Detailed financial statements for EquipmentShare.com Inc. (EQPT): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
EquipmentShare.com Inc., a company founded in Columbia, Missouri, in 2014, offers comprehensive, integrated solutions to the construction industry. Its primary activities involve equipment rental, sales, and the deployment of advanced technology. The firm is notable for creating its proprietary digitally-native platform, also named EquipmentShare, which streamlines equipment rentals for jobsites nationwide.
Analysis Summary
Trailing-twelve-month margins: gross margin 28.4%, operating margin 6.8%, net margin 1.2%.
At $18.50 (closing price, October 6, 2026), EQPT trades at a P/E of 196.60 and an ROE of 5.46%. Market capitalisation stands at $4.7B.
Balance sheet quality for EQPT: current ratio of 2.0, net debt of $3.88B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of -$1.80B represents -4508% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $1.73B | $2.56B | $3.76B | $4.38B |
| Cost of Revenue | $1.19B | $1.81B | $2.85B | $3.18B |
| Gross Profit | $538.7M | $749.1M | $918.2M | $1.20B |
| Research & Development | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $368.6M | $499.0M | $700.4M | $942.0M |
| Operating Expenses | $368.6M | $499.0M | $700.4M | $899.0M |
| Operating Income | $170.1M | $250.1M | $217.8M | $297.0M |
| EBITDA | $399.5M | $536.9M | $606.5M | $704.0M |
| Interest Expense | $119.5M | $220.1M | $269.1M | $285.0M |
| Pre-tax Income | $68.3M | $21.8M | $5.2M | $54.0M |
| Income Tax | $18.7M | $4.4M | $2.8M | $14.0M |
| Net Income | $26.3M | $17.3M | $2.6M | $40.0M |
| EPS | $0.05 | $-0.06 | $-0.15 | $0.00 |
| EPS (Diluted) | $0.05 | $-0.06 | $-0.15 | $0.00 |
| Shares Outstanding (Diluted) | $251.3M | $251.3M | $251.3M | $266.0M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $943.9M | $1.57B | $989.0M | $1.45B |
| Gross Profit | $295.9M | $440.6M | $273.0M | $396.0M |
| Operating Income | $64.8M | $179.1M | $1.0M | $94.0M |
| EBITDA | $185.2M | $284.0M | $113.0M | $206.0M |
| Net Income | $6.3M | $65.2M | -$29.0M | $19.0M |
| EPS | $-0.02 | $0.21 | $-0.16 | $0.06 |
| EPS (Diluted) | $-0.02 | $0.21 | $-0.16 | $0.06 |
Balance Sheet (10y)
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Cash & Equivalents | $316.3M | $406.5M | $306.0M |
| Short-term Investments | $33.1M | $50.8M | 0 |
| Receivables | $453.9M | $563.2M | $748.0M |
| Inventory | $241.3M | $331.5M | $401.0M |
| Total Current Assets | $1.06B | $1.41B | $1.73B |
| Property, Plant & Equipment | $3.32B | $3.24B | $4.01B |
| Goodwill | 0 | 0 | 0 |
| Intangible Assets | $68.2M | $94.6M | $141.0M |
| Total Assets | $4.90B | $5.23B | $5.99B |
| Accounts Payable | $72.6M | $91.5M | $95.0M |
| Short-term Debt | $332.3M | $222.1M | $4.0M |
| Total Current Liabilities | $623.4M | $657.9M | $880.0M |
| Long-term Debt | $2.84B | $3.18B | $3.27B |
| Total Liabilities | $4.03B | $4.36B | $5.46B |
| Retained Earnings | $25.4M | $8.3M | 0 |
| Total Equity | $872.7M | $873.0M | $528.0M |
| Total Debt | $3.81B | $4.03B | $4.18B |
| Net Debt | $3.46B | $3.57B | $3.88B |
| Working Capital | $440.8M | $749.7M | $850.0M |
Cash Flow (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Net Income | $49.6M | $17.3M | $2.6M | $40.0M |
| Depreciation & Amortization | $211.7M | $295.0M | $332.2M | $365.0M |
| Stock-based Compensation | $2.9M | 0 | 0 | $4.0M |
| Change in Working Capital | -$173.6M | -$236.7M | -$234.2M | -$310.0M |
| Operating Cash Flow | $228.5M | $278.8M | $281.3M | $264.0M |
| Capital Expenditure | -$1.42B | -$1.28B | -$1.78B | -$2.07B |
| Acquisitions | -$39.5M | $704.2M | $1.42B | -$48.0M |
| Stock Repurchased | 0 | 0 | -$300,000 | 0 |
| Dividends Paid | 0 | -$5.0M | -$9.0M | -$37.0M |
| Free Cash Flow | -$1.20B | -$1.00B | -$1.50B | -$1.80B |
Growth & Margins (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth (YoY) | +47.5% | +47.2% | +16.4% | |
| Net Income Growth (YoY) | -34.2% | -85.0% | +1,438.5% | |
| EPS Growth (YoY) | -221.7% | -160.0% | +102.5% | |
| Shares Change (YoY) | +0.0% | +0.0% | +5.9% | |
| FCF Growth (YoY) | +16.0% | -49.2% | -20.3% | |
| Gross Margin | 31.1% | 29.3% | 24.4% | 27.3% |
| Operating Margin | 9.8% | 9.8% | 5.8% | 6.8% |
| EBITDA Margin | 23.1% | 21.0% | 16.1% | 16.1% |
| Net Margin | 1.5% | 0.7% | 0.1% | 0.9% |
| FCF Margin | -69.0% | -39.3% | -39.8% | -41.2% |
| Effective Tax Rate | 27.4% | 20.2% | 53.8% | 25.9% |
Per-Share Data (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| FCF Per Share | $-4.76 | $-4.00 | $-5.96 | $-6.78 |
| Dividends Per Share | $0.00 | $0.02 | $0.04 | $0.14 |
| Shares Outstanding (Basic) | $251.3M | $251.3M | $251.3M | $266.0M |
What to look at in Industrials
Aerospace, defence, machinery, transport. Semi-cyclical. Key: backlog, operating margins, and FCF conversion.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — The best indicator of operational discipline in industrials
- ROIC — Quality industrials have ROIC >15% — the rest destroy capital
- FCF conversion — FCF / Net Income — in industrials good >85%
- Net debt / EBITDA — Cyclical industrials with high debt suffer hard in recessions
- Capex / Revenue — Maintaining the machinery. <4% = possible underinvestment (future decline)
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
Profitability
| Return on Equity | 5.46% |
| Return on Invested Capital | 3.63% |
| Return on Assets | 0.86% |
| Gross Margin | 28.37% |
| Operating Margin | 6.84% |
| Net Margin | 1.24% |
Financial Health
| Debt / Equity | 3.04 |
| Current Ratio | 2.42 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 2.02 |
Key Ratios (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| P/E | 686.92 | -564.30 | -217.07 | 8,568.42 |
| P/B | 0.00 | 9.38 | 9.37 | 16.41 |
| P/S | 4.72 | 3.20 | 2.17 | 1.98 |
| Gross Margin | 31.1% | 29.3% | 24.4% | 27.3% |
| Operating Margin | 9.8% | 9.8% | 5.8% | 6.8% |
| Net Margin | 1.5% | 0.7% | 0.1% | 0.9% |
Related companies: WSC · URI · TEX · HRI
Explore sector: Industrials · Rental & Leasing Services
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