHERN TRUST CORP	1.19%1.47M shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	1.17%1.44M shares

Percentages use 122.93M 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 4 ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys1$100.0K disclosed value

Sells (SEC code S)26$16.10M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
May 28, 2026Form 4	Ignition Acquisition Holdings LP +6TenPercentOwner	SellSeries A Preferred Stock · derivative · indirect	288.3K	—	—	0
May 14, 2026Form 4	Mitchell William ClydePresident of AFC	SellCommon Stock	6.5K	$36.04	$234.3K	15.9K
May 8, 2026Form 4	Richer Tobin PEVP Marketing & Communications	SellCommon Stock	4.0K	$38.31	$153.2K	24.7K
May 6, 2026Form 4	Richer Tobin PEVP Marketing & Communications	SellCommon Stock	11.6K	$36.01	$418.0K	28.7K
May 6, 2026Form 4	Richer Tobin PEVP Marketing & Communications	SellCommon Stock	14.4K	$35.57	$512.9K	40.3K

Review ownership filings at SEC.gov ↗

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OPENLANE, Inc. (OPLN)

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