RB Global Inc. (RBA)
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For five straight quarters RB Global's salvage business has outgrown the market, the share of insurance giant Progressive's total-loss volume sits at roughly 90 percent per analysts, and 2026 guidance was just raised. Yet the hunter of the salvage duopoly carries a heavy pack: $2,471.5 million of debt from the IAA acquisition, bonds at 6.75 and 7.75 percent, and preferred shares held by hedge fund Starboard with a built-in rate alarm set for February 1, 2027 — while archrival Copart sits on $4.2 billion of liquidity. Not investment advice — just the counter-bill for who ultimately pays for this winning streak.
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Basics
Performance
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
AI Rating
Uses AIMaschinelles Lernen ist bei RB Global ein operatives Produkt-Feature — das IAA-Bewertungsmodell „Vehicle Value“ taxiert Fahrzeuge per Machine Learning —, aber keine ausgewiesene KI-Umsatzquelle; KI taucht sonst nur als Cyber- und Regulierungsrisiko auf.
View the full file — quotes, sources, reviewed filings
„A predictive model that uses machine learning and data mining methods to create an accurate, unbiased vehicle value"
Ein Vorhersagemodell, das mit Methoden des maschinellen Lernens und des Data Mining einen genauen, unverzerrten Fahrzeugwert ermittelt
„A predictive model that uses machine learning and data mining methods to create an accurate, unbiased vehicle value"
Ein Vorhersagemodell, das mit Methoden des maschinellen Lernens und des Data Mining einen genauen, unverzerrten Fahrzeugwert ermittelt
„The rapid evolution and increased adoption of artificial intelligence technologies may intensify our cybersecurity risks."
Die rasante Entwicklung und zunehmende Verbreitung von Technologien der künstlichen Intelligenz kann unsere Cybersicherheitsrisiken verschärfen.
Filings Reviewed: 10-Q 2026-05-04 · 10-K 2026-02-25 · 10-Q 2025-11-06 · 10-Q 2025-08-06 · 10-Q 2025-05-07 · 10-K 2025-02-26
Rated on July 27, 2026 · How the Rating Is Built
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($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 | 0.61 | 4.60 | 1,109 | 4.10 | 10.20 | 157 | 75 |
| 2025: Q2 | 0.59 | -2.10 | 1,186 | 8.20 | 9.30 | 327 | 208 |
| 2025: Q3 | 0.51 | 24.40 | 1,093 | 11.30 | 8.70 | 233 | 182 |
| 2025: Q4 | 0.59 | -7.20 | 1,222 | 7.00 | 9.10 | 264 | 194 |
| 2026: Q1 | 0.72 | 18.80 | 1,235 | 11.40 | 11.00 | 221 | 170 |
- 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.
Assessment: Opportunities & Risks
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.
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.
$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.
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.
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.
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.
- 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.
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 |
| Website | rbglobal.com |
| IPO Date | 9. Mar 1998 |
| Next Earnings | 5. Aug 2026 |
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.
Chart
Interactive price chart (TradingView).
Data as of: July 24, 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.