Openlane (OPLN)


Market Price (11/8/2026): $34.35 | Market Cap: $4.2 BilSector: Industrials | Industry: Diversified Support Services

Openlane (OPLN)


Market Price (11/8/2026): $34.35
Market Cap: $4.2 Bil
Sector: Industrials
Industry: Diversified Support Services

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 20%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 18%

Attractive yield
FCF Yield is 9.0%

Low stock price volatility
Vol 12M is 34%

Megatrend and thematic drivers
Megatrends include E-commerce & Digital Retail, and E-commerce & DTC Adoption. Themes include Online Marketplaces, and Supply Chain Digitization.

Key risks
OPLN key risks include [1] intense competition from major auction houses like Manheim and ADESA and [2] regulatory pressures on its AI-driven valuation models and from environmental policies impacting the resale market for internal combustion vehicles.

0 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 20%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 18%
1 Attractive yield
FCF Yield is 9.0%
2 Low stock price volatility
Vol 12M is 34%
3 Megatrend and thematic drivers
Megatrends include E-commerce & Digital Retail, and E-commerce & DTC Adoption. Themes include Online Marketplaces, and Supply Chain Digitization.
4 Key risks
OPLN key risks include [1] intense competition from major auction houses like Manheim and ADESA and [2] regulatory pressures on its AI-driven valuation models and from environmental policies impacting the resale market for internal combustion vehicles.

OPLN in ETFs

Weight = OPLN's share of each fund

VTI0.01%
ITOT0.01%
IWM0.13%
IJR0.25%
VB0.05%
IJT0.53%
SLYG0.52%
NUSC0.29%
+11 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 11/6/2026

Openlane (OPLN) stock has lost about 15% since 7/31/2026 because of the following key factors:

1. Significant insider selling by a major shareholder.

In August 2026, Ignition Acquisition Holdings LP, a fund advised by Apax Partners, L.P. and a greater than 10% owner of Openlane, executed a secondary public offering, selling 8,000,000 shares of common stock. This transaction, occurring on August 13, 2026, amounted to approximately $274.9 million, representing a substantial insider sale that could have negatively influenced investor sentiment.

2. Decline in GAAP net income despite revenue growth in fiscal Q3 2026.

For fiscal Q3 2026, which ended September 30, 2026, Openlane reported an increase in total revenue by 13% year over year to $561.2 million and a 23% rise in adjusted EBITDA to $107 million. However, the company's GAAP net income decreased to $44.7 million from $47.9 million in the prior-year quarter. This decline was significantly impacted by an increase in interest expense, which surged to $10.0 million in fiscal Q3 2026 from $1.1 million in fiscal Q3 2025, primarily due to term-loan borrowings in fiscal Q4 2025.

Show more
Updated on 11/6/2026

Openlane (OPLN) stock has lost about 15% since 7/31/2026 because of the following key factors:

1. Significant insider selling by a major shareholder.

In August 2026, Ignition Acquisition Holdings LP, a fund advised by Apax Partners, L.P. and a greater than 10% owner of Openlane, executed a secondary public offering, selling 8,000,000 shares of common stock. This transaction, occurring on August 13, 2026, amounted to approximately $274.9 million, representing a substantial insider sale that could have negatively influenced investor sentiment.

2. Decline in GAAP net income despite revenue growth in fiscal Q3 2026.

For fiscal Q3 2026, which ended September 30, 2026, Openlane reported an increase in total revenue by 13% year over year to $561.2 million and a 23% rise in adjusted EBITDA to $107 million. However, the company's GAAP net income decreased to $44.7 million from $47.9 million in the prior-year quarter. This decline was significantly impacted by an increase in interest expense, which surged to $10.0 million in fiscal Q3 2026 from $1.1 million in fiscal Q3 2025, primarily due to term-loan borrowings in fiscal Q4 2025.

3. Narrowed full-year guidance and increased strategic spending for market share.

While fiscal Q3 2026 results generally surpassed analyst estimates for revenue and adjusted EPS, Openlane narrowed its full-year adjusted EBITDA guidance to $390 million–$400 million from the previous range of $385 million–$400 million. Additionally, management announced accelerated U.S. dealer investments to capture market share, increasing second-half incremental go-to-market spending to the low double-digit millions. This increased spending, although aimed at long-term growth, may have signaled potential pressure on near-term profitability or a more cautious outlook to investors.

4. Analyst concerns regarding margin expansion.

Prior to the release of fiscal Q3 2026 earnings, Wall Street analysts expressed concerns about Openlane's ability to translate strong industry tailwinds and growing wholesale auction vehicle sales into improved margins. Despite projections for revenue growth, analysts anticipated a sequential slip in profitability. The reported decline in GAAP net income for fiscal Q3 2026, even with robust revenue growth, likely reinforced these market concerns about margin performance.

Show less
Holding a concentrated position? Know your true downside before the momentum shifts.
Protect Your Wealth →

Stock Movement Drivers

Fundamental Drivers

The -13.6% change in OPLN stock from 7/31/2026 to 11/7/2026 was primarily driven by a -13.2% change in the company's Shares Outstanding (Mil).
(LTM values as of)731202611072026Change
Stock Price ($)39.7634.35-13.6%
Change Contribution By: 
Total Revenues ($ Mil)2,0022,1386.8%
Net Income Margin (%)9.5%9.2%-2.5%
P/E Multiple22.321.3-4.3%
Shares Outstanding (Mil)106123-13.2%
Cumulative Contribution-13.6%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2026 to 11/7/2026
ReturnCorrelation
OPLN-13.6% 
Market (SPY)-1.6%10.4%
Sector (XLI)-9.5%26.1%

Fundamental Drivers

The 9.3% change in OPLN stock from 4/30/2026 to 11/7/2026 was primarily driven by a 13.4% change in the company's P/E Multiple.
(LTM values as of)430202611072026Change
Stock Price ($)31.4434.359.3%
Change Contribution By: 
Total Revenues ($ Mil)1,9342,13810.5%
Net Income Margin (%)9.2%9.2%0.5%
P/E Multiple18.821.313.4%
Shares Outstanding (Mil)106123-13.3%
Cumulative Contribution9.3%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 11/7/2026
ReturnCorrelation
OPLN9.3% 
Market (SPY)2.6%20.6%
Sector (XLI)-6.6%21.9%

Fundamental Drivers

The 30.0% change in OPLN stock from 10/31/2025 to 11/7/2026 was primarily driven by a 15.2% change in the company's Total Revenues ($ Mil).
(LTM values as of)1031202511072026Change
Stock Price ($)26.4234.3530.0%
Change Contribution By: 
Total Revenues ($ Mil)1,8572,13815.2%
Net Income Margin (%)8.1%9.2%13.5%
P/E Multiple18.821.313.4%
Shares Outstanding (Mil)108123-12.3%
Cumulative Contribution30.0%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 11/7/2026
ReturnCorrelation
OPLN30.0% 
Market (SPY)8.7%30.4%
Sector (XLI)5.8%28.2%

Fundamental Drivers

The 155.8% change in OPLN stock from 10/31/2023 to 11/7/2026 was primarily driven by a 115.9% change in the company's P/S Multiple.
(LTM values as of)1031202311072026Change
Stock Price ($)13.4334.35155.8%
Change Contribution By: 
Total Revenues ($ Mil)1,6132,13832.5%
P/S Multiple0.92.0115.9%
Shares Outstanding (Mil)110123-10.6%
Cumulative Contribution155.8%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2023 to 11/7/2026
ReturnCorrelation
OPLN155.8% 
Market (SPY)81.9%42.3%
Sector (XLI)72.0%42.8%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
OPLN Return-16%-16%13%34%50%15%85%
Peers Return30%-45%286%80%2%-15%332%
S&P 500 Return27%-19%24%23%16%12%105%

Monthly Win Rates [3]
OPLN Win Rate42%33%50%42%58%55% 
Peers Win Rate58%35%58%56%44%42% 
S&P 500 Win Rate75%42%67%75%67%45% 

Max Drawdowns [4]
OPLN Max Drawdown-33%-41%-20%-16%-21%-22% 
Peers Max Drawdown-25%-54%-31%-20%-42%-41% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: CPRT, CVNA, AN, KMX, VRM.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/6/2026 (YTD)

How Low Can It Go

EventOPLNS&P 500
2025 US Tariff Shock
  % Loss-12.5%-18.8%
  % Gain to Breakeven14.2%23.1%
  Time to Breakeven30 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-14.6%-9.5%
  % Gain to Breakeven17.1%10.5%
  Time to Breakeven126 days24 days
2023 SVB Regional Banking Crisis
  % Loss-16.0%-6.7%
  % Gain to Breakeven19.1%7.1%
  Time to Breakeven43 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-29.6%-24.5%
  % Gain to Breakeven42.1%32.4%
  Time to Breakeven250 days427 days
2020 COVID-19 Crash
  % Loss-58.6%-33.7%
  % Gain to Breakeven141.5%50.9%
  Time to Breakeven1887 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-22.8%-19.2%
  % Gain to Breakeven29.6%23.8%
  Time to Breakeven153 days105 days

Compare to CPRT, ACVA, CVNA, AN, KMX

In The Past

Openlane's stock fell -12.5% during the 2025 US Tariff Shock. Such a loss loss requires a 14.2% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventOPLNS&P 500
2022 Inflation Shock & Fed Tightening
  % Loss-29.6%-24.5%
  % Gain to Breakeven42.1%32.4%
  Time to Breakeven250 days427 days
2020 COVID-19 Crash
  % Loss-58.6%-33.7%
  % Gain to Breakeven141.5%50.9%
  Time to Breakeven1887 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-22.8%-19.2%
  % Gain to Breakeven29.6%23.8%
  Time to Breakeven153 days105 days

Compare to CPRT, ACVA, CVNA, AN, KMX

In The Past

Openlane's stock fell -12.5% during the 2025 US Tariff Shock. Such a loss loss requires a 14.2% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Openlane (OPLN)

```html

OPENLANE, Inc. (OPLN) operates as a prominent digital marketplace specializing in the buying and selling of used vehicles across North America, Europe, the Philippines, and Uruguay. The company’s business is primarily structured into two segments: Marketplace and Finance. The Marketplace segment serves as its core offering, providing various online platforms designed to connect sellers and buyers within the used vehicle industry, facilitating efficient remarketing and acquisition of inventory.

Within its Marketplace segment, OPENLANE offers distinct digital auction and trading platforms such as BacklotCars in the United States and TradeRev in Canada. It also operates ADESA U.K. and ADESA Europe, catering to their respective regions, allowing dealers to source and sell used vehicles through dynamic online bidding environments. Complementing these platforms, OPENLANE provides a comprehensive suite of value-added ancillary services, including transportation logistics, vehicle reconditioning, inspection and certification, titling, administrative services, and collateral recovery, all designed to streamline the vehicle remarketing process for its clients.

The Finance segment further supports the company's ecosystem by offering floorplan financing. This crucial service provides short-term, inventory-secured financing specifically to independent used vehicle dealers, helping them manage their inventory investments. OPENLANE serves a diverse customer base, including vehicle manufacturers, rental car companies, financial institutions, commercial fleets, fleet management companies, and both franchised and independent used vehicle dealers, acting as a vital intermediary in the global used vehicle market.

```

AI Analysis | Feedback

1. eBay for wholesale used cars.

2. A NASDAQ for used vehicles.

AI Analysis | Feedback

  • Digital Used Vehicle Marketplaces: Online platforms that connect sellers and buyers for used vehicles through various auction and remarketing formats across multiple regions.
  • Vehicle Logistics: Services encompassing inbound and outbound transportation of vehicles for sellers and buyers.
  • Vehicle Reconditioning and Inspection: Services including reconditioning, inspection, and certification to prepare used vehicles for sale on their platforms.
  • Vehicle Transaction Support Services: Ancillary administrative, titling, and collateral recovery services that facilitate vehicle sales and management.
  • Floorplan Financing: Short-term, inventory-secured loans provided to independent used vehicle dealers to finance their vehicle inventory.

AI Analysis | Feedback

Openlane (OPLN) primarily sells its services to other companies. Its major customers fall into the following categories:

  • Vehicle manufacturers
  • Vehicle rental companies
  • Financial institutions
  • Commercial fleets and fleet management companies
  • Franchised and independent used vehicle dealers

AI Analysis | Feedback

null

AI Analysis | Feedback

Here is the management team for Openlane (symbol: OPLN):

Peter Kelly, CEO

Peter Kelly was appointed CEO of OPENLANE in April 2021. He previously served as President of the company from January 2019 to March 2021, President of Digital Services from December 2014 to January 2019, and Chief Technology Officer from June 2013 to January 2019. Before these roles, he was President and CEO of the OPENLANE subsidiary from February 2011 to June 2013, and President and CFO of OPENLANE from February 2010 to February 2011. Kelly co-founded OPENLANE in 1999 and held various executive positions there until 2010. The acquisition of the OPENLANE platform by what was then KAR Auction Services (now OPENLANE, Inc.) in 2011 was a pivotal moment, transforming the company into a technology-driven auction enterprise.

Brad Herring, EVP & Chief Financial Officer

Brad Herring was named EVP and Chief Financial Officer of OPENLANE, effective May 27, 2025. In this role, he oversees all financial, reporting, and investor relations functions, including the company's capital investment strategy. Herring brings over 30 years of experience in financial operations, investor relations, financial planning and analysis, public company reporting, and business development. He most recently served as CFO for digitally-focused companies Enfusion and Shift4 Payments. His prior experience also includes CFO positions at Elavon and Fiserv's Digital Banking Group, as well as financial leadership roles at Equifax, Delta Air Lines, and ING North America.

James Coyle, EVP & President, Marketplace

James Coyle leads OPENLANE's marketplaces across the U.S., Canada, and Europe, focusing on growth and business success. He is responsible for expanding the company's digital presence and delivering a diverse suite of products and services. Coyle joined OPENLANE in 2021 as Executive Vice President and Chief Digital Officer and assumed his current role in August 2023. Before joining OPENLANE, he was the CEO of RealSelf, a digital marketplace, and the Chief Customer Officer at Varsity Tutors, where he significantly grew the business and contributed to its successful IPO. Earlier in his career, he held positions at Amazon and Microsoft.

Chuck Coleman, EVP, Chief Legal Officer & Secretary

Chuck Coleman is responsible for managing legal and business planning, corporate governance, securities, litigation, and mergers and acquisitions for OPENLANE.

Will Mitchell, President, AFC

Will Mitchell leads AFC (Automotive Finance Corporation), which provides floorplan and inventory financing solutions to independent used vehicle dealers across North America, supporting their business growth.

AI Analysis | Feedback

The key risks to Openlane's business are:

1. Sensitivity to Used-Vehicle Market Cycles and Macroeconomic Conditions

Openlane's business is highly susceptible to fluctuations in the used-vehicle market, including changes in vehicle supply (especially off-lease flows) and pricing cycles. These dynamics directly impact the company's fee per unit in its marketplace segment and significantly influence the performance of its Automotive Finance Corporation (AFC) loan portfolio. Macroeconomic headwinds such as inflation, rising interest rates, and a squeeze on consumer spending can dampen demand for used vehicles, affecting both the volume of transactions in its marketplaces and the affordability of financing for dealers and end-buyers. A substantial decline in used vehicle sales, potentially caused by decreased consumer auto loan originations or other economic factors, could materially and negatively affect AFC's financial results.

2. Intense Competition and Evolving Industry Landscape

The company operates in a highly competitive environment, facing significant rivals such as Manheim, other digital platforms, and channels owned by original equipment manufacturers (OEMs) or dealerships. This intense competition could lead to pricing pressures, reduced profit margins, or a loss of market share. Furthermore, Openlane must continuously adapt to evolving industry trends, including any potential shifts back towards physical auctions or the growing practice of simultaneously listing and selling vehicles on multiple online platforms, which could impact its digital-first strategy.

3. Credit Risk in the Finance Segment and Financial Leverage

Openlane's Finance segment, primarily through AFC, provides floorplan financing to independent used vehicle dealers. This exposes the company to inherent credit risk, as the performance of this loan portfolio is directly tied to the overall health of the used-vehicle market and the financial stability of these independent dealers. While the company actively manages these risks, a downturn could lead to increased loan losses. Additionally, Openlane carries a notable level of financial leverage, with its debt-to-EBITDA ratio being a point of analyst scrutiny, which could limit its financial flexibility and increase dilution risk, particularly given its reliance on large securitization lines for funding.

AI Analysis | Feedback

The increasing trend among vehicle manufacturers (OEMs), particularly with the rise of electric vehicles, to adopt direct-to-consumer (DTC) sales models for new vehicles. This shift implies that OEMs may also manage the remarketing of their own used vehicles (e.g., trade-ins, off-lease vehicles) directly to consumers or through proprietary channels, thereby reducing the volume of inventory available to third-party wholesale marketplaces like Openlane.

AI Analysis | Feedback

Here are the addressable market sizes for Openlane's main products and services:

Marketplace Segment (Digital Marketplace for Used Vehicles)

  • North America: The North American used vehicles market recorded revenues of $1.29 trillion in 2024. While a specific market size for digital wholesale marketplaces in North America is not readily available, the broader online car buying market in North America is significant, with the U.S. dominating this segment. Digital retailing and online-to-door used car platforms are key market drivers in North America.
  • Europe: The Europe used cars market was valued at USD 725.3 billion in 2024. Within this, online transactions are growing, with some estimates indicating that online sales are scaling fastest at a 16.35% compound annual growth rate (CAGR) through 2031, despite offline routes still accounting for a significant share of the European used-car market in 2025.

Finance Segment (Floorplan Financing)

  • North America: The floorplan finance market in North America accounted for approximately USD 26.4 billion in 2024.
  • Europe: The floorplan finance market in Europe was valued at USD 15.3 billion in 2024.

AI Analysis | Feedback

Openlane (OPLN) is positioned for future revenue growth over the next 2-3 years, driven by several key factors:

  1. Continued U.S. Dealer Market Expansion and Dealer-to-Dealer Volume Growth: Openlane anticipates sustained market share gains within the U.S. dealer segment. Management points to previous investments in sales staff and marketing efforts as maturing and contributing to increased wallet share and account growth among both franchise and independent dealers. The company has reported strong year-on-year growth in active U.S. dealer buyers and sellers, with U.S. dealer-to-dealer volumes accelerating.
  2. Recovery and Growth in Commercial Vehicle Volumes, Driven by Off-Lease Supply: Openlane expects a positive shift and resumption of growth in commercial vehicle volumes. This anticipated recovery is supported by an increasing supply of off-lease vehicles entering the market and the establishment of new OEM partnerships. The company is well-positioned to capitalize on this growing volume of lease originations.
  3. Strategic Investments in Technology, Innovation, and AI for Digital Marketplace Enhancement: Openlane is making significant strategic investments in innovation and technology, including the leveraging of artificial intelligence (AI). These investments are aimed at improving operational efficiency, enhancing customer-facing tools, and expanding its digital capabilities. These technological advancements are expected to further differentiate Openlane's offerings and strengthen its ability to deliver continued growth and improved financial performance.
  4. Increased Digital Adoption and Migration to Online Marketplaces: The broader industry trend of migration towards digital channels for wholesale used vehicles is a significant tailwind for Openlane. The company's focus on its asset-light, digital marketplace model allows it to capitalize on this shift, driving increased participation and digital channel migration among its commercial customers. This continued digital adoption is expected to be a primary growth engine.

AI Analysis | Feedback

Share Repurchases

  • In 2022, KAR (now Openlane) repurchased and retired 12.6 million shares of common stock, aggregating approximately $182 million.
  • In May 2022, the board of directors authorized an increase of $200 million to the company's share repurchase program, extending it through December 31, 2023, with approximately $309 million remaining available for repurchases.
  • In October 2025, Openlane completed the repurchase of 53% of its Series A Convertible Preferred Stock, originally issued in June 2020, for approximately $559 million.
  • In May 2025, Openlane's Board of Directors authorized a new $250 million share repurchase program, replacing a previous authorization, which extends through the end of 2026.

Share Issuance

  • In October 2021, KAR (now Openlane) issued 1,953,124 shares of common stock for $30 million in connection with the CARWAVE acquisition.

Inbound Investments

  • Strategic investments were made in the company since 2020, including the issuance of Series A Convertible Preferred Stock in June 2020, by funds advised by Apax Partners and Periphas Capital.

Outbound Investments

  • In May 2022, KAR (now Openlane) sold its ADESA U.S. physical auction business to Carvana for $2.2 billion in cash, a move to pivot to an asset-light, digital-first model.
  • In December 2023, Openlane announced plans to acquire Manheim Canada from Cox Automotive for $95 million.
  • In 2021 and 2022, the company realized gains of $17.0 million and $32 million, respectively, from the sale of strategic investments in early-stage automotive companies.

Capital Expenditures

  • Capital expenditures aggregated to $61 million in 2022.
  • Openlane expected capital expenditures of approximately $65 million in 2023, with a continued focus on its digital strategy.
  • Capital expenditures in the last 12 months were -$55.40 million.

Better Bets vs. Openlane (OPLN)

Peer Outperformance in Diversified Support Services

OPLN has outperformed 88% of its 33 Diversified Support Services peers over 5Y. Among the peers that beat it is CXW. Diversified Support Services ranks 8th of 23 industries in Industrials by median 5Y return.
Share of Diversified Support Services constituents that OPLN has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
71%
of 38 industry peers · 36.9% return
3Y
91%
of 35 industry peers · 137.2% return
5Y
88%
of 33 industry peers · 134.3% return
Diversified Support Services peers with revenue growth within 4pp of OPLN's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
Ticker Name Rev Growth 3Y Avg P/E 1Y3Y5Y 5Y Gap
OPLN Openlane 9.4% 21.3x 36.9%137.2%134.3% —
CXW CoreCivic 12.6% 1.8x 69.1%102.9%199.6% +65pp
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Industrials sector, ranked by 5Y. Diversified Support Services is OPLN's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Marine Transportation 5 28.7%33.1%105.5% MATX 153% · KEX 106%
Construction & Engineering 28 -21.4%94.6%93.8% FIX 949% · STRL 830% · AGX 565%
Construction Machinery & Heavy Transportation Equipment 14 9.1%66.9%93.0% ALSN 256% · WAB 210% · CAT 195%
Aerospace & Defense 54 -2.0%55.8%55.7% ATI 891% · FTAI 850% · HWM 525%
Trading Companies & Distributors 19 11.5%30.9%31.6% DXPE 298% · AIT 187% · URI 180%
Industrial Machinery & Supplies & Components 71 1.0%48.0%28.8% CRS 795% · MLI 302% · SYM 266%
Rail Transportation 7 33.7%68.7%25.2% CSX 48% · UNP 36% · NSC 25%
Diversified Support Services ← 34 15.7%38.0%15.8% CXW 200% · OPLN 134% · CACI 113%
Building Products 34 -7.3%6.0%12.8% MOD 760% · GFF 339% · TT 132%
Cargo Ground Transportation 16 27.7%11.3%2.2% XPO 270% · R 245% · ARCB 19%
Industrial Conglomerates 17 14.5%6.5%-0.6% CSW 99% · CSL 70% · DD 67%
Office Services & Supplies 10 19.6%22.1%-2.5% PBI 157% · HNI 37% · MSA 18%
Electrical Components & Equipment 39 -7.8%57.6%-5.3% POWL 1454% · VRT 565% · BE 441%
Data Processing & Outsourced Services 6 -10.2%1.5%-13.8% EXLS 57% · BR 20% · G -10%
Research & Consulting Services 13 0.5%-16.2%-24.2% HURN 210% · FCN 36% · BAH 9%
Agricultural & Farm Machinery 16 14.8%-3.9%-25.5% DE 102% · TTC 15% · AGCO 3%
Environmental & Facilities Services 29 -22.8%26.6%-27.0% GEO 191% · CLH 168% · RSG 98%
Security & Alarm Services 9 -47.2%31.9%-27.5% BCO 65%
Passenger Airlines 11 4.0%69.0%-34.4% LTM 3140% · UAL 114% · DAL 105%
Air Freight & Logistics 12 -31.2%-9.4%-40.2% FDX 75% · EXPD 56% · CHRW 50%
Human Resource & Employment Services 22 22.1%-13.7%-42.8% ADP 48% · FA 24% · PAYX 10%
Passenger Ground Transportation 3 -22.5%38.6%-58.0% UBER 45% · CAR -58% · LYFT -68%
Airport Services 4 -42.8%-66.1%-87.0% JOBY -40%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Latest Trefis Analyses

Title
0ARTICLES

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

OPLNCPRTCVNAANKMXVRMMedian
NameOpenlane Copart Carvana AutoNati.CarMax Vroom  
Mkt Price34.3531.9573.51183.9951.006.4142.67
Mkt Cap4.229.653.06.17.20.06.7
Rev LTM2,1384,66627,45127,42125,8815115,274
Op Inc LTM2001,6532,3991,166-459-48683
FCF LTM3801,2671,113231,24371746
FCF 3Y Avg2851,153731-138464-100374
CFO LTM4351,6041,3303111,78478882
CFO 3Y Avg3381,626872183956-95605

Growth & Margins

OPLNCPRTCVNAANKMXVRMMedian
NameOpenlane Copart Carvana AutoNati.CarMax Vroom  
Rev Chg LTM12.8%0.4%50.3%-1.8%-1.8%-11.9%-0.7%
Rev Chg 3Y Avg9.4%6.5%36.0%0.7%-4.4%248.9%7.9%
Rev Chg Q12.6%2.4%42.4%-0.4%-1.0%-4.7%1.0%
QoQ Delta Rev Chg LTM3.0%0.6%9.5%-0.1%-0.2%-4.1%0.2%
Op Inc Chg LTM-15.6%-2.6%39.7%-12.2%-72.1%30.1%-7.4%
Op Inc Chg 3Y Avg197.2%3.7%142.5%-11.0%-22.6%29.7%16.7%
Op Mgn LTM9.3%35.4%8.7%4.3%-1.8%-95.6%6.5%
Op Mgn 3Y Avg7.8%36.3%7.9%4.6%-1.2%-1,037.6%6.2%
QoQ Delta Op Mgn LTM0.5%-1.2%-0.2%-0.2%-0.3%-2.7%-0.3%
CFO/Rev LTM20.3%34.4%4.8%1.1%6.9%153.7%13.6%
CFO/Rev 3Y Avg17.3%36.0%4.5%0.7%3.7%-1,878.4%4.1%
FCF/Rev LTM17.8%27.2%4.1%0.1%4.8%140.4%11.3%
FCF/Rev 3Y Avg14.5%25.4%3.8%-0.5%1.8%-1,899.0%2.8%

Valuation

OPLNCPRTCVNAANKMXVRMMedian
NameOpenlane Copart Carvana AutoNati.CarMax Vroom  
Mkt Cap4.229.653.06.17.20.06.7
P/S2.06.31.90.20.30.71.3
P/Op Inc21.117.922.15.2-15.8-0.711.6
P/EBIT20.717.9389.64.25.7-2.311.8
P/E21.319.931.18.429.3-0.620.6
P/CFO9.718.539.819.54.10.414.1
Total Yield4.7%5.0%3.2%11.9%3.4%-166.3%4.0%
Dividend Yield0.0%0.0%0.0%0.0%0.0%0.0%0.0%
FCF Yield 3Y Avg9.9%3.2%2.0%-1.8%6.0%-3.2%
D/E0.10.00.11.92.623.31.0
Net D/E0.1-0.10.01.92.522.81.0

Returns

OPLNCPRTCVNAANKMXVRMMedian
NameOpenlane Copart Carvana AutoNati.CarMax Vroom  
1M Rtn-3.7%16.2%16.3%17.1%-5.2%-28.5%6.3%
3M Rtn-7.1%7.7%3.8%-12.1%-12.3%-30.3%-9.6%
6M Rtn-9.3%-5.9%-5.7%-10.7%26.4%-48.0%-7.6%
12M Rtn36.9%-21.1%20.9%-5.1%57.6%-72.9%7.9%
3Y Rtn137.2%-31.5%981.3%36.9%-20.4%-79.3%8.3%
1M Excs Rtn1.3%21.3%21.3%22.1%-0.2%-23.5%11.3%
3M Excs Rtn-3.0%12.8%4.0%-6.7%-8.4%-29.7%-4.9%
6M Excs Rtn-9.0%-5.6%-5.4%-10.4%26.7%-47.7%-7.3%
12M Excs Rtn23.3%-32.4%10.2%-13.5%16.5%-82.3%-1.7%
3Y Excs Rtn79.4%-101.2%1,240.2%-35.7%-90.4%-152.0%-63.1%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Marketplace1,5011,3571,2521,1441,161
Finance434431444386289
Total1,9341,7881,6961,5291,451


Operating Income by Segment
$ Mil20252024202320222021
Finance149132138179189
Marketplace4850-274-85-62
Total197182-13695127


Net Income by Segment
$ Mil20232022202120202019
Finance12313412580106
Marketplace-278-106-126-79-14
Total-15529-1092


Assets by Segment
$ Mil20252024202320222021
Finance2,7642,6782,6612,8222,909
Marketplace1,9611,9452,0662,2982,562
Total4,7244,6224,7265,1205,471


Price Behavior

Price Behavior
Market Price$34.35 
Market Cap ($ Bil)4.2 
First Trading Date12/26/2025 
Distance from 52W High-19.9% 
   50 Days200 Days
DMA Price$35.95$34.32
DMA Trendindeterminateup
Distance from DMA-4.5%0.1%
 3M1YR
Volatility29.1%33.7%
Downside Capture21.4368.39
Upside Capture-16.9694.34
Correlation (S&P 500)11.9%32.5%
OPLN Betas & Captures as of 10/31/2026

 1M2M3M6M1Y3Y
Beta0.060.280.350.680.840.90
Up Beta-1.51-0.30-0.240.570.820.85
Down Beta0.550.300.250.590.800.78
Up Capture118%69%45%94%107%132%
Bmk +ve Days12182862130427
Stock +ve Days12223166131384
Down Capture-101%-9%63%53%74%97%
Bmk -ve Days10253664121325
Stock -ve Days10213360118359

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with OPLN
OPLN32.5%33.8%0.87-
Sector ETF (XLI)7.1%17.8%0.2228.4%
Equity (SPY)9.5%13.6%0.4030.6%
Gold (GLD)1.6%28.7%0.0512.0%
Commodities (DBC)38.4%21.2%1.42-16.8%
Real Estate (VNQ)11.3%14.2%0.5123.2%
Bitcoin (BTCUSD)-27.2%43.6%-0.6119.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with OPLN
OPLN18.7%39.7%0.52-
Sector ETF (XLI)10.9%17.7%0.4546.0%
Equity (SPY)11.3%17.3%0.4844.5%
Gold (GLD)17.5%19.1%0.746.6%
Commodities (DBC)8.1%19.6%0.302.5%
Real Estate (VNQ)1.3%18.9%-0.0441.5%
Bitcoin (BTCUSD)4.0%51.6%0.2618.9%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with OPLN
OPLN9.2%40.2%0.34-
Sector ETF (XLI)13.0%20.1%0.5652.2%
Equity (SPY)15.0%18.0%0.7049.0%
Gold (GLD)11.9%16.5%0.592.6%
Commodities (DBC)7.5%18.1%0.3312.7%
Real Estate (VNQ)5.9%20.7%0.2446.6%
Bitcoin (BTCUSD)60.0%66.3%1.0010.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date10152026
Short Interest: Shares Quantity2.1 Mil
Short Interest: % Change Since 93020261.9%
Average Daily Volume1.4 Mil
Days-to-Cover Short Interest1.5 days
Basic Shares Quantity122.6 Mil
Short % of Basic Shares1.7%

Earnings Returns History

Updated 11/8/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
11/4/2026-5.5%  
8/4/2026-2.7%-9.5%-14.9%
5/5/202610.3%15.6%14.7%
2/18/20260.3%-9.9%-7.1%
11/5/2025-1.9%-5.7%-1.6%
8/6/202515.4%14.4%16.4%
5/7/202513.6%16.5%23.3%
2/19/20254.2%6.7%2.8%
...
SUMMARY STATS   
# Positive161614
# Negative9810
Median Positive8.2%10.7%14.2%
Median Negative-3.2%-9.7%-6.5%
Max Positive16.0%21.2%50.5%
Max Negative-13.7%-19.4%-14.9%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
11/4/2026-5.5%  
8/4/2026-2.7%-9.5%-14.9%
5/5/202610.3%15.6%14.7%
2/18/20260.3%-9.9%-7.1%
11/5/2025-1.9%-5.7%-1.6%
8/6/202515.4%14.4%16.4%
5/7/202513.6%16.5%23.3%
2/19/20254.2%6.7%2.8%
11/6/202411.9%14.3%15.6%
8/7/2024-1.0%1.9%-1.4%
5/1/20240.7%1.3%-1.1%
2/20/20243.8%6.1%17.7%
11/1/20234.4%6.9%9.7%
8/2/2023-5.1%-3.1%-0.3%
5/2/20238.2%12.7%12.1%
2/21/20238.9%1.2%-10.2%
11/1/2022-9.6%-11.5%-5.9%
8/2/2022-3.2%0.2%-11.7%
5/3/20223.1%-14.2%13.7%
2/16/202214.3%10.8%50.5%
11/2/2021-0.8%-1.3%6.4%
8/3/20218.1%11.0%3.6%
5/4/202116.0%21.2%26.7%
2/16/2021-13.7%-19.4%-11.8%
11/3/20200.6%10.7%11.7%
SUMMARY STATS   
# Positive161614
# Negative9810
Median Positive8.2%10.7%14.2%
Median Negative-3.2%-9.7%-6.5%
Max Positive16.0%21.2%50.5%
Max Negative-13.7%-19.4%-14.9%

SEC Filings

Expand for More
Report DateFiling DateFiling
09/30/202611/04/202610-Q
06/30/202608/04/202610-Q
03/31/202605/05/202610-Q
12/31/202502/18/202610-K
09/30/202511/05/202510-Q
06/30/202508/06/202510-Q
03/31/202505/08/202510-Q
12/31/202402/20/202510-K
09/30/202411/07/202410-Q
06/30/202408/08/202410-Q
03/31/202405/02/202410-Q
12/31/202302/21/202410-K
09/30/202311/02/202310-Q
06/30/202308/03/202310-Q
03/31/202305/03/202310-Q
12/31/202203/09/202310-K
Collapse to Preview
Report DateFiling DateFiling
09/30/202611/04/202610-Q
06/30/202608/04/202610-Q
03/31/202605/05/202610-Q
12/31/202502/18/202610-K
09/30/202511/05/202510-Q
06/30/202508/06/202510-Q
03/31/202505/08/202510-Q
12/31/202402/20/202510-K
09/30/202411/07/202410-Q
06/30/202408/08/202410-Q
03/31/202405/02/202410-Q
12/31/202302/21/202410-K
09/30/202311/02/202310-Q
06/30/202308/03/202310-Q
03/31/202305/03/202310-Q
12/31/202203/09/202310-K
09/30/202211/02/202210-Q
06/30/202208/03/202210-Q
03/31/202205/04/202210-Q
12/31/202102/23/202210-K
09/30/202111/03/202110-Q
06/30/202108/04/202110-Q
03/31/202105/05/202110-Q
12/31/202002/18/202110-K
09/30/202011/04/202010-Q
06/30/202008/05/202010-Q
03/31/202005/07/202010-Q
12/31/201902/19/202010-K

Recent Forward Guidance

Updated 11/5/2026

Latest: Q3 2026 Earnings Reported 11/4/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Operating Adjusted IncomeReported182.00 Mil186.50 Mil191.00 Mil   
2026 Adjusted EBITDAReported390.00 Mil395.00 Mil400.00 Mil0.6% RaisedGuidance: 392.50 Mil for 2026
2026 EBITDAReported463.00 Mil468.50 Mil474.00 Mil   
2026 Net IncomeReported169.00 Mil173.00 Mil177.00 Mil2.1% RaisedGuidance: 169.50 Mil for 2026
2026 Diluted Net Income Per ShareReported1.271.311.342.0% RaisedGuidance: 1.28 for 2026
2026 Operating Adjusted EPSReported1.451.491.522.4% RaisedGuidance: 1.45 for 2026


Prior: Q2 2026 Earnings Reported 8/4/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Adjusted EBITDAReported385.00 Mil392.50 Mil400.00 Mil4.7% RaisedGuidance: 375.00 Mil for 2026
2026 Net incomeReported163.00 Mil169.50 Mil176.00 Mil9.0% RaisedGuidance: 155.50 Mil for 2026
2026 Net income per share - dilutedReported1.231.281.3310.3% RaisedGuidance: 1.16 for 2026
2026 Operating Adjusted EPSReported1.41.451.57.4% RaisedGuidance: 1.35 for 2026

Q1 2026 Earnings Reported 5/5/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Adjusted EBITDAReported365.00 Mil375.00 Mil385.00 Mil4.2% RaisedGuidance: 360.00 Mil for 2026
2026 Net incomeReported147.00 Mil155.50 Mil164.00 Mil12.3% RaisedGuidance: 138.50 Mil for 2026
2026 Net income per share - dilutedReported1.091.161.2313.7% RaisedGuidance: 1.02 for 2026
2026 Operating Adjusted EPSReported1.281.351.423.1% RaisedGuidance: 1.31 for 2026

Q4 2025 Earnings Reported 2/18/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Adjusted EBITDAReported350.00 Mil360.00 Mil370.00 Mil8.9% Higher NewActual: 330.50 Mil for 2025
2026 Net IncomeReported130.00 Mil138.50 Mil147.00 Mil-2.1% Lower NewActual: 141.50 Mil for 2025
2026 Net income per share - dilutedReported0.951.021.09-178.5% Higher NewActual: -1.3 for 2025
2026 Operating Adjusted EPSReported1.241.311.385.6% Higher NewActual: 1.24 for 2025

Insider Activity

Updated 8/26/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Kelly, Peter JChief Executive OfficerFamily TrustBuy826202633.7214,830499,999499,999Form
2Ignition, Acquisition Holdings LP See FootnotesSell813202634.368,000,000274,880,000289,473,654Form
3Mitchell, William ClydePresident of AFCDirectSell515202636.046,500234,260573,541Form
4Richer, Tobin PEVP Marketing & CommunicationsDirectSell511202638.314,000153,240946,142Form
5Richer, Tobin PEVP Marketing & CommunicationsDirectSell508202635.7766,7092,386,3221,026,552Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Kelly, Peter JChief Executive OfficerFamily TrustBuy826202633.7214,830499,999499,999Form
2Ignition, Acquisition Holdings LP See FootnotesSell813202634.368,000,000274,880,000289,473,654Form
3Mitchell, William ClydePresident of AFCDirectSell515202636.046,500234,260573,541Form
4Richer, Tobin PEVP Marketing & CommunicationsDirectSell511202638.314,000153,240946,142Form
5Richer, Tobin PEVP Marketing & CommunicationsDirectSell508202635.7766,7092,386,3221,026,552Form
6Coyle, James PEVP & President, MarketplaceDirectSell508202635.7715,000536,5022,092,789Form
7Coleman, Charles SEVP, CLO & SecretaryDirectSell508202635.8619,763708,7012,665,617Form
8Coyle, James PEVP & President, MarketplaceDirectSell223202628.8388,4442,549,4871,841,088Form
9Coleman, Charles SEVP, CLO & SecretaryDirectSell1203202526.0088,0622,289,2891,390,140Form
10Coyle, James PEVP & President, MarketplaceDirectSell808202527.94194,5755,435,9201,029,508Form
11Coleman, Charles SEVP, CLO & SecretaryDirectSell808202527.9759,2891,658,3131,495,681Form

Investor Activity (13F)

Updated Nov 8, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Sunriver Management LLC$44.3 Mil7.5%18Hold13F
Hawk Ridge Capital Management LP$144.8 Mil5.3%48ADD +72.5%13F
Paradice Investment Management LLC$22.9 Mil4.3%23Hold13F
Lone Peak Global Investors LLC$25.0 Mil4.2%42ADD +39.7%13F
Park West Asset Management LLC$36.3 Mil3.2%48New13F
Philadelphia Financial Management of San Francisco, LLC$9.4 Mil3.0%42New13F
No Street GP LP$39.4 Mil2.6%31ADD +58.6%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Park West Asset Management LLC$36.3 Mil3.2%48New13F
Philadelphia Financial Management of San Francisco, LLC$9.4 Mil3.0%42New13F
Hawk Ridge Capital Management LP$144.8 Mil5.3%48ADD +72.5%13F
No Street GP LP$39.4 Mil2.6%31ADD +58.6%13F
Lone Peak Global Investors LLC$25.0 Mil4.2%42ADD +39.7%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Cadian Capital Management, LP$38.1 Mil2.8%26Exited13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Hawk Ridge Capital Management LP$144.8 Mil5.3%48ADD +72.5%13F
Sunriver Management LLC$44.3 Mil7.5%18Hold13F
No Street GP LP$39.4 Mil2.6%31ADD +58.6%13F
Park West Asset Management LLC$36.3 Mil3.2%48New13F
Lone Peak Global Investors LLC$25.0 Mil4.2%42ADD +39.7%13F
Paradice Investment Management LLC$22.9 Mil4.3%23Hold13F
Philadelphia Financial Management of San Francisco, LLC$9.4 Mil3.0%42New13F
Core Cache Last Updated: 11/7/2026