Detailed financial statements for U-Haul Holding Company (UHAL): 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.
U-Haul Holding Company specializes in providing self-service moving and storage solutions for both residential and commercial clients across the United States and Canada. Its core business, the Moving and Storage segment, offers a comprehensive range of rental equipment, including trucks, trailers, and portable storage units. The company also rents specialty items and self-storage spaces, primarily catering to individuals relocating their households.
Analysis Summary
U-Haul Holding Company reported revenue of $6.04B in the most recent fiscal year, growing at a 5-year CAGR of 5.9%. Net income reached $83.1M, with a -32.9% 5-year CAGR.
Trailing-twelve-month margins: gross margin 49.7%, operating margin 6.9%, net margin 0.8%.
At $60.67 (closing price, October 6, 2026), UHAL trades at a P/E of 319.32 and an ROE of 0.60%. Market capitalisation stands at $11.9B, placing it among large-cap names.
Balance sheet quality for UHAL: current ratio of 1.9, net debt of $7.00B. 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 -$1.36B represents -1636% 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 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.42B | $3.60B | $3.77B | $3.98B | $4.54B | $5.74B | $5.86B | $5.63B | $5.83B | $6.04B |
| Cost of Revenue | $602.4M | $622.5M | $550.8M | $627.2M | $723.2M | $4.29B | $843.4M | $792.7M | $824.3M | $855.3M |
| Gross Profit | $2.82B | $2.98B | $3.22B | $3.35B | $3.82B | $1.46B | $5.02B | $4.83B | $5.00B | $5.18B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $37.3M | $34.0M | $33.2M | $26.9M | $28.5M | 0 | $30.8M | $32.7M | $20.5M | $19.3M |
| Operating Expenses | $2.08B | $2.21B | $2.60B | $2.81B | $2.86B | $33.9M | $3.58B | $3.86B | $4.29B | $4.72B |
| Operating Income | $743.2M | $765.2M | $621.0M | $540.1M | $961.1M | $1.43B | $1.45B | $977.8M | $716.2M | $460.9M |
| EBITDA | $1.22B | $1.32B | $1.20B | $1.20B | $1.62B | $2.34B | $2.19B | $1.94B | $1.75B | $1.76B |
| Interest Expense | $104.8M | $122.8M | $141.6M | $161.4M | $159.9M | $163.5M | $224.7M | $261.6M | $295.7M | $367.4M |
| Pre-tax Income | $628.4M | $637.6M | $477.5M | $378.1M | $796.7M | $1.48B | $1.22B | $840.2M | $477.5M | $112.6M |
| Income Tax | $229.9M | -$153.0M | $106.7M | -$63.9M | $185.8M | $352.2M | $294.9M | $211.5M | $110.4M | $29.5M |
| Net Income | $398.4M | $790.6M | $370.9M | $442.0M | $610.9M | $1.12B | $890.7M | $596.9M | $331.8M | $83.1M |
| EPS | $20.34 | $40.36 | $18.93 | $22.55 | $31.15 | $57.29 | $4.54 | $3.04 | $1.69 | $0.24 |
| EPS (Diluted) | $20.34 | $40.36 | $18.93 | $22.55 | $31.15 | $57.29 | $4.54 | $3.04 | $1.69 | $0.24 |
| Shares Outstanding (Diluted) | $195.9M | $195.9M | $195.9M | $196.0M | $196.1M | $196.1M | $196.1M | $196.1M | $196.1M | $196.1M |
Balance Sheet (10y)
| Year | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Cash & Equivalents | $2.70B | $2.06B | $1.53B | $988.8M | $1.12B |
| Short-term Investments | $30.9M | $687.5M | $527.4M | $710.7M | 0 |
| Receivables | $277.2M | $237.8M | $273.8M | $275.7M | $159.8M |
| Inventory | $158.9M | $151.5M | $150.9M | $163.1M | $178.2M |
| Total Current Assets | $3.47B | $3.43B | $2.78B | $2.51B | $1.65B |
| Property, Plant & Equipment | $10.32B | $11.88B | $13.48B | $15.30B | $16.42B |
| Goodwill | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $17.30B | $18.10B | $19.06B | $20.48B | $22.01B |
| Accounts Payable | $677.8M | $235.9M | $240.1M | $263.3M | $238.8M |
| Short-term Debt | $1.09B | 0 | 0 | 0 | $9.5M |
| Total Current Liabilities | $1.62B | $1.69B | $1.68B | $1.73B | $859.8M |
| Long-term Debt | $4.73B | $4.63B | $4.45B | $5.19B | $8.08B |
| Total Liabilities | $11.35B | $11.60B | $11.89B | $12.98B | $14.40B |
| Retained Earnings | $6.12B | $7.00B | $7.60B | $7.93B | $7.98B |
| Total Equity | $5.95B | $6.50B | $7.17B | $7.50B | $7.61B |
| Total Debt | $7.19B | $6.17B | $6.33B | $7.24B | $8.12B |
| Net Debt | $4.46B | $3.42B | $4.26B | $5.54B | $7.00B |
| Working Capital | $1.85B | $1.74B | $1.09B | $774.9M | $790.0M |
Cash Flow (10y)
| Year | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Net Income | $1.12B | $923.0M | $596.9M | $331.8M | $83.1M |
| Depreciation & Amortization | $697.0M | $733.9M | $817.9M | $1.01B | $1.19B |
| Stock-based Compensation | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | $119.5M | $49.5M | -$61.6M | -$39.4M | $239.5M |
| Operating Cash Flow | $1.95B | $1.73B | $1.45B | $1.45B | $1.79B |
| Capital Expenditure | -$2.14B | -$2.72B | -$2.99B | -$3.45B | -$3.15B |
| Acquisitions | $623.2M | 0 | $739.2M | $662.4M | $710.3M |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | -$29.4M | -$33.7M | -$31.8M | -$35.3M | -$35.3M |
| Free Cash Flow | -$190.3M | -$994.3M | -$1.54B | -$2.00B | -$1.36B |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +5.2% | +4.7% | +5.6% | +14.2% | +26.4% | +2.2% | -4.1% | +3.6% | +3.6% | |
| Net Income Growth (YoY) | +98.4% | -53.1% | +19.2% | +38.2% | +83.9% | -20.7% | -33.0% | -44.4% | -74.9% | |
| EPS Growth (YoY) | +98.4% | -53.1% | +19.1% | +38.2% | +83.9% | -92.1% | -33.0% | -44.5% | -85.8% | |
| Shares Change (YoY) | +0.0% | +0.0% | +0.1% | +0.0% | +0.0% | +0.0% | +0.0% | +0.0% | +0.0% | |
| FCF Growth (YoY) | -422.5% | -54.9% | -29.7% | +31.9% | ||||||
| Gross Margin | 82.4% | 82.7% | 85.4% | 84.2% | 84.1% | 25.4% | 85.6% | 85.9% | 85.9% | 85.8% |
| Operating Margin | 21.7% | 21.3% | 16.5% | 13.6% | 21.2% | 24.9% | 24.6% | 17.4% | 12.3% | 7.6% |
| EBITDA Margin | 35.6% | 36.5% | 31.8% | 30.1% | 35.6% | 40.7% | 37.4% | 34.4% | 30.1% | 29.1% |
| Net Margin | 11.6% | 22.0% | 9.8% | 11.1% | 13.4% | 19.6% | 15.2% | 10.6% | 5.7% | 1.4% |
| FCF Margin | -3.3% | -17.0% | -27.4% | -34.3% | -22.5% | |||||
| Effective Tax Rate | 36.6% | -24.0% | 22.3% | -16.9% | 23.3% | 23.9% | 24.2% | 25.2% | 23.1% | 26.2% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-0.97 | $-5.07 | $-7.85 | $-10.19 | $-6.93 | |||||
| Dividends Per Share | $0.15 | $0.17 | $0.16 | $0.18 | $0.18 | |||||
| Shares Outstanding (Basic) | $195.9M | $195.9M | $195.9M | $196.0M | $196.1M | $196.1M | $196.1M | $196.1M | $196.1M | $196.1M |
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 | 0.60% |
| Return on Invested Capital | 1.52% |
| Return on Assets | 0.21% |
| Gross Margin | 49.72% |
| Operating Margin | 6.88% |
| Net Margin | 0.76% |
Financial Health
| Debt / Equity | 1.06 |
| Current Ratio | 2.04 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 1.28 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 1.87 | 0.86 | 1.99 | 1.29 | 1.97 | 1.04 | 13.13 | 22.36 | 38.67 | 199.08 |
| P/B | 2.85 | 1.98 | 2.00 | 1.35 | 2.48 | 1.97 | 1.80 | 1.86 | 1.71 | 1.23 |
| P/S | 2.18 | 1.88 | 1.96 | 1.43 | 2.64 | 2.04 | 1.99 | 2.37 | 2.20 | 1.55 |
| Gross Margin | 82.4% | 82.7% | 85.4% | 84.2% | 84.1% | 25.4% | 85.6% | 85.9% | 85.9% | 85.8% |
| Operating Margin | 21.7% | 21.3% | 16.5% | 13.6% | 21.2% | 24.9% | 24.6% | 17.4% | 12.3% | 7.6% |
| Net Margin | 11.6% | 22.0% | 9.8% | 11.1% | 13.4% | 19.6% | 15.2% | 10.6% | 5.7% | 1.4% |
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Explore sector: Industrials · Rental & Leasing Services
More sections of UHAL: Overview · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
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