For AI assistants & researchers — machine-readable summary of this page
What this page is: Delvantic's full research page for RB Global Inc. (RBA) — AI-driven forensic equity research: mechanical valuation models (DCF, EPV, anchored-PE, scenario) plus three independent AI lenses (Quality / Value / Sentiment). Everything below is rendered server-side; you are not missing content that requires JavaScript. All scores are predictions and research opinions, not financial advice.
Page map (sections in order; each card carries a stable
reference-name attribute you can cite):
profile-header/price-overview— company profile, live quote, market capextended-analysis— the core: three AI lens reads with findings, scores, and the analyst memofuture-predictions— our forward price-band predictionsmarket-narrative/ai-findings/gpt-critique— narrative context, cross-model findings, and an adversarial critique of our own analysis (near the end of the document)- Members-only sections (render as login gates for anonymous readers):
price-history,income-trend,key-metrics,financials(statement tables),insider-trading. The analysis above is public; the raw data tables require a free account.
More for machine readers: site briefing at
/llms.txt ·
any ticker resolves at delvantic.com/stock/TICKER ·
raw inputs are public-company filings and market data (via licensed data feeds);
every model, score, lens read, and prediction on this page is Delvantic's own analysis.
RB Global Inc.
RBA NYSERB Global Inc. is a global marketplace and transaction services company focused on commercial assets and vehicles. RB Global connects buyers and sellers through an omnichannel platform that combines physical auction sites, online marketplaces, and supporting services for asset discovery, pricing, logistics, inspections, financing, and title management. Its business serves a wide range of industries, including automotive, commercial transportation, construction, government surplus, lifting and material handling, energy, mining, and agriculture. The company also operates specialized brands that address distinct segments of the market, such as heavy equipment remarketing, salvage vehicles, and digital tools for equipment lifecycle management. RB Global plays an important role in improving liquidity and price discovery for used commercial assets, helping businesses, insurers, dealers, and government entities transact efficiently across global markets.
Price Overview
Price History (1 Year)
Revenue & Net Income Trend
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics TTM · through Jun 30, 2026
EPS (Diluted): 2.59
Total Equity: $6.05B
Shares: 187,166,667
Total Debt: $2.90B
Cash: $524.90M
EBITDA: $1.29B
Total Debt: $2.90B
Cash: $524.90M
Revenue: $4.85B
Revenue: $4.85B
Revenue: $4.85B
Total Equity: $6.05B
Tax Rate: 20.2%
Equity: $6.05B
Total Debt: $2.90B
Cash: $524.90M
Current Liabilities: $1.44B
Long-Term Debt: $2.83B
Total Debt: $2.90B
Total Equity: $6.05B
Shares: 187,166,667
Shares: 187,166,667
CapEx: -$249.50M
Shares: 187,166,667
Stock Price: $83.54
Net Income: $484.20M
Industry Benchmarks
Income Statement (Annual)
Last updated: Sep 7, 2026 6:16pm (30d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $1.4B | $1.7B | $3.7B | $4.3B | $4.6B |
| Cost of Revenue | — | — | — | — | — |
| Gross Profit | — | — | — | — | — |
| Operating Expenses | — | — | — | — | — |
| Operating Income | $240.1M | $454.5M | $471.3M | $761.2M | $713.4M |
| Net Income | $151.9M | $319.7M | $206.5M | $413.1M | $428.4M |
| EBITDA | $328.0M | $551.7M | $823.5M | $1.2B | $1.2B |
| EPS | $0.82 | $1.73 | $1.05 | $2.03 | $2.06 |
| EPS (Diluted) | $0.81 | $1.71 | $1.04 | $2.01 | $2.04 |
Balance Sheet (Annual)
Last updated: Sep 7, 2026 6:16pm (30d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $326.1M | $494.3M | $576.2M | $533.9M | $531.5M |
| Total Current Assets | $762.2M | $963.1M | $1.8B | $1.7B | $1.8B |
| Total Assets | $3.6B | $2.9B | $12.0B | $11.8B | $12.1B |
| Current Liabilities | $588.4M | $795.3M | $1.3B | $1.3B | $1.6B |
| Long-Term Debt | $1.7B | $592.5M | $3.1B | $2.7B | $2.4B |
| Total Liabilities | $2.5B | $1.6B | $6.5B | $6.1B | $6.1B |
| Total Equity | $1.1B | $1.3B | $5.5B | $5.7B | $6.1B |
| Retained Earnings | $839.6M | $1.0B | $918.5M | $1.1B | $1.3B |
Cash Flow (Annual)
Last updated: Sep 7, 2026 6:16pm (30d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $317.6M | $463.1M | $544.0M | $932.0M | $978.2M |
| Capital Expenditure | -$9.8M | -$32.0M | -$227.9M | -$167.4M | -$259.0M |
| Free Cash Flow | $307.8M | $431.1M | $316.1M | $764.6M | $719.2M |
| Acquisitions (net) | — | — | -$2.8B | -$8.6M | -$192.8M |
| Net Debt Issued / (Repaid) | $1.1B | -$1.1B | $2.5B | -$454.4M | -$301.7M |
| Dividends Paid | -$103.8M | -$115.2M | -$298.0M | -$206.0M | — |
| Stock Buybacks | — | — | — | — | — |
| Net Change in Cash | $1.1B | -$736.5M | $122.0M | -$39.1M | -$14.0M |
Growth Trends (YoY %)
Last updated: Sep 7, 2026 6:16pm (30d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +22.4% | +112.2% | +16.4% | +7.2% |
| Gross Profit Growth | — | — | — | — |
| Operating Income Growth | +89.3% | +3.7% | +61.5% | -6.3% |
| Net Income Growth | +110.5% | -35.4% | +100.0% | +3.7% |
| EBITDA Growth | +68.2% | +49.3% | +46.4% | -0.7% |
Dividend History (Last 20)
Last updated: Sep 7, 2026 6:16pm (30d ago)| Date | Dividend | Declaration | Record | Payment |
|---|---|---|---|---|
| 2026-08-25 | $0.33 | — | — | — |
| 2026-05-27 | $0.31 | — | — | — |
| 2025-05-29 | $0.29 | — | — | — |
| 2025-02-14 | $0.29 | — | — | — |
| 2024-11-27 | $0.29 | — | — | — |
| 2024-08-28 | $0.29 | — | — | — |
| 2024-05-29 | $0.27 | — | — | — |
| 2024-02-08 | $0.27 | — | — | — |
| 2023-11-29 | $0.27 | — | — | — |
| 2023-08-22 | $0.27 | — | — | — |
| 2023-05-30 | $0.27 | — | — | — |
| 2023-03-21 | $1.08 | — | — | — |
| 2023-02-09 | $0.27 | — | — | — |
| 2022-11-22 | $0.27 | — | — | — |
| 2022-08-23 | $0.27 | — | — | — |
| 2022-05-26 | $0.25 | — | — | — |
| 2022-02-10 | $0.25 | — | — | — |
| 2021-11-23 | $0.25 | — | — | — |
| 2021-08-24 | $0.25 | — | — | — |
| 2021-05-25 | $0.22 | — | — | — |
Deep Analysis
Risk : Reward — upside vs downside from this company's own quarters
Not computed yetNarrative Economics
market-narrative step).
Claude Reading
Let me do the arithmetic before I touch the models. TTM revenue through June 2026 is $4.84B ($1.32 + $1.23 + $1.20 + $1.09), up roughly 9.5% from the prior-year TTM of $4.42B. TTM net income is $484.2M, a 15.9% year-over-year improvement, pushing the net margin from 9.4% to 10.0%. That is a modest, almost anemic, margin expansion for a company the pre-flight model labels "high-growth." The quarterly revenue path — $1.09B, $1.20B, $1.23B, $1.32B — shows steady sequential growth of 3-4% per quarter, which is fine, but it is not the hockey stick that a 32x trailing P/E (my own calc: $15.47B / $484.2M = 31.9x, consistent with the canonical 32.3x) demands. The 2023 revenue jump from $1.73B to $3.68B was acquisition-driven, and the post-acquisition growth rate has decelerated from 16.3% in 2024 to 7.2% in 2025 to roughly 9.5% TTM. The 2022 annual row is a data red flag: $319.7M net income on $1.73B revenue implies an 18.5% net margin that no other year in the series approaches, almost certainly inflated by one-time gains or tax items, and it poisons any CAGR calculation that includes it.
The balance sheet and cash flow tell a more nuanced story. Net debt of $2.02B ($2.55B debt less $531.5M cash) against $6.07B equity gives a D/E of 0.48, manageable. Operating cash flow of $978M and FCF of $719M on $4.59B revenue is a 15.7% FCF margin, which is genuinely strong and the single best fundamental in this file. But ROE of 8.1% and ROIC of 7.4% are below any reasonable cost of equity, meaning the business is not clearing its own hurdle rate. A 15.7% FCF margin on 8% ROE tells you the capital base is bloated relative to the earnings it generates — likely the real-estate and equipment footprint of 100+ physical sites. The FCF CAGR of -9.5% in the momentum block is the number that should keep you up at night, even if it may partly reflect acquisition-year capex spikes; the direction of travel is wrong.
Now the models. The rule-based classifier calls this a "mature_earner" at 0.83 confidence, while the pre-flight AI calls it "high-growth." I side with neither. This is a decelerating mid-growth transaction business with a real-estate moat and a software veneer. The pre-flight's "network-effect dynamics" language is doing the same narrative work the market-narrative layer identifies: the "toll-road infrastructure" bull story versus the "cyclical auction yard with a website" bear story. I think the bear framing is closer to reality. You can switch auction houses; the switching cost is a phone call, not a platform migration. The 100+ sites are a moat, but it is a capital-intensive, geographically fixed moat, not a compounding software moat. The valuation synthesis lands at $71.50 composite, $69.98 signal-adjusted, versus the $83.54 price — a 16% overvaluation. I agree with the direction but find the composite slightly generous. At 32x trailing earnings, 3.2x sales, and 13.9x EV/EBITDA for a company growing revenue at 9-10% with 8% ROE, I would put fair value closer to $62-68. The 15.7% FCF margin earns a premium over a pure auction peer (Copart trades at roughly 10-11x EBITDA), but not a 32x earnings multiple. The thesis evaluation's "40.6x P/E" figure does not reconcile with the canonical 32.3x or my own 31.9x calculation — that is a data inconsistency in the model stack that should be flagged before anyone anchors on it. The insider data is essentially noise: one 1,200-share purchase (~$100K) and one 150-share sale, surrounded by single-digit award grants. That is not a signal; that is a rounding error.
The contrarian case, steel-manned: the stock is down 30% from the $119.58 high, so the worst of the de-rating may be done; FCF conversion is elite; revenue is still growing sequentially every quarter; and the commercial-vehicle and equipment aftermarket is structurally large and fragmented, so even a modest share-gain story supports the current multiple. But "structurally large" is not the same as "growing at 15%," and the 8% ROE caps the multiple expansion the bulls are hoping for. There is no visible catalyst — no product launch, no M&A pipeline, no margin inflection — that would justify re-rating from 32x to 40x+ earnings. The dividend yield of 1.5% and payout ratio of 12% confirm management is not returning capital, so the equity story rests entirely on growth, and the growth is decelerating.
GPT Reading
Grok Reading
Advanced Analysis Forensic deep-dive · separate lenses
RB Global is a mature specialty business services firm that grew from $1.57B to $4.85B in revenue over four years, driven largely by acquisitions in 2023-2024 (revenue jumped 57% then 71%). Post-integration, operating margins have stabilized around 16-17%, down from a pre-acquisition 27.5% in 2022. Net income has recovered and grown steadily: $147M in 2023 to $484M in 2026. Free cash flow is robust at $611M (roughly 12.6% of revenue), and cash conversion is excellent at 1.97x net income, with negative accruals of -2.8% of assets confirming earnings are backed by real cash. The business is self-funding and does not need external capital.
The balance sheet is the main constraint: net debt of $2.38B from acquisition financing, with only $524.9M in liquid cash. The Altman Z-score of 2.24 sits in the grey zone, not distressed but not a fortress. Dilution is well-controlled: diluted share count is essentially flat (186.8M to 187.2M over four years), SBC is a modest 1.2% of revenue, and buybacks recover about 55% of SBC. Growth has normalized to 5-10% annually, consistent with a mature services aggregator rather than a hyper-growth story.
Insider activity is minimal but slightly positive: one open-market purchase of $100.5K versus one small sale of $17.3K, with the rest of the tape being standard stock awards. No red flags in management behavior, but also no aggressive capital-return program. The business is competent, cash-generative, and stable, but the moderate margin profile, net debt load, and services-aggregator model (relationships and scale rather than a deep structural moat) keep it firmly in the solid-but-not-elite tier.
Verify before trusting this (5)
- Customer concentration: top-5 or top-10 client revenue share from the 10-K to assess revenue durability and switching costs
- Convertible or hybrid debt terms underlying the $2.38B net debt figure, including maturity schedule and covenants
- Segment-level margin detail to confirm whether the 16% operating margin is uniform or masking a weak segment
- Acquisition integration status: whether 2023-2024 deals are fully integrated and whether further M&A is planned
- Recurring vs. one-time revenue mix to gauge the quality of the 5-10% organic growth rate
RB Global trades at $83.54 against a composite fair value of $71.50 and a signal-adjusted FV of $69.98, implying a 16-19% premium to the blended valuation. However, the DCF method lands at $89.87, above the current price, and the anchored-PE method at $80.48 is only 4% below it. The wide spread across methods ($25.77 EPV floor to $89.87 DCF) reflects the tension between a cyclical auction-yard business and a platform-infrastructure story. The EPV floor is a liquidation number and not relevant to a going concern with high earnings quality (score 2, no haircut warranted). The meaningful valuation band is roughly $71 to $90, and $83.54 sits in the upper-middle of that range. The market is pricing in the network-effects narrative and steady earnings growth, which is defensible for a 'Solid' quality business (score 22) with strong cash conversion and no dilution, but the acquisition debt and moderate margins cap the ceiling. This is not a mispricing in either direction; it is a fair price for a good-but-not-great business.
Verify before trusting this (4)
- Latest 10-Q segment revenue split: how much is recurring insurance-contract revenue vs one-off auction fees, to test the 'toll road' vs 'cyclical yard' thesis
- Acquisition debt schedule and interest coverage in the next two quarters; if debt service squeezes FCF, the DCF $89.87 is optimistic
- Management commentary on insurance-contract renewal terms and any renegotiation risk in the top three carrier relationships
- Capex guidance for digital-platform buildout vs maintenance; heavy capex would lower free cash flow and pull the DCF down
This lens hasn't been run for this ticker yet.
This lens hasn't been run for this ticker yet.