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olivLaw · US equity research

U-Haul Holding Company UHAL

Services-Auto Rental & Leasing (No Drivers) · SIC 7510 · Vertical: Services-Auto Rental & Leasing (No Drivers) (SIC 7510)

58.88USD−3.16% · 1 dayClose 05 Nov 2026

U-Haul Holding Company is North America's largest do-it-yourself moving and storage operator, renting trucks, trailers and self-storage through a network of company-operated stores and independent dealers. In the first quarter of fiscal 2027 consolidated revenue edged up, but the Moving and Storage segment's earnings from operations fell, and this is when fleet and storage occupancy trends matter most.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 05 Nov 2026, U-Haul Holding Company (UHAL) stock was 58.88 USD (−3.16% on the day), with market capitalisation 1.2 bn USD, P/E 6.8, dividend yield 1.70%, beta 0.82, 52-week range 42.19–75.27 USD. Latest reported quarter (Q2 2027): revenue of 1.8 bn USD (+3.1% YoY), net income of 136.7 m USD (+29.5% YoY).

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
1.2 bn USD
shares as of 29 Oct 2022
P/E (TTM)
6.8
market cap ÷ net income
E/P (TTM)
14.62%
Dividend yield
1.70%
DPS 12m 1.00
Beta (2y)
0.82
Volatility (1y) 35%
52-week range
42.1975.27

Price history

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Technical reading

RSI (14)
51.1
neutral
Bollinger (20, 2)
53.91 – 60.00
in the upper half of the band · %B 0.82 · band width 10.7%
SMA 50 / 200
60.76 / 58.47
mixed trend
MACD (12, 26, 9)
-0.47 / -1.22
MACD above 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

CompanyS&P 500vs S&P 500Vertical median
1 month−3.0%−1.1%−1.9 pp—
3 months−21.6%−0.5%−21.1 pp—
6 months+13.0%+4.4%+8.6 pp—
Year to date+16.8%+12.3%+4.5 pp—
1 year+10.3%+13.5%−3.3 pp−11.4%
3 years+11.6%+76.4%−64.8 pp−34.1%
5 years−22.4%+63.7%−86.1 pp—
Max drawdown (1y)
−28.5%
04 Feb 2026 → 20 Mar 2026
Max drawdown (5y)
−46.2%
02 Oct 2024 → 20 Mar 2026
Compound annual growth (5y)
−5.0%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2027 · 30 Sept 2026

Revenue
1.8 bn USD
+3.1% YoY
Net income
136.7 m USD
+29.5% YoY
Diluted EPS
unavailable
unavailable YoY
net / operating
7.7% / 15.0%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26Q1 '27Q2 '27
Revenue1.4 bn1.2 bn1.6 bn1.7 bn1.4 bn1.3 bn1.7 bn1.8 bn
Cost of revenue52.8 m53.1 m72.2 m67.6 m50.9 m56.2 m71.8 m67.0 m
Operating income150.7 m-42.8 m257.4 m217.6 m33.7 m-76.1 m250.6 m265.0 m
Interest expense76.6 m80.4 m82.3 m90.3 m95.5 m96.6 m97.9 m99.0 m
Pre-tax income89.4 m-114.5 m185.4 m137.0 m51.6 m-158.1 m161.7 m174.0 m
Income tax22.3 m-32.2 m43.1 m31.4 m14.6 m-30.3 m38.8 m37.3 m
Net income67.2 m-82.3 m142.3 m105.6 m37.0 m-127.8 m122.9 m136.7 m
Operating cash flow271.6 m ≈198.5 m598.4 m551.6 m ≈240.6 m ≈404.0 m630.3 m378.7 m ≈
Capex936.5 m ≈589.0 m916.6 m997.9 m ≈688.2 m ≈551.7 m822.4 m721.3 m ≈
Share repurchases——————15.6 m10.2 m ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).

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 year20192020202120222023202420252026
Revenue3.8 bn4.0 bn4.5 bn5.7 bn5.9 bn5.6 bn5.8 bn6.0 bn
Revenue YoY+4.7%+5.6%+14.2%+26.4%+2.2%−4.1%+3.6%+3.6%
Net income370.9 m442.0 m610.9 m1.1 bn924.5 m628.7 m367.1 m83.1 m
Net income YoY−53.1%+19.2%+38.2%+84.1%−17.8%−32.0%−41.6%−77.4%
Diluted EPSunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable
Diluted EPS YoYunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable
net %9.8%11.1%13.4%19.6%15.8%11.2%6.3%1.4%
Free cash flow-894.4 m-1.2 bn93.9 m-190.3 m-994.3 m-1.5 bn-2.0 bn-1.4 bn

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2026 · 31 Mar 2026

Cash
1.1 bn USD
Financial debt
8.1 bn USD
Net debt
7.0 bn USD
Equity
7.6 bn USD
Total assets
21.5 bn USD
Debt / equity
1.07x
Current ratio
unavailable
ROE
1.1%
ROA
0.4%
FCF margin
-22.5%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2024
5.6 bn
2025
5.8 bn
2026
6.0 bn

SEC (XBRL)· 27 May 2026verified

Cost of revenue
2024
241.6 m
2025
234.1 m
2026
246.9 m

SEC (XBRL)· 27 May 2026verified

Gross profit
2024
5.4 bn ≈
2025
5.6 bn ≈
2026
5.8 bn ≈

SEC (XBRL)· 27 May 2026derived

Operating income
2024
977.8 m
2025
716.2 m
2026
432.6 m

SEC (XBRL)· 27 May 2026verified

Interest expense
2024
256.2 m
2025
295.7 m
2026
364.8 m

SEC (XBRL)· 27 May 2026verified

Pre-tax income
2024
840.2 m
2025
477.5 m
2026
112.6 m

SEC (XBRL)· 27 May 2026verified

Income tax
2024
211.5 m
2025
110.4 m
2026
29.5 m

SEC (XBRL)· 27 May 2026verified

Net income
2024
628.7 m
2025
367.1 m
2026
83.1 m

SEC (XBRL)· 27 May 2026verified

Dividend per share
2024
—
2025
—
2026
—

SEC (XBRL)· 29 May 2025verified

Balance sheet · USD

Cash
2024
1.5 bn
2025
988.8 m
2026
1.1 bn

SEC (XBRL)· 27 May 2026verified

Inventories
2024
150.9 m
2025
163.1 m
2026
178.2 m

SEC (XBRL)· 27 May 2026verified

Property, plant & equipment, net
2024
13.1 bn
2025
15.1 bn
2026
16.4 bn

SEC (XBRL)· 27 May 2026verified

Total assets
2024
19.1 bn
2025
20.5 bn
2026
21.5 bn

SEC (XBRL)· 27 May 2026verified

Long-term debt
2024
6.3 bn
2025
7.2 bn
2026
8.1 bn

SEC (XBRL)· 27 May 2026verified

Total liabilities
2024
11.9 bn
2025
13.0 bn
2026
13.9 bn

SEC (XBRL)· 27 May 2026verified

Equity
2024
7.2 bn
2025
7.5 bn
2026
7.6 bn

SEC (XBRL)· 27 May 2026verified

Cash flow · USD

Operating cash flow
2024
1.5 bn
2025
1.5 bn
2026
1.8 bn

SEC (XBRL)· 27 May 2026verified

Capex
2024
3.0 bn
2025
3.5 bn
2026
3.2 bn

SEC (XBRL)· 27 May 2026verified

Free cash flow
2024
-1.5 bn ≈
2025
-2.0 bn ≈
2026
-1.4 bn ≈

SEC (XBRL)· 27 May 2026derived

Investing cash flow
2024
-2.0 bn
2025
-2.9 bn
2026
-2.3 bn

SEC (XBRL)· 27 May 2026verified

Financing cash flow
2024
66.5 m
2025
895.1 m
2026
594.6 m

SEC (XBRL)· 27 May 2026verified

Dividends paid
2024
0
2025
—
2026
—

SEC (XBRL)· 30 May 2024verified

Computed indicators

Growth

Revenue growth (YoY)
3.6%
computed by olivLawFY 2026
Revenue CAGR 3Y
1.0%
computed by olivLawFY 2023 → FY 2026
Revenue CAGR 5Y
5.9%
computed by olivLawFY 2021 → FY 2026
EBIT growth (YoY)
-39.6%
computed by olivLawFY 2026
Net income growth (YoY)
-77.4%
computed by olivLawFY 2026
Net income CAGR 3Y
-55.2%
computed by olivLawFY 2023 → FY 2026
Net income CAGR 5Y
-32.9%
computed by olivLawFY 2021 → FY 2026
EPS growth (YoY)
unavailable
input data missing
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
96.0%
computed by olivLawTTM to 30 Sept 2026
EBITDA margin
unavailable
input data missing
EBIT margin
7.7%
computed by olivLawTTM to 30 Sept 2026
Net margin
2.7%
computed by olivLawTTM to 30 Sept 2026
FCF margin
-18.4%
computed by olivLawTTM to 30 Sept 2026

Returns

ROE
2.2%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROA
0.8%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROIC
3.3%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROCE
unavailable
input data missing
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
-999.9 m USD
computed by olivLawbalance sheet at 30 Sept 2026
Net debt / EBITDA
unavailable
input data missing
Debt / equity
0.0x
computed by olivLawbalance sheet at 30 Sept 2026
Interest coverage
1.2x
computed by olivLawTTM to 30 Sept 2026

Liquidity

Current ratio
unavailable
input data missing
Quick ratio
unavailable
input data missing
Cash ratio
unavailable
input data missing

Cash

Operating cash flow
1.7 bn USD
computed by olivLawTTM to 30 Sept 2026
Capital expenditure
2.8 bn USD
computed by olivLawTTM to 30 Sept 2026
Free cash flow
-1.1 bn USD
computed by olivLawTTM to 30 Sept 2026
FCF conversion
-669.5%
computed by olivLawTTM to 30 Sept 2026
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
267 days
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
1.2 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
Enterprise value
154.7 m USD
computed by olivLawbalance sheet at 30 Sept 2026
Market cap / net income TTM
6.8x
computed by olivLawTTM to 30 Sept 2026
P/E (TTM)
6.8x
computed by olivLawTTM to 30 Sept 2026
Earnings yield
14.6%
computed by olivLawTTM to 30 Sept 2026
P/B
0.1x
computed by olivLawbalance sheet at 30 Sept 2026
P/S
0.2x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
0.3x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
EV/Sales
0.0x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-97.9%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Dividend yield
1.7%
computed by olivLawTTM to 30 Sept 2026
Shareholder yield (distributions)
unavailable
input data missing

Risk

Altman Z
unavailable
input data missing

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 56.2% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

58.88 USD

05 Nov 2026Source: olivLaw, closing series

Market cap: 1.2 bn USD

Key indicators

Market capitalisation
1.2 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
P/E (TTM)
6.8x
computed by olivLawTTM to 30 Sept 2026
P/B
0.1x
computed by olivLawbalance sheet at 30 Sept 2026
EV/EBITDA
unavailable
input data missing
ROE
2.2%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Net margin
2.7%
computed by olivLawTTM to 30 Sept 2026
Revenue growth (YoY)
3.6%
computed by olivLawFY 2026
Dividend yield
1.7%
computed by olivLawTTM to 30 Sept 2026

Coverage and freshness

22/37 reporting lines present
Latest full fiscal year: 2026
Latest reported period: 30 Sept 2026
Latest balance sheet date: 30 Sept 2026
Share count (cover of the latest filing), as of: 29 Oct 2022
Source: SEC (XBRL)published 04 Nov 2026
verified 1366derived 62

Score by group

56% · Insufficient data

Estimated value range

Low
13.14
USD per share
Mid
15.07
USD per share
High
17.67
USD per share
Price: 58.88 USD
The price is above the range
Potential to the central value: -74.4% (value / price − 1)
Margin of safety: -290.6% (1 − price / value)
Agreement between methods: single method · 1 methods used · 1 independent bases

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: 13.14 – 17.67 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 · the base of the ratio is not positive
  • Peers: EV/EBITDAunavailable · input data missing
  • Peers: P/Eunavailable · not enough peers
  • Dividend discount (DDM)13.14 – 17.67 (Mid 15.07)
Multiple comparisons use the SIC vertical: Services-Auto Rental & Leasing (No Drivers) (SIC 7510)

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: 56.2% of at least 60%

FactorValueScoreWeight used
ROIC · Quality3.3%10 (on a fixed band)19%
Net margin · Quality2.7%80 (vs peers)11%
FCF conversion · Quality-669.5%0 (on a fixed band)11%
Revenue CAGR 3Y · Growth1.0%8 (on a fixed band)15%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheet1.2x0 (on a fixed band)11%
Current ratio · Balance sheetunavailableunavailable—
P/E (TTM) · Valuation6.8x100 (on a fixed band)19%
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation-97.9%0 (on a fixed band)15%
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial0/100 · 1/3 factors with a value
  • Growth· partial8/100 · 1/2 factors with a value
  • Quality26/100 · 3/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation56/100 · 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

U-Haul Holding Company (UHAL). Latest full fiscal year: 2026; data up to 2026-09-30.

Figures computed from the financial statements: revenue 6.0 bn USD in 2026; YoY growth 3.6%; net margin 2.7%; ROE 2.2%.

The estimated value range is 13.14–17.67 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 15.07 USD, the price of 58.88 USD leaves a potential of -74.4% (value / price − 1) and a margin of safety of -290.6% (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: 56.2% of at least 60%).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Net margin: 2.7%
  • P/E (TTM): 6.8x

What contradicts it

  • ROIC: 3.3%
  • FCF conversion: -669.5%
  • Revenue CAGR 3Y: 1.0%
  • Interest coverage: 1.2x
  • FCF yield: -97.9%
  • The price is above the estimated value range

Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y, Net debt / EBITDA, Current ratio, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Services-Auto Rental & Leasing (No Drivers) (SIC 7510) · same industry (4-digit SIC) · compared with 5 companies

Multiples and returns vs the median

P/E
6.8x
vertical median —
EV/EBITDA
—
vertical median —
P/S
0.2x
vertical median 0.8x
below median (−76.2%)
P/B
0.1x
vertical median —
ROE
2.2%
vertical median —
Net margin
2.7%
vertical median -7.3%
above median
EBIT margin
7.7%
vertical median —
Revenue YoY
3.6%
vertical median -1.2%
above median
Net debt/EBITDA
—
vertical median —
Dividend yield
1.7%
vertical median —

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
RRyder System Inc10.3 bn20.617.1%4.0%+0.2%+56% / +152%
CARAvis Budget Group, Inc.4.3 bn——-7.0%−1.2%−11% / −34%
UHALU-Haul Holding Company1.2 bn6.82.2%2.7%+3.6%+10% / +12%
HTZHertz Global Holdings, Inc565.2 m——-7.3%−6.0%−66% / −79%
MRTMarti Technologies, Inc.167.8 m——-105.6%+110.3%−20% / +199%
VAIValor Energy Inc.24.5 m——-340.9%−18.5%+30% / −47%

1- and 3-year price returns: for UHAL 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.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
33.57
Total return -43% · Per year -43%
59.45
Total return 1% · Per year 1%
89.70
Total return 52% · Per year 52%
3 years
30.31
Total return -49% · Per year -20%
60.62
Total return 3% · Per year 1%
100.73
Total return 71% · Per year 20%
5 years
27.37
Total return -54% · Per year -14%
61.81
Total return 5% · Per year 1%
113.13
Total return 92% · Per year 14%
What moves the 3-year price the most
  • Exit P/E± 15.15
  • Net margin± 10.61
  • Annual revenue growth± 9.01
  • Annual dilution± 0.89

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.

Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).

In brief

U-Haul Holding Company is North America's largest do-it-yourself moving and storage operator, renting trucks, trailers and self-storage through a network of company-operated stores and independent dealers. In the first quarter of fiscal 2027 consolidated revenue edged up, but the Moving and Storage segment's earnings from operations fell, and this is when fleet and storage occupancy trends matter most 123.

SWOT

Strengths

  • A recognized brand, an extensive network of company stores and independent dealers and an online platform give the company a convenience advantage in do-it-yourself moving 1.
  • An integrated offer of rental, storage, packing and insurance lets customers solve several needs in one place 1.
  • The company reports substantial available cash and credit at the segment level, which supports fleet rotation financing 23.

Weaknesses

  • The business is seasonal and quarterly results can fluctuate considerably, with the fourth quarter usually weakest 1.
  • Segment debt is high, and the ratio of net debt to adjusted EBITDA has edged up in recent quarters 23.
  • Dependence on a few truck manufacturers and on independent dealers means a supply or network disruption would directly affect operations 1.

Opportunities

  • If storage occupancy improves and newly added space fills, storage revenue could grow 3.
  • Expanding the independent dealer network and company-operated locations could support rental volume and fleet utilization 3.
  • Growth of the U-Box product and digital services could add revenue from moves 3.

Threats

  • Emission and electric vehicle rules could limit the availability of internal combustion trucks for the fleet 1.
  • Declining resale values for used trucks could produce losses when equipment is sold 13.
  • Cybersecurity incidents and liability for accidents could affect results and reputation 1.

Risks

  • Fleet rotation financinghigh

    Fleet rotation is funded from operations and from debt or lease financing; if financial markets restrict credit, the company could keep trucks longer or shrink the fleet 1.

  • Used truck resale valueshigh

    Resale prices for used trucks are volatile, and a decline could produce losses on sale and faster depreciation 13.

  • Electric vehicle regulationmedium

    Rules requiring electric or autonomous vehicles could require large infrastructure investment and repair capability, and a cross-state recharging network does not yet exist 1.

  • Dependence on third partiesmedium

    A significant share of revenue flows through independent dealers, and a weakening of this network could limit the company's ability to serve customers 1.

  • Cybersecuritymedium

    The company stores sensitive customer and team member data, and cyberattacks are described as inevitable; a breach could carry financial and reputational costs 1.

Investment thesis

What would need to be true (bull case)

  • If storage occupancy recovers and the added capacity fills, storage revenue could accelerate, and rising pricing per foot could support margins 3.
  • An extensive network of stores and dealers combined with a digital platform could support growth in rental volume and better fleet utilization 13.
  • If used truck resale recovers, fleet rotation costs could ease and support results in the moving segment 3.

What would break the thesis

  • Same-store storage occupancy declined while the company still adds space faster than it fills it, which could pressure returns 3.
  • Moving and Storage earnings from operations fell in the first quarter as fleet and real estate depreciation rose 3.
  • The debt level and reliance on financing for the fleet could become a concern if credit markets tighten 12.

What to watch

  • Same-store storage occupancy and revenue per foot trendQ2 2027
  • Gain or loss on sale of retired trucks and fleet maintenance costsQ2 2027
  • Net debt to adjusted EBITDA for the Moving and Storage segmentnext 10-Q
  • Status of electric vehicle emission rules in California and at federal level2027

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.

Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).

The business

The company operates through its subsidiary U-Haul International, Inc. and focuses on do-it-yourself movers who rent trucks and trailers, and on storing their belongings 1. Its structure also includes insurance subsidiaries Repwest and ARCOA for claims and liability, and Oxford Life for life and Medicare supplement products aimed at the senior market 1. The business is seasonal, with stronger revenue in the first two fiscal quarters and the fourth quarter usually the weakest 1.

As of March 31, 2026 the rental fleet included approximately 204,800 trucks, 136,600 trailers and 42,000 towing devices, and the storage network had 2,113 locations with nearly 1,136,000 rentable units 1. The company also sells boxes, towing systems, propane and U-Box portable moving and storage units 1. A reservations system reports inventory in real time so equipment can be matched to demand 1.

Consolidated revenue in the first quarter of fiscal 2027 was 1,682,027 thousand dollars compared with 1,630,470 thousand dollars a year earlier, and net earnings available to common shareholders were 122.9 million dollars versus 142.3 million dollars 23. Self-storage revenue rose 6.8% and equipment rental revenue rose 2.8%, while fleet and real estate depreciation increased 3.

Segments

Moving and Storage

The Moving and Storage segment accounted for approximately 94.1% of consolidated net revenue in fiscal 2026 1. In the first quarter of fiscal 2027 segment revenue was 1,601,949 thousand dollars and earnings from operations before equity in subsidiaries fell to 234.8 million dollars 23.

Property and Casualty Insurance

This segment handles loss adjusting and claims for U-Haul and underwrites parts of the Safemove, Safetow, Safestor and Safehaul protection packages 1. It contributed approximately 2.3% of consolidated net revenue in fiscal 2026 1.

Life Insurance

The Life Insurance segment sells life insurance, Medicare supplement and annuity products mainly to older customers 1. Its share of net revenue was approximately 3.6% in fiscal 2026 1.

Market context

The target market is North American do-it-yourself moving, where the company describes itself as the largest operator 1. Its offer combines truck and trailer rental, storage and packing products in one place across the United States and Canada 1. In storage the company positions itself among the largest operators, with household goods as the primary use 13.

The company describes competitive advantage as resting on brand recognition, the breadth of its dealer and store network and its online platform 1. Growth depends on occupancy and pricing, and in the first quarter of fiscal 2027 same-store occupancy fell while revenue per foot rose 3.

Trends

  • Storage occupancy under pressuremixed

    Same-store occupancy declined in the first quarter of fiscal 2027 while revenue per foot increased, and the company says it is still completing new storage units faster than it fills them 3. If occupancy does not recover, storage revenue growth could slow.

  • Used truck resale marketmixed

    The chairman described the pickup and van resale market as tepid, yet the company recorded a gain on sale of equipment after several quarters of losses 3. Resale prices influence the cost of rotating the fleet.

  • Electric and connected vehicle rulesheadwind

    Rules favoring electric or autonomous vehicles could change the fleet mix and raise acquisition or infrastructure costs, and the company notes that a recharging network for one-way trucks does not exist today 1. The direction of these rules is uncertain.

  • Rising fleet costsheadwind

    The cost of acquiring new rental trucks has risen significantly in recent years, and the company relies on a limited number of manufacturers 1. Fleet maintenance and repair costs increased in the first quarter of fiscal 2027 3.

Competitive position

The sources analyzed do not name direct competitors, but the company builds its position on the U-Haul brand, its company-operated stores, its independent dealer network and its online platform 1. Smaller storage operators can access the network through the Storage Affiliates program, and large storage operators are described as competitors in that market 1.

In self-storage the company compares itself with other large North American operators, citing equipment availability, security systems and online reservations as advantages 1. In insurance its activity is tied to its own brand and customers rather than an external market position 1.

  • Independent storage operators

    They can join the U-Haul Storage Affiliates program to reach its reservation system, making them part of the ecosystem while also competing for customers 1.

  • Other large North American storage operators

    The company describes itself as the third largest self-storage operator in North America, so there are operators of similar or larger scale in the market 3.

  • Independent moving service providers

    Independent packing, loading and cleaning providers connect through the Moving Help platform, but they can also compete with the company's direct offer 1.

  • Hitch, towing and propane suppliers

    The company presents itself as the largest installer of permanent trailer hitches and the largest propane retailer in the U.S., so these markets also include other sellers 13.

News & filings

In the press

No news in our archive over the last 180 days.

SEC filings

Sources

  1. [1] Form 10-K, fiscal year ended 2026-03-31 · SEC / U-Haul Holding Company · 27 May 2026
  2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / U-Haul Holding Company · 05 Aug 2026
  3. [3] Form 8-K, results release (exhibit 99.1) · SEC / U-Haul Holding Company · 05 Aug 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.