U-Haul Holding Co /NV/ (UHAL) Stock Analysis and Metrics

U-Haul Holding

NYSE: UHAL

$74.01 ▼ -1.24 (-1.65%)

At close: Aug 10, 2026 · 4:00 PM UTC

Financial Ratios

Market Cap13.28 Bn

P/E72.84

P/S1.77

Div. Yield0.00

Total Debt (Qtr)2.36 Bn

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About

U-Haul Holding Company is North America’s largest do it yourself moving and storage operator through its subsidiary U-Haul International. The company rents trucks and trailers sells moving supplies and self storage units and provides propane refilling and insurance services across the United States and Canada.

Revenue comes primarily from truck and trailer rentals moving supply sales self storage rentals propane sales and insurance premiums. Truck and trailer rentals are generated through a network of company operated stores and independent dealers who earn commissions on gross revenue. Moving supplies include boxes tape and packing materials sold at stores and online. Self storage revenue is derived from renting units at company owned facilities and managing properties for third parties. Insurance revenue is earned by the property and casualty and life insurance subsidiaries through underwriting policies and handling claims for customers.

The company operates through the following segments: Moving and Storage Property and Casualty Insurance and Life Insurance.

• Moving and Storage includes truck and trailer rentals moving supply sales self storage operations propane refilling and related services such as the U Box program and moving help marketplace.

• Property and Casualty Insurance provides loss adjusting and claims handling for U Haul and underwrites protection packages such as Safemove Safetow Safemove Plus Safehaul and Safestor for customers.

• Life Insurance offers life health and annuity policies primarily to the senior market through direct writing and reinsurance activities.

U-Haul Holding Company holds a leading position in the do it yourself moving and storage market in North America. Its truck and trailer rental business competes with national players such as Avis Budget Group Penske Truck Leasing and Enterprise Truck Rental. In the self storage sector it faces competition from Public Storage CubeSmart and Extra Space Storage. The company’s advantages include a vast network of company operated stores and independent dealers strong brand recognition and a broad suite of related products and services. Its insurance subsidiaries operate in niche markets offering tailored policies to U Haul customers and seniors.

The primary customers are do it yourself movers including individuals families college students and DIY enthusiasts who need to transport household goods. Self storage renters consist of households and businesses seeking secure space for personal or commercial items. Insurance products are sold to U Haul customers seeking damage waivers and to older adults looking for life medicare and annuity coverage.

Investment Thesis

▲ Bull case

The board authorized a $350 million share repurchase plan covering both U HAL and U HAL B shares signaling that management views the stock as trading below intrinsic value. This buyback is being funded by a planned reduction in growth capital expenditures which frees up roughly $560 million of net equipment purchases for the coming fiscal year. By allocating capital to the repurchase the company can boost earnings per share while it works through the elevated depreciation burden on its expanded truck and storage fleet. The move also reflects confidence in the balance sheet strength shown by the $1.479 billion of cash and availability in the moving and storage segment at the end of March.
Fleet depreciation trends are improving with the second derivative of depreciation growth declining sequentially for the last two quarters indicating a slowdown in the pace of increase. The company plans no net growth in the box truck fleet for the upcoming year which should generate a natural reduction in depreciation even if the fleet size remains flat. Cargo van resale results in April and May have been steady and the lower acquisition prices for 2025 2026 model year vans are expected to ease the depreciation burden over time. Together these factors suggest that depreciation could shift from a headwind to a tailwind in the second half of FY27 supporting operating margins.
The self storage platform added 66 locations delivering 5.3 million net rentable square feet and has 5.5 million square feet under construction across 99 projects with another 6.2 million square feet of potential behind owned assets. Management estimates that each 1% increase in occupied rooms translates to roughly $14 million of annual revenue. The underlying occupied room count excluding the effect of the delinquency cleanup improved by 25 thousand to 27 thousand rooms year over year and could double to about 50 thousand rooms if the leasing pace accelerates. Achieving that level of occupancy would generate an additional $200 million to $280 million of revenue providing a clear earnings upside beyond the current run rate.
Moving and storage activity shows both transaction volume and boxes in storage rising with storage uptake growing at a faster pace than moves. The current 50% cross usage rate between moving and storage is viewed by management as a low baseline with significant upside from converting self storage customers to U Box and from attaching storage to more moving transactions. The U Box network is now near ubiquitous at company operated locations and warehouse consolidation has increased container storage capacity by over 50 thousand boxes. This scalable platform creates an opportunity to increase revenue per customer and improve margins through higher attachment rates.
The toy hauler trailer has found usage beyond its original auto transport adopter base with customers employing it for smaller tractors and other niche applications indicating broader market acceptance. Planned capital expenditure for the next fiscal year is set at approximately half to two thirds of the initial rollout reflecting a disciplined approach while still allowing the product line to gain traction. This measured investment could enable the trailer to become a recurring revenue stream that complements the core moving and storage businesses. Early field reports from locations such as North Dakota suggest the utility of the trailer is expanding in real world conditions.

The board authorized a $350 million share repurchase plan covering both U HAL and U HAL B shares signaling that management views the stock as trading below intrinsic value. This buyback is being funded by a planned reduction in growth capital expenditures which frees up roughly $560 million of net equipment purchases for the coming fiscal year. By allocating capital to the repurchase the company can boost earnings per share while it works through the elevated depreciation burden on its expanded truck and storage fleet. The move also reflects confidence in the balance sheet strength shown by the $1.479 billion of cash and availability in the moving and storage segment at the end of March.
Fleet depreciation trends are improving with the second derivative of depreciation growth declining sequentially for the last two quarters indicating a slowdown in the pace of increase. The company plans no net growth in the box truck fleet for the upcoming year which should generate a natural reduction in depreciation even if the fleet size remains flat. Cargo van resale results in April and May have been steady and the lower acquisition prices for 2025 2026 model year vans are expected to ease the depreciation burden over time. Together these factors suggest that depreciation could shift from a headwind to a tailwind in the second half of FY27 supporting operating margins.
The self storage platform added 66 locations delivering 5.3 million net rentable square feet and has 5.5 million square feet under construction across 99 projects with another 6.2 million square feet of potential behind owned assets. Management estimates that each 1% increase in occupied rooms translates to roughly $14 million of annual revenue. The underlying occupied room count excluding the effect of the delinquency cleanup improved by 25 thousand to 27 thousand rooms year over year and could double to about 50 thousand rooms if the leasing pace accelerates. Achieving that level of occupancy would generate an additional $200 million to $280 million of revenue providing a clear earnings upside beyond the current run rate.
Moving and storage activity shows both transaction volume and boxes in storage rising with storage uptake growing at a faster pace than moves. The current 50% cross usage rate between moving and storage is viewed by management as a low baseline with significant upside from converting self storage customers to U Box and from attaching storage to more moving transactions. The U Box network is now near ubiquitous at company operated locations and warehouse consolidation has increased container storage capacity by over 50 thousand boxes. This scalable platform creates an opportunity to increase revenue per customer and improve margins through higher attachment rates.
The toy hauler trailer has found usage beyond its original auto transport adopter base with customers employing it for smaller tractors and other niche applications indicating broader market acceptance. Planned capital expenditure for the next fiscal year is set at approximately half to two thirds of the initial rollout reflecting a disciplined approach while still allowing the product line to gain traction. This measured investment could enable the trailer to become a recurring revenue stream that complements the core moving and storage businesses. Early field reports from locations such as North Dakota suggest the utility of the trailer is expanding in real world conditions.

▼ Bear case

Depreciation on the truck fleet remains a material drag on earnings with fourth quarter depreciation rising to $221 million from $181 million a year earlier and full year depreciation increasing to $879 million from $693 million. The increase is driven by higher depreciation rates on the cargo van fleet after the company sold 2023 2024 model year vans into a resale market that did not recognize their elevated cost. Additionally the box truck fleet grew by over 14 000 units between March 2020 and March 2025 adding to the depreciation base. Even though the pace of depreciation growth is slowing the absolute level continues to pressure operating results.
The cargo van resale market has yet to provide sufficient relief despite the step down in purchase prices for 2025 2026 model year vans because the resale prices for the previously acquired units remain weak. Management notes that to improve profitability the company must both acquire trucks at lower cost and sell them for higher proceeds a condition that has not been satisfied. As a result the elevated depreciation expense on the cargo van fleet continues to outweigh the contribution from rental income. Until the resale market strengthens or acquisition costs fall further this headwind will persist.
Same store occupancy fell 540 basis points to 86 1% with roughly 450 basis points of that decline tied to the delinquency cleanup initiative. Although delinquency has been brought in line with expectations net tenant move‑ins remain slower than in recent years leaving the company 5 to 10 percentage points behind anticipated occupancy in its lease‑up locations. The recent addition of 5 3 million net rentable square feet of storage will take time to fill and may limit near term revenue growth. Without a faster leasing pace the upside from the new storage supply may be delayed.
U Box revenue per transaction has declined for two consecutive quarters reflecting shorter move distances softer freight demand and a more competitive marketplace. While the number of moves and boxes in storage is increasing the falling revenue per transaction indicates that volume gains are being offset by lower rates. This dynamic could constrain margin improvement in the portable storage line even as utilization rises. Management acknowledges the competitive pressure and is working to increase storage penetration but success is not guaranteed.
Capital expenditures for new rental equipment reached $2,080,000,000 in FY26 an increase of $218,000,000 year over year and net equipment purchases after equipment sales totaled $1,381,000,000. Although management plans to slow truck fleet growth and reduce storage capex going forward the current spending level reflects a continued heavy investment phase. If utilization of the expanded fleet and storage base does not rise as expected the high capex could pressure free cash flow and limit financial flexibility. The sizable outflow may also increase reliance on external financing or asset sales to meet obligations.

Depreciation on the truck fleet remains a material drag on earnings with fourth quarter depreciation rising to $221 million from $181 million a year earlier and full year depreciation increasing to $879 million from $693 million. The increase is driven by higher depreciation rates on the cargo van fleet after the company sold 2023 2024 model year vans into a resale market that did not recognize their elevated cost. Additionally the box truck fleet grew by over 14 000 units between March 2020 and March 2025 adding to the depreciation base. Even though the pace of depreciation growth is slowing the absolute level continues to pressure operating results.
The cargo van resale market has yet to provide sufficient relief despite the step down in purchase prices for 2025 2026 model year vans because the resale prices for the previously acquired units remain weak. Management notes that to improve profitability the company must both acquire trucks at lower cost and sell them for higher proceeds a condition that has not been satisfied. As a result the elevated depreciation expense on the cargo van fleet continues to outweigh the contribution from rental income. Until the resale market strengthens or acquisition costs fall further this headwind will persist.
Same store occupancy fell 540 basis points to 86 1% with roughly 450 basis points of that decline tied to the delinquency cleanup initiative. Although delinquency has been brought in line with expectations net tenant move‑ins remain slower than in recent years leaving the company 5 to 10 percentage points behind anticipated occupancy in its lease‑up locations. The recent addition of 5 3 million net rentable square feet of storage will take time to fill and may limit near term revenue growth. Without a faster leasing pace the upside from the new storage supply may be delayed.
U Box revenue per transaction has declined for two consecutive quarters reflecting shorter move distances softer freight demand and a more competitive marketplace. While the number of moves and boxes in storage is increasing the falling revenue per transaction indicates that volume gains are being offset by lower rates. This dynamic could constrain margin improvement in the portable storage line even as utilization rises. Management acknowledges the competitive pressure and is working to increase storage penetration but success is not guaranteed.
Capital expenditures for new rental equipment reached $2,080,000,000 in FY26 an increase of $218,000,000 year over year and net equipment purchases after equipment sales totaled $1,381,000,000. Although management plans to slow truck fleet growth and reduce storage capex going forward the current spending level reflects a continued heavy investment phase. If utilization of the expanded fleet and storage base does not rise as expected the high capex could pressure free cash flow and limit financial flexibility. The sizable outflow may also increase reliance on external financing or asset sales to meet obligations.

Peer Comparison

Companies in the Rental & Leasing Services

S.No.	Ticker	Company	Market Cap	P/E	P/S	Total Debt (Qtr)
1	SUNB	Sunbelt Rentals Holdings, Inc.	33.56 Bn	29.12	3.20	8.13 Bn
2	AER	AerCap Holdings N.V.	22.20 Bn	5.95	2.48	-
3	UHAL	U-Haul Holding Co /NV/	13.28 Bn	72.84	1.77	2.36 Bn
4	R	Ryder System Inc	10.05 Bn	-5,038.30	0.78	7.46 Bn
5	HRI	Herc Holdings Inc	6.42 Bn	114.23	1.32	7.92 Bn
6	GATX	Gatx Corp	6.35 Bn	27.00	3.09	-
7	CAR	Avis Budget Group, Inc.	5.02 Bn	-7.52	0.43	6.02 Bn
8	WSC	WillScot Holdings Corp	4.41 Bn	-64.94	1.94	3.50 Bn

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About

Investment Thesis

Related Party Breakdown of Revenue (2025)

Peer Comparison

Research Tools

Datasets

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Developers

About

Investment Thesis

Related Party Breakdown of Revenue (2025)

Peer Comparison

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