Openlane (OPLN)
Market Price (9/21/2026): $34.26 | Market Cap: $3.9 BilSector: Industrials | Industry: Diversified Support Services
Openlane (OPLN)
Market Price (9/21/2026): $34.26Market Cap: $3.9 BilSector: IndustrialsIndustry: Diversified Support Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.1%, FCF Yield is 9.0% Attractive cash flow generationCFO/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 17% Low stock price volatilityVol 12M is 36% Megatrend and thematic driversMegatrends include E-commerce & Digital Retail, and E-commerce & DTC Adoption. Themes include Online Marketplaces, and Supply Chain Digitization. | Weak multi-year price returns2Y Excs Rtn is -25%, 3Y Excs Rtn is -60% | Key risksOPLN 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. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.1%, FCF Yield is 9.0% |
| Attractive cash flow generationCFO/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 17% |
| Low stock price volatilityVol 12M is 36% |
| Megatrend and thematic driversMegatrends include E-commerce & Digital Retail, and E-commerce & DTC Adoption. Themes include Online Marketplaces, and Supply Chain Digitization. |
| Weak multi-year price returns2Y Excs Rtn is -25%, 3Y Excs Rtn is -60% |
| Key risksOPLN 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. |
Qualitative Assessment
AI Analysis | Feedback
Openlane (OPLN) stock has lost about 10% since 5/31/2026 because of the following key factors:
1. Share Dilution from Conversion of Preferred Stock. Openlane's remaining Series A Convertible Preferred Stock was converted into approximately 17 million shares of common stock in June 2026, increasing the outstanding common share count to roughly 123.1 million. This conversion resulted in share dilution for existing shareholders.
2. Significant Secondary Offering by a Major Institutional Investor. In August 2026, Ignition Acquisition Holdings LP, a fund advised by Apax Partners, sold 8 million shares of Openlane common stock for approximately $274.88 million. This large sale by a key institutional shareholder, despite Openlane's concurrent repurchase of 727,590 shares, contributed to selling pressure and created an overhang on the stock.
Show more
Openlane (OPLN) stock has lost about 10% since 5/31/2026 because of the following key factors:
1. Share Dilution from Conversion of Preferred Stock. Openlane's remaining Series A Convertible Preferred Stock was converted into approximately 17 million shares of common stock in June 2026, increasing the outstanding common share count to roughly 123.1 million. This conversion resulted in share dilution for existing shareholders.
2. Significant Secondary Offering by a Major Institutional Investor. In August 2026, Ignition Acquisition Holdings LP, a fund advised by Apax Partners, sold 8 million shares of Openlane common stock for approximately $274.88 million. This large sale by a key institutional shareholder, despite Openlane's concurrent repurchase of 727,590 shares, contributed to selling pressure and created an overhang on the stock.
3. Decline in Quarterly Operating and Free Cash Flow Despite Strong Q2 2026 Earnings. While Openlane reported robust Q2 2026 financial results, including a 15% year-over-year revenue increase to $554.6 million and 33% diluted EPS growth to $0.32, the company experienced a 26% decline in quarterly operating cash flow. Additionally, free cash flow also decreased, and the trailing 12-month adjusted free cash flow conversion rate of 62% fell below the company's expected range of 65% to 75%, primarily due to a stronger-than-anticipated growth in finance receivable balances which consumed approximately $45 million in cash. This cash flow performance may have tempered investor enthusiasm despite the positive top-line growth and raised guidance for fiscal year 2026.
Show less
Stock Movement Drivers
Fundamental Drivers
The -10.1% change in OPLN stock from 5/31/2026 to 9/20/2026 was primarily driven by a -8.3% change in the company's P/E Multiple.| (LTM values as of) | 5312026 | 9202026 | Change |
|---|---|---|---|
| Stock Price ($) | 38.10 | 34.27 | -10.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,002 | 2,075 | 3.6% |
| Net Income Margin (%) | 9.5% | 9.7% | 2.0% |
| P/E Multiple | 21.4 | 19.6 | -8.3% |
| Shares Outstanding (Mil) | 106 | 115 | -7.2% |
| Cumulative Contribution | -10.1% |
Market Drivers
5/31/2026 to 9/20/2026| Return | Correlation | |
|---|---|---|
| OPLN | -10.1% | |
| Market (SPY) | 0.9% | 21.6% |
| Sector (XLI) | -2.0% | 16.5% |
Fundamental Drivers
The 20.2% change in OPLN stock from 2/28/2026 to 9/20/2026 was primarily driven by a 14.9% change in the company's P/E Multiple.| (LTM values as of) | 2282026 | 9202026 | Change |
|---|---|---|---|
| Stock Price ($) | 28.51 | 34.27 | 20.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,934 | 2,075 | 7.3% |
| Net Income Margin (%) | 9.2% | 9.7% | 5.2% |
| P/E Multiple | 17.1 | 19.6 | 14.9% |
| Shares Outstanding (Mil) | 106 | 115 | -7.3% |
| Cumulative Contribution | 20.2% |
Market Drivers
2/28/2026 to 9/20/2026| Return | Correlation | |
|---|---|---|
| OPLN | 20.2% | |
| Market (SPY) | 11.6% | 32.8% |
| Sector (XLI) | -3.9% | 22.4% |
Fundamental Drivers
nullnull
Market Drivers
8/31/2025 to 9/20/2026| Return | Correlation | |
|---|---|---|
| OPLN | ||
| Market (SPY) | 19.4% | 34.4% |
| Sector (XLI) | 12.8% | 25.4% |
Fundamental Drivers
nullnull
Market Drivers
8/31/2023 to 9/20/2026| Return | Correlation | |
|---|---|---|
| OPLN | ||
| Market (SPY) | 75.6% | 34.4% |
| Sector (XLI) | 63.4% | 25.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| OPLN Return | - | - | - | - | -3% | 15% | 11% |
| Peers Return | 16% | -47% | 246% | 73% | -4% | 4% | 268% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 103% |
Monthly Win Rates [3] | |||||||
| OPLN Win Rate | - | - | - | - | 0% | 56% | |
| Peers Win Rate | 53% | 35% | 60% | 57% | 42% | 40% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| OPLN Max Drawdown | - | - | - | - | - | -22% | |
| Peers Max Drawdown | -25% | -57% | -30% | -21% | -49% | -36% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: CPRT, ACVA, CVNA, AN, KMX.
[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 9/18/2026 (YTD)
How Low Can It Go
OPLN has limited trading history. Below is the Industrials sector ETF (XLI) in its place.
| Event | XLI | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -15.8% | -18.8% |
| % Gain to Breakeven | 18.8% | 23.1% |
| Time to Breakeven | 34 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -11.7% | -9.5% |
| % Gain to Breakeven | 13.2% | 10.5% |
| Time to Breakeven | 45 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -20.1% | -24.5% |
| % Gain to Breakeven | 25.1% | 32.4% |
| Time to Breakeven | 125 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -41.6% | -33.7% |
| % Gain to Breakeven | 71.2% | 50.9% |
| Time to Breakeven | 231 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -23.7% | -19.2% |
| % Gain to Breakeven | 31.1% | 23.8% |
| Time to Breakeven | 120 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -11.1% | -12.2% |
| % Gain to Breakeven | 12.5% | 13.9% |
| Time to Breakeven | 51 days | 62 days |
In The Past
State Street Industrial Select Sector SPDR ETF's stock fell -15.8% during the 2025 US Tariff Shock. Such a loss loss requires a 18.8% 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.
OPLN has limited trading history. Below is the Industrials sector ETF (XLI) in its place.
| Event | XLI | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -20.1% | -24.5% |
| % Gain to Breakeven | 25.1% | 32.4% |
| Time to Breakeven | 125 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -41.6% | -33.7% |
| % Gain to Breakeven | 71.2% | 50.9% |
| Time to Breakeven | 231 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -23.7% | -19.2% |
| % Gain to Breakeven | 31.1% | 23.8% |
| Time to Breakeven | 120 days | 105 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -22.5% | -17.9% |
| % Gain to Breakeven | 29.0% | 21.8% |
| Time to Breakeven | 114 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -60.5% | -53.4% |
| % Gain to Breakeven | 153.2% | 114.4% |
| Time to Breakeven | 700 days | 1085 days |
In The Past
State Street Industrial Select Sector SPDR ETF's stock fell -15.8% during the 2025 US Tariff Shock. Such a loss loss requires a 18.8% 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)
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
AI Analysis | Feedback
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
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
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:
- 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.
- 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.
- 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.
- 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.
Peer Outperformance in Diversified Support Services
null| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Construction & Engineering | 31 | 7.0% | 104.6% | 189.6% | FIX 2338% · STRL 2296% · CDNL 2275% |
| Marine Transportation | 5 | 88.1% | 65.8% | 180.5% | HOS 44163% · MATX 208% · SFL 181% |
| Construction Machinery & Heavy Transportation Equipment | 13 | 11.7% | 58.9% | 128.8% | CAT 364% · ALSN 258% · WAB 236% |
| Aerospace & Defense | 55 | -6.5% | 68.9% | 75.0% | ATI 1076% · FTAI 1008% · HWM 661% |
| Rail Transportation | 7 | 29.3% | 58.4% | 59.0% | FSTR 147% · CSX 70% · RAIL 69% |
| Trading Companies & Distributors | 19 | 4.3% | 37.2% | 50.9% | DXPE 581% · AIT 305% · WCC 222% |
| Industrial Machinery & Supplies & Components | 72 | 9.1% | 51.5% | 43.2% | CRS 1278% · PSIX 1091% · EROC 652% |
| Diversified Support Services ← | 33 | 13.4% | 34.2% | 36.0% | LIME 3498% · TH 459% · WLFC 363% |
| Passenger Ground Transportation | 3 | -28.4% | 46.2% | 31.6% | UBER 59% · CAR 32% · LYFT -72% |
| Cargo Ground Transportation | 16 | 34.4% | 2.3% | 27.6% | R 251% · XPO 242% · CVLG 163% |
| Electrical Components & Equipment | 41 | 3.4% | 58.5% | 24.2% | POWL 2383% · BE 1333% · VRT 958% |
| Building Products | 33 | -14.7% | 3.4% | 20.0% | LMB 728% · GFF 398% · PPIH 301% |
| Industrial Conglomerates | 17 | 7.9% | 6.5% | 7.9% | RCMT 524% · CSW 142% · DD 76% |
| Agricultural & Farm Machinery | 17 | 6.4% | 4.5% | -2.4% | BLBD 214% · DE 117% · GENC 58% |
| Environmental & Facilities Services | 29 | -11.1% | 24.2% | -7.2% | CECO 929% · ADUR 404% · NVRI 376% |
| Research & Consulting Services | 13 | -12.7% | -22.8% | -10.5% | HURN 219% · CRAI 92% · GRNQ 67% |
| Data Processing & Outsourced Services | 6 | -33.4% | -14.8% | -24.6% | EXLS 46% · BR 10% · G -23% |
| Passenger Airlines | 11 | 3.2% | 13.3% | -27.7% | LTM 3169% · UAL 145% · SKYW 113% |
| Office Services & Supplies | 9 | 7.4% | 12.6% | -32.7% | PBI 202% · TILE 148% · HNI 51% |
| Human Resource & Employment Services | 22 | 6.5% | -15.5% | -36.3% | BBSI 89% · ADP 54% · PAYX 25% |
| Air Freight & Logistics | 12 | -18.0% | -19.7% | -39.1% | CHRW 97% · EXPD 67% · FDX 66% |
| Security & Alarm Services | 10 | -37.7% | 22.8% | -44.9% | CIX 157% · MG 128% · BCO 68% |
| Airport Services | 3 | -75.1% | -78.7% | -61.9% | JOBY -35% · ASLE -62% · UP -100% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| The Takeover Case for OPLN: A Digital Powerhouse Hiding in Plain Sight | 08/06/2026 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 45.74 |
| Mkt Cap | 6.9 |
| Rev LTM | 14,848 |
| Op Inc LTM | 736 |
| FCF LTM | 641 |
| FCF 3Y Avg | 371 |
| CFO LTM | 765 |
| CFO 3Y Avg | 608 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 6.4% |
| Rev Chg 3Y Avg | 8.1% |
| Rev Chg Q | 6.3% |
| QoQ Delta Rev Chg LTM | 1.6% |
| Op Inc Chg LTM | 7.6% |
| Op Inc Chg 3Y Avg | 10.3% |
| Op Mgn LTM | 6.7% |
| Op Mgn 3Y Avg | 6.0% |
| QoQ Delta Op Mgn LTM | -0.0% |
| CFO/Rev LTM | 5.9% |
| CFO/Rev 3Y Avg | 6.0% |
| FCF/Rev LTM | 4.3% |
| FCF/Rev 3Y Avg | 3.2% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Marketplace | 1,501 | 1,357 | 1,252 | 1,144 | 1,161 |
| Finance | 434 | 431 | 444 | 386 | 289 |
| Total | 1,934 | 1,788 | 1,696 | 1,529 | 1,451 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Finance | 149 | 132 | 138 | 179 | 189 |
| Marketplace | 48 | 50 | -274 | -85 | -62 |
| Total | 197 | 182 | -136 | 95 | 127 |
| $ Mil | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|
| Finance | 123 | 134 | 125 | 80 | 106 |
| Marketplace | -278 | -106 | -126 | -79 | -14 |
| Total | -155 | 29 | -1 | 0 | 92 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Finance | 2,764 | 2,678 | 2,661 | 2,822 | 2,909 |
| Marketplace | 1,961 | 1,945 | 2,066 | 2,298 | 2,562 |
| Total | 4,724 | 4,622 | 4,726 | 5,120 | 5,471 |
Price Behavior
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.75 | 0.93 | 0.63 | 0.86 | 0.15 | -0.05 |
| Up Beta | -0.21 | -0.25 | 0.33 | 1.05 | -0.61 | 0.45 |
| Down Beta | 2.52 | 0.51 | 0.25 | 0.64 | -0.07 | 0.18 |
| Up Capture | 5% | 88% | 68% | 100% | 65% | 6% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 9 | 21 | 31 | 65 | 84 | 84 |
| Down Capture | 294% | 220% | 109% | 74% | 78% | 43% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 12 | 21 | 33 | 62 | 84 | 84 |
[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 | |
|---|---|---|---|---|
| OPLN | 11.5% | 35.6% | 0.47 | - |
| Sector ETF (XLI) | 13.5% | 17.2% | 0.57 | 25.4% |
| Equity (SPY) | 16.9% | 12.9% | 0.94 | 34.4% |
| Gold (GLD) | 19.1% | 29.3% | 0.60 | 15.1% |
| Commodities (DBC) | 46.3% | 20.6% | 1.73 | -21.7% |
| Real Estate (VNQ) | 4.9% | 13.6% | 0.10 | 25.2% |
| Bitcoin (BTCUSD) | -30.6% | 44.3% | -0.70 | 21.4% |
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 | |
|---|---|---|---|---|
| OPLN | 2.2% | 35.6% | 0.47 | - |
| Sector ETF (XLI) | 12.4% | 17.6% | 0.54 | 25.4% |
| Equity (SPY) | 12.9% | 17.2% | 0.57 | 34.4% |
| Gold (GLD) | 19.1% | 18.8% | 0.83 | 15.1% |
| Commodities (DBC) | 11.2% | 19.5% | 0.45 | -21.7% |
| Real Estate (VNQ) | 1.1% | 18.8% | -0.05 | 25.2% |
| Bitcoin (BTCUSD) | 12.5% | 52.5% | 0.42 | 21.4% |
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 | |
|---|---|---|---|---|
| OPLN | 1.1% | 35.6% | 0.47 | - |
| Sector ETF (XLI) | 13.1% | 20.1% | 0.57 | 25.4% |
| Equity (SPY) | 15.1% | 18.0% | 0.72 | 34.4% |
| Gold (GLD) | 12.1% | 16.4% | 0.61 | 15.1% |
| Commodities (DBC) | 8.3% | 18.1% | 0.37 | -21.7% |
| Real Estate (VNQ) | 4.4% | 20.7% | 0.18 | 25.2% |
| Bitcoin (BTCUSD) | 62.6% | 66.2% | 1.02 | 21.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/04/2026 | 10-Q |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/18/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/20/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/21/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 03/09/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/04/2026 | 10-Q |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/18/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/20/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/21/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 03/09/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| 06/30/2022 | 08/03/2022 | 10-Q |
| 03/31/2022 | 05/04/2022 | 10-Q |
| 12/31/2021 | 02/23/2022 | 10-K |
| 09/30/2021 | 11/03/2021 | 10-Q |
| 06/30/2021 | 08/04/2021 | 10-Q |
| 03/31/2021 | 05/05/2021 | 10-Q |
| 12/31/2020 | 02/18/2021 | 10-K |
| 09/30/2020 | 11/04/2020 | 10-Q |
| 06/30/2020 | 08/05/2020 | 10-Q |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 02/19/2020 | 10-K |
| 09/30/2019 | 11/06/2019 | 10-Q |
Recent Forward Guidance
Updated 8/5/2026Latest: Q2 2026 Earnings Reported 8/4/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Adjusted EBITDA | Reported | 385.00 Mil | 392.50 Mil | 400.00 Mil | 4.7% | Raised | Guidance: 375.00 Mil for 2026 | |
| 2026 Net income | Reported | 163.00 Mil | 169.50 Mil | 176.00 Mil | 9.0% | Raised | Guidance: 155.50 Mil for 2026 | |
| 2026 Net income per share - diluted | Reported | 1.23 | 1.28 | 1.33 | 10.3% | Raised | Guidance: 1.16 for 2026 | |
| 2026 Operating Adjusted EPS | Reported | 1.4 | 1.45 | 1.5 | 7.4% | Raised | Guidance: 1.35 for 2026 | |
Prior: Q1 2026 Earnings Reported 5/5/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Adjusted EBITDA | Reported | 365.00 Mil | 375.00 Mil | 385.00 Mil | 4.2% | Raised | Guidance: 360.00 Mil for 2026 | |
| 2026 Net income | Reported | 147.00 Mil | 155.50 Mil | 164.00 Mil | 12.3% | Raised | Guidance: 138.50 Mil for 2026 | |
| 2026 Net income per share - diluted | Reported | 1.09 | 1.16 | 1.23 | 13.7% | Raised | Guidance: 1.02 for 2026 | |
| 2026 Operating Adjusted EPS | Reported | 1.28 | 1.35 | 1.42 | 3.1% | Raised | Guidance: 1.31 for 2026 | |
Q4 2025 Earnings Reported 2/18/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Adjusted EBITDA | Reported | 350.00 Mil | 360.00 Mil | 370.00 Mil | 8.9% | Higher New | Actual: 330.50 Mil for 2025 | |
| 2026 Net Income | Reported | 130.00 Mil | 138.50 Mil | 147.00 Mil | -2.1% | Lower New | Actual: 141.50 Mil for 2025 | |
| 2026 Net income per share - diluted | Reported | 0.95 | 1.02 | 1.09 | -178.5% | Higher New | Actual: -1.3 for 2025 | |
| 2026 Operating Adjusted EPS | Reported | 1.24 | 1.31 | 1.38 | 5.6% | Higher New | Actual: 1.24 for 2025 | |
Q3 2025 Earnings Reported 11/5/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Income from continuing operations | Reported | 139.00 Mil | 141.50 Mil | 144.00 Mil | 4.0% | Raised | Guidance: 136.00 Mil for 2025 | |
| 2025 Income from continuing operations per share - diluted | Reported | -1.32 | -1.3 | -1.28 | -304.7% | Lowered | Guidance: 0.64 for 2025 | |
| 2025 Adjusted EBITDA | Reported | 328.00 Mil | 330.50 Mil | 333.00 Mil | 4.9% | Raised | Guidance: 315.00 Mil for 2025 | |
| 2025 Operating Adjusted EPS | Reported | 1.22 | 1.24 | 1.26 | 8.3% | Raised | Guidance: 1.15 for 2025 | |
Insider Activity
Updated 8/26/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Kelly, Peter J | Chief Executive Officer | Family Trust | Buy | 8262026 | 33.72 | 14,830 | 499,999 | 499,999 | Form |
| 2 | Ignition, Acquisition Holdings LP | See Footnotes | Sell | 8132026 | 34.36 | 8,000,000 | 274,880,000 | 289,473,654 | Form | |
| 3 | Mitchell, William Clyde | President of AFC | Direct | Sell | 5152026 | 36.04 | 6,500 | 234,260 | 573,541 | Form |
| 4 | Richer, Tobin P | EVP Marketing & Communications | Direct | Sell | 5112026 | 38.31 | 4,000 | 153,240 | 946,142 | Form |
| 5 | Richer, Tobin P | EVP Marketing & Communications | Direct | Sell | 5082026 | 35.77 | 66,709 | 2,386,322 | 1,026,552 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Kelly, Peter J | Chief Executive Officer | Family Trust | Buy | 8262026 | 33.72 | 14,830 | 499,999 | 499,999 | Form |
| 2 | Ignition, Acquisition Holdings LP | See Footnotes | Sell | 8132026 | 34.36 | 8,000,000 | 274,880,000 | 289,473,654 | Form | |
| 3 | Mitchell, William Clyde | President of AFC | Direct | Sell | 5152026 | 36.04 | 6,500 | 234,260 | 573,541 | Form |
| 4 | Richer, Tobin P | EVP Marketing & Communications | Direct | Sell | 5112026 | 38.31 | 4,000 | 153,240 | 946,142 | Form |
| 5 | Richer, Tobin P | EVP Marketing & Communications | Direct | Sell | 5082026 | 35.77 | 66,709 | 2,386,322 | 1,026,552 | Form |
| 6 | Coyle, James P | EVP & President, Marketplace | Direct | Sell | 5082026 | 35.77 | 15,000 | 536,502 | 2,092,789 | Form |
| 7 | Coleman, Charles S | EVP, CLO & Secretary | Direct | Sell | 5082026 | 35.86 | 19,763 | 708,701 | 2,665,617 | Form |
| 8 | Coyle, James P | EVP & President, Marketplace | Direct | Sell | 2232026 | 28.83 | 88,444 | 2,549,487 | 1,841,088 | Form |
| 9 | Coleman, Charles S | EVP, CLO & Secretary | Direct | Sell | 12032025 | 26.00 | 88,062 | 2,289,289 | 1,390,140 | Form |
| 10 | Coyle, James P | EVP & President, Marketplace | Direct | Sell | 8082025 | 27.94 | 194,575 | 5,435,920 | 1,029,508 | Form |
| 11 | Coleman, Charles S | EVP, CLO & Secretary | Direct | Sell | 8082025 | 27.97 | 59,289 | 1,658,313 | 1,495,681 | Form |
Investor Activity (13F)
Updated Sep 21, 2026Active 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 Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Sunriver Management LLC | $44.3 Mil | 7.5% | 18 | Hold | 13F |
| Hawk Ridge Capital Management LP | $144.8 Mil | 5.3% | 48 | ADD +72.5% | 13F |
| Paradice Investment Management LLC | $22.9 Mil | 4.3% | 23 | Hold | 13F |
| Lone Peak Global Investors LLC | $25.0 Mil | 4.2% | 42 | ADD +39.7% | 13F |
| Park West Asset Management LLC | $36.3 Mil | 3.2% | 48 | New | 13F |
| Philadelphia Financial Management of San Francisco, LLC | $9.4 Mil | 3.0% | 42 | New | 13F |
| No Street GP LP | $39.4 Mil | 2.6% | 31 | ADD +58.6% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Park West Asset Management LLC | $36.3 Mil | 3.2% | 48 | New | 13F |
| Philadelphia Financial Management of San Francisco, LLC | $9.4 Mil | 3.0% | 42 | New | 13F |
| Hawk Ridge Capital Management LP | $144.8 Mil | 5.3% | 48 | ADD +72.5% | 13F |
| No Street GP LP | $39.4 Mil | 2.6% | 31 | ADD +58.6% | 13F |
| Lone Peak Global Investors LLC | $25.0 Mil | 4.2% | 42 | ADD +39.7% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Hawk Ridge Capital Management LP | $144.8 Mil | 5.3% | 48 | ADD +72.5% | 13F |
| Sunriver Management LLC | $44.3 Mil | 7.5% | 18 | Hold | 13F |
| No Street GP LP | $39.4 Mil | 2.6% | 31 | ADD +58.6% | 13F |
| Park West Asset Management LLC | $36.3 Mil | 3.2% | 48 | New | 13F |
| Lone Peak Global Investors LLC | $25.0 Mil | 4.2% | 42 | ADD +39.7% | 13F |
| Paradice Investment Management LLC | $22.9 Mil | 4.3% | 23 | Hold | 13F |
| Philadelphia Financial Management of San Francisco, LLC | $9.4 Mil | 3.0% | 42 | New | 13F |
Industry Resources
| Industrials Resources |
| IndustryWeek |
| Manufacturing.net |
| Aviation Week |
| Diversified Support Services Resources |
| Facilities Management Journal (FMJ) |
| Supply Chain Brain |
| Corporate Services News |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.