RB Global Inc.
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
The operating picture is strong: a duopoly position plus world leadership in machinery auctions, growing service revenue, $1,399.7 million of adjusted EBITDA and $978.2 million of operating cash flow in 2025, falling leverage — no threat to the substance, hence no red. Three things stand between here and green: a capital structure with high-coupon bonds and hedge-fund preferreds including a step-up date (February 1, 2027), a self-documented concentration risk of 23 percent of revenue on three cancelable major customers, and an earnings quality where nearly half sat between reported ($2.04) and adjusted ($4.00) earnings per share in 2025. Only when streak and deleveraging hold for another year is the power shift proven rather than extrapolated. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
RB Global is the test case for recency bias: the perennial number two of the salvage duopoly is delivering a genuine streak — five quarters above market, roughly 90 percent of Progressive per analysts, raised guidance, leverage down from 1.6 to 1.4 times EBITDA. The run was paid for with the $6.6 billion IAA acquisition: notes at 6.75 and 7.75 percent, Starboard preferreds with a rate alarm set for February 1, 2027, and a concentration risk of 23 percent of revenue on three customers with 30-to-90-day notice periods — while Copart lines up its counterattack with $4.2 billion of liquidity. Whether power shift or expensive run, the next quarters decide, starting August 4, 2026. Not investment advice.
Market position & momentum
Number two in the U.S. salvage duopoly and world market leader in machinery auctions — with a documented run: automotive outgrew the market for the fifth straight quarter in Q1 2026, group GTV rose 13 percent to $4,340.9 million, and guidance was raised to 6 to 9 percent GTV growth (May 4, 2026). Per analysts, RB Global holds about 90 percent of Progressive's total-loss volume (December 2025), backed by new multiyear agreements with both largest partners.
Earnings power & integration
Adjusted EBITDA of $1,399.7 million (up 7 percent) and adjusted EPS of $4.00 (up 15 percent) in 2025 show the IAA integration delivering operationally — but only $2.04 per share remained on a reported basis: the gap is filled by merger, restructuring and legal costs such as the $59.6 million arbitration award to former CEO Fandozzi (February 16, 2026). The cyclical construction and transportation segment shrank 2 percent in 2025 but turned to +27 percent in Q1 2026.
Balance sheet & capital structure
$2,471.5 million of debt (December 31, 2025) with notes at 6.75 and 7.75 percent and maturity towers in 2028 ($601.3 million) and 2030/2031 ($794.4 plus $800.0 million), plus $485 million of Starboard preferreds with a holder right to 7.5 percent from February 1, 2027 and a conversion option over roughly 3.5 percent of the votes. 1.4 times adjusted EBITDA is manageable — but direct rival Copart fights with $4.2 billion of liquidity and zero bank debt.
Customer concentration
About 23 percent of 2025 consolidated revenue hung on the three largest suppliers (prior year: about 22 percent), and the insurer agreements are cancelable by either party on 30 to 90 days' notice per the annual report. The Progressive win that carries the streak is thus also the single biggest risk — the pendulum that swung to RB Global can swing back.
Valuation
About 25 times 2026 adjusted consensus earnings ($4.43 per share) and 17.6 times EBITDA — a good 50 percent more per EBITDA dollar than Copart (11.3), on net debt instead of net liquidity (data as of July 27, 2026). 7 of 10 analysts rate the stock a buy, mean target $127.91. The market has priced in the power shift; a margin of safety for the streak ending is not in the price.
Worth Noting
Hook: counterpart to the Copart analysis of July 27, 2026 — both sides of the same duopoly, examined with the same yardsticks. No scanner hit claimed as the source.
The Progressive attribution (~90 percent share) comes from industry reports (Transportation Today, December 15, 2025, based on Bank of America analysis) — RB Global names no customers in filings or calls; documented in the filings are the concentration disclosure (23 percent/top 3) and the new partner agreements from the earnings calls (February 17 and May 4, 2026, The Motley Fool).
Data status: 10-Q as of March 31, 2026 (filed May 4, 2026) fully reviewed as the most recent periodic report; all filings after it checked (8-K of May 18, 2026 on the BigIron closing, Schedule 13G/A of May 6, 2026 — FIL Ltd below 5 percent —, Form 4/144; no 424B*, S-3, SC 13D, Form 25/15). Share count of 186.3 million from the 10-Q cover (April 27, 2026); market-value cross-check 186.3M × $111.59 = $20.8 billion passed. Analyses are evergreen; daily prices are not a buy argument.
Confusion warning: RB Global (RBA) is the former Ritchie Bros. Auctioneers — not to be confused with rival Copart (CPRT) or the formerly stand-alone IAA stock (until March 2023). The fiscal year matches the calendar year; the TSX listing trades in Canadian dollars, all figures in this analysis are in U.S. dollars.
The traffic light of this analysis judges the company, not the entry point.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at RBA since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 80.50 $ to 119.10 $ · Last price: 84.10 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Specialty Business Services
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| RB Global Inc. RBA | 15.7 | 39.2 | 13.7 | 45.8 | 18.0 | 9.0 | -27.9 |
| Cintas Corporation CTAS | 79.2 | 42.9 | 26.6 | 50.7 | 23.2 | 7.8 | 0.0 |
| Copart Inc CPRT | 27.4 | 18.7 | 13.2 | 49.0 | 37.5 | 9.7 | -36.4 |
| Global Payments Inc GPN | 23.4 | 31.5 | 10.9 | 64.0 | 12.5 | -23.8 | 1.4 |
| Aramark Holdings ARMK | 14.9 | 43.9 | 15.4 | 15.3 | 4.6 | 6.4 | 53.5 |
| UL Solutions Inc. ULS | 13.0 | 26.3 | 15.9 | 50.4 | 18.4 | 6.4 | -3.1 |
| Dolby Laboratories DLB | 5.4 | 24.2 | 13.8 | 87.6 | 29.1 | 5.9 | -17.7 |
| Amentum Holdings Inc. AMTM | 5.0 | 34.0 | 8.2 | 10.5 | 4.1 | 71.6 | -9.2 |
| Unifirst Corporation UNF | 4.7 | 36.2 | 16.6 | 36.7 | 4.2 | 0.2 | 55.3 |
| Median of companies shown | 14.9 | 34.0 | 13.8 | 49.0 | 18.0 | 6.4 | -3.1 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 1,127 | 136 | 92 | 0.85 | 178 | 687 | 1,600 |
| 2017 | 971 | 107 | 75 | 0.69 | 148 | 740 | 2,017 |
| 2018 | 1,170 | 185 | 121 | 1.11 | 144 | 831 | 2,052 |
| 2019 | 1,319 | 223 | 149 | 1.36 | 333 | 902 | 2,229 |
| 2020 | 1,377 | 263 | 170 | 1.54 | 258 | 1,007 | 2,352 |
| 2021 | 1,417 | 241 | 152 | 1.36 | 318 | 1,071 | 3,593 |
| 2022 | 1,734 | 454 | 320 | 2.86 | 463 | 1,290 | 2,864 |
| 2023 | 3,680 | 471 | 207 | 1.23 | 544 | 5,499 | 12,037 |
| 2024 | 4,284 | 761 | 413 | 2.23 | 932 | 5,706 | 11,807 |
| 2025 | 4,671 | 825 | 436 | 2.33 | 995 | 6,042 | 12,121 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.64 | 39.00 | 1,142 | 9.70 | 10.40 | 185 | 102 |
| 2025: Q1 | 0.55 | 3.80 | 1,109 | 4.10 | 10.20 | 157 | 75 |
| 2025: Q2 | 0.53 | -1.90 | 1,186 | 8.20 | 9.30 | 327 | 208 |
| 2025: Q3 | 0.43 | 19.40 | 1,093 | 11.30 | 8.70 | 233 | 182 |
| 2025: Q4 | 0.59 | -7.20 | 1,203 | 5.40 | 9.10 | 264 | 194 |
| 2026: Q1 | 0.66 | 20.00 | 1,235 | 11.40 | 11.00 | 221 | 170 |
| 2026: Q2 | 0.71 | 34.00 | 1,317 | 11.10 | 10.90 | 142 | 64 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 8 of our scanner strategies — each hit links to the scanner.
Growth
Quality & Balance Sheet
Breakout & Setup
Momentum & Trend
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 4.36 | 4.11 – 4.59 | 5,002 | 8.9% | 11 |
| 12/31/2027 | 4.87 | 4.46 – 5.30 | 5,268 | 11.9% | 11 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 11.1% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $612.2M |
|---|---|
| Market cap | $15.70B |
| Free cash flow in year ten | $1.75B |
| Terminal value as a share of market value | 58.8% |
For comparison: over the past five years free cash flow grew by 27.8% per year.
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Maschinelles Lernen ist bei RB Global ein operatives Produkt-Feature — das IAA-Bewertungsmodell „Vehicle Value“ taxiert Fahrzeuge per Machine Learning —, aber keine ausgewiesene KI-Umsatzquelle; KI taucht sonst nur als Cyber- und Regulierungsrisiko auf.
View the full file — quotes, sources, reviewed filings
„A predictive model that uses machine learning and data mining methods to create an accurate, unbiased vehicle value"
Ein Vorhersagemodell, das mit Methoden des maschinellen Lernens und des Data Mining einen genauen, unverzerrten Fahrzeugwert ermittelt
10-K · 2026-02-25 · View SEC filing
„A predictive model that uses machine learning and data mining methods to create an accurate, unbiased vehicle value"
Ein Vorhersagemodell, das mit Methoden des maschinellen Lernens und des Data Mining einen genauen, unverzerrten Fahrzeugwert ermittelt
10-K · 2025-02-26 · View SEC filing
„The rapid evolution and increased adoption of artificial intelligence technologies may intensify our cybersecurity risks."
Die rasante Entwicklung und zunehmende Verbreitung von Technologien der künstlichen Intelligenz kann unsere Cybersicherheitsrisiken verschärfen.
10-K · 2026-02-25 · View SEC filing
Filings Reviewed: 10-Q 2026-05-04 · 10-K 2026-02-25 · 10-Q 2025-11-06 · 10-Q 2025-08-06 · 10-Q 2025-05-07 · 10-K 2025-02-26
Rated on July 27, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 39.1%
- More than 10% revenue growth is expected for the coming year 5.1%
- Share count grows by less than 3% a year 18.7%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 24.7%
- Gross margin at 40% or higher and without meaningful erosion 35.8%
- Goodwill from acquisitions does not grow faster than revenue 38.4%
- Net debt below twice EBITDA 3.5 x EBITDA
- Operating cash flow covers the profits of the last three years 1,416 m
- Return on capital at 15% or higher, or up versus two years ago 7.9%
- Insiders hold at least 10% or are net buyers 0.2%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
7/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 17.1%
- Exp. sales growth 3Y > 5% 6.2%
- EBIT growth 10Y > 5% 22.2%
- Exp. EBIT growth 3Y > 5% 44.5%
- Net debt < 4x EBIT 5.8x
- EBIT positive, 10Y straight 10
- Max. EBIT decline < 50% 20.8%
- Return on equity > 15% –
- ROCE > 15% 7.9%
- Expected return > 10% 51.3%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 9, 2026 | Stein Deborah | Director | Buy | 200 | 80.56 | 16,112 |
| Sep 9, 2026 | Stein Deborah | Director | Buy | 300 | 81.14 | 24,342 |
| Aug 24, 2026 | Harford Chloe | Director | Buy | 1,200 | 83.74 | 100,488 |
The company
About the Company
RB Global, Inc. betreibt einen Marktplatz, der Insights, Dienste und Transaktionslösungen für Käufer und Verkäufer von Gewerbeanlagen und Fahrzeugen weltweit bereitstellt.
- Employees
- 8,000
- Headquarters
- Westchester, IL
- Address
- Two Westbrook Corporate Center, 60154 Westchester, United States
- Phone
- 708 492 7000
- Website
- rbglobal.com
- IPO Date
- 03/09/1998
- ISIN
- CA74935Q1072
- Stock Split
- 3:1 on 04/28/2008
- Stock Split
- 2:1 on 05/07/2004
Management
| Name | Title | Birth Year |
|---|---|---|
| James F. Kessler | CEO & Director | 1973 |
| Eric J. Guerin | Chief Financial Officer | 1972 |
| Steve Lewis | Chief Operations officer | 1975 |
| Darren J. Watt | Chief Legal Officer | 1972 |
| Jen Schmit | Chief People Officer | 1980 |
| David E. Ritchie | Founder & Chairman Emeritus | – |
| Christopher Carlson | Senior VP of Global Controller & Chief Accounting Officer | 1983 |
| Sameer Rathod | Vice President of Investor Relations & Market Intelligence | – |
| Curtis C. Hinkelman | Senior Vice President of Sales - Eastern USA | – |
| Karl W. Werner | Chief Business Development Officer | 1965 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.