Detailed financial statements for Open Lending Corporation (LPRO): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Based in Austin, Texas, and established in 2000, Open Lending Corporation delivers specialized solutions for empowering lending operations and conducting risk analysis. Their services are utilized by a diverse range of financial institutions throughout the United States, including credit unions, regional banks, independent auto finance companies, and the captive finance arms of original equipment manufacturers.
Analysis Summary
Open Lending Corporation reported revenue of $93.2M in the most recent fiscal year, growing at a 5-year CAGR of -3.1%.
Trailing-twelve-month margins: gross margin 77.2%, operating margin -7.2%, net margin -5.9%.
At the current price of $3.14, LPRO has negative trailing earnings (P/E not meaningful) and an ROE of -7.04%. Market capitalisation stands at $372M.
Balance sheet quality for LPRO: current ratio of 4.5, net cash position of $88.6M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $32.4M | $52.2M | $92.8M | $108.9M | $215.7M | $179.6M | $117.5M | $24.0M | $93.2M |
| Cost of Revenue | $3.0M | $4.6M | $7.8M | $9.8M | $18.6M | $20.0M | $22.3M | $23.9M | $22.8M |
| Gross Profit | $29.4M | $47.6M | $85.0M | $99.1M | $197.0M | $159.6M | $95.2M | $169000 | $70.4M |
| Research & Development | $691000 | $802000 | $1.2M | $2.0M | $4.4M | $8.2M | $5.6M | $4.5M | $8.8M |
| Selling, General & Admin | $30682 | $18.3M | $21.3M | $40.4M | $42.4M | $53.8M | $60.5M | $61.1M | $77.4M |
| Operating Expenses | $30682 | $19.1M | $22.4M | $42.4M | $46.7M | $62.0M | $66.1M | $65.5M | $64.4M |
| Operating Income | -$30680 | $28.5M | $62.6M | $56.7M | $150.3M | $97.6M | $29.1M | -$65.4M | $6.0M |
| EBITDA | $16.2M | $28.7M | $62.9M | -$77.6M | $197.6M | $100.3M | $41.3M | -$51.6M | $8.4M |
| Interest Expense | 0 | $341000 | $322000 | $11.6M | $5.9M | $5.8M | $10.7M | $11.3M | $9.7M |
| Pre-tax Income | -$30682 | $28.3M | $62.5M | -$91.0M | $191.2M | $93.5M | $28.9M | -$64.6M | -$5.4M |
| Income Tax | 0 | $37000 | -$30000 | $6.6M | $45.1M | $26.9M | $6.8M | $70.4M | -$1.1M |
| Net Income | -$30682 | $28.3M | $62.5M | -$97.6M | $146.1M | $66.6M | $22.1M | -$135.0M | -$4.2M |
| EPS | $-0.00 | $0.31 | $1.66 | $-1.18 | $1.16 | $0.53 | $0.18 | $-1.13 | $-0.04 |
| EPS (Diluted) | $-0.00 | $0.31 | $1.66 | $-1.18 | $1.16 | $0.53 | $0.18 | $-1.13 | $-0.04 |
| Shares Outstanding (Diluted) | $31.2M | $91.8M | $37.6M | $82.9M | $126.4M | $126.3M | $121.5M | $119.2M | $118.6M |
Income Statement (Quarterly)
| Year | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 |
|---|---|---|---|---|
| Revenue | $25.3M | $24.2M | $19.3M | $20.5M |
| Gross Profit | $19.8M | $18.9M | $14.7M | $15.6M |
| Operating Income | $1.2M | -$7.7M | $757000 | -$633000 |
| EBITDA | $4.1M | -$4.5M | $3.3M | $1.5M |
| Net Income | $1.0M | -$7.6M | $1.7M | -$460000 |
| EPS | $0.01 | $-0.06 | $0.01 | $-0.00 |
| EPS (Diluted) | $0.01 | $-0.06 | $0.01 | $-0.00 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $25000 | $1.2M | $7.7M | $101.5M | $116.5M | $204.4M | $240.2M | $243.2M | $176.6M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | 0 | $10.4M | $33.5M | $54.7M | $78.4M | $69.9M | $40.4M | $18.6M | $29.1M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $25000 | $1.2M | $45.2M | $162.8M | $202.8M | $280.7M | $289.9M | $275.7M | $222.7M |
| Property, Plant & Equipment | 0 | $305000 | $299000 | $6.9M | $7.9M | $7.2M | $7.9M | $4.6M | $3.5M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $5.4M | $4.0M |
| Total Assets | $244919 | $279.5M | $79.2M | $294.0M | $318.8M | $379.6M | $374.0M | $296.4M | $236.7M |
| Accounts Payable | 0 | $55399 | $1.3M | $3.4M | $1.3M | $288000 | $375000 | $953000 | $446000 |
| Short-term Debt | $221201 | $2.5M | $2.5M | $4.9M | $3.1M | $3.8M | $4.7M | $7.5M | $7.5M |
| Total Current Liabilities | $250601 | $362419 | $8.2M | $17.0M | $12.1M | $15.1M | $20.6M | $47.3M | $49.3M |
| Long-term Debt | 0 | $3.3M | $829000 | $152.9M | $143.1M | $143.7M | $139.4M | $132.2M | $77.3M |
| Total Liabilities | $250601 | $10.0M | $314.0M | $267.4M | $159.8M | $166.8M | $168.5M | $218.3M | $161.7M |
| Retained Earnings | -$30682 | $2.7M | -$242.8M | -$428.4M | -$282.4M | -$215.8M | -$193.7M | -$328.8M | -$333.0M |
| Total Equity | -$5682 | $269.5M | -$234.8M | $26.6M | $159.0M | $212.8M | $205.6M | $78.1M | $75.0M |
| Total Debt | $221201 | $5.8M | $3.3M | $163.2M | $151.4M | $152.1M | $148.1M | $143.8M | $88.0M |
| Net Debt | $196201 | $4.6M | -$4.4M | $61.7M | $34.9M | -$52.4M | -$92.1M | -$99.4M | -$88.6M |
| Working Capital | -$225601 | $826304 | $37.0M | $145.8M | $190.7M | $265.6M | $269.3M | $228.5M | $173.4M |
Balance Sheet (Quarterly)
| Year | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 |
|---|---|---|---|---|
| Cash & Equivalents | $230.7M | $222.1M | $176.6M | $185.0M |
| Total Assets | $296.7M | $287.7M | $236.7M | $231.1M |
| Total Liabilities | $217.7M | $214.8M | $161.7M | $155.8M |
| Total Equity | $78.9M | $72.8M | $75.0M | $75.3M |
| Total Debt | $139.0M | $184.2M | $88.0M | $85.1M |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Net Income | $15.8M | $28.3M | $62.5M | -$97.6M | $146.1M | $66.6M | $22.1M | -$135.0M | -$4.2M |
| Depreciation & Amortization | $20000 | $80000 | $105000 | $1.8M | $525000 | $915000 | $1.2M | $1.7M | $2.4M |
| Stock-based Compensation | $1.0M | $2.5M | $2.0M | $2.8M | $3.8M | $5.4M | $9.5M | $8.7M | $7.0M |
| Change in Working Capital | -$3.3M | -$2.3M | -$23.0M | -$19.1M | -$29.8M | $33.1M | $53.9M | $70.9M | -$9.7M |
| Operating Cash Flow | $13.1M | $28.6M | $41.8M | $24.6M | $95.2M | $107.4M | $82.7M | $17.6M | -$3.2M |
| Capital Expenditure | -$48000 | -$106000 | -$99000 | -$1.2M | -$2.0M | -$624000 | -$2.2M | -$165000 | -$56000 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | -$37.5M | -$20.0M | -$18.0M | -$37.3M | 0 | -$4.9M |
| Dividends Paid | -$11.8M | -$18.9M | -$42.4M | -$135.6M | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $13.0M | $28.5M | $41.7M | $23.4M | $93.2M | $106.8M | $80.5M | $17.4M | -$3.2M |
Cash Flow (Quarterly)
| Year | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 |
|---|---|---|---|---|
| Operating Cash Flow | $848000 | -$5.7M | $5.5M | -$764000 |
| Capital Expenditure | $550000 | -$77000 | -$778000 | -$289000 |
| Free Cash Flow | $1.4M | -$5.7M | $4.7M | -$1.1M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $2.3M | $1.4M | $1.4M | $1.1M |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +61.2% | +77.9% | +17.3% | +98.0% | -16.7% | -34.6% | -79.5% | +288.0% | |
| Net Income Growth (YoY) | +92268.0% | +121.2% | -256.0% | +249.7% | -54.4% | -66.9% | -711.7% | +96.9% | |
| EPS Growth (YoY) | +31100.0% | +435.5% | -171.1% | +198.3% | -54.3% | -66.0% | -727.8% | +96.8% | |
| Shares Change (YoY) | +193.9% | -59.0% | +120.3% | +52.4% | -0.1% | -3.8% | -1.9% | -0.5% | |
| FCF Growth (YoY) | +118.5% | +46.2% | -43.7% | +297.4% | +14.6% | -24.6% | -78.3% | -118.6% | |
| Gross Margin | 90.7% | 91.2% | 91.6% | 91.0% | 91.4% | 88.9% | 81.0% | 0.7% | 75.5% |
| Operating Margin | -0.1% | 54.6% | 67.4% | 52.1% | 69.7% | 54.4% | 24.8% | -272.1% | 6.4% |
| EBITDA Margin | 49.9% | 55.1% | 67.8% | -71.3% | 91.6% | 55.8% | 35.2% | -214.8% | 9.0% |
| Net Margin | -0.1% | 54.2% | 67.4% | -89.6% | 67.7% | 37.1% | 18.8% | -562.0% | -4.5% |
| FCF Margin | 40.3% | 54.6% | 44.9% | 21.5% | 43.2% | 59.5% | 68.5% | 72.6% | -3.5% |
| Effective Tax Rate | -0.0% | 0.1% | -0.0% | -7.2% | 23.6% | 28.8% | 23.5% | -109.0% | 21.1% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.42 | $0.31 | $1.11 | $0.28 | $0.74 | $0.85 | $0.66 | $0.15 | $-0.03 |
| Dividends Per Share | $0.38 | $0.21 | $1.13 | $1.64 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $31.2M | $91.8M | $37.6M | $82.9M | $126.4M | $126.1M | $120.8M | $119.2M | $118.6M |
What to look at in Financial Services
Asset managers, brokers, fintech, exchanges. They are not banks — look at AUM, fees and FCF quality.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — Good asset managers have >30% margins thanks to scalability
- ROE — Quality financial services have a consistent ROE >15%
- FCF / Net Income — Earnings quality — >90% expected in capital-light businesses
- Debt / Equity — Fintech and brokers with high D/E are time bombs in crises
- P/E vs own 5y — Asset managers have stable multiples in well-known ranges
- Dividend yield + buybacks — These businesses return a lot of capital — look at total yield (div + buybacks)
Profitability
| Return on Equity | -7.04% |
| Return on Invested Capital | -2.76% |
| Return on Assets | -2.30% |
| Gross Margin | 77.24% |
| Operating Margin | -7.17% |
| Net Margin | -5.95% |
Financial Health
| Debt / Equity | 1.13 |
| Current Ratio | 4.44 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| P/E | -9650.00 | 31.45 | 6.35 | -29.63 | 19.38 | 12.74 | 47.28 | -5.28 | -43.42 |
| P/B | -53073.30 | 3.32 | -1.69 | 108.88 | 17.87 | 4.00 | 5.00 | 9.11 | 2.45 |
| P/S | 9.31 | 17.16 | 4.27 | 26.62 | 13.17 | 4.74 | 8.75 | 29.62 | 1.97 |
| Gross Margin | 90.7% | 91.2% | 91.6% | 91.0% | 91.4% | 88.9% | 81.0% | 0.7% | 75.5% |
| Operating Margin | -0.1% | 54.6% | 67.4% | 52.1% | 69.7% | 54.4% | 24.8% | -272.1% | 6.4% |
| Net Margin | -0.1% | 54.2% | 67.4% | -89.6% | 67.7% | 37.1% | 18.8% | -562.0% | -4.5% |
Related companies: CPSS · CURR · DRDB · FOA · JRVR · MFIN · OPRT
Explore sector: Financial Services · Financial - Credit Services
More sections of LPRO: Overview · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
Discover more: Radar — undervalued stock signals · Investment Academy — learn to analyze stocks