Open Lending Corp
LPRO · Personal Credit Institutions · 118.2M shares · +34%/yr ↑ dilution · EDGAR filings ↗
Net buyback after stock comp: $28M (gross $37M, SBC $9M)
Reference price $1.52 · est. market cap ~$180M — last insider purchase, 2025-11-19 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C56Open Lending — auto-loan-enablement (decisioning) firm in a loss year, well-funded.
Strengths
- High gross margin (76%, 76th pct); very long cash runway (98th)
Risks
- Net loss; ROE -5.7% (8th pct); volume down then recovering
- Auto-credit-cycle and lender-partner concentration
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Net lossNet loss (net margin -4.5%)
- Cash burnNegative free cash flow (-3.2M)
- Chronic dilutionShare count +34%/yr over 4y (dilution, book value/share -85%)
- Strong balance sheetStrong balance sheet — $177M cash & investments, ~217 quarters of runway
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
76.9%
Operating margin
-5.4%
Net margin
-4.5%
Return on equity
-5.7%
Return on assets
-1.8%
ROIC
-2.6%
Revenue growth (QoQ)
5.9%
Debt / equity
1.0×
Current ratio
4.5×
Free cash flow
-$3M
EBITDA
-$3M
Tangible book value
$75M
Cash & investments
$177M
Cash runway
217q
Stock comp / revenue
7.6%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-03 | Hart Todd C | Option exercise | 14K | — |
| 2026-06-03 | Chaudhary Abhijit | Option exercise | 15K | — |
| 2026-05-21 | FELDSTEIN ERIC A | Option exercise | 77K | — |
| 2026-03-15 | Sather Matthew | Option exercise | 6.6K | — |
| 2026-03-15 | Sather Matthew | Tax withheld | 1.9K | $1.45 |
| 2026-03-15 | Sather Matthew | Option exercise | 7.5K | — |
| 2026-03-15 | Sather Matthew | Tax withheld | 2.2K | $1.45 |
| 2026-03-15 | Sather Matthew | Option exercise | 10K | — |
| 2026-03-15 | Sather Matthew | Tax withheld | 2.9K | $1.45 |
| 2026-03-15 | Massey Ben | Option exercise | 4.5K | — |
| 2026-03-15 | Massey Ben | Tax withheld | 1.1K | $1.45 |
| 2026-03-15 | Massey Ben | Option exercise | 6.2K | — |
| 2026-03-15 | Massey Ben | Tax withheld | 1.5K | $1.45 |
| 2026-03-15 | Massey Ben | Option exercise | 14K | — |
| 2026-03-15 | Massey Ben | Tax withheld | 3.4K | $1.45 |
| 2026-03-15 | Glasl Michelle | Option exercise | 9.0K | — |
| 2026-03-15 | Glasl Michelle | Tax withheld | 2.9K | $1.45 |
| 2026-03-15 | Glasl Michelle | Option exercise | 9.0K | — |
| 2026-03-15 | Glasl Michelle | Tax withheld | 2.9K | $1.45 |
| 2025-11-19 | Sather Matthew | Buy | 40K | $1.52 |
| 2025-10-19 | Stark Matthew | Option exercise | 18K | — |
| 2025-10-19 | Stark Matthew | Tax withheld | 4.5K | $1.95 |
| 2025-06-29 | Jehl Charles D | Option exercise | 110K | — |
| 2025-06-29 | Jehl Charles D | Tax withheld | 27K | $2.04 |
| 2025-06-29 | Jehl Charles D | Option exercise | 210K | — |
| 2025-06-29 | Jehl Charles D | Tax withheld | 79K | $2.04 |
| 2025-05-21 | RAO SHUBHI SURYAJI | Option exercise | 23K | — |
| 2025-05-21 | FELDSTEIN ERIC A | Option exercise | 23K | — |
| 2025-05-21 | Buss Jessica E | Option exercise | 39K | — |
| 2025-05-21 | Buss Jessica E | Tax withheld | 11K | $1.96 |
| 2025-05-12 | Buss Jessica E | Buy | 13K | $1.93 |
| 2025-05-12 | Buss Jessica E | Buy | 25 | $1.93 |
| 2025-05-06 | Jehl Charles D | Option exercise | 38K | — |
| 2025-05-06 | Jehl Charles D | Tax withheld | 9.1K | $1.36 |
| 2025-04-12 | Jehl Charles D | Option exercise | 4.7K | — |
| 2025-04-12 | Jehl Charles D | Tax withheld | 1.1K | $0.85 |
| 2025-03-22 | Jehl Charles D | Option exercise | 70K | — |
| 2025-03-22 | Jehl Charles D | Tax withheld | 17K | $3.25 |
| 2025-03-15 | Stark Matthew | Option exercise | 12K | — |
| 2025-03-15 | Stark Matthew | Tax withheld | 2.8K | $4.31 |
| 2025-03-15 | Stark Matthew | Option exercise | 7.7K | — |
| 2025-03-15 | Stark Matthew | Tax withheld | 1.9K | $4.31 |
| 2025-03-15 | Roe Matthew | Option exercise | 12K | — |
| 2025-03-15 | Roe Matthew | Tax withheld | 2.9K | $4.31 |
| 2025-03-15 | Roe Matthew | Option exercise | 7.7K | — |
| 2025-03-15 | Roe Matthew | Tax withheld | 1.9K | $4.31 |
| 2025-03-15 | Lackey Sarah | Option exercise | 12K | — |
| 2025-03-15 | Lackey Sarah | Tax withheld | 3.0K | $4.31 |
| 2025-03-15 | Lackey Sarah | Option exercise | 6.9K | — |
| 2025-03-15 | Lackey Sarah | Tax withheld | 1.7K | $4.31 |
| 2025-03-15 | Jehl Charles D | Option exercise | 15K | — |
| 2025-03-15 | Jehl Charles D | Tax withheld | 3.6K | $4.31 |
| 2025-03-15 | Jehl Charles D | Option exercise | 26K | — |
| 2025-03-15 | Jehl Charles D | Tax withheld | 6.4K | $4.31 |
| 2025-01-04 | Stark Matthew | Option exercise | 4.0K | — |
| 2025-01-04 | Stark Matthew | Tax withheld | 1.2K | $5.84 |
| 2025-01-04 | Roe Matthew | Option exercise | 4.6K | — |
| 2025-01-04 | Roe Matthew | Tax withheld | 1.4K | $5.84 |
| 2025-01-04 | Lackey Sarah | Option exercise | 3.6K | — |
| 2025-01-04 | Lackey Sarah | Tax withheld | 1.1K | $5.84 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-16 | Material agreementReg FDExhibits | filing ↗ |
| 2026-06-09 | Exec/director change | filing ↗ |
| 2026-06-04 | Shareholder vote | filing ↗ |
| 2026-05-07 | ResultsExhibits | filing ↗ |
| 2026-03-12 | ResultsExhibits | filing ↗ |
| 2026-03-06 | Material agreementExec/director changeExhibits | filing ↗ |
| 2025-12-05 | Exec/director changeExhibits | filing ↗ |
| 2025-11-25 | Exec/director changeExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-16 | 2026-06-15 | 0001193125-26-271902 ↗ |
| 8-K | 2026-06-09 | 2026-06-08 | 0001806201-26-000054 ↗ |
| 8-K | 2026-06-04 | 2026-06-03 | 0001806201-26-000044 ↗ |
| 10-Q | 2026-05-08 | 2026-03-31 | 0001806201-26-000038 ↗ |
| 8-K | 2026-05-07 | 2026-05-07 | 0001806201-26-000036 ↗ |
| 8-K | 2026-03-12 | 2026-03-12 | 0001806201-26-000023 ↗ |
| 10-K | 2026-03-12 | 2025-12-31 | 0001806201-26-000024 ↗ |
| 8-K | 2026-03-06 | 2026-03-06 | 0001806201-26-000018 ↗ |
| 8-K | 2025-12-05 | 2025-12-02 | 0001806201-25-000126 ↗ |
| 8-K | 2025-11-25 | 2025-11-19 | 0001806201-25-000119 ↗ |
| 8-K | 2025-11-06 | 2025-11-06 | 0001628280-25-050173 ↗ |
| 10-Q | 2025-11-06 | 2025-09-30 | 0001628280-25-050208 ↗ |