Detailed financial statements for OPENLANE, Inc. (OPLN): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
OPENLANE, Inc., including its various subsidiaries, functions as a leading digital platform designed for the transaction of pre-owned vehicles, connecting buyers and sellers across major markets in the United States, Canada, Continental Europe, and the United Kingdom. The company's operations are distinctly divided into two primary segments: Marketplace and Finance. The Marketplace segment offers comprehensive digital services for both acquiring and divesting used vehicles.
Analysis Summary
OPENLANE, Inc. reported revenue of $1.93B in the most recent fiscal year, growing at a 5-year CAGR of 7.8%. Net income reached $177.7M, with a 223.7% 5-year CAGR.
Trailing-twelve-month margins: gross margin 41.3%, operating margin 15.7%, net margin 9.7%. Free cash flow grew at 0.9% CAGR over 5 years.
At the current price of $35.32, OPLN trades at a P/E of 103.88 and an ROE of 13.88%. Market capitalisation stands at $3.7B.
Balance sheet quality for OPLN: current ratio of 1.2, net debt of $1.28B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $336.5M represents 189% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.15B | $2.24B | $2.44B | $2.78B | $1.33B | $1.45B | $1.53B | $1.65B | $1.79B | $1.93B |
| Cost of Revenue | $1.83B | $1.21B | $1.32B | $1.62B | $744.3M | $792.5M | $913.3M | $867.6M | $1.08B | $1.13B |
| Gross Profit | $1.32B | $1.03B | $1.12B | $1.16B | $582.6M | $658.1M | $615.9M | $777.5M | $708.7M | $801.1M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $583.1M | $531.7M | $608.8M | $662.0M | $374.5M | $420.7M | $436.3M | $430.4M | $408.6M | $478.7M |
| Operating Expenses | $823.7M | $703.2M | $781.2M | $850.7M | $513.4M | $530.6M | $521.2M | $782.7M | $526.5M | $478.7M |
| Operating Income | $499.0M | $326.5M | $340.1M | $314.1M | $69.2M | $127.5M | $94.7M | -$5.2M | $182.2M | $322.4M |
| EBITDA | $734.7M | $827.4M | $521.3M | $508.3M | $172.5M | $249.9M | $179.0M | $110.8M | $274.9M | $411.9M |
| Interest Expense | $138.8M | $164.0M | $192.0M | $189.5M | $128.2M | $125.7M | $40.2M | $155.8M | $21.8M | $128.0M |
| Pre-tax Income | $355.3M | $158.4M | $151.9M | $130.1M | -$64.8M | $14.3M | $38.6M | -$146.5M | $157.9M | $192.2M |
| Income Tax | $132.9M | -$15.6M | $34.3M | $37.7M | -$11.2M | $15.1M | $10.0M | $8.3M | $48.0M | $14.5M |
| Net Income | $222.4M | $362.0M | $328.0M | $188.5M | $500,000 | $66.5M | $241.2M | -$154.1M | $109.9M | $177.7M |
| EPS | $1.62 | $2.66 | $2.44 | $1.43 | $-0.16 | $0.28 | $1.73 | $-1.82 | $0.46 | $-0.96 |
| EPS (Diluted) | $1.60 | $2.62 | $2.42 | $1.42 | $-0.16 | $0.28 | $1.73 | $-1.82 | $0.45 | $-0.96 |
| Shares Outstanding (Diluted) | $139.1M | $138.0M | $135.7M | $132.9M | $129.3M | $123.0M | $116.3M | $109.1M | $109.0M | $108.3M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $498.4M | $494.3M | $527.9M | $554.6M |
| Gross Profit | $205.5M | $195.5M | $233.3M | $222.5M |
| Operating Income | $85.5M | $71.9M | $100.3M | $67.5M |
| EBITDA | $108.0M | $92.2M | $123.1M | $93.4M |
| Net Income | $47.9M | $59.5M | $48.9M | $44.3M |
| EPS | $0.26 | $-0.60 | $0.35 | $0.33 |
| EPS (Diluted) | $0.25 | $-1.54 | $0.35 | $0.32 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $201.8M | $317.2M | $277.1M | $507.6M | $752.1M | $177.6M | $225.7M | $93.5M | $143.0M | $141.5M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $2.46B | $2.63B | $2.46B | $2.56B | $2.26B | $2.89B | $2.67B | $2.57B | $2.57B | $2.74B |
| Inventory | $17.9M | $19.4M | $27.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $2.84B | $3.14B | $3.31B | $3.24B | $3.18B | $3.39B | $3.02B | $2.84B | $2.85B | $3.01B |
| Property, Plant & Equipment | $842.5M | $908.2M | $976.2M | $973.1M | $940.5M | $238.2M | $208.4M | $245.7M | $216.4M | $162.1M |
| Goodwill | $2.06B | $2.19B | $2.21B | $1.82B | $2.14B | $1.60B | $1.46B | $1.27B | $1.22B | $1.24B |
| Intangible Assets | $816.9M | $747.0M | $702.1M | $506.4M | $501.5M | $402.4M | $367.2M | $317.6M | $278.5M | $245.5M |
| Total Assets | $6.56B | $6.98B | $7.21B | $6.58B | $6.80B | $7.45B | $5.12B | $4.73B | $4.62B | $4.72B |
| Accounts Payable | $648.5M | $682.7M | $691.3M | $704.6M | $688.9M | $785.3M | $551.2M | $556.6M | $547.6M | $665.8M |
| Short-term Debt | $1.39B | $12.4M | $1.46B | $28.8M | $24.3M | $16.3M | $288.7M | $154.6M | $222.5M | $840.1M |
| Total Current Liabilities | $2.33B | $2.39B | $2.62B | $2.52B | $2.25B | $3.01B | $2.64B | $2.48B | $2.57B | $2.60B |
| Long-term Debt | $2.37B | $2.67B | $2.65B | $1.86B | $1.85B | $1.85B | $205.3M | $202.4M | 0 | $530.1M |
| Total Liabilities | $5.16B | $5.50B | $5.74B | $4.93B | $5.18B | $5.35B | $2.99B | $2.79B | $3.28B | $3.19B |
| Retained Earnings | $74.1M | $257.0M | $392.3M | $651.0M | $600.7M | $625.7M | $822.9M | $624.4M | $689.8M | $586.7M |
| Total Equity | $1.40B | $1.48B | $1.46B | $1.65B | $1.62B | $2.10B | $2.13B | $1.94B | $1.34B | $1.54B |
| Total Debt | $3.75B | $2.68B | $4.11B | $2.25B | $2.22B | $1.95B | $573.7M | $427.4M | $282.9M | $1.42B |
| Net Debt | $3.55B | $2.36B | $3.84B | $1.74B | $1.47B | $1.78B | $348.0M | $333.9M | $139.9M | $1.28B |
| Working Capital | $506.2M | $748.2M | $689.4M | $726.8M | $924.6M | $382.5M | $379.2M | $363.1M | $286.0M | $407.7M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $119.3M | $141.5M | $216.9M | $189.7M |
| Total Assets | $4.82B | $4.72B | $4.90B | $5.01B |
| Total Liabilities | $3.39B | $3.48B | $3.36B | $3.44B |
| Total Equity | $1.43B | $1.24B | $1.54B | $1.57B |
| Total Debt | $70.6M | $588.6M | $2.30B | $585.5M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $222.4M | $362.0M | $328.0M | $188.5M | $500,000 | $66.5M | $241.2M | -$154.8M | $93.6M | $177.7M |
| Depreciation & Amortization | $240.6M | $171.5M | $172.4M | $188.7M | $109.1M | $109.9M | $100.2M | $101.5M | $95.2M | $91.7M |
| Stock-based Compensation | $18.1M | $20.4M | $19.6M | $19.6M | $11.8M | $13.2M | $16.6M | $16.5M | 0 | $14.6M |
| Change in Working Capital | -$163.2M | $4.7M | $78.9M | $16.8M | $20.6M | $62.9M | -$133.1M | -$26.2M | $39.8M | $81.1M |
| Operating Cash Flow | $378.0M | $597.5M | $722.9M | $542.0M | $384.4M | $412.6M | -$466.6M | $228.7M | $276.3M | $391.9M |
| Capital Expenditure | -$155.1M | -$97.3M | -$131.3M | -$161.6M | -$62.8M | -$64.2M | -$60.9M | -$52.0M | -$53.0M | -$55.4M |
| Acquisitions | -$432.1M | -$77.4M | -$45.2M | -$120.7M | -$396.7M | -$519.6M | $39.4M | -$102.7M | $80.7M | 0 |
| Stock Repurchased | -$80.4M | -$150.0M | -$150.0M | -$119.7M | -$10.2M | -$180.9M | -$182.2M | -$22.2M | -$30.0M | -$604.9M |
| Dividends Paid | -$157.1M | -$174.8M | -$188.3M | -$164.3M | -$49.0M | 0 | -$22.2M | -$44.4M | -$44.4M | -$38.6M |
| Free Cash Flow | $222.9M | $500.2M | $591.6M | $380.4M | $321.6M | $348.4M | -$527.5M | $176.7M | $223.3M | $336.5M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $72.2M | $119.0M | $159.6M | $52.8M |
| Capital Expenditure | -$14.6M | -$14.7M | -$13.1M | -$13.8M |
| Free Cash Flow | $57.6M | $104.3M | $146.5M | $39.0M |
| Dividends Paid | -$11.1M | -$5.3M | -$5.3M | 0 |
| Stock-based Compensation | $4.1M | 0 | $9.4M | $8.5M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -28.9% | +9.1% | +13.9% | -52.3% | +9.3% | +5.4% | +7.6% | +8.7% | +8.2% | |
| Net Income Growth (YoY) | +62.8% | -9.4% | -42.5% | -99.7% | +13,200.0% | +262.7% | -163.9% | +171.3% | +61.7% | |
| EPS Growth (YoY) | +64.2% | -8.3% | -41.4% | -111.2% | +275.0% | +517.9% | -205.2% | +125.3% | -308.7% | |
| Shares Change (YoY) | -0.8% | -1.7% | -2.1% | -2.7% | -4.9% | -5.4% | -6.2% | -0.1% | -0.6% | |
| FCF Growth (YoY) | +124.4% | +18.3% | -35.7% | -15.5% | +8.3% | -251.4% | +133.5% | +26.4% | +50.7% | |
| Gross Margin | 42.0% | 46.0% | 45.9% | 41.9% | 43.9% | 45.4% | 40.3% | 47.3% | 39.6% | 41.4% |
| Operating Margin | 15.8% | 14.6% | 13.9% | 11.3% | 5.2% | 8.8% | 6.2% | -0.3% | 10.2% | 16.7% |
| EBITDA Margin | 23.3% | 37.0% | 21.3% | 18.3% | 13.0% | 17.2% | 11.7% | 6.7% | 15.4% | 21.3% |
| Net Margin | 7.1% | 16.2% | 13.4% | 6.8% | 0.0% | 4.6% | 15.8% | -9.4% | 6.1% | 9.2% |
| FCF Margin | 7.1% | 22.3% | 24.2% | 13.7% | 24.2% | 24.0% | -34.5% | 10.7% | 12.5% | 17.4% |
| Effective Tax Rate | 37.4% | -9.8% | 22.6% | 29.0% | 17.3% | 105.6% | 25.9% | -5.7% | 30.4% | 7.5% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $1.60 | $3.62 | $4.36 | $2.86 | $2.49 | $2.83 | $-4.54 | $1.62 | $2.05 | $3.11 |
| Dividends Per Share | $1.13 | $1.27 | $1.39 | $1.24 | $0.38 | $0.00 | $0.19 | $0.41 | $0.41 | $0.36 |
| Shares Outstanding (Basic) | $137.3M | $136.1M | $134.4M | $131.6M | $129.3M | $123.0M | $116.3M | $109.1M | $108.0M | $106.7M |
What to look at in Consumer Cyclical companies
- 5y avg operating margin (Cycle average) — Look at the cycle average, not the current year (peak or trough).
- Inventory turnover (>=4x/year) — Healthy retail rotates inventory fast. A drop signals weak demand.
- 5y avg ROIC (>=12%) — Cyclicals with avg ROIC >12% are structural winners.
- Net debt / EBITDA (peak) (<3x trough) — In cyclicals debt kills in recessions.
- Current Ratio (>1.5x) — Survives 12-18 months without operating cash.
- Altman Z-Score (>2.99 safe) — Bankruptcy model — key in cyclicals sensitive to recessions.
Profitability
| Return on Equity | 13.88% |
| Return on Invested Capital | 14.09% |
| Return on Assets | 4.01% |
| Gross Margin | 41.29% |
| Operating Margin | 15.67% |
| Net Margin | 9.67% |
Financial Health
| Debt / Equity | 0.37 |
| Current Ratio | 1.17 |
| Piotroski F-Score | 8 |
| Altman Z-Score | 1.51 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 9.96 | 7.19 | 7.40 | 15.24 | -116.31 | 55.79 | 7.54 | -8.14 | 43.13 | -31.02 |
| P/B | 1.58 | 1.75 | 1.66 | 1.74 | 1.49 | 0.91 | 0.71 | 0.83 | 1.60 | 2.07 |
| P/S | 0.70 | 1.16 | 0.99 | 1.03 | 1.81 | 1.32 | 0.99 | 0.98 | 1.20 | 1.64 |
| Gross Margin | 42.0% | 46.0% | 45.9% | 41.9% | 43.9% | 45.4% | 40.3% | 47.3% | 39.6% | 41.4% |
| Operating Margin | 15.8% | 14.6% | 13.9% | 11.3% | 5.2% | 8.8% | 6.2% | -0.3% | 10.2% | 16.7% |
| Net Margin | 7.1% | 16.2% | 13.4% | 6.8% | 0.0% | 4.6% | 15.8% | -9.4% | 6.1% | 9.2% |
Related companies: AEO · BKE · CARG · DAN · DRVN · GEF · SAH
Explore sector: Consumer Cyclical · Auto - Dealerships
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