- Company name
- RB Global
- Sector
- Equipment & vehicle marketplaces
- About
- RB Global runs online and live marketplaces where sellers sell used vehicles and heavy equipment to buyers around the world. Its main brands are Ritchie Bros. for heavy equipment and IAA for damaged and total-loss vehicles, most of which come from insurance companies. Other brands include BigIron for farm equipment, Rouse Services for equipment data and SmartEquip for parts. RB Global earns fees from buyers and sellers on each sale (service revenue), and it also buys and resells some equipment itself (inventory sales). Gross transaction value (GTV), the total value of goods sold on its marketplaces, was $13.7 billion in the first nine months of 2026. Its advantage is the size of its buyer network, which helps sellers get good prices and brings more sellers. The company has its head office in Westchester, Illinois, and trades on the NYSE and the TSX.
- Thesis
- The market prices RB Global for lower fees per sale and for the debt that it uses to buy back shares. The service revenue take rate fell to 19.8% in Q3 2026 from 21.7% a year earlier, because acquired businesses and real estate sales have lower fees and because automotive remarketing grows fast. Adjusted net debt rose to $2.66 billion at September 30, 2026, or 1.8 times adjusted EBITDA, from 1.4 times a year earlier, after the $316.6 million purchase of BigIron and $500.0 million of buybacks in 2026. The company also changed its CFO and COO on October 8, 2026. Volumes are strong: GTV rose 20% in Q3 2026, and 14% without acquisitions, and the company raised its 2026 outlook to GTV growth of 14% to 15% and adjusted EBITDA of $1,525 million to $1,545 million. For the gap to close, three things must be true. Adjusted EBITDA must reach the 2026 outlook, and the 2027 outlook must show more growth. The take rate must become stable as the acquisitions and the automotive mix are fully in the base. Free cash flow must pay for the remaining $500 million of the buyback program while leverage falls back toward 1.6 times adjusted EBITDA. The full-year report and the 2027 outlook in February 2027 are the next test. If these checks pass, the gap can close over the next three to five quarters. The main reason it may not close is a longer drop in used heavy equipment sales, which depends on construction and freight activity.
- Risks
- The service revenue take rate fell 186 basis points in Q3 2026, to 19.8%. Acquired businesses with lower fees, real estate sales and growth in automotive remarketing can keep it falling and slow profit growth.
Heavy equipment volumes depend on construction, freight and farm activity. Heavy equipment GTV rose 19% in Q3 2026 with acquisitions, after a small fall without acquisitions in Q2 2026. A downturn lowers fees and inventory returns.
The company changed its CFO and COO in October 2026 and had $43.2 million of executive transition costs in the 12 months to September 30, 2026. More changes at the top can slow the execution of its plans.
Leverage rose to 1.8 times adjusted EBITDA at September 30, 2026, from 1.4 times a year earlier, because the company borrowed for BigIron and for buybacks. Most of the bank debt has variable interest rates.
Holders of the Series A senior preferred shares can raise the preferred dividend to 7.50% from 5.5% from February 2027. This raises the cost of the preferred shares unless the company converts or redeems them.
- Balance sheet
- Cash: $512M
Debt: $3.2B
Net debt: $2.7B
EBITDA, last 12 months: $1.5B
Net debt / EBITDA: 1.8× (low)
Interest cover: 4.9×
Undrawn credit line: $400M, to April 2030
Debt due within 12 months: $61M
Last debt due: 2031
RB Global funds itself with bank loans, notes and convertible preferred shares. At September 30, 2026, debt principal was $3.19 billion: Term Loan A loans of $958 million and revolving loans of $883 million under a credit agreement that runs to April 2030, $550 million of 6.75% senior secured notes due March 2028, and $800 million of 7.75% senior unsecured notes due March 2031. Debt rose from $2.92 billion at June 30, 2026, because revolving loans rose by $284 million in Q3 2026, when the company bought back $350.0 million of shares. Cash was $512 million, not counting $121 million of restricted cash. Adjusted net debt was $2.66 billion, or 1.8 times adjusted EBITDA of $1,500 million over the 12 months to September 30, 2026, up from 1.4 times a year earlier. Undrawn revolving commitments were $399.8 million. Interest cover is operating income divided by interest expense for the first nine months of 2026. The company met all covenants at September 30, 2026. It also has Series A senior preferred shares with a 5.5% dividend, convertible into common shares at $71.58 per share.
As of Sep 30, 2026.
- Checkpoints
- Nov 9, 2026: Q3 2026 results: GTV and take rate. Passed. Watch: GTV growth near 10% with a stable take rate and the 2026 outlook kept at the high end pass; a lower outlook or a further large fall in the take rate fails. Outcome: GTV rose 20% and the company raised its 2026 outlook, while the take rate was 19.8%, close to 20.0% in Q2 2026 but down from 21.7% a year earlier.
Feb 9, 2027 (estimate): Full-year 2026 results and 2027 outlook. Pending. Watch: Adjusted EBITDA within the $1,525 million to $1,545 million range, a 2027 outlook for growth in heavy equipment volumes and lower leverage pass; a miss, a flat outlook or higher leverage fails.
- Recent events
- Nov 9, 2026: RB Global reported Q3 2026 results. GTV rose 20% to $4.7 billion, and 14% without acquisitions. Total revenue rose 17% to $1.3 billion. Diluted adjusted EPS rose 11% to $1.03, and adjusted EBITDA rose 13% to $370.9 million. The service revenue take rate fell to 19.8% from 21.7%. The company bought back 3.9 million shares for $350.0 million in the quarter. It raised its 2026 outlook to GTV growth of 14% to 15%, from 9% to 11%, and to adjusted EBITDA of $1,525 million to $1,545 million, from $1,495 million to $1,545 million. On November 6, 2026, it declared a quarterly dividend of $0.33 per share.
Oct 8, 2026: RB Global promoted Steve Steinberg to CFO and named new leaders for strategy, heavy equipment in North America, and automotive. CFO Eric Guerin and COO Steve Lewis are leaving the company. RB Global said it expects 2026 results at the high end of its outlook of 9% to 11% GTV growth and adjusted EBITDA of $1,495 million to $1,545 million.
Sep 15, 2026: RB Global increased its normal course issuer bid to up to $1 billion of shares, from $500 million. By September 11, 2026, it had bought back 5,363,497 shares at an average price of about $93.22.
Aug 4, 2026: RB Global reported Q2 2026 results. GTV rose 11% to $4.7 billion, and 7% without acquisitions. Total revenue rose 11% to $1.3 billion. Adjusted EPS rose 6% to $1.13 and adjusted EBITDA rose 6% to $387.2 million. The service revenue take rate fell to 20.0% from 21.1%. The company raised its 2026 GTV growth outlook to 9% to 11%, from 6% to 9%.
Jul 21, 2026: RB Global raised its quarterly dividend to $0.33 per share from $0.31.
May 15, 2026: RB Global completed the purchase of BigIron, a U.S. online marketplace for farm equipment, land and livestock, for $316.6 million. It borrowed $300 million under its revolving facilities to pay for it. BigIron had revenue of about $86.2 million in 2025.