# RB Global (RBA.US)

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

Analysis as of: 2026-10-16T07:31:27.674Z. Financial observations: FY1997–FY2025.

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: $87.13 per share; close as of 2026-10-15.

Estimated value: low $51.28 per share, central $58.03 per share, high $67.02 per share. Buy at or below the central value $58.03 per share. Valuation as of 2026-10-16T07:31:27.674Z; scenarios are not confidence intervals.

Expected annual return: 7.5% at the stated quote. About 7.5% 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: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.25×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.12×

- FY2017: 0.11×

- FY2018: 0.16×

- FY2019: 0.17×

- FY2020: 0.19×

- FY2021: 0.17×

- FY2022: 0.26×

- FY2023: 0.13×

- FY2024: 0.18×

- FY2025: 0.18×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 16.2pp below the typical margin (limit 4pp)

- ROIC, median of available years: 14.3%

- ROIC, second-lowest year: 9.7%

- Typical minus recent gross margin: 16.2 pp

- Typical gross margin (annual median): 52.7%

- Recent gross margin (lower of latest and 3-year median): 36.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.9%

- ROIC including acquisitions, ten-year median: 8.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 9.7%

- FY2017: 16.6%

- FY2018: 22.3%

- FY2019: 26.9%

- FY2020: 27.8%

- FY2021: 10.7%

- FY2022: 58.9%

- FY2023: 7.4%

- FY2024: 12.0%

- FY2025: 11.5%

### economics: pass

- Owner earnings / net income, 5-yr: 1.61×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $2.5B

- Net income, five-year total: $1.5B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 1.3 pp

- Working capital / revenue, change between three-year averages: 8.2 pp

- Working capital / revenue, final three-year average: -1.3%

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

- FY2021: 1.38×

- FY2022: 1.14×

- FY2023: 1.56×

- FY2024: 1.78×

- FY2025: 1.90×

### management: fail

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

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 16.6% vs 11.5%

- Per-share earnings: 0.85 to 2.23 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 5.7%

- Ordinary dilution, 5-year annual growth: 11.1%

- Market cap gain: $15B

- Cumulative retained earnings: $651M

- Diluted shares, 10-year annual growth: 5.7%

- Diluted shares, 5-year annual growth: 11.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 12.7%

- Per-share value change: $1.37

- Per-share value, starting three-year median: $0.85

- Per-share value, ending three-year median: $2.23

- Buybacks concentrated in cheaper years (correlation): -0.40

- Average buyback yield: 0.7%

- Buyback history: 4 years

- Debt-funded buybacks: No

- Acquisition spending: $7.4B

- Cumulative net income, 10 years: $2.1B

- ROIC, first three-year median: 16.6%

- ROIC, last three-year median: 11.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.85

- FY2017: $0.69

- FY2018: $1.11

- FY2019: $1.36

- FY2020: $1.54

- FY2021: $1.36

- FY2022: $2.86

- FY2023: $1.23

- FY2024: $2.23

- FY2025: $2.33

### accounting: pass

- Sloan accruals: -4.6%

- Receivables to sales index (DSRI): 0.98×

- Restructuring years, last five: 2

- Stock compensation / operating cash flow: 7.7%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.28×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.28×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.4%

- FY2017: -3.6%

- FY2018: -1.1%

- FY2019: -8.2%

- FY2020: -3.7%

- FY2021: -4.6%

- FY2022: -5.0%

- FY2023: -2.8%

- FY2024: -4.4%

- FY2025: -4.6%

## Holders

## Price story

Down 25% since Jun 2026 · sales +7.2%

Story as of 2026-10-16T09:59:28.507Z; price observation 2026-10-15.

Price needs cash profits to grow 6.2% a year for ten years

- 2025-08-12: RBA Q2 Deep Dive: Market Share Gains Offset Margin Compression as Platform Expansion Continues ([finance.yahoo.com](https://finance.yahoo.com/news/rba-q2-deep-dive-market-071458725.html))

- 2026-05-04: RB Global Rises After Q4 Beat; Raises 2026 GTV, EBITDA Outlook ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/rb-global-rises-q4-beat-204229846.html))

### Sales · FY2024–2025

sales +7.2%; source https://www.sec.gov/Archives/edgar/data/1046102/000162828026011682/rba-20251231.htm; observed 2026-02-25.

- FY2016: $1.1B 

- FY2017: $971M 

- FY2018: $1.2B 

- FY2019: $1.3B 

- FY2020: $1.4B 

- FY2021: $1.4B 

- FY2022: $1.7B 

- FY2023: $3.7B 

- FY2024: $4.3B 

- FY2025: $4.6B 

### Gross margin · FY2025

gross margin 36.5%; source https://www.sec.gov/Archives/edgar/data/1046102/000162828026011682/rba-20251231.htm; observed 2026-02-25.

- FY2016: 44.4% 

- FY2017: 54.7% 

- FY2018: 54.4% 

- FY2019: 51.0% 

- FY2020: 55.3% 

- FY2021: 57.4% 

- FY2022: 55.2% 

- FY2023: 48.3% 

- FY2024: 46.8% 

- FY2025: 36.5% 

## Owner memo

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

### How it makes money

Operates in specialty business services; annual sales are USD 4.6 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1046102/000162828026011682/rba-20251231.htm#000162828026011682 (filed 2026-02-25); FY2025: revenue 4590700000; grossProfit 1674203605; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); RBA.US: RB Global, Inc. operates a marketplace that provides insights, services, and transaction solutions for buyers and sellers of commercial assets and vehicles worldwide. The company's marketplace brands include Ritchie Bros., an auctioneer of commercial assets and vehicles; IAA, a digital marketplace that connects vehicle buyers and sellers; Rouse, which provides asset management, data-driven intelligence, and performance benchmarking system; SmartEquip, a technology platform that supports customers' management of the equipment lifecycle; and Veritread, an online marketplace for heavy haul transport solution. It also offers transaction, financial, loan payoff, appraisal, inspection, listing, refurbishing, transportation and logistics, data, parts, catastrophe response, and title services. In addition, it operates as a digital dealer for buying and selling heavy equipment and cars. The company serves customers across various asset classes, including automotive, commercial transportation, construction, government surplus, lifting and material handling, energy, mining, and agriculture. The company was formerly known as Ritchie Bros. Auctioneers Incorporated and changed its name to RB Global, Inc. in May 2023. The company was founded in 1958 and is headquartered in Westchester, Illinois.

### Why customers stay

Margins ranged from 36.5% to 48.3% during 2023–25; it earns 14.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2023: grossProfit / revenue = 48.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2024: grossProfit / revenue = 46.8%.

- Source: https://www.sec.gov/Archives/edgar/data/1046102/000162828026011682/rba-20251231.htm (filed 2026-02-25); FY2025: grossProfit / revenue = 36.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); 10-year return on capital observations [[2016,0.09681738161073783],[2017,0.1663207047059206],[2018,0.2226527015130968],[2019,0.26941815758379883],[2020,0.27802349385872227],[2021,0.10713987183830774],[2022,0.5891720676736629],[2023,0.0735847532756227],[2024,0.1204604364056835],[2025,0.11528517465482697]]; median 0.14339057055580207. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2016: growth capex 0; upkeep 36476000; owner earnings 96217000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2017: growth capex 0; upkeep 39396000; owner earnings 88325000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2018: growth capex 0; upkeep 43012000; owner earnings 145081000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2019: growth capex 0; upkeep 41004000; owner earnings 190816000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2020: growth capex 0; upkeep 43136000; owner earnings 214120000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2021: growth capex 0; upkeep 43487000; owner earnings 209113000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2022: growth capex 0; upkeep 71937000; owner earnings 364463000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2023: growth capex 0; upkeep 346200000; owner earnings 322400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2024: growth capex 0; upkeep 276900000; owner earnings 735000000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1046102/000162828026011682/rba-20251231.htm (filed 2026-02-25); FY2025: growth capex 0; upkeep 263533931; owner earnings 827333751. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); Dividend observations: [[2016,70459000],[2017,72785000],[2018,75678000],[2019,82535000],[2020,91737000],[2021,103797000],[2022,115219000],[2023,328400000],[2024,240200000],[2025,262618178]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); RBA.US SharesStats.PercentInsiders = 0.23800000000000002 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 6.2% yearly over ten years; actual growth was 12.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); Ten-year compound average after fade. Initial solved rate 0.07536758479705707. Price 87.13; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.3722759470288286 → FY2025 4.4266118298555375. Closing-price date 2026-10-15.

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

- 2016-10: $34.59 per share

- 2016-11: $38.23 per share

- 2016-12: $34.00 per share

- 2017-01: $32.44 per share

- 2017-02: $33.69 per share

- 2017-03: $32.90 per share

- 2017-04: $32.76 per share

- 2017-05: $31.04 per share

- 2017-06: $28.74 per share

- 2017-07: $28.23 per share

- 2017-08: $29.74 per share

- 2017-09: $31.62 per share

- 2017-10: $28.03 per share

- 2017-11: $26.50 per share

- 2017-12: $29.93 per share

- 2018-01: $32.52 per share

- 2018-02: $32.39 per share

- 2018-03: $31.47 per share

- 2018-04: $32.73 per share

- 2018-05: $34.08 per share

- 2018-06: $34.12 per share

- 2018-07: $33.27 per share

- 2018-08: $38.11 per share

- 2018-09: $36.13 per share

- 2018-10: $33.61 per share

- 2018-11: $34.78 per share

- 2018-12: $32.72 per share

- 2019-01: $35.96 per share

- 2019-02: $37.50 per share

- 2019-03: $34.00 per share

- 2019-04: $34.79 per share

- 2019-05: $33.37 per share

- 2019-06: $33.22 per share

- 2019-07: $36.09 per share

- 2019-08: $39.55 per share

- 2019-09: $39.90 per share

- 2019-10: $41.12 per share

- 2019-11: $42.99 per share

- 2019-12: $42.95 per share

- 2020-01: $42.22 per share

- 2020-02: $39.70 per share

- 2020-03: $34.18 per share

- 2020-04: $43.09 per share

- 2020-05: $43.27 per share

- 2020-06: $40.85 per share

- 2020-07: $46.28 per share

- 2020-08: $58.45 per share

- 2020-09: $59.25 per share

- 2020-10: $60.63 per share

- 2020-11: $71.81 per share

- 2020-12: $69.55 per share

- 2021-01: $58.91 per share

- 2021-02: $54.32 per share

- 2021-03: $58.55 per share

- 2021-04: $63.60 per share

- 2021-05: $59.71 per share

- 2021-06: $59.28 per share

- 2021-07: $59.73 per share

- 2021-08: $62.59 per share

- 2021-09: $61.66 per share

- 2021-10: $68.35 per share

- 2021-11: $67.88 per share

- 2021-12: $61.21 per share

- 2022-01: $60.96 per share

- 2022-02: $52.38 per share

- 2022-03: $59.03 per share

- 2022-04: $55.09 per share

- 2022-05: $60.19 per share

- 2022-06: $65.06 per share

- 2022-07: $72.07 per share

- 2022-08: $69.34 per share

- 2022-09: $62.48 per share

- 2022-10: $65.33 per share

- 2022-11: $54.85 per share

- 2022-12: $57.83 per share

- 2023-01: $60.47 per share

- 2023-02: $61.17 per share

- 2023-03: $56.29 per share

- 2023-04: $57.19 per share

- 2023-05: $52.08 per share

- 2023-06: $60.00 per share

- 2023-07: $64.48 per share

- 2023-08: $61.72 per share

- 2023-09: $62.50 per share

- 2023-10: $65.40 per share

- 2023-11: $63.68 per share

- 2023-12: $66.89 per share

- 2024-01: $63.97 per share

- 2024-02: $75.91 per share

- 2024-03: $76.17 per share

- 2024-04: $71.58 per share

- 2024-05: $72.68 per share

- 2024-06: $76.36 per share

- 2024-07: $79.63 per share

- 2024-08: $86.13 per share

- 2024-09: $80.49 per share

- 2024-10: $84.74 per share

- 2024-11: $97.76 per share

- 2024-12: $90.21 per share

- 2025-01: $89.48 per share

- 2025-02: $102.38 per share

- 2025-03: $100.30 per share

- 2025-04: $100.70 per share

- 2025-05: $105.30 per share

- 2025-06: $106.19 per share

- 2025-07: $108.26 per share

- 2025-08: $114.54 per share

- 2025-09: $108.36 per share

- 2025-10: $99.22 per share

- 2025-11: $98.20 per share

- 2025-12: $102.87 per share

- 2026-01: $113.57 per share

- 2026-02: $100.96 per share

- 2026-03: $95.85 per share

- 2026-04: $104.30 per share

- 2026-05: $106.35 per share

- 2026-06: $116.45 per share

- 2026-07: $109.74 per share

- 2026-08: $84.58 per share

- 2026-09: $81.39 per share

- 2026-10: $85.84 per share

## Annual estimated value (USD per share)

- FY2016: low $28.53 per share, central $37.58 per share, high $43.71 per share

- FY2017: low $22.57 per share, central $26.11 per share, high $30.00 per share

- FY2018: low $18.33 per share, central $23.13 per share, high $26.71 per share

- FY2019: low $19.32 per share, central $21.56 per share, high $24.55 per share

- FY2020: low $21.13 per share, central $26.29 per share, high $30.33 per share

- FY2021: low $22.79 per share, central $25.56 per share, high $29.26 per share

- FY2022: low $34.67 per share, central $47.00 per share, high $54.46 per share

- FY2023: low $38.28 per share, central $43.14 per share, high $49.62 per share

- FY2024: low $41.71 per share, central $47.12 per share, high $54.34 per share

- FY2025: low $49.28 per share, central $55.63 per share, high $64.08 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/1046102/000162828026011682/rba-20251231.htm); period 2025-12-31, filed 2026-02-25.

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.