The company's financial leverage has intensified significantly, with the debt-to-equity ratio rising to 5.08 in 2026Q1 compared to 3.52 in 2023Q4, reflecting a heavy reliance on debt to fund asset expansion.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 |
|---|
| Total Current Assets | 919M | 956M | 776M | 732M | 643.5M | 469.7M | 367.1M | 399.7M | 400.4M | 474.5M | 371.7M | 371.3M | 481.4M | 990M | 2.53B | 2.63B | 3.82B | 2.4B | 2.6B | 2.54B | 2.44B |
| Cash & Short-Term Investments | 43M | 52M | 83M | 71M | 53.5M | 35.1M | 33M | 33M | 27.8M | 41.5M | 11.6M | 15.7M | 18.9M | 15.4M | 533.25M | 931.78M | 2.37B | 985.64M | 594.27M | 730.2M | 674.55M |
| Cash Only | 43M | 52M | 83M | 71M | 53.5M | 35.1M | 33M | 33M | 27.8M | 41.5M | 11.6M | 15.7M | 18.9M | 15.4M | 533.25M | 931.78M | 2.37B | 985.64M | 594.27M | 730.2M | 674.55M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 760M | 769M | 589M | 563M | 522.5M | 388.1M | 301.2M | 306.7M | 332.4M | 386.3M | 293.3M | 287.8M | 339.9M | 831.5M | 1.89B | 1.62B | 1.36B | 1.33B | 1.91B | 1.69B | 1.66B |
| Days Sales Outstanding | 61.11 | 64.14 | 60.25 | 62.61 | 69.6 | 68.33 | 61.72 | 56 | 61.38 | 80.36 | 68.85 | 62.59 | 70.08 | 174.87 | 428.16 | 71.1 | 65.47 | 68.12 | 81.82 | 71.06 | 75.03 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 17.9M | 23.7M | 24.1M | 22.3M | 29.3M | 39.2M | 105.73M | 83.98M | 87.43M | 93.42M | 96.19M | 119M | 112.12M |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | 4.49 | 6.51 | 7.31 | 6.37 | 8.09 | 11.35 | - | 4.74 | 5.19 | 5.67 | 4.93 | 6.53 | 6.57 |
| Other Current Assets | 54M | 135M | 57M | 68M | 67.5M | 46.5M | 32.9M | 60M | 22.3M | 23M | 7M | 24.8M | 69.5M | 69.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 12.64B | 12.82B | 7.1B | 6.33B | 5.31B | 4.02B | 3.22B | 3.42B | 3.21B | 3.08B | 3.09B | 3.04B | 3.13B | 3.14B | 9.51B | 5.89B | 5.51B | 5.55B | 5.62B | 7.23B | 7.31B |
| Property, Plant & Equipment | 6.6B | 2.36B | 1.41B | 4.96B | 4.43B | 3.39B | 2.81B | 3.01B | 2.79B | 2.66B | 2.66B | 2.63B | 2.69B | 2.67B | 1.44B | 1.25B | 1.16B | 1.19B | 1.25B | 1.35B | 1.37B |
| Fixed Asset Turnover | 0.94x | 1.86x | 2.54x | 0.66x | 0.62x | 0.61x | 0.63x | 0.66x | 0.71x | 0.66x | 0.58x | 0.64x | 0.66x | 0.65x | 1.12x | 6.63x | 6.50x | 5.98x | 6.80x | 6.46x | 5.89x |
| Goodwill | 2.86B | 2.87B | 670M | 483M | 418.7M | 231.5M | 100.5M | 93.6M | 91M | 91M | 91M | 91M | 95.1M | 95.5M | 1.34B | 392.09M | 300.17M | 295.35M | 264.06M | 959.99M | 964.69M |
| Intangible Assets | 1.63B | 1.67B | 572M | 467M | 431.4M | 388.7M | 295.9M | 291.5M | 293.5M | 283.9M | 303.9M | 300.5M | 329.4M | 361.3M | 4.03B | 2.56B | 2.55B | 2.6B | 2.62B | 3.12B | 3.17B |
| Long-Term Investments | 0 | 0 | 0 | 0 | -354.9M | 0 | -163.2M | -211.2M | 3.6M | 2.1M | -2.7M | -2.88B | -2.85B | -2.95B | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 1.55B | 5.92B | 4.45B | 418M | 34.1M | 13.1M | 18.2M | 23.1M | 38.1M | 36M | 34.7M | 14.9M | 12M | 12.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | 13.56B | 13.78B | 7.88B | 7.06B | 5.96B | 4.49B | 3.59B | 3.82B | 3.61B | 3.55B | 3.46B | 3.41B | 3.61B | 4.13B | 23.29B | 17.67B | 17.32B | 15.99B | 16.45B | 19.26B | 18.68B |
| Asset Turnover | 0.34x | 0.32x | 0.45x | 0.46x | 0.46x | 0.46x | 0.50x | 0.52x | 0.55x | 0.49x | 0.45x | 0.49x | 0.49x | 0.42x | 0.07x | 0.47x | 0.44x | 0.44x | 0.52x | 0.45x | 0.43x |
| Asset Growth % | 306.41% | 74.89% | 11.56% | 18.54% | 32.66% | 25.14% | -5.99% | 5.73% | 1.7% | 2.49% | 1.66% | -5.66% | -12.6% | -82.25% | 31.76% | 2.07% | 8.32% | -2.83% | -14.56% | 3.1% | - |
| Total Current Liabilities | 628M | 730M | 562M | 508M | 604M | 529.9M | 328M | 323.1M | 299.2M | 290.7M | 243.3M | 282.3M | 758.9M | 1.17B | 999.06M | 897.49M | 944.97M | 658.67M | 931.34M | 1.06B | 654.33M |
| Accounts Payable | 218M | 337M | 248M | 212M | 318.3M | 280.6M | 125.8M | 126.5M | 147M | 152M | 139M | 109.5M | 173.3M | 246.2M | 999.06M | 897.49M | 944.97M | 658.67M | 931.34M | 1.06B | 654.33M |
| Days Payables Outstanding | 34.21 | 39.15 | 40.81 | 37.58 | 69.36 | 77.77 | 36.6 | 31.7 | 36.88 | 41.74 | 42.16 | 31.3 | 47.85 | 71.29 | - | 50.61 | 56.08 | 39.97 | 47.72 | 58.47 | 38.32 |
| Short-Term Debt | 32M | 88M | 4M | 19M | 16M | 0 | 3.6M | 30.4M | 29.9M | 25.4M | 15.7M | 83.4M | 482.9M | 810.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 18M | 19.4M | 13.7M | 0 | 11.3M | 9.6M | 7.7M | 10.4M | 41.6M | 40.4M | 41.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 0 | 258M | 224M | 88M | 113.6M | 62.5M | 15.9M | 16M | 27.8M | 14.8M | 4.2M | 41.6M | 40.4M | 3.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Current Ratio | 1.46x | 1.31x | 1.38x | 1.44x | 1.07x | 0.89x | 1.12x | 1.24x | 1.34x | 1.63x | 1.53x | 1.32x | 0.63x | 0.84x | 2.53x | 2.93x | 4.04x | 3.65x | 2.79x | 2.39x | 3.73x |
| Quick Ratio | 1.46x | 1.31x | 1.38x | 1.44x | 1.07x | 0.89x | 1.12x | 1.24x | 1.28x | 1.55x | 1.43x | 1.24x | 0.60x | 0.81x | 2.42x | 2.84x | 3.95x | 3.51x | 2.69x | 2.27x | 3.56x |
| Cash Conversion Cycle | 26.9 | - | - | - | - | - | - | - | 28.99 | 45.14 | 34 | 37.67 | 30.32 | 114.93 | - | 25.22 | 14.58 | 33.82 | 39.03 | 19.12 | 43.28 |
| Total Non-Current Liabilities | 11.04B | 11.1B | 5.92B | 5.28B | 4.24B | 2.98B | 2.52B | 2.85B | 2.74B | 2.75B | 2.9B | 812.7M | 1.15B | 1.08B | 19.78B | 14.54B | 14.26B | 13.25B | 14.03B | 15.26B | 15.47B |
| Long-Term Debt | 8.05B | 9.5B | 4.11B | 3.61B | 2.92B | 1.87B | 1.62B | 2.02B | 2.13B | 2.14B | 2.18B | 53.3M | 406.5M | 356.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 6.16B | 1.57B | 902M | 811M | 635.5M | 539.8M | 377.2M | 334.2M | 116.3M | 112.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 5.68B | 1.45B | 800M | 743M | 646.5M | 536.8M | 474M | 459.3M | 448.3M | 462.8M | 687.4M | 727.3M | 713.2M | 700.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 58M | -1.42B | 107M | 114M | 40M | 32.1M | 44.3M | 39M | 43.8M | 35.8M | 726.8M | 759.4M | 740.6M | 23.5M | 19.78B | 14.54B | 14.26B | 13.25B | 14.03B | 15.26B | 15.47B |
| Total Liabilities | 11.67B | 11.83B | 6.48B | 5.79B | 4.85B | 3.51B | 2.85B | 3.17B | 3.04B | 3.04B | 3.14B | 1.09B | 1.91B | 2.25B | 20.78B | 15.44B | 15.2B | 13.9B | 14.96B | 16.32B | 16.13B |
| Total Debt | 9.64B | 11.16B | 5.07B | 4.48B | 3.62B | 2.47B | 2.05B | 2.41B | 2.28B | 2.28B | 2.19B | 136.7M | 889.4M | 1.17B | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Debt | 9.6B | 11.11B | 4.99B | 4.41B | 3.56B | 2.43B | 2.02B | 2.38B | 2.25B | 2.23B | 2.18B | 121M | 870.5M | 1.15B | -533.25M | -931.78M | -2.37B | -985.64M | -594.27M | -730.2M | -674.55M |
| Debt / Equity | 5.08x | 5.73x | 3.63x | 3.52x | 3.26x | 2.53x | 2.76x | 3.74x | 3.97x | 4.46x | 6.81x | 0.06x | 0.52x | 0.62x | - | - | - | - | - | - | - |
| Debt / EBITDA | 7.59x | 6.38x | 5.09x | 5.05x | 4.83x | 4.80x | 6.17x | 7.82x | 8.49x | 14.44x | 18.03x | 0.63x | 3.27x | 3.43x | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 7.56x | 6.35x | 5.00x | 4.97x | 4.76x | 4.73x | 6.07x | 7.71x | 8.39x | 14.17x | 17.94x | 0.56x | 3.20x | 3.39x | -0.99x | -0.86x | -3.18x | -2.22x | -0.94x | -0.58x | -0.61x |
| Interest Coverage | 1.27x | 1.61x | 2.86x | 2.96x | 4.58x | 4.40x | 2.23x | 2.06x | 1.60x | 0.83x | 0.91x | 4.22x | 4.76x | 3.71x | 2.18x | 1.46x | 0.98x | 0.75x | - | - | - |
| Total Equity | 1.9B | 1.95B | 1.4B | 1.27B | 1.11B | 976.9M | 742M | 644.3M | 572.7M | 510.4M | 322.4M | 2.31B | 1.71B | 1.88B | 2.53B | 2.25B | 2.13B | 2.1B | 1.47B | 2.91B | 2.53B |
| Equity Growth % | 150.22% | 39.54% | 9.66% | 14.82% | 13.49% | 31.66% | 15.16% | 12.5% | 12.21% | 58.31% | -86.05% | 35.57% | -9.17% | -25.69% | 12.1% | 5.74% | 1.62% | 42.62% | -49.52% | 14.95% | - |
| Book Value per Share | 57.00 | 62.04 | 48.98 | 44.36 | 36.71 | 32.13 | 25.24 | 22.14 | 19.82 | 17.85 | 11.39 | 81.67 | 60.24 | 66.32 | 89.27 | 101.34 | 103.48 | 112.93 | 91.14 | 179.02 | 208.30 |
| Total Shareholders' Equity | 1.9B | 1.95B | 1.4B | 1.27B | 1.11B | 976.9M | 742M | 644.3M | 572.7M | 510.4M | 322.4M | 2.31B | 1.71B | 1.88B | 2.51B | 2.23B | 2.11B | 2.08B | 1.47B | 2.91B | 2.53B |
| Common Stock | 0 | 0 | 0 | 0 | 300K | 300K | 300K | 300K | 300K | 300K | 300K | 4.6M | 4.6M | 4.5M | 0 | 4.17M | 4.13M | 4.1M | 3.23M | 3.22M | 3.21B |
| Retained Earnings | 500M | 547M | 633M | 498M | 224.1M | -53.4M | -277.5M | -351.2M | -391.1M | -462.4M | -625.2M | -605.5M | -716.8M | -806.5M | -703.99M | -947.06M | -1.11B | -1.06B | -936.3M | 270.45M | 9.54B |
| Treasury Stock | -927M | -927M | -927M | -927M | -807.2M | -692M | -692M | -692M | -692M | -692M | -692M | -692M | -87.5M | -87.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -124M | -120M | -142M | -118M | -128.5M | -100.2M | -107M | -109.7M | -122.4M | -98.6M | -118.7M | -238.4M | -102.4M | -45.7M | -26.89M | -28.41M | 37.82M | -3.33M | -100.14M | 170.51M | 94.53B |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 19M | 19M | 16.5M | 17.29M | 0 | 0 | 0 |
Elevated leverage and liquidity
According to recent quarterly filings, total assets surged to $13.6 billion in 2026Q1 from $7.1 billion in 2023Q4, yet equity growth has remained stagnant, suggesting that the company's rapid expansion is being financed almost entirely through debt rather than internal capital accumulation.
The divergence between asset growth and equity stability indicates a reliance on external financing to fuel fleet expansion. This trajectory warrants caution, as the company appears to be scaling its footprint without a commensurate increase in the underlying book value of the business.
Based on reported financial statements, the debt-to-equity ratio climbed to 5.08 in 2026Q1, a significant increase from the 3.52 level observed in 2023Q4, which highlights a growing reliance on debt to sustain operations in a high-interest-rate environment.
The escalation in leverage suggests that the company is increasingly sensitive to interest rate volatility and debt service obligations. Investors should monitor whether this debt load is being utilized for productive fleet investment or if it is merely covering operational cash shortfalls.
As reported in recent balance sheets, goodwill has expanded to $2.9 billion as of 2026Q1, representing a substantial portion of the $1.9 billion in total equity, which may indicate significant acquisition-related risk if the expected synergies fail to materialize in the current cycle.
The high concentration of intangible assets relative to equity suggests that the company's valuation is heavily dependent on the success of past acquisitions. Any impairment of these assets could severely impact the company's already thin equity base and overall financial stability.
Data from the most recent quarterly filings shows cash reserves of only $43 million against $13.6 billion in assets, resulting in a current ratio of 1.46 that may provide insufficient protection against sudden operational shocks or cyclical downturns in the rental market.
The minimal cash position relative to the scale of operations suggests that the company maintains very little margin for error. This liquidity profile appears precarious, particularly given the capital-intensive nature of the rental business and the ongoing need for fleet maintenance and renewal.
Quick answers to the most common questions about buying HRI stock.
As of 2025, Herc Holdings Inc. (HRI) had total assets of $13.78B including $956.0M in current assets.
Herc Holdings Inc. (HRI) carries total debt of $11.16B, offset by $52.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Herc Holdings Inc. (HRI) has total shareholders' equity (book value) of $1.95B ($62.04 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Herc Holdings Inc. (HRI) reported a current ratio of 1.31x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.