U-Haul Holding Company (UHAL) 10-Year Financial Performance & Capital Metrics

UHAL • • Industrial / General

IndustrialsRental & LeasingVehicle Rental & LeasingTruck & Commercial Vehicle Rental

AboutU-Haul Holding Company operates as a do-it-yourself moving and storage operator for household and commercial goods in the United States and Canada. The company's Moving and Storage segment rents trucks, trailers, portable moving and storage units, specialty rental items, and self-storage spaces primarily to the household movers; and sells moving supplies, towing accessories, and propane. It also provides uhaul.com, an online marketplace that connects consumers to independent Moving Help service providers and independent self-storage affiliates; auto transport and tow dolly options to transport vehicles; and specialty boxes for dishes, computers, flat screen television, and sensitive electronic equipment, as well as tapes, security locks, and packing supplies. This segment rents its products and services through a network of approximately 2,100 company operated retail moving stores and 21,100 independent U-Haul dealers. As of March 31, 2022, it had a rental fleet of approximately 186,000 trucks, 128,000 trailers, and 46,000 towing devices; and 1,844 self-storage locations with approximately 876,000 rentable storage units. The company's Property and Casualty Insurance segment offers loss adjusting and claims handling services. It also provides moving and storage protection packages, such as Safemove and Safetow packages, which offer moving and towing customers with a damage waiver, cargo protection, and medical and life insurance coverage; Safestor that protects storage customers from loss on their goods in storage; Safestor Mobile, which protects customers stored belongings; and Safemove Plus, which provides rental customers with a layer of primary liability protection. The company's Life Insurance segment provides life and health insurance products primarily to the senior market through the direct writing and reinsuring of life insurance, medicare supplement, and annuity policies. The company was formerly known as AMERCO. U-Haul Holding Company was founded in 1945 and is based in Reno, Nevada.Show more

Revenue $5.83B +3.6%
EBITDA $1.7B -6.6%
Net Income $332M -44.4%
EPS (Diluted) 1.69 -44.5%
Gross Margin 85.86%
EBITDA Margin 29.14% -9.9%
Operating Margin 12.29% -29.3%
Net Margin 5.69% -46.4%
ROE 4.52% -48.2%
ROIC 4.18% -35.7%
Debt/Equity 0.97 +9.5%
Interest Coverage 2.42 -35.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓High quality earnings: Operating CF exceeds net income
✓Healthy 5Y average net margin of 12.9%
✓Trading at only 1.5x book value

✗Weaknesses

✗Negative free cash flow
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y6.61%

5Y7.93%

3Y0.51%

TTM5.86%

Profit (Net Income) CAGR

10Y-0.72%

5Y-5.58%

3Y-33.4%

TTM-55.65%

EPS CAGR

10Y-21.16%

5Y-40.44%

3Y-69.1%

TTM-55.84%

ROCE

10Y Avg8.2%

5Y Avg7.29%

3Y Avg6.25%

Latest3.97%

Peer Comparison

Truck & Commercial Vehicle Rental

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
UHALU-Haul Holding Company	1.12B	57.33	33.92	3.61%	3.31%	2.54%		0.97
RRyder System, Inc.	7.84B	194.26	17.56	7.24%	3.96%	16.23%		2.85

Profit & Loss

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Sales/Revenue+	3.28B	3.42B	3.6B	3.77B	3.98B	4.54B	5.74B	5.86B	5.63B	5.83B
Revenue Growth %	0.07%	0.04%	0.05%	0.05%	0.06%	0.14%	0.26%	0.02%	-0.04%	0.04%
Cost of Goods Sold+	575.05M	602.42M	622.5M	550.83M	627.19M	723.18M	4.29B	843.42M	792.68M	824.26M
COGS % of Revenue	0.18%	0.18%	0.17%	0.15%	0.16%	0.16%	0.75%	0.14%	0.14%	0.14%
Gross Profit+	2.7B	2.82B	2.98B	3.22B	3.35B	3.82B	1.46B	5.02B	4.83B	5B
Gross Margin %	0.82%	0.82%	0.83%	0.85%	0.84%	0.84%	0.25%	0.86%	0.86%	0.86%
Gross Profit Growth %	0.07%	0.04%	0.06%	0.08%	0.04%	0.14%	-0.62%	2.44%	-0.04%	0.04%
Operating Expenses+	1.83B	2.08B	2.21B	2.6B	2.81B	2.86B	33.85M	3.58B	3.86B	4.29B
OpEx % of Revenue	0.56%	0.61%	0.61%	0.69%	0.71%	0.63%	0.01%	0.61%	0.69%	0.74%
Selling, General & Admin	49.78M	37.34M	33.96M	33.16M	26.88M	28.47M	0	30.83M	32.65M	20.5M
SG&A % of Revenue	0.02%	0.01%	0.01%	0.01%	0.01%	0.01%	-	0.01%	0.01%	0%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	1.78B	2.04B	2.18B	2.56B	2.78B	2.83B	33.85M	3.54B	3.82B	4.27B
Operating Income+	866.63M	743.16M	765.25M	620.99M	540.13M	961.15M	1.43B	1.45B	977.79M	716.15M
Operating Margin %	0.26%	0.22%	0.21%	0.16%	0.14%	0.21%	0.25%	0.25%	0.17%	0.12%
Operating Income Growth %	0.31%	-0.14%	0.03%	-0.19%	-0.13%	0.78%	0.48%	0.01%	-0.32%	-0.27%
EBITDA+	1.26B	1.22B	1.32B	1.2B	1.2B	1.63B	2.12B	2.2B	1.82B	1.7B
EBITDA Margin %	0.38%	0.36%	0.37%	0.32%	0.3%	0.36%	0.37%	0.38%	0.32%	0.29%
EBITDA Growth %	0.24%	-0.02%	0.08%	-0.09%	0%	0.35%	0.31%	0.04%	-0.17%	-0.07%
D&A (Non-Cash Add-back)	389.39M	481.52M	555.07M	581.02M	664.12M	664M	696.96M	756.31M	841.82M	982.49M
EBIT	863.39M	738.32M	760.45M	616.23M	535.05M	954.21M	1.64B	1.44B	1.1B	772.01M
Net Interest Income+	-85.02M	-104.8M	-122.81M	-141.62M	-161.35M	-159.86M	-163.47M	-224.73M	-141.57M	-236.66M
Interest Income	0	0	0	0	0	0	0	0	120.02M	59.06M
Interest Expense	85.02M	104.8M	122.81M	141.62M	161.35M	159.86M	163.47M	224.73M	261.59M	295.72M
Other Income/Expense	-97.72M	-114.81M	-127.63M	-143.46M	-162M	-164.49M	48.82M	-226.18M	-137.61M	-238.64M
Pretax Income+	768.91M	628.36M	637.61M	477.53M	378.12M	796.66M	1.48B	1.22B	840.18M	477.51M
Pretax Margin %	0.23%	0.18%	0.18%	0.13%	0.1%	0.18%	0.26%	0.21%	0.15%	0.08%
Income Tax+	279.91M	229.93M	-152.97M	106.67M	-63.92M	185.8M	352.21M	294.93M	211.47M	110.42M
Effective Tax Rate %	0.64%	0.63%	1.24%	0.78%	1.17%	0.77%	0.76%	0.73%	0.71%	0.69%
Net Income+	489M	398.42M	790.58M	370.86M	442.05M	610.86M	1.12B	890.75M	596.94M	331.8M
Net Margin %	0.15%	0.12%	0.22%	0.1%	0.11%	0.13%	0.2%	0.15%	0.11%	0.06%
Net Income Growth %	0.37%	-0.19%	0.98%	-0.53%	0.19%	0.38%	0.84%	-0.21%	-0.33%	-0.44%
Net Income (Continuing)	489M	398.42M	790.58M	370.86M	442.05M	610.86M	1.12B	924.47M	628.71M	367.09M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	24.95	20.34	40.36	18.93	22.55	31.15	57.29	4.54	3.04	1.69
EPS Growth %	0.37%	-0.18%	0.98%	-0.53%	0.19%	0.38%	0.84%	-0.92%	-0.33%	-0.44%
EPS (Basic)	24.95	20.34	40.36	18.93	22.55	31.15	57.29	4.54	3.04	1.69
Diluted Shares Outstanding	19.6M	19.59M	19.59M	19.59M	19.6M	19.61M	19.61M	196.08M	196.08M	196.08M
Basic Shares Outstanding	19.6M	19.59M	19.59M	19.59M	19.6M	19.61M	19.61M	196.08M	196.08M	196.08M
Dividend Payout Ratio	0.16%	0.15%	0.04%	0.11%	0.07%	0.08%	0.03%	0.04%	0.05%	0.11%

Balance Sheet

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Total Current Assets+	1.15B	1.24B	1.31B	1.26B	1.43B	2.08B	3.47B	3.43B	2.78B	2.51B
Cash & Short-Term Investments	635.44M	712.96M	769.74M	679.25M	501.35M	1.2B	2.74B	2.75B	2.06B	1.7B
Cash Only	600.65M	697.81M	759.39M	673.7M	494.35M	1.19B	2.7B	2.06B	1.53B	988.83M
Short-Term Investments	34.8M	15.15M	10.35M	5.55M	7M	7.23M	30.92M	687.5M	527.41M	710.7M
Accounts Receivable	175.21M	178.08M	193.54M	224.78M	186.67M	224.43M	277.19M	237.81M	273.84M	275.72M
Days Sales Outstanding	19.52	19	19.62	21.77	17.12	18.04	17.63	14.8	17.77	17.27
Inventory	79.76M	82.44M	89.88M	103.5M	101.08M	105.58M	158.89M	151.47M	150.94M	163.13M
Days Inventory Outstanding	50.62	49.95	52.7	68.59	58.83	53.29	13.53	65.55	69.5	72.24
Other Current Assets	85.66M	86.17M	33.28M	30.89M	34.78M	35.4M	0	0	0	0
Total Non-Current Assets+	6.96B	8.16B	9.44B	10.63B	12.01B	12.57B	13.83B	14.67B	16.28B	17.97B
Property, Plant & Equipment	5.02B	5.96B	6.82B	7.93B	9.03B	9.3B	10.32B	11.88B	13.48B	15.3B
Fixed Asset Turnover	0.65x	0.57x	0.53x	0.48x	0.44x	0.49x	0.56x	0.49x	0.42x	0.38x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	1.73B	1.95B	2.25B	2.48B	2.78B	3.11B	3.34B	2.66B	2.62B	2.51B
Other Non-Current Assets	208.11M	233.97M	370.45M	220.78M	204.06M	159.13M	171.65M	128.46M	189.17M	163M
Total Assets+	8.15B	9.41B	10.75B	11.89B	13.44B	14.65B	17.3B	18.1B	19.06B	20.48B
Asset Turnover	0.40x	0.36x	0.34x	0.32x	0.30x	0.31x	0.33x	0.32x	0.30x	0.28x
Asset Growth %	0.19%	0.15%	0.14%	0.11%	0.13%	0.09%	0.18%	0.05%	0.05%	0.07%
Total Current Liabilities+	1.6B	1.65B	1.79B	1.6B	1.58B	1.69B	1.62B	1.69B	1.68B	1.73B
Accounts Payable	502.54M	450.54M	511.12M	556.87M	554.35M	645.58M	677.78M	235.9M	240.05M	263.28M
Days Payables Outstanding	318.97	272.98	299.69	369.01	322.61	325.83	57.71	102.09	110.54	116.59
Short-Term Debt	347M	85M	55M	530M	1.09B	1.07B	1.09B	0	0	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	-347M	0	-55M	-530M	-1.09B	-1.07B	-1.09B	0	0	0
Current Ratio	0.72x	0.75x	0.73x	0.79x	0.90x	1.24x	2.14x	2.03x	1.65x	1.45x
Quick Ratio	0.67x	0.70x	0.68x	0.72x	0.84x	1.17x	2.05x	1.94x	1.56x	1.35x
Cash Conversion Cycle	-248.83	-204.03	-227.37	-278.65	-246.66	-254.51	-26.56	-21.74	-23.27	-27.08
Total Non-Current Liabilities+	4.26B	5.14B	5.55B	6.6B	7.63B	8.11B	9.73B	9.9B	10.2B	11.25B
Long-Term Debt	1.97B	2.3B	2.53B	3.12B	3.49B	3.51B	4.73B	4.63B	4.45B	5.19B
Capital Lease Obligations	672.83M	876.83M	984.22M	1.04B	1.24B	1.25B	1.37B	1.54B	1.88B	2.05B
Deferred Tax Liabilities	653.61M	835.01M	658.11M	750.97M	1.09B	1.18B	1.29B	1.33B	1.45B	1.49B
Other Non-Current Liabilities	937.36M	1.09B	1.34B	1.65B	1.78B	2.13B	2.3B	2.41B	2.43B	2.52B
Total Liabilities	5.86B	6.79B	7.34B	8.2B	9.22B	9.8B	11.35B	11.6B	11.89B	12.98B
Total Debt+	2.99B	3.26B	3.57B	4.69B	5.81B	5.83B	7.19B	6.17B	6.33B	7.24B
Net Debt	2.39B	2.57B	2.81B	4.02B	5.32B	4.64B	4.49B	4.11B	4.79B	6.25B
Debt / Equity	1.33x	1.25x	1.05x	1.27x	1.38x	1.20x	1.21x	0.95x	0.88x	0.97x
Debt / EBITDA	2.38x	2.66x	2.70x	3.90x	4.83x	3.59x	3.39x	2.80x	3.48x	4.26x
Net Debt / EBITDA	1.91x	2.09x	2.13x	3.34x	4.42x	2.85x	2.11x	1.86x	2.63x	3.68x
Interest Coverage	10.19x	7.09x	6.23x	4.38x	3.35x	6.01x	8.73x	6.43x	3.74x	2.42x
Total Equity+	2.25B	2.62B	3.41B	3.69B	4.22B	4.85B	5.95B	6.5B	7.17B	7.5B
Equity Growth %	0.19%	0.16%	0.3%	0.08%	0.14%	0.15%	0.23%	0.09%	0.1%	0.05%
Book Value per Share	114.89	133.75	174.01	188.46	215.30	247.45	303.58	33.17	36.58	38.24
Total Shareholders' Equity	2.25B	2.62B	3.41B	3.69B	4.22B	4.85B	5.95B	6.5B	7.17B	7.5B
Common Stock	10.5M	10.5M	10.5M	10.5M	10.5M	10.5M	10.5M	10.67M	10.67M	10.67M
Retained Earnings	2.53B	2.89B	3.64B	3.98B	4.4B	4.96B	6.12B	7B	7.6B	7.93B
Treasury Stock	-677.65M	-677.65M	-677.65M	-677.65M	-677.65M	-677.65M	-677.65M	-677.65M	-677.65M	-677.65M
Accumulated OCI	-60.52M	-51.24M	-4.62M	-66.7M	34.65M	106.86M	46.38M	-285.62M	-223.22M	-229.31M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operations+	1.04B	1.02B	936.33M	975.58M	1.08B	1.54B	1.95B	1.73B	1.45B	1.45B
Operating CF Margin %	0.32%	0.3%	0.26%	0.26%	0.27%	0.34%	0.34%	0.29%	0.26%	0.25%
Operating CF Growth %	0.29%	-0.02%	-0.08%	0.04%	0.1%	0.43%	0.27%	-0.11%	-0.16%	0%
Net Income	489M	398.42M	790.58M	370.86M	442.05M	610.86M	1.12B	890.75M	596.94M	331.8M
Depreciation & Amortization	389.39M	481.52M	555.07M	581.02M	664.12M	664M	696.96M	733.88M	817.89M	1.01B
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0
Deferred Taxes	138.07M	173.11M	-193.43M	106.81M	317.89M	68.41M	101.09M	131.75M	98.38M	41.91M
Other Non-Cash Items	-57.59M	15.21M	-135.09M	56.93M	56.25M	45.05M	-94.62M	-89.82M	1.19M	108.59M
Working Capital Changes	82.11M	-48.21M	-79.45M	-140.04M	-404.8M	147.07M	119.52M	63.05M	-61.64M	-39.37M
Change in Receivables	71.41M	-2.55M	38.08M	-27.17M	32.48M	-40M	-19.54M	44.17M	-38.63M	-1.51M
Change in Inventory	-9.01M	-4.07M	-12.38M	-13.49M	1.78M	-5.78M	-68.54M	7.26M	518K	-12.26M
Change in Payables	37.31M	-5.06M	-36.98M	10.26M	-4.53M	92.92M	28.75M	34.26M	-10.7M	14.4M
Cash from Investing+	-1.27B	-1.14B	-896.95M	-1.57B	-1.77B	-1.13B	-1.87B	-2.42B	-2.05B	-2.89B
Capital Expenditures	-1.51B	-1.42B	-1.36B	-1.87B	-2.31B	-1.44B	-2.14B	-2.72B	-2.99B	-3.45B
CapEx % of Revenue	0.46%	0.41%	0.38%	0.5%	0.58%	0.32%	0.37%	0.46%	0.53%	0.59%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	4.18M	0	0	0	0	0	0	0	0
Cash from Financing+	406.87M	223.75M	16.6M	514.58M	512.32M	287.35M	1.43B	59.8M	66.53M	895.11M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-78.37M	-58.76M	-29.38M	-39.18M	-29.4M	-49.02M	-29.41M	-33.73M	-31.77M	-35.29M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	236.52M	125.33M	205.44M	266.87M	83.41M	303.99M	110.02M	7.04M	-58.65M	9.24M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-468.17M	-399.44M	-426.06M	-894.38M	-1.23B	93.92M	-190.3M	-994.29M	-1.54B	-2B
FCF Margin %	-0.14%	-0.12%	-0.12%	-0.24%	-0.31%	0.02%	-0.03%	-0.17%	-0.27%	-0.34%
FCF Growth %	-0.54%	0.15%	-0.07%	-1.1%	-0.38%	1.08%	-3.03%	-4.22%	-0.55%	-0.3%
FCF per Share	-23.89	-20.39	-21.75	-45.65	-62.94	4.79	-9.71	-5.07	-7.85	-10.19
FCF Conversion (FCF/Net Income)	2.13x	2.56x	1.18x	2.63x	2.43x	2.51x	1.73x	1.94x	2.43x	4.38x
Interest Paid	0	0	0	0	0	0	0	0	268.7M	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	23.65%	16.36%	26.23%	10.45%	11.17%	13.47%	20.79%	14.3%	8.73%	4.52%
Return on Invested Capital (ROIC)	15.35%	11.34%	10.07%	6.69%	4.7%	7.58%	10.74%	10.3%	6.5%	4.18%
Gross Margin	82.44%	82.39%	82.71%	85.38%	84.24%	84.08%	25.45%	85.62%	85.91%	85.86%
Net Margin	14.93%	11.64%	21.95%	9.84%	11.11%	13.45%	19.57%	15.19%	10.61%	5.69%
Debt / Equity	1.33x	1.25x	1.05x	1.27x	1.38x	1.20x	1.21x	0.95x	0.88x	0.97x
Interest Coverage	10.19x	7.09x	6.23x	4.38x	3.35x	6.01x	8.73x	6.43x	3.74x	2.42x
FCF Conversion	2.13x	2.56x	1.18x	2.63x	2.43x	2.51x	1.73x	1.94x	2.43x	4.38x
Revenue Growth	6.54%	4.47%	5.24%	4.65%	5.58%	14.15%	26.37%	2.18%	-4.08%	3.61%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Moving and Storage Consolidations	2.98B	3.11B	3.29B	3.55B	3.66B	4.23B	5.4B	5.57B	5.29B	5.49B
Moving and Storage Consolidations Growth	-	4.31%	5.71%	7.75%	3.16%	15.69%	27.57%	3.14%	-4.90%	3.74%
Life Insurance	231.22M	245.6M	243.86M	154.71M	241.46M	232.63M	238.81M	206.1M	219.2M	221.87M
Life Insurance Growth	-	6.22%	-0.71%	-36.56%	56.07%	-3.66%	2.66%	-13.70%	6.36%	1.22%
Property and Casualty Insurance	64.8M	68.99M	74.57M	75.84M	89.06M	86.74M	115.04M	103.51M	123.08M	125.16M
Property and Casualty Insurance Growth	-	6.45%	8.10%	1.70%	17.44%	-2.61%	32.63%	-10.02%	18.91%	1.69%

Revenue by Geography

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
United States	3.13B	3.27B	3.44B	3.6B	3.8B	4.33B	5.45B	5.57B	5.34B	5.53B
United States Growth	-	4.52%	5.02%	4.70%	5.58%	14.12%	25.79%	2.17%	-4.18%	3.61%
Canada	145.56M	150.2M	165.29M	171.42M	181.02M	207.9M	287.72M	294.43M	288.17M	298.66M
Canada Growth	-	3.19%	10.05%	3.71%	5.60%	14.85%	38.39%	2.33%	-2.12%	3.64%

Frequently Asked Questions

Valuation & Price

U-Haul Holding Company (UHAL) has a price-to-earnings (P/E) ratio of 33.9x. This suggests investors expect higher future growth.

Growth & Financials

U-Haul Holding Company (UHAL) reported $5.97B in revenue for fiscal year 2025. This represents a 138% increase from $2.51B in 2012.

U-Haul Holding Company (UHAL) grew revenue by 3.6% over the past year. Growth has been modest.

Yes, U-Haul Holding Company (UHAL) is profitable, generating $197.5M in net income for fiscal year 2025 (5.7% net margin).

Dividend & Returns

Yes, U-Haul Holding Company (UHAL) pays a dividend with a yield of 0.31%. This makes it attractive for income-focused investors.

U-Haul Holding Company (UHAL) has a return on equity (ROE) of 4.5%. This is below average, suggesting room for improvement.

U-Haul Holding Company (UHAL) had negative free cash flow of $1.82B in fiscal year 2025, likely due to heavy capital investments.

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