RB Global
RBANYSEUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $96.15 Prior regular-session close from the quote source.
- $94.09–$95.83 Regular-session low and high so far today.
- 1.2M Regular-session shares traded · Nov 11, 4:00 PM ET.
- Feb 16 projected Projected for 2027-02-16 from the company’s own results filings (SEC 8-K Item 2.02). The company has not confirmed the date.
- $78.05–$119.33 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own RBA if its combined commercial-asset and vehicle marketplaces keep attracting sellers because they deliver buyers, trust and transaction services at scale, cash flow can compound; if liquidity or fees migrate to rivals, the thesis breaks.
RBA price history
Loading recent earnings…
Investment thesis
What must happen next
The core moat is marketplace liquidity: sellers of commercial assets and vehicles keep choosing RB Global because its omnichannel platform brings enough qualified buyers to produce efficient price discovery and fast dispositions.StrengtheningMateriality: High
GAAP annual revenue increased from $1.417 billion in FY2021 to $4.591 billion in FY2025, helped by the IAA combination but still evidence of a much larger transaction platform. If seller supply keeps concentrating on RB Global, revenue growth has a defensible source; if supply fragments, growth and pricing power become much less durable.
Watch: Copart wins major insurance-salvage consignor relationships from IAA/RB Global, reducing the vehicle inventory that attracts buyers.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual revenue increased from $1.417 billion in FY2021 to $4.591 billion in FY2025, helped by the IAA combination but.
Open source ↗RB Global’s value-added insights, services and transaction solutions should make the marketplace more than a low-fee auction venue, supporting fee economics even as auctions move further online.HoldingMateriality: High
GAAP annual operating income rose from $241.0 million in FY2021 to $713.4 million in FY2025. If services deepen customer reliance, operating profit can grow with marketplace volume; if customers unbundle or competitors undercut fees, revenue growth will carry lower margins.
Watch: Copart, Cox/Manheim, OPENLANE or specialized equipment marketplaces match RB Global’s services while charging lower seller or buyer fees.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating income rose from $241.0 million in FY2021 to $713.4 million in FY2025.
Open source ↗Because RB Global primarily enables transactions and related services rather than simply taking asset-price risk, the business should convert marketplace activity into operating cash flow through cycles.StrengtheningMateriality: Medium
GAAP annual operating cash flow increased from $463.1 million in FY2022 to $978.2 million in FY2025. Cash conversion is what funds debt reduction, reinvestment and per-share value; if growth requires heavy working capital or guarantees, the quality of earnings falls.
Watch: RB Global uses more guarantees, inventory purchases, financing support or working-capital-heavy services to win seller supply.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating cash flow increased from $463.1 million in FY2022 to $978.2 million in FY2025.
Open source ↗After the large 2023 balance-sheet expansion associated with the IAA combination, RB Global must keep using cash generation to reduce financial risk rather than pursue another leverage-heavy growth step.StrengtheningMateriality: Medium
GAAP total liabilities declined from $6.528 billion at FY2023 year-end to $6.075 billion at FY2025 year-end. If liabilities keep declining, more cash can accrue to equity holders; if leverage rises again, equity value becomes more exposed to integration errors and cyclical downturns.
Watch: Management announces another large debt-funded acquisition before the IAA integration has clearly translated into per-share earnings growth.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP total liabilities declined from $6.528 billion at FY2023 year-end to $6.075 billion at FY2025 year-end.
Open source ↗The IAA combination only creates owner value if marketplace scale, integration savings and cross-selling reach diluted EPS rather than being absorbed by integration costs, interest expense or a larger share base.HoldingMateriality: Medium
GAAP diluted EPS recovered from $1.04 in FY2023 to $2.01 in FY2024 and $2.04 in FY2025. Revenue and cash flow can rise while owners still earn poor returns if the acquisition does not compound per-share earnings.
Watch: IAA integration costs, systems complexity or customer attrition prevent the combined company from realizing expected cost and revenue synergies.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP diluted EPS recovered from $1.04 in FY2023 to $2.01 in FY2024 and $2.04 in FY2025.
Open source ↗
Full investment case & evidence
Loading the original research archive…
Original research
The core moat is marketplace liquidity: sellers of commercial assets and vehicles keep choosing RB Global because its omnichannel platform brings enough qualified buyers to produce efficient price discovery and fast dispositions. If seller supply keeps concentrating on RB Global, revenue growth has a defensible source; if supply fragments, growth and pricing power become much less durable.
RB Global’s value-added insights, services and transaction solutions should make the marketplace more than a low-fee auction venue, supporting fee economics even as auctions move further online. If services deepen customer reliance, operating profit can grow with marketplace volume; if customers unbundle or competitors undercut fees, revenue growth will carry lower margins.
Because RB Global primarily enables transactions and related services rather than simply taking asset-price risk, the business should convert marketplace activity into operating cash flow through cycles. Cash conversion is what funds debt reduction, reinvestment and per-share value; if growth requires heavy working capital or guarantees, the quality of earnings falls.
After the large 2023 balance-sheet expansion associated with the IAA combination, RB Global must keep using cash generation to reduce financial risk rather than pursue another leverage-heavy growth step. If liabilities keep declining, more cash can accrue to equity holders; if leverage rises again, equity value becomes more exposed to integration errors and cyclical downturns.
The IAA combination only creates owner value if marketplace scale, integration savings and cross-selling reach diluted EPS rather than being absorbed by integration costs, interest expense or a larger share base. Revenue and cash flow can rise while owners still earn poor returns if the acquisition does not compound per-share earnings.
All standing thesis claims
Original report summary
its combined commercial-asset and vehicle marketplaces keep attracting sellers because they deliver buyers, trust and transaction services at scale, cash flow can compound; if liquidity or fees migrate to rivals, the thesis breaks.
Bull case and bear case
Bull case and bear case for RB Global
Where the evidence on RB Global stands: Holding on the latest evidence (Oct 21, 2026). Of its 5 thesis points, 3 strengthening and 2 holding.
Bull case: what the evidence supports
The core moat is marketplace liquidity: sellers of commercial assets and vehicles keep choosing RB Global because its omnichannel platform brings enough qualified buyers to produce efficient price discovery and fast dispositions.
RB Global’s value-added insights, services and transaction solutions should make the marketplace more than a low-fee auction venue, supporting fee economics even as auctions move further online.
Because RB Global primarily enables transactions and related services rather than simply taking asset-price risk, the business should convert marketplace activity into operating cash flow through cycles.
After the large 2023 balance-sheet expansion associated with the IAA combination, RB Global must keep using cash generation to reduce financial risk rather than pursue another leverage-heavy growth step.
The IAA combination only creates owner value if marketplace scale, integration savings and cross-selling reach diluted EPS rather than being absorbed by integration costs, interest expense or a larger share base.
Bear case: what would count against it
Copart wins major insurance-salvage consignor relationships from IAA/RB Global, reducing the vehicle inventory that attracts buyers.
Copart, Cox/Manheim, OPENLANE or specialized equipment marketplaces match RB Global’s services while charging lower seller or buyer fees.
RB Global uses more guarantees, inventory purchases, financing support or working-capital-heavy services to win seller supply.
Thesis-Break Engine
What has broken in RB Global’s thesis
Each break OptimistFi flagged on RB Global, dated — with what has historically followed the same kind of break across the market, not a forecast for RB Global.
- CEO / officer changecondition set before this filing
Across all companies, this kind of break has happened 16,849 times before. Those stocks trailed comparable companies by a median of 2% over the next six months, and 38% of them trailed it by 10 points or more.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedDirector or principal officer change.
Rb Global filed an SEC 8-K on 2026-10-08: Director or principal officer change. It is a dated development that tests the current thesis.
- MixedOther material event.
Rb Global filed an SEC 8-K on 2026-09-15: Other material event. It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
Rb Global filed an SEC 8-K on 2026-08-04: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Copart wins major insurance-salvage consignor relationships from IAA/RB Global, reducing the vehicle inventory that attracts buyers.
- Copart, Cox/Manheim, OPENLANE or specialized equipment marketplaces match RB Global’s services while charging lower seller or buyer fees.
- RB Global uses more guarantees, inventory purchases, financing support or working-capital-heavy services to win seller supply.
- Management announces another large debt-funded acquisition before the IAA integration has clearly translated into per-share earnings growth.
- IAA integration costs, systems complexity or customer attrition prevent the combined company from realizing expected cost and revenue synergies.
RBA news
Loading headlines…
Financial statements
RBA income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
RBA: quick answers
- When does RB Global (RBA) report earnings next?
- RB Global's next results are projected for February 16, 2027, from the dates of its own results filings with the SEC. The company has not confirmed the date. It last reported on November 9, 2026. Earnings calendar
- What is RBA's short interest?
- As of October 30, 2026, 18.3M RBA shares were sold short, 10.1% of its shares outstanding, up 5.2% from the count before. At the stock's average daily volume that is 7.2 days to cover. FINRA publishes the count twice a month. RBA short interest history
- Have members of Congress traded RBA?
- Reports made public in the last 90 days disclose 2 trades in RBA by 1 filer: 0 purchases and 2 sales. They are filed under the STOCK Act by members of Congress, the President and senior officials. Every disclosed RBA trade