Hertz Global Holdings (HTZWW) stock price is $1.04, unchanged on the day, as of Nov 4, 2026. It has a market cap of $708.49Mn, and is classified in the Car Rental industry (Consumer Discretionary sector).
Enterprise Value
Margins
P/FCF
Key Stats
Market Cap708.49 Mn
P/E-2.54
FCF (Yr)-8.66 Bn
ROA (Yr)-3.39
EV to EBIT-6.30
Net Income (Yr)-747.00 Mn
Enterprise Value-4.53 Bn
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About
Hertz Global Holdings, Inc. is a holding company whose principal wholly owned subsidiary is The Hertz Corporation. The company is engaged principally in the business of renting vehicles globally through its Hertz, Dollar, and Thrifty brands. Hertz Global operates from company-owned and franchisee locations across the United States, Europe, Africa, Asia, Australia, Canada, the Caribbean, Latin America, the Middle East, and New Zealand. The company also sells vehicles through…
Hertz Global Holdings, Inc. is a holding company whose principal wholly owned subsidiary is The Hertz Corporation. The company is engaged principally in the business of renting vehicles globally through its Hertz, Dollar, and Thrifty brands. Hertz Global operates from company-owned and franchisee locations across the United States, Europe, Africa, Asia, Australia, Canada, the Caribbean, Latin America, the Middle East, and New Zealand. The company also sells vehicles through Hertz Car Sales and provides value-added services such as loss or collision damage waivers, theft protection, liability and personal accident insurance, emergency roadside service, and fuel or electric charging for rental vehicles.
Hertz Global generates revenue primarily from rental and related charges, including worldwide vehicle rental revenue from company-operated operations and fees for airport concession reimbursements, vehicle license fees, fueling, and electric charging. Additional revenue comes from the sale of value-added services like insurance products, emergency roadside assistance, and other protection plans. The company also collects revenue from customers for vehicle damages, ancillary revenues from retail vehicle sales, and royalty fees from franchisees, which are approximately 2% of total revenues each period.
The company operates through the following segments:
Americas RAC: This segment includes the rental of vehicles and sales of value-added services in the United States, Canada, Latin America, and the Caribbean. The segment operates under the Hertz, Dollar, and Thrifty brand names. It serves both leisure and business customers through airport and off-airport locations.
International RAC: This segment includes the rental of vehicles and sales of value-added services in locations outside the United States, Canada, Latin America, and the Caribbean. The segment operates under the Hertz, Dollar, and Thrifty brand names in international markets across Europe, Africa, Asia, Australia, the Middle East, and New Zealand. It provides vehicle rentals and related services to both leisure and business travelers in these regions.
Hertz Global holds a leading position in the global vehicle rental and leasing industry, competing with major players such as Avis Budget Group and Enterprise Holdings. The company leverages its strong brand recognition, extensive global network of company-owned and franchisee locations, and fleet management expertise to maintain competitive advantages. Its focus on disciplined fleet management, revenue optimization, and rigorous cost control supports its market position.
Hertz Global serves a diverse customer base that includes leisure travelers, business customers, and government agencies. The company's customers range from individuals renting vehicles for personal use to corporations managing employee travel needs. Airport locations represent a significant portion of its rental activity, serving both domestic and international travelers.
Sector:Consumer DiscretionarySector rationaleHertz Global's primary revenue is generated from renting vehicles to leisure and business customers through its Hertz, Dollar, and Thrifty brands. This activity falls directly under the 'Car Rental' industry within the Consumer Discretionary sector.Industries:Car RentalCar RentalPrimaryHertz Global is primarily engaged in renting vehicles globally through its Hertz, Dollar, and Thrifty brands. Its revenue is generated from rental and related charges, including worldwide vehicle rental revenue from company-operated and franchisee locations.Auto DealershipsAuto DealershipsSecondaryThe company operates Hertz Car Sales, which generates ancillary revenue from the retail sale of used vehicles from its fleet to consumers.Classified using BQ-MICSCIK: 0001657853
Bull & bear
Investment Thesis
▲ Bull case
Hertz has demonstrated strong structural improvements in its core rental business, with fleet age under ten months—its lowest in nearly a decade—following a successful rotation to model year 2026 vehicles at target prices and volumes, enabling a more optimized car-class mix and supporting long-term margin expansion through lower depreciation per unit, which declined 21% quarter-over-quarter and 44% year-over-year, reflecting disciplined capital allocation and reduced earnings volatility from asset write-downs.
The company is leveraging its scale and operational expertise through Oro Mobility to capture high-growth adjacent markets, beginning with the Uber partnership to manage autonomous robotaxi fleets in San Francisco and driver-led services in major metros, positioning Hertz as a critical infrastructure provider in the evolving mobility landscape beyond traditional rent-a-car, with early traction in Atlanta, Los Angeles, and San Francisco signaling scalable demand for turnkey fleet solutions.
Hertz’s North Star metrics—DPU sub $300, RPU over $1,500, and DOE per transaction day in the low $30s—are being met or exceeded in core operations, with Q4 2025 showing DPU at $330 (down from $418) and DOE at $36.39 (down from $38.81), indicating that cost discipline and revenue initiatives are translating into improved unit economics despite transitory headwinds like recalls and tech outages that impacted Q4 EBITDA by over $100 million but are not structural.
The addition of the INEOS Grenadier to the U.S. rental fleet expands Hertz’s premium offerings with high-spec Fieldmaster trim vehicles featuring leather, heated seats, and premium audio, directly addressing evolving customer demand for unique, experiential travel and differentiating Hertz in a commoditized market, while reinforcing its partnership with a growing global 4X4 brand backed by INEOS’s $55 billion in 2025 sales and expanding North American presence.
Early Q1 2026 performance shows meaningful year-over-year revenue improvement in January, with February and March trending positively, supported by constructive demand, rising RPD, and improving residual values from Q4’s seasonal lows, suggesting the full-year EBITDA improvement of over $1 billion YoY in 2025 is sustainable and may accelerate as the company shifts focus to growing off-airport and mobility businesses while maintaining cost discipline.
Hertz has demonstrated strong structural improvements in its core rental business, with fleet age under ten months—its lowest in nearly a decade—following a successful rotation to model year 2026 vehicles at target prices and volumes, enabling a more optimized car-class mix and supporting long-term margin expansion through lower depreciation per unit, which declined 21% quarter-over-quarter and 44% year-over-year, reflecting disciplined capital allocation and reduced earnings volatility from asset write-downs.
The company is leveraging its scale and operational expertise through Oro Mobility to capture high-growth adjacent markets, beginning with the Uber partnership to manage autonomous robotaxi fleets in San Francisco and driver-led services in major metros, positioning Hertz as a critical infrastructure provider in the evolving mobility landscape beyond traditional rent-a-car, with early traction in Atlanta, Los Angeles, and San Francisco signaling scalable demand for turnkey fleet solutions.
Hertz’s North Star metrics—DPU sub $300, RPU over $1,500, and DOE per transaction day in the low $30s—are being met or exceeded in core operations, with Q4 2025 showing DPU at $330 (down from $418) and DOE at $36.39 (down from $38.81), indicating that cost discipline and revenue initiatives are translating into improved unit economics despite transitory headwinds like recalls and tech outages that impacted Q4 EBITDA by over $100 million but are not structural.
The addition of the INEOS Grenadier to the U.S. rental fleet expands Hertz’s premium offerings with high-spec Fieldmaster trim vehicles featuring leather, heated seats, and premium audio, directly addressing evolving customer demand for unique, experiential travel and differentiating Hertz in a commoditized market, while reinforcing its partnership with a growing global 4X4 brand backed by INEOS’s $55 billion in 2025 sales and expanding North American presence.
Early Q1 2026 performance shows meaningful year-over-year revenue improvement in January, with February and March trending positively, supported by constructive demand, rising RPD, and improving residual values from Q4’s seasonal lows, suggesting the full-year EBITDA improvement of over $1 billion YoY in 2025 is sustainable and may accelerate as the company shifts focus to growing off-airport and mobility businesses while maintaining cost discipline.
Hertz continues to operate with negative adjusted corporate EBITDA, reporting $(339) million for the trailing twelve months ended December 2025, indicating that despite YoY improvements, the core business remains unprofitable on an adjusted basis, raising concerns about the sustainability of recent gains and the depth of structural challenges in achieving consistent positive cash flow from operations.
Vehicle utilization remains below pre-pandemic levels at 78% in Q4 2025 (down from 79% YoY) and 81% for the full year (vs. 79% in 2024), reflecting persistent softness in rental demand or fleet management inefficiencies that limit revenue potential despite improvements in pricing and cost controls, with international utilization lagging at 75% quarterly and 79% annually.
The company’s debt burden remains elevated, with total net debt at $16.208 billion as of December 2025, up from $15.416 billion YoY, driven by increases in both vehicle and non-vehicle debt, constraining financial flexibility and increasing sensitivity to interest rate fluctuations or downturns in travel demand that could impair debt servicing capacity.
While Hertz highlights growth in mobility via Oro Mobility and Uber partnerships, these initiatives are still in early stages—limited to pilot markets like San Francisco, Los Angeles, and Atlanta—with no disclosed revenue contribution, timeline for profitability, or scalable unit economics, suggesting the market may be overestimating the near-term impact of these ventures relative to the core rent-a-car business’s challenges.
The settlement of the stockholder derivative and class action, while avoiding monetary payouts, requires an amended voting agreement with key stakeholders including Knighthead, Certares, and CK Amarillo, signaling ongoing governance complexity and potential constraints on strategic decision-making, which could delay or complicate initiatives related to capital allocation, M&A, or leadership changes during a critical transformation phase.
Hertz continues to operate with negative adjusted corporate EBITDA, reporting $(339) million for the trailing twelve months ended December 2025, indicating that despite YoY improvements, the core business remains unprofitable on an adjusted basis, raising concerns about the sustainability of recent gains and the depth of structural challenges in achieving consistent positive cash flow from operations.
Vehicle utilization remains below pre-pandemic levels at 78% in Q4 2025 (down from 79% YoY) and 81% for the full year (vs. 79% in 2024), reflecting persistent softness in rental demand or fleet management inefficiencies that limit revenue potential despite improvements in pricing and cost controls, with international utilization lagging at 75% quarterly and 79% annually.
The company’s debt burden remains elevated, with total net debt at $16.208 billion as of December 2025, up from $15.416 billion YoY, driven by increases in both vehicle and non-vehicle debt, constraining financial flexibility and increasing sensitivity to interest rate fluctuations or downturns in travel demand that could impair debt servicing capacity.
While Hertz highlights growth in mobility via Oro Mobility and Uber partnerships, these initiatives are still in early stages—limited to pilot markets like San Francisco, Los Angeles, and Atlanta—with no disclosed revenue contribution, timeline for profitability, or scalable unit economics, suggesting the market may be overestimating the near-term impact of these ventures relative to the core rent-a-car business’s challenges.
The settlement of the stockholder derivative and class action, while avoiding monetary payouts, requires an amended voting agreement with key stakeholders including Knighthead, Certares, and CK Amarillo, signaling ongoing governance complexity and potential constraints on strategic decision-making, which could delay or complicate initiatives related to capital allocation, M&A, or leadership changes during a critical transformation phase.