Openlane
OPLN on NYSE. Auto dealers & gasoline stations. Market value $4.3bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Worth a closer look
Why it could be worth it
What to watch out for
Nothing stood out in the numbers we check.
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $8.24 of spare cash in the past 12 months. A savings account pays about $4.
You pay 19.4 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 4 cents a year. Above 10 is good.
Quality score: 73 of 100. Price score: 78 of 100. Our list needs 70 on quality and 60 on price.
$34.96 a share, 44% above its 1-year low
Over the past year the price has ranged from $24.32 to $42.90.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $1.5bn | $1.5bn | $1.7bn | $1.8bn | $1.9bn |
| Operating margin | |||||
| Operating margin | 8.8% | 6.2% | -8.0% | 10.2% | 10.2% |
| Debt to equity | |||||
| Debt to equity | 1.25 | 0.33 | 0.28 | 0.17 | 0.44 |
| Shares outstanding | |||||
| Shares outstanding | 0.11bn | 0.11bn | 0.11bn | 0.11bn | 0.12bn |
Health checks
- Free cash flow positive4 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)7 of 9
- Profit backed by cash (accruals)Yes
- Debt0.44× equity
- Revenue growth, five yearsSlow, 7.8% a year
- Buying back its own sharesNo, 13% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $555 million last quarter, up 15% on a year ago.
- Profit: $44 million, up 33% on a year ago.
- It keeps 12 cents of each $1 of sales as operating profit, about the same as a year earlier.
- Spare cash over the past 12 months: $354 million, up from $296 million.
- 8% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $345 million more than cash. A year ago it had $119 million more cash than debt.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $460m |
| December 2024 | $455m |
| March 2025 | $460m |
| June 2025 | $482m |
| September 2025 | $498m |
| December 2025 | $494m |
| March 2026 | $528m |
| June 2026 | $555m |
| Quarter to | Amount |
|---|---|
| September 2024 | $28m |
| December 2024 | $52m |
| March 2025 | $37m |
| June 2025 | $33m |
| September 2025 | $48m |
| December 2025 | $60m |
| March 2026 | $49m |
| June 2026 | $44m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 18 February 2026
- Next quarterly (estimated, 10-Q)
- 3 November 2026
Who owns it
8 long-term investors we follow own it, up from 7 last quarter. 352 funds in all.
- GAMCO InvestorsMario Gabelli
- Value
- $19m
- Share of fund
- 0.2%
- Horizon KineticsMurray Stahl
- Value
- $3m
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Mawer Investment ManagementMawer team | $41m | 0.3% | Cut |
| Marathon Asset ManagementNeil Ostrer | $20m | 0.8% | Cut |
| GAMCO InvestorsMario Gabelli | $19m | 0.2% | |
| Harris Associates (Oakmark)Bill Nygren | $16m | <0.1% | Cut |
| Horizon KineticsMurray Stahl | $3m | <0.1% | |
| Gotham Asset ManagementJoel Greenblatt | $2m | <0.1% | Added |
| Polen CapitalDan Davidowitz | $1m | <0.1% | Cut |
| Barrow HanleyBarrow Hanley team | $7,011 | <0.1% | New |
Largest holders overall
- BlackRock$660mAdded
- Dimensional Fund Advisors LP$269mCut
- Vanguard Portfolio Management$249m
- Hawk Ridge Capital Management LP$205m
- Bank of Montreal /can$197mCut
- Vanguard Capital Management$197m
- State Street$175mAdded
- Neuberger Berman Group$155mAdded
- Geode Capital Management$112mAdded
- American Century Companies$110m
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
6 investors own more than 5%.
- BlackRock, Inc.Passive investor14.9%Since 31 March 2025
- Ignition Acquisition Holdings LPat least 6.9%−6.5 pts(filed with 6 related holders)Since 11 August 2026
What they said
Item 4 of the Schedule 13D is hereby amended and supplemented as follows: On August 11, 2026, Ignition Acquisition Holdings LP, as a selling stockholder, and the Issuer entered into an underwriting agreement (the "Underwriting Agreement") with BofA Securities, Inc. (the…
Read the filing - Burgundy Asset Management Ltd.Passive investor6.8%Since 31 December 2025
- Vanguard Portfolio ManagementPassive investor5.8%Since 31 March 2026
- Vanguard Capital ManagementPassive investor5.3%Since 31 March 2026
- Bank of MontrealPassive investorat least 4.5%−2.5 pts(filed with 8 related holders)Since 30 June 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
- BMO NESBITT BURNS INC. WEALTH MANAGEMENTPassive investorSold down below 5%Since 31 December 2025
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 14.9% | 31 March 2025 | |
Ignition Acquisition Holdings LP | at least 6.9%−6.5 pts (filed with 6 related holders) | 11 August 2026 | What they saidItem 4 of the Schedule 13D is hereby amended and supplemented as follows: On August 11, 2026, Ignition Acquisition Holdings LP, as a selling stockholder, and the Issuer entered into an underwriting agreement (the "Underwriting Agreement") with BofA Securities, Inc. (the… Read the filing |
Burgundy Asset Management Ltd. Passive investor | 6.8% | 31 December 2025 | |
Vanguard Portfolio Management Passive investor | 5.8% | 31 March 2026 | |
Vanguard Capital Management Passive investor | 5.3% | 31 March 2026 | |
Bank of Montreal Passive investor | at least 4.5%−2.5 pts (filed with 8 related holders) | 30 June 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 | |
BMO NESBITT BURNS INC. WEALTH MANAGEMENT Passive investor | Sold down below 5% | 31 December 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $499,999 of shares on the open market. 4 sold $9m.
- Kelly Peter JChief Executive Officer, DirectorBought
- Date
- 24 August 2026
- Shares
- 14,830
- Price
- $33.72
- Value
- $499,999
- Mitchell William ClydePresident of AFCSold
- Date
- 14 May 2026
- Shares
- 6,500
- Price
- $36.04
- Value
- $234,260
- Richer Tobin PEVP Marketing & CommunicationsSold
- Date
- 8 May 2026
- Shares
- 4,000
- Price
- $38.31
- Value
- $153,240
- Richer Tobin PEVP Marketing & CommunicationsSold
- Date
- 6 May 2026
- Shares
- 66,709
- Price
- $35.77
- Value
- $2m
- Coyle James PEVP & President, MarketplaceSold
- Date
- 6 May 2026
- Shares
- 15,000
- Price
- $35.77
- Value
- $536,502
- Coleman Charles S.EVP, CLO & SecretarySold
- Date
- 6 May 2026
- Shares
- 19,763
- Price
- $35.86
- Value
- $708,701
- Coyle James PEVP & President, MarketplaceSold
- Date
- 20 February 2026
- Shares
- 88,444
- Price
- $28.83
- Value
- $3m
- Coleman Charles S.EVP, CLO & SecretarySold
- Date
- 2 December 2025
- Shares
- 88,062
- Price
- $26.00
- Value
- $2m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 24 August 2026 | Kelly Peter J Chief Executive Officer, Director | Bought | 14,830 | $33.72 | $499,999 |
| 14 May 2026 | Mitchell William Clyde President of AFC | Sold | 6,500 | $36.04 | $234,260 |
| 8 May 2026 | Richer Tobin P EVP Marketing & Communications | Sold | 4,000 | $38.31 | $153,240 |
| 6 May 2026 | Richer Tobin P EVP Marketing & Communications | Sold | 66,709 | $35.77 | $2m |
| 6 May 2026 | Coyle James P EVP & President, Marketplace | Sold | 15,000 | $35.77 | $536,502 |
| 6 May 2026 | Coleman Charles S. EVP, CLO & Secretary | Sold | 19,763 | $35.86 | $708,701 |
| 20 February 2026 | Coyle James P EVP & President, Marketplace | Sold | 88,444 | $28.83 | $3m |
| 2 December 2025 | Coleman Charles S. EVP, CLO & Secretary | Sold | 88,062 | $26.00 | $2m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 18 Feb 2026, plus the 10-Q filed 4 Aug 2026 and 8 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.