olivLaw · US equity research
Sunbelt Rentals Holdings, Inc. SUNB
Services-Equipment Rental & Leasing, NEC · SIC 7359 · Vertical: Services-Equipment Rental & Leasing, NEC (SIC 7359)
Sunbelt Rentals Holdings, Inc. (SUNB) is one of the largest international equipment rental companies, with a network of 1,638 stores across North America and the United Kingdom as of July 31, 2026. In the first quarter of fiscal 2027 total revenue rose 11.2% to $3,115 million, and the company raised its fiscal 2027 guidance. Trading on the NYSE began on March 2, 2026, following the reorganization of Ashtead Group plc.
At the close of 05 Nov 2026, Sunbelt Rentals Holdings, Inc. (SUNB) stock was 76.13 USD (−5.70% on the day), with market capitalisation 31.2 bn USD, P/E 24.2 on diluted EPS of 3.15 USD over the last 12 months, dividend yield 1.44%, beta 1.31, 52-week range 63.09–86.06 USD. Latest reported quarter (Q1 2027): revenue of 3.1 bn USD (+11.2% YoY), net income of 438.0 m USD (+17.4% YoY), diluted EPS 1.07 USD.
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)
- 42.7
- weak (30–45)
- Bollinger (20, 2)
- 72.76 – 85.34
- in the lower half of the band · %B 0.27 · band width 15.9%
- SMA 50 / 200
- 75.45 / unavailable
- MACD (12, 26, 9)
- 1.55 / 1.76
- 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 | −3.1% | −5.9% | +2.9 pp | — |
| 3 months | −5.9% | −4.6% | −1.3 pp | — |
| 6 months | +3.8% | +0.2% | +3.6 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: Q1 2027 · 31 Jul 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '25 | Q4 '25 | Q1 '26 | Q3 '26 | Q4 '26 | Q1 '27 |
|---|---|---|---|---|---|---|
| Revenue | 2.6 bn | 2.5 bn | 2.8 bn | 2.6 bn | 2.8 bn | 3.1 bn |
| Cost of revenue | 1.6 bn | 1.6 bn | 1.7 bn | 1.7 bn | 1.8 bn | 1.9 bn |
| Gross profit | 990.0 m | 935.0 m | 1.1 bn | 984.0 m | 978.0 m | 1.2 bn |
| SG&A | 347.0 m | 308.0 m | 414.0 m | 379.0 m | 453.0 m | 443.0 m |
| Operating income | 532.0 m | 516.0 m | 596.0 m | 492.0 m | 410.0 m | 691.0 m |
| Depreciation & amortisation | 111.0 m | 564.0 m | 571.0 m | 113.0 m | 581.0 m | 585.0 m |
| Pre-tax income | 430.0 m | 427.0 m | 508.0 m | 394.0 m | 316.0 m | 591.0 m |
| Income tax | 105.0 m | 98.0 m | 135.0 m | 104.0 m | 90.0 m | 153.0 m |
| Net income | 325.0 m | 329.0 m | 373.0 m | 290.0 m | 226.0 m | 438.0 m |
| Diluted EPS | 0.74 | 0.76 ≈ | 0.87 | 0.69 | 0.55 ≈ | 1.07 |
| Operating cash flow | — | 989.0 m | 868.0 m | — | 950.0 m | 840.0 m |
| Dividends paid | — | 157.0 m | 0 | — | 157.0 m | 307.0 m |
| Share repurchases | — | 254.0 m | 330.0 m | — | 366.0 m | 56.0 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.
Today's P/E sits at the 0 percentile of its own 1-quarter history (min 24.3, median 24.3, max 24.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue | 10.9 bn | 10.8 bn | 11.2 bn |
| Revenue YoY | unavailable | −0.6% | +3.4% |
| Net income | 1.6 bn | 1.6 bn | 1.3 bn |
| Net income YoY | unavailable | −1.2% | −14.7% |
| Diluted EPS | 3.58 | 3.55 | 3.15 |
| Diluted EPS YoY | unavailable | −0.8% | −11.3% |
| net % | 14.5% | 14.4% | 11.9% |
| Free cash flow | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 30 Apr 2026
- Cash
- 29.0 m USD
- Financial debt
- 7.6 bn USD
- Net debt
- 7.6 bn USD
- Equity
- 7.4 bn USD
- Total assets
- 22.3 bn USD
- Debt / equity
- 1.02x
- Current ratio
- 0.90x
- ROE
- 17.4%
- ROA
- 6.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 10.9 bn | 10.8 bn | 11.2 bn | SEC (XBRL)· 23 Jun 2026verified |
| Cost of revenue | 6.4 bn | 6.5 bn | 6.9 bn | SEC (XBRL)· 23 Jun 2026verified |
| Gross profit | 4.5 bn | 4.3 bn | 4.3 bn | SEC (XBRL)· 23 Jun 2026verified |
| SG&A | 1.6 bn | 1.4 bn | 1.7 bn | SEC (XBRL)· 23 Jun 2026verified |
| Operating income | 2.5 bn | 2.5 bn | 2.2 bn | SEC (XBRL)· 23 Jun 2026verified |
| Depreciation & amortisation | 2.0 bn | 2.3 bn | 2.3 bn | SEC (XBRL)· 23 Jun 2026verified |
| EBITDA | 4.6 bn ≈ | 4.8 bn ≈ | 4.5 bn ≈ | SEC (XBRL)· 23 Jun 2026derived |
| Pre-tax income | 2.1 bn | 2.1 bn | 1.8 bn | SEC (XBRL)· 23 Jun 2026verified |
| Income tax | 522.0 m | 517.0 m | 476.0 m | SEC (XBRL)· 23 Jun 2026verified |
| Net income | 1.6 bn | 1.6 bn | 1.3 bn | SEC (XBRL)· 23 Jun 2026verified |
| Diluted EPS | 3.58 | 3.55 | 3.15 | SEC (XBRL)· 23 Jun 2026verified |
| Weighted average diluted shares | 439.3 m | 437.0 m | 421.0 m | SEC (XBRL)· 23 Jun 2026verified |
| Dividend per share | 1.01 | 1.25 | 1.10 | SEC (XBRL)· 23 Jun 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Cash | 21.0 m | 21.0 m | 29.0 m | SEC (XBRL)· 23 Jun 2026verified |
| Receivables | — | 1.5 bn | 1.7 bn | SEC (XBRL)· 23 Jun 2026verified |
| Inventories | — | 147.0 m | 180.0 m | SEC (XBRL)· 23 Jun 2026verified |
| Current assets | — | 2.0 bn | 2.2 bn | SEC (XBRL)· 23 Jun 2026verified |
| Goodwill | 3.3 bn | 3.3 bn | 3.5 bn | SEC (XBRL)· 23 Jun 2026verified |
| Intangibles (excl. goodwill) | — | 433.0 m | 338.0 m | SEC (XBRL)· 23 Jun 2026verified |
| Total assets | — | 22.0 bn | 22.3 bn | SEC (XBRL)· 23 Jun 2026verified |
| Accounts payable | — | 302.0 m | 472.0 m | SEC (XBRL)· 23 Jun 2026verified |
| Short-term debt | — | 0 | 550.0 m | SEC (XBRL)· 23 Jun 2026verified |
| Long-term debt | — | 7.5 bn | 7.0 bn | SEC (XBRL)· 23 Jun 2026verified |
| Current liabilities | — | 1.6 bn | 2.5 bn | SEC (XBRL)· 23 Jun 2026verified |
| Total liabilities | — | 14.2 bn | 14.9 bn | SEC (XBRL)· 23 Jun 2026verified |
| Equity | 7.1 bn † | 7.8 bn † | 7.4 bn † | SEC (XBRL)· 23 Jun 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 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 3.7 bn | 3.8 bn | 3.8 bn | SEC (XBRL)· 23 Jun 2026verified |
| Investing cash flow | -4.4 bn | -2.3 bn | -1.9 bn | SEC (XBRL)· 23 Jun 2026verified |
| Financing cash flow | 755.0 m | -1.5 bn | -1.9 bn | SEC (XBRL)· 23 Jun 2026verified |
| Dividends paid | 436.0 m | 544.0 m | 464.0 m | SEC (XBRL)· 23 Jun 2026verified |
| Share repurchases | 78.0 m | 342.0 m | 1.4 bn | SEC (XBRL)· 23 Jun 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- score weight coverage: 58.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 31.2 bn USD
Key indicators
Coverage and freshness
Score by group
58% · Insufficient data
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: 14.46 – 72.72 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/EBITDA67.34 – 72.72 (Mid 71.21)3 companies used · median multiple 8.2x · quartiles 7.9x – 8.3xCTOS, PRG, TRTN-PA
- Peers: P/E25.81 – 60.97 (Mid 40.02)8 companies used · median multiple 11.8x · quartiles 7.6x – 18.0xAER, EQPT, KPLT, MGRC, PRG, TRTN-PA, UPBD, URI
- Dividend discount (DDM)14.46 – 19.44 (Mid 16.58)
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
Insufficient data
Minimum-evidence gate: score weight coverage: 58.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 10.5% | 67 (vs peers) | 18% |
| Net margin · Quality | 12.1% | 60 (vs peers) | 11% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 1.9x | 80 (vs peers) | 18% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.9x | 12 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 22.4x | 22 (vs peers) | 18% |
| EV/EBITDA · Valuation | 8.6x | 20 (vs peers) | 18% |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 6.1% | 87 (on a fixed band) | 11% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet61/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality64/100 · 2/3 factors with a value
- Returns· partial87/100 · 1/2 factors with a value
- Valuation21/100 · 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
Sunbelt Rentals Holdings, Inc. (SUNB). Latest full fiscal year: 2026; data up to 2026-07-31.
Figures computed from the financial statements: revenue 11.2 bn USD in 2026; YoY growth 3.4%; net margin 12.1%; ROE 18.2%; net debt/EBITDA 1.9x.
The estimated value range is 25.81–60.97 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 40.02 USD, the price of 76.13 USD leaves a potential of -47.4% (value / price − 1) and a margin of safety of -90.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 58.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net debt / EBITDA: 1.9x
- Shareholder yield (distributions): 6.1%
What contradicts it
- Current ratio: 0.9x
- P/E (TTM): 22.4x
- EV/EBITDA: 8.6x
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Interest coverage, 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
The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger 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 SUNB 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 | 44.49 Total return -40% · Per year -40% | 78.69 Total return 5% · Per year 5% | 118.59 Total return 58% · Per year 58% |
| 3 years | 42.19 Total return -41% · Per year -16% | 84.07 Total return 15% · Per year 5% | 139.26 Total return 89% · Per year 24% |
| 5 years | 40.02 Total return -42% · Per year -10% | 89.83 Total return 27% · Per year 5% | 163.53 Total return 126% · Per year 18% |
- Exit P/E± 21.02
- Net margin± 14.71
- Annual revenue growth± 12.21
- Annual dilution± 1.24
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
Sunbelt Rentals Holdings, Inc. (SUNB) is one of the largest international equipment rental companies, with a network of 1,638 stores across North America and the United Kingdom as of July 31, 2026 2. In the first quarter of fiscal 2027 total revenue rose 11.2% to $3,115 million, and the company raised its fiscal 2027 guidance 3. Trading on the NYSE began on March 2, 2026, following the reorganization of Ashtead Group plc 1.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Construction cyclicalityhigh
An economic slowdown could reduce equipment demand and weigh on revenue and margins 1.
- Indebtednessmedium
The level of debt and restrictive covenants could limit the ability to invest or react quickly 13.
- Currency exposuremedium
A significant share of revenue comes from pounds sterling and Canadian dollars, and exchange rate moves can affect reported results 1.
- Supplier dependencemedium
Access to equipment on acceptable terms relies on key suppliers, and supply chain disruption could affect deliveries 1.
- Acquisition integrationlow
Integrating acquired businesses, such as Reliant Asset Management, could create operational difficulties or unexpected liabilities 12.
Investment thesis
What would need to be true (bull case)
- Strong revenue growth and a raised fiscal 2027 outlook point to solid demand and good execution 3.
- Market scale, network density and segment diversification could support steadier results in difficult periods 1.
- The shift from ownership to rental and growth in Specialty could extend the growth period 13.
What to watch
- Rental revenue trend against the raised fiscal 2027 guidanceQ2 2027
- Net debt level and leverage against the stated rangeQ2 2027
- Margins in the United Kingdom and General Tool segmentsnext 10-K
- Pace of greenfield openings and integration of acquisitions2027
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
For the fiscal year ended April 30, 2026, revenue was $11,154 million and adjusted operating profit $2,500 million 1. The company operates as Sunbelt Rentals and describes itself as the second largest equipment rental business in North America and the largest in the United Kingdom, by rental revenue 1. The fleet includes general construction and industrial equipment plus Specialty lines such as climate control, scaffold services, trench safety and temporary structures 1.
The company runs three reportable segments and organizes its network into clustered markets, with greenfield expansion as part of its Sunbelt 4.0 plan 1. Its customers range from multinational businesses to local contractors and individual do-it-yourself users 1. The original cost of the rental fleet was $20,102 million at July 31, 2026 3.
Segments
North America – General Tool
This is the largest segment, at 58% of fiscal 2026 revenue 1. In the first quarter of fiscal 2027 its rental revenue rose 7.4%, with dollar utilization steady year over year 3.
Market context
The company estimates an 11% market share in North America and 10% in the United Kingdom, where the market is more saturated with competitors 1. Demand depends on commercial construction and industrial activity, which is cyclical and tracks GDP growth 1. The shift from ownership to rental in North America supports long-term growth 1.
Activity is seasonal, typically higher in summer and lower in winter 1. Events such as the FIFA World Cup gave a one-time boost to rental revenue in the first quarter of fiscal 2027 3.
Trends
- Shift from ownership to rentaltailwind
North American companies tend to rent more equipment rather than buy it, which could expand the rental market 1.
- Demand from mega projects and energytailwind
The company reported solid demand from large projects, energy, live events and industrial maintenance, which could support revenue growth 3.
- Inflation and costsheadwind
Rising prices for equipment, labor and fuel could compress margins if they cannot be passed on to customers 1.
- Currency and tariffsmixed
About 15% of revenue comes from non-dollar currencies, and trade tariffs could raise equipment costs 12.
Competitive position
The equipment rental industry is highly competitive and fragmented, with multinational operators, multi-regional companies and small independent businesses 1. Competitive pressure can reduce rental volumes or the prices the company can charge 1.
The UK market is more saturated than North America, making competition more intense there 1. New entrants, particularly in North America, could add pressure on market share 1.
- Multinational equipment rental companies
Large international rental operators compete with the company in the same markets 1.
- Multi-regional rental companies
Companies with a limited number of locations compete in local markets 1.
- Small independent businesses
Local operators are especially present in niche Specialty markets 1.
- New market entrants
New competitors could emerge, particularly in North America, and affect pricing 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.
Loading the links…
News & filings
In the press
- Sunbelt Rentals (SUNB) Raises Guidance. Will Higher Fleet Spending Deliver Cash?Yahoo Finance — News · 16 Sept 2026 · EN
- Looking Inside Sunbelt Rentals’ (SUNB) Record Revenues, Debt Discipline, and Uneven Segment MarginsYahoo Finance — News · 14 Sept 2026 · EN
The latest news item in our archive is from 16 Sept 2026; the newest SEC filing is from 27 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report27 Oct 2026Departure or appointment of officers
- Current report (amendment)23 Oct 2026Shareholder vote
- Quarterly report09 Sept 2026
- Current report09 Sept 2026Results of operations · Financial statements and exhibits
- Current report02 Sept 2026Shareholder vote
- Proxy statement21 Jul 2026
- Current report15 Jul 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report13 Jul 2026Departure or appointment of officers · Financial statements and exhibits
- Current report08 Jul 2026Other events · Financial statements and exhibits
- Current report30 Jun 2026Departure or appointment of officers · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2026-04-30 · SEC / Sunbelt Rentals Holdings, Inc. · 23 Jun 2026
- [2] Form 10-Q, quarter ended 2026-07-31 · SEC / Sunbelt Rentals Holdings, Inc. · 09 Sept 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Sunbelt Rentals Holdings, Inc. · 09 Sept 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.