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UHAL, U-Haul Holding

Auto Dealers & Services capital-intensive

U-Haul is synonymous with "do-it-yourself" moving and storage and is a leader in supplying products and services to help people move and store their household and commercial goods.

Our primary service objective is to "provide a better and better product and service to more and more people at a lower and lower cost."

In 1973, we began developing our network of U-Haul managed retail stores, through which we rent our trucks and trailers, self-storage units and portable moving and storage units and sell moving and self-storage products and services to complement our independent dealer network.

Latest annual: FY2026 10-K

UHAL · U-Haul Holding

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2026

$6.0B

+3.6% YoY · 6% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $767M 5-yr avg $5.8B

Gross margin 68%

Operating margin 55.5% 5-yr avg 18.0%

ROIC 2% 5-yr avg 7%

Owner-earnings margin 81% 5-yr avg 14%

Free cash flow margin −161% 5-yr avg −21%

Next report By 11/8 · the 10-Q for the quarter ended late September · due within 40 days of period end · has filed ~36 days after · the wire records it on arrival

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What it is: Revenue is Revenues recognized under ASC 842 (81%), Revenues recognized under ASC 944 (3%) and Insurance, Other (3%).
What moves the needle: Gross margin has run about 96% and operating margin about 19% through the cycle, a wide spread between price and the cost of what it sells — whether that advantage is durable pricing power or a margin that can erode is the question the record is for. The operating margin has swung widely — from 7.2% to 29% — on a steadier 96% gross margin, so what moves it sits below the gross line, in operating spend and one-off charges more than in the cost of the product itself. Capital spending runs about 46% of sales, well above depreciation, so the return earned on what it sinks into that plant weighs as much as the margin. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has sat near the cost of capital (median 8%). By owner earnings: roughly 11% of revenue reaches owners as cash, consistently. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 10-K →

Revenues recognized under ASC 842 is 81% of revenue, so this is largely a single-line business.

Revenue by product line, FY2026

Revenues recognized under ASC 84281%$4.9B
Revenues recognized under ASC 9443%$192M
Insurance, Other3%$163M

By geographyUnited States95%Canada5%

From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2017–2026

realized figures from each filing · older years to the left

2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	2026’26	TTMTTMJun 2026
											Income statement
$3.4B	$3.6B	$3.8B	$4.0B	$4.5B	$5.7B	$5.9B	$5.6B	$5.8B	$6.0B	$767M	RevenueRevenue
$3.3B	$3.4B	$3.6B	$3.8B	$4.3B	$5.5B	$5.6B	$5.4B	$5.6B	$5.8B	$520M	Gross profitGross prof.
96%	96%	96%	96%	95%	95%	96%	96%	96%	96%	68%	Gross marginGross mgn
$743M	$765M	$621M	$540M	$961M	$1.6B	$1.4B	$978M	$716M	$433M	$426M	Operating incomeOp. inc.
21.7%	21.3%	16.5%	13.6%	21.2%	28.7%	24.6%	17.4%	12.3%	7.2%	55.5%	Operating marginOp. mgn
$628M	$638M	$478M	$378M	$797M	$1.5B	$1.2B	$840M	$478M	$113M	—	Pretax incomePretax
$398M	$791M	$371M	$442M	$611M	$1.1B	$924M	$629M	$367M	$83M	$64M	Net incomeNet inc.
37%	—	22%	—	23%	24%	24%	25%	23%	26%	28%	Effective tax rateTax rate
											Cash flow & returns
$1.1B	$938M	$976M	$1.1B	$1.5B	$1.9B	$1.7B	$1.5B	$1.5B	$1.8B	$1.8B	Operating cash flowOp. cash
$482M	$555M	$581M	$664M	$664M	$697M	$734M	$818M	$972M	$1.2B	$1.2B	DepreciationDeprec.
$180M	($408M)	$24M	($31M)	$261M	$125M	$71M	$6M	$115M	$528M	$561M	Working capital & otherWC & other
$1.4B	$1.4B	$1.9B	$2.3B	$1.4B	$2.1B	$2.7B	$3.0B	$3.5B	$3.2B	$3.1B	CapexCapex
41.5%	37.9%	49.6%	58.0%	31.7%	37.2%	46.4%	53.2%	59.2%	52.2%	399.1%	Capex / revenueCapex/rev
$578M	$383M	$395M	$411M	$871M	$1.2B	$996M	$635M	$482M	$611M	$625M	Owner earningsOwner earn.
16.9%	10.6%	10.5%	10.3%	19.2%	21.8%	17.0%	11.3%	8.3%	10.1%	81.5%	Owner earnings marginOE mgn
($360M)	($426M)	($894M)	($1.2B)	$94M	($190M)	($994M)	($1.5B)	($2.0B)	($1.4B)	($1.2B)	Free cash flowFCF
−10.5%	−11.8%	−23.7%	−31.0%	2.1%	−3.3%	−17.0%	−27.4%	−34.3%	−22.5%	−160.9%	Free cash flow marginFCF mgn
$59M	$29M	$39M	$29M	$49M	$29M	$20M	$0	—	—	$0	Dividends paidDiv. paid
($1.2B)	($898M)	($1.6B)	($1.8B)	($1.1B)	$1.9B	($2.4B)	($2.0B)	($2.9B)	($2.3B)	—	Investing cash flowInv. cash
$224M	$17M	$515M	$512M	$287M	$1.4B	$60M	$67M	$895M	$595M	—	Financing cash flowFin. cash
($2M)	$6M	($5M)	($533K)	$6M	—	—	—	—	—	—	Exchange-rate effectFX
$97M	$62M	($86M)	($179M)	$700M	—	($644M)	($526M)	($546M)	$131M	—	Change in cashΔ cash
9%	12%	7%	6%	9%	13%	10%	6%	4%	2%	2%	ROICROIC
15%	23%	10%	10%	12%	19%	14%	9%	5%	1%	1%	Return on equityROE
13%	22%	9%	10%	11%	18%	14%	9%	—	—	1%	Retained to equityRetained/eq
											Balance sheet
$713M	$770M	$679M	$501M	$1.2B	$2.7B	$2.1B	$1.5B	$989M	$1.1B	$1.1B	Cash & investmentsCash+inv
$82M	$90M	$104M	$101M	$106M	$159M	$151M	$151M	$163M	$178M	$180M	InventoryInvent.
$82M	$90M	$104M	$101M	$106M	$159M	$151M	$151M	$163M	$178M	$180M	Operating working capitalOper. WC
$6.0B	$6.8B	$7.9B	$7.8B	$8.3B	$9.6B	$11.4B	$13.1B	$15.1B	$16.4B	—	Net PP&ENet PP&E
$9.4B	$10.7B	$11.9B	$14.7B	$14.7B	$17.3B	$18.1B	$19.1B	$20.5B	$21.5B	$21.7B	Total assetsAssets
$3.3B	$3.5B	$4.2B	$4.7B	$4.7B	$6.1B	$6.1B	$6.3B	$7.2B	$8.1B	$8.1B	Total debtDebt
$2.5B	$2.8B	$3.5B	$4.1B	$3.5B	$3.3B	$4.1B	$4.8B	$6.2B	$7.0B	$7.0B	Net debt / (cash)Net debt
6.6×	6.0×	4.4×	3.4×	5.9×	9.8×	6.5×	3.8×	2.4×	1.2×	1.1×	Interest coverageInt. cov.
$6.8B	$7.3B	$8.2B	$9.8B	$9.7B	$11.3B	$11.6B	$11.9B	$13.0B	$13.9B	—	Total liabilitiesTotal liab.
$2.6B	$3.4B	$3.7B	$4.2B	$4.9B	$6.0B	$6.5B	$7.2B	$7.5B	$7.6B	$7.7B	Shareholders’ equityEquity
											Per share
196M	196M	196M	196M	196M	196M	—	196M	196M	196M	196M	Shares out (basic avg)Shares
$17.47	$18.38	$19.24	$20.30	$23.16	$29.27	—	$28.69	$29.73	$30.79	$3.92	Revenue / shareRev/sh
$2.03	$4.04	$1.89	$2.25	$3.12	$5.73	—	$3.21	$1.87	$0.42	$0.33	EPS (basic)EPS
$2.95	$1.95	$2.01	$2.10	$4.44	$6.37	—	$3.24	$2.46	$3.12	$3.19	Owner earnings / shareOE/sh
$-1.84	$-2.18	$-4.57	$-6.29	$0.48	$-0.97	—	$-7.85	$-10.19	$-6.93	$-6.30	Free cash flow / shareFCF/sh
$0.30	$0.15	$0.20	$0.15	$0.25	$0.15	—	$0.00	—	—	$0.00	Dividends / shareDiv/sh
$7.25	$6.96	$9.54	$11.78	$7.35	$10.90	—	$15.26	$17.61	$16.09	$15.62	Cap. spending / shareCapex/sh
$13.38	$17.40	$18.85	$21.53	$25.09	$30.36	—	$36.58	$38.24	$38.82	$39.11	Book value / shareBVPS

Share counts before 2024 are restated ×10 for a stock split, so per-share figures sit on one basis.

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+6.5%/yr	+5.9%/yr
Owner earnings / share	+0.6%/yr	−6.8%/yr
EPS	−16.0%/yr	−32.9%/yr
Capital spending / share	+9.3%/yr	+17.0%/yr
Book value / share	+12.6%/yr	+9.1%/yr

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetained

Each year's operating cash, by what management did with it: the mix, and how it drifts.

FY2017FY2026

Owner-earnings bridge

FY2022–FY2026cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2026 the business earned $611M of owner earnings, the operating cash left after the $1.2B it takes just to hold its position. It put $2.0B more into growth; free cash flow, after that spending, was ($1.4B).

Reported net income$83M

Owner earnings$611M · 10% of revenue

	FY2026	FY2025	FY2024	FY2023	FY2022
Reported net income	$83M	$367M	$629M	$924M	$1.1B
Depreciationnon-cash charge added back	+$1.2B	+$972M	+$818M	+$734M	+$697M
Working capital & othertiming of cash in and out, other non-cash items	+$528M	+$115M	+$6M	+$71M	+$125M
Cash from operations	$1.8B	$1.5B	$1.5B	$1.7B	$1.9B
Maintenance capital expenditurethe spending needed just to hold position and volume	−$1.2B	−$972M	−$818M	−$734M	−$697M
Owner earnings	$611M	$482M	$635M	$996M	$1.2B
Growth capital expenditurediscretionary; spent to get bigger, not to stand still	−$2.0B	−$2.5B	−$2.2B	−$2.0B	−$1.4B
Free cash flow	($1.4B)	($2.0B)	($1.5B)	($994M)	($190M)
Owner-earnings marginowner earnings ÷ revenue	10%	8%	11%	17%	22%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the maintenance capital it must spend to hold its position (here about $1.2B, roughly its depreciation, the rate its assets wear out). The other $2.0B of its capital spending is growth it chose, not upkeep it owed; charged only with the maintenance it must do, the business earns well more than the year's free cash flow shows.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2026 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 1.2×

Thin

Operating income $433M ÷ interest expense $365M

What this means
Operating profit covers interest, but with little room. A bad year, a refinancing at higher rates, or a revenue wobble closes the gap fast.
How heavy is the debt, net of cash? $7.0B · 16.2× operating profit

Heavy net debt

Cash $1.1B − debt $8.1B

What this means
Netting $1.1B of cash and short-term investments against $8.1B of debt leaves $7.0B owed, about 16.2× a year's operating profit (18.8× on the gross debt, before the cash). Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? —

Not enough data

What this means
The filing data didn't include the inputs for this check.

Is it a good business?

Return on invested capital 8%

Below average through the cycle

10-yr median, range 2%–13%; 2% latest = NOPAT $319M ÷ invested capital $14.6B

Industry peers: median 7%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 10 years (it ran 2% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 11%

Solid through the cycle

10-yr median margin, range 8%–22%; latest $611M = operating cash $1.8B − maintenance capex $1.2B

Industry peers: median 14%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 10% of revenue this year, a 11% median across 10 years. It chose to put $2.0B more into growth, so free cash flow this year was ($1.4B) — the gap is investment, not weakness.
Are earnings backed by cash? 21.59×

Cash-backed

Cash from ops $1.8B ÷ net income $83M

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? —

Not enough data

What this means
The filing data didn't include the inputs for this check.
Investing or harvesting? 2.67×

Expanding

Capex $3.2B ÷ property depreciation $1.2B

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 2 of 4 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Pass

Revenue ≥ $2B · $6.0B

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity —

Current ratio ≥ 2× · —

What this means
Current assets / liabilities not in the data yet.
Earnings stability Pass

A profit every year (10-yr record) · no losses

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · 7 of 10 yrs

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth Miss

Earnings +33% over the record · −31%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $1.84/share (latest year $0.42), the averaged base the calculator's gate runs on, and book value is $38.86/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2017–2026

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 10 of 10

What this means
Never lost money over the record, the earnings stability Graham insisted on.
Return on capital ≥ 15% 0 of 10 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin 20% → 12% (3-yr avg ends)

What this means
Through the cycle the operating margin slipped — about 20% early to 12% lately, median 17% — competition or costs are biting in.
Reinvestment, incremental ROIC −1%

What this means
Reinvested capital came back at a negative incremental return over this window — the invested base grew while operating profit did not. The filings show where it went.
Owner earnings growth +1%/yr

What this means
Owner earnings grew about 1% a year over the record.
Worst year 2026 · 7.2% op. margin

What this means
Stayed profitable even in its hardest year, the resilience that survives recessions.
Dividend record paid

What this means
Paid a dividend in 7 of the years on record.

All figures as filed; the source filing is linked above.

How the cash was used, 2017–2026

Over the record, the business generated $14.0B of operating cash; how management split it reads as a reinvestor, most operating cash is plowed back into the business.

Reinvested$22.9B · 164%
Dividends$255M · 2%

Returned to owners$255M
4% of the owner earnings the business produced over the span, $255M as dividends and $0 as buybacks.
Source of funding−$9.2B
Reinvestment and shareholder returns ran $9.2B beyond the operating cash the business generated, so the gap was financed off the balance sheet: debt rose from $3.3B to $8.1B.
Net change in share count0.0%
The diluted count barely moved (196M to 196M): buybacks roughly offset the stock issued to staff.
Dividend record$0.00/sh
Paid in 7 of the years on record. It was cut at least once along the way.
Return on what it retained2%
Of the earnings it kept rather than paid out ($5.5B over the span), annual owner earnings (first three years vs last three) grew $125M, so each retained $1 added about 0.02 of yearly owner earnings. Buffett's test, run on owner earnings instead of market value.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Peers, Auto Dealers & Services

The same industry, side by side on owner economics. Each column names the period it is read over, and a median resting on fewer than three years carries that count beside it; the group median at the foot is the line to read each figure against.

Company	Revenuelatest FY, USD	Gross marginmedian over the record	Op. marginmedian over the record	ROICmedian over the record	Owner earn. marginmedian over the record
RRyder System	$12.7B	61%2y	8.0%	6%	-3%
CARAvis Budget Group Inc.	$11.7B	—	3.0%	5%	—
HTZHertz Global Holdings Inc	$8.5B	—	-4.1%	-2%	25%
CSANCosan S.A. ADS	$8.5B	28%	19.0%	10%	18%
CWHCamping World Holdings	$6.4B	30%	6.1%	18%	2%
UHALU-Haul Holding	$6.0B	96%	19.3%	8%	11%
CPRTCopart	$4.6B	89%4y	36.8%	27%	30%
BGSIBoyd Group Services Inc.	$3.1B	46%2y	3.2%2y	7%2y	9%2y
Group median	—	53%	7.0%	7%	11%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what U-Haul Holding has delivered.

U-Haul Holding’s latest year shows negative owner earnings, the mark of a build-out: total capital spending outruns the cash the business throws off today. So the tool opens on the steady-state base (maintenance capex in place of the build-out spend), the cash it would earn at rest; clear the toggle below to read the latest year exactly as reported.

Today’s price $

Through the cycle, U-Haul Holding earns about $661M on its 11.0% median owner-earnings margin. This year’s 10.1% margin runs in line with that. Normalize, below, values the price on that through-cycle figure rather than the latest year.

Base Normalize · through-cycle ($661M) Net of stock comp Steady-state · maintenance capex ($643M)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.65% 10-year Treasury (Aug 19, 2026) + 4.35 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’22→’26−16%/yr

Owner-earnings growth · ’17→’26+1%/yr

Owner-earnings yield—

P/E (3-yr earnings ’24–’26)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.65%, as of Aug 19, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Free cash flow ($1.2B) on 196M shares outstanding (a weighted basic average, the only count this filer tags); net debt $7.0B. The base opens on the steady-state figure (the latest year is negative on total capex mid-build-out); clear Steady-state to use the year as filed. Net of stock comp treats option pay as the expense it is. Capex ($3.1B) runs well above depreciation ($1.2B), so this is a build-out; Steady-state swaps total capex for maintenance (≈ depreciation), lifting the base to about $643M, the cash it would throw off if it stopped expanding. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh UHAL against another business →

Cite: Owner Scorecard, "U-Haul Holding (UHAL), the owner's record," https://ownerscorecard.com/c/UHAL, data as of 2026-08-17.

Manual order: ← UGI its page in the Manual UHS →

Industry order: ← SDA the Auto Dealers & Services chapter YSXT →