olivLaw · US equity research
RideNow Group, Inc. RDNW
Services-Computer Programming Services · SIC 7371 · Vertical: Services-Computer Programming Services (SIC 7371)
RideNow Group operates a powersports dealership network in the United States, having exited its vehicle transportation brokerage in December 2025 to focus solely on retail sales. In the second quarter of 2026 it reported growth in same store sales while total revenue eased slightly amid store consolidation, and profitability returned to positive territory.
At the close of 04 Nov 2026, RideNow Group, Inc. (RDNW) stock was 5.34 USD (−0.37% on the day), with market capitalisation 11.7 m USD, beta 1.85, 52-week range 4.10–8.26 USD. Latest reported quarter (Q2 2026): revenue of 296.8 m USD (−1.0% YoY), net income of 6.5 m USD, diluted EPS 0.16 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 51.0
- neutral
- Bollinger (20, 2)
- 4.63 – 5.60
- in the upper half of the band · %B 0.74 · band width 19.0%
- SMA 50 / 200
- 5.45 / 6.32
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.02 / -0.08
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +7.9% | −1.1% | +9.0 pp | — |
| 3 months | −20.4% | −0.5% | −20.0 pp | — |
| 6 months | −26.0% | +4.4% | −30.4 pp | — |
| Year to date | −3.3% | +12.3% | −15.6 pp | — |
| 1 year | +59.9% | +13.5% | +46.3 pp | −42.9% |
| 3 years | −18.2% | +76.4% | −94.6 pp | −43.3% |
| 5 years | −87.9% | +63.7% | −151.5 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 295.0 m | 269.6 m | 244.7 m | 299.9 m | 281.0 m | 256.9 m | 260.4 m | 296.8 m |
| Cost of revenue | 220.7 m | 202.1 m | 177.5 m | 216.0 m | 205.0 m | 186.0 m | 188.8 m | 212.0 m |
| Gross profit | 74.3 m | 67.5 m | 67.2 m | 83.9 m | 76.0 m | 70.9 m | 71.6 m | 84.8 m |
| SG&A | 65.9 m | 64.2 m | 61.1 m | 66.7 m | 64.4 m | 64.1 m | 62.1 m | 65.0 m |
| Operating income | 5.3 m | -41.1 m | 3.8 m | -18.8 m | 9.4 m | 5.4 m | 7.6 m | 17.9 m |
| Depreciation & amortisation | 3.1 m | 4.6 m | 2.3 m | 2.0 m | 2.2 m | 2.5 m | 1.9 m | 1.9 m |
| Interest expense | 16.6 m | — | 0 | 0 | 0 | — | — | — |
| Pre-tax income | -11.2 m | -56.2 m | -9.6 m | -32.1 m | -4.0 m | -6.4 m | -4.2 m | 6.6 m |
| Income tax | 0 | 200.0 k | 100.0 k | 100.0 k | 100.0 k | 0 | 100.0 k | 100.0 k |
| Net income | -11.2 m | -56.4 m | -9.7 m | -32.2 m | -4.1 m | -6.4 m | -4.3 m | 6.5 m |
| Diluted EPS | -0.32 | -1.57 ≈ | -0.26 | -0.85 | -0.11 | -0.17 ≈ | -0.11 | 0.16 |
| Operating cash flow | 39.4 m ≈ | 30.8 m | -6.9 m | 10.9 m ≈ | 11.5 m ≈ | 400.0 k | -27.6 m | -100.0 k ≈ |
| Capex | 600.0 k ≈ | 400.0 k | 500.0 k | 2.4 m ≈ | 2.1 m ≈ | 600.0 k | 600.0 k | 1.5 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | ⚠ 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 156.4 m | 840.6 m | 416.4 m | 924.2 m | 1.8 bn | 1.4 bn | 1.2 bn | 1.1 bn |
| Revenue YoY | +2,040.7% | +437.5% | — | +121.9% | +94.1% | −23.8% | −11.5% | −10.5% |
| Net income | -25.2 m | -45.2 m | -25.0 m | -9.7 m | -261.5 m | -215.5 m | -78.6 m | -52.4 m |
| Net income YoY | unavailable | unavailable | — | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | -33.95 | -40.53 | -11.44 | -1.41 | -16.48 | -12.15 | -2.22 | -1.38 |
| Diluted EPS YoY | unavailable | unavailable | — | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -16.1% | -5.4% | -6.0% | -1.1% | -14.6% | -15.8% | -6.5% | -4.8% |
| Free cash flow | -23.5 m | -39.9 m | 17.0 m | -37.8 m | -24.5 m | unavailable | 97.4 m | 10.3 m |
The series breaks before 2020: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 29.5 m USD
- Financial debt
- 207.6 m USD
- Net debt
- 178.1 m USD
- Equity
- -12.5 m USD
- Total assets
- 673.6 m USD
- Debt / equity
- unavailable
- Current ratio
- 1.13x
- ROE
- unavailable
- ROA
- -7.3%
- FCF margin
- 1.0%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 416.4 m | 924.2 m | 1.8 bn | 1.4 bn | 1.2 bn | 1.1 bn | SEC (XBRL)· 13 Mar 2026verified |
| Cost of revenue | 384.8 m | 766.0 m | 1.0 bn | 1.0 bn | 894.9 m | 784.5 m | SEC (XBRL)· 13 Mar 2026verified |
| Gross profit | 31.6 m | 158.2 m | 441.7 m | 359.9 m | 314.3 m | 298.0 m | SEC (XBRL)· 13 Mar 2026verified |
| Research & development | 1.4 m | — | — | — | — | — | SEC (XBRL)· 31 Mar 2021verified |
| SG&A | 53.7 m | 164.1 m | 354.5 m | 347.3 m | 275.4 m | 256.3 m | SEC (XBRL)· 13 Mar 2026verified |
| Operating income | -18.6 m | -8.9 m | -260.1 m | -69.5 m | -15.2 m | -200.0 k | SEC (XBRL)· 13 Mar 2026verified |
| Depreciation & amortisation | 2.1 m | 6.1 m | 23.0 m | 22.0 m | 14.3 m | 9.0 m | SEC (XBRL)· 13 Mar 2026verified |
| EBITDA | -16.4 m ≈ | -2.8 m ≈ | -237.1 m ≈ | -47.5 m ≈ | -900.0 k ≈ | 8.8 m ≈ | SEC (XBRL)· 13 Mar 2026derived |
| Interest expense | 6.5 m | 16.4 m | 52.1 m | 77.2 m | — | — | SEC (XBRL)· 28 Mar 2024verified |
| Pre-tax income | -25.0 m | -31.4 m | -305.5 m | -155.1 m | -78.8 m | -52.1 m | SEC (XBRL)· 13 Mar 2026verified |
| Income tax | 0 | -21.7 m | -72.0 m | 59.3 m | -200.0 k | 300.0 k | SEC (XBRL)· 13 Mar 2026verified |
| Net income | -25.0 m | -9.7 m | -261.5 m | -215.5 m | -78.6 m | -52.4 m | SEC (XBRL)· 13 Mar 2026verified |
| Diluted EPS | -11.44 | -1.41 | -16.48 | -12.15 | -2.22 | -1.38 | SEC (XBRL)· 13 Mar 2026verified |
| Weighted average diluted shares | 2.2 m | 6.9 m | 15.9 m | 17.7 m | 35.4 m | 38.0 m | SEC (XBRL)· 13 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 1.5 m | 49.0 m | 46.8 m | 58.9 m | 85.3 m | 29.5 m | SEC (XBRL)· 13 Mar 2026verified |
| Receivables | 9.4 m | 40.2 m | 28.0 m | 50.3 m | 30.5 m | 28.9 m | SEC (XBRL)· 13 Mar 2026verified |
| Inventories | 21.4 m | 201.7 m | 323.5 m | 347.5 m | 240.6 m | 257.4 m | SEC (XBRL)· 13 Mar 2026verified |
| Current assets | 37.7 m | 300.1 m | 460.8 m | 480.8 m | 371.4 m | 334.7 m | SEC (XBRL)· 13 Mar 2026verified |
| Property, plant & equipment, net | 6.5 m | 21.4 m | 76.1 m | — | — | — | SEC (XBRL)· 16 Mar 2023verified |
| Goodwill | 26.9 m | 234.8 m | 21.1 m | 800.0 k | 800.0 k | 0 | SEC (XBRL)· 13 Mar 2026verified |
| Intangibles (excl. goodwill) | 46.0 k | 302.1 m | 247.4 m | 203.3 m | 161.9 m | 127.0 m | SEC (XBRL)· 13 Mar 2026verified |
| Total assets | 77.0 m | 1.0 bn | 1.0 bn | 926.3 m | 755.2 m | 673.6 m | SEC (XBRL)· 13 Mar 2026verified |
| Accounts payable | 12.7 m | 77.3 m | 79.5 m | 68.1 m | 75.4 m | 77.7 m | SEC (XBRL)· 13 Mar 2026verified |
| Short-term debt | 2.9 m | — | 223.8 m | 35.6 m | 39.1 m | 400.0 k | SEC (XBRL)· 13 Mar 2026verified |
| Long-term debt | 1.7 m | 257.9 m | 374.4 m | 238.7 m | 212.0 m | 207.2 m | SEC (XBRL)· 13 Mar 2026verified |
| Current liabilities | 35.4 m | 179.1 m | 311.7 m | 395.0 m | 324.4 m | 296.5 m | SEC (XBRL)· 13 Mar 2026verified |
| Total liabilities | 72.4 m | 596.1 m | 821.2 m | 820.7 m | 718.5 m | 686.1 m | SEC (XBRL)· 13 Mar 2026verified |
| Equity | 4.6 m | 431.6 m † | 206.0 m † | 105.6 m † | 36.7 m † | -12.5 m † | SEC (XBRL)· 13 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 17.1 m | -32.2 m | -18.9 m | — | 99.4 m | 15.9 m | SEC (XBRL)· 13 Mar 2026verified |
| Capex | 175.0 k | 5.6 m | 5.6 m | 13.7 m | 2.0 m | 5.6 m | SEC (XBRL)· 13 Mar 2026verified |
| Free cash flow | 17.0 m ≈ | -37.8 m ≈ | -24.5 m ≈ | — | 97.4 m ≈ | 10.3 m ≈ | SEC (XBRL)· 13 Mar 2026derived |
| Investing cash flow | -2.3 m | -378.8 m | -82.2 m | -19.1 m | 900.0 k | -2.7 m | SEC (XBRL)· 13 Mar 2026verified |
| Financing cash flow | -18.1 m | 459.5 m | 107.7 m | — | -80.6 m | -67.0 m | SEC (XBRL)· 13 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 26 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 11.7 m USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet10
- Growth10
- Valuation57
- Quality15
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.00 – 514.19 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/Sales170.02 – 514.19 (Mid 328.29)8 companies used · median multiple 0.8x · quartiles 0.5x – 1.2xCINT, CTSH, DOX, EPAM, FORTY, MWC, WIT, XTIA
- Peers: EV/EBITDA0.00 – 118.45 (Mid 37.51)6 companies used · median multiple 5.1x · quartiles 1.4x – 8.7xCINT, CTSH, EPAM, IA, MWC, WIT
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 26/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 27.7% | 0 (on a fixed band) | 11% |
| EBIT margin · Quality | 3.7% | 48 (vs peers) | 9% |
| FCF margin · Quality | -1.9% | 0 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | -15.5% | 0 (on a fixed band) | 18% |
| Revenue growth (YoY) · Growth | -10.5% | 29 (vs peers) | 9% |
| Net debt / EBITDA · Balance sheet | 3.4x | 0 (vs peers) | 7% |
| Current ratio · Balance sheet | 1.1x | 20 (on a fixed band) | 7% |
| EV/Sales · Valuation | 0.2x | 100 (vs peers) | 18% |
| FCF yield · Valuation | -176.0% | 0 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet10/100 · 2/2 factors with a value
- Growth10/100 · 2/2 factors with a value
- Quality15/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/1 factors with a value
- Valuation57/100 · 2/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
RideNow Group, Inc. (RDNW). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 1.1 bn USD in 2025; YoY growth -10.5%; net margin -0.8%; net debt/EBITDA 3.4x.
The estimated value range is 85.01–316.32 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 182.90 USD, the price of 5.34 USD leaves a potential of 3,325.1% (value / price − 1) and a margin of safety of 97.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 26/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- EV/Sales: 0.2x
- The price is below the estimated value range
What contradicts it
- Gross margin: 27.7%
- FCF margin: -1.9%
- Revenue CAGR 3Y: -15.5%
- Revenue growth (YoY): -10.5%
- Net debt / EBITDA: 3.4x
- Current ratio: 1.1x
- FCF yield: -176.0%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Shareholder yield (distributions).
Versus the vertical median
Services-Computer Programming Services (SIC 7371) · same industry (4-digit SIC) · compared with 32 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| INFYInfosys Limited | 49.6 bn | 16.1 | 29.0% | 16.4% | +3.9% | −30% / −30% |
| ZSZscaler Inc | 36.6 bn | — | -2.9% | -1.9% | +25.4% | −11% / +14% |
| CTSHCognizant Technology Solutions Corporation | 29.4 bn | 12.0 | 17.4% | 11.8% | +7.0% | −15% / −7% |
| VRSNVerisign Inc | 28.5 bn | 33.6 | — | 49.1% | +6.4% | +26% / +50% |
| WITWipro Limited | 22.7 bn | 15.4 | 16.4% | 14.7% | −3.2% | −21% / −11% |
| EPAMEpam Systems, Inc. | 7.1 bn | 18.6 | 11.2% | 7.2% | +15.4% | −27% / −47% |
| DOCSDoximity, Inc. | 6.2 bn | 40.9 | 17.2% | 25.5% | +13.1% | −33% / +49% |
| DOXAmdocs Limited | 4.9 bn | 10.3 | 14.1% | 9.9% | +2.4% | −43% / −48% |
| RGTIRigetti Computing, Inc. | 3.7 bn | — | -43.8% | -1,787.4% | −34.3% | −56% / +958% |
| FORTYFormula Systems (1985) Ltd. | 1.8 bn | 23.4 | 12.2% | 2.9% | +5.2% | −20% / +96% |
| MGRTMega Fortune Co Ltd | 1.6 bn | 698.9 | 21.1% | 16.1% | +233.3% | +1,864% / unavailable |
| PERIPerion Network Ltd. | 446.8 m | — | -1.1% | -1.8% | −11.7% | +12% / −59% |
| MFImF International Limited | 367.8 m | 36.4 | 3.9% | 232.8% | +29.4% | −68% / unavailable |
| IAInnovative Solutions And Support, Inc. | 353.7 m | 18.8 | 28.5% | 20.5% | +78.6% | +103% / +167% |
| GDEVGDEV Inc. | 176.1 m | 2.6 | — | 17.1% | −3.9% | −44% / −57% |
| ATGLAlpha Technology Group Ltd | 146.5 m | — | -184.7% | -952.0% | −40.2% | −61% / −39% |
| MLGOMicroAlgo Inc. | 135.7 m | 1.2 | 7.6% | 30.2% | −20.3% | −61% / −100% |
| MWCMicware Co., Ltd. | 82.0 m | 8.1 | 20.0% | 7.3% | unavailable | unavailable / unavailable |
| PDCPerpetuals.com Ltd | 74.9 m | — | -75.8% | -1,069.9% | −47.0% | −61% / −13% |
| CINTCI&T Inc | 73.8 m | 10.3 | 13.8% | 8.3% | +11.5% | −31% / −40% |
| CYCUCycurion, Inc. | 65.1 m | — | -76.7% | -98.0% | −14.8% | −91% / unavailable |
| XTIAXti Aerospace, Inc. | 37.7 m | — | — | -89.6% | +602.4% | −40% / −100% |
| MNDOMind Cti Ltd | 18.3 m | 6.9 | 11.0% | 13.4% | −9.3% | −24% / −53% |
| CHGAChange Agents Corporation | 17.8 m | — | -606.9% | -643.1% | +6.2% | −97% / −99% |
| RDNWRideNow Group, Inc. | 11.7 m | — | — | -0.8% | −10.5% | +60% / −18% |
1- and 3-year price returns: for RDNW from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
RideNow Group operates a powersports dealership network in the United States, having exited its vehicle transportation brokerage in December 2025 to focus solely on retail sales. In the second quarter of 2026 it reported growth in same store sales while total revenue eased slightly amid store consolidation, and profitability returned to positive territory.3
SWOT
Strengths
- The dealership network is among the largest in the industry and gives national coverage, allowing inventory to move between locations.
- The proprietary online consumer purchasing program provides access to pre-owned inventory beyond the physical store footprint.
- Parts, service and finance and insurance revenue carry higher margins and help stabilize results.
Weaknesses
- The company reported that its internal control over financial reporting was not effective at the end of 2025.
- Some dealerships operated at a loss or with insufficient returns, and closing them created additional costs.
- Operating cash flow was negative in the first half of 2026, showing reliance on inventory financing.
Opportunities
- If consolidation and cost reduction succeed, operating margins could keep rising.
- Tuck-in acquisitions and entry into underpenetrated markets could add long-term value.
- Greater penetration of finance products and accessories could improve profit per sale.
Threats
- A high interest rate environment could weaken demand and raise the cost of financing inventory.
- Dependence on manufacturers for new vehicle allocation gives them considerable influence over the business.
- Reliance on third parties for customer financing could hurt sales if their terms change.
Risks
- Inventory supplyhigh
If acquisition channels for new or pre-owned inventory are disrupted, the company could lack enough vehicles to meet demand.1
- Internal controlshigh
Weaknesses in internal control over financial reporting could lead to errors and delays in reporting.1
- Reliance on third-party financingmedium
If outside financing providers withdraw or change terms, sales and customer terms could be affected.1
- Debt and variable ratesmedium
The company's credit agreement carries variable rates, so rising interest rates could increase financing costs.2
- Store closureslow
Consolidation efforts could bring exit costs, asset write-downs and loss of customer relationships.1
Investment thesis
What would need to be true (bull case)
- If same store sales keep growing and costs stay under control, profitability could exceed current levels.
- A leading position in a fragmented market and a proprietary acquisition program could support a larger market share.
- Debt reduction and extended maturities could ease financial pressure.
What would break the thesis
- If vehicle demand falls because of expensive credit, revenue could keep contracting.
- Internal control problems could bring additional costs and weigh on investor confidence.
- Negative operating cash flow and reliance on inventory financing could limit the company's flexibility.
What to watch
- Trend in same store sales and unit volumeQ3 2026
- Progress in remediating internal control weaknessesnext 10-K
- Refinancing terms of the company's credit agreement2027
- Development of operating cash flowQ4 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
RideNow Group, Inc. (known until August 2025 as RumbleOn) runs a powersports dealership group headquartered in Chandler, Arizona. The company grew mainly through acquisitions and sells motorcycles, ATVs, side-by-sides, personal watercraft and other products, both new and pre-owned, sourcing inventory from manufacturers, consumers through its RideNow Cash Offer tool, and auctions.1
It also sells parts, apparel, accessories, finance and insurance products and provides full repair and maintenance services. At December 31, 2025 it operated 48 dealerships across twelve states, mostly in the Sunbelt region.1
Between 2024 and 2025 RideNow also ran an asset-light vehicle transportation brokerage segment, which it shut down in December 2025. The company now reports a single segment, powersports dealerships.1
Segments
Powersports vehicle sales (new and pre-owned)
Vehicle sales are the main revenue driver. In fiscal 2025 powersports vehicle revenue fell to 778.8 million USD from 842.6 million USD, with fewer units sold, while gross profit per retail unit improved.1
Market context
The company describes the US powersports retail market as highly fragmented, competing with franchised dealers, independent pre-owned dealers and private sales. It considers consumer experience, quality and breadth of product selection the main competitive factors.1
Demand is seasonal, with sales strongest in spring and summer and the winter quarter typically slowest, so quarterly results can vary considerably.1
Trends
- Elevated interest ratesheadwind
Higher borrowing costs make customer financing more expensive and raise floorplan carrying costs. If rates stay high, the company could see a shift to lower-priced units or lower unit volume.2
- Cautious consumer spendingheadwind
Concerns about labor market stability and cost of living have led customers to spend more carefully, with a growing focus on affordability, although premium segments have shown resilience.2
- Tariff structuresmixed
The company does not expect new tariff structures to raise its cost of sales because of supplier arrangements, but the ultimate effect remains uncertain and depends on manufacturer pricing and demand.2
- Recovery in same store salestailwind
After network consolidation and the exit from transportation, same store sales grew in the second quarter of 2026. If this trend holds, operating margins could keep improving.3
Competitive position
Competitors include franchised dealers selling new and pre-owned vehicles, independent pre-owned dealers and private-party sales. The company argues that its RideNow Cash Offer program, which enables nationwide online purchases, is a distinctive advantage.1
Reported advantages include network size, brand recognition and the ability to move inventory between locations. The company says it aims to be a consolidator of choice through smaller tuck-in acquisitions.1
- Franchised powersports dealers
Manufacturer-affiliated dealers selling new and pre-owned vehicles in the same regions.
- Independent powersports dealers
Local pre-owned operators competing mainly on price and selection.
- Private-party sales
The private pre-owned market, competing with the company's direct-from-consumer purchasing program.
- Third-party online sales platforms
Digital platforms where consumers increasingly shop for vehicles and services, competing with the company's online channels.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report28 Sept 2026Material agreement · Termination of a material agreement · Creation of a direct financial obligation · Other events · Financial statements and exhibits
- Quarterly report11 Aug 2026
- Current report11 Aug 2026Results of operations · Amendments to articles or bylaws · Financial statements and exhibits
- Current report11 Jun 2026Item 4.01 · Financial statements and exhibits
- Current report05 Jun 2026Shareholder vote · Financial statements and exhibits
- Current report18 May 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Quarterly report14 May 2026
- Current report14 May 2026Results of operations · Financial statements and exhibits
- Proxy statement24 Apr 2026
- Annual report13 Mar 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / RideNow Group, Inc. · 13 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / RideNow Group, Inc. · 11 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / RideNow Group, Inc. · 11 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.