LPRO
Open Lending Corp
Next earnings Aug 4, 2026 · consensus $0.02 EPS, $24.0M rev
Last earnings -5.3% on 2026-05-07
$3.11
▼ -0.32%$3.11▲ +60.31%
over 1Y
L $1.20H $3.13
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today-0.3%
1W-0.3%
1M+25.4%
3M+159.2%
YTD+99.4%
1Y+60.3%
Hold
Conviction
Horizon
Medium (3–12mo)
Street · 13 analysts
Buy
Turnaround with a real cash cushion and near-breakeven losses, but shrinking loan volume and full book valuation cap the upside.
Revenue $93.2M · FY2025
Open Lending is a niche auto-lending enablement play — its LPP platform prices near/non-prime auto loans (credit scores 560–699) for 450 lenders and underwrites default insurance, an asset-light model that shows in a 76.9% gross margin. The headline FY2025 numbers look like a violent recovery: revenue +288% to $93.2M and net loss narrowed from -$135.0M to -$4.24M (operating loss -$65.4M → -$5.0M). But that 'growth' is off a base gutted by negative profit-share estimate reversals in FY2024, not new demand — certified loans through LPP actually FELL to 97,348 from 110,652 (-12%). The five-year revenue arc ($216M→$180M→$117M→$24M→$93M) is a story of secular/cyclical erosion, not durable expansion. Operating cash flow is still negative (-$3.19M) and the accumulated deficit sits at -$333M.
The balance sheet is the reason this is a hold and not a sell: $177M cash against an $85.1M term loan (maturing Sept 2027) and $75M equity leaves the company solvent and self-funding through its turnaround, and management even repurchased $4.89M of stock. Leverage of 2.16x liabilities/equity is manageable, and the auditor issued a clean, unqualified opinion. The launch of ApexOne Auto (Nov 2025), a prime-borrower decisioning platform without insurance, adds a genuine diversification lever beyond the shrinking near/non-prime LPP core.
Is LPRO a buy? The one-page verdict, explained →
The options angle
model · matches our verdictCovered call~60d expiry
- Long 100 shares @ ~3.11
- Short call 3.5 @ ~0.54 est
debit $257max +$93max −$256BE 2.57
HOLD means own it, don't chase it — harvesting premium against the position matches the verdict.
Educational template, not a trade recommendation. Strikes and premiums are Black-Scholes model estimates from the last close and 30-day realized volatility — real chains, spreads and IV will differ. Options involve substantial risk.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $216M | $180M | $117M | $24.0M | $93.2M |
| Gross profit | $197M | $160M | $95.2M | $169K | $71.7M |
| Operating income | $150M | $97.6M | $29.1M | -$65.4M | -$5.01M |
| Net income | $146M | $66.6M | $22.1M | -$135M | -$4.24M |
| Diluted EPS | $1.16 | $0.53 | $0.18 | -$1.13 | -$0.04 |
| Net margin | 67.7% | 37.1% | 18.8% | -562.0% | -4.5% |
10-year statements — income, cash flow, balance sheet & CSV export →
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$276M
EV / EBITDA—
EV / Sales3.0
EV / FCF—
P / FCF—
PEG (trailing)—
Earnings yield-1.2%
FCF yield-0.9%
Quality & risk
ROIC (est.)-2.5%
Free cash flow-$3.25M
Total debt$84.8M
Net cash$91.8M
Altman Z-Score0.60 distress
Piotroski F-Score6/9
Capital returns
Buyback yield1.3%
Dividend yield (est.)0.0%
Shareholder yield1.3%
Shares Δ YoY-1.8%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has been improving.
- 8-K Material agreement2026-06-16
Entered new material agreement (Item 1.01) with Reg FD update; terms drive outlook
- 8-K Officer / director change2026-06-09
Executive/director change (Item 5.02) — leadership transition
- 8-K Shareholder vote2026-06-04
Annual meeting voting results (Item 5.07); routine governance
- 10-Q Quarterly report2026-05-08
Q1 2026 report; ApexOne Auto prime platform scaling alongside LPP
- 8-K Earnings results2026-05-07
Q1 2026 earnings release furnished; results detailed in accompanying 10-Q
- DEF 14A Proxy statement2026-04-20
Annual proxy — board slate, exec pay and auditor up for shareholder vote
- 8-K Earnings results2026-03-12
FY2025: revenue rebounds to $93M, near-breakeven; clean audit opinion
- 10-K Annual report2026-03-12
FY2025: revenue rebounds to $93M, near-breakeven; clean audit opinion
- 8-K Officer / director change2026-03-06
New material agreement plus officer change (Items 1.01, 5.02)
Recent filings
all on EDGAR ↗SC 14D9Filing2026-06-29open ↗SC TO-TFiling2026-06-29open ↗SC TO-CFiling2026-06-17open ↗SCHEDULE 13D/AFiling2026-06-17open ↗SCHEDULE 13D/AFiling2026-06-16open ↗SC14D9CFiling2026-06-16open ↗SC TO-CFiling2026-06-16open ↗8-KPeriod ending 2026-06-152026-06-16open ↗8-KPeriod ending 2026-06-082026-06-09open ↗3Period ending 2026-06-032026-06-08open ↗4Period ending 2026-06-032026-06-05open ↗4Period ending 2026-06-032026-06-05open ↗
Frequently asked
- Is Open Lending Corp (LPRO) a buy?
- LPRO currently carries a Hold rating with 3/5 conviction, derived from its latest SEC filings. Turnaround with a real cash cushion and near-breakeven losses, but shrinking loan volume and full book valuation cap the upside.
- What is Open Lending Corp's quality score?
- LPRO scores 62.626448120100974/100 (grade C+) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001806201, latest 10-Q filed 2026-05-08) · EODHD · Proprietary analysis · as of 7/3/2026, 9:36:27 AM.
About this recommendation — produced by TENK/calls (tenkcalls.com), Luxembourg · not investment advice
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jul 3, 2026, 5:36 AM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.