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Our Company RideNow Group, Inc. operated through two operating segments in 2024 and 2025: a powersports dealership group and a vehicle transportation services business. In December 2025, we ceased providing vehicle transportation services to third parties and now operate solely as a powersports dealership group.
The business is unprofitable at the operating level (-0.02% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 10.5% YoY. The question is whether this is cyclical or a structural shift.
Free cash flow declined 89% versus the prior year, cash generation momentum has weakened. Net debt of $597M represents 57.9x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$1.10B
▼ -10.5% YoY
Net Income (TTM)
-$47M
▲ +33.3% YoY
Op. Margin
0.33%
▲ +1.2pp YoY
ROIC
0.55%
▲ +1.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$11M
▼ -89.4% YoY
Op. Cash Flow (TTM)
-$5M
▼ -84.0% YoY
Net Debt
$571M
Cash & Equiv.
$30M
5Y CAGR: +21.1%
5Y CAGR: -9.5%
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