OPLNOPENLANE, Inc.
Retail-Auto Dealers & Gasoline Stations
- Revenue
- $1.9B
- 8.2% YoY
- Operating margin
- 10.2%
- 0.2% YoY
- EBITDA
- $288M
- 3.9% YoY
- Market cap
- $4.8B
- Employees
- 4,800
- $403K revenue each
- Net debt / EBITDA
- 1.2×
- $360M net debt
- AI in 10-K
- 2.4
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 1 of 7
- TSR below peersYes4 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo221% of net incomeCash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowNo12% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo25% of assetsOver 40% of assets
- Shareholder dissentNo98% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$403K · 25th pctBottom quartile of its SIC industry
- Quiet on AINo2.4 per 10K words · 62nd pctBottom quartile of AI mentions in 10-Ks
- Net cashNo1.2× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$4.8B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$283M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $1.5B | $1.5B | $1.7B | $1.8B | $1.9B | 8.2% |
| Operating income | $128M | $95M | −$136M | $182M | $197M | 7.9% |
| Net income | $67M | $241M | −$154M | $110M | $178M | 62% |
| Operating cash flow | $234M | $4M | $237M | $293M | $392M | 34% |
| Capex | $64M | $61M | $52M | $53M | $55M | 4.5% |
| Stock-based comp | $13M | $17M | $17M | $15M | $15M | 0.7% |
| Buybacks | $181M | $182M | $22M | $30M | $46M | 52% |
| Dividends | $0 | $0 | — | — | — |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Aug 13, 2026 | Ignition Acquisition Holdings GP LLC | SCHEDULE 13D/A | 6.9% | Passive |
| Jun 1, 2026 | Ignition Acquisition Holdings GP LLC | SCHEDULE 13D/A | 13.4% | Passive |
| Oct 8, 2025 | Ignition Acquisition Holdings GP LLC | SCHEDULE 13D/A | 13.3% | Passive |
| Sep 11, 2025 | Ignition Acquisition Holdings GP LLC | SCHEDULE 13D/A | 23.4% | Passive |
| Sep 14, 2020 | Ignition Acquisition Holdings LP | SC 13D/A | 17.9% | Active |
| Jul 2, 2020 | Ignition Acquisition Holdings LP | SC 13D | 17.9% | Active |
Insider trading
- Open-market buys, 12 mo
- $500K · 1
- Open-market sells, 12 mo
- $284M · 18
- Net
- −$283M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | — | — | 160 | 142 |
| FY2024 | — | — | 107 | 134 |
| FY2023 | — | — | 80 | 123 |
| FY2022 | — | — | 70 | 106 |
| FY2021 | — | — | 84 | 127 |