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Forensic Analysis · Retail / Consumer Discretionary · as of Nov 8, 2026

Openlane, Inc. (OPLN)

A forensic read on Openlane, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

B · Sound & dependable
Forensic grade
Grey Zone
Financial health
1.7
Distress distance
Clean
Earnings quality
2
Forensic signals
13.8%
ROE
8.2%
Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Openlane, Inc. earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 1.7, placing it in the Grey zone. 2 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

8.6%
FY2025
Return on invested capital. Return on invested capital is 8.6% in the latest fiscal year and rising across FY2023–FY2025 from -4.6%. After-tax operating profit was ($107M) in FY2023 and $177M in FY2025, with operating income at -8.0% of revenue in FY2023, 10.2% in FY2024 and 10.2% in FY2025. The capital base behind it came down -11% across FY2023–FY2025, from $2.3B to $2.1B, so this return is struck on a smaller base than it started on. FY2023's operating profit carried a $225M goodwill write-off that alone took about 7.7 points off that year's return, so about 7.7 of the 13.2-point rise across FY2023–FY2025 is that charge leaving the base year rather than the capital earning more. A non-cash write-down lowers the reported return in the year it lands.
$225M
FY2023
Goodwill impairments. Took $225M of goodwill writedowns across 1 year (FY2023 ($225M)). Writedowns mean past acquisitions underperformed what was paid for them.

Key fundamentals

Latest Revenue$1.93B
Revenue Growth YoY+8.2%
Revenue CAGR (2yr)+6.8%
Net Margin9.2%
Free Cash Flow$336.5M
Return on Equity13.8%
Debt / Equity0.43x

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Data from SEC EDGAR public filings · metrics as of Nov 8, 2026. Forensic signals flag probability, not certainty.

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