# OPENLANE, Inc. (OPLN)

> Source: Nexqual · https://nexqual.com/OPLN · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, OPENLANE, Inc. (OPLN), nexqual.com/OPLN" · informational, not investment advice.

**Price:** USD 38.05 (+1.63% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 37.44 · day 37.49–38.13 · 52w 24.32–42.9 · market cap $4.64B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $2.08B, net income $201M (9.7% margin), free cash flow $354M (SEC filings).
- Valuation: P/E 23.2x (avg 18.8x at the last 2 fiscal year-ends), EV/EBITDA 15.1x, net debt $345M.
- 2 of 80 tracked superinvestors hold OPLN (13F, Q2 2026): 0 new, 0 added, 2 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 6 Form 4 filings, $279M; 6 not under a Rule 10b5-1 plan ($279M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $500K; 0 by opportunistic insiders, 0 by routine insiders.
- Total return with dividends: 1Y +41.9% vs S&P 500 +14.9%; 5Y +155.4% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 0.38, revenue estimate $556M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.45B | $1.53B | $1.70B | $1.79B | $1.93B | $2.08B |
| Operating income | $128M | $94.7M | -$136M | $182M | $197M | $239M |
| Net income | $66.5M | $241M | -$154M | $110M | $178M | $201M |
| EPS (diluted) | $0.16 | $1.30 | -$1.82 | $0.45 | -$0.96 | — |
| Free cash flow | $170M | -$56.8M | $185M | $240M | $337M | $354M |
| Operating margin | 8.8% | 6.2% | -8.0% | 10.2% | 10.2% | 11.5% |
| Net margin | 4.6% | 15.8% | -9.1% | 6.1% | 9.2% | 9.7% |
| Revenue growth | +9.3% | +5.4% | +10.9% | +5.5% | +8.2% | — |
| Cash + short-term investments | $178M | $226M | $93.5M | $143M | $142M | — |
| Total debt | $1.89B | $499M | $365M | $231M | $550M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 23.2x · P/S 2.2x · EV/EBITDA 15.1x · EV/Sales 2.4x · P/FCF 13.1x · P/B 3.0x · FCF yield 7.62% · Earnings yield 4.32% · Buyback yield (TTM) 1.82% · Net debt $345M · EV $4.99B
P/E at fiscal year-ends: Dec 2025 17.9x, Dec 2024 19.7x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold OPLN. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Bill Nygren | Oakmark Funds | 0.02% | $15.9M | Reduced -32.4% |
| Polen Capital | Polen Capital Management | 0.01% | $1.3M | Reduced -7.2% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 6 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-13 | Ignition Acquisition Holdings Lp |  | 8,000,000 | $275M | 48.7% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-14 | Mitchell William Clyde | President of AFC | 6,500 | $234K | 29% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-08 | Richer Tobin P | EVP Marketing & Communications | 4,000 | $153K | 13.9% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-06 | Richer Tobin P | EVP Marketing & Communications | 66,709 | $2.4M | 69.9% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-06 | Coyle James P | EVP & President, Marketplace | 15,000 | $537K | 20.4% | No | Too little history (no open-market trades in 2023) |
| 2026-05-06 | Coleman Charles S. | EVP, CLO & Secretary | 19,763 | $709K | 21% | No | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $500K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-08-24 | Kelly Peter J | Chief Executive Officer | 14,830 | $500K | 33.72 | Too little history (no open-market trades in 2023 or 2025) |

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-06 | Barclays | Target raised | Overweight | $46 → $49 |
| 2026-07-22 | Barclays | Target raised | Overweight | $40 → $46 |
| 2026-07-09 | B of A Securities | Target raised | Neutral | $37 → $44 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +41.9% | +155.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +42.1% | +20.6% |
| Volatility (annualized) | 32.7% | 37.3% |
| Max drawdown | -22.1% (Jun 2026→Aug 2026) | -41.0% (Feb 2022→Sep 2022) |

## Peers (Auto & Truck Dealerships)
VVV (Valvoline Inc.) USD 32.44 +4.24% · AN (AutoNation, Inc.) USD 161.84 +5.77% · LAD (Lithia Motors, Inc.) USD 291.07 +8.15% · RUSHB (Rush Enterprises, Inc.) USD 57.89 -1.14% · ABG (Asbury Automotive Group Inc) USD 173.43 +5.72% · KMX (CarMax Inc) USD 52.96 +2.85%

## More
Full page: https://nexqual.com/OPLN · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Marketplace | $447.3M | 80.7% | +19.1% | $28.9M | 6.5% |
| Finance | $107.3M | 19.3% | +1.0% | $38.6M | 36.0% |
| Total revenue | $554.6M | 100% | — | $67.5M | 12.2% |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Auction and Related Fees | $259.0M | 46.7% | +21.1% |
| Purchased vehicle sales | $114.9M | 20.7% | +16.6% |
| Finance revenue | $107.3M | 19.3% | +1.0% |
| SaaS and Other Revenue | $73.4M | 13.2% | +16.3% |
| Total revenue | $554.6M | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| U.S. | $339.2M | 61.2% | +24.4% |
| Foreign | $215.4M | 38.8% | +3.0% |
| Total revenue | $554.6M | 100% | — |

## Company outlook (8-K filed 2026-08-04)

- "Previous guidance assumed conversion in June 2026; revised guidance reflects the actual conversion in May 2026."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.38 | $0.37 | +1.9% | $555.8M | 9 |
| Next quarter (ends 2026-12-31) | $0.32 | $0.32 | +0.7% | $550.2M | 9 |
| Current fiscal year (ends 2026-12-31) | $1.44 | $1.40 | +3.1% | $2.19B | 9 |
| Next fiscal year (ends 2027-12-31) | $1.74 | $1.67 | +4.1% | $2.37B | 9 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-04): ±10.1%; last 8 reports averaged ±9.2%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 37.8% | ±10.1% |
| 2027-01-15 | 84 | 29.4% | ±12.2% |
| 2027-04-16 | 175 | 34.2% | ±19.5% |