Avis Budget Group, Inc. (CAR) 10-Year Financial Performance & Capital Metrics

CAR • • Industrial / General

IndustrialsRental & LeasingVehicle Rental & LeasingCar Rental Operators

AboutAvis Budget Group, Inc., together with its subsidiaries, provides car and truck rentals, car sharing, and ancillary products and services to businesses and consumers. It operates the Avis brand, that offers vehicle rental and other mobility solutions to the premium commercial and leisure segments of the travel industry; the Budget Truck brand, a local, and one-way truck and cargo van rental businesses with a fleet of approximately 20,000 vehicles, which are rented through a network of approximately 465 dealer-operated and 385 company-operated locations that serve the consumer and light commercial sectors in the continental United States; and the Zipcar brand, a car sharing network. The company also operates various other car rental brands, such as Budget, Payless, Apex, Maggiore, MoriniRent, FranceCars, Amicoblue, Turiscar, and ACL Hire. In addition, it offers optional insurance products and coverages, such as supplemental liability, personal accident, personal effects protection, emergency sickness protection, and automobile towing protection and cargo insurance products; fuel service options, roadside assistance services, electronic toll collection services, curbside delivery, tablet rentals, access to satellite radio, portable navigation units, and child safety seat rentals; automobile towing equipment and other moving accessories, such as hand trucks, furniture pads, and moving supplies; and Business Intelligence solution, an online portal for corporate travel. Avis Budget Group, Inc. operates in approximately 10,400 locations worldwide. The company was formerly known as Cendant Corporation and changed its name to Avis Budget Group, Inc. in September 2006. Avis Budget Group, Inc. was founded in 1946 and is headquartered in Parsippany, New Jersey.Show more

Revenue $11.79B -1.8%
EBITDA $5.51B -5.1%
Net Income -$1.82B -211.6%
EPS (Diluted) -51.23 -221.8%
Gross Margin 25.43% -22.2%
EBITDA Margin 46.72% -3.3%
Operating Margin 12.72% -35.1%
Net Margin -15.45% -213.7%
ROE -
ROIC 4.61% -40.9%
Debt/Equity -
Interest Coverage 4.19 -47.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Share count reduced 8.5% through buybacks

✗Weaknesses

✗Negative free cash flow
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y3.34%

5Y5.15%

3Y8.18%

TTM-1.22%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-630.3%

EPS CAGR

10Y-

5Y-

3Y-

TTM-644.93%

ROCE

10Y Avg6.38%

5Y Avg7.81%

3Y Avg9.65%

Latest5.17%

Peer Comparison

Car Rental Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
HTZHertz Global Holdings, Inc.	1.74B	5.59	-0.60	-3.44%	-12.12%	-176.39%		120.31
CARAvis Budget Group, Inc.	4.38B	124.57	-2.43	-1.82%	-17.95%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	8.5B	8.66B	8.85B	9.12B	9.17B	5.4B	9.31B	11.99B	12.01B	11.79B
Revenue Growth %	0%	0.02%	0.02%	0.03%	0.01%	-0.41%	0.72%	0.29%	0%	-0.02%
Cost of Goods Sold+	6.36B	6.46B	6.67B	6.88B	6.91B	4.81B	5.92B	7.22B	8.08B	8.79B
COGS % of Revenue	0.75%	0.75%	0.75%	0.75%	0.75%	0.89%	0.64%	0.6%	0.67%	0.75%
Gross Profit+	2.15B	2.2B	2.18B	2.24B	2.26B	596M	3.39B	4.77B	3.93B	3B
Gross Margin %	0.25%	0.25%	0.25%	0.25%	0.25%	0.11%	0.36%	0.4%	0.33%	0.25%
Gross Profit Growth %	-0.03%	0.02%	-0.01%	0.03%	0.01%	-0.74%	4.69%	0.41%	-0.18%	-0.24%
Operating Expenses+	1.25B	1.31B	1.34B	1.47B	1.49B	893M	1.3B	1.49B	1.57B	1.5B
OpEx % of Revenue	0.15%	0.15%	0.15%	0.16%	0.16%	0.17%	0.14%	0.12%	0.13%	0.13%
Selling, General & Admin	1.09B	1.13B	1.12B	1.22B	1.24B	703M	1.15B	1.35B	1.41B	1.35B
SG&A % of Revenue	0.13%	0.13%	0.13%	0.13%	0.13%	0.13%	0.12%	0.11%	0.12%	0.11%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	156M	180M	222M	253M	255M	190M	156M	138M	167M	151M
Operating Income+	898M	885M	834M	766M	766M	-297M	2.09B	3.28B	2.35B	1.5B
Operating Margin %	0.11%	0.1%	0.09%	0.08%	0.08%	-0.05%	0.22%	0.27%	0.2%	0.13%
Operating Income Growth %	-0.07%	-0.01%	-0.06%	-0.08%	0%	-1.39%	8.03%	0.57%	-0.28%	-0.36%
EBITDA+	2.95B	3.02B	3.04B	3B	3.91B	2.26B	4.57B	6.09B	5.8B	5.51B
EBITDA Margin %	0.35%	0.35%	0.34%	0.33%	0.43%	0.42%	0.49%	0.51%	0.48%	0.47%
EBITDA Growth %	-0.01%	0.02%	0.01%	-0.01%	0.3%	-0.42%	1.02%	0.33%	-0.05%	-0.05%
D&A (Non-Cash Add-back)	2.06B	2.13B	2.21B	2.23B	3.14B	2.56B	2.48B	2.81B	3.45B	4.01B
EBIT	904M	850M	676M	763M	816M	-387M	2.25B	4.34B	2.98B	-1.33B
Net Interest Income+	-194M	-203M	-188M	-188M	-514M	-557M	-218M	-250M	-296M	-358M
Interest Income	0	0	0	0	15M	12M	0	0	0	0
Interest Expense	194M	203M	188M	188M	529M	569M	218M	250M	296M	358M
Other Income/Expense	-516M	-606M	-623M	-499M	-479M	-659M	-380M	353M	-438M	-4.13B
Pretax Income+	382M	279M	211M	267M	287M	-956M	1.71B	3.64B	1.91B	-2.63B
Pretax Margin %	0.04%	0.03%	0.02%	0.03%	0.03%	-0.18%	0.18%	0.3%	0.16%	-0.22%
Income Tax+	69M	116M	-150M	102M	-15M	-272M	425M	880M	279M	-810M
Effective Tax Rate %	0.82%	0.58%	1.71%	0.62%	1.05%	0.72%	0.75%	0.76%	0.85%	0.69%
Net Income+	313M	163M	361M	165M	302M	-684M	1.28B	2.76B	1.63B	-1.82B
Net Margin %	0.04%	0.02%	0.04%	0.02%	0.03%	-0.13%	0.14%	0.23%	0.14%	-0.15%
Net Income Growth %	0.28%	-0.48%	1.21%	-0.54%	0.83%	-3.26%	2.88%	1.15%	-0.41%	-2.12%
Net Income (Continuing)	313M	163M	361M	165M	302M	-684M	1.28B	2.76B	1.64B	-1.82B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	11M	3M	6M	10M
EPS (Diluted)+	2.98	1.75	4.25	2.06	3.99	-9.70	19.44	57.11	42.06	-51.23
EPS Growth %	0.34%	-0.41%	1.43%	-0.52%	0.94%	-3.43%	3%	1.94%	-0.26%	-2.22%
EPS (Basic)	3.02	1.78	4.32	2.08	4.02	-9.70	19.80	58.44	42.61	-51.23
Diluted Shares Outstanding	105M	93.3M	84.8M	80.1M	75.7M	70.5M	66.1M	48.4M	38.8M	35.5M
Basic Shares Outstanding	103.4M	92M	83.4M	79.3M	75.2M	70.5M	64.9M	47.3M	38.3M	35.5M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	0.22%	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	1.63B	1.82B	2.07B	2.17B	2.15B	1.79B	1.85B	1.89B	2.14B	2.03B
Cash & Short-Term Investments	452M	490M	618M	620M	689M	693M	537M	572M	559M	537M
Cash Only	452M	490M	618M	620M	689M	693M	537M	572M	559M	537M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	827M	961M	1.1B	1.14B	1.08B	794M	1.01B	952M	1.09B	1.02B
Days Sales Outstanding	35.5	40.51	45.21	45.41	43.14	53.65	39.7	28.97	33.19	31.74
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	156M	154M	156M	178M	138M	147M	92M	110M	249M	233M
Total Non-Current Assets+	16.22B	15.97B	15.78B	17.06B	21.78B	15.74B	20.75B	24.04B	31.28B	27.92B
Property, Plant & Equipment	10.38B	10.17B	10.7B	11.61B	15.23B	11.09B	15.61B	18.64B	23.88B	20.78B
Fixed Asset Turnover	0.82x	0.85x	0.83x	0.79x	0.60x	0.49x	0.60x	0.64x	0.50x	0.57x
Goodwill	973M	1.01B	1.07B	1.09B	1.1B	1.14B	1.11B	1.07B	1.1B	1.07B
Intangible Assets	917M	870M	850M	825M	798M	774M	724M	666M	670M	601M
Long-Term Investments	1.09B	1.15B	1.28B	1.37B	1.05B	424M	383M	629M	671M	587M
Other Non-Current Assets	1.16B	1.14B	790M	770M	1.14B	1.12B	1.32B	1.65B	2.24B	2.18B
Total Assets+	17.85B	17.79B	17.84B	19.23B	23.93B	17.54B	22.6B	25.93B	33.42B	29.95B
Asset Turnover	0.48x	0.49x	0.50x	0.47x	0.38x	0.31x	0.41x	0.46x	0.36x	0.39x
Asset Growth %	0.05%	-0%	0%	0.08%	0.24%	-0.27%	0.29%	0.15%	0.29%	-0.1%
Total Current Liabilities+	1.51B	1.77B	1.65B	1.72B	2.23B	2.05B	2.41B	2.57B	2.66B	2.72B
Accounts Payable	352M	343M	359M	371M	378M	394M	407M	466M	487M	450M
Days Payables Outstanding	20.22	19.38	19.64	19.67	19.96	29.92	25.08	23.54	22	18.68
Short-Term Debt	26M	279M	26M	23M	498M	533M	515M	582M	608M	648M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	0	1000K	1000K	1000K	1000K
Other Current Liabilities	611M	652M	731M	774M	1.03B	1.01B	1.11B	1.13B	1.21B	1.35B
Current Ratio	1.08x	1.03x	1.26x	1.27x	0.96x	0.87x	0.77x	0.73x	0.80x	0.75x
Quick Ratio	1.08x	1.03x	1.26x	1.27x	0.96x	0.87x	0.77x	0.73x	0.80x	0.75x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	15.9B	15.8B	15.63B	17.1B	21.05B	15.64B	20.4B	24.05B	31.1B	29.55B
Long-Term Debt	12.06B	11.96B	12.65B	13.57B	14.27B	10.89B	15.2B	18.28B	4.79B	5.37B
Capital Lease Obligations	238M	162M	146M	191M	2.35B	2.24B	2.09B	2.06B	21.05B	20.02B
Deferred Tax Liabilities	2.58B	2.58B	1.74B	2.05B	2.99B	1.38B	2.24B	2.75B	4.27B	3.35B
Other Non-Current Liabilities	1.02B	1.1B	1.09B	1.25B	1.4B	1.11B	852M	916M	943M	780M
Total Liabilities	17.41B	17.57B	17.27B	18.82B	23.27B	17.69B	22.81B	26.63B	33.76B	32.27B
Total Debt+	12.32B	12.4B	12.82B	13.78B	17.12B	13.66B	17.8B	20.92B	26.45B	26.04B
Net Debt	11.87B	11.91B	12.2B	13.16B	16.43B	12.97B	17.27B	20.35B	25.89B	25.5B
Debt / Equity	28.07x	56.11x	22.37x	33.29x	26.10x	-	-	-	-	-
Debt / EBITDA	4.17x	4.11x	4.22x	4.60x	4.38x	6.03x	3.90x	3.43x	4.56x	4.73x
Net Debt / EBITDA	4.02x	3.95x	4.01x	4.39x	4.20x	5.73x	3.78x	3.34x	4.46x	4.63x
Interest Coverage	4.63x	4.36x	4.44x	4.07x	1.45x	-0.52x	9.58x	13.13x	7.95x	4.19x
Total Equity+	439M	221M	573M	414M	656M	-155M	-209M	-700M	-343M	-2.32B
Equity Growth %	-0.34%	-0.5%	1.59%	-0.28%	0.58%	-1.24%	-0.35%	-2.35%	0.51%	-5.76%
Book Value per Share	4.18	2.37	6.76	5.17	8.67	-2.20	-3.16	-14.46	-8.84	-65.27
Total Shareholders' Equity	439M	221M	573M	414M	656M	-155M	-220M	-703M	-349M	-2.33B
Common Stock	1M	1M	1M	1M	1M	1M	1M	1M	1M	1M
Retained Earnings	-1.8B	-1.64B	-1.22B	-1.09B	-785M	-1.47B	-185M	2.58B	3.85B	2.03B
Treasury Stock	-4.62B	-4.91B	-5B	-5.13B	-5.14B	-5.17B	-6.58B	-9.85B	-10.74B	-10.77B
Accumulated OCI	-147M	-154M	-24M	-133M	-157M	-187M	-133M	-101M	-96M	-210M
Minority Interest	0	0	0	0	0	0	11M	3M	6M	10M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	2.58B	2.63B	2.65B	2.61B	2.59B	691M	3.49B	4.71B	3.83B	3.52B
Operating CF Margin %	0.3%	0.3%	0.3%	0.29%	0.28%	0.13%	0.37%	0.39%	0.32%	0.3%
Operating CF Growth %	0%	0.02%	0.01%	-0.01%	-0.01%	-0.73%	4.05%	0.35%	-0.19%	-0.08%
Net Income	313M	163M	361M	165M	302M	-684M	1.28B	2.76B	1.63B	-1.82B
Depreciation & Amortization	2.06B	2.13B	2.21B	2.23B	3.14B	2.56B	2.48B	2.81B	3.45B	4.01B
Stock-Based Compensation	28M	27M	13M	24M	22M	9M	30M	25M	30M	19M
Deferred Taxes	58M	51M	-192M	14M	-103M	-317M	378M	682M	191M	-905M
Other Non-Cash Items	269M	327M	286M	137M	-866M	-813M	-923M	-814M	-608M	3.15B
Working Capital Changes	-139M	-69M	-26M	39M	89M	-65M	243M	-753M	-867M	-938M
Change in Receivables	-42M	-65M	-59M	-44M	10M	115M	-143M	-97M	-43M	51M
Change in Inventory	0	0	0	0	-10M	-115M	143M	0	0	0
Change in Payables	-79M	-9M	49M	48M	84M	-181M	414M	217M	-72M	63M
Cash from Investing+	-2.83B	-2.15B	-2.2B	-3.43B	-2.75B	3.18B	-6.31B	-4.3B	-7.35B	-2.75B
Capital Expenditures	-2.45B	-2.15B	-2.13B	-3.17B	-2.68B	3.26B	-6.08B	-4.13B	-15.46B	-10.06B
CapEx % of Revenue	0.29%	0.25%	0.24%	0.35%	0.29%	0.6%	0.65%	0.34%	1.29%	0.85%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	3M	34M	5M	-9.77B	-10.45B	-8.82B	-4.12B	6.57B	6M	7.41B
Cash from Financing+	115M	-438M	-308M	667M	318M	-4.04B	2.69B	-360M	3.51B	-781M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	-355M	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-36M	11M	-24M	-37M	0	15M	-11M	6M	-66M	-72M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	137M	482M	513M	-563M	-91M	3.95B	-2.59B	576M	-11.63B	-6.54B
FCF Margin %	0.02%	0.06%	0.06%	-0.06%	-0.01%	0.73%	-0.28%	0.05%	-0.97%	-0.56%
FCF Growth %	-0.27%	2.52%	0.06%	-2.1%	0.84%	44.4%	-1.66%	1.22%	-21.19%	0.44%
FCF per Share	1.30	5.17	6.05	-7.03	-1.20	56.01	-39.24	11.90	-299.74	-184.34
FCF Conversion (FCF/Net Income)	8.26x	16.13x	7.34x	15.81x	8.56x	-1.01x	2.72x	1.70x	2.35x	-1.93x
Interest Paid	454M	461M	460M	497M	0	503M	509M	543M	988M	1.27B
Taxes Paid	29M	60M	58M	53M	0	44M	75M	192M	169M	50M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	56.7%	49.39%	90.93%	33.43%	56.45%	-273.05%	-	-	-	-
Return on Invested Capital (ROIC)	5.64%	5.43%	5.02%	4.36%	3.75%	-1.49%	10.49%	13.42%	7.81%	4.61%
Gross Margin	25.25%	25.4%	24.59%	24.54%	24.62%	11.03%	36.39%	39.76%	32.7%	25.43%
Net Margin	3.68%	1.88%	4.08%	1.81%	3.29%	-12.66%	13.8%	23.04%	13.59%	-15.45%
Debt / Equity	28.07x	56.11x	22.37x	33.29x	26.10x	-	-	-	-	-
Interest Coverage	4.63x	4.36x	4.44x	4.07x	1.45x	-0.52x	9.58x	13.13x	7.95x	4.19x
FCF Conversion	8.26x	16.13x	7.34x	15.81x	8.56x	-1.01x	2.72x	1.70x	2.35x	-1.93x
Revenue Growth	0.2%	1.85%	2.18%	3.12%	0.53%	-41.1%	72.4%	28.79%	0.12%	-1.82%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Avis	-	-	-	-	-	-	4.89B	6.52B	6.78B	6.78B
Avis Growth	-	-	-	-	-	-	-	33.20%	3.99%	-0.06%
Budget	-	-	-	-	-	-	3.71B	4.7B	4.48B	4.27B
Budget Growth	-	-	-	-	-	-	-	26.54%	-4.74%	-4.62%
Other Brands	-	-	-	-	-	-	704M	774M	751M	743M
Other Brands Growth	-	-	-	-	-	-	-	9.94%	-2.97%	-1.07%
International	2.43B	2.54B	2.75B	2.94B	2.82B	1.44B	-	-	-	-
International Growth	-	4.32%	8.27%	6.91%	-4.02%	-49.04%	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Americas	-	-	-	6.19B	6.35B	3.96B	7.56B	9.47B	9.35B	9.11B
Americas Growth	-	-	-	-	2.68%	-37.58%	90.59%	25.37%	-1.34%	-2.52%
EMEA	-	-	-	-	-	-	1.4B	1.93B	2.01B	2.04B
EMEA Growth	-	-	-	-	-	-	-	37.64%	4.51%	1.54%
Asia and Australasia	-	-	-	624M	598M	310M	356M	593M	647M	633M
Asia and Australasia Growth	-	-	-	-	-4.17%	-48.16%	14.84%	66.57%	9.11%	-2.16%
Europe, Middle east, Africa	-	-	-	2.31B	2.22B	1.13B	-	-	-	-
Europe, Middle east, Africa Growth	-	-	-	-	-3.98%	-49.28%	-	-	-	-
UNITED STATES	5.63B	5.67B	5.63B	-	-	-	-	-	-	-
UNITED STATES Growth	-	0.69%	-0.79%	-	-	-	-	-	-	-
All Other Countries	2.87B	2.98B	3.22B	-	-	-	-	-	-	-
All Other Countries Growth	-	4.12%	7.84%	-	-	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

Avis Budget Group, Inc. (CAR) reported $11.70B in revenue for fiscal year 2024. This represents a 98% increase from $5.90B in 2011.

Avis Budget Group, Inc. (CAR) saw revenue decline by 1.8% over the past year.

Avis Budget Group, Inc. (CAR) reported a net loss of $2.10B for fiscal year 2024.

Dividend & Returns

Avis Budget Group, Inc. (CAR) had negative free cash flow of $9.87B in fiscal year 2024, likely due to heavy capital investments.

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Avis Budget Group, Inc. (CAR) 10-Year Financial Performance & Capital Metrics

CAR • • Industrial / General

IndustrialsRental & LeasingVehicle Rental & LeasingCar Rental Operators

Revenue $11.79B -1.8%
EBITDA $5.51B -5.1%
Net Income -$1.82B -211.6%
EPS (Diluted) -51.23 -221.8%
Gross Margin 25.43% -22.2%
EBITDA Margin 46.72% -3.3%
Operating Margin 12.72% -35.1%
Net Margin -15.45% -213.7%
ROE -
ROIC 4.61% -40.9%
Debt/Equity -
Interest Coverage 4.19 -47.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Share count reduced 8.5% through buybacks

✗Weaknesses

✗Negative free cash flow
✗Trading more than 30% below 52-week high

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y3.34%

5Y5.15%

3Y8.18%

TTM-1.22%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-630.3%

EPS CAGR

10Y-

5Y-

3Y-

TTM-644.93%

ROCE

10Y Avg6.38%

5Y Avg7.81%

3Y Avg9.65%

Latest5.17%

Peer Comparison

Car Rental Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
HTZHertz Global Holdings, Inc.	1.74B	5.59	-0.60	-3.44%	-12.12%	-176.39%		120.31
CARAvis Budget Group, Inc.	4.38B	124.57	-2.43	-1.82%	-17.95%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	8.5B	8.66B	8.85B	9.12B	9.17B	5.4B	9.31B	11.99B	12.01B	11.79B
Revenue Growth %	0%	0.02%	0.02%	0.03%	0.01%	-0.41%	0.72%	0.29%	0%	-0.02%
Cost of Goods Sold+	6.36B	6.46B	6.67B	6.88B	6.91B	4.81B	5.92B	7.22B	8.08B	8.79B
COGS % of Revenue	0.75%	0.75%	0.75%	0.75%	0.75%	0.89%	0.64%	0.6%	0.67%	0.75%
Gross Profit+	2.15B	2.2B	2.18B	2.24B	2.26B	596M	3.39B	4.77B	3.93B	3B
Gross Margin %	0.25%	0.25%	0.25%	0.25%	0.25%	0.11%	0.36%	0.4%	0.33%	0.25%
Gross Profit Growth %	-0.03%	0.02%	-0.01%	0.03%	0.01%	-0.74%	4.69%	0.41%	-0.18%	-0.24%
Operating Expenses+	1.25B	1.31B	1.34B	1.47B	1.49B	893M	1.3B	1.49B	1.57B	1.5B
OpEx % of Revenue	0.15%	0.15%	0.15%	0.16%	0.16%	0.17%	0.14%	0.12%	0.13%	0.13%
Selling, General & Admin	1.09B	1.13B	1.12B	1.22B	1.24B	703M	1.15B	1.35B	1.41B	1.35B
SG&A % of Revenue	0.13%	0.13%	0.13%	0.13%	0.13%	0.13%	0.12%	0.11%	0.12%	0.11%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	156M	180M	222M	253M	255M	190M	156M	138M	167M	151M
Operating Income+	898M	885M	834M	766M	766M	-297M	2.09B	3.28B	2.35B	1.5B
Operating Margin %	0.11%	0.1%	0.09%	0.08%	0.08%	-0.05%	0.22%	0.27%	0.2%	0.13%
Operating Income Growth %	-0.07%	-0.01%	-0.06%	-0.08%	0%	-1.39%	8.03%	0.57%	-0.28%	-0.36%
EBITDA+	2.95B	3.02B	3.04B	3B	3.91B	2.26B	4.57B	6.09B	5.8B	5.51B
EBITDA Margin %	0.35%	0.35%	0.34%	0.33%	0.43%	0.42%	0.49%	0.51%	0.48%	0.47%
EBITDA Growth %	-0.01%	0.02%	0.01%	-0.01%	0.3%	-0.42%	1.02%	0.33%	-0.05%	-0.05%
D&A (Non-Cash Add-back)	2.06B	2.13B	2.21B	2.23B	3.14B	2.56B	2.48B	2.81B	3.45B	4.01B
EBIT	904M	850M	676M	763M	816M	-387M	2.25B	4.34B	2.98B	-1.33B
Net Interest Income+	-194M	-203M	-188M	-188M	-514M	-557M	-218M	-250M	-296M	-358M
Interest Income	0	0	0	0	15M	12M	0	0	0	0
Interest Expense	194M	203M	188M	188M	529M	569M	218M	250M	296M	358M
Other Income/Expense	-516M	-606M	-623M	-499M	-479M	-659M	-380M	353M	-438M	-4.13B
Pretax Income+	382M	279M	211M	267M	287M	-956M	1.71B	3.64B	1.91B	-2.63B
Pretax Margin %	0.04%	0.03%	0.02%	0.03%	0.03%	-0.18%	0.18%	0.3%	0.16%	-0.22%
Income Tax+	69M	116M	-150M	102M	-15M	-272M	425M	880M	279M	-810M
Effective Tax Rate %	0.82%	0.58%	1.71%	0.62%	1.05%	0.72%	0.75%	0.76%	0.85%	0.69%
Net Income+	313M	163M	361M	165M	302M	-684M	1.28B	2.76B	1.63B	-1.82B
Net Margin %	0.04%	0.02%	0.04%	0.02%	0.03%	-0.13%	0.14%	0.23%	0.14%	-0.15%
Net Income Growth %	0.28%	-0.48%	1.21%	-0.54%	0.83%	-3.26%	2.88%	1.15%	-0.41%	-2.12%
Net Income (Continuing)	313M	163M	361M	165M	302M	-684M	1.28B	2.76B	1.64B	-1.82B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	11M	3M	6M	10M
EPS (Diluted)+	2.98	1.75	4.25	2.06	3.99	-9.70	19.44	57.11	42.06	-51.23
EPS Growth %	0.34%	-0.41%	1.43%	-0.52%	0.94%	-3.43%	3%	1.94%	-0.26%	-2.22%
EPS (Basic)	3.02	1.78	4.32	2.08	4.02	-9.70	19.80	58.44	42.61	-51.23
Diluted Shares Outstanding	105M	93.3M	84.8M	80.1M	75.7M	70.5M	66.1M	48.4M	38.8M	35.5M
Basic Shares Outstanding	103.4M	92M	83.4M	79.3M	75.2M	70.5M	64.9M	47.3M	38.3M	35.5M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	0.22%	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	1.63B	1.82B	2.07B	2.17B	2.15B	1.79B	1.85B	1.89B	2.14B	2.03B
Cash & Short-Term Investments	452M	490M	618M	620M	689M	693M	537M	572M	559M	537M
Cash Only	452M	490M	618M	620M	689M	693M	537M	572M	559M	537M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	827M	961M	1.1B	1.14B	1.08B	794M	1.01B	952M	1.09B	1.02B
Days Sales Outstanding	35.5	40.51	45.21	45.41	43.14	53.65	39.7	28.97	33.19	31.74
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	156M	154M	156M	178M	138M	147M	92M	110M	249M	233M
Total Non-Current Assets+	16.22B	15.97B	15.78B	17.06B	21.78B	15.74B	20.75B	24.04B	31.28B	27.92B
Property, Plant & Equipment	10.38B	10.17B	10.7B	11.61B	15.23B	11.09B	15.61B	18.64B	23.88B	20.78B
Fixed Asset Turnover	0.82x	0.85x	0.83x	0.79x	0.60x	0.49x	0.60x	0.64x	0.50x	0.57x
Goodwill	973M	1.01B	1.07B	1.09B	1.1B	1.14B	1.11B	1.07B	1.1B	1.07B
Intangible Assets	917M	870M	850M	825M	798M	774M	724M	666M	670M	601M
Long-Term Investments	1.09B	1.15B	1.28B	1.37B	1.05B	424M	383M	629M	671M	587M
Other Non-Current Assets	1.16B	1.14B	790M	770M	1.14B	1.12B	1.32B	1.65B	2.24B	2.18B
Total Assets+	17.85B	17.79B	17.84B	19.23B	23.93B	17.54B	22.6B	25.93B	33.42B	29.95B
Asset Turnover	0.48x	0.49x	0.50x	0.47x	0.38x	0.31x	0.41x	0.46x	0.36x	0.39x
Asset Growth %	0.05%	-0%	0%	0.08%	0.24%	-0.27%	0.29%	0.15%	0.29%	-0.1%
Total Current Liabilities+	1.51B	1.77B	1.65B	1.72B	2.23B	2.05B	2.41B	2.57B	2.66B	2.72B
Accounts Payable	352M	343M	359M	371M	378M	394M	407M	466M	487M	450M
Days Payables Outstanding	20.22	19.38	19.64	19.67	19.96	29.92	25.08	23.54	22	18.68
Short-Term Debt	26M	279M	26M	23M	498M	533M	515M	582M	608M	648M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	0	1000K	1000K	1000K	1000K
Other Current Liabilities	611M	652M	731M	774M	1.03B	1.01B	1.11B	1.13B	1.21B	1.35B
Current Ratio	1.08x	1.03x	1.26x	1.27x	0.96x	0.87x	0.77x	0.73x	0.80x	0.75x
Quick Ratio	1.08x	1.03x	1.26x	1.27x	0.96x	0.87x	0.77x	0.73x	0.80x	0.75x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	15.9B	15.8B	15.63B	17.1B	21.05B	15.64B	20.4B	24.05B	31.1B	29.55B
Long-Term Debt	12.06B	11.96B	12.65B	13.57B	14.27B	10.89B	15.2B	18.28B	4.79B	5.37B
Capital Lease Obligations	238M	162M	146M	191M	2.35B	2.24B	2.09B	2.06B	21.05B	20.02B
Deferred Tax Liabilities	2.58B	2.58B	1.74B	2.05B	2.99B	1.38B	2.24B	2.75B	4.27B	3.35B
Other Non-Current Liabilities	1.02B	1.1B	1.09B	1.25B	1.4B	1.11B	852M	916M	943M	780M
Total Liabilities	17.41B	17.57B	17.27B	18.82B	23.27B	17.69B	22.81B	26.63B	33.76B	32.27B
Total Debt+	12.32B	12.4B	12.82B	13.78B	17.12B	13.66B	17.8B	20.92B	26.45B	26.04B
Net Debt	11.87B	11.91B	12.2B	13.16B	16.43B	12.97B	17.27B	20.35B	25.89B	25.5B
Debt / Equity	28.07x	56.11x	22.37x	33.29x	26.10x	-	-	-	-	-
Debt / EBITDA	4.17x	4.11x	4.22x	4.60x	4.38x	6.03x	3.90x	3.43x	4.56x	4.73x
Net Debt / EBITDA	4.02x	3.95x	4.01x	4.39x	4.20x	5.73x	3.78x	3.34x	4.46x	4.63x
Interest Coverage	4.63x	4.36x	4.44x	4.07x	1.45x	-0.52x	9.58x	13.13x	7.95x	4.19x
Total Equity+	439M	221M	573M	414M	656M	-155M	-209M	-700M	-343M	-2.32B
Equity Growth %	-0.34%	-0.5%	1.59%	-0.28%	0.58%	-1.24%	-0.35%	-2.35%	0.51%	-5.76%
Book Value per Share	4.18	2.37	6.76	5.17	8.67	-2.20	-3.16	-14.46	-8.84	-65.27
Total Shareholders' Equity	439M	221M	573M	414M	656M	-155M	-220M	-703M	-349M	-2.33B
Common Stock	1M	1M	1M	1M	1M	1M	1M	1M	1M	1M
Retained Earnings	-1.8B	-1.64B	-1.22B	-1.09B	-785M	-1.47B	-185M	2.58B	3.85B	2.03B
Treasury Stock	-4.62B	-4.91B	-5B	-5.13B	-5.14B	-5.17B	-6.58B	-9.85B	-10.74B	-10.77B
Accumulated OCI	-147M	-154M	-24M	-133M	-157M	-187M	-133M	-101M	-96M	-210M
Minority Interest	0	0	0	0	0	0	11M	3M	6M	10M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	2.58B	2.63B	2.65B	2.61B	2.59B	691M	3.49B	4.71B	3.83B	3.52B
Operating CF Margin %	0.3%	0.3%	0.3%	0.29%	0.28%	0.13%	0.37%	0.39%	0.32%	0.3%
Operating CF Growth %	0%	0.02%	0.01%	-0.01%	-0.01%	-0.73%	4.05%	0.35%	-0.19%	-0.08%
Net Income	313M	163M	361M	165M	302M	-684M	1.28B	2.76B	1.63B	-1.82B
Depreciation & Amortization	2.06B	2.13B	2.21B	2.23B	3.14B	2.56B	2.48B	2.81B	3.45B	4.01B
Stock-Based Compensation	28M	27M	13M	24M	22M	9M	30M	25M	30M	19M
Deferred Taxes	58M	51M	-192M	14M	-103M	-317M	378M	682M	191M	-905M
Other Non-Cash Items	269M	327M	286M	137M	-866M	-813M	-923M	-814M	-608M	3.15B
Working Capital Changes	-139M	-69M	-26M	39M	89M	-65M	243M	-753M	-867M	-938M
Change in Receivables	-42M	-65M	-59M	-44M	10M	115M	-143M	-97M	-43M	51M
Change in Inventory	0	0	0	0	-10M	-115M	143M	0	0	0
Change in Payables	-79M	-9M	49M	48M	84M	-181M	414M	217M	-72M	63M
Cash from Investing+	-2.83B	-2.15B	-2.2B	-3.43B	-2.75B	3.18B	-6.31B	-4.3B	-7.35B	-2.75B
Capital Expenditures	-2.45B	-2.15B	-2.13B	-3.17B	-2.68B	3.26B	-6.08B	-4.13B	-15.46B	-10.06B
CapEx % of Revenue	0.29%	0.25%	0.24%	0.35%	0.29%	0.6%	0.65%	0.34%	1.29%	0.85%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	3M	34M	5M	-9.77B	-10.45B	-8.82B	-4.12B	6.57B	6M	7.41B
Cash from Financing+	115M	-438M	-308M	667M	318M	-4.04B	2.69B	-360M	3.51B	-781M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	-355M	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-36M	11M	-24M	-37M	0	15M	-11M	6M	-66M	-72M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	137M	482M	513M	-563M	-91M	3.95B	-2.59B	576M	-11.63B	-6.54B
FCF Margin %	0.02%	0.06%	0.06%	-0.06%	-0.01%	0.73%	-0.28%	0.05%	-0.97%	-0.56%
FCF Growth %	-0.27%	2.52%	0.06%	-2.1%	0.84%	44.4%	-1.66%	1.22%	-21.19%	0.44%
FCF per Share	1.30	5.17	6.05	-7.03	-1.20	56.01	-39.24	11.90	-299.74	-184.34
FCF Conversion (FCF/Net Income)	8.26x	16.13x	7.34x	15.81x	8.56x	-1.01x	2.72x	1.70x	2.35x	-1.93x
Interest Paid	454M	461M	460M	497M	0	503M	509M	543M	988M	1.27B
Taxes Paid	29M	60M	58M	53M	0	44M	75M	192M	169M	50M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	56.7%	49.39%	90.93%	33.43%	56.45%	-273.05%	-	-	-	-
Return on Invested Capital (ROIC)	5.64%	5.43%	5.02%	4.36%	3.75%	-1.49%	10.49%	13.42%	7.81%	4.61%
Gross Margin	25.25%	25.4%	24.59%	24.54%	24.62%	11.03%	36.39%	39.76%	32.7%	25.43%
Net Margin	3.68%	1.88%	4.08%	1.81%	3.29%	-12.66%	13.8%	23.04%	13.59%	-15.45%
Debt / Equity	28.07x	56.11x	22.37x	33.29x	26.10x	-	-	-	-	-
Interest Coverage	4.63x	4.36x	4.44x	4.07x	1.45x	-0.52x	9.58x	13.13x	7.95x	4.19x
FCF Conversion	8.26x	16.13x	7.34x	15.81x	8.56x	-1.01x	2.72x	1.70x	2.35x	-1.93x
Revenue Growth	0.2%	1.85%	2.18%	3.12%	0.53%	-41.1%	72.4%	28.79%	0.12%	-1.82%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Avis	-	-	-	-	-	-	4.89B	6.52B	6.78B	6.78B
Avis Growth	-	-	-	-	-	-	-	33.20%	3.99%	-0.06%
Budget	-	-	-	-	-	-	3.71B	4.7B	4.48B	4.27B
Budget Growth	-	-	-	-	-	-	-	26.54%	-4.74%	-4.62%
Other Brands	-	-	-	-	-	-	704M	774M	751M	743M
Other Brands Growth	-	-	-	-	-	-	-	9.94%	-2.97%	-1.07%
International	2.43B	2.54B	2.75B	2.94B	2.82B	1.44B	-	-	-	-
International Growth	-	4.32%	8.27%	6.91%	-4.02%	-49.04%	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Americas	-	-	-	6.19B	6.35B	3.96B	7.56B	9.47B	9.35B	9.11B
Americas Growth	-	-	-	-	2.68%	-37.58%	90.59%	25.37%	-1.34%	-2.52%
EMEA	-	-	-	-	-	-	1.4B	1.93B	2.01B	2.04B
EMEA Growth	-	-	-	-	-	-	-	37.64%	4.51%	1.54%
Asia and Australasia	-	-	-	624M	598M	310M	356M	593M	647M	633M
Asia and Australasia Growth	-	-	-	-	-4.17%	-48.16%	14.84%	66.57%	9.11%	-2.16%
Europe, Middle east, Africa	-	-	-	2.31B	2.22B	1.13B	-	-	-	-
Europe, Middle east, Africa Growth	-	-	-	-	-3.98%	-49.28%	-	-	-	-
UNITED STATES	5.63B	5.67B	5.63B	-	-	-	-	-	-	-
UNITED STATES Growth	-	0.69%	-0.79%	-	-	-	-	-	-	-
All Other Countries	2.87B	2.98B	3.22B	-	-	-	-	-	-	-
All Other Countries Growth	-	4.12%	7.84%	-	-	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

Avis Budget Group, Inc. (CAR) reported $11.70B in revenue for fiscal year 2024. This represents a 98% increase from $5.90B in 2011.

Avis Budget Group, Inc. (CAR) saw revenue decline by 1.8% over the past year.

Avis Budget Group, Inc. (CAR) reported a net loss of $2.10B for fiscal year 2024.

Dividend & Returns

Avis Budget Group, Inc. (CAR) had negative free cash flow of $9.87B in fiscal year 2024, likely due to heavy capital investments.