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what it is
RB Global runs marketplaces and auctions that sell industrial equipment and total-loss vehicles for a fee.
how it gets paid
Last year Rb Global made $4.6B in revenue. automotive salvage marketplaces was the main engine at $1.9B, or 41% of sales.
why it's growing
Revenue grew 7.2% last year. The quarter was driven by the bigger post-IAA revenue base and steady marketplace activity.
what just happened
Revenue hit $3.4B, up 210% vs. prior year, while EPS jumped to $1.52.
At a glance
B+ balance sheet — decent shape, but not bulletproof
100/100 earnings predictability — you can trust these numbers
30.0x trailing p/e — priced about right
1.2% dividend yield — cash in your pocket every quarter
13.0% return on capital — nothing to write home about
xvary composite: 59/100 — below average
What they do
RB Global runs marketplaces and auctions that sell industrial equipment and total-loss vehicles for a fee.
This business wins because buyers go where the inventory is, and sellers go where the buyers are. That loop handled $15.9 billion of gross transaction value in 2024, up from $13.9 billion in 2023. Scale effect → more listings attract more bidders → so what: you get a marketplace that gets harder to dodge as it gets bigger.
How they make money
$4.6B
annual revenue · their business grew +7.2% last year
automotive salvage marketplaces
$1.9B
+14.0%
construction equipment auctions
$1.2B
+5.0%
transport trucks and trailers
$0.8B
+4.0%
private brokerage and online marketplaces
$0.5B
+9.0%
government surplus and industrial assets
$0.2B
+1.0%
The products that matter
sells used heavy equipment
used construction equipment
core category · inside $4.6B revenue
this sits inside a $4.6B platform that grew 7.2% from last year. heavy equipment is the legacy heartbeat of the rb global marketplace.
auction core
sells transport assets
truck trailers
cyclical exposure · 19.8% net margin
transport assets add volume to a business already keeping nearly 20 cents of every revenue dollar. when fleets rotate equipment, rb global gets paid for the transaction flow.
fleet turnover
sells energy equipment
oil/gas equipment
industrial niche · 43.0% operating margin
this category matters because specialty assets attract specialized buyers. in a business running at a 43.0% operating margin, niche liquidity is part of the appeal.
niche demand
Key numbers
$2.5B
long-term debt
Long-term debt equals 10% of capital. Plain English: the balance sheet is carrying leverage, but it is not drowning in it after the big acquisition.
13.0%
return on capital
Return on capital → profit generated from the money put into the business → so what: RB Global earns $0.13 for every $1 tied up in operations.
30.0x
trailing p/e
Price-to-earnings → how many dollars you pay for $1 of profit → so what: you are paying a premium price for a company with projected sales growth of 6.5%.
19.8%
net margin
Net margin → what the company keeps after costs → so what: RB Global keeps nearly $0.20 of every revenue dollar, which is strong for a marketplace tied to industrial cycles.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 60 / 100
- long-term debt $2.5B (10% of capital)
- net profit margin 19.8% — keeps 20 cents of every dollar in revenue
- return on equity 16% — $0.16 profit for every $1 investors have put in
B+ — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in RBA 3 years ago → it's now worth $21,260.
The index would have given you $14,770.
source: institutional data · total return
What just happened
beat estimates
Revenue hit $3.4B, up 210% vs. prior year, while EPS jumped to $1.52.
The quarter was driven by the bigger post-IAA revenue base and steady marketplace activity. Last reported earnings also beat consensus, with $1.11 versus a $1.01 estimate.
$1.2B
revenue
$1.52
eps
210%
revenue growth
the number that mattered
The 210% revenue jump matters most because it shows how much larger RB Global became after the IAA acquisition.
-
the gain was probably supported by modest growth in gross transaction volume (gtv).
-
the rate of growth was probably lower in the december quarter than the sequential period.
-
in fact, management lowered its full-year forecast for gtv growth to a range of flat to 1%, from flat to 3%.fourth-quarter share earnings probably rose at a mid-single-digit rate compared to the prior-year figure. the advance was likely driven by the higher volumes and ongoing benefits from operationalimprovement initiatives.
-
we have raised our 2026 top- and bottom-line estimates by $70 million and a dime per share, respectively, to $4.8 billion and $4.35.while management has not yet provided its forecast for gtv, we expect growth in the mid-to-high single-digit range. sales ought to get a boost from the automotive segment, as used vehicle salvage market fundamentals remain strong. we also look for some stabilization in the commercial, construction, and transportation division after some softness last year.
-
recent acquisitions, including j.m.wood and the impending purchase of smith broughton auctioneers, should also provide a boost to the business.
source: company earnings report, 2026
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What could go wrong
the #1 risk is auction and marketplace volume slowing in used industrial assets. this is a high-margin model, but it still needs equipment, trucks, and energy assets to keep changing hands.
high
used asset transaction volumes roll over
rb global generated $4.6B in revenue and grew 7.2% last year. if construction, transport, or energy equipment turnover slows, the marketplace fee stream slows with it.
pressure point: the full $4.6B revenue base depends on assets continuing to transact
high
valuation is ahead of growth
30.0x trailing earnings is a generous multiple for a business growing 7.2%. if growth cools before the multiple does, the stock can de-rate even if the company stays profitable.
valuation risk: only 13% to the $132 midpoint target from here
med
legal or investigation overhang from prior disclosures
the source set references investigation language in a prior filing, but the detail here is thin. thin detail is still a reason to pay attention when a stock already trades near its high.
watch item: any legal headline can hit sentiment before it hits the income statement
a slower transaction cycle, a premium multiple, and unresolved legal noise would all land on the same place: the stock's margin for error is smaller than the business quality suggests.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
revenue growth versus the 30.0x multiple
7.2% growth supported the story last year. if that slows while the valuation stays rich, the stock loses its cushion fast.
trend
whether margins hold near current levels
19.8% net margin and 43.0% operating margin say this model has real leverage. if volumes soften, this is where you'll see it first.
risk
any update tied to prior investigation language
the disclosure trail is thin here. that makes follow-up more important, not less.
calendar
next guidance reset
with the stock near its high and the long-term midpoint at $132, the next guidance update matters more than usual.
Analyst rankings
earnings predictability
100 / 100
in human-speak: analysts see a business that usually delivers what it says it will.
risk rank
3
that puts it around the middle of the market on overall risk. safer than the average cyclical, less sheltered than true defensives.
price stability
60 / 100
not a rollercoaster, not a bunker. the share price behaves better than a commodity name, but it still feels economic cycles.
source: institutional data
Institutional activity
217 buyers vs. 244 sellers in 3q2025. total institutional holdings: 0.2B shares.
source: institutional data
Price targets
3-5 year target range
$94
$169
$117
current price
$132
target midpoint · +13% from current · 3-5yr high: $170 (+45% · 11% ann'l return)
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