olivLaw · US equity research
EquipmentShare.com Inc EQPT
Services-Equipment Rental & Leasing, NEC · SIC 7359 · Vertical: Services-Equipment Rental & Leasing, NEC (SIC 7359)
EquipmentShare rents construction equipment and manages its fleet through its proprietary T3 platform, which tracks equipment in real time. The company reported total revenue that grew to a trailing twelve month level of 4952 mn USD to June 30 2026, and expansion of its branch network is the main driver of growth.
At the close of 05 Nov 2026, EquipmentShare.com Inc (EQPT) stock was 13.67 USD (−9.35% on the day), with market capitalisation 1.1 bn USD, P/E 1,367.0 on diluted EPS of 0.01 USD over the last 12 months, dividend yield 3.43%, beta 2.08, 52-week range 13.59–34.63 USD. Latest reported quarter (Q2 2026): revenue of 1.4 bn USD (+26.3% YoY), net income of 19.0 m USD (+18.8% YoY).
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 36.7
- weak (30–45)
- Bollinger (20, 2)
- 12.90 – 18.46
- in the lower half of the band · %B 0.14 · band width 35.5%
- SMA 50 / 200
- 17.05 / unavailable
- MACD (12, 26, 9)
- -0.41 / -0.29
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −27.7% | −5.9% | −21.7 pp | — |
| 3 months | −32.1% | −4.6% | −27.4 pp | — |
| 6 months | −33.6% | +0.2% | −33.9 pp | — |
| Year to date | unavailable | +7.4% | unavailable | — |
| 1 year | unavailable | +8.2% | unavailable | +28.0% |
| 3 years | unavailable | +68.4% | unavailable | +34.0% |
| 5 years | unavailable | +56.5% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q1 '25 | Q2 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|
| Revenue | 716.0 m | 1.1 bn | 989.0 m | 1.4 bn |
| Cost of revenue | 516.0 m | 854.0 m | 702.0 m | 1.0 bn |
| Gross profit | 200.0 m | 293.0 m | 287.0 m | 411.0 m |
| SG&A | 210.0 m | 229.0 m | 286.0 m | 317.0 m |
| Operating income | -10.0 m | 64.0 m | 1.0 m | 94.0 m |
| Depreciation & amortisation | 79.0 m | 88.0 m ≈ | 104.0 m | 112.0 m ≈ |
| Interest expense | 63.0 m | 69.0 m | 70.0 m | 73.0 m |
| Pre-tax income | -67.0 m | 3.0 m | -61.0 m | 33.0 m |
| Income tax | -19.0 m | -13.0 m | -32.0 m | 14.0 m |
| Net income | -48.0 m | 16.0 m | -29.0 m | 19.0 m |
| Operating cash flow | -51.0 m | -76.0 m ≈ | -200.0 m | 58.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 2.6 bn | 3.8 bn | 4.4 bn |
| Revenue YoY | unavailable | +47.2% | +16.3% |
| Net income | 17.0 m | 3.0 m | 40.0 m |
| Net income YoY | unavailable | −82.4% | +1,233.3% |
| Diluted EPS | -0.20 | -0.48 | 0.01 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | 0.7% | 0.1% | 0.9% |
| Free cash flow | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 306.0 m USD
- Financial debt
- 3.3 bn USD
- Net debt
- 3.0 bn USD
- Equity
- 528.0 m USD
- Total assets
- 6.0 bn USD
- Debt / equity
- 6.20x
- Current ratio
- 1.97x
- ROE
- 7.4%
- ROA
- 0.7%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 2.6 bn | 3.8 bn | 4.4 bn | SEC (XBRL)· 19 Mar 2026verified |
| Cost of revenue | 1.8 bn | 2.8 bn | 3.1 bn | SEC (XBRL)· 19 Mar 2026verified |
| Gross profit | 759.0 m | 946.0 m | 1.2 bn | SEC (XBRL)· 19 Mar 2026verified |
| SG&A | 509.0 m | 728.0 m | 942.0 m | SEC (XBRL)· 19 Mar 2026verified |
| Operating income | 250.0 m | 218.0 m | 297.0 m | SEC (XBRL)· 19 Mar 2026verified |
| Depreciation & amortisation | 295.0 m | 332.0 m | 365.0 m | SEC (XBRL)· 19 Mar 2026verified |
| EBITDA | 545.0 m ≈ | 550.0 m ≈ | 662.0 m ≈ | SEC (XBRL)· 19 Mar 2026derived |
| Interest expense | 213.0 m | 261.0 m | 285.0 m | SEC (XBRL)· 19 Mar 2026verified |
| Pre-tax income | 21.0 m | 6.0 m | 54.0 m | SEC (XBRL)· 19 Mar 2026verified |
| Income tax | 4.0 m | 3.0 m | 14.0 m | SEC (XBRL)· 19 Mar 2026verified |
| Net income | 17.0 m | 3.0 m | 40.0 m | SEC (XBRL)· 19 Mar 2026verified |
| Diluted EPS | -0.20 | -0.48 | 0.01 | SEC (XBRL)· 19 Mar 2026verified |
| Weighted average diluted shares | 75.0 m | 77.0 m | 226.0 m | SEC (XBRL)· 19 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 316.0 m | 407.0 m | 306.0 m | SEC (XBRL)· 19 Mar 2026verified |
| Receivables | — | 563.0 m | 748.0 m | SEC (XBRL)· 19 Mar 2026verified |
| Inventories | — | 331.0 m | 401.0 m | SEC (XBRL)· 19 Mar 2026verified |
| Current assets | — | 1.4 bn | 1.7 bn | SEC (XBRL)· 19 Mar 2026verified |
| Property, plant & equipment, net | — | 339.0 m | 504.0 m | SEC (XBRL)· 19 Mar 2026verified |
| Intangibles (excl. goodwill) | — | 3.0 m | 31.0 m | SEC (XBRL)· 19 Mar 2026verified |
| Total assets | — | 4.8 bn | 6.0 bn | SEC (XBRL)· 19 Mar 2026verified |
| Accounts payable | — | 91.0 m | 95.0 m | SEC (XBRL)· 19 Mar 2026verified |
| Short-term debt | — | 19.0 m | 4.0 m | SEC (XBRL)· 19 Mar 2026verified |
| Long-term debt | — | 2.5 bn | 3.3 bn | SEC (XBRL)· 19 Mar 2026verified |
| Current liabilities | — | 658.0 m | 880.0 m | SEC (XBRL)· 19 Mar 2026verified |
| Total liabilities | — | 3.9 bn | 5.1 bn | SEC (XBRL)· 19 Mar 2026verified |
| Equity | 588.0 m † | 549.0 m † | 528.0 m † | SEC (XBRL)· 19 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 279.0 m | 282.0 m | 264.0 m | SEC (XBRL)· 19 Mar 2026verified |
| Investing cash flow | -614.0 m | -419.0 m | -980.0 m | SEC (XBRL)· 19 Mar 2026verified |
| Financing cash flow | 408.0 m | 228.0 m | 615.0 m | SEC (XBRL)· 19 Mar 2026verified |
| Dividends paid | 5.0 m | 9.0 m | 37.0 m | SEC (XBRL)· 19 Mar 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 41 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.1 bn USD
Key indicators
Coverage and freshness
Score by group
- Returns49
- Balance sheet30
- Valuation72
- Quality14
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 5.97 – 40.97 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDA38.89 – 40.97 (Mid 40.17)3 companies used · median multiple 8.5x · quartiles 8.3x – 8.6xCTOS, PRG, SUNB
- Peers: P/E5.97 – 15.96 (Mid 9.26)8 companies used · median multiple 11.8x · quartiles 7.6x – 20.3xAER, KPLT, MGRC, PRG, SUNB, TRTN-PA, UPBD, URI
- Dividend discount (DDM)unavailable · input data missing
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 41/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 5.3% | 17 (vs peers) | 16% |
| Net margin · Quality | 1.3% | 10 (vs peers) | 10% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 4.2x | 20 (vs peers) | 16% |
| Interest coverage · Balance sheet | 1.1x | 0 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 2.4x | 100 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 17.4x | 44 (vs peers) | 16% |
| EV/EBITDA · Valuation | 5.7x | 100 (vs peers) | 16% |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 3.4% | 49 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet30/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality14/100 · 2/3 factors with a value
- Returns· partial49/100 · 1/2 factors with a value
- Valuation72/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
EquipmentShare.com Inc (EQPT). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 4.4 bn USD in 2025; YoY growth 16.3%; net margin 1.3%; ROE 7.4%; net debt/EBITDA 4.2x.
The estimated value range is 22.43–28.47 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 24.71 USD, the price of 13.67 USD leaves a potential of 80.8% (value / price − 1) and a margin of safety of 44.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 41/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.4x
- EV/EBITDA: 5.7x
- The price is below the estimated value range
What contradicts it
- ROIC: 5.3%
- Net margin: 1.3%
- Net debt / EBITDA: 4.2x
- Interest coverage: 1.1x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, FCF yield, Payout ratio (FCF).
Versus the vertical median
Services-Equipment Rental & Leasing, NEC (SIC 7359) · same industry (4-digit SIC) · compared with 10 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| URIUnited Rentals, Inc. | 64.6 bn | 22.6 | 30.6% | 16.3% | +4.9% | +28% / +119% |
| SUNBSunbelt Rentals Holdings, Inc. | 31.2 bn | 22.4 | 18.2% | 12.1% | +3.4% | unavailable / unavailable |
| AERAerCap Holdings N.V. | 27.7 bn | 7.8 | 21.1% | 44.0% | +6.5% | +24% / +144% |
| MGRCMcGRATH RENTCORP | 3.1 bn | 19.6 | 12.9% | 16.8% | +3.7% | +24% / +25% |
| TRTN-PATriton International Limited | 2.5 bn | 4.9 | 18.8% | 854.3% | +22.4% | −6% / −5% |
| CTOSCustom Truck One Source, Inc. | 2.1 bn | 70.4 | 3.7% | 1.4% | +7.9% | +46% / +60% |
| PRGProg Holdings, Inc. | 1.5 bn | 10.5 | 20.0% | 5.5% | +0.4% | +35% / +43% |
| UPBDUpbound Group, Inc. | 1.5 bn | 13.1 | 15.5% | 2.4% | +8.7% | +39% / −15% |
| EQPTEquipmentShare.com Inc | 1.1 bn | 17.4 | 7.4% | 1.3% | +16.3% | unavailable / unavailable |
| KPLTKatapult Holdings, Inc. | 49.1 m | 7.0 | — | 5.4% | +18.0% | +59% / −10% |
| EHGOEShallGo Inc. | — | — | -117.3% | -69.4% | +21.1% | −66% / unavailable |
1- and 3-year price returns: for EQPT from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 8.93 Total return -35% · Per year -35% | 15.72 Total return 15% · Per year 15% | 23.58 Total return 73% · Per year 73% |
| 3 years | 10.60 Total return -22% · Per year -8% | 20.79 Total return 52% · Per year 15% | 33.96 Total return 148% · Per year 35% |
| 5 years | 12.57 Total return -8% · Per year -2% | 27.50 Total return 101% · Per year 15% | 48.90 Total return 258% · Per year 29% |
- Exit P/E± 5.20
- Net margin± 3.64
- Annual revenue growth± 2.71
- Annual dilution± 0.31
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
EquipmentShare rents construction equipment and manages its fleet through its proprietary T3 platform, which tracks equipment in real time. The company reported total revenue that grew to a trailing twelve month level of 4952 mn USD to June 30 2026, and expansion of its branch network is the main driver of growth.
SWOT
Strengths
- The T3 platform is embedded in every rental and gives real-time visibility over the fleet, which supports customer relationships 1.
- A relatively young fleet and purchasing scale allow favourable terms from manufacturers and good equipment availability 1.
- The customer base is well diversified, with a small share of revenue from the largest customers 1.
Weaknesses
- Dependence on a small number of equipment suppliers could create risk if access to products worsens 1.
- Revenue from sales to OWN Program participants is concentrated and episodic, which makes period comparisons harder to read 2.
- Rapid network growth brings high market start-up costs that weigh on results during expansion periods 1.
Opportunities
Threats
- A slowdown in construction activity or a recession could reduce demand and rental rates 1.
- Competitors investing in their own digital platforms could erode the company's technology advantage 1.
- If residual values of equipment fall, OWN Program participants could lose access to financing, affecting the fleet 1.
Risks
- Price competitionhigh
Competitors with greater resources or lower fixed costs could cut prices, which would hit revenue and margins 1.
- Supplier dependencehigh
Supply chain disruptions or financial difficulties at key suppliers could delay the equipment the business needs 1.
- OWN Program model riskhigh
Lower residual values or reduced financing capacity of participants could trigger liquidations and loss of equipment from the program 1.
- Rapid expansionmedium
If new branches do not mature as planned, start-up costs could stay high and weigh on results 1.
- Volatile equipment salesmedium
Episodic sales to OWN Program participants make it difficult to predict quarterly results 2.
Investment thesis
What would need to be true (bull case)
- Strong rental growth and high margins at mature branches could support sustained earnings growth if demand stays healthy 3.
- The T3 platform could let the company extend its business beyond rental into mixed fleets and logistics 3.
- A diversified customer base and a relatively young fleet could support the competitive position over time 1.
What would break the thesis
- If construction investment slows, demand and rental rates could fall quickly given the high fixed cost base 1.
- Debt and the capital needed for the fleet could limit financial flexibility if funding conditions worsen 2.
- Reliance on the OWN Program and a few large participants could make revenue more volatile 2.
What to watch
- Delivery against 2026 guidance for revenue and adjusted core EBITDA2026
- Margin trajectory of mature branches and start-up costs for new marketsQ3 2026
- Net leverage and liquidity after the bond issuance funded on July 1 2026Q3 2026
- Volume of OWN Program placements and trends in residual equipment valuesnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
EquipmentShare describes itself as a vertically integrated platform that combines proprietary technology, a connected equipment fleet and a nationwide footprint to serve the construction industry 1. The cloud platform T3 integrates embedded telematics hardware, software applications and real-time data, so the company and its customers can track mixed fleets, reduce downtime and improve jobsite control 1. As of June 30 2026 the company had 391 full-service rental branches, 9 dealership sites and 30 building materials stores across 45 states 2.
Under the OWN Program, third-party investors buy equipment from the company, which then rents it out on its platform and shares rental revenue with the owner 1. As of December 31 2025 equipment enrolled in this program represented about 56% of the total rental fleet 1. By June 30 2026 the managed fleet exceeded 280 000 pieces and the original equipment cost under management was 9851 mn USD 23.
The company operates three main lines: equipment rental and related services, sales of new and used equipment, and telematics SaaS subscriptions together with building materials sales 1. Rental segment revenue rose 39% in the second quarter of 2026 compared with the prior year 3.
Segments
Rental and services
This segment, which includes the full-service branches, generates most of the recurring revenue and has grown fastest, showing the role of network expansion 3. Mature rental sites reached an adjusted EBITDA margin of 55% on a trailing twelve month basis 3.
Equipment sales
Sales of new and used equipment rose only slightly in the second quarter of 2026, and on a trailing twelve month basis they fell from the prior year, partly because of selective placements into the OWN Program 3. The segment is more volatile because sales to OWN Program participants occur episodically 2.
Other activities
Telematics SaaS, software and building materials sales grew quickly on a trailing twelve month basis but remain much smaller than rental 3.
Market context
The U.S. construction equipment rental market is large and fragmented, with more than 9640 providers at the end of 2024 1. The five largest providers accounted for about 36% of North American rental revenue in 2024, with the remainder divided among hundreds of local and specialized firms 1.
Demand depends on the volume of infrastructure projects, government spending and overall economic growth 1. The company expects to benefit if tariffs lead to onshoring and new facility construction, but its results could be negatively affected if energy transition infrastructure spending is reduced 1.
Trends
- Onshoring of manufacturingtailwind
If tariffs lead to more manufacturing moving to the U.S. and new facilities being built, demand for construction equipment could rise 1.
- Infrastructure spendingtailwind
Large infrastructure projects and government spending directly drive demand for heavy equipment, so their pace shapes rental growth 1.
- Lower energy transition investmentheadwind
If subsidies for energy transition infrastructure fall, activity among energy customers could decline and weigh on demand 1.
- Equipment price inflationmixed
Higher equipment and operating costs can be partly offset by higher prices charged to customers, but not always fully 2.
Competitive position
Competitors include national and regional rental operators with large financial and fleet resources, independent firms with one or two locations, dealers that both sell and rent equipment, and telematics software vendors 1. The company argues that T3 is an advantage, since few rivals have made meaningful technology investments 1.
Price is an important factor, and competitors with lower fixed costs could cut prices to gain share, which could weigh on the company's margins 1. To keep its technology edge the company may need to increase spending on T3 1.
- National rental operators
Operators with large financial resources and fleets, described in the source as main competitors on availability and price 1.
- Regional rental operators
Operators with regional presence that compete on network density and pricing 1.
- Equipment dealers
Firms that sell and rent equipment directly to customers, competing with the rental business 1.
- Telematics software vendors
Companies focused on construction asset tracking that compete with T3 on the digital side 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report19 Oct 2026Regulation FD disclosure · Financial statements and exhibits
- Quarterly report13 Aug 2026
- Current report12 Aug 2026Results of operations · Financial statements and exhibits
- Current report10 Jul 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report02 Jul 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report16 Jun 2026Other events · Financial statements and exhibits
- Current report16 Jun 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report10 Jun 2026Departure or appointment of officers · Shareholder vote · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report14 May 2026
- Current report13 May 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / EquipmentShare.com Inc · 19 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / EquipmentShare.com Inc · 13 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / EquipmentShare.com Inc · 12 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.