Openlane (OPLN)
Market Price (10/24/2026): $37.69 | Market Cap: $4.6 BilSector: Industrials | Industry: Diversified Support Services
Openlane (OPLN)
Market Price (10/24/2026): $37.69Market Cap: $4.6 BilSector: IndustrialsIndustry: Diversified Support Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
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% Attractive yieldFCF Yield is 8.2% Low stock price volatilityVol 12M is 33% Megatrend and thematic driversMegatrends include E-commerce & Digital Retail, and E-commerce & DTC Adoption. Themes include Online Marketplaces, and Supply Chain Digitization. | 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 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% |
| Attractive yieldFCF Yield is 8.2% |
| Low stock price volatilityVol 12M is 33% |
| Megatrend and thematic driversMegatrends include E-commerce & Digital Retail, and E-commerce & DTC Adoption. Themes include Online Marketplaces, and Supply Chain Digitization. |
| 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
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Openlane (OPLN) stock has lost about 10% since 6/30/2026 because of the following key factors:
1. Significant insider selling and secondary offering increased market supply.
A major shareholder, Ignition Acquisition Holdings LP, sold 8,000,000 shares of Openlane common stock for approximately $274.88 million on August 13, 2026, during fiscal Q3 2026. This transaction was part of a registered public offering announced on August 11, 2026, which, despite a concurrent smaller share repurchase of 727,590 shares by Openlane, effectively increased the supply of shares available in the market from a large institutional investor.
2. Broader macroeconomic headwinds impacted the consumer cyclical sector.
During the period, broader market weakness affected consumer cyclical stocks, including Openlane, due to factors such as surging oil prices above $100 per barrel and hotter-than-expected Producer Price Index (PPI) data. Additionally, the Manheim wholesale index, a key indicator for the used vehicle market, fell by 1.1% in September, reflecting softness in the industry.
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Openlane (OPLN) stock has lost about 10% since 6/30/2026 because of the following key factors:
1. Significant insider selling and secondary offering increased market supply.
A major shareholder, Ignition Acquisition Holdings LP, sold 8,000,000 shares of Openlane common stock for approximately $274.88 million on August 13, 2026, during fiscal Q3 2026. This transaction was part of a registered public offering announced on August 11, 2026, which, despite a concurrent smaller share repurchase of 727,590 shares by Openlane, effectively increased the supply of shares available in the market from a large institutional investor.
2. Broader macroeconomic headwinds impacted the consumer cyclical sector.
During the period, broader market weakness affected consumer cyclical stocks, including Openlane, due to factors such as surging oil prices above $100 per barrel and hotter-than-expected Producer Price Index (PPI) data. Additionally, the Manheim wholesale index, a key indicator for the used vehicle market, fell by 1.1% in September, reflecting softness in the industry.
3. High valuation contributed to downward pressure despite strong fiscal Q2 2026 performance.
Although Openlane reported strong fiscal Q2 2026 earnings on August 4, 2026, beating revenue estimates by 4.4% and adjusted EPS estimates by 13.8%, the stock's price-to-sales (P/S) ratio of 2.1x remained above the industry average of 1.3x-1.4x. This relatively elevated valuation, even with positive company-specific news, may have made the stock more susceptible to a decline amid the challenging market conditions and increased share supply.
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Stock Movement Drivers
Fundamental Drivers
The -8.6% change in OPLN stock from 6/30/2026 to 10/23/2026 was primarily driven by a -7.2% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 6302026 | 10232026 | Change |
|---|---|---|---|
| Stock Price ($) | 41.24 | 37.69 | -8.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,002 | 2,075 | 3.6% |
| Net Income Margin (%) | 9.5% | 9.7% | 2.0% |
| P/E Multiple | 23.1 | 21.6 | -6.8% |
| Shares Outstanding (Mil) | 106 | 115 | -7.2% |
| Cumulative Contribution | -8.6% |
Market Drivers
6/30/2026 to 10/23/2026| Return | Correlation | |
|---|---|---|
| OPLN | -8.6% | |
| Market (SPY) | 1.8% | 26.4% |
| Sector (XLI) | -11.1% | 18.2% |
Fundamental Drivers
The 29.3% change in OPLN stock from 3/31/2026 to 10/23/2026 was primarily driven by a 23.6% change in the company's P/E Multiple.| (LTM values as of) | 3312026 | 10232026 | Change |
|---|---|---|---|
| Stock Price ($) | 29.15 | 37.69 | 29.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,934 | 2,075 | 7.3% |
| Net Income Margin (%) | 9.2% | 9.7% | 5.2% |
| P/E Multiple | 17.4 | 21.6 | 23.6% |
| Shares Outstanding (Mil) | 106 | 115 | -7.3% |
| Cumulative Contribution | 29.3% |
Market Drivers
3/31/2026 to 10/23/2026| Return | Correlation | |
|---|---|---|
| OPLN | 29.3% | |
| Market (SPY) | 17.2% | 27.0% |
| Sector (XLI) | 2.0% | 19.1% |
Fundamental Drivers
The 31.0% change in OPLN stock from 9/30/2025 to 10/23/2026 was primarily driven by a 18.9% change in the company's Net Income Margin (%).| (LTM values as of) | 9302025 | 10232026 | Change |
|---|---|---|---|
| Stock Price ($) | 28.78 | 37.69 | 31.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,857 | 2,075 | 11.8% |
| Net Income Margin (%) | 8.1% | 9.7% | 18.9% |
| P/E Multiple | 20.5 | 21.6 | 5.2% |
| Shares Outstanding (Mil) | 108 | 115 | -6.3% |
| Cumulative Contribution | 31.0% |
Market Drivers
9/30/2025 to 10/23/2026| Return | Correlation | |
|---|---|---|
| OPLN | 31.0% | |
| Market (SPY) | 15.0% | 33.1% |
| Sector (XLI) | 7.7% | 27.5% |
Fundamental Drivers
The 152.6% change in OPLN stock from 9/30/2023 to 10/23/2026 was primarily driven by a 105.5% change in the company's P/S Multiple.| (LTM values as of) | 9302023 | 10232026 | Change |
|---|---|---|---|
| Stock Price ($) | 14.92 | 37.69 | 152.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,613 | 2,075 | 28.6% |
| P/S Multiple | 1.0 | 2.1 | 105.5% |
| Shares Outstanding (Mil) | 110 | 115 | -4.4% |
| Cumulative Contribution | 152.6% |
Market Drivers
9/30/2023 to 10/23/2026| Return | Correlation | |
|---|---|---|
| OPLN | 152.6% | |
| Market (SPY) | 83.9% | 44.2% |
| Sector (XLI) | 68.9% | 43.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| OPLN Return | -16% | -16% | 13% | 34% | 50% | 28% | 104% |
| Peers Return | 16% | -47% | 246% | 73% | -4% | -2% | 247% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 104% |
Monthly Win Rates [3] | |||||||
| OPLN Win Rate | 42% | 33% | 50% | 42% | 58% | 60% | |
| Peers Win Rate | 53% | 35% | 60% | 57% | 42% | 42% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| OPLN Max Drawdown | -33% | -41% | -20% | -16% | -21% | -22% | |
| Peers Max Drawdown | -25% | -57% | -30% | -21% | -49% | -38% | |
| 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 10/23/2026 (YTD)
How Low Can It Go
| Event | OPLN | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -12.5% | -18.8% |
| % Gain to Breakeven | 14.2% | 23.1% |
| Time to Breakeven | 30 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -14.6% | -9.5% |
| % Gain to Breakeven | 17.1% | 10.5% |
| Time to Breakeven | 126 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -16.0% | -6.7% |
| % Gain to Breakeven | 19.1% | 7.1% |
| Time to Breakeven | 43 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -29.6% | -24.5% |
| % Gain to Breakeven | 42.1% | 32.4% |
| Time to Breakeven | 250 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -58.6% | -33.7% |
| % Gain to Breakeven | 141.5% | 50.9% |
| Time to Breakeven | 1887 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -22.8% | -19.2% |
| % Gain to Breakeven | 29.6% | 23.8% |
| Time to Breakeven | 153 days | 105 days |
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.
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| Event | OPLN | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -29.6% | -24.5% |
| % Gain to Breakeven | 42.1% | 32.4% |
| Time to Breakeven | 250 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -58.6% | -33.7% |
| % Gain to Breakeven | 141.5% | 50.9% |
| Time to Breakeven | 1887 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -22.8% | -19.2% |
| % Gain to Breakeven | 29.6% | 23.8% |
| Time to Breakeven | 153 days | 105 days |
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)
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.
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1. eBay for wholesale used cars.
2. A NASDAQ for used vehicles.
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- 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.
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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
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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.
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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.
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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.
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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.
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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.
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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
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| OPLN | Openlane | 8.8% | 21.6x | 40.6% | 174.5% | 153.0% | — |
| CXW | CoreCivic | 10.6% | 23.2x | 60.5% | 139.9% | 233.8% | +81pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Construction & Engineering | 30 | -6.8% | 105.0% | 140.2% | STRL 1461% · FIX 1308% · AGX 714% |
| Marine Transportation | 5 | 55.1% | 53.2% | 134.3% | MATX 189% · KEX 134% |
| Construction Machinery & Heavy Transportation Equipment | 13 | -4.4% | 55.3% | 92.6% | CAT 271% · ALSN 231% · WAB 203% |
| Aerospace & Defense | 52 | -14.4% | 56.1% | 58.8% | ATI 882% · FTAI 704% · HWM 519% |
| Trading Companies & Distributors | 19 | 11.3% | 33.9% | 50.6% | DXPE 378% · AIT 230% · URI 210% |
| Diversified Support Services ← | 34 | 8.5% | 39.6% | 37.5% | CXW 234% · OPLN 153% · CACI 122% |
| Industrial Machinery & Supplies & Components | 72 | 3.1% | 51.3% | 36.9% | CRS 842% · MLI 371% · SYM 297% |
| Rail Transportation | 7 | 31.2% | 56.7% | 27.9% | CSX 53% · UNP 38% · NSC 28% |
| Building Products | 33 | -10.7% | 12.1% | 22.7% | GFF 344% · TT 162% · JCI 115% |
| Cargo Ground Transportation | 16 | 35.3% | 10.4% | 15.9% | XPO 252% · R 243% · ARCB 47% |
| Electrical Components & Equipment | 37 | -12.6% | 71.0% | 3.2% | POWL 1789% · BE 857% · VRT 711% |
| Industrial Conglomerates | 17 | 7.3% | 6.4% | -6.8% | CSW 121% · DD 74% · CSL 60% |
| Research & Consulting Services | 13 | 2.3% | -13.9% | -8.2% | HURN 295% · FCN 10% · BAH 4% |
| Agricultural & Farm Machinery | 16 | 1.0% | -6.3% | -12.8% | DE 102% · TTC 15% · AGCO -6% |
| Data Processing & Outsourced Services | 6 | -22.9% | 0.4% | -16.2% | EXLS 70% · BR 9% · G -14% |
| Security & Alarm Services | 9 | -48.6% | 15.4% | -20.8% | BCO 99% |
| Office Services & Supplies | 9 | 17.9% | 18.6% | -23.9% | PBI 198% · TILE 147% · HNI 41% |
| Environmental & Facilities Services | 29 | -32.0% | 33.2% | -33.5% | GEO 237% · CLH 178% · RSG 92% |
| Passenger Airlines | 11 | -1.4% | 17.5% | -36.1% | LTM 3065% · UAL 110% · DAL 101% |
| Passenger Ground Transportation | 3 | -29.5% | 50.9% | -36.5% | UBER 47% · CAR -36% · LYFT -65% |
| Air Freight & Logistics | 12 | -25.9% | -19.6% | -40.1% | FDX 77% · EXPD 69% · CHRW 59% |
| Human Resource & Employment Services | 22 | 20.2% | -8.9% | -41.0% | ADP 56% · PAYX 11% · FA 10% |
| Airport Services | 4 | -69.6% | -69.4% | -83.6% | JOBY -47% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| The Takeover Case for OPLN: A Digital Powerhouse Hiding in Plain Sight | 08/06/2026 |
| Title | |
|---|---|
| ARTICLES |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 51.56 |
| Mkt Cap | 7.3 |
| Rev LTM | 25,058 |
| Op Inc LTM | 1,233 |
| FCF LTM | 929 |
| FCF 3Y Avg | 464 |
| CFO LTM | 1,120 |
| CFO 3Y Avg | 886 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 0.4% |
| Rev Chg 3Y Avg | 6.5% |
| Rev Chg Q | 2.4% |
| QoQ Delta Rev Chg LTM | 0.6% |
| Op Inc Chg LTM | -2.6% |
| Op Inc Chg 3Y Avg | 3.7% |
| Op Mgn LTM | 8.9% |
| Op Mgn 3Y Avg | 7.2% |
| QoQ Delta Op Mgn LTM | -0.3% |
| CFO/Rev LTM | 6.9% |
| CFO/Rev 3Y Avg | 5.3% |
| FCF/Rev LTM | 4.8% |
| FCF/Rev 3Y Avg | 4.6% |
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
| Market Price | $37.69 | |
| Market Cap ($ Bil) | 4.3 | |
| First Trading Date | 12/26/2025 | |
| Distance from 52W High | -12.1% | |
| 50 Days | 200 Days | |
| DMA Price | $35.32 | $33.97 |
| DMA Trend | down | up |
| Distance from DMA | 6.7% | 11.0% |
| 3M | 1YR | |
| Volatility | 28.0% | 32.8% |
| Downside Capture | 76.16 | 79.36 |
| Upside Capture | 42.53 | 107.69 |
| Correlation (S&P 500) | 14.8% | 35.1% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.49 | 0.60 | 0.82 | 0.79 | -0.11 | -0.06 |
| Up Beta | 0.77 | 0.05 | -0.18 | 0.64 | -0.04 | 0.10 |
| Down Beta | 1.83 | 1.74 | 0.68 | 0.72 | -0.19 | -0.19 |
| Up Capture | 19% | 11% | 66% | 86% | 66% | 6% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 11 | 19 | 31 | 66 | 94 | 94 |
| Down Capture | 61% | 164% | 179% | 86% | 82% | 47% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 11 | 23 | 33 | 60 | 95 | 95 |
[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 | 41.5% | 32.9% | 1.09 | - |
| Sector ETF (XLI) | 8.7% | 17.2% | 0.31 | 26.3% |
| Equity (SPY) | 14.8% | 12.7% | 0.80 | 33.2% |
| Gold (GLD) | -2.8% | 28.5% | -0.11 | 14.7% |
| Commodities (DBC) | 52.1% | 20.7% | 1.91 | -19.8% |
| Real Estate (VNQ) | 4.3% | 13.9% | 0.06 | 26.3% |
| Bitcoin (BTCUSD) | -24.8% | 43.5% | -0.54 | 21.4% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with OPLN | |
|---|---|---|---|---|
| OPLN | 19.2% | 39.6% | 0.54 | - |
| Sector ETF (XLI) | 11.5% | 17.6% | 0.49 | 46.0% |
| Equity (SPY) | 12.7% | 17.1% | 0.56 | 45.0% |
| Gold (GLD) | 17.3% | 18.9% | 0.73 | 7.2% |
| Commodities (DBC) | 9.5% | 19.5% | 0.37 | 2.5% |
| Real Estate (VNQ) | 1.1% | 18.9% | -0.05 | 42.1% |
| Bitcoin (BTCUSD) | 5.7% | 51.7% | 0.29 | 19.2% |
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 | 9.8% | 40.1% | 0.36 | - |
| Sector ETF (XLI) | 13.0% | 20.1% | 0.57 | 52.3% |
| Equity (SPY) | 15.3% | 17.9% | 0.72 | 49.3% |
| Gold (GLD) | 11.8% | 16.4% | 0.59 | 2.9% |
| Commodities (DBC) | 8.4% | 18.1% | 0.38 | 12.6% |
| Real Estate (VNQ) | 5.2% | 20.7% | 0.21 | 46.8% |
| Bitcoin (BTCUSD) | 62.4% | 66.2% | 1.02 | 10.2% |
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 10/4/2026Latest: 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 Oct 24, 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 |
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