U-Haul Holding Co /NV/ (NYSE: UHAL)

Sector: Industrials Industry: Rental & Leasing Services CIK: 0000004457
Market Cap 13.75 Bn
P/B 1.78
P/E 106.91
P/S 2.29
ROIC (Qtr) 2.13
Div Yield % 0.00
Rev 1y % (Qtr) 1.95
Total Debt (Qtr) 8.06 Bn
Debt/Equity (Qtr) 1.04
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About

U-Haul Holding Co /NV/ (U-Haul), a prominent player in the North American market, specializes in offering moving and storage solutions. The company's operations are divided into three segments: Moving and Storage, Property and Casualty Insurance, and Life Insurance. U-Haul's primary business involves the rental of trucks, trailers, and portable moving and storage units, alongside the sale of moving supplies and towing accessories. U-Haul's business model revolves around providing convenient and high-quality equipment and services. The company boasts...

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Investment thesis

Bull case

  • Strong tangible asset base of 21.62B provides 2.68x coverage of total debt 8.06B, indicating robust asset backing and low credit risk.
  • Tangible assets of 21.62B provide exceptional 398.65x coverage of deferred revenue 54.23M, showing strong service capability backing.
  • Strong operating cash flow of 1.59B provides 3.83x coverage of SG&A expenses 415.41M, showing efficient operational cost management.
  • Free cash flow of (898.76M) provides excellent 25.46x coverage of dividends (35.29M), indicating sustainable shareholder returns.
  • Operating cash flow of 1.59B provides strong 29.31x coverage of deferred revenue 54.23M, indicating service delivery capability.

Bear case

  • Operating cash flow of 1.59B barely covers its investment activities of (2.47B), with a coverage ratio of -0.64, indicating heavy reliance on external financing for growth which may not be sustainable in a tighter credit environment.
  • Operating cash flow of 1.59B provides thin coverage of dividend payments of (35.29M) with a -45.03 ratio, suggesting potential dividend sustainability issues if operational performance deteriorates.
  • Free cash flow of (898.76M) provides weak coverage of capital expenditures of 2.49B, with a -0.36 ratio suggesting additional external financing needs for growth initiatives.
  • Operating earnings of 504.83M show weak coverage of depreciation charges of 1.15B, with a 0.44 ratio indicating high capital intensity and potential reinvestment needs.
  • Free cash flow of (898.76M) represents just -0.81x of debt issuance 1.11B, suggesting concerning reliance on leverage rather than internal cash generation for growth.

Consolidation Items Breakdown of Revenue (2025)

Geographical Breakdown of Revenue (2025)

Peer comparison

Companies in the Rental & Leasing Services
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 URI United Rentals, Inc. 55.62 Bn 22.30 3.45 15.35 Bn
2 FTAI FTAI Aviation Ltd. 27.80 Bn -179.72 106.00 3.45 Bn
3 AER AerCap Holdings N.V. 26.27 Bn 7.00 3.08 43.57 Bn
4 UHAL U-Haul Holding Co /NV/ 13.75 Bn 106.91 2.29 8.06 Bn
5 GATX Gatx Corp 9.00 Bn 53.16 6.81 9.03 Bn
6 R Ryder System Inc 8.88 Bn 17.80 0.70 7.65 Bn
7 AL Air Lease Corp 7.23 Bn 6.92 2.40 19.73 Bn
8 HRI Herc Holdings Inc 5.00 Bn 5,004.00 1.14 9.68 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 0.94 1.32
EV to Cash from Ops. EV/CFO 12.84 77.20
EV to Debt EV to Debt 2.53 3.45
EV to EBIT EV/EBIT 40.42 -105.66
EV to EBITDA EV/EBITDA 12.66 20.85
EV to Free Cash Flow [EV/FCF] EV/FCF -22.70 -1.38
EV to Market Cap EV to Market Cap 1.48 3.10
EV to Revenue EV/Rev 3.40 9.87
Price to Book Value [P/B] P/B 1.78 7.72
Price to Earnings [P/E] P/E 106.91 277.95
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Div Coverage (Qtr) 3.64 3.00
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 500.03
Dividend per Basic Share Div per Share (Qtr) 0.00 1.19
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 6.22
Interest Coverage Int. cover (Qtr) 1.45 -60.94
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) 10.65 17.05
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 1.46 54.66
Dividend Growth (1y) % Div 1y % (Qtr) 0.00 0.10
EBIAT Growth (1y) % EBIAT 1y % (Qtr) -36.60 38.63
EBITDA Growth (1y) % EBITDA 1y % (Qtr) -3.51 5.40
EBIT Growth (1y) % EBIT 1y % (Qtr) -42.97 2.84
EBT Growth (1y) % EBT 1y % (Qtr) -74.20 42.60
EPS Growth (1y) % EPS 1y % (Qtr) -77.73 243.85
FCF Growth (1y) % FCF 1y % (Qtr) 31.69 5.41
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 5.20 31.59
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.28 0.54
Cash Payout Ratio Cash Payout (Qtr) 0.01 0.03
Cash Ratio Cash Ratio 0.00 0.21
Current Ratio Current Ratio 0.00 1.01
Debt to Equity Ratio Debt/Equity (Qtr) 1.04 20.57
Interest Cover Ratio Int Coverage (Qtr) 1.45 -60.94
Times Interest Earned Times Interest Earned (Qtr) 1.45 -60.94
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) 27.50 35.32
EBIT Margin % EBIT Margin % (Qtr) 8.41 12.98
EBT Margin % EBT Margin % (Qtr) 2.60 3.50
Gross Margin % Gross Margin % (Qtr) 36.20 42.91
Net Profit Margin % Net Margin % (Qtr) 2.10 1.24