# Openlane (OPLN.US)

Canonical: https://gigainvestors.com/s/OPLN

Analysis as of: 2026-10-16T07:29:34.119Z. Financial observations: FY2007–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $36.98 per share; close as of 2026-10-15.

Estimated value: low $17.02 per share, central $19.20 per share, high $22.10 per share. Buy at or below the central value $19.20 per share. Valuation as of 2026-10-16T07:29:34.119Z; scenarios are not confidence intervals.

Expected annual return: 6.5% at the stated quote. About 6.5% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 2 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 1

- Operating margin variation: 0.50×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.15×

- FY2018: 0.14×

- FY2019: 0.11×

- FY2020: 0.05×

- FY2021: 0.09×

- FY2022: 0.06×

- FY2023: -0.00×

- FY2024: 0.10×

- FY2025: 0.17×

- LTM to Jun 2026: 0.16×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 9.9%

- ROIC, second-lowest year: 4.9%

- Typical minus recent gross margin: 1.5 pp

- Typical gross margin (annual median): 42.9%

- Recent gross margin (lower of latest and 3-year median): 41.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.4%

- ROIC including acquisitions, ten-year median: 6.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 11.2%

- FY2017: 19.7%

- FY2018: 8.5%

- FY2019: 14.2%

- FY2020: 5.8%

- FY2021: 4.9%

- FY2022: 6.9%

- FY2023: -0.4%

- FY2024: 48.8%

- FY2025: 23.3%

### economics: fail

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 1.48×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $654M

- Net income, five-year total: $441M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 6.7 pp

- Working capital / revenue, change between three-year averages: 41.3 pp

- Working capital / revenue, final three-year average: 114.3%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.69×

- FY2022: 1.16×

- FY2023: 0.68×

- FY2024: 1.38×

- FY2025: 1.20×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 11.2% vs 23.3%

- Per-share earnings: 1.60 to 1.01 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -2.8%

- Ordinary dilution, 5-year annual growth: -3.7%

- Market cap gain: $918M

- Cumulative retained earnings: $513M

- Diluted shares, 10-year annual growth: -2.8%

- Diluted shares, 5-year annual growth: -3.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -5.6%

- Per-share value change: -$0.59

- Per-share value, starting three-year median: $1.60

- Per-share value, ending three-year median: $1.01

- Buybacks concentrated in cheaper years (correlation): 0.55

- Average buyback yield: 6.5%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: $1.7B

- Cumulative net income, 10 years: $1.5B

- ROIC, first three-year median: 11.2%

- ROIC, last three-year median: 23.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: $1.60

- FY2017: $2.62

- FY2018: $2.42

- FY2019: $1.42

- FY2020: $0.00

- FY2021: $0.54

- FY2022: $2.07

- FY2023: -$1.41

- FY2024: $1.01

- FY2025: $1.66

### accounting: pass

- Sloan accruals: -4.5%

- Receivables to sales index (DSRI): 0.99×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 3.7%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.21×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.20×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.4%

- FY2017: -3.4%

- FY2018: -5.5%

- FY2019: -5.4%

- FY2020: -5.6%

- FY2021: -4.6%

- FY2022: 13.8%

- FY2023: -8.1%

- FY2024: -3.6%

- FY2025: -4.5%

## Holders

## Price story

Price needs cash profits to grow 9.5% a year for ten years · sales +7.3%

Story as of 2026-10-16T09:59:00.255Z; price observation 2026-10-15.

Price needs cash profits to grow 9.5% a year for ten years

### Sales · FY2025–2026

sales +7.3%; source https://www.sec.gov/Archives/edgar/data/1395942/000139594226000006/opln-20251231.htm; observed 2026-02-18.

- FY2017: $2.2B 

- FY2018: $2.4B 

- FY2019: $2.8B 

- FY2020: $1.3B 

- FY2021: $1.5B 

- FY2022: $1.5B 

- FY2023: $1.6B 

- FY2024: $1.8B 

- FY2025: $1.9B 

- FY2026: $2.1B 

### Gross margin · FY2025

gross margin 41.4%; source https://www.sec.gov/Archives/edgar/data/1395942/000139594226000006/opln-20251231.htm; observed 2026-02-18.

- FY2016: 42.0% 

- FY2017: 46.0% 

- FY2018: 45.9% 

- FY2019: 41.9% 

- FY2020: 43.9% 

- FY2021: 45.4% 

- FY2022: 40.3% 

- FY2023: 47.3% 

- FY2024: 39.6% 

- FY2025: 41.4% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in auto & truck dealerships; annual sales are USD 1.9 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1395942/000139594226000006/opln-20251231.htm (filed 2026-02-18); FY2025: revenue 1934500000; grossProfit 801100000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); OPLN.US: OPENLANE, Inc., together with its subsidiaries, operates as a digital marketplace for wholesale used vehicles in the United States, Canada, Continental Europe, and the United Kingdom. The company operates through two segments, Marketplace and Finance. The Marketplace segment includes various activities designed to facilitate the transfer of used vehicles for sellers and buyers; vehicle logistics center locations; SaaS-based private label remarketing solutions to automobile manufacturers, captive finance companies, and other commercial customers to digitally offer vehicles for sale; wholesale vehicle marketplaces; and value-added ancillary services including inbound and outbound transportation logistics, reconditioning and mechanical work, vehicle inspection and certification, titling, administrative, and collateral recovery services. This segment sells its products and services through commercial fleet operators, financial institutions, car rental companies, new and used vehicle dealers, and vehicle manufacturers. Its marketplaces include OPENLANE platform, a mobile app enabled solutions that allows dealers to sell and source inventory. The Finance segment offers floorplan financing, a short-term inventory-secured financing to independent vehicle dealers; liquidity for customer trade-ins; and title services. In addition, the company provides pre- and post-sale inspection; transportation and logistics; digital marketplace services; remarketing services; and vehicle research services. It serves commercial customers, and franchise and independent dealer customers. The company was formerly known as KAR Auction Services, Inc. and changed its name to OPENLANE, Inc. in May 2023. OPENLANE, Inc. was incorporated in 2006 and is headquartered in Carmel, Indiana.

### Why customers stay

Margins ranged from 39.6% to 47.3% during 2023–25; it earns 9.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2023: grossProfit / revenue = 47.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2024: grossProfit / revenue = 39.6%.

- Source: https://www.sec.gov/Archives/edgar/data/1395942/000139594226000006/opln-20251231.htm (filed 2026-02-18); FY2025: grossProfit / revenue = 41.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); 10-year return on capital observations [[2016,0.1122667958879928],[2017,0.1971499305597488],[2018,0.08531908421841536],[2019,0.14215319862623507],[2020,0.05780080355254811],[2021,0.048994974874371856],[2022,0.0691770888726445],[2023,-0.004098982239074037],[2024,0.4883059154092887],[2025,0.23307328122201787]]; median 0.09879294005320408. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 9 of 10 years; bought back USD 604.9 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2016: growth capex 0; upkeep 155100000; cash acquisitions 432100000; owner earnings 307900000. Growth capex plus acquisitions / owner earnings = 1.4033777200389737.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2017: growth capex 0; upkeep 97300000; cash acquisitions 72400000; owner earnings 529300000. Growth capex plus acquisitions / owner earnings = 0.13678443226903458.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2018: growth capex 0; upkeep 131300000; cash acquisitions 45200000; owner earnings 369100000. Growth capex plus acquisitions / owner earnings = 0.12246003793010024.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2019: growth capex 0; upkeep 161600000; cash acquisitions 120700000; owner earnings 215600000. Growth capex plus acquisitions / owner earnings = 0.5598330241187384.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2020: growth capex 0; upkeep 62800000; cash acquisitions 421000000; owner earnings 46800000. Growth capex plus acquisitions / owner earnings = 8.995726495726496.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2021: growth capex 0; upkeep 64200000; cash acquisitions 521800000; owner earnings 112200000. Growth capex plus acquisitions / owner earnings = 4.650623885918003.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2022: growth capex 0; upkeep 60900000; cash acquisitions 400000; owner earnings 280500000. Growth capex plus acquisitions / owner earnings = 0.00142602495543672.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2024: growth capex 0; upkeep 53000000; cash acquisitions 0; owner earnings 152100000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1395942/000139594226000006/opln-20251231.htm (filed 2026-02-18); FY2025: growth capex 0; upkeep 55400000; cash acquisitions 0; owner earnings 214000000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); Dividend observations: [[2016,157100000],[2017,174800000],[2018,188300000],[2019,164300000],[2020,49000000],[2021,0],[2022,22200000],[2023,44400000],[2024,44400000],[2025,38600000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1395942/000139594226000006/opln-20251231.htm (filed 2026-02-18); FY2025: cash repurchases 604900000 USD.

### Are managers owners

Insiders own 7.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); OPLN.US SharesStats.PercentInsiders = 7.914000000000001 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 9.5% yearly over ten years; actual decline was 0.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); Ten-year compound average after fade. Initial solved rate 0.1242263703901686. Price 36.98; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.056921995783556 → FY2025 2.001870907390084. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $16.12 per share

- 2016-11: $15.96 per share

- 2016-12: $16.13 per share

- 2017-01: $17.24 per share

- 2017-02: $16.96 per share

- 2017-03: $16.53 per share

- 2017-04: $16.51 per share

- 2017-05: $16.49 per share

- 2017-06: $15.89 per share

- 2017-07: $15.91 per share

- 2017-08: $17.07 per share

- 2017-09: $18.07 per share

- 2017-10: $17.91 per share

- 2017-11: $19.07 per share

- 2017-12: $19.12 per share

- 2018-01: $20.64 per share

- 2018-02: $20.47 per share

- 2018-03: $20.51 per share

- 2018-04: $19.68 per share

- 2018-05: $19.97 per share

- 2018-06: $20.74 per share

- 2018-07: $22.50 per share

- 2018-08: $23.73 per share

- 2018-09: $22.59 per share

- 2018-10: $21.55 per share

- 2018-11: $21.63 per share

- 2018-12: $18.06 per share

- 2019-01: $19.69 per share

- 2019-02: $17.85 per share

- 2019-03: $19.42 per share

- 2019-04: $21.38 per share

- 2019-05: $21.28 per share

- 2019-06: $25.00 per share

- 2019-07: $26.74 per share

- 2019-08: $26.56 per share

- 2019-09: $24.55 per share

- 2019-10: $24.86 per share

- 2019-11: $21.12 per share

- 2019-12: $21.79 per share

- 2020-01: $21.02 per share

- 2020-02: $19.25 per share

- 2020-03: $12.00 per share

- 2020-04: $14.98 per share

- 2020-05: $14.35 per share

- 2020-06: $13.76 per share

- 2020-07: $15.13 per share

- 2020-08: $17.34 per share

- 2020-09: $14.40 per share

- 2020-10: $14.56 per share

- 2020-11: $18.05 per share

- 2020-12: $18.61 per share

- 2021-01: $18.46 per share

- 2021-02: $13.91 per share

- 2021-03: $15.00 per share

- 2021-04: $14.99 per share

- 2021-05: $17.94 per share

- 2021-06: $17.55 per share

- 2021-07: $16.48 per share

- 2021-08: $16.91 per share

- 2021-09: $16.39 per share

- 2021-10: $14.67 per share

- 2021-11: $14.99 per share

- 2021-12: $15.62 per share

- 2022-01: $14.22 per share

- 2022-02: $18.46 per share

- 2022-03: $18.05 per share

- 2022-04: $14.66 per share

- 2022-05: $15.97 per share

- 2022-06: $14.77 per share

- 2022-07: $17.10 per share

- 2022-08: $14.60 per share

- 2022-09: $11.17 per share

- 2022-10: $14.53 per share

- 2022-11: $13.74 per share

- 2022-12: $13.05 per share

- 2023-01: $14.56 per share

- 2023-02: $14.29 per share

- 2023-03: $13.68 per share

- 2023-04: $13.54 per share

- 2023-05: $15.02 per share

- 2023-06: $15.22 per share

- 2023-07: $15.70 per share

- 2023-08: $15.61 per share

- 2023-09: $14.92 per share

- 2023-10: $13.43 per share

- 2023-11: $14.62 per share

- 2023-12: $14.81 per share

- 2024-01: $14.08 per share

- 2024-02: $15.27 per share

- 2024-03: $17.30 per share

- 2024-04: $17.18 per share

- 2024-05: $17.25 per share

- 2024-06: $16.59 per share

- 2024-07: $17.88 per share

- 2024-08: $17.33 per share

- 2024-09: $16.88 per share

- 2024-10: $15.80 per share

- 2024-11: $20.20 per share

- 2024-12: $19.84 per share

- 2025-01: $20.31 per share

- 2025-02: $22.30 per share

- 2025-03: $19.28 per share

- 2025-04: $18.51 per share

- 2025-05: $22.93 per share

- 2025-06: $24.45 per share

- 2025-07: $24.64 per share

- 2025-08: $28.92 per share

- 2025-09: $28.78 per share

- 2025-10: $26.42 per share

- 2025-11: $25.44 per share

- 2025-12: $29.78 per share

- 2026-01: $30.04 per share

- 2026-02: $28.51 per share

- 2026-03: $29.15 per share

- 2026-04: $31.44 per share

- 2026-05: $38.10 per share

- 2026-06: $41.24 per share

- 2026-07: $39.76 per share

- 2026-08: $35.60 per share

- 2026-09: $34.13 per share

- 2026-10: $36.98 per share

## Annual estimated value (USD per share)

- FY2016: low $25.19 per share, central $28.53 per share, high $32.97 per share

- FY2017: low $21.64 per share, central $24.35 per share, high $27.96 per share

- FY2018: low $23.73 per share, central $26.76 per share, high $30.81 per share

- FY2019: low $28.77 per share, central $32.27 per share, high $36.93 per share

- FY2020: low $16.58 per share, central $18.09 per share, high $20.10 per share

- FY2021: low $11.20 per share, central $12.58 per share, high $14.41 per share

- FY2022: low $12.82 per share, central $14.35 per share, high $16.40 per share

- FY2023: low $13.30 per share, central $15.06 per share, high $17.40 per share

- FY2024: low $14.83 per share, central $16.74 per share, high $19.28 per share

- FY2025: low $17.78 per share, central $20.10 per share, high $23.19 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1395942/000139594226000006/opln-20251231.htm); period 2025-12-31, filed 2026-02-18.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.